• NIO average debt/equity ratio for 2023 was 0.57, a 42.5% increase from 2022.
• NIO average debt/equity ratio for 2022 was 0.4, a 11.11% increase from 2021.
• NIO average debt/equity ratio for 2021 was 0.36, a 33.33% increase from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.