Nio Loses Another $2.9 Billion as China's EV Battle Intensifies.

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 sales for the last three months of the year exceeded estimates, but its vehicle margins were lower than expected. Unlike its rivals, Nio has not announced any major product launches for 2024, but analysts believe the introduction of a mass market brand could help reduce losses. The company expects to ship up to 33,000 cars in the first quarter of 2024. Nio has faced challenges in recent years and received a capital injection from CYVN Holdings LLC, an investment entity controlled by the government of Abu Dhabi. The company has also made efforts to reduce costs, including trimming its workforce and considering spinning off non-core businesses. Nio is promoting its battery-swap technologies and has partnered with other Chinese automakers and local authorities to expand its reach. Nio's US-listed shares have declined by 41.2% this year. [Extracted from the article]