The earnings call presents a mixed sentiment with notable achievements in vehicle deliveries, new model launches, and successful fundraising efforts. However, these are counterbalanced by significant quarter-over-quarter declines in sales and gross margins, along with increased net losses and operational costs.

Company Guidance -

Q1 2025

During the first quarter of 2025, NIO Inc. delivered 42,094 smart electric vehicles (EVs), marking a 4.1% year-over-year increase. The deliveries comprised 27,313 vehicles from NIO and 14,781 from Envoy. In Q2 2025, the company anticipates total deliveries to range between 147,000 units, reflecting a growth of 25.5% to 30.7% year-over-year. On the financial front, NIO reported total revenues of 12 billion RMB, a 21.5% increase year-over-year, despite a 38.9% decline quarter-over-quarter. Vehicle sales contributed 9.9 billion RMB, showing an 18.6% rise year-over-year. Meanwhile, the vehicle gross margin improved to 10.2% from 9.2% the previous year but declined from 13.1% last quarter. Efforts in cost reduction contributed to this margin improvement, along with a decrease in material costs per unit. NIO's R&D expenses were reported at 3.2 billion RMB, a 11.1% increase year-over-year, while SG&A expenses rose by 46.8% year-over-year to 4.4 billion RMB. The company aims to enhance operational efficiency, targeting a vehicle gross margin above 20% and expecting improved financial performance with a potential breakeven by Q4 2025.

Increase in Electric Vehicle Deliveries

The company delivered 42,094 smart EVs in Q1 2025, which is a 4.1% year-over-year increase. The total deliveries in April and May were 946,231, and the company expects Q2 deliveries to reach between 147,000 units, marking a 25.5% to 30.7% growth year over year.

Launch of New Models

Successfully launched and delivered new models ES6, EC6, ET5, and ET5P in late May. The new models are equipped with NIO's smart driving chip NS9031 and the full domain vehicle operating system, SkyOS.

Record Revenue Growth

Total revenues reached 12,000,000,000 RMB, marking a 21.5% increase year over year, although there was a decrease of 38.9% quarter over quarter.

Positive Market Reception for New Technologies

The new world model-based version of smart driving was well-received, providing full upgrades in active safety, urban and highway driving, and parking.

Successful Fundraising Efforts

Completed a share offering in Hong Kong, raising over 4,000,000,000 Hong Kong dollars, which was oversubscribed multiple times, attracting global long-term investors.

NIO Inc. Class A (HK:9866) Earnings, Revenues Date & History

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HK:9866 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 04, 2025	2025 (Q2)	-2.45 / -	-2.427	―	―	―
Jun 03, 2025	2025 (Q1)	-2.75 / -3.28	-2.576	-27.48% (-0.71)	―	―
Mar 21, 2025	2024 (Q4)	-2.43 / -3.40	-3.053	-11.33% (-0.35)	―	―
Nov 20, 2024	2024 (Q3)	-2.10 / -2.30	-2.495	7.82% (+0.20)	―	―
Sep 05, 2024	2024 (Q2)	-2.40 / -2.43	-3.53	31.25% (+1.10)	―	―
Jun 06, 2024	2024 (Q1)	-2.38 / -2.58	-2.762	6.73% (+0.19)	―	―
Mar 05, 2024	2023 (Q4)	-2.61 / -3.05	-3.5	12.77% (+0.45)	―	―
Dec 05, 2023	2023 (Q3)	-2.79 / -2.50	-2.284	-9.24% (-0.21)	―	―
Aug 29, 2023	2023 (Q2)	-3.23 / -3.53	-1.509	-133.93% (-2.02)	―	―
Jun 09, 2023	2023 (Q1)	-3.14 / -2.76	-0.928	-197.63% (-1.83)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

HK:9866 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jun 03, 2025	HK$27.50	HK$27.50	0.00%
Mar 21, 2025	HK$39.35	HK$35.90	-8.77%
Nov 20, 2024	HK$37.80	HK$36.40	-3.70%
Sep 05, 2024	HK$33.70	HK$34.10	+1.19%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.