On November 25, NIO-SW (09866) released its financial results for the third quarter of 2025. The company delivered 87,071 vehicles during the quarter, marking a 40.8% year-over-year and 20.8% quarter-over-quarter increase, setting a new record.

Revenue for Q3 reached RMB 21.79 billion, up 16.7% YoY and 14.7% QoQ, also achieving a historic high. The gross margin rose to 13.9%, the highest in nearly three years, reflecting significant improvements in both product and service profitability. Vehicle gross margin stood at 14.7%, another three-year peak.

NIO's cash reserves grew substantially to RMB 36.7 billion, increasing by nearly RMB 10 billion sequentially, with positive operating and free cash flow.

For Q4 2025, the company provided a delivery guidance of 120,000 to 125,000 vehicles, representing a 65.1% to 72.0% YoY growth, and revenue guidance of RMB 32.76 billion to RMB 34.04 billion, up 66.3% to 72.8% YoY—both projected to reach new record highs.