NIO Achieves First-Ever Profit on 75.9% Revenue Surge, 71.7% Delivery Gain
NIO reported a fourth-quarter net profit of RMB282.7 million (US$40.4 million), marking its first-ever quarterly profit, driven by record deliveries of 124,807 vehicles, a 71.7% year-over-year gain. Quarterly revenues climbed 75.9% to RMB34.65 billion (US$4.95 billion) and vehicle margins rose to 18.1%.
1. Record Deliveries
NIO delivered 124,807 vehicles in the fourth quarter of 2025, up 71.7% year-over-year and 43.3% sequentially, with December deliveries reaching a record 48,135 units. Full-year deliveries across NIO, ONVO and Firefly brands totaled 326,028 units, a 46.9% increase from 2024.
2. Revenue and Margins
Fourth-quarter revenues rose 75.9% year-over-year to RMB34.65 billion (US$4.95 billion), including RMB31.61 billion (US$4.52 billion) in vehicle sales. Vehicle margins improved to 18.1% from 13.1%, while overall gross margin climbed to 17.5% from 11.7%.
3. Profit and Outlook
The company posted a net profit of RMB282.7 million (US$40.4 million) and an adjusted net profit of RMB726.8 million (US$103.9 million) excluding share-based compensation. CEO William Li projects first-quarter 2026 deliveries between 80,000 and 83,000 units, representing a 90%–97% year-over-year increase.