NIO Inc. Reports Unaudited Third Quarter 2025 Financial Results

SHANGHAI, Nov. 25, 2025, NIO announced its unaudited financial results for the third quarter ended September 30, 2025. NIO delivered 87,071 vehicles in the third quarter of 2025, representing an increase of 40.8% from the third quarter of 2024, and an increase of 20.8% from the second quarter of 2025.

Highlights of the third quarter of 2025:

· Total revenues were RMB21,793.9 million (US$3,061.4 million) in the third quarter of 2025, representing an increase of 16.7% from the third quarter of 2024 and an increase of 14.7% from the second quarter of 2025.

· Gross margin was 13.9% in the third quarter of 2025.

· Vehicle margin was 14.7% in the third quarter of 2025.

· Cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits were RMB36.7 billion (US$5.1 billion) as of September 30, 2025, representing a quarter-on-quarter increase of nearly RMB10 billion (US$1.41 billion). The business generated positive operating cash flow and positive results of operating cash flow net off the capital expenditures during the quarter.

For the fourth quarter of 2025, NIO expects:

· Deliveries of vehicles to be between 120,000 and 125,000 vehicles, representing an increase of approximately 65.1% to 72.0% from the same quarter of 2024.

· Total revenues to be between RMB32,758 million (US$4,602 million) and RMB34,039 million (US$4,781 million), representing an increase of approximately 66.3% to 72.8% from the same quarter of 2024.