Quarterly Total Revenues Reached RMB19,008.7 million (US$2,653.5 million)i
Quarterly Vehicle Deliveries were 72,056 units

SHANGHAI, China, Sept. 02, 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 second quarter ended June 30, 2025.

Operating Highlights for the Second Quarter of 2025

Key Operating Results

 
 2025 Q22025 Q12024 Q42024 Q3
Deliveries72,05642,09472,68961,855
     
 2024 Q22024 Q12023 Q42023 Q3
Deliveries57,37330,05350,04555,432

Financial Highlights for the Second Quarter of 2025


Key Financial Results for the Second Quarter of 2025

(in RMB million, except for percentage)

  2025 Q22025 Q1 2024 Q2 % Changeiii
      QoQYoY
Vehicle Sales 16,136.1 9,939.3  15,679.6  62.3% 2.9% 
Vehicle Margin 10.3% 10.2%  12.2%  10bp -190bp 
         
Total Revenues 19,008.7 12,034.7  17,446.0  57.9% 9.0% 
Gross Profit 1,897.5 919.6  1,688.7  106.3% 12.4% 
Gross Margin 10.0% 7.6%  9.7%  240bp 30bp 
         
Loss from Operations (4,908.9)(6,418.1) (5,209.3) -23.5%-5.8%
Adjusted Loss from Operations (non-GAAP)(4,040.8)(5,947.2) (4,698.5) -32.1%-14.0%
        
Net Loss (4,994.8)(6,750.0) (5,046.0) -26.0%-1.0%
Adjusted Net Loss (non-GAAP)(4,126.7)(6,279.1) (4,535.2) -34.3%-9.0%


Recent Developments

Deliveries in July and August 2025

Commencement of ONVO L90 Deliveries

Debut of NIO All-New ES8

NIO Entered into an Agreement to Make Additional Investment in NIO China

CEO and CFO Comments

“In the second quarter of 2025, the Company delivered 72,056 smart electric vehicles, representing a year-over-year increase of 25.6%,” said William Bin Li, founder, chairman and chief executive officer of NIO. “The strong market reception of ONVO L90 and NIO All-New ES8 has reinforced our overall sales momentum. Driven by this strong demand, we anticipate total deliveries in the third quarter to range between 87,000 and 91,000, representing a year-on-year growth of 40.7% to 47.1% and setting a new Company record.”

“ONVO L90 and NIO All-New ES8 have received widespread user acclaim for their exceptional product experience, demonstrating our sharp market insights and precise product definition capabilities. Supported by our continuous technological innovations, the long-term strategic advantage of our battery swapping and charging infrastructure, and the multi-brand strategy reaching a broader user base, these models are well-positioned to redefine competition in the large three-row SUV segment and accelerate the market’s transition toward a new era dominated by BEVs,” added William Bin Li.

“Starting from the second quarter, our comprehensive cost reduction and efficiency improvement initiatives have started to yield results. Excluding organizational optimization charges, our non-GAAP operating loss improved by over 30% sequentially,” added Stanley Yu Qu, NIO’s chief financial officer. “We are now approaching a structural inflection point in our financials, with positive momentum building toward a sustainable virtuous cycle and continued performance improvements.”

Financial Results for the Second 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 third 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 8:00 AM U.S. Eastern Time on September 2, 2025 (8:00 PM Beijing/Hong Kong/Singapore Time on September 2, 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/10049790-gh87y6.html

A replay of the conference call will be accessible by phone at the following numbers, until September 9, 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: 10049790


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 RMB7.1636 to US$1.00, the noon buying rate in effect on June 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, 2024June 30, 2025June 30, 2025 
 RMBRMBUS$ 
ASSETS    
Current assets:    
Cash and cash equivalents19,328,9207,111,459992,721 
Restricted cash8,320,7289,260,2681,292,684 
Short-term investments14,137,56610,689,4301,492,187 
Trade and notes receivables1,676,2461,344,095187,628 
Amounts due from related parties7,702,40411,414,3871,593,387 
Inventory7,087,2238,243,3371,150,725 
Prepayments and other current assets3,632,9564,444,995620,497 
Total current assets61,886,04352,507,9717,329,829 
Non-current assets:    
Long-term restricted cash97,72078,07310,899 
Property, plant and equipment, net.25,892,90426,805,1113,741,849 
Intangible assets, net29,64829,6484,139 
Land use rights, net201,995199,34327,827 
Long-term investments3,126,0072,710,730378,403 
Right-of-use assets - operating lease12,797,15812,958,2441,808,901 
Other non-current assets3,573,1374,756,725664,013 
Total non-current assets45,718,56947,537,8746,636,031 
Total assets107,604,612100,045,84513,965,860 
LIABILITIES    
Current liabilities:    
Short-term borrowings5,729,5615,438,829759,231 
Trade and notes payable34,387,26634,951,3954,879,027 
Amounts due to related parties409,363641,49589,549 
Taxes payable400,146503,43270,276 
Current portion of operating lease liabilities1,945,9872,644,228369,120 
Current portion of long-term borrowings3,397,622792,198110,587 
Accruals and other liabilities16,041,07917,310,0102,416,385 
Total current liabilities62,311,02462,281,5878,694,175 
Non-current liabilities:    
Long-term borrowings11,440,7559,113,1781,272,151 
Non-current operating lease liabilities11,260,73511,110,8071,551,009 
Deferred tax liabilities127,467127,28617,768 
Amounts due to related parties, non-current329,492357,97049,971 
Other non-current liabilities8,628,59610,439,0531,457,232 
Total non-current liabilities31,787,04531,148,2944,348,131 
Total liabilities94,098,06993,429,88113,042,306 


NIO INC.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)


 As of
 December 31, 2024June 30, 2025June 30, 2025
 RMBRMBUS$
MEZZANINE EQUITY   
Redeemable non-controlling interests7,441,9977,734,861 1,079,745 
Total mezzanine equity7,441,9977,734,861 1,079,745 
SHAREHOLDERS’ EQUITY/(DEFICIT)   
Total NIO Inc. shareholders’ equity/(deficit)5,967,023(1,205,705)(168,309)
Non-controlling interests97,52386,808 12,118 
Total shareholders’ equity/(deficit)6,064,546(1,118,897)(156,191)
Total liabilities, mezzanine equity and shareholders’ equity/(deficit)107,604,612100,045,845 13,965,860 


NIO INC.

Unaudited Condensed Consolidated Statements of Comprehensive Loss

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


 Three Months Ended

 June 30, 2024March 31, 2025June 30, 2025June 30, 2025
 RMBRMBRMBUS$
Revenues:    
Vehicle sales15,679,623 9,939,305 16,136,114 2,252,515 
Other sales1,766,345 2,095,424 2,872,551 400,993 
Total revenues17,445,968 12,034,729 19,008,665 2,653,508 
Cost of sales:    
Vehicle sales(13,773,438)(8,925,641)(14,473,222)(2,020,384)
Other sales(1,983,815)(2,189,534)(2,637,920)(368,239)
Total cost of sales(15,757,253)(11,115,175)(17,111,142)(2,388,623)
Gross profit1,688,715 919,554 1,897,523 264,885 
Operating expenses:    
Research and development(3,218,522)(3,181,403)(3,007,032)(419,765)
Selling, general and administrative(3,757,458)(4,400,763)(3,964,921)(553,482)
Other operating income77,967 244,484 165,572 23,113 
Total operating expenses(6,898,013)(7,337,682)(6,806,381)(950,134)
Loss from operations(5,209,298)(6,418,128)(4,908,858)(685,249)
Interest and investment income362,731 173,216 107,529 15,010 
Interest expenses(176,141)(244,862)(212,748)(29,698)
Loss on extinguishment of debt— (14,660)— — 
Share of losses of equity investees(73,607)(256,195)(124,664)(17,402)
Other income, net52,351 15,227 186,879 26,087 
Loss before income tax expense(5,043,964)(6,745,402)(4,951,862)(691,252)
Income tax expense(2,019)(4,631)(42,939)(5,994)
Net loss(5,045,983)(6,750,033)(4,994,801)(697,246)
Accretion on redeemable non-controlling interests to redemption value(83,022)(144,490)(148,374)(20,712)
Net loss attributable to non-controlling interests2,635 3,462 1,868 261 
Net loss attributable to ordinary shareholders of NIO Inc.(5,126,370)(6,891,061)(5,141,307)(717,697)
     
Net loss(5,045,983)(6,750,033)(4,994,801)(697,246)
Other comprehensive income    
Foreign currency translation adjustment, net of nil tax89,483 75,911 184,568 25,765 
Total other comprehensive income89,483 75,911 184,568 25,765 
Total comprehensive loss(4,956,500)(6,674,122)(4,810,233)(671,481)
Accretion on redeemable non-controlling interests to redemption value(83,022)(144,490)(148,374)(20,712)
Net loss attributable to non-controlling interests2,635 3,462 1,868 261 
Comprehensive loss attributable to ordinary shareholders of NIO Inc.(5,036,887)(6,815,150)(4,956,739)(691,932)
Weighted average number of ordinary shares/ADS used in computing net loss per share/ADS     
Basic and diluted2,049,836,045 2,093,881,620 2,230,044,617 2,230,044,617  
Net loss per share/ADS attributable to ordinary shareholders     
Basic and diluted(2.50)(3.29)(2.31)(0.32) 


NIO INC.

Unaudited Condensed Consolidated Statements of Comprehensive Loss

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


 Six Months Ended

 June 30, 2024June 30, 2025June 30, 2025
 RMBRMBUS$
Revenues:   
Vehicle sales24,060,941 26,075,419 3,639,988 
Other sales3,293,663 4,967,975 693,503 
Total revenues27,354,604 31,043,394 4,333,491 
Cost of sales:   
Vehicle sales(21,386,680)(23,398,863)(3,266,355)
Other sales(3,791,478)(4,827,454)(673,887)
Total cost of sales(25,178,158)(28,226,317)(3,940,242)
Gross profit2,176,446 2,817,077 393,249 
Operating expenses:   
Research and development(6,082,738)(6,188,435)(863,872)
Selling, general and administrative(6,754,256)(8,365,684)(1,167,804)
Other operating income57,177 410,056 57,242 
Total operating expenses(12,779,817)(14,144,063)(1,974,434)
Loss from operations(10,603,371)(11,326,986)(1,581,185)
Interest and investment income713,524 280,745 39,190 
Interest expenses(347,016)(457,610)(63,880)
Loss on extinguishment of debt(11,326)(14,660)(2,046)
Share of losses of equity investees(93,089)(380,859)(53,166)
Other income, net119,727 202,106 28,213 
Loss before income tax expense(10,221,551)(11,697,264)(1,632,874)
Income tax expense(9,009)(47,570)(6,641)
Net loss(10,230,560)(11,744,834)(1,639,515)
Accretion on redeemable non-controlling interests to redemption value(162,546)(292,864)(40,882)
Net loss attributable to non-controlling interests8,818 5,330 744 
Net loss attributable to ordinary shareholders of NIO Inc.(10,384,288)(12,032,368)(1,679,653)
    
Net loss(10,230,560)(11,744,834)(1,639,515)
Other comprehensive income   
Foreign currency translation adjustment, net of nil tax96,951 260,479 36,361 
Total other comprehensive income96,951 260,479 36,361 
Total comprehensive loss(10,133,609)(11,484,355)(1,603,154)
Accretion on redeemable non-controlling interests to redemption value(162,546)(292,864)(40,882)
Net loss attributable to non-controlling interests8,818 5,330 744 
Comprehensive loss attributable to ordinary shareholders of NIO Inc.(10,287,337)(11,771,889)(1,643,292)


Weighted average number of ordinary shares/ADS used in computing net loss per share/ADS   
Basic and diluted2,047,257,903 2,162,319,854 2,162,319,854 
Net loss per share/ADS attributable to ordinary shareholders   
Basic and diluted(5.07)(5.56)(0.78)


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 June 30, 2025
 GAAP
Result		Share-based compensationOrganizational optimization chargesAccretion on redeemable
non-controlling interests
to redemption value		Adjusted
Result
(Non-GAAP)
 RMBRMBRMBRMBRMB
Cost of sales(17,111,142)12,86754,282—(17,043,993)
Research and development expenses(3,007,032)302,620215,532—(2,488,880)
Selling, general and administrative expenses(3,964,921)110,688172,074—(3,682,159)
Total(24,083,095)426,175441,888—(23,215,032)
Loss from operations(4,908,858)426,175441,888—(4,040,795)
Net loss(4,994,801)426,175441,888—(4,126,738)
Net loss attributable to ordinary shareholders of NIO Inc.(5,141,307)426,175441,888148,374(4,124,870)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)(2.31)0.190.200.07(1.85)
Net loss per ADS attributable to ordinary shareholders, basic and diluted (USD)(0.32)0.030.030.01(0.25)





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


 Three Months Ended March 31, 2025
 GAAP
Result		Share-based
compensation		Organizational optimization chargesAccretion on redeemable
non-controlling interests
to redemption value		Adjusted
Result
(Non-GAAP)
 RMBRMB RMBRMBRMB
Cost of sales(11,115,175)15,001——(11,100,174)
Research and development expenses(3,181,403)267,047——(2,914,356)
Selling, general and administrative expenses(4,400,763)188,891——(4,211,872)
Total(18,697,341)470,939——(18,226,402)
Loss from operations(6,418,128)470,939——(5,947,189)
Net loss(6,750,033)470,939——(6,279,094)
Net loss attributable to ordinary shareholders of NIO Inc.(6,891,061)470,939—144,490(6,275,632)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)(3.29)0.21—0.07(3.01)
Net loss per ADS attributable to ordinary shareholders, basic and diluted (USD)(0.45)0.03—0.01(0.41)





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


 Three Months Ended June 30, 2024
 GAAP
Result		Share-based
compensation		Organizational optimization chargesAccretion on redeemable
non-controlling interests
to redemption value		Adjusted
Result
(Non-GAAP)
 RMBRMB RMBRMBRMB
Cost of sales(15,757,253)18,698——(15,738,555)
Research and development expenses(3,218,522)330,110——(2,888,412)
        
Selling, general and administrative expenses(3,757,458)161,945——(3,595,513)
Total(22,733,233)510,753——(22,222,480)
Loss from operations(5,209,298)510,753——(4,698,545)
Net loss(5,045,983)510,753——(4,535,230)
Net loss attributable to ordinary shareholders of NIO Inc.(5,126,370)510,753—83,022(4,532,595)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)(2.50)0.25—0.04(2.21)


 Six Months Ended June 30, 2025
 GAAP
Result		Share-based
compensation		Organizational optimization chargesAccretion on redeemable
non-controlling interests
to redemption value		Adjusted
Result
(Non-GAAP)
 RMBRMB RMBRMBRMB
Cost of sales(28,226,317)27,86854,282—(28,144,167)
Research and development expenses(6,188,435)569,667215,532—(5,403,236)
Selling, general and administrative expenses(8,365,684)299,579172,074—(7,894,031)
Total(42,780,436)897,114441,888—(41,441,434)
Loss from operations(11,326,986)897,114441,888—(9,987,984
) 
Net loss(11,744,834)897,114441,888—(10,405,832)
Net loss attributable to ordinary shareholders of NIO Inc.(12,032,368)897,114441,888292,864(10,400,502)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)(5.56)0.410.200.14(4.81)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (USD)(0.78)0.060.030.02(0.67)


 Six Months Ended June 30, 2024 
 GAAP
Result		Share-based
compensation		Organizational optimization chargesAccretion on redeemable
non-controlling interests
to redemption value		Adjusted
Result
(Non-GAAP)
 RMBRMB RMBRMBRMB
Cost of sales(25,178,158)28,451——(25,149,707)
Research and development expenses(6,082,738)536,093——(5,546,645)
Selling, general and administrative expenses(6,754,256)227,620——(6,526,636)
Total(38,015,152)792,164——(37,222,988)
Loss from operations(10,603,371)792,164——(9,811,207)
Net loss(10,230,560)792,164——(9,438,396)
Net loss attributable to ordinary shareholders of NIO Inc.(10,384,288)792,164—162,546(9,429,578)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)(5.07)0.39—0.08(4.60)


i All translations from RMB to USD for three months and six months ended June 30, 2025 were made at the rate of RMB7.1636 to US$1.00, the noon buying rate in effect on June 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.