Nio Q3 deliveries surge 41 % to 87,000 Units, revenue hits 3.06 billion USD with record margins
On 25 November 2025, the Chinese electric‑vehicle manufacturer Nio announced results for the third quarter ended 30 September 2025. The company delivered 87,071 vehicles, representing a year‑on‑year increase of 40.8 % and a quarter‑on‑quarter rise of 20.8 %. Total revenues reached 21.79 billion yuan (approximately 3.06 billion USD), up 16.7 % compared with the same period in 2024 and up 14.7 % from the prior quarter. The company reported a gross margin of 13.9 %, above last year’s 10.7 % and the preceding quarter’s 10.0 %. Vehicle margin stood at 14.7 % in the quarter compared with 13.1 % a year ago and 10.3 % in the previous quarter, as reported by Auto-home.
On the cash‑flow front, Nio reported a cash, equivalents and short/long term deposits balance of 36.7 billion yuan (about 5.1 billion USD) as of 30 September 2025. The company indicated that operating cash flow and free cash flow were positive in the quarter.
For the fourth quarter, the company issued a forward guidance range of vehicle deliveries between 120,000 and 125,000 units (implying a year‑on‑year increase of roughly 65.1 % to 72.0 %) and revenues between 32.76 billion yuan and 34.04 billion yuan (approximately 4.60 billion to 4.78 billion USD), corresponding to a year‑on‑year growth range of about 66.3 % to 72.8 %. These target figures would mark new highs for the company.
Among its product highlights, Nio recently launched the new-generation ES8 and the ET9 Horizon special edition. The ES8 (starting price: 406,800 yuan / 57,300 USD) achieved 10,000 deliveries within 41 days of launch, setting a record for EVs priced above 400,000 yuan (56,300 USD). The ET9 special edition starts at 818,000 yuan (115,160 USD). Separately, the Onvo‑branded L90 model reached 30,000 deliveries within 86 days, and its value‑brand “Firefly” model also attained 30,000 cumulative deliveries, while expanding right‑hand‑drive production and its export footprint in Europe.
Nio’s battery‑swap and charging infrastructure network also reached significant scale with 3,614 battery‑swap stations, 4,801 charging stations, and 27,396 charging piles as of the end of October. The battery‑swap count exceeded 90 million times, averaging a swap every 0.86 seconds and more than 100,000 swaps per day.
