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Nio Lifts Q3 Delivery Guidance and Expands Q4 Goal to All Brands After Record August

Lower-priced sub-brands lifted volume at the expense of margins.

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The cockpit of an Xpeng X9 minivan during the Auto Shanghai show on April 23, 2025. Photo: Reuters
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Overview

  • Nio reported Q2 revenue of RMB19.0 billion and a net loss of RMB4.99 billion, with gross margin at 10.0% and vehicle margin at 10.3% as lower average selling prices offset cost reductions.
  • The company guided Q3 deliveries to 87,000–91,000 and revenue to RMB21.8–22.9 billion; after a record 31,305 vehicles in August, it expects 34,678–38,678 deliveries in September.
  • CEO William Li said the Q4 delivery target of 150,000 now includes Nio, Onvo and Firefly, and he outlined supply-chain ramps such as the Onvo L90 targeting 15,000 units per month in October.
  • Management said Firefly capacity is set to peak near 6,000 units per month in Q4 and indicated no new Firefly model is planned for 2026.
  • Analysts raised views following the results and guidance: Mizuho upgraded to Outperform with a $6 target, Tiger Securities lifted its target to $8, Macquarie to HK$53, and BofA to $7.10 with higher sales and margin estimates.