• NIO average return on tangible equity for 2023 was -97.34, a 181.41% increase from 2022.
• NIO average return on tangible equity for 2022 was -34.59, a 23.1% increase from 2021.
• NIO average return on tangible equity for 2021 was -44.98, a 138.71% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.