Transportation
Nio Loses Another $2.9 Billion as China’s EV Battle Heats Up
- Carmaker hasn’t announced major product plan for this year
- Deliveries last year fell short of company’s original target
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Nio Inc.’s annual loss widened last year as the Chinese electric-vehicle maker faced fierce competition in the world’s biggest EV market.
The Shanghai-based company’s net loss of 5.4 billion yuan in the fourth quarter brought its annual deficit to 20.7 billion yuan ($2.9 billion), according to a statement Tuesday. Nio posted better-than-expected sales for the final three months of 2023.