NIO records YoY growth in Q4 2024 revenue, gross profit

Shanghai (Gasgoo)- NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO), a Chinese smart electric vehicle manufacturer, has released its unaudited financial results for the fourth quarter (Q4) and full year of 2024, ending December 31.

The company posted total revenues of RMB19,703.4 million for Q4 2024, reflecting a 15.2% increase year-over-year and a 5.5% rise from the previous quarter. Vehicle sales contributed RMB17,475.6 million, up 13.2% from Q4 2023 and 4.7% from the third quarter (Q3) of 2024. This growth was primarily driven by higher deliveries, although a shift in product mix led to a lower average selling price.

NIO delivered 72,689 vehicles in Q4 2024, comprising 52,760 units under its premium NIO brand and 19,929 units under its family-oriented ONVO brand. This marked a 45.2% surge from the same period in 2023 and a 17.5% rise from Q3 2024.

The company's gross profit reached RMB2,308.9 million in Q4 2024, an 80.5% spike year-over-year and a 15% increase from the previous quarter. Gross margin improved to 11.7% in the quarter, up from 7.5% in Q4 2023 and 10.7% in Q3 2024, driven by higher vehicle margins, increased revenue from technical R&D services, aftermarket sales, and a reduction in losses from power solutions.

Vehicle margin stood at 13.1% in Q4 2024, up from 11.9% in Q4 2023, largely due to lower material costs per unit. However, it remained unchanged compared to Q3 2024.

Despite revenue and margin improvements, NIO reported a widening net loss of RMB7,111.5 million for Q4 2024, up 32.5% from a year earlier and 40.6% from the previous quarter. Excluding share-based compensation expenses, the adjusted net loss (non-GAAP) came in at RMB6,622.2 million in the quarter, marking a 37.9% jump year-over-year and a 50.1% hike quarter-over-quarter.

NIO Inc. reported total revenues of RMB65,731.6 million for 2024, marking an 18.2% increase from the previous year. Vehicle sales accounted for RMB58,234.1 million, reflecting the same year-over-year growth rate. The company delivered 221,970 vehicles throughout the year, a 38.7% jump from 2023.

Gross profit more than doubled to RMB6,492.8 million in 2024, up 112.8% from the prior year. Meanwhile, gross margin improved significantly to 9.9%, compared to 5.5% in 2023, while vehicle margin rose to 12.3% from 9.5% the year before.

As of December 31, 2024, NIO held RMB41.9 billion in cash, restricted cash, short-term investments, and long-term time deposits, bolstering its financial position.

Looking ahead, NIO projects vehicle deliveries of 41,000 to 43,000 units in the first quarter of 2025, representing a year-on-year increase of 36.4% to 43.1%. The company also forecasts total revenues between RMB12,367 million and RMB12,859 million, reflecting year-over-year growth of 24.8% to 29.8%.