• NIO average gross margin for 2023 was 5.62%, a 61.85% increase from 2022.
• NIO average gross margin for 2022 was 14.73%, a 16.59% decline from 2021.
• NIO average gross margin for 2021 was 17.66%, a 2423.68% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.