London, November 25, 2025, (Oilandgaspress) –– NIO Inc. a leading company in the global smart electric vehicle market, today announced its unaudited financial results for the third quarter ended September 30, 2025.
Operating Highlights for the Third Quarter of 2025
Vehicle deliveries were 87,071 in the third quarter of 2025, representing an increase of 40.8% from the third quarter of 2024, and an increase of 20.8% from the second quarter of 2025. The deliveries consisted of 36,928 vehicles from the Company’s premium smart electric vehicle brand NIO, 37,656 vehicles from the Company’s family-oriented smart electric vehicle brand ONVO, and 12,487 vehicles from the Company’s small smart high-end electric car brand FIREFLY.
| Key Operating Results | ||||
| 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | |
| Deliveries | 87,071 | 72,056 | 42,094 | 72,689 |
| 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | |
| Deliveries | 61,855 | 57,373 | 30,053 | 50,045 |
Financial Highlights for the Third Quarter of 2025
Vehicle sales were RMB19,202.3 million (US$2,697.3 million) in the third quarter of 2025, representing an increase of 15.0% from the third quarter of 2024 and an increase of 19.0% from the second quarter of 2025.
- Vehicle marginii was 14.7% in the third quarter of 2025, compared with 13.1% in the third quarter of 2024 and 10.3% in the second quarter of 2025.
- Total revenues were RMB21,793.9 million (US$3,061.4 million) in the third quarter of 2025, representing an increase of 16.7% from the third quarter of 2024 and an increase of 14.7% from the second quarter of 2025.
- Gross profit was RMB3,024.6 million (US$424.9 million) in the third quarter of 2025, representing an increase of 50.7% from the third quarter of 2024 and an increase of 59.4% from the second quarter of 2025.
- Gross margin was 13.9% in the third quarter of 2025, compared with 10.7% in the third quarter of 2024 and 10.0% in the second quarter of 2025.
- Loss from operations was RMB3,521.5 million (US$494.7 million) in the third quarter of 2025, representing a decrease of 32.8% from the third quarter of 2024 and a decrease of 28.3% from the second quarter of 2025. Excluding share-based compensation expenses and organizational optimization charges, adjusted loss from operations (non-GAAP) was RMB2,776.1 million (US$390.0 million) in the third quarter of 2025, representing a decrease of 39.5% from the third quarter of 2024 and a decrease of 31.3% from the second quarter of 2025.
- Net loss was RMB3,480.5 million (US$488.9 million) in the third quarter of 2025, representing a decrease of 31.2% from the third quarter of 2024 and a decrease of 30.3% from the second quarter of 2025. Excluding share-based compensation expenses and organizational optimization charges, adjusted net loss (non-GAAP) was RMB2,735.1 million (US$384.2 million) in the third quarter of 2025, representing a decrease of 38.0% from the third quarter of 2024 and a decrease of 33.7% from the second quarter of 2025.
- Cash and cash equivalents, restricted cash, short-term investment and long-term time deposits were RMB36.7 billion (US$5.1 billion) as of September 30, 2025.
| Key Financial Results for the Third Quarter of 2025 | ||||||||||||
| (in RMB million, except for percentage) | ||||||||||||
| 2025 Q3 | 2025 Q2 | 2024 Q3 | % Changeiii | |||||||||
| QoQ | YoY | |||||||||||
| Vehicle Sales | 19,202.3 | 16,136.1 | 16,697.6 | 19.0% | 15.0% | |||||||
| Vehicle Margin | 14.7% | 10.3% | 13.1% | 440bp | 160bp | |||||||
| Total Revenues | 21,793.9 | 19,008.7 | 18,673.5 | 14.7% | 16.7% | |||||||
| Gross Profit | 3,024.6 | 1,897.5 | 2,007.4 | 59.4% | 50.7% | |||||||
| Gross Margin | 13.9% | 10.0% | 10.7% | 390bp | 320bp | |||||||
| Loss from Operations | (3,521.5) | (4,908.9) | (5,237.8) | -28.3% | -32.8% | |||||||
| Adjusted Loss from Operations (non-GAAP) | (2,776.1) | (4,040.8) | (4,590.7) | -31.3% | -39.5% | |||||||
| Net Loss | (3,480.5) | (4,994.8) | (5,059.7) | -30.3% | -31.2% | |||||||
| Adjusted Net Loss (non-GAAP) | (2,735.1) | (4,126.7) | (4,412.6) | -33.7% | -38.0% | |||||||
Recent Developments
Deliveries in October 2025
- The Company delivered 40,397 vehicles in October 2025. As of October 31, 2025, the Company had delivered 241,618 vehicles in 2025, with cumulative deliveries reaching 913,182.
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