• Total Revenue: RMB12 billion, up 21.5% year-over-year, down 38.9% quarter-over-quarter.

• Vehicle Sales: RMB9.9 billion, up 18.6% year-over-year, down 43.1% quarter-over-quarter.

• Other Sales: RMB2.1 billion, up 37.2% year-over-year, down 5.9% quarter-over-quarter.

• Vehicle Margin: 10.2%, compared to 9.2% in Q1 last year and 13.1% last quarter.

• Overall Gross Margin: 7.6%, compared to 4.9% in Q1 last year and 11.7% last quarter.

• R&D Expenses: RMB3.2 billion, up 11.1% year-over-year, down 12.5% quarter-over-quarter.

• SG&A Expenses: RMB4.4 billion, up 46.8% year-over-year, down 9.8% quarter-over-quarter.

• Loss from Operations: RMB6.4 billion, up 19% year-over-year, up 6.4% quarter-over-quarter.

• Net Loss: RMB6.8 billion, increased year-over-year, decreased 5.1% quarter-over-quarter.

• Vehicle Deliveries: 42,094 units, up 4.1% year-over-year.

• Q2 Delivery Guidance: Between 72,000 and 35,000, representing 25.5% to 30.7% growth year-over-year.

• Warning! GuruFocus has detected 4 Warning Signs with NIO.

Release Date: June 03, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• NIO Inc (NYSE:NIO) delivered 42,094 smart EVs in Q1 2025, marking a 4.1% year-over-year increase.

• The company launched and delivered new models including the ES6, EC6, ET5, and ET5T, which are expected to drive significant growth in Q2.

• NIO Inc (NYSE:NIO) achieved year-over-year growth in both vehicle gross margin and overall gross margin due to cost reduction efforts.

• The NIO brand's ET9 surpassed BMW 7 Series and Audi A8 in China, marking a breakthrough for a Chinese brand in the premium executive segment.

• NIO Inc (NYSE:NIO) raised over HKD4 billion in a share offering in Hong Kong, attracting global long-term investors.

Negative Points

• Total revenues decreased 38.9% quarter-over-quarter, reflecting a seasonal impact on deliveries.

• Vehicle margin decreased to 10.2% from 13.1% in the previous quarter due to increased manufacturing costs per unit.

• The company reported a net loss of RMB6.8 billion, showing an increase year-over-year.

• R&D expenses increased 11.1% year-over-year, driven by new product development and increased personnel costs.

• SG&A expenses rose 46.8% year-over-year, primarily due to increased personnel costs and sales and marketing activities.

Q & A Highlights

Q: How does NIO plan to achieve its target of 30,000 monthly sales for the NIO brand by year-end, given the moderate sales increase guidance for Q2? A: Bin Li, CEO, explained that NIO expects to deliver 25,000 to 28,000 units in June. The company has launched new models like the ES6, EC6, ET5, and ET5T, which are expected to stabilize prices and improve vehicle gross margins by over 10% from the previous generation. NIO aims for a balance between sales volume and selling prices, with a target of 25,000 monthly deliveries for the NIO brand in Q4, representing a 20% year-over-year growth.