一季度财报公布，李斌再谈对蔚来四季度盈利有信心

Core Insights - NIO reported Q1 2025 revenue of RMB 12.035 billion, a year-on-year increase of 21.46% [1] - The company delivered 42,100 vehicles in Q1, a 40.1% increase year-on-year, with sales revenue from vehicles reaching RMB 9.939 billion, up 18.6% [1] - NIO's gross margin for vehicles was 10.2%, up 1.0 percentage points year-on-year, while overall gross margin increased to 7.6%, up 2.7 percentage points [1] - R&D expenses rose to RMB 3.18 billion, an 11.1% increase, while sales, general, and administrative expenses surged by 46.8% to RMB 4.4 billion [1] Financial Performance - Cash and cash equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB 26 billion as of March 31, 2025 [3] - NIO expects Q2 vehicle deliveries between 72,000 and 75,000, a year-on-year growth of 25.5% to 30.7%, with total revenue projected between RMB 19.513 billion and RMB 20.068 billion, reflecting an 11.8% to 15.0% increase [3] - The company aims for profitability in Q4 2025, with monthly sales reaching 50,000 vehicles and a gross margin of 17% to 18% [3] Product and Market Strategy - NIO plans to deliver the L90 model in Q3 and the L80 and new ES8 models in Q4 2025 [4] - The company is focusing on cost-saving measures, including using battery swap stations instead of stores for marketing in lower-tier cities [4] - NIO will enter seven European markets between 2025 and 2026, launching five models, including the EL6 and EL8 [4][5] Partnerships and Collaborations - In Belgium and Luxembourg, NIO will collaborate with Hedin Mobility Group, while in Central and Eastern Europe, it will partner with AutoWallis to cover Austria and Hungary in 2025 [5]