NIO Inc. reported a 16.7% year-on-year increase in third-quarter revenue on November 25, 2025, after higher deliveries across its premium, family and small-segment brands. The company issued a lower fourth-quarter guidance of 120,000 to 125,000 deliveries compared to the previously stated goal of 150,000 units.

Company’s management also announced that three more large SUVs of more than 5 meters long will be launched in 2026, including the NIO ES9 and Onvo L80. The third model will likely be the NIO ES7, which has sold only 339 units in 2025 and is the group’s weakest selling model.

NIO recorded third-quarter revenue of 21.8 billion CNY (c. $3.08 billion), supported by deliveries of 87,071 vehicles, up 40.8% from a year earlier. Gross profit reached 3.02 billion CNY (c. $427 million), and overall gross margin rose to 13.9%, the highest level in nearly three years. Cash, restricted cash, short-term investments and long-term deposits totaled 36.7 billion CNY (c. $5.19 billion). Operating loss narrowed to 3.5 billion CNY (c. $495 million), declining more than 30% both year on year and quarter on quarter.

The company forecast fourth-quarter deliveries of 120,000 to 125,000 units, representing year-on-year growth of 65.1% to 72.0%. Revenue is projected at 32.8 billion to 34.0 billion CNY (c. $4.63–4.80 billion).

NIO’s multi-brand strategy contributed to the quarterly growth. The NIO premium brand delivered 36,928 units, the family-oriented Onvo brand delivered 37,656 units, and Firefly delivered 12,487 units in the small premium EV category. Cumulative 2025 deliveries reached 241,618 units by the end of October, with total historical deliveries rising to 913,182 units.

The company stated that the new ES8 recorded the fastest climb past 10,000 cumulative deliveries among pure EVs priced above 400,000 CNY (c. $56,500). The Onvo L90 remained the top-selling large pure-electric SUV in China for three consecutive months, while Firefly expanded in the small premium segment.

Vehicle sales revenue reached 19.2 billion CNY (c. $2.71 billion), rising 15.0% year on year and 19.0% quarter on quarter. Vehicle margin increased to 14.7%, supported by lower material costs that offset a decrease in average selling price. Other revenue rose to 2.6 billion CNY (c. $367 million), driven by used-vehicle transactions, technical services and after-sales volumes.

Research and development expenses fell 28.0% year on year to 2.4 billion CNY (c. $339 million), reflecting organizational streamlining and lower design and development spending. Sales, general and administrative expenses rose 1.8% to 4.2 billion CNY (c. $593 million), partly due to marketing activities linked to new model launches.

Demand trends were supported by new model introductions. The Onvo L90 recorded monthly sales above 10,000 units for three consecutive months. The revised NIO ES8, launched in September with a lower starting price, saw its October deliveries rise 139% month on month to 6,703 units and 797% year on year. The Onvo L60 and Firefly models both exceeded 5,000 units in October.

NIO reported a third-quarter net loss of 3.48 billion CNY (c. $492 million). Losses narrowed more than 30% year on year and quarter on quarter. Full-year deliveries remain below target, with 241,618 units sold through October, equivalent to 54.9% of the company’s 440,000-unit goal.

Conversion rate: 1 USD = 7.079 CNY as of November 25, 2025