With Gasgoo Daily, we will offer daily important automotive news in China. For those we have reported, the title of the piece will include a hyperlink, which will provide detailed information.

NIO's quarterly revenue, deliveries hit all-time highs in Q3 2025

What happened:

NIO released its Q3 2025 financial report, posting record-high quarterly vehicle deliveries and revenue.

Key operational results:

Q3 vehicle deliveries: 87,071 units, up 40.8% YoY and 20.8% QoQ (a new all-time high).

Q3 revenue: RMB 21.79 billion, up 16.7% YoY and 14.7% QoQ (also a new record).

Q3 gross margins:

Comprehensive gross margin: 13.9%

Vehicle gross margin: 14.7% — highest in nearly three years

Q3 cash reserves: RMB 36.7 billion, up nearly RMB 10 billion QoQ; both operating cash flow and free cash flow were positive.

Q4 outlook:

Expected Q4 deliveries: 120,000–125,000 units (+65.1% to +72.0% YoY).

Expected Q4 revenue: RMB 32.76–34.04 billion (+66.3% to +72.8% YoY).

CEO William Li stated confidence in achieving profitability in Q4, with vehicle gross margin expected to rise to ~18%.

Model-level profitability:

ES6 / EC6: ≥25% gross margin

ET5 / ET5T / ONVO L90: 15–20%

ES8 (3rd gen): 20%

Higher mix of high-priced models expected to lift margins further in Q4.

Product & infrastructure updates:

As of Oct. 31: 3,614 battery-swap stations, 4,801 charging stations, 27,396 chargers globally.

New ES8 (launched Sept. 20):

Sticker price: RMB 406,800

With BaaS: RMB 298,800

Reached 10,000 deliveries in 41 days, fastest pure-electric model above RMB 400,000 to reach 10,000 deliveries.

ES6 surpassed 300,000 cumulative deliveries on Nov. 18 (first pure EV over RMB 300,000 in China to reach this scale).

ONVO L90 reached 30,000 deliveries in 86 days, topping the full-size pure-electric SUV segment for three consecutive months.

Firefly reached 30,000 deliveries on Nov. 21, with three consecutive months of MoM growth, leading the sub-RMB-100,000 small-EV segment.

BAIC BluePark’s RMB 6 Billion Refinancing Approved by CSRC

What happened:

BAIC BluePark announced that its stock issuance registration for a targeted refinancing plan has been approved by the China Securities Regulatory Commission (CSRC). The approval was delivered on Nov. 24, 2025, and the registration became effective on Nov. 20.

Funding details:

Total funds to be raised: up to RMB 6 billion

Subscribers: no more than 35 qualified investors

Intended allocations:

BAIC Group (controlling shareholder): ≤ RMB 5 billion

Foton Motor (affiliate): ≤ RMB 2.5 billion

Remaining investors determined per regulations.

Company performance & capacity utilization:

2024 sales: 111,000 units, +21.93% YoY

ARCFOX brand: 78,200 units in 2024; five consecutive months above 10,000 units (Aug–Dec 2024)

2025 H1 ARCFOX sales: 50,000+ units

Capacity utilization improved from 67.27% in 2024 to 100.75% in Jan–Jun 2025.

Use of proceeds:

New NEV development across ARCFOX and STELATO brands (sedans, SUVs, MPVs).

AI-based intelligent cockpit platform using large-model technology.

Scalable E/E, software, and hardware platforms supporting high-level ADAS/AD and backward compatibility.

Development of pure-electric and range-extended e-drive systems for full model coverage.

Strategic significance:

The refinancing strengthens BAIC BluePark's investment capacity in intelligentization, NEV product development, and high-level driver-assistance technology.

QCraft Expands to Jinhua, Accelerating Large-Scale L4 Autonomous Logistics

What happened:

On Nov. 26, Chinese autonomous driving solution developer QCraft announced a three-party strategic cooperation with Jinhua Guangfa Express and China Mobile Zhejiang (Jinhua branch).

Cooperation goal:

To jointly deploy L4 autonomous logistics vehicles for large-scale commercial operations in Jinhua's urban parcel-delivery scenarios.

Roles of each partner:

QCraft: Provides L4 autonomous-driving technology and logistics-grade unmanned vehicles, leveraging experience from nearly 1 million NOA-equipped vehicles in complex traffic environments.

Guangfa Express: Supplies operational expertise and logistics scenarios in trunk transport and last-mile delivery.

China Mobile Jinhua: Provides communications infrastructure and digital-service capability to support stable fleet operations.

Industry context:

China's unmanned logistics vehicle sector is rapidly expanding with growing demand for smart logistics.

Everbright Securities forecasts domestic annual sales may exceed 800,000 units by 2030, with a market size surpassing tens of billions of yuan.

QCraft's wider 2025 deployment:

Nov 20: Partnership with Zhejiang Jinyou Supply Chain to scale L4 logistics vehicles on open roads in Ningbo.

Nov 15: Strategic cooperation with Chery Commercial Vehicles to co-develop mass-produced L4 logistics vehicles for full-scenario urban delivery.

Company trajectory:

QCraft continues expanding L4 deployment while leveraging its L2++ mass-production experience (600,000+ vehicles equipped).

Its strategy centers on moving from L2++ → L3 → L4 and achieving commercial closed-loop operations.

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