Fri Mar 21 10:10:00 UTC 2025: ## NIO Reports Strong Vehicle Deliveries but Widening Net Losses in 2024 Financials

**Shanghai, March 21, 2025** – NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO), a leading electric vehicle (EV) manufacturer, today announced its unaudited financial results for the fourth quarter and full year 2024, revealing robust vehicle deliveries but persistent profitability challenges.

NIO delivered a record 221,970 vehicles in 2024, a 38.7% year-over-year increase. Fourth-quarter deliveries reached 72,689 units, a 45.2% year-over-year jump, encompassing 52,760 NIO-branded and 19,929 ONVO-branded vehicles. The company maintained its dominant position in the Chinese premium BEV market (vehicles priced over RMB 300,000), holding a 40% market share. The ONVO L60, targeting the mainstream market, quickly achieved a top-three ranking in its segment.

Despite the strong delivery figures, NIO’s net loss widened. The fourth quarter saw a net loss of RMB 7.11 billion (US$974 million), a 32.5% increase year-over-year. While the vehicle margin improved to 13.1% in Q4 2024 (up from 11.9% in Q4 2023), it remains below the industry average needed for sustained profitability. Total revenues for Q4 reached RMB 19.7 billion (US$2.7 billion).

NIO’s multi-brand strategy, encompassing the premium NIO brand, the mainstream ONVO brand, and the upcoming Firefly brand for international markets, is showing early signs of success. However, the company acknowledged increased marketing and operating costs associated with its expansion. Despite the losses, NIO maintains a strong cash position of RMB 41.9 billion (US$5.7 billion) as of December 31, 2024, bolstered by recent strategic investments.

Looking ahead, NIO plans to focus on enhancing profitability through cost reduction initiatives and operational efficiency improvements. The company emphasized its commitment to technological advancements and vertical integration to improve margins and achieve long-term sustainability.

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