That will be achieved through new models, expanding the company's charging and battery swap network, and unlocking self-driving technology, the Nio CFO said.
An Nio (NYSE: NIO) executive re-emphasized the electric vehicle (EV) maker's confidence that it will meet its goal of doubling sales this year, at a time when the Chinese auto industry has been weak overall so far this year.
"We are very confident to achieve our sales target in 2023," Nio CFO Steven Feng said in an interview with Bloomberg TV today.
That will be achieved through new models, expanding the company's charging and battery swap network, and unlocking self-driving technology, Feng said.
Nio delivered a total of 122,486 vehicles in 2022, up 34 percent from 91,429 vehicles in 2021.
William Li, the company's founder, chairman and CEO, said during a March 1 analyst call after Nio reported its fourth-quarter earnings that the company aims to see sales double this year compared with last year.
"Our team is very confident in that," Li said at the time.
If raw material prices fall in line with current trends, and without considering the investment in innovative businesses, Nio could still be profitable in the fourth quarter of this year, Li said earlier.
Feng mentioned in the interview with Bloomberg TV today that the company is "confident" of breaking even at the group level next year.
Strong revenue growth and tighter expenses are key to improving profitability, he said.
Feng also mentioned the ongoing price war in the auto industry in the interview, saying it showed there were too many carmakers in China.
"We expect the industry to go through some profound consolidation," Feng said."It's almost consensus that China now has too many automakers, but we have no plan to buy anyone."
Nio's shares traded in Hong Kong surged in early trading today, rising more than 7 percent to HK$74.25 at press time, bringing its gains over the past two days to about 17 percent.
Sales performance in China's auto market has been weak overall so far this year, with cumulative retail sales of all passenger vehicles from January to February at 2.68 million units, down 19.8 percent year-on-year, according to data released earlier this month by the China Passenger Car Association (CPCA).
Retail sales of NEVs in China in the first two months were 770,000 units, up 23.31 percent year-on-year.
China's auto market remained weak heading into March, and the ongoing price war has brought disruptions to the sector.
In terms of insurance registrations, China's passenger car sales for the month were 630,000 units as of March 19, down 2.53 percent year-on-year, according to data monitored by CnEVPost.
Among them, insurance registrations of NEVs for the month were 220,000 units, up 12.34 percent year-on-year.
China NEV insurance registrations for week ending Mar 19: BYD 38,414, Tesla 18,712, Nio 1,775
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