Shanghai (Gasgoo)- NIO has reported its financial results for the latest quarter, with third-quarter (Q3) deliveries climbing to a record 87,071 units, up 40.8% year-on-year and 20.8% from the previous quarter. Revenue also hit an all-time high at 21.79 billion yuan, rising 16.7% from a year earlier and 14.7% from a quarter ago, underscoring renewed momentum in the company's core EV business.

Profitability also improved meaningfully. Overall gross margin reached 13.9%, while vehicle margin rose to 14.7%—both the highest levels in nearly three years. NIO Inc. closed the quarter with 36.7 billion yuan in cash, almost 10 billion yuan more than in Q2, and generated positive operating and free cash flow, marking a notable shift in its financial footing.

Photo source: NIO

Looking ahead, the automaker expects fourth-quarter (Q4) deliveries to reach between 120,000 and 125,000 vehicles, which would represent 65% to 72% growth from a year earlier. Revenue is forecast to rise at a similar pace to between 32.76 billion yuan and 34.04 billion yuan. Although the delivery outlook is roughly 30,000 units lower than the prior forecast, founder and CEO William Li told analysts he remains confident NIO can return to profitability in the final quarter of the year. He said vehicle-level margins could improve to around 18%, building on the gains already logged in Q3.

Chief financial officer Yu Qu added that several models are already delivering robust profitability. The ES6 and EC6 have margins at or above 25%, the ET5, ET5T, and the ONVO L90 fall between 15% and 20%, while the three-gen ES8 is generating about 20%. As higher-priced models take a greater share of sales, he said NIO expects further margin improvement in Q4.

The company continued expanding its charging and battery-swap network, operating 3,614 battery swap stations, 4,801 charging stations with 27,396 chargers worldwide as of October 31.

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