Vehicle Deliveries

Q1 2025

41,000 to 43,000 units with year‑over‑year growth of 36% to 43% "

no guidance provided [N/A]

no current guidance

Long-Term Outlook

Annual

Annual volume of 2 million units, 20% gross margin, and 7%–8% net margin "

no guidance provided [N/A]

no current guidance

Profitability and Margin Performance

Q4 2024 calls detailed improved vehicle and overall gross margins alongside rising cost pressures and a widening net loss. " " Q3 2024 and Q2 2024 discussions highlighted margin improvements driven by lower material costs and product mix changes, offset by promotional and cost pressures. " " " "

Not mentioned in Q1 2025 [document does not contain any relevant information].

Theme disappears in Q1 2025, suggesting a potential deprioritization or shift in focus away from margin commentary.

Production Ramp-Up, Delivery Challenges, and Volume Growth

Q4 2024 covered record deliveries and ongoing production ramp-up initiatives, while Q3 2024 and Q2 2024 discussed supply chain challenges, delivery volume adjustments, and planned capacity increases. " " "

Not mentioned in Q1 2025 [document does not contain any details].

No mention in the current period, indicating a shift away from operational volume metrics or that these issues are no longer front‐and‐center.

Operating Expenses and SG&A Cost Pressure

Detailed extensively in Q4 2024, Q3 2024, and Q2 2024 with focus on rising SG&A due to expanded sales networks and increased R&D spending, as well as efforts to manage cost structures. " " " "

Not mentioned in Q1 2025 [document does not provide any information].

Absent in Q1 2025, which could imply that cost pressures are either stabilizing or less a priority in current communications.

Global Expansion and Multi-Brand Diversification

Q4 2024, Q3 2024, and Q2 2024 earnings calls elaborated on strategies for global market entry and diversification across the NIO, ONVO, and Firefly brands, targeting various market segments. " " "

Not mentioned in Q1 2025 [document does not contain any relevant details].

Omitted in the current period, suggesting either strategic maturity or a temporary move away from public discussion on international and multi-brand initiatives.

Technological Leadership and Smart Driving Innovations

Emphasized in Q4 2024, Q3 2024, and Q2 2024 with discussions on AI-based safety, the NIO World Model, and end-to-end smart driving architecture setting the company apart technologically. " " "

Not mentioned in Q1 2025 [document does not include any information].

Diminished emphasis in Q1 2025, potentially indicating a transition phase where innovation is moving from a prominent discussion point to execution.

Power Swap Services Profitability Challenges

Q2 2024 discussed challenges such as low utilization rates and the impact of free lifetime power swaps on breakeven targets, while Q3 2024 noted operational efforts to narrow losses through improved efficiency. " "

Q1 2025 earnings call reiterated that Power Swap services are not yet profitable and highlighted ongoing efforts to improve utilization and efficiency. "

Persistently negative yet under active management, with the focus remaining on long-term operational efficiency improvements despite continued losses.