Nio, the Chinese electric vehicle maker, experienced a challenging financial year, with its annual losses widening to $2.9 billion in 2023 amidst intense competition in the EV market. Despite the increased losses, Nio reported a slight narrowing in its quarterly loss and a revenue beat in Q4 earnings, although its gross margin fell short of expectations, with the stock down -2.3% pre-announcement. The company also announced the upcoming launch of its Alps sub-brand in Q2, aimed at competing with Tesla's Model Y, with the first mass-market model being 10% cheaper than its Tesla counterpart. This comes as Nio and other BEV-only automakers face a critical period, with many expected to either go to zero or consolidate after significant capital expenditure.