NIO misses Q3 topline estimates, gives Q4 outlook

NIO press release (NIO): Q3 Non-GAAP EPADS of -$0.15 beats by $0.07.
Revenue of $3.06B (+15.0% Y/Y) misses by $80M.
Vehicle deliveries were 87,071 in the third quarter of 2025, representing an increase of 40.8% from the third quarter of 2024, and an increase of 20.8% from the second quarter of 2025.
Gross margin was 13.9% in the third quarter of 2025, compared with 10.7% in the third quarter of 2024 and 10.0% in the second quarter of 2025.
For the fourth quarter of 2025, the Company expects:
- Deliveries of vehicles to be between 120,000 and 125,000 vehicles, representing an increase of approximately 65.1% to 72.0% from the same quarter of 2024.
- Total revenues to be between RMB32,758 million (US$4,602 million) and RMB34,039 million (US$4,781 million), representing an increase of approximately 66.3% to 72.8% from the same quarter of 2024.