NIO (NIO) Q4 2024 earnings summary

Executive summary

• Achieved record annual vehicle deliveries of 221,970 in 2024, up 38.7% year-over-year, with Q4 deliveries at 72,689, up 45.2% from Q4 2023 and 17.5% sequentially.

• Premium segment led with 201,209 vehicles delivered, securing a 40% market share in China's BEV segment above CNY 300,000.

• ONVO brand delivered 20,761 vehicles, with L60 ranking top three in China's BEV SUV market (CNY 200,000–300,000).

• Entered a new product cycle in 2025, with Firefly brand launch and focus on international expansion.

• Q1 2025 deliveries expected at 41,000–43,000 units, up 36%–43% year-over-year.

Financial highlights

• Q4 2024 total revenue was CNY 19.7 billion, up 15.2% year-over-year and 5.5% quarter-over-quarter; full year revenues reached CNY 65.73 billion, up 18.2%.

• Vehicle sales reached CNY 17.5 billion in Q4, up 13.2% year-over-year; full year vehicle sales were CNY 58.23 billion, up 18.2%.

• Other sales were CNY 2.2 billion in Q4, up 33.8% year-over-year.

• Q4 gross profit was CNY 2.31 billion, up 80.5% year-over-year; gross margin improved to 11.7% from 7.5% in Q4 2023.

• Q4 net loss was CNY 7.1 billion, up 32.5% year-over-year; full year net loss was CNY 22.4 billion, up 8.1%.

• Ended Q4 with CNY 41.9 billion in cash, cash equivalents, and investments.

Outlook and guidance

• Q1 2025 vehicle margin expected to be under pressure due to off-season and model transitions.

• Full-year 2025 targets: breakeven in Q4, 20% vehicle margin for premium brand, 15% for ONVO.

• Sales volume for 2025 targeted to double from 2024, driven by new models and expanded network.

• Q1 2025 total revenues projected between CNY 12.37 billion and CNY 12.86 billion, up 24.8%–29.8% year-over-year.

• Long-term baseline for survival: 2 million annual units, 20% gross margin, 7–8% net margin.