Core Insights - NIO reported record vehicle deliveries in December 2025, with a total of 48,135 units delivered, marking a year-on-year increase of 54.6% [1] - The NIO brand alone delivered 31,897 units, also a record high, with a year-on-year growth of 54.8% [1] - The company achieved a total of 326,028 vehicle deliveries for the entire year of 2025, representing a 46.9% increase compared to the previous year [1] Delivery Breakdown - In Q4 2025, NIO delivered 124,807 vehicles, a record high with a year-on-year increase of 71.7% [1] - The NIO brand delivered 67,433 units in Q4, reflecting a year-on-year growth of 27.8% [1] - The Ladao brand saw a significant increase in Q4 deliveries, reaching 38,290 units, which is a 92.1% year-on-year growth [1] - The Firefly brand delivered 19,084 units in Q4, showing a quarter-on-quarter increase of 52.8% [1] Cumulative Deliveries - As of now, NIO has cumulatively delivered 997,592 vehicles, with the NIO brand accounting for 829,609 units [2] - The Ladao brand has delivered 128,569 units, while the Firefly brand has delivered 39,414 units [2] Policy Impact - Starting January 1, 2026, the vehicle purchase tax policy will change from exemption to a 50% reduction, which is expected to benefit battery-swapping models [3] - Under the BaaS battery rental scheme, customers purchasing NIO, Ladao, or Firefly vehicles could save between 1,770 yuan and 9,558 yuan due to the new tax policy [3]

Core Viewpoint - NIO Inc. achieved a record high in vehicle deliveries in December 2025, with a total of 48,135 vehicles delivered, marking a year-on-year increase of 54.6% [1] Group 1: December Deliveries - NIO brand delivered 31,897 vehicles in December 2025, also a record high, with a year-on-year increase of 54.8% and continuous growth for five consecutive months [1] - The Ladao brand delivered 9,154 vehicles in December 2025 [1] - The Firefly brand delivered 7,084 vehicles in December 2025, a record high with a month-on-month increase of 16.4%, also showing continuous growth for five consecutive months [1] Group 2: Annual Deliveries - In 2025, NIO Inc. delivered a total of 326,028 vehicles, setting a new historical record with a year-on-year increase of 46.9% [1] - The NIO brand accounted for 178,806 vehicles delivered in 2025 [1] - The Ladao brand delivered 107,808 vehicles in 2025 [1] - The Firefly brand delivered 39,414 vehicles in 2025 [1]

Core Insights - NIO's founder and CEO Li Bin emphasized the importance of balancing long-term goals with short-term operational objectives, stating that responsible management is crucial for user trust and company stability [1][6][7] Delivery Performance - In September, NIO delivered approximately 34,700 new vehicles, marking a 64% year-on-year increase. The breakdown includes around 13,700 vehicles from the NIO brand, 15,200 from the Ladao brand, and 5,775 from the Firefly brand, with Ladao consistently outperforming NIO [6] - Recent data indicates that NIO's weekly deliveries surpassed 10,600 units in the third week of October, suggesting a monthly delivery capacity exceeding 40,000 units [6] - NIO is progressively increasing production capacity, with monthly output for the L90 model rising from 10,000 units in August and September to 15,000 units starting in October. The new ES8 model's production will also gradually reach 15,000 units [6] Financial Goals - Li Bin reiterated the necessity of achieving profitability in the fourth quarter, viewing it as a critical measure of the team's operational efficiency and management capabilities [7]