Hong Kong · Delayed Price · Currency is HKD NIO Inc. Earnings Call Transcripts
Fiscal Year 2025
-
Q4 2025 saw record deliveries and the first-ever quarterly profit, with strong growth across all brands and improved margins. The company targets 40%-50% sales growth in 2026, continued R&D investment, and further expansion of its Power Swap network.
-
Q3 2025 saw 87,071 EV deliveries (up 40.8% YoY), record gross margin, and positive cash flow. Q4 guidance is 120,000-125,000 deliveries, with break-even targeted despite subsidy phase-outs. Full-year 2026 non-GAAP profitability and 20% vehicle margin are targeted.
-
Q2 2025 saw 72,056 EV deliveries (up 25.6% YoY), RMB 19B revenue, and narrowing losses. New models L90 and ES8 drove record demand, with Q4 delivery and margin targets set for break-even. R&D and SG&A efficiency improved, supporting long-term competitiveness.
-
Q1 2025 saw 42,094 EV deliveries and 21.5% revenue growth year-over-year, but a net loss of RMB 6.8 billion. Q2 guidance is 72,000-75,000 deliveries, with new models and cost controls expected to drive margin and cash flow improvements.
Fiscal Year 2024
-
Q4 2024 saw record deliveries and revenue growth, with improved margins but a higher net loss. The company targets breakeven in Q4 2025, doubling sales volume, and continued cost reductions, while expanding its product lineup and power swap network.
-
Q3 saw record deliveries and improved margins, with strong ONVO L60 ramp-up and Firefly debuting soon. Vehicle margin targets are rising, cash flow is positive, and 2025 sales are expected to double, though EU tariffs and subsidy changes pose challenges.
-
Q2 2024 saw record deliveries and nearly doubled revenue year-over-year, with vehicle margin rising to 12.2% and net loss narrowing. Strong product launches, technology innovation, and international expansion support a positive outlook, with further margin and volume growth targeted.
-
Q1 2024 saw 30,053 EV deliveries and CNY 9.9B revenue, with Q2 deliveries expected to surge over 129% year-over-year. Gross margin improved to 4.9%, and new brands ONVO and Firefly are set to expand market reach, while NIO Power secured CNY 1.5B investment.