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

Quarterly Vehicle Deliveries were 87,071 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 Q32025 Q22025 Q12024 Q4
Deliveries87,07172,05642,09472,689
     
 2024 Q32024 Q22024 Q12023 Q4
Deliveries61,85557,37330,05350,045
     

Financial Highlights for the Third Quarter of 2025

Key Financial Results for the Third Quarter of 2025

(in RMB million, except for percentage)

 2025 Q32025 Q2 2024 Q3 % Changeiii
      QoQYoY
Vehicle Sales19,202.3 16,136.1  16,697.6  19.0% 15.0% 
Vehicle Margin14.7% 10.3%  13.1%  440bp 160bp 
        
Total Revenues21,793.9 19,008.7  18,673.5  14.7% 16.7% 
Gross Profit3,024.6 1,897.5  2,007.4  59.4% 50.7% 
Gross Margin13.9% 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, 2024September 30, 2025September 30, 2025
 RMBRMBUS$
ASSETS   
Current assets:   
Cash and cash equivalents19,328,9209,270,8231,302,265
Restricted cash8,320,72812,447,7861,748,530
Short-term investments14,137,56614,835,3362,083,907
Trade and notes receivables1,676,2461,304,186183,198
Amounts due from related parties7,702,40413,248,3241,860,981
Inventory7,087,2237,477,6821,050,384
Prepayments and other current assets3,632,9564,475,189628,626
Total current assets61,886,04363,059,3268,857,891
Non-current assets:   
Long-term restricted cash97,72092,10512,938
Property, plant and equipment, net.25,892,90426,771,7983,760,612
Intangible assets, net29,64829,6484,165
Land use rights, net201,995198,01727,815
Long-term investments3,126,0072,148,380301,781
Right-of-use assets - operating lease12,797,15812,038,0431,690,974
Other non-current assets3,573,1377,706,7571,082,562
Total non-current assets45,718,56948,984,7486,880,847
Total assets107,604,612112,044,07415,738,738
LIABILITIES   
Current liabilities:   
Short-term borrowings5,729,5614,983,469700,024
Trade and notes payable34,387,26639,547,7325,555,237
Amounts due to related parties, current409,363763,945107,311
Taxes payable400,146627,86088,195
Current portion of operating lease liabilities1,945,9872,749,529386,224
Current portion of long-term borrowings3,397,622932,832131,034
Accruals and other liabilities16,041,07917,714,1862,488,297
Total current liabilities62,311,02467,319,5539,456,322
Non-current liabilities:   
Long-term borrowings11,440,7558,721,2861,225,072
Non-current operating lease liabilities11,260,73510,253,3591,440,281
Amounts due to related parties, non-current329,492372,77852,364
Deferred tax liabilities127,467118,54316,652
Other non-current liabilities8,628,59613,170,3351,850,025
Total non-current liabilities31,787,04532,636,3014,584,394
Total liabilities94,098,06999,955,85414,040,716



NIO INC.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)

 As of
 December 31, 2024September 30, 2025September 30, 2025
 RMBRMBUS$
MEZZANINE EQUITY   
Redeemable non-controlling interests7,441,9978,390,2301,178,569
Total mezzanine equity7,441,9978,390,2301,178,569
SHAREHOLDERS' EQUITY   
Total NIO Inc. shareholders' equity5,967,0233,669,739515,485
Non-controlling interests97,52328,2513,968
Total shareholders' equity6,064,5463,697,990519,453
Total liabilities, mezzanine equity and shareholders' equity107,604,612112,044,07415,738,738



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, 2024June 30,

2025		September 30, 2025September 30, 2025
 RMBRMBRMBUS$
Revenues:    
Vehicle sales16,697,558 16,136,114 19,202,278 2,697,328 
Other sales1,975,970 2,872,551 2,591,597 364,039 
Total revenues18,673,528 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 profit2,007,373 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 income182,406 165,572 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 income310,123 107,529 354,396 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, net309,654 186,879 148,261 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 interests9,443 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 interests9,443 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 diluted2,055,159,231 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 compensationOrganizational optimization chargesAccretion on redeemable non-controlling interests to redemption valueAdjusted

Result

(Non-GAAP)
 RMBRMBRMBRMBRMB
Cost of sales(18,769,306)15,98826,129—(18,727,189)
Research and development expenses(2,390,604)279,090172,594—(1,938,920)
Selling, general and administrative expenses(4,184,675)154,46797,113—(3,933,095)
Total(25,344,585)449,545295,836—(24,599,204)
Loss from operations(3,521,522)449,545295,836—(2,776,141)
Net loss(3,480,485)449,545295,836—(2,735,104)
Net loss attributable to ordinary shareholders of NIO Inc.(3,660,753)449,545295,836155,369(2,760,003)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)(1.51)0.190.120.06(1.14)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (USD)(0.21)0.030.020.01(0.15)



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



 Three Months Ended June 30, 2025

 GAAP

Result		Share-based compensationOrganizational optimization chargesAccretion on redeemable non-controlling interests to redemption valueAdjusted

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)



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



 Three Months Ended September 30, 2024

 GAAP

Result		Share-based compensationOrganizational optimization chargesAccretion on redeemable non-controlling interests to redemption valueAdjusted

Result

(Non-GAAP)
 RMBRMBRMB RMBRMB
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.