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NIO (NYSE:NIO) reported vehicle deliveries rose 40.1% to 42,094 units in Q1, with the ONVO brand contributing 35% of total deliveries.
Total revenue increased 21.5% year-over-year to RMB12.03 billion (US$1.66 billion), and vehicle margin improved to 10.2%. However, NIO’s (NYSE:NIO) net loss widened 30.2% to RMB6.75 billion (US$930.2 million), and its operating loss rose 19% to RMB6.42 billion. Gross margin was 7.6% of sales in the quarter, compared with 4.9% in the first quarter of 2024 and 11.7% a year ago. Of note, deliveries and revenue fell sharply on a quarter-over-quarter comparison.
NIO (NYSE:NIO) launched new models during the quarter, including the Firefly, which it plans to gradually expand availability to global markets in the near future. Management highlighted that the electric vehicle maker is implementing cost controls and restructuring to address mounting losses and improve efficiency.
CEO William Bin Li’s statement noted that 2025 is a pivotal year for NIO’s (NIO) product launch and technological innovation.
“On the technology front, we are advancing the smart EV experience and safety standards with our proprietary smart driving chips, full-domain operating system and intelligent chassis. Since late May, the first version of NIO World Model has been gradually rolled out to vehicles based on Banyan platform, bringing significant upgrades in safety, and driving and parking assistance. NIO World Model will provide users with a safer and more effortless intelligent driving experience across various scenarios.”
Shares of NIO (NIO) were down 1.5% in premarket trading on Tuesday.