Strong Delivery Growth
NIO delivered 87,071 smart EVs in Q3 2025, a year-over-year growth of 40.8%. October deliveries reached 40,397 smart EVs, marking a 92.6% year-over-year increase.
Improved Financial Metrics
Vehicle gross margin improved to 14.7% and overall gross margin to 13.9%, the highest in nearly three years. Non-GAAP operating loss narrowed by 30% quarter over quarter.
Record Revenue
Total revenues reached 21.8 billion RMB, a 60.7% year-over-year increase. Vehicle sales were 19.2 billion RMB, up 15% year over year.
Positive Cash Flow
In Q3, NIO's operating cash flow and free cash flow both turned positive.
Significant Equity Financing
NIO completed a total of $1.16 billion in equity financing, strengthening its balance sheet.