Core Viewpoint - NIO Inc. reported its unaudited financial results for the first quarter of 2025, highlighting a year-over-year increase in vehicle deliveries and sales, but a significant decline compared to the previous quarter. Operating Highlights - Vehicle deliveries reached 42,094 in Q1 2025, a 40.1% increase from Q1 2024, but a 42.1% decrease from Q4 2024 [2][3] - Deliveries included 27,313 vehicles from the NIO brand and 14,781 from the ONVO brand [2] Financial Highlights - Total revenues for Q1 2025 were RMB12,034.7 million (US$1,658.4 million), up 21.5% year-over-year but down 38.9% quarter-over-quarter [6][7] - Vehicle sales amounted to RMB9,939.3 million (US$1,369.7 million), reflecting an 18.6% increase from Q1 2024 but a 43.1% decrease from Q4 2024 [6][7] - Gross profit was RMB919.6 million (US$126.7 million), an increase of 88.5% year-over-year but a decrease of 60.2% from the previous quarter [6][7] - Net loss for Q1 2025 was RMB6,750.0 million (US$930.2 million), a 30.2% increase from Q1 2024 and a 5.1% decrease from Q4 2024 [23][24] Recent Developments - In April and May 2025, NIO delivered 23,900 and 23,231 vehicles respectively, bringing total deliveries for 2025 to 89,225 as of May 31, 2025 [8] - The company completed an equity placement of HK$4,030.13 million on April 7, 2025, issuing 136,800,000 Class A ordinary shares [9] - NIO launched the firefly, a small smart high-end electric car, in April 2025, and began deliveries of four upgraded products in May 2025 [11][12] Management Comments - The CEO noted a solid year-over-year increase in deliveries and expressed optimism for Q2 2025, expecting total deliveries to reach between 72,000 and 75,000, representing a year-on-year growth of 25.5% to 30.7% [13] - The CFO mentioned the implementation of cost control measures and aims for structural improvements in overall cost efficiency starting from Q2 2025 [15] Business Outlook - For Q2 2025, NIO expects deliveries between 72,000 and 75,000 vehicles and total revenues between RMB19,513 million (US$2,689 million) and RMB20,068 million (US$2,765 million) [26][29]

Company Performance - Li Auto delivered 40,856 vehicles in May 2025, marking a year-over-year increase of 16.7% [1] - Cumulative deliveries reached 1,301,531 as of May 31, 2025 [1] Product Development - The company completed a comprehensive upgrade of its entire model lineup, with the new Li MEGA Home deliveries starting in late May [2] - The Li L series features significant enhancements, including dual-chamber air suspension and industry-leading safety capabilities with standard all-weather LiDAR [2] Technological Advancements - Li Auto rolled out OTA update version 7.4, enhancing the smart assistant Li Xiang Tong Xue with new animated avatars and improved intelligence [3] - The company plans to complete the deployment of its 2,500th super charging station in June, ahead of the launch of its first battery electric SUV, Li i8, in July [3] Infrastructure Expansion - As of May 31, 2025, Li Auto operated 506 retail stores in 152 cities and 502 servicing centers across 222 cities [4] - The company had 2,414 super charging stations in operation, equipped with 13,195 charging stalls in China [4] Company Overview - Li Auto is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles and extended-range electric vehicles [5] - The current model lineup includes Li MEGA, Li L9, Li L8, Li L7, and Li L6, with plans for further expansion to target a broader user base [5]

Core Viewpoint - NIO Inc. reported significant growth in vehicle deliveries for April 2025, highlighting the company's strong performance in the smart electric vehicle market [2][6]. Delivery Results - The company delivered 23,900 vehicles in April 2025, marking a 53.0% increase year-over-year [2][6]. - Year-to-date deliveries reached 65,994 vehicles, reflecting a 44.5% increase compared to the same period last year [6]. - Cumulative deliveries totaled 737,558 as of April 30, 2025 [2][6]. Brand Performance - Deliveries included 19,269 vehicles from the premium smart electric vehicle brand NIO and 4,400 vehicles from the family-oriented brand ONVO [2]. - The small smart high-end electric car brand FIREFLY commenced deliveries in late April 2025, following its official launch on April 19, 2025 [3][6]. Company Overview - NIO Inc. is recognized as a pioneer in the global smart electric vehicle market, founded in November 2014 [4]. - The company aims to create a sustainable future with a mission of "Blue Sky Coming," focusing on innovative technology and user experience [4].