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Chinese electric vehicle manufacturer NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) announced its financial results for the first quarter of 2025 on the evening of June 3. The report revealed a total revenue of RMB 12.0347 billion, reflecting a 21.5% year-over-year increase. However, this marks a significant quarter-over-quarter decline of 38.9%. The company’s net loss reached RMB 6.750 billion, widening by 30.2% compared to the same period last year.
In Q1 2025, NIO delivered a total of 42,094 vehicles, consisting of 27,313 units from its premium smart electric vehicle brand, NIO, and 14,781 units from its family-oriented smart electric car brand, ONVO. This represents a 40.1% increase compared to the first quarter of 2024, though deliveries saw a quarter-over-quarter reduction of 42.1%.
The electric car company reported additional delivery figures for April and May 2025, with 23,900 and 23,231 vehicles delivered, respectively. As of May 31, 2025, NIO’s cumulative deliveries for the year reached 89,225 vehicles. The total number of electric automobiles delivered since inception now stands at 760,789 units.
Total revenue for the first quarter was RMB 12.0347 billion (approximately US$1.6584 billion). While this signifies a 21.5% rise from Q1 2024, it also reflects a 38.9% drop from Q4 2024.
Vehicle sales accounted for RMB 9.9393 billion (around US$1.3697 billion), marking an 18.6% year-over-year increase but a 43.1% decline from the previous quarter. The annual growth was largely attributed to higher delivery volume, though a shift in product mix causing a decrease in average selling price partly offset this result. The sequential decline was influenced by seasonal factors affecting deliveries.
Other sales reached RMB 2.0954 billion (US$288.8 million), rising 37.2% compared to the same period last year but falling 5.9% from the fourth quarter of 2024. This growth was supported by increased sales of components, after-sales services, and power solutions, alongside used car sales and technology R&D services.
Sales cost in Q1 was RMB 11.1152 billion (US$1.5317 billion), an 18.0% year-over-year increase and a 36.1% decrease from the previous quarter. Higher delivery volumes contributed to the annual rise, though reduced raw material costs per vehicle offered a partial offset.
Gross profit amounted to RMB 919.6 million (US$126.7 million), climbing 88.5% compared to Q1 2024 but dropping 60.2% from Q4 2024. The company’s gross margin stood at 7.6%, up from 4.9% a year earlier but down from 11.7% in the previous quarter. Vehicle margin was 10.2%, improving from 9.2% in the first quarter of 2024.