盘前涨超4%！蔚来Q3营收增长16.7%至218亿元，车辆毛利率创新高达14.7%，Q4营收和交付指引均创新高

Core Viewpoint - The company has entered a new growth cycle, driven by strong delivery performance and brand expansion, with significant year-over-year growth expected in the upcoming quarter [5][6]. Financial Performance - In Q3, total revenue reached 21.8 billion RMB (3.06 billion USD), a year-over-year increase of 16.7% [4][5]. - The company delivered 87,071 smart electric vehicles, marking a 40.8% increase year-over-year [5][6]. - Gross profit amounted to 3.02 billion RMB, up 50.7% year-over-year, with an overall gross margin of 13.9%, significantly improved from 10.7% in the same period last year [4][5]. Delivery and Sales Growth - The company expects Q4 deliveries to range between 120,000 to 125,000 vehicles, representing a year-over-year growth of 65.1% to 72.0% [6]. - The delivery breakdown for Q3 shows that the high-end brand NIO delivered 36,928 vehicles, the family-oriented brand Lada delivered 37,656 vehicles, and the small high-end electric vehicle brand Firefly delivered 12,487 vehicles [11][12]. Cost Management and Profitability - Vehicle sales revenue reached 19.2 billion RMB, with a year-over-year growth of 15.0% and a quarter-over-quarter growth of 19.0% [13]. - The vehicle gross margin improved to 14.7%, up from 10.3% in the previous quarter, driven by reduced material costs despite a decline in average selling prices [14][15]. - R&D expenses decreased by 28.0% year-over-year and 20.5% quarter-over-quarter, attributed to organizational optimization and varying development stages of new products [16][17]. Operational Efficiency - The company reported an operating loss of 3.5 billion RMB, a reduction of 32.8% year-over-year and 28.3% quarter-over-quarter [18]. - Adjusted operating loss (non-GAAP) was 2.8 billion RMB, down 39.5% year-over-year and 31.3% quarter-over-quarter [18].