Electric car maker NIO Inc. (NYSE: NIO) reported a net loss for the fourth quarter of 2023, despite an increase in revenues. The China-based company also provided guidance for the first quarter of 2024.
Net loss attributable to ordinary shareholders was $756.0 million in the December quarter, which represents a loss of $0.45 per American Depository Shares. On an adjusted basis, Q4 loss was $676.3 million.
Meanwhile, revenues increased 7% year-over-year to $2.41 billion in the three months. The company delivered 50,045 vehicles in the fourth quarter, up 25% year-over-year.
“We will soon start deliveries of 2024 NIO products equipped with the highest computing power among production vehicles and constantly enhance users’ driving and digital experience. Meanwhile, we plan to release Navigate on Pilot Plus (NOP+) for urban roads to all NT2.0 users in the second quarter,” said Nio’s CEO William Bin Li.
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