Shanghai, China – March 21, 2025 – Chinese electric vehicle (EV) manufacturer NIO Inc. reported a 15.2% year-over-year (YoY) revenue increase in the fourth quarter of fiscal 2024, reaching 19.7 billion yuan (~$2.7 billion). However, the company’s net loss widened by 32.5% compared to the same period last year, totaling 7.1 billion yuan ($974 million).
The Shanghai-based automaker’s vehicle sales grew by 13.2% YoY, hitting 17.5 billion yuan ($2.4 billion) in Q4. For the full year, NIO’s revenue surged 18.2% to 65.7 billion yuan ($9 billion), while its net loss expanded by 8.1% from 2023, amounting to 22.4 billion yuan ($3 billion).
NIO achieved a new annual delivery record in 2024, handing over 221,970 vehicles. The company maintained its leadership in China’s battery electric vehicle (BEV) market for vehicles priced over RMB 300,000 (~$41,500), capturing 40% market share in this segment.
CEO William Bin Li highlighted the company’s strong position in the premium EV market, stating:
“In 2024, we achieved a new delivery record. Throughout the year, NIO brand maintained its position as the leader in China’s BEV market for vehicles priced over RMB 300,000, capturing a 40% market share.”
Despite the revenue growth and market dominance, NIO’s rising losses weighed on investor sentiment. The company’s shares were down 6.16% in US premarket trading following the earnings release.
NIO faces mounting competition in China’s EV sector from both domestic rivals like BYD and international giants such as Tesla, while ongoing price wars and production costs continue to pressure profitability.
