
NIO’s Growth Paradox: Can Rapid Expansion Justify Ongoing Losses?
📈 NIO reported significant growth in vehicle deliveries for Q4 2023 (45.2% YoY) and the full year 2023 (38% YoY), meeting Q1 2024 delivery guidance with 40.1% YoY growth.
💰 Despite revenue growth (13.2% YoY in Q4) and improving vehicle margins (13.1%), the company continues to experience substantial operating and net losses, having never achieved operational profitability since its founding.
🤔 Investing in NIO is presented as a high-risk venture typical of growth stocks, requiring belief in future potential and market disruption (like OpenAI) rather than current financial stability, as it operates on 'finance without finance'.

Nio Dilutes Shareholders Again: $18.8M Share Offering Announced
📉 Nio announced a proposed offering of up to 18.8 million American Depositary Shares (ADS), leading to further dilution for existing shareholders.
💡 The company plans to use the proceeds for R&D in smart EV technologies, new products, strengthening its balance sheet, and 'general corporate purposes'.
😠 The analyst expresses strong skepticism about management, citing a history of under-delivery, broken promises, and value destruction for shareholders, casting doubt on the effective use of the new capital.