Chinese electric vehicle maker NIO, Inc ( NIO ) shares are trading lower premarket on Friday after the company reported fiscal fourth-quarter revenue of 19.70 billion Chinese yuan ($2.70 billion), up 15.2% year-over-year and up 5.5% sequentially. Analysts, on average, estimated revenue of $2.85 billion for the quarter.

Excluding items, the company reported an adjusted loss per share per ADS of 3.17 Chinese yuan or 43 cent loss compared to a 2.81 Chinese yuan loss in the year-ago quarter. Analysts had called for a loss of 42 cents per ADS.

Vehicle deliveries were 72,689 in the quarter, up 45.2% Y/Y and 17.5% Q/Q. Consequently, vehicle revenue rose by 13.2% Y/Y and increased by 4.7% Q/Q.

Nio delivered 13,863 vehicles in January 2025 and 13,192 vehicles in February 2025. As of February 28, 2025, the cumulative number of NIO vehicle deliveries reached 698,619.

Gross margin for the quarter expanded to 11.7%, up from 7.5% a year ago and 10.7% the previous quarter, as vehicle margin expanded Y/Y from 11.9% a year ago to 13.1%. 

As of December 31, 2024, cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits totaled 41.9 billion Chinese yuan ($5.7 billion).

Read: Nio Q4 Earnings Preview: CATL Battery Swap Deal, ONVO Vehicles Top Items To Watch

NIO founder, Chair, and CEO William Bin Li said, “In 2024, we achieved a new delivery record of 221,970 vehicles. Throughout the year, NIO brand maintained its position as the leader in China’s BEV market for vehicles priced over RMB300,000, capturing a 40% market share.”

“The market share of the ONVO L60 has been steadily increasing since its launch, securing a top-three position in China’s BEV SUV market priced between RMB200,000 and 300,000.” 

“NIO brand will further solidify its premium positioning by introducing more technology and experience-driven products. ONVO brand, targeting the mainstream mass market, will concentrate on increasing its sales volume and enriching its product portfolio. Firefly’s model will be officially launched and begin deliveries in April, serving as a key driver for our future international expansion.”

Outlook: NIO expects first-quarter deliveries of 41,000 and 43,000 vehicles, reflecting a Y/Y increase of 36.4% to 43.1%.

The company projects revenues between RMB12.367 billion ($1.694 billion) and RMB12.859 billion ($1.762 billion), representing an increase of approximately 24.8% – 29.8% from the same quarter of 2024.

Investors can gain exposure to the stock via Invesco Golden Dragon China ETF ( PGJ ) and VanEck Low Carbon Energy ETF ( SMOG ) .

Price Action: NIO shares are down 4.25% at $4.52 premarket at the last check Friday.

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