Nio, China’s leading challenger to Tesla, has warned that battery and chip supply constraints would limit production as the electric vehicle maker tries to sustain sales growth amid fierce domestic competition.
New York-listed Nio’s revenue rose to Rmb6.64bn ($1.02bn) in the fourth quarter, up 46.7 per cent from the preceding three-month period, the company said after US markets closed on Monday, as vehicle sales increased 111 per cent year on year to 17,353.
However, the company posted a net loss of Rmb1.4bn in the final quarter of last year, 33 per cent wider than the previous quarter and larger than the Rmb576m loss analysts expected, according to Bloomberg. Shares in Nio fell as much as 7 per cent in after-hours trading.
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