"Nio's Q4 Earnings: Loss Narrows, Sales Dip Expected Amid China's EV Battle"

Nio Inc., a Chinese electric-vehicle maker, reported an annual loss of $2.9 billion as it faced intense competition in the country's EV market. Despite better-than-expected sales in the final quarter of 2023, the company's net loss widened, and it anticipates shipping fewer cars in the first quarter of 2024. Nio plans to unveil a mass-market brand to compete with Tesla's locally built models and is aggressively promoting its battery-swap technologies. The company has received a capital injection and is considering cost-cutting measures, including potentially spinning off non-core businesses.