Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over 2021–2024 NIO’s balance sheet shows growing scale but sharply deteriorating solvency. Total assets rose from $82.9bn in 2021 to a peak of $117.4bn in 2023 before retreating to $107.6bn in 2024 (a net increase of about $24.7bn vs. 2021). By contrast total liabilities climbed much faster — from $44.8bn in 2021 to $94.1bn in 2024 (an increase of roughly $49.3bn, more than doubling). The shareholder equity base collapsed from $34.7bn in 2021 to $6.0bn in 2024 (an ~83% decline), driven by the large rise in liabilities relative to assets; equity remains positive but is now thin relative to the balance sheet size. The trend—moderate asset growth but outsized increases in liabilities and sharply falling equity—means leverage intensified (liabilities/assets rose from ~54% in 2021 to ~88% in 2024). That pattern is consistent with an EV-sector profile of heavy capital needs and possible operating losses, financing transactions, or asset write-downs; whatever the drivers, the consequence is materially higher solvency and refinancing risk. Note the 2025 line shows zeros (likely missing data). Key items to monitor going forward are cash flow generation, profitability trends, debt maturities/covenants, and any further asset impairments or equity-raising actions that would affect the company’s capital structure.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.