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NIO Inc. Reports Unaudited First Quarter 2025 Financial Results

June 3, 2025 7:22 AM

SHANGHAI, June 03, 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 first quarter ended March 31, 2025.

Operating Highlights for the First Quarter of 2025

Key Operating Results

2025 Q12024 Q42024 Q32024 Q2
Deliveries42,09472,68961,85557,373
2024 Q12023 Q42023 Q32023 Q2
Deliveries30,05350,04555,43223,520

Financial Highlights for the First Quarter of 2025

Key Financial Results for the First Quarter of 2025
(in RMB million, except for percentage)


2025 Q12024 Q4 2024 Q1 % Changeiii
QoQYoY
Vehicle Sales9,939.317,475.6 8,381.3 -43.1%18.6%
Vehicle Margin10.2%13.1% 9.2% -290bp100bp
Total Revenues12,034.719,703.4 9,908.6 -38.9%21.5%
Gross Profit919.62,308.9 487.7 -60.2%88.5%
Gross Margin7.6%11.7% 4.9% -410bp270bp
Loss from Operations(6,418.1)(6,032.9) (5,394.1) 6.4%19.0%
Adjusted Loss from Operations (non-GAAP)(5,947.2)(5,543.6) (5,112.7) 7.3%16.3%
Net Loss(6,750.0)(7,111.5) (5,184.6) -5.1%30.2%
Adjusted Net Loss (non-GAAP)(6,279.1)(6,622.2) (4,903.2) -5.2%28.1%

Recent Developments
Deliveries in April and May 2025

Completion of Equity Placement

ESG Report

Firefly Started Deliveries

Product Upgrades

CEO and CFO Comments

“In the first quarter of 2025, the Company delivered 42,094 smart electric vehicles, marking a solid year-over-year increase of 40.1%,” said William Bin Li, founder, chairman and chief executive officer of NIO. “Since the beginning of the second quarter, we have seen a steady increase in monthly delivery volume. In April, our new products, the ET9 and firefly, have secured notable market shares in the premium executive market and high-end small electric car market respectively. We have also witnessed the rising demand for ONVO L60. In late May, the New ES6, EC6, ET5 and ET5T started deliveries with all around upgrades. Based on this, we expect total deliveries for the second quarter to reach between 72,000 and 75,000, representing a year-on-year growth of 25.5% to 30.7%.”

“2025 is a pivotal year for NIO’s product launch and technological innovation. On the technology front, we are advancing the smart EV experience and safety standards with our proprietary smart driving chips, full-domain operating system and intelligent chassis. Since late May, the first version of NIO World Model has been gradually rolled out to vehicles based on Banyan platform, bringing significant upgrades in safety, and driving and parking assistance. NIO World Model will provide users with a safer and more effortless intelligent driving experience across various scenarios,” added William Bin Li.

“Since the first quarter, we have implemented a range of cost control measures, including organizational restructuring, cross-brand integration, and efficiency improvements in R&D, supply chain, sales and services,” added Stanley Yu Qu, NIO’s chief financial officer. “Starting from the second quarter, the Company aims to achieve structural improvements in overall cost efficiency, with continued progress in operational performance.”

Financial Results for the First 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 second 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 8:00 AM U.S. Eastern Time on June 3, 2025 (8:00 PM Beijing/Hong Kong/Singapore Time on June 3, 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/10047493-juh76t.html

A replay of the conference call will be accessible by phone at the following numbers, until June 10, 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:10047493

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. 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 and accretion on redeemable non-controlling interests to redemption value. By excluding the impact of share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, 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 RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 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
[email protected]
Media Relations
[email protected]

Source: NIO

NIO INC.
Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)

As of
December 31, 2024 March 31, 2025 March 31, 2025
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents19,328,920 8,075,457 1,112,828
Restricted cash8,320,728 6,201,797 854,630
Short-term investments14,137,566 11,646,997 1,604,999
Trade and notes receivables1,676,246 1,536,414 211,724
Amounts due from related parties7,702,404 9,040,834 1,245,860
Inventory7,087,223 8,696,102 1,198,355
Prepayments and other current assets3,632,956 4,592,787 632,903
Total current assets61,886,043 49,790,388 6,861,299
Non-current assets:
Long-term restricted cash97,720 80,066 11,033
Property, plant and equipment, net.25,892,904 27,028,378 3,724,610
Intangible assets, net29,648 29,648 4,086
Land use rights, net201,995 200,669 27,653
Long-term investments3,126,007 2,878,599 396,682
Right-of-use assets - operating lease12,797,158 13,124,764 1,808,641
Other non-current assets3,573,137 5,031,195 693,317
Total non-current assets45,718,569 48,373,319 6,666,022
Total assets107,604,612 98,163,707 13,527,321
LIABILITIES
Current liabilities:
Short-term borrowings5,729,561 6,496,683 895,267
Trade and notes payable34,387,266 31,385,990 4,325,105
Amounts due to related parties409,363 464,508 64,011
Taxes payable400,146 392,655 54,109
Current portion of operating lease liabilities1,945,987 2,405,686 331,512
Current portion of long-term borrowings3,397,622 800,565 110,321
Accruals and other liabilities16,041,079 17,545,851 2,417,883
Total current liabilities62,311,024 59,491,938 8,198,208
Non-current liabilities:
Long-term borrowings11,440,755 9,286,728 1,279,745
Non-current operating lease liabilities11,260,735 11,364,373 1,566,052
Deferred tax liabilities127,467 125,491 17,293
Amounts due to related parties, non-current329,492 333,405 45,944
Other non-current liabilities8,628,596 10,247,119 1,412,093
Total non-current liabilities31,787,045 31,357,116 4,321,127
Total liabilities94,098,069 90,849,054 12,519,335


NIO INC.
Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)

As of
December 31, 2024 March 31, 2025 March 31, 2025
RMB RMB US$
MEZZANINE EQUITY
Redeemable non-controlling interests7,441,997 7,586,488 1,045,446
Total mezzanine equity7,441,997 7,586,488 1,045,446
SHAREHOLDERS’ EQUITY/(DEFICIT)
Total NIO Inc. shareholders’ equity/(deficit)5,967,023 (365,896) (50,422)
Non-controlling interests97,523 94,061 12,962
Total shareholders’ equity/(deficit)6,064,546 (271,835) (37,460)
Total liabilities, mezzanine equity and shareholders’ equity/(deficit)107,604,612 98,163,707 13,527,321


NIO INC.
Unaudited Condensed Consolidated Statements of Comprehensive Loss

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

Three Months Ended
March 31, 2024 December 31, 2024 March 31, 2025 March 31, 2025
RMB RMB RMB US$
Revenues:
Vehicle sales8,381,318 17,475,587 9,939,305 1,369,673
Other sales1,527,318 2,227,840 2,095,424 288,757
Total revenues9,908,636 19,703,427 12,034,729 1,658,430
Cost of sales:
Vehicle sales(7,613,242) (15,190,937) (8,925,641) (1,229,986)
Other sales(1,807,663) (2,203,547) (2,189,534) (301,726)
Total cost of sales(9,420,905) (17,394,484) (11,115,175) (1,531,712)
Gross profit487,731 2,308,943 919,554 126,718
Operating expenses:
Research and development(2,864,216) (3,635,826) (3,181,403) (438,409)
Selling, general and administrative(2,996,798) (4,877,995) (4,400,763) (606,441)
Other operating (loss)/income(20,790) 171,943 244,484 33,691
Total operating expenses(5,881,804) (8,341,878) (7,337,682) (1,011,159)
Loss from operations(5,394,073) (6,032,935) (6,418,128) (884,441)
Interest and investment income/(loss)350,793 (169,919) 173,216 23,870
Interest expenses(170,875) (247,586) (244,862) (33,743)
(Loss)/gain on extinguishment of debt(11,326) 6,846 (14,660) (2,020)
Share of losses of equity investees(19,482) (210,442) (256,195) (35,305)
Other income/(loss), net67,376 (527,524) 15,227 2,098
Loss before income tax expense(5,177,587) (7,181,560) (6,745,402) (929,541)
Income tax (expense)/benefit(6,990) 70,089 (4,631) (638)
Net loss(5,184,577) (7,111,471) (6,750,033) (930,179)
Accretion on redeemable non-controlling interests to redemption value(79,524) (93,570) (144,490) (19,911)
Net loss attributable to non-controlling interests6,183 73,272 3,462 477
Net loss attributable to ordinary shareholders of NIO Inc.(5,257,918) (7,131,769) (6,891,061) (949,613)
Net loss(5,184,577) (7,111,471) (6,750,033) (930,179)
Other comprehensive income
Foreign currency translation adjustment, net of nil tax7,468 351,100 75,911 10,461
Total other comprehensive income7,468 351,100 75,911 10,461
Total comprehensive loss(5,177,109) (6,760,371) (6,674,122) (919,718)
Accretion on redeemable non-controlling interests to redemption value(79,524) (93,570) (144,490) (19,911)
Net loss attributable to non-controlling interests6,183 73,272 3,462 477
Comprehensive loss attributable to ordinary shareholders of NIO Inc.(5,250,450) (6,780,669) (6,815,150) (939,152)
Weighted average number of ordinary shares/ADS used in computing net loss per share/ADS
Basic and diluted2,044,151,465 2,068,453,952 2,093,881,620 2,093,881,620
Net loss per share/ADS attributable to ordinary shareholders
Basic and diluted(2.57) (3.45) (3.29) (0.45)


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 March 31, 2025
GAAP
Result		 Share-based compensation Accretion on redeemable non-controlling interests to redemption value Adjusted
Result
(Non-GAAP)
RMB RMB RMB RMB
Cost of sales(11,115,175) 15,001 — (11,100,174)
Research and development expenses(3,181,403) 267,047 — (2,914,356)
Selling, general and administrative expenses(4,400,763) 188,891 — (4,211,872)
Total(18,697,341) 470,939 — (18,226,402)
Loss from operations(6,418,128) 470,939 — (5,947,189)
Net loss(6,750,033) 470,939 — (6,279,094)
Net loss attributable to ordinary shareholders of NIO Inc.(6,891,061) 470,939 144,490 (6,275,632)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)(3.29) 0.21 0.07 (3.01)
Net loss per ADS attributable to ordinary shareholders, basic and diluted (USD)(0.45) 0.03 0.01 (0.41)


Three Months Ended December 31, 2024
GAAP
Result		 Share-based compensation Accretion on redeemable non-controlling interests to redemption value Adjusted
Result
(Non-GAAP)
RMB RMB RMB RMB
Cost of sales(17,394,484) 19,641 — (17,374,843)
Research and development expenses(3,635,826) 344,088 — (3,291,738)
Selling, general and administrative expenses(4,877,995) 125,564 — (4,752,431)
Total(25,908,305) 489,293 — (25,419,012)
Loss from operations(6,032,935) 489,293 — (5,543,642)
Net loss(7,111,471) 489,293 — (6,622,178)
Net loss attributable to ordinary shareholders of NIO Inc.(7,131,769) 489,293 93,570 (6,548,906)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)(3.45) 0.23 0.05 (3.17)


Three Months Ended March 31, 2024
GAAP
Result		 Share-based compensation Accretion on redeemable non-controlling interests to redemption value Adjusted
Result
(Non-GAAP)
RMB RMB RMB RMB
Cost of sales(9,420,905) 9,753 — (9,411,152)
Research and development expenses(2,864,216) 205,983 — (2,658,233)
Selling, general and administrative expenses(2,996,798) 65,675 — (2,931,123)
Total(15,281,919) 281,411 — (15,000,508)
Loss from operations(5,394,073) 281,411 — (5,112,662)
Net loss(5,184,577) 281,411 — (4,903,166)
Net loss attributable to ordinary shareholders of NIO Inc.(5,257,918) 281,411 79,524 (4,896,983)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)(2.57) 0.14 0.04 (2.39)

____________________________

i All translations from RMB to USD for the first quarter of 2025 were made at the rate of RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 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.


Source: NIO Inc.

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