“Moving into 2024, we will prioritize our business objectives, improve system capabilities and optimize cost management,” Nio Chief Financial Officer Steven Feng said. While vehicle margins improved to 11.9% in the fourth quarter, that was still below analyst expectations.
Nio Inc’s annual loss widened last year as the Chinese electric-vehicle maker faced fierce competition in the world’s biggest EV market.
The Shanghai-based company’s net loss of 5.4 billion yuan in the fourth quarter brought its annual deficit to 20.7 billion yuan (US$2.9 billion), according to a statement Tuesday. Nio posted better-than-expected sales for the final three months of 2023.
