研发、销售及行政运营效率持续提升，non GAAP经营亏损环比收窄30%。Q3公司经营现金流与自由现金流均转正。 蔚来坚持"可充、可换、可升级"的纯电路线，依托12大技术领域全栈自研，三大品牌精准满足多细分市场用户需求，新产品竞争力获市场认可。 近期， 智能驾驶方面： 一、 李斌 Q3公司交付智能电动车87,071台，同比增长40.8%。 本季度我们推出两款大型三排座纯电SUV：ONVO L90与全新蔚来ES8，两款车型凭借综合竞争力获得用户高度认可，需求稳健。 同时，Firefly品牌覆盖更广价格区间，满足多元需求，三大品牌共同推动交付量显著增长。 10月公司交付40,397台智能电动车，同比增长92.6%，连续三个月创月度交付新高。 Q4预计总交付量12万-12.5万台，同比增65.1%-72%，再创季度新高。 财务方面，得益于持续降本，Q3整车毛利率提升至14.7%，其他销售毛利率7.8%，综合毛利率13.9%，为近三年最高，体现产品与服务竞争力增强。 蔚来发布全球首个世界模型NWM，不仅理解预测真实世界，更具备闭环训练能力，行业趋势正加速向世界模型演进。 接下来我们将为搭载NX9031及NVIDIA ...

NIO (NYSE:NIO) Q3 2025 Earnings Call November 25, 2025 07:00 AM ET Company ParticipantsNick Lai - Stock AnalysWilliam Li - CEORay Chen - Head of Investor RelationsStanley Yu Qu - CFOBen Wang - Managing Director and Senior ResearchConference Call ParticipantsNone - AnalystTim Hsiao - Stock AnalystJim Chang - AnalystMing Hsun Lee - Managing Director and Senior Equity AnalystYuqian Ding - Stock AnalystPaul Gong - Stock AnalystOperatorHello, ladies and gentlemen. Thank you for standing by for NIO's third quarte ...

NIO (NYSE:NIO) Q3 2025 Earnings Call November 25, 2025 07:00 AM ET Company ParticipantsNick Lai - Stock AnalysWilliam Li - CEORay Chen - Head of Investor RelationsNone - TranslatorStanley Yu Qu - CFOBen Wang - Managing Director and Senior ResearchConference Call ParticipantsNone - AnalystTim Hsiao - Stock AnalystJim Chang - AnalystMing Hsun Lee - Managing Director and Senior Equity AnalystYuqian Ding - Stock AnalystPaul Gong - Stock AnalystOperatorHello, ladies and gentlemen. Thank you for standing by for N ...

NIO (NYSE:NIO) Q3 2025 Earnings Call November 25, 2025 07:00 AM ET Speaker2Hello, ladies and gentlemen. Thank you for standing by for NIO's third quarter 2025 earnings conference call. At this time, all participants are in the listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host, Mr. Ray Chen, Head of Investor Relations and Corporate Finance of the company. Please go ahead, Ray.Speaker4Good morning and good evening, everyone. Welcome to NIO's third quarter ...

Key Takeaways NIO preps Q3 results as estimates point to narrower losses and 22.5% revenue growth.NIO delivered 87,071 vehicles in Q3, driven by ONVO L90 demand and new ES8 launch.NIO's new products likely lifted marketing costs, pressuring margins in the quarter.NIO Inc. (NIO) is slated to release third-quarter 2025 results on Nov. 25, before market open. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per American Depositary Share (ADS) and revenues is pegged at 24 cents and $3.26 billi ...

Core Insights - NIO Inc. achieved a record-high monthly delivery of 40,397 vehicles in October 2025, marking a 92.6% increase year-over-year [2][6] - Cumulative deliveries reached 913,182 vehicles as of October 31, 2025 [2][6] - The ONVO L90 SUV has shown strong growth, exceeding 10,000 monthly deliveries for three consecutive months since its launch in late July 2025 [3] Delivery Performance - In October 2025, NIO delivered 17,143 vehicles under the NIO brand, 17,342 vehicles under the ONVO brand, and 5,912 vehicles under the FIREFLY brand [2] - Year-to-date deliveries for 2025 reached 241,618 vehicles, reflecting a 41.9% increase compared to the previous year [6] Product Highlights - The ONVO L90 has established itself as a leader in the large SUV segment, contributing significantly to the company's overall delivery growth [3] - NIO continues to focus on technological innovations and product competitiveness to drive the transition towards full electrification in the SUV market [3][4]

Core Insights - China is the largest electric vehicle (EV) market, with BYD Co. Ltd. and NIO Inc. as prominent players [1][2] BYD Overview - BYD has evolved from a battery manufacturer in 1995 to the fastest-growing EV manufacturer globally, competing directly with Tesla [2][5] - The company has reported a revenue of 195 billion yuan in Q3 2025, a 3% decline year-over-year, with NEV sales down 1.8%, marking its first decline since early 2021 [6][8] - BYD's gross margin fell to 17.61%, and net profit decreased by 32.6% to 7.8 billion yuan due to aggressive pricing and competition [6][7] - Despite domestic challenges, BYD's global registrations in Europe increased nearly fivefold in September, and the company aims to double exports [9] NIO Overview - NIO delivered a record 87,071 vehicles in Q3 2025, a 41% increase year-over-year, driven by the success of the ONVO L90 model [10][13] - The launch of the All-New ES8 and a lineup of new models is expected to enhance NIO's presence in the premium SUV segment [11][13] - NIO's battery swap network, with over 3,500 stations globally, provides a significant convenience advantage, allowing full battery changes in three minutes [12] - Vehicle margins for NIO are projected to improve to 16-17%, with new models potentially achieving around 20% margins [13][14] Comparative Analysis - NIO appears better positioned in the near term due to strong delivery momentum and improving vehicle margins, while BYD faces slowing sales and profit pressures [15][16] - NIO's proprietary technology and infrastructure may provide a competitive edge in the crowded EV market [14][15]

Core Insights - NIO Inc. is facing a lawsuit from Singapore's GIC over alleged accounting irregularities related to battery sales recognition [1][2] - The lawsuit claims that NIO misled investors and inflated its share price, with GIC arguing that its affiliate Weineng should be treated as a variable interest entity [2][3] Delivery Momentum and Product Expansion - NIO achieved a record delivery of 87,071 vehicles in Q3 2025, a 40.8% increase year-over-year, aligning with its guidance of 87,000-91,000 units [4] - The launch of the ONVO L90 contributed significantly to this growth, while the All-New ES8 is expected to enhance NIO's position in the premium SUV market [6] Competitive Landscape - In comparison, XPeng delivered 116,007 units in Q3, up 149% year-over-year, while Li Auto reported 93,211 deliveries, down from 152,831 units in the same period last year [5] Battery Swap Technology and Infrastructure Advantage - NIO operates over 3,500 battery swap stations globally, completing over 84 million swaps, which enhances customer convenience and strengthens its brand [7] Margins Expected to Improve - NIO anticipates improved vehicle margins in Q3, targeting approximately 20% gross margins for the L90 and ES8 models, supported by in-house technology [8] Price Performance & Valuation - Year-to-date, NIO shares have increased by 56%, outperforming the industry, while XPeng shares rose by 81% and Li Auto shares declined by 8.3% [9][10] - NIO is currently trading at a forward sales multiple of 0.77, lower than Li Auto and XPeng but higher than the industry average [12] Revenue Estimates - The Zacks Consensus Estimate projects NIO's revenues to grow by 49% in 2025 and 45% in 2026, with bottom-line estimates showing improvements of 32% and 71% for the current and next year, respectively [13]

Core Insights - NIO Inc. reported a vehicle margin of 10.3% in Q2, down from 12.2% a year ago, indicating ongoing pressure on vehicle-level profitability despite increased delivery volumes [1][10]. Delivery and Revenue Performance - NIO delivered 72,056 vehicles in the quarter, a 25.6% increase year-over-year. Vehicle sales revenue reached RMB 16.14 billion (approximately $2.25 billion), growing by 2.9% year-over-year [2]. - The decrease in vehicle margin suggests that rising delivery volumes have not significantly improved profitability [2]. Margin Analysis - The decline in vehicle margin is attributed to a shift in product mix, with lower-trim and lower-priced models reducing the average selling price and pressuring margins. Although material costs per vehicle declined, this was not sufficient to recover margins to prior-year levels [3]. - NIO's strategy to diversify revenue streams includes growth in used vehicle transactions, after-sales services, parts, and technical R&D service revenues, which helped improve overall gross margin [4]. Future Outlook - NIO's recovery in vehicle margin will depend on selling more higher-margin models, reducing battery and component costs, and managing pricing pressure in China's competitive EV market. Balancing volume growth with tighter cost control will be essential [5]. - The company expects vehicle margins to be around 16-17% for the entire group in Q4, as new models contribute to sales [6]. Competitor Comparison - Li Auto Inc. reported a vehicle margin of 19.4% in Q2, slightly up from 18.7% a year ago, while XPeng Inc. reported a vehicle margin of 14.3%, a significant improvement from 6.4% a year ago [7][8]. Stock Performance - Year-to-date, NIO's shares have gained 72%, compared to the industry's growth of 5.7% [9]. - NIO has a price-to-sales ratio of 0.87, compared to the industry's average of 0.5X, and carries a Value Score of D [11]. Earnings Estimates - The Zacks Consensus Estimate for NIO's bottom line implies a year-over-year improvement of 34.44% for 2025 and 71.46% for 2026 [13].

Core Insights - NIO Inc. achieved a record delivery of 87,071 vehicles in Q3 2025, representing a 40.8% year-over-year increase, driven by the successful launch of the ONVO L90 model [1][8] - The company launched its flagship premium SUV, the All-New ES8, in September 2025, showcasing advanced smart EV technologies [3][8] - NIO's cumulative deliveries reached 872,785 units as of September 30, 2025, with year-to-date deliveries totaling 201,221 units, up from 149,281 units in the same period last year [2] Delivery Performance - In September 2025, NIO delivered 34,749 units, marking a monthly record and a 64.1% increase from the previous year [2] - The breakdown of September deliveries included 13,728 vehicles from the NIO brand, 15,246 from the ONVO brand, and 5,775 from the FIREFLY brand [2] Competitive Landscape - In Q3 2025, XPeng Inc. delivered 116,007 Smart EVs, a 149% year-over-year increase, while Li Auto reported 93,211 deliveries, down from 152,831 units in the same period last year [5][6] Financial Performance - NIO's stock has outperformed the Zacks Automotive-Foreign industry, with shares rising 76.6% year-to-date compared to the industry's growth of 3.8% [7] - The company's price/sales ratio indicates it may be overvalued, trading at a forward sales multiple of 0.89, higher than the industry's 0.45 [9] Earnings Estimates - The Zacks Consensus Estimate for NIO's loss per share for 2025 has narrowed by a penny, while the estimate for 2026 has widened by a penny in the past 30 days [10]