NIO Inc. delivered 48,135 vehicles in December 2025, a 54.6% year‑over‑year increase that set a new monthly high for the company. The December run contributed to a fourth‑quarter total of 124,807 vehicles, up 71.7% from the same period in 2024, and helped lift the full‑year 2025 deliveries to 326,028 units, a 46.9% jump over 2024.
The December haul was driven by the third‑generation ES8, which accounted for 31,897 deliveries, followed by 9,154 units of the ONVO brand and 7,084 FIREFLY vehicles. The ES8’s strong demand—evidenced by a six‑month waiting list—has become the flagship driver of NIO’s premium segment, while ONVO’s growth slowed relative to the previous year.
NIO’s production capacity has expanded across its Hefei JAC‑NIO base, NeoPark, and the new F3 factory, yet the company remains near full utilization. The surge in ES8 orders has strained the supply chain, particularly battery availability, creating a bottleneck that could temper future delivery growth if not addressed. Management has emphasized continued ramp‑up of production lines to meet the sustained demand.
Financially, NIO’s vehicle gross margin improved to 14.7% in Q3 2025 from 13.1% in Q4 2024, reflecting better mix and cost control. Despite ongoing net losses, the company’s guidance for the next quarter remains within the 120,000‑125,000 unit range, indicating confidence in meeting demand while managing cost pressures. The cumulative deliveries of 997,592 vehicles as of December 31, 2025, bring the company close to the one‑million‑unit milestone, a key benchmark for market leadership.
Management highlighted the ES8’s performance as a “key driver” for the brand’s success and reiterated focus on scaling production capacity and battery supply. The company’s multi‑brand strategy—NIO, ONVO, and FIREFLY—continues to capture diverse market segments, positioning NIO for sustained growth in China’s competitive EV landscape.
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