Nio eyes ambitious 50,000 monthly deliveries by Q4 2025
On September 2, Nio announced its financial results for the second quarter ended June 30, 2025. The company posted total revenues of 19.09 billion yuan (2.65 billion USD), marking a 57.9% quarter-over-quarter increase and a 9% year-over-year rise. While still incurring losses, Nio’s net loss narrowed to 4.995 billion yuan (694 million USD), a 26% improvement from the previous quarter and a 1% reduction year-over-year. On a non-GAAP basis, adjusted net loss was 4.127 billion yuan (574 million USD), down 34.3% sequentially and 9% annually.
Gross margin reaches 10%, an improvement of 2.4 percentage points quarter-over-quarter and 0.3 percentage points year-over-year. Nio CEO William Li stated during the earnings call that the company has entered a “new cycle” starting from the second quarter, with all key metrics showing positive trends.
Ambitious Q3 and Q4 targets
Looking ahead, Nio provided confident guidance for the third quarter, projecting deliveries between 87,000 and 91,000 units, and revenues between 21.81 billion yuan (3.03 billion USD) and 22.88 billion yuan (3.18 billion USD). Both figures represent new historical highs for the company.
The ultimate goal for the fourth quarter remains clear: achieving break-even. To support this, William Li revealed during the earnings call that Nio aims to achieve a monthly delivery volume of 50,000 units in Q4. This aggressive target would place Nio’s monthly sales on par with current market leaders in China’s new energy vehicle segment, such as Leapmotor. This implies a total Q4 delivery target of 150,000 vehicles, nearly double its Q2 deliveries.
Multi-brand strategy
Li emphasised that Nio’s sales growth from Q3 onwards will be driven by the successful implementation of its multi-brand strategy, which aims to expand market share across various segments. He highlighted the strong demand for the Onvo L90 and the all-new ES8, noting that the company’s initial estimates for their popularity were “conservative.”

The Onvo L90 has exceeded expectations, achieving a record 10,575 deliveries in its debut month. “The strong sales of the Onvo L90 have boosted the Onvo brand’s momentum, contributing to increased demand for the L60,” Li added, noting that L60 orders reached a new high in August.
Furthermore, Li described the all-new ES8 as the “most competitive model in the high-end large three-row SUV market,” attracting significant attention and recognition. Pre-sales for the all-new ES8 have commenced, with deliveries scheduled to begin in late September following its official launch at NIO Day.
Capacity expansion to meet demand
To meet the surging demand, Nio is actively working with its supply chain partners to enhance production capacity. Li expects the monthly production capacity for the Onvo L90 to reach 15,000 units by October, and for the ES8 to hit 15,000 units by December. These increases are crucial for achieving the 50,000 monthly delivery target in Q4.
Gross margin targets and future products
Nio CFO Yu Qu stated that with the Onvo L90 and all-new ES8 delivering for a full quarter in Q4, the company aims for a vehicle gross margin between 16% and 17% to reach its break-even goal. William Li also set a clear long-term gross margin target of 20% for the company. He detailed the breakdown: the Nio brand targets 20% and strives for 25%, the Onvo brand aims for higher than 15%, and the Firefly brand targets around 10%.
Li attributed Nio’s cost competitiveness to long-term R&D investments and effective cost control measures.
Looking to the future, Nio plans to introduce two new large SUVs under the Nio brand – the ES9 and ES7 – next year. Additionally, the Onvo L80 will also be delivered in 2026. “With these three new large SUV models, the company’s product competitiveness will be further enhanced,” Li remarked.
Editor’s comment
A monthly sales target of 50,000 units is certainly ambitious. In just-concluded August, among all new energy vehicle start-ups, only Leapmotor managed to achieve this figure, selling 57,066 units. However, Leapmotor’s vehicles are considerably cheaper compared to Nio’s. HIMA, whose vehicle prices are comparable to Nio’s, sold 44,579 units in August. Therefore, a monthly sales volume of 50,000 units presents a significant challenge for Nio.


