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NIO (NIO) investor relations material
NIO Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary25 Nov, 2025
Executive summary
Q3 2025 deliveries reached 87,071 smart EVs, up 40.8% year-over-year and 20.8% sequentially, with strong demand for new models and all three brands—NIO, ONVO, and FIREFLY—driving growth.
Two new large three-row battery electric SUVs launched, with ONVO L90 and NIO All-New ES8 receiving strong user recognition and robust sales.
October deliveries hit 40,397 units, up 92.6% year-over-year, marking three consecutive record months; Q4 guidance is 120,000-125,000 units, a 60.1%-72% year-over-year increase.
Vehicle gross margin improved to 14.7%, overall gross margin reached 13.9%, the highest in nearly three years, reflecting cost optimization and product profitability.
Operating cash flow and free cash flow turned positive in Q3, with non-GAAP operating loss narrowed by 30% quarter-over-quarter.
Financial highlights
Total Q3 revenue was RMB 21.8 billion ($3,061.4 million), up 16.7% year-over-year and 14.7% quarter-over-quarter.
Vehicle sales reached RMB 19.2 billion ($2,697.3 million), up 15% year-over-year and 19% quarter-over-quarter, driven by higher deliveries.
Other sales were RMB 6.2 billion, up 31.2% year-over-year, but down 9.8% quarter-over-quarter.
Net loss was RMB 3.5 billion ($488.9 million), down 31.2% year-over-year and 30.3% quarter-over-quarter; adjusted net loss was RMB 2.7 billion ($384.2 million), down 38% year-over-year.
Ended Q3 with RMB 36.7 billion ($5.1 billion) in cash, cash equivalents, and investments, bolstered by a $1.16 billion equity offering.
Outlook and guidance
Q4 deliveries expected at 120,000-125,000 units, up 60.1%-72% year-over-year, setting a new quarterly high.
Q4 2025 total revenues projected between RMB32,758 million ($4,602 million) and RMB34,039 million ($4,781 million), up 66.3% to 72.8% year-over-year.
Vehicle gross margin in Q4 projected around 18%, with high-margin ES8 expected to exceed 20%.
Confident in achieving quarterly break-even in Q4 despite subsidy phase-outs and market headwinds.
Full-year 2026 non-GAAP profitability targeted, with vehicle gross margin expected to reach 20%.
Product mix impact on vehicle ASP and margin?
Specifics on cost reduction efforts and impact?
Reliance on future funding for liquidity?
R&D/SG&A: How to sustain Q3 cost structure?
Global expansion: How does new partner model work?
2026: What drives 20% vehicle gross margin?
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Q4 202527 Feb, 2026
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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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