Why is NIO unprofitable?

Could you please explain to me why NIO remains unprofitable? I've noticed that despite its growing popularity and significant investments in electric vehicle technology, the company has yet to turn a profit. Is this due to high production costs, intense competition in the market, or perhaps a combination of factors? Could you elaborate on the challenges NIO faces in achieving profitability and how the company plans to address these issues in the future? I'm interested in understanding the underlying reasons for this situation and any potential strategies for turning things around.