NIO - SW2025 Achieves Total Revenue of 87.4875 Billion Yuan in 2025, Up 33.1% Year-on-Year

NIO-SW (09866) announced that in Q4 2025, vehicle sales revenue was RMB 31.6062 billion (USD 4.5196 billion), an increase of 80.9% compared to Q4 2024 and 64.6% compared to Q3 2025. Total revenue was RMB 34.6502 billion (USD 4.9549 billion), up 75.9% from Q4 2024 and 59.0% from Q3 2025. Gross profit was RMB 6.0741 billion (USD 868.6 million), a 163.1% increase from Q4 2024 and a 100.8% increase from Q3 2025.

For the full year 2025, vehicle sales revenue reached RMB 76.8839 billion (USD 10.9942 billion), a 32.0% increase year-over-year. Total revenue was RMB 87.4875 billion (USD 12.5105 billion), up 33.1% from the previous year. Gross profit was RMB 11.9157 billion (USD 1.7039 billion), an 83.5% increase year-over-year. The gross profit margin for 2025 was 13.6%, compared to 9.9% in the previous year.

“Q4 2025 saw a total delivery of 124,807 smart electric vehicles, a 71.7% year-over-year increase, with NIO, Ledo, and Firefly brands all achieving record quarterly deliveries,” said William Li, Founder, Chairman, and CEO of NIO. “For the full year 2025, combined deliveries of the three brands reached 326,028 units, a 46.9% increase, demonstrating rapid growth. We expect total deliveries in Q1 2026 to be between 80,000 and 83,000 units, a year-over-year increase of 90.1% to 97.2%.”

“In 2025, the comprehensive competitiveness of the three major brands’ products was highly recognized in their respective segments. NIO’s all-new ES8 continued strong delivery performance, setting a monthly record for models over RMB 400,000; Ledo’s L90 also performed excellently, becoming the top-selling large pure electric SUV of 2025; Firefly maintained its leading position in the high-end small car market since its launch. Meanwhile, the company’s self-developed core technologies for smart electric vehicles have gradually achieved mass production, enhancing product competitiveness and significantly reducing costs. In 2026, we will continue to invest decisively and persistently in twelve core technology stacks, launch new models, improve the energy commercial operation capabilities of our charging and swapping network, and further optimize and upgrade our sales and service network,” Li Bin added.

“Q4 2025 saw an overall vehicle gross profit margin of 18.1%, with other sales gross profit margin at 11.9%, mainly driven by substantial growth in sales volume and revenue, product mix optimization, and cost reduction measures. For the first time, we achieved quarterly operating profit (non-GAAP) of RMB 1.2513 billion in Q4 2025, marking a major breakthrough in operational results,” said Qu Yu, CFO of NIO. “In 2026, the company will continue to improve operational efficiency and cost optimization to deliver more stable performance and reward users, partners, and shareholders.”