Quarterly Total Revenues Reached RMB21,793.9 million (US$3,061.4 million) i

Quarterly Vehicle Deliveries were 87,07 1 units

SHANGHAI, Nov. 25, 2025 (GLOBE NEWSWIRE) -- NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and 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

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

Key Financial Results for the Third Quarter of 2025

(in RMB million, except for percentage)
  2025 Q3 2025 Q2   2024 Q3   % Change iii
            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

Completion of Equity Offering

Share Issuance for Share Incentive Plans

CEO and CFO Comments
“In the third quarter of 2025, the Company delivered 87,071 smart electric vehicles, representing a year-over-year increase of 40.8%. The strong momentum was driven by the all-around competitiveness of our NIO, ONVO, and FIREFLY brand offerings, which continue to resonate with users across their respective market segments,” said William Bin Li, founder, chairman, and chief executive officer of NIO. “We are working closely with supply chain partners to ramp up production and expect total deliveries in the fourth quarter to reach between 120,000 and 125,000 units, reflecting a year-on-year increase of 65.1% to 72.0% and setting a new quarterly record.”

"The All-New NIO ES8 has set the fastest record for delivering over 10,000 units among BEVs priced above RMB400,000 in China, while the ONVO L90 has remained the top-selling large BEV SUV for three consecutive months, and FIREFLY has quickly secured a leading position in the small smart high-end electric car market since its first deliveries. Underpinned by our core smart EV technologies, a complementary multi-brand product portfolio, a comprehensive and convenient battery swapping and charging network, as well as a vibrant and growing user community, the Company has entered a new cycle of accelerated growth,” added William Bin Li.

“Through continuous cost optimization and a greater contribution from higher-margin vehicle deliveries, our vehicle gross margin sequentially improved to 14.7% in Q3 2025, and the overall gross margin reached the highest level in the past three years, underscoring the enhanced profitability of our products and services,” added Stanley Yu Qu, NIO’s chief financial officer. “Our continued efforts on operational efficiency improvement across R&D, sales and service also drove a quarter-on-quarter reduction of over 30% in non-GAAP operating losses, continuing the positive trend from the first half of 2025. Furthermore, the business generated positive operating cash flow and positive results of operating cashflow net off the capital expenditures during the quarter. Bolstered further by the US$1.16 billion equity offering, our strengthened balance sheet provides a solid foundation for the path toward sustained, long-term growth.”

Financial Results for the Third Quarter of 2025
Revenues

Cost of Sales and Gross Margin

Operating Expenses

Loss from Operations

Net Loss and Earnings Per Share/ADS

Balance Sheet

Business Outlook
For the fourth quarter of 2025, the Company expects:

This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.

Conference Call

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 25, 2025 (8:00 PM Beijing/Hong Kong/Singapore Time on November 25, 2025).

A live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.nio.com/news-events/events.

For participants who wish to join the conference using dial-in numbers, please register in advance using the link provided below and dial in 10 minutes prior to the call. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

https://s1.c-conf.com/diamondpass/10051455-lh4ms9.html

A replay of the conference call will be accessible by phone at the following numbers, until December 2, 2025:

United States: +1-855-883-1031
Hong Kong, China: +852-800-930-639
Mainland, China: +86-400-1209-216
Singapore: +65-800-1013-223
International: +61-7-3107-6325
Replay PIN: 10051455
   

About NIO Inc.
NIO Inc. is a pioneer and a leading company in the global smart electric vehicle market. Founded in November 2014, NIO aspires to shape a sustainable and brighter future with the mission of “Blue Sky Coming.” NIO envisions itself as a user enterprise where innovative technology meets experience excellence. NIO designs, develops, manufactures and sells smart electric vehicles, driving innovations in next-generation core technologies. NIO distinguishes itself through continuous technological breakthroughs and innovations, exceptional products and services, and a community for shared growth. NIO provides premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand.

Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. NIO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in announcements, circulars or other publications made on the websites of each of The Stock Exchange of Hong Kong Limited (the “SEHK”) and the Singapore Exchange Securities Trading Limited (the “SGX-ST”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIO’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIO’s strategies; NIO’s future business development, financial condition and results of operations; NIO’s ability to develop and manufacture vehicles of sufficient quality and appeal to customers on schedule and on a large scale; its ability to ensure and expand manufacturing capacities including establishing and maintaining partnerships with third parties; its ability to provide convenient and comprehensive power solutions to its customers; the viability, growth potential and prospects of the battery swapping, BaaS, and NIO Assisted and Intelligent Driving and its subscription services; its ability to improve the technologies or develop alternative technologies in meeting evolving market demand and industry development; NIO’s ability to satisfy the mandated safety standards relating to motor vehicles; its ability to secure supply of raw materials or other components used in its vehicles; its ability to secure sufficient reservations and sales of its vehicles; its ability to control costs associated with its operations; its ability to build its current and future brands; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIO’s filings with the SEC and the announcements and filings on the websites of each of the SEHK and SGX-ST. All information provided in this press release is as of the date of this press release, and NIO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Non-GAAP Disclosure
The Company uses non-GAAP measures, such as adjusted cost of sales (non-GAAP), adjusted research and development expenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP), adjusted loss from operations (non-GAAP), adjusted net loss (non-GAAP), adjusted net loss attributable to ordinary shareholders (non-GAAP) and adjusted basic and diluted net loss per share/ADS (non-GAAP), in evaluating its operating results and for financial and operational decision-making purposes. The Company defines adjusted cost of sales (non-GAAP), adjusted research and development expenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP) and adjusted loss from operations (non-GAAP) and adjusted net loss (non-GAAP) as cost of sales, research and development expenses, selling, general and administrative expenses, loss from operations and net loss excluding share-based compensation expenses and organizational optimization charges. The Company defines adjusted net loss attributable to ordinary shareholders (non-GAAP), adjusted basic and diluted net loss per share/ADS (non-GAAP) as net loss attributable to ordinary shareholders and basic and diluted net loss per share/ADS excluding share-based compensation expenses, organizational optimization charges and accretion on redeemable non-controlling interests to redemption value. By excluding the impact of share-based compensation expenses, organizational optimization charges and accretion on redeemable non-controlling interests to redemption value, which are either non-cash or not indicative of the Company’s ordinary or ongoing operations due to their size or nature, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate
This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

For more information, please visit: http://ir.nio.com.

Investor Relations
ir@nio.com
Media Relations
global.press@nio.com

Source: NIO

NIO INC.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands)

  As of
  December 31, 2024 September 30, 2025 September 30, 2025
  RMB RMB US$
ASSETS      
Current assets:      
Cash and cash equivalents 19,328,920 9,270,823 1,302,265
Restricted cash 8,320,728 12,447,786 1,748,530
Short-term investments 14,137,566 14,835,336 2,083,907
Trade and notes receivables 1,676,246 1,304,186 183,198
Amounts due from related parties 7,702,404 13,248,324 1,860,981
Inventory 7,087,223 7,477,682 1,050,384
Prepayments and other current assets 3,632,956 4,475,189 628,626
Total current assets 61,886,043 63,059,326 8,857,891
Non-current assets:      
Long-term restricted cash 97,720 92,105 12,938
Property, plant and equipment, net. 25,892,904 26,771,798 3,760,612
Intangible assets, net 29,648 29,648 4,165
Land use rights, net 201,995 198,017 27,815
Long-term investments 3,126,007 2,148,380 301,781
Right-of-use assets - operating lease 12,797,158 12,038,043 1,690,974
Other non-current assets 3,573,137 7,706,757 1,082,562
Total non-current assets 45,718,569 48,984,748 6,880,847
Total assets 107,604,612 112,044,074 15,738,738
LIABILITIES      
Current liabilities:      
Short-term borrowings 5,729,561 4,983,469 700,024
Trade and notes payable 34,387,266 39,547,732 5,555,237
Amounts due to related parties, current 409,363 763,945 107,311
Taxes payable 400,146 627,860 88,195
Current portion of operating lease liabilities 1,945,987 2,749,529 386,224
Current portion of long-term borrowings 3,397,622 932,832 131,034
Accruals and other liabilities 16,041,079 17,714,186 2,488,297
Total current liabilities 62,311,024 67,319,553 9,456,322
Non-current liabilities:      
Long-term borrowings 11,440,755 8,721,286 1,225,072
Non-current operating lease liabilities 11,260,735 10,253,359 1,440,281
Amounts due to related parties, non-current 329,492 372,778 52,364
Deferred tax liabilities 127,467 118,543 16,652
Other non-current liabilities 8,628,596 13,170,335 1,850,025
Total non-current liabilities 31,787,045 32,636,301 4,584,394
Total liabilities 94,098,069 99,955,854 14,040,716


NIO INC.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands)

  As of
  December 31, 2024 September 30, 2025 September 30, 2025
  RMB RMB US$
MEZZANINE EQUITY      
Redeemable non-controlling interests 7,441,997 8,390,230 1,178,569
Total mezzanine equity 7,441,997 8,390,230 1,178,569
SHAREHOLDERS’ EQUITY      
Total NIO Inc. shareholders’ equity 5,967,023 3,669,739 515,485
Non-controlling interests 97,523 28,251 3,968
Total shareholders’ equity 6,064,546 3,697,990 519,453
Total liabilities, mezzanine equity and shareholders’ equity 107,604,612 112,044,074 15,738,738


NIO INC.
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except for share and per share/ADS data)

  Three Months Ended
  September 30, 2024 June 30,
2025 		September 30, 2025 September 30, 2025
  RMB RMB RMB US$
Revenues:        
Vehicle sales 16,697,558   16,136,114   19,202,278   2,697,328  
Other sales 1,975,970   2,872,551   2,591,597   364,039  
Total revenues 18,673,528   19,008,665   21,793,875   3,061,367  
Cost of sales:        
Vehicle sales (14,516,999 ) (14,473,222 ) (16,378,772 ) (2,300,712 )
Other sales (2,149,156 ) (2,637,920 ) (2,390,534 ) (335,796 )
Total cost of sales (16,666,155 ) (17,111,142 ) (18,769,306 ) (2,636,508 )
Gross profit 2,007,373   1,897,523   3,024,569   424,859  
Operating expenses:        
Research and development (3,318,740 ) (3,007,032 ) (2,390,604 ) (335,806 )
Selling, general and administrative (4,108,806 ) (3,964,921 ) (4,184,675 ) (587,818 )
Other operating income 182,406   165,572   29,188   4,100  
Total operating expenses (7,245,140 ) (6,806,381 ) (6,546,091 ) (919,524 )
Loss from operations (5,237,767 ) (4,908,858 ) (3,521,522 ) (494,665 )
Interest and investment income 310,123   107,529   354,396   49,782  
Interest expenses (203,761 ) (212,748 ) (222,508 ) (31,255 )
Share of losses of equity investees (199,662 ) (124,664 ) (182,083 ) (25,577 )
Other income, net 309,654   186,879   148,261   20,826  
Loss before income tax expense (5,021,413 ) (4,951,862 ) (3,423,456 ) (480,889 )
Income tax expense (38,265 ) (42,939 ) (57,029 ) (8,011 )
Net loss (5,059,678 ) (4,994,801 ) (3,480,485 ) (488,900 )
Accretion on redeemable non-controlling interests to redemption value (91,400 ) (148,374 ) (155,369 ) (21,825 )
Net loss/(profit) attributable to non-controlling interests 9,443   1,868   (24,899 ) (3,498 )
Net loss attributable to ordinary shareholders of NIO Inc. (5,141,635 ) (5,141,307 ) (3,660,753 ) (514,223 )
Net loss (5,059,678 ) (4,994,801 ) (3,480,485 ) (488,900 )
Other comprehensive (loss)/income        
Foreign currency translation adjustment, net of nil tax (298,383 ) 184,568   (141,362 ) (19,857 )
Total other comprehensive (loss)/income (298,383 ) 184,568   (141,362 ) (19,857 )
Total comprehensive loss (5,358,061 ) (4,810,233 ) (3,621,847 ) (508,757 )
Accretion on redeemable non-controlling interests to redemption value (91,400 ) (148,374 ) (155,369 ) (21,825 )
Net loss/(profit) attributable to non-controlling interests 9,443   1,868   (24,899 ) (3,498 )
Comprehensive loss attributable to ordinary shareholders of NIO Inc. (5,440,018 ) (4,956,739 ) (3,802,115 ) (534,080 )
Weighted average number of ordinary shares/ADSs used in computing net loss per share/ADS          
Basic and diluted 2,055,159,231   2,230,044,617   2,428,558,076   2,428,558,076  
Net loss per share/ADS attributable to ordinary shareholders          
Basic and diluted (2.50 ) (2.31 ) (1.51 ) (0.21 )



NIO INC. 
 Unaudited Reconciliation of GAAP and Non-GAAP Results
(All amounts in thousands, except for share and per share/ADS data)

  Three Months Ended September 30, 2025
  GAAP
Result 		Share-based compensation Organizational optimization charges Accretion on redeemable non-controlling interests to redemption value Adjusted
Result
(Non-GAAP)
  RMB RMB RMB RMB RMB
Cost of sales (18,769,306 ) 15,988 26,129 — (18,727,189 )
Research and development expenses (2,390,604 ) 279,090 172,594 — (1,938,920 )
Selling, general and administrative expenses (4,184,675 ) 154,467 97,113 — (3,933,095 )
Total (25,344,585 ) 449,545 295,836 — (24,599,204 )
Loss from operations (3,521,522 ) 449,545 295,836 — (2,776,141 )
Net loss (3,480,485 ) 449,545 295,836 — (2,735,104 )
Net loss attributable to ordinary shareholders of NIO Inc. (3,660,753 ) 449,545 295,836 155,369 (2,760,003 )
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (1.51 ) 0.19 0.12 0.06 (1.14 )
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (USD) (0.21 ) 0.03 0.02 0.01 (0.15 )


(All amounts in thousands, except for share and per share/ADS data)


  Three Months Ended June 30, 2025
  GAAP
Result 		Share-based compensation Organizational optimization charges Accretion on redeemable non-controlling interests to redemption value Adjusted
Result
(Non-GAAP)
  RMB RMB RMB RMB RMB
Cost of sales (17,111,142 ) 12,867 54,282 — (17,043,993 )
Research and development expenses (3,007,032 ) 302,620 215,532 — (2,488,880 )
Selling, general and administrative expenses (3,964,921 ) 110,688 172,074 — (3,682,159 )
Total (24,083,095 ) 426,175 441,888 — (23,215,032 )
Loss from operations (4,908,858 ) 426,175 441,888 — (4,040,795 )
Net loss (4,994,801 ) 426,175 441,888 — (4,126,738 )
Net loss attributable to ordinary shareholders of NIO Inc. (5,141,307 ) 426,175 441,888 148,374 (4,124,870 )
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (2.31 ) 0.19 0.20 0.07 (1.85 )


(All amounts in thousands, except for share and per share/ADS data)


  Three Months Ended September 30, 2024
  GAAP
Result 		Share-based compensation Organizational optimization charges Accretion on redeemable non-controlling interests to redemption value Adjusted
Result
(Non-GAAP)
  RMB RMB RMB  RMB RMB
Cost of sales (16,666,155 ) 23,688 — — (16,642,467 )
Research and development expenses (3,318,740 ) 415,955 — — (2,902,785 )
Selling, general and administrative expenses (4,108,806 ) 207,413 — — (3,901,393 )
Total (24,093,701 ) 647,056 — — (23,446,645 )
Loss from operations (5,237,767 ) 647,056 — — (4,590,711 )
Net loss (5,059,678 ) 647,056 — — (4,412,622 )
Net loss attributable to ordinary shareholders of NIO Inc. (5,141,635 ) 647,056 — 91,400 (4,403,179 )
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (2.50 ) 0.32 — 0.04 (2.14 )


i  All translations from RMB to USD for the three months ended September 30, 2025 were made at the rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025 in the H.10 statistical release of the Federal Reserve Board.
ii  Vehicle margin is the margin of new vehicle sales, which is calculated based on revenues and cost of sales derived from new vehicle sales only.
iii  Except for gross margin and vehicle margin, where absolute changes instead of percentage changes are calculated.