Chinese automobile manufacturer NIO Inc. said on Friday that its revenue jumped 15.2% year on year to reach 19.7 billion yuan (~$2.7 billion) in the fourth quarter of fiscal 2024. The company also reported a net loss of 7.1 billion yuan ($974 million) for the three months, up 32.5% in comparison to the loss reported in the corresponding quarter a year before.
The Shanghai-based automaker's sales reached 17.5 billion yuan ($2.4 billion) in the fourth quarter, seeing a 13.2% expansion from the corresponding timeframe a year earlier. For the full year, revenue soared 18.2% to land at 65.7 billion yuan ($9 billion), while its net loss went up by 8.1% compared to 2023 to reach 22.4 billion yuan ($3 billion). Sales surged 18.2% from 2023 to land at 58.2 billion yuan ($8 billion) for fiscal 2024.
"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," CEO William Bin Li said. The company's shares were down 6.16% in US premarket trade.
