Gasgoo Munich- On March 10, Chinese electric vehicle maker NIO Inc. released its unaudited financial results for the fourth quarter and full year of 2025, reporting record-breaking performance across several key metrics. The company said revenue, vehicle deliveries, and gross profit all reached their highest levels to date during the final quarter of the year, signaling stronger operating momentum.
Image source: NIO Inc.
NIO generated total revenue of RMB34,650.2 million in the fourth quarter of 2025. The figure represented a year-on-year surge of nearly 76% and a quarter-on-quarter increase of 59%, reflecting accelerating sales momentum toward the end of the year.
Vehicle sales accounted for the vast majority of revenue, reaching RMB31,606.2 million in the quarter. This marked an 80.9% increase compared with the same period a year earlier and a 64.6% rise from the previous quarter.
The company delivered 124,807 vehicles in the fourth quarter, representing a 71.7% increase from a year earlier and a 43.3% rise compared with the third quarter. The deliveries were distributed across NIO’s expanding brand portfolio: 67,433 vehicles came from its premium EV brand NIO, while the family-oriented sub-brand ONVO contributed 38,290 units. Another 19,084 vehicles were delivered under the compact high-end EV marque FIREFLY, which targets the small high-end electric vehicle segment.
Profitability improved sharply as well. Gross profit reached RMB6,074.1 million in the fourth quarter, more than doubling from the previous quarter and rising 163% from the same period in 2024.
Margins strengthened alongside revenue growth. Overall gross margin rose to 17.5% in the fourth quarter, up from 11.7% a year earlier and 13.9% in the previous quarter. Vehicle margin also improved, reaching 18.1%, compared with 13.1% in the fourth quarter of 2024 and 14.7% in the third quarter of 2025.
NIO also returned to operating profitability. The company recorded operating income of RMB807.3 million in the fourth quarter, a notable turnaround from operating losses of RMB6,032.9 million in the same period of 2024 and RMB3,521.5 million in the third quarter of 2025.
On the bottom line, the automaker reported a net profit of RMB282.7 million in the quarter, reversing substantial losses recorded in both the same period of the previous year and the preceding quarter.
As of December 31, 2025, NIO reported total liquidity—including cash, restricted cash, short-term investments and long-term deposits—of RMB45.9 billion, providing the company with a substantial financial cushion as it continues to expand its product lineup and global footprint.
Research and development spending totaled RMB2,026.0 million in the fourth quarter, declining 44.3% from a year earlier and 15.3% from the third quarter.
The company attributed the decline primarily to reduced personnel expenses in R&D following internal organizational adjustments, as well as lower design and development costs as certain vehicle programs and technology projects progressed to later stages of development.
For the full year of 2025, NIO also reported record annual revenue, vehicle deliveries, and gross profit, reflecting the impact of a broader product lineup and stronger sales momentum across its brand portfolio.
Total revenue for 2025 reached RMB87,487.5 million, representing a year-on-year increase of 33.1% as the company expanded both its delivery scale and market presence.
Vehicle sales remained the company’s primary revenue driver, generating RMB76,883.9 million during the year, up 32% compared with 2024.
Profitability improved significantly over the year. Gross profit rose to RMB11,915.7 million, an 83.5% spike from the previous year, supported by higher deliveries and improved cost efficiency.
Margins also strengthened during the year. Overall gross margin improved to 13.6%, compared with 9.9% in 2024. Vehicle margin reached 14.6%, up from 12.3% a year earlier, indicating improved pricing power and operational efficiency.
Despite the stronger operating performance, the company still reported an operating loss of RMB14,041.2 million for the full year. However, the deficit narrowed by 35.8% compared with the previous year, reflecting improved operational efficiency and rising margins.
On a non-GAAP basis—excluding share-based compensation and restructuring-related costs—adjusted operating loss stood at RMB11,512.8 million in 2025, representing a 42.3% drop from the prior year.
The company recorded a net loss of RMB14,942.6 million for the full year, narrowing by roughly one-third compared with 2024 as revenue growth and margin improvement helped offset operating costs.
After excluding share-based compensation and restructuring expenses, annual adjusted net loss reached RMB12,414.2 million, representing a 39.4% reduction from the previous year.
Looking ahead, NIO expects strong growth to continue into early 2026, driven by expanding product offerings and rising deliveries.
The automaker forecasts first-quarter deliveries of between 80,000 and 83,000 vehicles, which would represent year-on-year growth of 90.1% to 97.2%.
Revenue for the first quarter of 2026 is projected to range between RMB24,482 million and RMB25,176 million, implying year-on-year growth of 103.4% to 109.2% if the company meets its guidance.
