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yesterday

Nio Narrows Q2 Loss, Raises Q3 Deliveries Outlook, Now Counts Firefly in Q4 Target

Lower-priced sub-brands are lifting volume at the cost of vehicle margins during the push to turn profitable in late 2025.

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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 delivered 72,056 vehicles in Q2 2025 with revenue of RMB 19.01 billion and a net loss narrowed to RMB 4.99 billion, and it ended June with RMB 27.2 billion in liquid assets.
  • Gross margin improved to 10.0% while vehicle margin slipped to 10.3% as Onvo and Firefly increased lower-priced sales.
  • The company guided Q3 deliveries to 87,000–91,000 and revenue to RMB 21.8–22.9 billion after record July and August volumes and an expected 34,678–38,678 deliveries in September.
  • On the earnings call, CEO William Li said the Q4 goal of 150,000 deliveries now spans Nio, Onvo and Firefly with a 50,000-per-month run rate target and a supply chain push that includes Onvo L90 capacity of 15,000 per month in October.
  • Management said Firefly production is set to peak near 6,000 per month in Q4 and ruled out launching a second Firefly model in 2026.