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NIO (NIO) investor relations material
NIO Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary2 Sep, 2025
Executive summary
Q2 2025 deliveries reached 72,056 vehicles, up 25.6% year-over-year and 71.2% sequentially, with strong momentum from new models and all three brands.
Total revenues were RMB 19,008.7 million ($2,653.5 million), up 9% year-over-year and 57.9% quarter-over-quarter.
Gross profit increased 12.4% year-over-year to RMB 1,897.5 million ($264.9 million), with gross margin improving to 10.0%.
Net loss narrowed to RMB 4,994.8 million ($697.2 million), down 1% year-over-year and 22–26% quarter-over-quarter; adjusted net loss (non-GAAP) was RMB 4,126.7 million ($576.1 million).
Cash and equivalents stood at RMB 27.2 billion ($3.8 billion) as of June 30, 2025.
Financial highlights
Vehicle sales reached RMB 16,136.1 million ($2,252.5 million), up 2.9% year-over-year and 62.3% quarter-over-quarter.
Other sales were RMB 2,872.6 million ($401.0 million), up 62.6% year-over-year and 37.1% quarter-over-quarter.
Cost of sales increased 8.6% year-over-year to RMB 17,111.1 million ($2,388.6 million).
R&D expenses decreased 6.6% year-over-year to RMB 3,007.0 million ($419.8 million).
SG&A expenses were RMB 3,964.9 million ($553.5 million), up 5.5% year-over-year, down 9.9% quarter-over-quarter.
Outlook and guidance
Q3 2025 deliveries guided at 87,000–91,000 units, up 40.7%–47.1% year-over-year; Q4 target is 150,000 units, averaging 50,000 per month.
Q3 2025 total revenues projected between RMB 21,812 million ($3,045 million) and RMB 22,876 million ($3,193 million), up 16.8% to 22.5% year-over-year.
Q4 vehicle gross margin expected at 16–17% for group break-even; L90 and ES8 targeted at 20% gross margin.
Non-GAAP R&D expense targeted at RMB 2 billion per quarter for Q3 and Q4; SG&A to be within 10% of sales revenue in Q4.
Long-term vehicle margin targets: group 20%, ONVO ≥15%, Firefly ~10%, new brand up to 25%.
What product mix shifts impacted Q2 vehicle margin?
What specific cost efficiencies drove Q2 operating loss?
How does the NIO China investment support growth?
What is the Q4 combined production capacity?
What is the Q4 gross margin target for L90/ES8?
What is the 2026 new model launch plan?
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Frequently asked questions
The Chinese EV
NIO Inc. is a Chinese electric vehicle (EV) manufacturer listed on the NYSE that was founded in 2014. The company is headquartered in Shanghai and aims to become an established alternative to other producers of electrical cars, riding on the waves created by the rising demand for EVs. NIO's product lineup includes electric SUVs, sedans, and advanced battery-swapping technology that enables rapid charging and enhances the overall convenience of EV ownership. With a strong emphasis on technological innovation, design, and sustainability, NIO aims to be one of the key players in the global shift toward electric transportation.
Popular on Home Turf
Founded in 2014 by William Li, NIO seized opportunities in the expanding EV market. Their vision to create high-performance EVs and advanced mobility solutions aligned with the global push for sustainability. The company's rapid growth can be attributed to strong financial backing from investors, enabling significant investments in R&D and manufacturing. Effective marketing and brand positioning, particularly in China, have also contributed to building a loyal customer base. NIO has positioned itself to compete directly with both EV-centered companies such as Tesla and Lucid, as well as traditional car manufacturers making the shift towards an electrified future.
Convenient and Quick Charging
NIO's rapid charging technology, known as the "Power Swap" system, is one of its notable features. The Power Swap system allows NIO owners to quickly exchange their electric vehicle's depleted battery with a fully charged one at dedicated NIO battery swap stations. This process takes only a few minutes, making it significantly faster than traditional charging methods. This is something that has been well-received in China and is being rolled out in various markets around the globe. NIO’s cars are also able to connect to a wide array of different charging stations from different providers.
Premium Vehicles for the EV-era
NIO places a significant emphasis on offering premium electric vehicles (EVs) in the automotive market. Their approach centers on providing high-performance and technologically advanced EVs through modern features such as a cockpit with an advanced infotainment system, while also placing a focus on build quality and providing a product that feels robust and luxurious.
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