Posted 3/5/2024, 2:08:50 PM
Nio Losses Widen As Competition Intensifies in China's EV Market, Launches New Brand to Compete with Tesla
- Nio's annual loss widened to $2.9 billion in 2022 as competition intensifies in China's EV market
- The company missed sales and margin expectations for Q4 2022
- Nio plans to launch a new mass-market brand, Alps, in Q4 2023 to compete with Tesla's locally built models
- The company continues to struggle with profitability and received another cash infusion from Abu Dhabi investors in December
- Nio is expanding partnerships and battery-swap technology to boost growth, but share price has dropped 41% so far in 2023