After the firing of the top Danish boss and a number of employees, Nio has gone into hibernation in Denmark. Now the accounts show that it is going down faster than expected.
Things are going worse for Nio than the car brand had expected.
This is revealed by the car brand's quarterly accounts, which have now been released. Nio, which after the dismissal of most rank-and-file employees and the Danish boss moved to a head office in Sweden, is losing billions of kroner.
Specifically, there is a shortfall of 4.9 billion Chinese yuan, corresponding to just over 4.14 billion Danish kroner on the bottom line.
That's what Automotive News writes.
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The media writes that Nio has had a bad start to the year. And that, for the same reason, it significantly lowers the expectations for the overall result in 2024.
By firing people – i.a. in Denmark – and dropping further expansions, however, Nio has succeeded in raising its profit margin per car from 1.5 percent to 4.9 percent in the first quarter.
However, this must be seen in light of the fact that Nio is not selling the expected number of cars. However, the Chinese hope that a new 'cheap brand' called Onvo can raise sales to 20,000 cars a month.
In comparison, Nio has managed to sell 3 cars at home in the course of the first five months of the year. The latest and for the time being the last sale has come after the Danish chief executive quit. Read more about it here .
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