NIO Inc. reported that it delivered 36,275 vehicles in November 2025, a 76.3% year‑over‑year increase from 20,575 vehicles delivered in November 2024. The jump reflects a strong rebound in demand across the company’s multi‑brand lineup and underscores the effectiveness of its pricing and product mix strategy.
The November deliveries were distributed among the three brands that make up NIO’s portfolio: 18,393 units from the premium NIO brand, 11,794 from the family‑oriented ONVO brand, and 6,088 from the high‑end FIREFLY brand. Cumulative deliveries reached 949,457 units as of November 30, 2025, a milestone that brings the company closer to achieving the scale needed to spread fixed costs and improve battery‑swap network utilization.
NIO’s Q3 2025 earnings, released on November 25, provide context for the delivery surge. The company posted an adjusted loss of RMB 1.49 per ADS, beating consensus estimates of RMB 1.67 per ADS by 0.18 RMB, a 10.8% beat. Revenue for the quarter was RMB 21.79 billion (US$3.06 billion), missing analyst expectations of RMB 21.95 billion by 0.16 billion. Gross margin expanded to 13.9% from 10.7% in Q3 2024, driven by a higher mix of higher‑margin vehicles and disciplined cost control.
Looking ahead, NIO’s guidance for Q4 2025 was revised downward. The company now expects deliveries between 120,000 and 125,000 units, below the earlier target of 150,000 units and below consensus forecasts. Revenue guidance for the quarter was set at up to RMB 34.04 billion (US$4.78 billion), short of the prior estimate of RMB 34.7 billion. The guidance reflects management’s concern about pricing pressure and a slower demand recovery in the Chinese market, even as the company continues to invest in new models such as the ES8 and ONVO L90.
Management emphasized that the company is on the second step of its path to profitability, having turned gross profit positive and operating cash flow positive, but still working toward net profit positivity. CEO Li Bin noted that the multi‑brand strategy is delivering “comprehensive competitiveness” across niche markets, while CEO William Li highlighted ONVO’s role in expanding market reach. The company reiterated its focus on cost discipline, battery‑swap network expansion, and the launch of high‑margin models to accelerate profitability.
Investor reaction to the delivery announcement was tempered by the weaker Q4 guidance and recent analyst downgrades. While the strong November deliveries signal robust demand, the guidance miss and revenue shortfall in Q3 2025 have raised concerns about the company’s ability to achieve profitability in the near term. Analysts have adjusted their expectations, and the market has responded with caution, reflecting the trade‑off between short‑term growth and long‑term profitability goals.
Overall, the November delivery surge demonstrates that NIO’s multi‑brand strategy is resonating with consumers, but the company’s forward‑looking guidance indicates that it still faces headwinds in pricing and demand recovery. The company’s continued focus on cost control and high‑margin vehicle mix will be critical to achieving the profitability targets set for 2025 and beyond.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.