Core Viewpoint - NIO Inc. reported its strongest-ever Q3 results, with total revenue reaching 21.79 billion yuan, a year-on-year increase of 16.7% [2][4]. Financial Performance - Q3 total revenue was 21.79 billion yuan, with vehicle sales contributing 19.2 billion yuan, up 15.0% year-on-year [2][3]. - Adjusted net loss for Q3 was 2.735 billion yuan, a significant reduction of 38% year-on-year and 33.7% quarter-on-quarter [2][3]. - Gross margin for vehicles improved to 14.7%, an increase of 4.4 percentage points from Q2 2025 [2][3]. Delivery and Sales Growth - NIO delivered 87,000 vehicles in Q3, a year-on-year increase of 40.8% [4]. - In October 2025, NIO delivered 40,400 vehicles, marking a 92.6% year-on-year growth [4]. - Cumulative deliveries reached 910,000 vehicles by October 31, 2025, with 240,000 vehicles delivered in 2025, a 41.9% increase year-on-year [4]. Cost Management and Efficiency - R&D expenses decreased by 28% year-on-year, attributed to organizational optimization and improved efficiency [2][3]. - Selling, general, and administrative expenses grew only 1.8% year-on-year, indicating effective cost control amid rising delivery volumes [2][3]. Future Outlook - NIO's Q4 revenue guidance is projected between 32.8 billion and 34 billion yuan, representing a year-on-year increase of 66.3% to 72.8% [3]. - The company aims to achieve its first quarterly profit in Q4, with an expected gross margin increase to 18% [3]. - NIO plans to deliver between 120,000 and 125,000 vehicles in Q4, a year-on-year growth of 65.1% to 72% [5]. Brand Performance - NIO operates three brands: NIO, Ladao, and Firefly, with significant delivery numbers across all brands in October [5]. - The Ladao brand's SUV L90 has shown strong growth, with monthly deliveries exceeding 10,000 units for three consecutive months since its launch [5]. Capital and Investment - NIO has raised over 10 billion yuan in funding this year, which will be used for core technology development and expanding charging networks [5]. - The company has a cash reserve of 36.7 billion yuan, providing a solid financial foundation for its profitability goals [3].

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 和大众合作以后，小鹏汽车 2024 年一季度毛利率升至 12.9%。 文丨曾兴 编辑丨 龚方毅 在汽车交付量下滑的情况下，小鹏一季度营收 65.5 亿元，相较上个季度少了一半，但整体毛利率环 比提升 6.7 个百分点、至 12.9%。 整体毛利率改善与汽车销售业务关系不大 —— 后者毛利率为 5.5% —— 这还是在更高售价车型 X9 产能爬坡后。整体毛利率更多归功于与大众在平台和软件上的合作。一季度小鹏汽车服务和其他收 入约 10 亿元、同比翻倍、环比增加近 2 亿元。 业绩发布后，小鹏汽车股价开盘后一度跳涨超过 25%，截至发稿涨幅收窄至 8% 左右。 4 月 17 日，小鹏与大众加深合作，据双方最新签订的合作协议，小鹏与大众集团将基于小鹏最新一 代电子电气架构联合开发新的电子电气架构，新的架构将应用在大众为中国市场开发的 CMP 平台 上，并从 2026 年开始量产装车。双方的合作范围由此前的两款 B 级电动车进一步扩展。 来自大众集团的软件收入也会超过一季度的规模，管理层 ...