NIO delivered 36,275 vehicles in November 2025 in China, a 76.3% year-on-year increase, marking its fourth consecutive month above 30,000 units across its NIO, Onvo and Firefly brands.

The company reported 18,393 NIO-brand deliveries, 11,794 deliveries under Onvo, and 6,088 units for Firefly. As of November 30, cumulative 2025 deliveries reached 949,457 vehicles, including 797,712 for the NIO brand, 119,415 for Onvo and 32,330 for Firefly.

China’s passenger-car market showed weaker retail momentum in late 2025. Sales from November 1–23 totalled 1.384 million vehicles, down 11% year-on-year and 2% month-on-month. Retail growth for January–October rose 7.9% year-on-year but slowed in recent months, with October flat compared with a year earlier.

NIO reiterated its fourth-quarter 2025 delivery guidance of 120,000–125,000 units. With 40,397 vehicles delivered in October and 36,275 in November, cumulative fourth-quarter deliveries totaled 76,672. The company would need at least 43,328 December deliveries to meet the bottom end of the range.

The new ES8, launched in the third quarter, is the company’s primary growth driver heading into year-end. Order intake remained stable through November, and NIO expects to accelerate production and deliveries in December.

The ES8 reached 10,000 cumulative deliveries within 41 days and is positioned above 400,000 CNY (c. $56,600). Its mix, along with the Onvo L90, is expected to support higher selling prices and gross margins for the quarter.

NIO aims to achieve non-GAAP profitability in the fourth quarter. The company reported a third-quarter net loss of 3.4805 billion CNY (c. $492.0 million), narrowing 31.2% year-on-year and 30.3% quarter-on-quarter. The non-GAAP net loss was 2.7351 billion CNY (c. $386.8 million), an improvement of 38.0% year-on-year and 33.7% quarter-on-quarter.

Reaching profitability would require offsetting more than 2.7 billion CNY (c. $382.0 million) in remaining losses during the fourth quarter. NIO said margin gains will rely on model mix, price stability, technology service income and efficiency from cross-business-unit operations.

NIO continued to position itself as a pure-electric manufacturer, marking ten years of EV-focused development across three platform generations. The company said 80% of its users select its battery-subscription service and noted sustained demand for pure-electric three-row SUVs.

With NIO, Onvo and Firefly expanding simultaneously, December results will show whether the company can pair rising volumes with the profitability target it has set for the quarter.

Conversion rate: 1 USD = 7.072 CNY as of December 1, 2025