NIO (NIO) Q1 2025 earnings summary

Executive summary

• Q1 2025 deliveries reached 42,094 smart EVs, up 40.1% year-over-year, with NIO and ONVO brands contributing 27,313 and 14,781 units, respectively, but down 42.1% sequentially.

• Q2 deliveries are expected between 72,000 and 75,000, representing 25.5%-30.7% year-over-year growth.

• New models (ES6, EC6, ET5, ET5T) launched and delivered in late May, with ONVO L60 showing strong demand and L90 debuting in Q3.

• Firefly brand began deliveries in late April, targeting high safety and digital experience.

• International expansion continues, with over 10 partners in 15+ markets and a successful HKD 4 billion share offering in Hong Kong.

Financial highlights

• Q1 total revenue was RMB 12,034.7 million, up 21.5% year-over-year but down 38.9% quarter-over-quarter.

• Vehicle sales reached RMB 9,939.3 million, up 18.6% year-over-year, down 43.1% quarter-over-quarter.

• Other sales were RMB 2,095.4 million, up 37.2% year-over-year.

• Vehicle margin was 10.2% (up from 9.2% last year, down from 13.1% last quarter); overall gross margin was 7.6% (up from 4.9% last year, down from 11.7% last quarter).

• Net loss was RMB 6,750.0 million, up 30.2% year-over-year, down 5.1% quarter-over-quarter.

Outlook and guidance

• Q2 2025 deliveries guided at 72,000-75,000 units, with June expected at 25,000-28,000 units.

• Q2 2025 total revenues projected at RMB 19,513–20,068 million, up 11.8% to 15.0% year-over-year.

• Q4 2025 targets: NIO and ONVO brands each to deliver 25,000 units monthly, aiming for 20% year-over-year growth and vehicle gross margin above 20% for NIO brand.

• Break-even targeted for Q4, with combined monthly sales over 50,000 units, gross margin 17%-18%, SG&A within 10% of sales, and R&D at RMB 2-2.5 billion per quarter.

• Positive free cash flow possible for full year as sales volumes rise.