NIO Inc. Announces Q4 Financial Results

Chinese automobile manufacturer NIO Inc. revealed a 15.2% year-on-year revenue increase to 19.7 billion yuan (~$2.7 billion) in the fourth quarter of fiscal 2024. Despite this growth, the company faced a net loss of 7.1 billion yuan ($974 million), marking a 32.5% increase from the previous year's corresponding quarter.

For the full year, NIO's revenue surged by 18.2% to 65.7 billion yuan ($9 billion), with sales reaching 58.2 billion yuan ($8 billion), an 18.2% increase from 2023. However, the net loss also rose by 8.1% to 22.4 billion yuan ($3 billion).

CEO William Bin Li on NIO's Market Position

"In 2024, we achieved a new delivery record of 221,970 vehicles. Throughout the year, NIO brand maintained its position as the leader in China’s BEV market for vehicles priced over RMB300,000, capturing a 40% market share," stated CEO William Bin Li. Despite these achievements, NIO's shares experienced a 6.16% drop in US premarket trade.