NIO Reports Substantial Loss Despite Revenue Growth in Q3 2025
Shanghai, Tuesday, 25 November 2025.
NIO Inc. faced a significant net loss of RMB 9,443 million (US$1,368 million) in Q3 2025, despite reaching revenues of RMB 21,793.9 million (US$3,061.4 million) and delivering 87,071 vehicles.
Revenue and Vehicle Delivery Highlights
NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) reported a total revenue of RMB 21,793.9 million (US$3,061.4 million) for the third quarter of 2025, marking a substantial increase from previous quarters. This growth is attributed to the delivery of 87,071 vehicles, an impressive year-over-year increase of 40.8% and a quarter-over-quarter rise of 20.8% [1].
Financial Challenges Amid Revenue Growth
Despite the growth in revenue and vehicle deliveries, NIO faced a net loss of RMB 9,443 million (US$1,368 million) in Q3 2025. This significant loss highlights the ongoing financial challenges the company faces in a highly competitive electric vehicle market [1]. The vehicle sales revenue for the quarter was RMB 19,202.3 million (US$2,697.3 million), reflecting a 15% year-over-year increase [3].
Operational and Strategic Insights
NIO’s vehicle margin improved to 14.7%, up from 13.1% in the same quarter last year, driven by material cost reductions and higher-margin model launches [1]. The company also raised US$1.16 billion in equity financing in September 2025, enhancing its liquidity position for long-term strategic initiatives [3]. Despite the financial setbacks, NIO continues to invest in technology and expand its global footprint [3].
Future Outlook and Market Position
Looking forward, NIO expects to deliver between 120,000 and 125,000 vehicles in the fourth quarter of 2025, representing an increase of approximately 65.1% to 72.0% from the same quarter of 2024. The company projects total revenues between RMB 32,758 million (US$4,602 million) and RMB 34,039 million (US$4,781 million), highlighting a continued optimistic growth trajectory [1][3]. However, challenges such as the phase-out of trade-in subsidies and market competition remain critical factors impacting its market position [3].