NIO Achieves Quarterly Profitability for the First Time

[Financial Milestone] NIO reported its first-ever quarterly profit in Q4 2025, with an operating profit of RMB 1.25 billion.

Core Developments: High-Margin Models Drive Profit Realization

The all-new ES8 delivered 22,256 units in a single month, accounting for nearly 70% of the brand’s total sales, with a gross margin of 20%. The Onvo L90 surpassed 10,000 units in sales within 29 days of launch and delivered 43,439 units in five months.

Key Metrics: Scale and Efficiency Both Improve

Q4 deliveries reached 124,807 units (up 71.7% year-over-year), revenue totaled RMB 34.65 billion (up 75.9% year-over-year), and vehicle gross margin stood at 18.1%. Full-year deliveries hit 326,028 units, and net loss narrowed by 33.3% to RMB 14.943 billion.

Strategic Foundation: Li Bin’s “Profitability Triangle” Conditions Met

Monthly sales exceeding 50,000 units, vehicle gross margin stabilizing in the 16–17% range, and optimized expense ratios have propelled the company into the third phase of “high-quality growth.”