NIO (NIO) Q2 2025 earnings summary

Executive summary

• Q2 2025 deliveries reached 72,056 smart EVs, up 25.6% year-over-year and 71.2% sequentially, with strong momentum from new models and multi-brand strategy.

• ONVO L90 and all-new ES8 launches drove robust demand, with L90 achieving 10,575 deliveries in its first full month.

• Firefly became the best-selling high-end small EV, surpassing 10,000 deliveries in three months.

• Gross profit increased 12.4% year-over-year to RMB1,897.5 million, with gross margin improving to 10.0%.

• Net loss narrowed to RMB4,994.8 million, a 1.0% year-over-year and 26.0% sequential decrease; adjusted net loss was RMB4,126.7 million.

Financial highlights

• Q2 total revenue was RMB 19 billion, up 9% year-over-year and 57.9% quarter-over-quarter.

• Vehicle sales reached RMB 16.1 billion, up 2.9% year-over-year and 62.3% quarter-over-quarter.

• Other sales were RMB 2.9 billion, up 62.6% year-over-year and 37.1% quarter-over-quarter.

• Research and development expenses decreased 6.6% year-over-year to RMB3,007.0 million.

• Selling, general and administrative expenses increased 5.5% year-over-year to RMB3,964.9 million, down 9.9% quarter-over-quarter.

Outlook and guidance

• Q3 2025 deliveries guided at 87,000–91,000 units, up 40.7%–47.1% year-over-year; Q4 target is 150,000 units, averaging 50,000 per month.

• Q3 2025 total revenues projected between RMB21,812 million and RMB22,876 million, up 16.8% to 22.5% year-over-year.

• Q4 vehicle gross margin expected at 16–17% for group break-even; L90 and ES8 targeted at 20% gross margin.

• Non-GAAP R&D expense targeted at RMB 2 billion per quarter for Q3 and Q4; SG&A to be within 10% of sales revenue in Q4.

• Long-term vehicle margin targets: group 20%, ONVO ≥15%, Firefly ~10%, new brand up to 25%.