NIO (NIO, Financials) reported a net loss of 7.1 billion renminbi ($974.3 million) for the fourth quarter of 2024, widening 32.5% from the same period a year earlier as higher R&D and marketing expenses offset gains in deliveries and revenue.

Up 45.2% from the previous year and 17.5% from the previous quarter, the producer of electric cars delivered 72,689 units in the fourth quarter. Based on their announcement, full-year deliveries hit a record 221,970 units, a 38.7% rise from 2023.Supported by rising sales volumes of both the flagship NIO and ONVO brands, quarterly revenue rose 15.2% year-over-year to 19.7 billion renminbi ($2.7 billion). To 17.5 billion renminbi ($2.4 billion), vehicle sales for the quarter climbed 13.2% year over year.Gross profit of NIO rose 80.5% to 2.3 billion renminbi ($316.3 million), while gross margin improved to 11.7% from 7.5% a year earlier. Reflecting reduced per-unit material costs, vehicle margin maintained stable at 13.1%, up from 11.9% a year earlier.From the same quarter in 2023, operating losses decreased 8.9% to 6 billion renminbi ($826.5 million). Operating adjusted loss excluding share-based compensation came out to be 5.5 billion renminbi ($759.5 million).Total income grew 18.2% to 65.7 billion renminbi ($9 billion) for the whole year; gross profit more than quadrupled to 6.5 billion renminbi ($889.5 million). Still, net loss for the year rose 8.1% to 22.4 billion renminbi ($3.1 billion).With 41.9 billion renminbi ($5.7 billion) in cash, restricted cash, short-term investments and long-term time deposits, the corporation closed 2024.NIO delivered 27,055 automobiles in January and February 2025, thereby pushing overall deliveries to 698,619 units. The business forecasts first-quarter deliveries between 41,000 and 43,000 units and revenue between 12.4 billion renminbi ($1.7 billion) and 12.9 billion renminbi ($1.76 billion).NIO also gave an update on its China investment, saying as of March 21 it and key partners have infused a combined 12.8 billion renminbi into NIO China.At the end of January, the corporation completed a buyback of $378.3 million in total principal for its 2027 convertible notes, leaving only $213,000 outstanding.Executives said NIO, which emphasizes cost reductions, intends to increase product introductions across its three brands—NIO, ONVO, and the forthcoming Firefly—in 2025. With an eye toward global development, the Firefly brand is set to start shipments in April.

NIO stock fell 3.3% to $4.56 as of 12:55 p.m. Eastern Time on Friday.