NIO (NIO) Company Report

Analyst Coverage

Research analysts who have asked questions during NIO earnings calls.

Paul Gong

UBS

8 questions for NIO

Also covers: LI, WRD, ZK

Tim Hsiao

Morgan Stanley

8 questions for NIO

Also covers: HSAI, LI, WRD +2 more

Ming Hsun Lee

Bank of America

7 questions for NIO

Also covers: LI, PONY, WRD +2 more

Yuqian Ding

HSBC

7 questions for NIO

Also covers: LI

Tina Hou

Goldman Sachs Group, Inc.

6 questions for NIO

Also covers: HSAI, LI, RAAS +3 more

Bin Wang

Deutsche Bank

5 questions for NIO

Also covers: ECX, LI, PONY +2 more

Jing Chang

CICC

4 questions for NIO

Also covers: LI

Ben Wang

Deutsche Bank

3 questions for NIO

Also covers: PONY

Jeff

B. Riley

2 questions for NIO

Also covers: CTMX

Jeff Chung

Citigroup

2 questions for NIO

Also covers: HSAI

Jim Chang

China International Capital Corporation Limited

2 questions for NIO

Nick Lai

JPMorgan Chase & Co.

2 questions for NIO

Also covers: XPEV

Xue Deng

CICC

2 questions for NIO

Y.C. Lai

JPMorgan Chase & Co.

2 questions for NIO

Also covers: XPEV

Nixon Lee

Bank of America

1 question for NIO

Latest news

Recent press releases and 8-K filings for NIO.

NIO Reports Record-High December, Fourth Quarter, and Full Year 2025 Deliveries

NIO

Guidance Update

Revenue Acceleration/Inflection

NIO Inc. reported record-high monthly deliveries of 48,135 vehicles in December 2025, an increase of 54.6% year-over-year.
For the fourth quarter of 2025, the company delivered a record 124,807 vehicles, marking a 71.7% year-over-year increase.
Total deliveries for the full year 2025 reached 326,028 vehicles, representing a 46.9% year-over-year increase, with cumulative deliveries reaching 997,592 as of December 31, 2025.

Jan 2, 2026, 9:06 PM

6-K

NIO Announces December, Fourth Quarter, and Full Year 2025 Delivery Results

NIO

Revenue Acceleration/Inflection

NIO Inc. announced record vehicle deliveries for December and the fourth quarter of 2025, alongside significant full-year growth.
In December 2025, deliveries reached a new monthly high of 48,135 vehicles, representing a 54.6% year-over-year increase.
For the fourth quarter of 2025, the company delivered a record 124,807 vehicles, an increase of 71.7% year-over-year.
Total deliveries for the full year 2025 amounted to 326,028 vehicles, up 46.9% from the previous year.
Cumulative deliveries for NIO reached 997,592 as of December 31, 2025.

Jan 1, 2026, 8:00 AM

Press Release

Seyond Debuts on HKEX, Raises HK$1.03 Billion

NIO

New Projects/Investments

M&A

Delisting/Listing Issues

Seyond, a major LiDAR system supplier to Nio, successfully debuted on the Hong Kong stock exchange through a de-SPAC merger, raising HK$1.03 billion (US$132.4 million).
Nio currently accounts for over 86% of Seyond’s revenue, with Seyond’s sensors deployed across all Nio-branded models since March 2022.
In 2024, Seyond delivered approximately 230,000 automotive-grade LiDAR systems, ranking fourth globally in ADAS LiDAR market share, and is actively diversifying its customer base beyond Nio.
The de-SPAC merger valued Seyond at HK$11.7 billion (US$1.50 billion), and its shares saw a significant surge upon listing.

Dec 10, 2025, 3:24 AM

CNBC

NIO Inc. Provides November 2025 Delivery Update

NIO

Revenue Acceleration/Inflection

NIO Inc. delivered 36,275 vehicles in November 2025, marking a 76.3% increase year-over-year.
Year-to-date deliveries for 2025 reached 277,893 vehicles, an increase of 45.6% compared to the previous year.
As of November 30, 2025, cumulative deliveries for NIO Inc. totaled 949,457 vehicles.
November 2025 deliveries included 18,393 vehicles from the NIO brand, 11,794 from the ONVO brand, and 6,088 from the FIREFLY brand.

Dec 1, 2025, 11:19 AM

6-K

NIO Announces November 2025 Delivery Results

NIO

Revenue Acceleration/Inflection

NIO delivered 36,275 vehicles in November 2025, marking a 76.3% year-over-year increase.
November 2025 deliveries included 18,393 NIO brand vehicles, 11,794 ONVO brand vehicles, and 6,088 FIREFLY brand vehicles.
Year-to-date deliveries for 2025 reached 277,893 vehicles, an increase of 45.6% year-over-year.
Cumulative deliveries for NIO totaled 949,457 as of November 30, 2025.

Dec 1, 2025, 9:30 AM

Press Release

NIO Reports Strong Q3 2025 Deliveries and Revenue Growth, Targets 2026 Profitability

NIO

Earnings

Guidance Update

Product Launch

NIO reported Q3 2025 deliveries of 87,071 smart EVs, marking a 40.8% year-over-year increase, and provided Q4 2025 delivery guidance of 120,000-125,000 vehicles, which would be a 60.1%-72% year-over-year increase.
Total revenues for Q3 2025 reached RMB 21.8 billion, an increase of 16.7% year-over-year, with vehicle sales contributing RMB 19.2 billion, up 15% year-over-year.
The company achieved an improved vehicle gross margin of 14.7% and an overall gross margin of 13.9% in Q3 2025, the highest in nearly three years, primarily driven by cost optimization efforts and the delivery of high-margin products like the L90.
NIO's net loss for Q3 2025 was CNY 3.5 billion, a 31.2% year-over-year decrease, and the company generated positive operating cash flow and free cash flow during the quarter, ending with CNY 36.7 billion in total cash and equivalents.
Looking ahead, NIO aims to achieve non-GAAP profitability for the full year 2026 and expects its vehicle gross margin to be around 20% next year, supported by new large model introductions and continued cost control.

Nov 25, 2025, 12:00 PM

Transcript

NIO Reports Strong Q3 2025 Financials and Provides Positive Outlook

NIO

Earnings

Guidance Update

Product Launch

NIO reported Q3 2025 total revenues of RMB 21.8 billion, a 16.7% year-over-year increase, with a vehicle gross margin of 14.7% and an overall gross margin of 13.9%, the highest in nearly three years. The company also achieved positive operating cash flow and free cash flow in Q3 2025.
The company delivered 87,071 smart EVs in Q3 2025, representing a 40.8% year-over-year growth, and 40,397 smart EVs in October 2025, marking three consecutive months of record-high deliveries. For Q4 2025, total deliveries are expected to be between 120,000 and 125,000 units, a 60.1% to 72% year-over-year increase.
NIO aims for full-year profitability on a non-GAAP basis for 2026 and expects a vehicle gross margin of around 20% next year. The company anticipates achieving 50,000 monthly deliveries in the first half of 2026.
R&D expenses for Q3 2025 were RMB 2.4 billion, decreasing 28% year-over-year and 20.5% quarter-over-quarter, with expectations to remain flat at around RMB 2 billion per quarter next year, focusing on efficiency and maintaining long-term competitiveness.
The company is shifting its global market expansion strategy from a direct selling model to a partnership-based model, starting with the Firefly brand, followed by ONVO, and then NIO. The ONVO brand plans to expand its product line to cover a price range of CNY 100,000-300,000.

Nov 25, 2025, 12:00 PM

Transcript

NIO Reports Strong Q3 2025 Results, Positive Cash Flow, and Confident Outlook

NIO

Earnings

Guidance Update

Product Launch

NIO reported strong Q3 2025 deliveries of 87,071 smart EVs, representing a 40.8% year-over-year growth, and projects 120,000-125,000 deliveries for Q4 2025.
The company achieved significant financial improvements in Q3 2025, with vehicle gross margin reaching 14.7% and overall gross margin 13.9%, marking the highest in nearly three years.
NIO's operating cash flow and free cash flow both turned positive in Q3 2025, strengthening its cash position to RMB 36.7 billion in total cash and equivalents.
Management expressed confidence in achieving quarterly break-even in Q4 2025 and full-year 2026 profitability on a non-GAAP basis, driven by ongoing cost optimization and strong demand for high-margin products.
NIO plans to launch three new large models in 2026 and expects to reach 50,000 monthly deliveries in the first half of next year, while also shifting to a partnership-based model for global market expansion.

Nov 25, 2025, 12:00 PM

Transcript

NIO Inc. Reports Strong Q3 2025 Financial Results with Increased Deliveries and Improved Margins

NIO

Earnings

Guidance Update

Revenue Acceleration/Inflection

NIO Inc. reported 87,071 vehicle deliveries in the third quarter of 2025, marking a 40.8% increase from the third quarter of 2024. The company projects Q4 2025 deliveries to be between 120,000 and 125,000 units.
Total revenues for Q3 2025 reached RMB21,793.9 million (US$3,061.4 million), an increase of 16.7% year-over-year.
The company saw improved profitability, with gross margin rising to 13.9% and vehicle margin to 14.7% in Q3 2025, compared to 10.7% and 13.1% respectively in Q3 2024.
Net loss decreased by 31.2% from the third quarter of 2024 to RMB3,480.5 million (US$488.9 million) in Q3 2025.
As of September 30, 2025, NIO held RMB36.7 billion (US$5.1 billion) in cash and cash equivalents, restricted cash, short-term investment, and long-term time deposits.

Nov 25, 2025, 11:12 AM

6-K

NIO Inc. Reports Strong Q3 2025 Financial Results and Q4 Deliveries Guidance

NIO

Earnings

Guidance Update

Revenue Acceleration/Inflection

NIO Inc. reported total revenues of RMB21,793.9 million (US$3,061.4 million) for the third quarter of 2025, an increase of 16.7% from the third quarter of 2024.
Vehicle deliveries reached 87,071 units in Q3 2025, representing a 40.8% increase compared to Q3 2024.
The company's gross margin improved to 13.9% in Q3 2025, up from 10.7% in Q3 2024, and net loss decreased by 31.2% year-over-year to RMB3,480.5 million (US$488.9 million).
NIO expects vehicle deliveries for the fourth quarter of 2025 to be between 120,000 and 125,000 units.
As of September 30, 2025, NIO held RMB36.7 billion (US$5.1 billion) in cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits, following a US$1.16 billion equity offering completed in September 2025.