Nio, the Chinese electric vehicle maker, experienced a challenging financial year, with its annual losses widening to $2.9 billion in 2023 amidst intense competition in the EV market. Despite the increased losses, Nio reported a slight narrowing in its quarterly loss and a revenue beat in Q4 earnings, although its gross margin fell short of expectations, with the stock down -2.3% pre-announcement. The company also announced the upcoming launch of its Alps sub-brand in Q2, aimed at competing with Tesla's Model Y, with the first mass-market model being 10% cheaper than its Tesla counterpart. This comes as Nio and other BEV-only automakers face a critical period, with many expected to either go to zero or consolidate after significant capital expenditure.
NIO’s first mass-market model 10% cheaper than Tesla Model Y: CEO https://t.co/t1XRT7BiPD
Nio's annual loss widened to $2.9B in 2023 as the Chinese electric-vehicle maker faced fierce competition in the world’s biggest EV market. Bloomberg's Danny Lee @AirEVthingTRNSP explains its struggle. https://t.co/UiF9CR5HEe https://t.co/ybrRpKxW67
Nio loses another $2.9 billion as China’s EV battle heats up https://t.co/0RYte8h9Yi via @business
NIO revenues up in Q4 2023, Alps sub-brand to launch in Q2 with a Tesla Model Y competitor https://t.co/LSe7skL7CT by @scooterdoll
$NIO / $TSLA - A Sea of Unprofitable Opportunities? Consumer wins... BEV-only automakers will mostly go to zero... Those that don't will need to consolidate... After burning hundreds of billions in capital? https://t.co/RARgGy6EfV
$NIO (-2.3% pre) Nio Q4 earnings: Revenue beats estimates, gross margin falls short - https://t.co/dXeRGBxW1i
Nio’s loss narrows slightly as EV maker says sales may dip https://t.co/mkO2JsFOUV
Nio's losses widened for the full year — a sign the Chinese electric vehicle maker is still under pressure amid fierce competition https://t.co/QmPQ2uacx1