Latest news with #NIOInc
Yahoo
10 hours ago
- Automotive
- Yahoo
DBS Maintains Hold Rating on NIO Inc. (NIO) Stock
On June 5, DBS analyst Rachel Miu maintained a Hold rating on NIO Inc. (NYSE:NIO) and set a price target of HK$38.00. The rating update came after the company reported its unaudited fiscal Q1 2025 results on June 3. The analyst stated that the company underwent a 19% year-over-year increase in vehicle revenue driven by a 40% rise in vehicle sales. However, lower average selling price because of a change in the product mix is causing challenges for the company's operations. A fleet of eco-friendly electric cars, a symbol of the company's commitment to sustainability. Miu also reasoned that while NIO Inc. (NYSE:NIO) experienced a minute improvement in its vehicle margin, underperformance in fiscal Q4 2024 and weaker-than-expected guidance for Q1 2025 are anticipated to negatively affect its near-term performance. NIO Inc. (NYSE:NIO) plans to launch a number of new brands and models in 2025, including the ONVO L90 and Firefly. However, the analyst stated that the transition to a new vehicle platform may trigger inconsistent sales trends until the stabilization of the production process. The analyst thus expects the non-GAAP net loss for fiscal year 2025 to widen, prompted by the expected rise in costs associated with the new stores, R&D, and brand marketing. While we acknowledge the potential of LYFT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None.
Yahoo
20 hours ago
- Automotive
- Yahoo
NIO Expects Y/Y Rise in Q2 Deliveries: What are the Growth Agents?
NIO Inc. NIO introduced upgraded versions of four key models, the EC6, ES6, ET5, and ET5T, at the end of May and has recently started deliveries of all four. These models are expected to see their first full month of deliveries in June. On the strength of these new launches, NIO anticipates a year-over-year rise in both June and second-quarter deliveries. The company expects June deliveries in the range of 25,000 and 28,000 units, up from 21,209 units in the same month last year. For the second quarter, NIO expects to deliver between 72,000 and 75,000 vehicles, indicating a 25.5% to 30.7% year-over-year the first quarter of 2025, NIO delivered a total of 42,094 smart EVs, representing a 40.1% year-over-year increase. The deliveries include 27,313 units under the NIO brand and 14,781 from ONVO. Since the beginning of the second quarter, deliveries have gained momentum, driven by the initial rollout of the ET9 and FIREFLY models as well as strong demand for the ONVO L60. FIREFLY is a smart electric high-end small car brand for which deliveries started in late April. NIO carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks local competitors, Li Auto Inc. LI & XPeng Inc. XPEV, also expect year-over-year growth in second quarter deliveries. Li Auto expects its vehicle deliveries for the second quarter of 2025 to range between 123,000 and 128,000 units, indicating year-over-year growth of 13.3% to 17.9%. In the first quarter of 2025, the company delivered 92,864 units, up 15.5% compared to the same period last year. Over the past month, Li Auto has completed a full upgrade of its entire vehicle lineup, introducing updated versions across all expects to deliver around 102,000 and 108,000 vehicles in the second quarter of 2025, indicating year-over-year growth of approximately 237.7% to 257.5%. In the first quarter, XPeng delivered 94,008 units, up 330.8% from 21,821 vehicles delivered during the same period in 2024. NIO has underperformed the Zacks Automotive-Domestic industry year to date. NIO shares have lost 30.1% compared to the industry's growth of 4.1%. Image Source: Zacks Investment Research From a valuation perspective, NIO appears overvalued. Going by its price/sales ratio, the company is trading at a forward sales multiple of 0.81, higher than its industry's 0.50. Image Source: Zacks Investment Research The Zacks Consensus Estimate for 2025 and 2026 EPS has moved up 5 cents and declined by a penny, respectively, in the past seven days. Image Source: Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NIO Inc. (NIO) : Free Stock Analysis Report Li Auto Inc. Sponsored ADR (LI) : Free Stock Analysis Report XPeng Inc. Sponsored ADR (XPEV) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
3 days ago
- Automotive
- Yahoo
NIO's Q1 Loss Wider Than Expected, Revenues Increase Y/Y
NIO Inc. NIO incurred a loss per American Depositary Share ('ADS') of 45 cents in the first quarter of 2025, which was wider than the Zacks Consensus Estimate of a loss of 22 cents. The company reported a loss of 36 cents in the year-ago quarter. This China-based electric vehicle maker posted revenues of $1.66 billion, which missed the Zacks Consensus Estimate of $1.71 billion but rose 20.85% year over year due to higher delivery volumes. NIO Inc. price-consensus-eps-surprise-chart | NIO Inc. Quote It delivered 42,094 vehicles in the first quarter, up 40.1% year over year, including 27,313 vehicles from NIO and 14,781 from ONVO. Revenues generated from vehicle sales amounted to $1.37 billion, up 18% year over year. The rise in sales was mainly attributable to an increase in delivery volume. Other sales of $288.8 million rose 36.5% on a year-over-year basis. Gross profit was $126.7 million, up 87.7% reported in the year-ago quarter. Vehicle margin in the reported quarter climbed to 10.2% from 9.2% in the first quarter of 2024, due to lower material cost per unit. Gross margin was 7.6%, up from 4.9% in the year-ago quarter. The rise was attributable to an increase in sales from parts, accessories and after-sales vehicle services. Research & development costs amounted to $438.4 million, which rose 10.5% year over year. Selling, general & administrative costs were $606.4 million, up 46% year over year. As of March 31, 2025, cash and cash equivalents totaled $3.6 billion and long-term debt amounted to $1.28 billion. For second-quarter 2025, NIO projects deliveries in the range of 72,000-75,000 vehicles, implying a rise of 25.5-30.7% year over year. Revenues are estimated between $2,689 million and $2,765 million. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) NIO currently carries a Zacks Rank #4 (Sell). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Autoliv Inc. ALV reported first-quarter 2025 adjusted earnings of $2.15 per share, which beat the Zacks Consensus Estimate of $1.72 and rose 37% year over year. The company reported net sales of $2.58 billion in the quarter. The figure beat the Zacks Consensus Estimate of $2.47 billion but fell 1.4% year over year. Autoliv had cash and cash equivalents of $322 million as of March 31, 2025. Long-term debt totaled $1.57 billion. Operating cash flow in the quarter under review was $77 million and capital expenditure amounted to $93 million, resulting in a negative free cash flow of $16 million. In the quarter, ALV paid a dividend of 70 cents per share and repurchased 0.5 million shares. Mobileye Global Inc. MBLY reported first-quarter 2025 adjusted earnings per share of 8 cents. The figure was in line with the Zacks Consensus Estimate. The company reported a loss of 7 cents per share in the year-ago quarter. Total revenues amounted to $438 million, beating the Zacks Consensus Estimate of $434 million. The metric also rose 83% year over year. MBLY had cash and cash equivalents of $1.51 billion as of March 29, 2025, compared with $1.43 billion as of Dec. 28, 2024. Operating cash flow for the three months ended March 29, 2025, was $109 million. Capex was $14 million during the same time frame. Group 1 Automotive GPI reported first-quarter 2025 adjusted earnings per share of $10.17, which beat the Zacks Consensus Estimate of $9.68 and rose 7.17% year over year. The automotive retailer registered net sales of $5.51 billion, beating the Zacks Consensus Estimate of $5.34 billion. The top line also rose from the year-ago quarter's $4.47 billion. Group 1 had cash and cash equivalents of $70.5 million as of March 31, 2025, up from $34.4 million as of Dec. 31, 2024. Total debt was $2.8 billion as of March 31, 2025, down from $2.91 billion as of Dec. 31, 2024. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Autoliv, Inc. (ALV) : Free Stock Analysis Report Group 1 Automotive, Inc. (GPI) : Free Stock Analysis Report Mobileye Global Inc. (MBLY) : Free Stock Analysis Report NIO Inc. (NIO) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Automotive
- Yahoo
NIO Inc (NIO) Q1 2025 Earnings Call Highlights: Navigating Growth Amidst Challenges
Total Revenue: RMB12 billion, up 21.5% year-over-year, down 38.9% quarter-over-quarter. Vehicle Sales: RMB9.9 billion, up 18.6% year-over-year, down 43.1% quarter-over-quarter. Other Sales: RMB2.1 billion, up 37.2% year-over-year, down 5.9% quarter-over-quarter. Vehicle Margin: 10.2%, compared to 9.2% in Q1 last year and 13.1% last quarter. Overall Gross Margin: 7.6%, compared to 4.9% in Q1 last year and 11.7% last quarter. R&D Expenses: RMB3.2 billion, up 11.1% year-over-year, down 12.5% quarter-over-quarter. SG&A Expenses: RMB4.4 billion, up 46.8% year-over-year, down 9.8% quarter-over-quarter. Loss from Operations: RMB6.4 billion, up 19% year-over-year, up 6.4% quarter-over-quarter. Net Loss: RMB6.8 billion, increased year-over-year, decreased 5.1% quarter-over-quarter. Vehicle Deliveries: 42,094 units, up 4.1% year-over-year. Q2 Delivery Guidance: Between 72,000 and 35,000, representing 25.5% to 30.7% growth year-over-year. Warning! GuruFocus has detected 4 Warning Signs with NIO. Release Date: June 03, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. NIO Inc (NYSE:NIO) delivered 42,094 smart EVs in Q1 2025, marking a 4.1% year-over-year increase. The company launched and delivered new models including the ES6, EC6, ET5, and ET5T, which are expected to drive significant growth in Q2. NIO Inc (NYSE:NIO) achieved year-over-year growth in both vehicle gross margin and overall gross margin due to cost reduction efforts. The NIO brand's ET9 surpassed BMW 7 Series and Audi A8 in China, marking a breakthrough for a Chinese brand in the premium executive segment. NIO Inc (NYSE:NIO) raised over HKD4 billion in a share offering in Hong Kong, attracting global long-term investors. Total revenues decreased 38.9% quarter-over-quarter, reflecting a seasonal impact on deliveries. Vehicle margin decreased to 10.2% from 13.1% in the previous quarter due to increased manufacturing costs per unit. The company reported a net loss of RMB6.8 billion, showing an increase year-over-year. R&D expenses increased 11.1% year-over-year, driven by new product development and increased personnel costs. SG&A expenses rose 46.8% year-over-year, primarily due to increased personnel costs and sales and marketing activities. Q: How does NIO plan to achieve its target of 30,000 monthly sales for the NIO brand by year-end, given the moderate sales increase guidance for Q2? A: Bin Li, CEO, explained that NIO expects to deliver 25,000 to 28,000 units in June. The company has launched new models like the ES6, EC6, ET5, and ET5T, which are expected to stabilize prices and improve vehicle gross margins by over 10% from the previous generation. NIO aims for a balance between sales volume and selling prices, with a target of 25,000 monthly deliveries for the NIO brand in Q4, representing a 20% year-over-year growth. Q: When will NIO see meaningful contributions from its cost reduction efforts, and can you quantify the expected improvements? A: Yu Qu, CFO, stated that since March, NIO has implemented cost control measures, focusing on short-term returns and efficiency improvements in R&D, logistics, and sales. The company aims for a 15% reduction in R&D expenses in Q2 and plans to control R&D expenses to RMB2-2.5 billion per quarter by Q4. SG&A expenses will be managed carefully, with a target to reduce them quarter-over-quarter and keep non-GAAP SG&A expenses within 10% of sales revenue by Q4. Q: What feedback has NIO received from users after launching the NIO World Model, and how does it compare to previous autonomous driving solutions? A: Bin Li, CEO, mentioned that the NIO World Model (NWM) has been well-received, offering significant improvements in active safety and smart driving experiences. The NWM provides better point-to-point smart driving and parking experiences, with features like automatic toll gate pass-through. The NWM-based version will be released on the NX1931 chip in late June, and ONVO products will also switch to in-house developed smart driving chips in the long term. Q: How does NIO plan to enhance the volume sales of the ONVO L60, and what are the expectations for the L80 and L90 models? A: Bin Li, CEO, explained that organizational and operational adjustments have been made to improve ONVO's sales, with L60 deliveries increasing by over 40% in May compared to April. The L60 has been a top-selling product in its segment, and the L90 will be launched in Q3, expected to be a game-changer in the large space SUV segment. By Q4, NIO aims for a monthly delivery of 25,000 units across the three ONVO models. Q: Can NIO achieve a breakeven in Q4, and what are the assumptions for this target? A: Bin Li, CEO, confirmed that NIO's internal operational target aligns with the assumptions mentioned: achieving over 50,000 monthly sales, a vehicle gross margin of 17-18%, and SG&A expenses within 10% of sales revenue. With improved sales volume, cost reductions, and efficiency improvements, NIO is confident in achieving breakeven in Q4. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Automotive
- Yahoo
NIO Inc. Reports Unaudited First Quarter 2025 Financial Results
SHANGHAI, June 03, 2025 (GLOBE NEWSWIRE) -- NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) ('NIO' or the 'Company'), a pioneer and a leading company in the global smart electric vehicle market, today announced its unaudited financial results for the first quarter ended March 31, deliveries were 42,094 in the first quarter of 2025, consisting of 27,313 vehicles from the Company's premium smart electric vehicle brand NIO and 14,781 vehicles from the Company's family-oriented smart electric vehicle brand ONVO, representing an increase of 40.1% from the first quarter of 2024, and a decrease of 42.1% from the fourth quarter of 2024. Key Operating Results 2025 Q1 2024 Q4 2024 Q3 2024 Q2 Deliveries 42,094 72,689 61,855 57,373 2024 Q1 2023 Q4 2023 Q3 2023 Q2 Deliveries 30,053 50,045 55,432 23,520Vehicle sales were RMB9,939.3 million (US$1,369.7 million)i in the first quarter of 2025, representing an increase of 18.6% from the first quarter of 2024 and a decrease of 43.1% from the fourth quarter of 2024. Vehicle marginii was 10.2% in the first quarter of 2025, compared with 9.2% in the first quarter of 2024 and 13.1% in the fourth quarter of 2024. Total revenues were RMB12,034.7 million (US$1,658.4 million) in the first quarter of 2025, representing an increase of 21.5% from the first quarter of 2024 and a decrease of 38.9% from the fourth quarter of 2024. Gross profit was RMB919.6 million (US$126.7 million) in the first quarter of 2025, representing an increase of 88.5% from the first quarter of 2024 and a decrease of 60.2% from the fourth quarter of 2024. Gross margin was 7.6% in the first quarter of 2025, compared with 4.9% in the first quarter of 2024 and 11.7% in the fourth quarter of 2024. Loss from operations was RMB6,418.1 million (US$884.4 million) in the first quarter of 2025, representing an increase of 19.0% from the first quarter of 2024 and an increase of 6.4% from the fourth quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB5,947.2 million (US$819.5 million) in the first quarter of 2025, representing an increase of 16.3% from the first quarter of 2024 and an increase of 7.3% from the fourth quarter of 2024. Net loss was RMB6,750.0 million (US$930.2 million) in the first quarter of 2025, representing an increase of 30.2% from the first quarter of 2024 and a decrease of 5.1% from the fourth quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB6,279.1 million (US$865.3 million) in the first quarter of 2025, representing an increase of 28.1% from the first quarter of 2024 and a decrease of 5.2% from the fourth quarter of 2024. Cash and cash equivalents, restricted cash, short-term investments and long-term time deposits were RMB26.0 billion (US$3.6 billion) as of March 31, 2025. Key Financial Results for the First Quarter of 2025(in RMB million, except for percentage)2025 Q1 2024 Q4 2024 Q1 % Changeiii QoQ YoY Vehicle Sales 9,939.3 17,475.6 8,381.3 -43.1% 18.6% Vehicle Margin 10.2% 13.1% 9.2% -290bp 100bp Total Revenues 12,034.7 19,703.4 9,908.6 -38.9% 21.5% Gross Profit 919.6 2,308.9 487.7 -60.2% 88.5% Gross Margin 7.6% 11.7% 4.9% -410bp 270bp Loss from Operations (6,418.1) (6,032.9) (5,394.1) 6.4% 19.0% Adjusted Loss from Operations (non-GAAP) (5,947.2) (5,543.6) (5,112.7) 7.3% 16.3% Net Loss (6,750.0) (7,111.5) (5,184.6) -5.1% 30.2% Adjusted Net Loss (non-GAAP) (6,279.1) (6,622.2) (4,903.2) -5.2% 28.1% Deliveries in April and May 2025 The Company delivered 23,900 vehicles in April 2025 and 23,231 vehicles in May 2025. As of May 31, 2025, the Company had delivered 89,225 vehicles in 2025, with cumulative deliveries reaching 760,789. Completion of Equity Placement On April 7, 2025, the Company completed its HK$4,030.13 million offering of 136,800,000 Class A ordinary shares (the 'Placement Shares') at an offering price of HK$29.46 per Placement Share. The Placement Shares were sold to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act of 1933, as amended. ESG Report In April 2025, the Company released its 2024 Environmental, Social, and Governance (ESG) report, highlighting the Company's ESG practices and accomplishments in sustainable development. Firefly Started Deliveries In April 2025, the Company officially launched and started deliveries of firefly, its small smart high-end electric car, and plans to gradually expand its availability to global markets in the near future. Product Upgrades In May 2025, the Company officially launched and started deliveries of its four products featuring comprehensive upgrades, including the New ES6, our smart electric all-round SUV, the New EC6, our smart electric coupe SUV, the New ET5, our smart electric mid-size sedan, and the New ET5T, our smart electric tourer.'In the first quarter of 2025, the Company delivered 42,094 smart electric vehicles, marking a solid year-over-year increase of 40.1%,' said William Bin Li, founder, chairman and chief executive officer of NIO. 'Since the beginning of the second quarter, we have seen a steady increase in monthly delivery volume. In April, our new products, the ET9 and firefly, have secured notable market shares in the premium executive market and high-end small electric car market respectively. We have also witnessed the rising demand for ONVO L60. In late May, the New ES6, EC6, ET5 and ET5T started deliveries with all around upgrades. Based on this, we expect total deliveries for the second quarter to reach between 72,000 and 75,000, representing a year-on-year growth of 25.5% to 30.7%.' '2025 is a pivotal year for NIO's product launch and technological innovation. On the technology front, we are advancing the smart EV experience and safety standards with our proprietary smart driving chips, full-domain operating system and intelligent chassis. Since late May, the first version of NIO World Model has been gradually rolled out to vehicles based on Banyan platform, bringing significant upgrades in safety, and driving and parking assistance. NIO World Model will provide users with a safer and more effortless intelligent driving experience across various scenarios,' added William Bin Li. 'Since the first quarter, we have implemented a range of cost control measures, including organizational restructuring, cross-brand integration, and efficiency improvements in R&D, supply chain, sales and services,' added Stanley Yu Qu, NIO's chief financial officer. 'Starting from the second quarter, the Company aims to achieve structural improvements in overall cost efficiency, with continued progress in operational performance.' Revenues Total revenues in the first quarter of 2025 were RMB12,034.7 million (US$1,658.4 million), representing an increase of 21.5% from the first quarter of 2024 and a decrease of 38.9% from the fourth quarter of 2024. Vehicle sales in the first quarter of 2025 were RMB9,939.3 million (US$1,369.7 million), representing an increase of 18.6% from the first quarter of 2024 and a decrease of 43.1% from the fourth quarter of 2024. The increase in vehicle sales over the first quarter of 2024 was mainly due to the increase in delivery volume, partially offset by the lower average selling price as a result of changes in product mix. The decrease in vehicle sales over the fourth quarter of 2024 was mainly attributable to a decrease in delivery volume, which was affected by seasonal factors. Other sales in the first quarter of 2025 were RMB2,095.4 million (US$288.8 million), representing an increase of 37.2% from the first quarter of 2024 and a decrease of 5.9% from the fourth quarter of 2024. The increase in other sales over the first quarter of 2024 was mainly due to i) the increase in sales of parts, after-sales vehicle services, and provision of power solutions, as a result of continued growth in the number of users, ii) the increase in revenues from sales of used cars, and iii) the increase in revenues from technical research and development services. The decrease in other sales over the fourth quarter of 2024 was mainly due to the decrease in revenues from technical research and development services and auto financing services. Cost of Sales and Gross Margin Cost of sales in the first quarter of 2025 was RMB11,115.2 million (US$1,531.7 million), representing an increase of 18.0% from the first quarter of 2024 and a decrease of 36.1% from the fourth quarter of 2024. The increase in cost of sales over the first quarter of 2024 was mainly attributable to the increase in delivery volume, partially offset by the decreased material cost per vehicle. The decrease in cost of sales over the fourth quarter of 2024 was mainly attributable to a decrease in delivery volume. Gross profit in the first quarter of 2025 was RMB919.6 million (US$126.7 million), representing an increase of 88.5% from the first quarter of 2024 and a decrease of 60.2% from the fourth quarter of 2024. Gross margin in the first quarter of 2025 was 7.6%, compared with 4.9% in the first quarter of 2024 and 11.7% in the fourth quarter of 2024. The increase in gross margin over the first quarter of 2024 was mainly due to i) the increase in sales from parts, accessories and after-sales vehicle services as well as provision of technical research and development services, with relatively higher margins, ii) the increased vehicle margin, and iii) the reduction in the gross loss rate from provision of power solutions due to the growing number of users. The decrease in gross margin over the fourth quarter of 2024 was mainly attributable to the lower vehicle margin. Vehicle margin in the first quarter of 2025 was 10.2%, compared with 9.2% in the first quarter of 2024 and 13.1% in the fourth quarter of 2024. The increase in vehicle margin from the first quarter of 2024 was mainly attributable to decreased material cost per unit, partially offset by the impact of changes in product mix. The decrease in vehicle margin from the fourth quarter of 2024 was mainly due to the increased manufacture cost per unit as a result of decreased production volume. Operating Expenses Research and development expenses in the first quarter of 2025 were RMB3,181.4 million (US$438.4 million), representing an increase of 11.1% from the first quarter of 2024 and a decrease of 12.5% from the fourth quarter of 2024. Excluding share-based compensation expenses, research and development expenses (non-GAAP) were RMB2,914.4 million (US$401.6 million), representing an increase of 9.6% from the first quarter of 2024 and a decrease of 11.5% from the fourth quarter of 2024. The increase in research and development expenses over the first quarter of 2024 was mainly due to the incremental design and development costs for new products and technologies as well as the increased personnel costs in research and development functions. The decrease in research and development expenses over the fourth quarter of 2024 was mainly due to the decreased design and development costs resulting from different stages of development for new products and technologies, partially offset by the increased personnel costs in research and development functions. Selling, general and administrative expenses in the first quarter of 2025 were RMB4,400.8 million (US$606.4 million), representing an increase of 46.8% from the first quarter of 2024 and a decrease of 9.8% from the fourth quarter of 2024. Excluding share-based compensation expenses, selling, general and administrative expenses (non-GAAP) were RMB4,211.9 million (US$580.4 million), representing an increase of 43.7% from the first quarter of 2024 and a decrease of 11.4% from the fourth quarter of 2024. The increase in selling, general and administrative expenses over the first quarter of 2024 was mainly attributable to (i) the increase in personnel costs related to sales functions, and (ii) the increase in sales and marketing activities. The decrease in selling, general and administrative expenses over the fourth quarter of 2024 was mainly due to the decreased sales and marketing activities and professional services, partially offset by the incremental personnel costs related to sales and general corporate functions. Loss from Operations Loss from operations in the first quarter of 2025 was RMB6,418.1 million (US$884.4 million), representing an increase of 19.0% from the first quarter of 2024 and an increase of 6.4% from the fourth quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB5,947.2 million (US$819.5 million) in the first quarter of 2025, representing an increase of 16.3% from the first quarter of 2024 and an increase of 7.3% from the fourth quarter of 2024. Net Loss and Earnings Per Share/ADS Net loss in the first quarter of 2025 was RMB6,750.0 million (US$930.2 million), representing an increase of 30.2% from the first quarter of 2024 and a decrease of 5.1% from the fourth quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB6,279.1 million (US$865.3 million) in the first quarter of 2025, representing an increase of 28.1% from the first quarter of 2024 and a decrease of 5.2% from the fourth quarter of 2024. Net loss attributable to NIO's ordinary shareholders in the first quarter of 2025 was RMB6,891.1 million (US$949.6 million), representing an increase of 31.1% from the first quarter of 2024 and a decrease of 3.4% from the fourth quarter of 2024. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net loss attributable to NIO's ordinary shareholders (non-GAAP) was RMB6,275.6 million (US$864.8 million) in the first quarter of 2025. Basic and diluted net loss per ordinary share/ADS in the first quarter of 2025 were both RMB3.29 (US$0.45), compared with RMB2.57 in the first quarter of 2024 and RMB3.45 in the fourth quarter of 2024. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net loss per share/ADS (non-GAAP) were both RMB3.01 (US$0.41), compared with RMB2.39 in the first quarter of 2024 and RMB3.17 in the fourth quarter of 2024. Balance Sheet Balance of cash and cash equivalents, restricted cash, short-term investments and long-term time deposits was RMB26.0 billion (US$3.6 billion) as of March 31, 2025. We have been incurring loss since inception. We incurred operating cash outflow for the first quarter ended March 31, 2025 and our current liabilities exceeded current assets and we had negative shareholders' equity as of March 31, 2025. Based on our going concern and liquidity assessment, which considers our business plan including revenue growth, optimization of operation efficiency to improve operating cash flows, working capital management and the ability to raise funds from banks under available credit quotas and other sources when needed, we believe that our financial resources, including our available cash and cash equivalents, restricted cash and short-term investments, cash generated from operating activities and funds from available credit quotas and other sources will be sufficient to support our continuous operations in the ordinary course of business for the next twelve months. For the second quarter of 2025, the Company expects: Deliveries of vehicles to be between 72,000 and 75,000 vehicles, representing an increase of approximately 25.5% to an increase of approximately 30.7% from the same quarter of 2024. Total revenues to be between RMB19,513 million (US$2,689 million) and RMB20,068 million (US$2,765 million), representing an increase of approximately 11.8% to an increase of approximately 15.0% from the same quarter of 2024. This business outlook reflects the Company's current and preliminary view on the business situation and market condition, which is subject to Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on June 3, 2025 (8:00 PM Beijing/Hong Kong/Singapore Time on June 3, 2025). A live and archived webcast of the conference call will be available on the Company's investor relations website at For participants who wish to join the conference using dial-in numbers, please register in advance using the link provided below and dial in 10 minutes prior to the call. Dial-in numbers, passcode and unique access PIN would be provided upon registering. A replay of the conference call will be accessible by phone at the following numbers, until June 10, 2025: United States: +1-855-883-1031 Hong Kong, China: +852-800-930-639 Mainland, China: +86-400-1209-216 Singapore: +65-800-1013-223 International: +61-7-3107-6325 Replay PIN: 10047493 NIO Inc. is a pioneer and a leading company in the global smart electric vehicle market. Founded in November 2014, NIO aspires to shape a sustainable and brighter future with the mission of 'Blue Sky Coming'. NIO envisions itself as a user enterprise where innovative technology meets experience excellence. NIO designs, develops, manufactures and sells smart electric vehicles, driving innovations in next-generation core technologies. NIO distinguishes itself through continuous technological breakthroughs and innovations, exceptional products and services, and a community for shared growth. NIO provides premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand. This press release contains statements that may constitute 'forward-looking' statements pursuant to the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'aims,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'likely to' and similar statements. NIO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the 'SEC'), in its annual report to shareholders, in announcements, circulars or other publications made on the websites of each of The Stock Exchange of Hong Kong Limited (the 'SEHK') and the Singapore Exchange Securities Trading Limited (the 'SGX-ST'), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIO's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIO's strategies; NIO's future business development, financial condition and results of operations; NIO's ability to develop and manufacture vehicles of sufficient quality and appeal to customers on schedule and on a large scale; its ability to ensure and expand manufacturing capacities including establishing and maintaining partnerships with third parties; its ability to provide convenient and comprehensive power solutions to its customers; the viability, growth potential and prospects of the battery swapping, BaaS, and NIO Assisted and Intelligent Driving and its subscription services; its ability to improve the technologies or develop alternative technologies in meeting evolving market demand and industry development; NIO's ability to satisfy the mandated safety standards relating to motor vehicles; its ability to secure supply of raw materials or other components used in its vehicles; its ability to secure sufficient reservations and sales of its vehicles; its ability to control costs associated with its operations; its ability to build its current and future brands; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIO's filings with the SEC and the announcements and filings on the websites of each of the SEHK and SGX-ST. All information provided in this press release is as of the date of this press release, and NIO does not undertake any obligation to update any forward-looking statement, except as required under applicable law. The Company uses non-GAAP measures, such as adjusted cost of sales (non-GAAP), adjusted research and development expenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP), adjusted loss from operations (non-GAAP), adjusted net loss (non-GAAP), adjusted net loss attributable to ordinary shareholders (non-GAAP) and adjusted basic and diluted net loss per share/ADS (non-GAAP), in evaluating its operating results and for financial and operational decision-making purposes. The Company defines adjusted cost of sales (non-GAAP), adjusted research and development expenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP) and adjusted loss from operations (non-GAAP) and adjusted net loss (non-GAAP) as cost of sales, research and development expenses, selling, general and administrative expenses, loss from operations and net loss excluding share-based compensation expenses. The Company defines adjusted net loss attributable to ordinary shareholders (non-GAAP), adjusted basic and diluted net loss per share/ADS (non-GAAP) as net loss attributable to ordinary shareholders and basic and diluted net loss per share/ADS excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value. By excluding the impact of share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on the non-GAAP financial measures, please see the table captioned 'Unaudited Reconciliation of GAAP and Non-GAAP Results' set forth at the end of this press release. This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. For more information, please visit: Investor Relationsir@ Source: NIONIO Condensed Consolidated Balance Sheets (All amounts in thousands) As of December 31, 2024 March 31, 2025 March 31, 2025 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 19,328,920 8,075,457 1,112,828 Restricted cash 8,320,728 6,201,797 854,630 Short-term investments 14,137,566 11,646,997 1,604,999 Trade and notes receivables 1,676,246 1,536,414 211,724 Amounts due from related parties 7,702,404 9,040,834 1,245,860 Inventory 7,087,223 8,696,102 1,198,355 Prepayments and other current assets 3,632,956 4,592,787 632,903 Total current assets 61,886,043 49,790,388 6,861,299 Non-current assets: Long-term restricted cash 97,720 80,066 11,033 Property, plant and equipment, net. 25,892,904 27,028,378 3,724,610 Intangible assets, net 29,648 29,648 4,086 Land use rights, net 201,995 200,669 27,653 Long-term investments 3,126,007 2,878,599 396,682 Right-of-use assets - operating lease 12,797,158 13,124,764 1,808,641 Other non-current assets 3,573,137 5,031,195 693,317 Total non-current assets 45,718,569 48,373,319 6,666,022 Total assets 107,604,612 98,163,707 13,527,321 LIABILITIES Current liabilities: Short-term borrowings 5,729,561 6,496,683 895,267 Trade and notes payable 34,387,266 31,385,990 4,325,105 Amounts due to related parties 409,363 464,508 64,011 Taxes payable 400,146 392,655 54,109 Current portion of operating lease liabilities 1,945,987 2,405,686 331,512 Current portion of long-term borrowings 3,397,622 800,565 110,321 Accruals and other liabilities 16,041,079 17,545,851 2,417,883 Total current liabilities 62,311,024 59,491,938 8,198,208 Non-current liabilities: Long-term borrowings 11,440,755 9,286,728 1,279,745 Non-current operating lease liabilities 11,260,735 11,364,373 1,566,052 Deferred tax liabilities 127,467 125,491 17,293 Amounts due to related parties, non-current 329,492 333,405 45,944 Other non-current liabilities 8,628,596 10,247,119 1,412,093 Total non-current liabilities 31,787,045 31,357,116 4,321,127 Total liabilities 94,098,069 90,849,054 12,519,335NIO Condensed Consolidated Balance Sheets (All amounts in thousands) As of December 31, 2024 March 31, 2025 March 31, 2025 RMB RMB US$ MEZZANINE EQUITY Redeemable non-controlling interests 7,441,997 7,586,488 1,045,446 Total mezzanine equity 7,441,997 7,586,488 1,045,446 SHAREHOLDERS' EQUITY/(DEFICIT) Total NIO Inc. shareholders' equity/(deficit) 5,967,023 (365,896) (50,422) Non-controlling interests 97,523 94,061 12,962 Total shareholders' equity/(deficit) 6,064,546 (271,835) (37,460) Total liabilities, mezzanine equity and shareholders' equity/(deficit) 107,604,612 98,163,707 13,527,321 NIO Condensed Consolidated Statements of Comprehensive Loss (All amounts in thousands, except for share and per share/ADS data) Three Months Ended March 31, 2024 December 31, 2024 March 31, 2025 March 31, 2025 RMB RMB RMB US$ Revenues: Vehicle sales 8,381,318 17,475,587 9,939,305 1,369,673 Other sales 1,527,318 2,227,840 2,095,424 288,757 Total revenues 9,908,636 19,703,427 12,034,729 1,658,430 Cost of sales: Vehicle sales (7,613,242) (15,190,937) (8,925,641) (1,229,986) Other sales (1,807,663) (2,203,547) (2,189,534) (301,726) Total cost of sales (9,420,905) (17,394,484) (11,115,175) (1,531,712) Gross profit 487,731 2,308,943 919,554 126,718 Operating expenses: Research and development (2,864,216) (3,635,826) (3,181,403) (438,409) Selling, general and administrative (2,996,798) (4,877,995) (4,400,763) (606,441) Other operating (loss)/income (20,790) 171,943 244,484 33,691 Total operating expenses (5,881,804) (8,341,878) (7,337,682) (1,011,159) Loss from operations (5,394,073) (6,032,935) (6,418,128) (884,441) Interest and investment income/(loss) 350,793 (169,919) 173,216 23,870 Interest expenses (170,875) (247,586) (244,862) (33,743) (Loss)/gain on extinguishment of debt (11,326) 6,846 (14,660) (2,020) Share of losses of equity investees (19,482) (210,442) (256,195) (35,305) Other income/(loss), net 67,376 (527,524) 15,227 2,098 Loss before income tax expense (5,177,587) (7,181,560) (6,745,402) (929,541) Income tax (expense)/benefit (6,990) 70,089 (4,631) (638) Net loss (5,184,577) (7,111,471) (6,750,033) (930,179) Accretion on redeemable non-controlling interests to redemption value (79,524) (93,570) (144,490) (19,911) Net loss attributable to non-controlling interests 6,183 73,272 3,462 477 Net loss attributable to ordinary shareholders of NIO Inc. (5,257,918) (7,131,769) (6,891,061) (949,613) Net loss (5,184,577) (7,111,471) (6,750,033) (930,179) Other comprehensive income Foreign currency translation adjustment, net of nil tax 7,468 351,100 75,911 10,461 Total other comprehensive income 7,468 351,100 75,911 10,461 Total comprehensive loss (5,177,109) (6,760,371) (6,674,122) (919,718) Accretion on redeemable non-controlling interests to redemption value (79,524) (93,570) (144,490) (19,911) Net loss attributable to non-controlling interests 6,183 73,272 3,462 477 Comprehensive loss attributable to ordinary shareholders of NIO Inc. (5,250,450) (6,780,669) (6,815,150) (939,152) Weighted average number of ordinary shares/ADS used in computing net loss per share/ADS Basic and diluted 2,044,151,465 2,068,453,952 2,093,881,620 2,093,881,620 Net loss per share/ADS attributable to ordinary shareholders Basic and diluted (2.57) (3.45) (3.29) (0.45)NIO Reconciliation of GAAP and Non-GAAP Results (All amounts in thousands, except for share and per share/ADS data) Three Months Ended March 31, 2025 GAAPResult Share-based compensation Accretion on redeemable non-controlling interests to redemption value AdjustedResult(Non-GAAP) RMB RMB RMB RMB Cost of sales (11,115,175) 15,001 — (11,100,174) Research and development expenses (3,181,403) 267,047 — (2,914,356) Selling, general and administrative expenses (4,400,763) 188,891 — (4,211,872) Total (18,697,341) 470,939 — (18,226,402) Loss from operations (6,418,128) 470,939 — (5,947,189) Net loss (6,750,033) 470,939 — (6,279,094) Net loss attributable to ordinary shareholders of NIO Inc. (6,891,061) 470,939 144,490 (6,275,632) Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (3.29) 0.21 0.07 (3.01) Net loss per ADS attributable to ordinary shareholders, basic and diluted (USD) (0.45) 0.03 0.01 (0.41)Three Months Ended December 31, 2024 GAAPResult Share-based compensation Accretion on redeemable non-controlling interests to redemption value AdjustedResult(Non-GAAP) RMB RMB RMB RMB Cost of sales (17,394,484) 19,641 — (17,374,843) Research and development expenses (3,635,826) 344,088 — (3,291,738) Selling, general and administrative expenses (4,877,995) 125,564 — (4,752,431) Total (25,908,305) 489,293 — (25,419,012) Loss from operations (6,032,935) 489,293 — (5,543,642) Net loss (7,111,471) 489,293 — (6,622,178) Net loss attributable to ordinary shareholders of NIO Inc. (7,131,769) 489,293 93,570 (6,548,906) Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (3.45) 0.23 0.05 (3.17)Three Months Ended March 31, 2024 GAAPResult Share-based compensation Accretion on redeemable non-controlling interests to redemption value AdjustedResult(Non-GAAP) RMB RMB RMB RMB Cost of sales (9,420,905) 9,753 — (9,411,152) Research and development expenses (2,864,216) 205,983 — (2,658,233) Selling, general and administrative expenses (2,996,798) 65,675 — (2,931,123) Total (15,281,919) 281,411 — (15,000,508) Loss from operations (5,394,073) 281,411 — (5,112,662) Net loss (5,184,577) 281,411 — (4,903,166) Net loss attributable to ordinary shareholders of NIO Inc. (5,257,918) 281,411 79,524 (4,896,983) Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (2.57) 0.14 0.04 (2.39) ____________________________ i All translations from RMB to USD for the first quarter of 2025 were made at the rate of RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025 in the H.10 statistical release of the Federal Reserve Vehicle margin is the margin of new vehicle sales, which is calculated based on revenues and cost of sales derived from new vehicle sales Except for gross margin and vehicle margin, where absolute changes instead of percentage changes are in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
