News

Manufacturing

Staff Reporter

, Singapore

Published:

27 days ago

Photo from Shutterstock

Nio widens net loss by 9.4% YoY in Q1 2024

The company reported a net loss of $965m.

SGX-listed Chinese EV manufacturer Nio reported a net loss of $965m (RMB5.2b) in Q1 2024, reflecting a 9.4% year-on-year (YoY) increase from Q1 2023.

Total revenue for the period also took a hit, decreasing 7.2% YoY to $1.8b (RMB9.9b) compared to Q1 2023.

Vehicle sales for Q1 2024 was $1.5b (RMB8.38b), declining 9.1% YoY. As of 31 May, cumulative deliveries of Nio vehicles reached 515,811.

On the other hand, gross profit more than tripled (200.5%) to $90.5m (RMB487.7m) compared to the previous year.

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