Nio, the prominent Chinese electric vehicle manufacturer, just dropped its Q3 2025 results, and they are nothing short of impressive. The company saw a substantial surge in deliveries and revenue, alongside a significant boost in profit margins. This marks a pivotal moment for Nio, showcasing its robust growth in a fiercely competitive market.
Strong Delivery and Revenue Growth
For the third quarter, ending September 30, 2025, Nio delivered an astounding 87,071 vehicles. This represents a remarkable 40.8% increase year on year and a healthy 20.8% rise quarter on quarter. Such figures demonstrate Nio’s accelerating momentum in vehicle sales. Total revenues mirrored this upward trend, hitting 21.79 billion yuan, or roughly 3.06 billion USD. That’s a 16.7% jump from the same period in 2024 and a 14.7% increase from the previous quarter, as reported by Auto-home.
But it’s not just about selling more cars. Nio also managed to sweeten its profitability. The company reported a gross margin of 13.9%, a notable improvement over last year’s 10.7% and the second quarter’s 10.0%. Vehicle margin also saw a healthy increase, reaching 14.7% compared to 13.1% a year ago and 10.3% in the prior quarter. These margin improvements suggest Nio is not only growing its sales volume but also optimizing its operational efficiency.
Positive Cash Flow and Ambitious Q4 Outlook
Financially, Nio is driving in the right direction. As of September 30, 2025, the company had a solid balance of 36.7 billion yuan, about 5.1 billion USD, in cash, equivalents, and short/long term deposits. More importantly, Nio reported positive operating cash flow and free cash flow for the quarter, indicating a healthy financial state and sustainable operations.
Looking ahead, Nio’s guidance for the fourth quarter is ambitious and signals strong confidence in its continued growth. The company forecasts vehicle deliveries between 120,000 and 125,000 units. This would translate to a monumental year on year increase of approximately 65.1% to 72.0%. Revenue projections are equally optimistic, ranging from 32.76 billion yuan to 34.04 billion yuan (around 4.60 billion to 4.78 billion USD), implying a year on year growth of about 66.3% to 72.8%. These targets, if met, would set new historical highs for the automaker.
Diversified Product Portfolio and Infrastructure Expansion
Nio’s product lineup is expanding and hitting the mark with consumers. The new-generation ES8, with a starting price of 406,800 yuan (57,300 USD), quickly racked up 10,000 deliveries within just 41 days of its launch. That is a new record for EVs in China priced above 400,000 yuan. For those seeking even more luxury, the ET9 Horizon special edition starts at 818,000 yuan (115,160 USD).
Beyond its core Nio brand, the company’s strategic expansion into sub-brands is also paying off. The Onvo-branded L90 model achieved 30,000 deliveries within 86 days. Not to be outdone, the value-brand “Firefly” model also reached 30,000 cumulative deliveries. The Firefly EV brand is also expanding into Europe, with right-hand-drive production extending its export reach. This diverse approach allows Nio to cater to different market segments, making it a formidable player in the global EV landscape. The Onvo L90, a new three-row electric SUV, further solidifies Nio’s market position.
Nio also continues to heavily invest in its innovative battery-swap and charging infrastructure. By the end of October, the network boasted an impressive 3,614 battery-swap stations, 4,801 charging stations, and 27,396 charging piles. The sheer scale is astounding, with the battery-swap count exceeding 90 million times, averaging a swap every 0.86 seconds, which means over 100,000 swaps daily. This massive infrastructure is a game-changer for EV ownership, addressing range anxiety and offering unparalleled convenience to Nio users. The continuous expansion of EV charging infrastructure underscores China’s commitment to electrification.
