NIO (NIO) Q2 2025 earnings summary

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%.