NIO Chief Executive William Li said March 21 he expects the company’s vehicle margin to continue improving in the second quarter,China as cost-reduction efforts take effect and the company targets breaking even by year-end. “All NIO employees are now required to take ownership and accountability for operational targets,” Li told investors during an earnings call. “The results of these actions will be reflected in our balance sheet starting in Q2.” Earlier in the day, the Chinese electric vehicle maker reported its full-year loss widened to RMB 22.4 billion ($3.1 billion), up from RMB 20.7 billion the previous year and worse than analyst estimates of RMB 20.1 billion, according to Bloomberg. Revenue hit a record RMB 65.7 billion, and gross margin improved to 9.9% from 5.5% year over year. [TechNode reporting, Bloomberg]
