Developed in conjunction with Ext-Joom.com
SHANGHAI - Shanghai-based electric vehicle designer and manufacturer NIO Inc reported expanded revenue yet a net loss in 2018, according to its financial report released on Wednesday.
NIO achieved revenue of 3.44 billion yuan ($499.7 million) in the fourth quarter of 2018, surging by 133.8 percent from the third quarter of 2018.
The company's vehicle sales hit 4.85 billion yuan for the whole year of 2018, accounting for 98 percent of total revenue in 2018.
NIO began to deliver the ES8, a seven-seater high-performance premium electric SUV, in June 2018. A total of 11,348 ES8 units were delivered within the year. The company launched its second model, the ES6, a five-seater high-performance premium electric SUV, in December 2018.
However, the company accumulated a loss of up to 9.6 billion yuan in 2018, up 93.7 percent from the previous year.
NIO is a pioneer in China's premium electric vehicle market. Founded in November 2014, the company has operated R&D centers in Beijing, San Jose, Munich and London. NIO became listed on the New York Stock Exchange last September.
NIO announced in the report that it will terminate the plan of setting up a manufacturing plant in Shanghai, which was inked in a framework agreement and memorandums in 2017, as it believes that the existing NIO/JAC plant in Hefei, capital of East China's Anhui province, has the capacity and flexibility to support its market penetration and growth plans for the next two to three years.
William Li, founder, chairman and chief executive officer of NIO, said in the report that in 2019 NIO will focus on the market penetration for its ES6 and ES8 variant products and services.
04-04 04-04Govt cuts subsidies for new energy vehicles
China is slashing subsidies on new energy vehicles and requiring local authorities to invest in charging infrastructure as part of its efforts to boost
03-28 03-28Charger piles give fillip to NEV industry
State Grid Electric Vehicle Service Co plans to establish a network of its newly launched small charging piles in major cities this year, in a bid to m
03-28 03-28Automakers seek unified standards for internet of v
China needs further efforts in developing infrastructure, standards and technologies related to the internet of vehicles, said top executives of leadin
03-22 03-22Tata Motors' JLR recalls 44,000 cars over CO2 emiss
LONDON: Tata Motors owned Jaguar Land Rover (JLR) has initiated a voluntary recall of around 44,000 cars in the UK over higher than certified levels of
03-22 03-22Tata Motors bags orders for over 2,500 CVs
Tata Motors Monday said it has bagged orders for over 2,500 commercial passenger transportation vehicles (CVs) from various institutional customers and