Particle.news
Download on the App Store
16 ARTICLES
·
2w ago

Nio Narrows Q2 Loss as Record August Deliveries Lift Outlook and Q4 Target Now Includes Firefly

Management now counts Firefly toward a 150,000-vehicle fourth-quarter goal.

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

Overview

  • Nio reported Q2 revenue of RMB19.0 billion, a net loss of RMB4.99 billion, 72,056 deliveries, a 10.0% gross margin, and a 10.3% vehicle margin as lower average selling prices weighed on mix.
  • The company guided Q3 deliveries to 87,000–91,000 units and indicated September could reach 34,678–38,678, following a record 31,305 vehicles in August.
  • Executives reiterated an aspiration to deliver roughly 50,000 vehicles per month in Q4 and confirmed the 150,000-unit target now includes Firefly.
  • Broker reactions were mixed as Mizuho, Macquarie, Tiger Securities and BofA raised targets on stronger volume momentum, while Bernstein questioned the Q4 breakeven goal given ASP and margin pressure.
  • CEO William Li cautioned that China’s easing purchase-tax incentives could pull demand into late 2025 and slow growth in early 2026, even as Nio pursues its first non-GAAP profitable quarter in Q4.