• NIO average ebitda margin for 2023 was -41.37%, a 84.77% decline from 2022.
• NIO average ebitda margin for 2022 was -22.39%, a 118.23% increase from 2021.
• NIO average ebitda margin for 2021 was -10.26%, a 85.85% increase from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.