China-based electric vehicle maker Nio has reported a wider loss for its FY2024. From a net loss of RMB20.7 billion in its FY2023, net loss widened by 8.1% to RMB22.4 billion for its FY2024 ended Dec 31 2024.
Revenue in the same period was up 18.2% to RMB65.7 billion. Revenue from the sale of vehicles increased by 18.2% y-o-y to RMB58.2 billion.
In its most recent 4QFY2024, Nio's loss jumped by 32.5% y-o-y to RMB7.1 billion, and increased by 40.6% q-o-q from the preceding 3QFY2024.
4QFY2024 revenue increased by 15.2% y-o-y to RMB19.7 billion and was up 5.5% q-o-q from 3QFY2024.
In FY2024, R&D costs were reduced by 2.9% y-o-y to RMB13 billion. However, selling, general and administrative costs jumped by 22.2% y-o-y to RMB15.7 billion.
The company is listed on the exchanges of New York, Hong Kong and Singapore.
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This current FY2025, NIO aims to "sharpen" its "focus on enhancing profitability by driving cost reductions through technological advancements, optimizing operational efficiency and accelerating scalable growth," says CFO Stanley Yu Qu.
For the current 1QFY2025, NIO expects to deliver between 41,000 and 43,000 vehicles, representing an increase of around 36.4%.
It expects total revenue to range between RMB12.4 billion and RMB12.9 billion, up at least 24.8% y-o-y.
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NIO's SGX quoted shares last traded at US$4.66 on March 21, down 7.72% for the day but up 4.48% year to date.
It started trading on SGX back in May 2022 at just above US$17.
