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Nio Loses Another $2.9 Billion as China's EV Battle Heats Up.
In: Bloomberg.com, 2024-03-05, S. 1
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Nio Inc., a Chinese electric-vehicle maker, experienced a wider annual loss due to intense competition in the EV market. The company reported a net loss of 5.4 billion yuan ($2.9 billion) in the fourth quarter, bringing its annual deficit to 20.7 billion yuan. Nio's vehicle margins improved in the fourth quarter, but still fell short of analyst expectations. Unlike its competitors, Nio has not announced any major product launches for 2024, but is expected to unveil a mass-market brand to compete with Tesla's locally built models. The company's deliveries last year were below its original sales target, and it now expects to ship fewer cars in the first quarter of 2024. Nio's gross margins for the fourth quarter were lower than market expectations, and its revenue forecast for the current quarter is significantly below analyst expectations. The company has faced recent struggles and received a capital injection from CYVN Holdings LLC. Nio plans to launch a mass-market brand called Alps, which will start deliveries in the fourth quarter and compete with Tesla's Model Y SUV. The company also plans to expand in the United Arab Emirates and launch a cheaper sub-brand in 2025. Nio is promoting its battery-swap technologies and partnering with other Chinese automakers. The company's US-listed shares have declined by 41% this year. [Extracted from the article]
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Nio Loses Another $2.9 Billion as China's EV Battle Heats Up.
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Zeitschrift: | Bloomberg.com, 2024-03-05, S. 1 |
Veröffentlichung: | 2024 |
Medientyp: | serialPeriodical |
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