NIO chief executive William Li said on March 21 he expects the company’s vehicle margin will continue to grow in the second quarter of this year, as it has put cost-reduction efforts in place and is aiming for a break-even by year-end. “All NIO employees are now required to take the ownership and accountabilities of its operational targets,” Li told investors during an earnings call, “and the results of such actions will be reflected in our balance sheet in the coming quarters starting Q2.” The Chinese electric vehicle maker said earlier in the day that its full-year losses widened to RMB 22.4 billion ($3.1 billion) in the past year from RMB 20.7 billion in the previous year, worse than analyst estimates of RMB 20.1 billion, according to Bloomberg. Revenue achieved a record high of RMB 65.7 billion and gross margin improved to 9.9% from 5.5% over the same period. [TechNode reporting, Bloomberg]
Related
