Xin Lang Ke Ji·2025-11-25 14:38Core Insights - NIO's chairman Li Bin stated that the decline in replacement subsidies in Q4 will significantly impact the market, but the company remains confident in achieving profitability in Q4 due to strong orders for high-margin models like the new ES8 [1][2] - The company aims for a vehicle gross margin of around 18% in Q4, with the new ES8 expected to exceed a gross margin of 20% [1][2] Financial Performance - In Q3, NIO delivered 87,071 vehicles, representing a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [1] - Q3 revenue reached 21.79 billion yuan, marking a year-on-year growth of 16.7% and a quarter-on-quarter growth of 14.7%, both setting historical highs [1] - The overall gross margin for Q3 was 13.9%, the highest in nearly three years [2] Future Guidance - NIO's delivery guidance for Q4 is set between 120,000 to 125,000 vehicles, indicating a year-on-year growth of 65.1% to 72.0% [2] - Achieving the Q4 delivery target and increasing the gross margin to 18% would allow NIO to reach its goal of quarterly profitability for the first time [2]