Chinese electric vehicle maker NIO reports rising loss

Electric vehicle company NIO ended the 4th quarter of 2021 with a net loss of 2.1 billion yuan, 1.6 times more than a year ago. At the same time, the amount of revenue received showed an increase of 49%. It amounted to 9.9 billion yuan. In the reporting quarter, NIO sold 25,034 electric vehicles, up 44% from sales in the same quarter of 2020. For the entire year, 91,429 cars were sold, more than double the figure for the previous year. In the current quarter, the Chinese manufacturer plans to sell 25,000-26,000 electric vehicles and receive 9.6 to 10 billion yuan revenue. The company also stated that it intends to expand its presence in the global market. After the release of the quarterly report, NIO shares rose in price by almost 2%. Over a period of 12 months, the company’s capitalization has decreased by more than 40%. NIO was established eight years ago. Serial production of electric vehicles began in 2018.

Source: xCritical.com