NIO (NIO, Financial), a prominent electric vehicle manufacturer, has released its financial results for the fourth quarter and the full year ending December 31, 2024. The company reported a total revenue of RMB 19.7034 billion for the fourth quarter, marking a year-over-year increase of 15.2% and a sequential rise of 5.5%. However, the net loss expanded to RMB 7.1115 billion, a 32.5% increase compared to the previous year and a 40.6% rise from the previous quarter. On a non-GAAP basis, the adjusted net loss was RMB 6.6222 billion, representing a 37.9% year-over-year increase and a 50.1% sequential increase.
For the full year 2024, NIO's total revenue reached RMB 65.7316 billion, up 18.2% from 2023. The 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 the previous year.
Operationally, NIO delivered 72,689 vehicles in the fourth quarter of 2024, including 52,760 from its high-end brand NIO and 19,929 from its family-oriented brand ONVO. This represents a 45.2% year-over-year increase and a 17.5% rise from the previous quarter. For the entire year, NIO delivered 221,970 electric vehicles, a 38.7% increase from 2023.
In January 2025, NIO delivered 13,863 vehicles, followed by 13,192 in February. As of February 28, 2025, the cumulative vehicle deliveries for the year reached 27,055, bringing the total cumulative deliveries to 698,619 vehicles.
