Nio 2024 net loss widened by 7 percent

Nio (9866) reported a 2024 net loss of 22.66 billion yuan (HK$24.30 billion), widening more than 7 percent from a year prior, amid competitive price wars among mainland electric vehicle makers.
The adjusted net loss for 2024 amounted to 20.47 billion yuan, 11.6 percent higher than 18.35 billion yuan the previous year. Meanwhile, total revenue for the year grew 18.2 percent to 65.73 billion yuan.
Automobile delivery volume amouted to 221,970 units last year, up 38.7 percent over 2023, while automobile sales climbed 18.2 percent to 58.23 billion yuan.
It reported a net loss of 7.13 billion for the fourth quarter of last year, widening from 5.59 billion in the same period of 2023.
Adjusted net loss for the quarter stood at 6.62 billion yuan, 37.9 percent higher year-on-year.
Automobile sales in the period rose 13.2 percent year-on-year to 17.48 billion yuan.
Nio expects vehicle deliveries in the first quarter in 2025 to range between 41,000 and 43,000 units, marking a year-on-year increase of up to 43.1 percent.
The company also forecasts total revenue in the period of up to 12.86 billion yuan, an annual growth of up to 29.8 percent.
STAFF REPORTER