NIO Inc. (NIO, Financial) has released its financial results for the fourth quarter and full year ending December 31, 2024. In the fourth quarter, total revenue reached RMB 19.7034 billion, marking a year-over-year increase of 15.2% and a quarter-over-quarter rise of 5.5%. However, the net loss expanded to RMB 7.1115 billion, up 32.5% from the previous year and 40.6% from the previous quarter. On a non-GAAP basis, the adjusted net loss was RMB 6.6222 billion, showing a year-over-year increase of 37.9% and a quarter-over-quarter increase of 50.1%.
For the full year 2024, NIO's total revenue was RMB 65.7316 billion, an 18.2% increase compared to 2023. The company's net loss for the year was RMB 22.4017 billion, compared to RMB 20.7198 billion in 2023. On a non-GAAP basis, the adjusted net loss was RMB 20.4732 billion, up from RMB 18.3507 billion in the previous year.
During the earnings call, NIO's CEO, William Li, and CFO, Steven Feng, discussed the company's cost-cutting measures and strategies to improve profitability. Li highlighted ongoing efforts in cost management, particularly in supply chain and R&D, which are expected to improve gross margins starting from the second quarter of the year. The company aims to achieve profitability by the fourth quarter of 2024 through increased sales and cost control.
Regarding its sub-brand, NIO is investing in brand awareness and expanding its sales network to boost sales. The company has increased its store count significantly, which is expected to enhance sales efficiency as these locations mature. NIO is also focusing on improving the compatibility and availability of its battery swap stations, which has positively impacted user experience and sales performance in areas with higher station density.
