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DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
Nio, the Chinese electric vehicle maker, reported a widening of its annual loss to $2.9 billion in 2023, amid intensifying competition in China's EV market. Despite the increased loss, the company indicated a slight narrowing in its loss margin and warned of potential dips in sales. The electric vehicle sector is experiencing a surge in competition, leading to significant capital burn among BEV-only automakers. This has prompted discussions around the need for consolidation within the industry to survive the competitive landscape.
Nio's annual loss widened to $2.9B in 2023 as the Chinese electric-vehicle maker faced fierce competition in the world’s biggest EV market. Bloomberg's Danny Lee @AirEVthingTRNSP explains its struggle. https://t.co/UiF9CR5HEe https://t.co/ybrRpKxW67
Nio loses another $2.9 billion as China’s EV battle heats up https://t.co/0RYte8h9Yi via @business
$NIO / $TSLA - A Sea of Unprofitable Opportunities? Consumer wins... BEV-only automakers will mostly go to zero... Those that don't will need to consolidate... After burning hundreds of billions in capital? https://t.co/RARgGy6EfV
