On June 3, Chinese EV maker NIO officially released its financial results for the first quarter of 2025. According to the report, NIO generated total revenue of 12.035 billion CNY in Q1, marking a year-on-year increase of 21%, though representing a quarter-on-quarter decline of 38.9%. Gross profit reached 920 million CNY, up 88.5% YoY, but down 60.2% QoQ. The gross margin stood at 7.6%, up 2.7 percentage points YoY but down 4.1 percentage points QoQ.
（Source: NIO Q1 2025 Financial Report）
NIO’s Q1 losses raise concerns. The report reveals a net loss of 6.75 billion CNY, up 30.2% from the same period last year, with a loss per share of 3.29 CNY. Even excluding share-based compensation, the adjusted net loss still reached 6.28 billion CNY, reflecting a 28.1% increase year-on-year. In addition, NIO’s shareholder equity fell into negative territory at -272 million CNY, signaling a critical juncture where continued operations may increasingly rely on external financing.
Nevertheless, NIO’s management expressed confidence in the company’s liquidity. CFO Qu Yu noted that NIO has already implemented several cost-control measures in Q1 and expects continued progress in operational efficiency in Q2. Management further stated that existing cash reserves are sufficient to support operations for the next 12 months.
In overseas markets, Autocar reported on June 3 that NIO has confirmed its entry-level EV model, the Firefly, will be launched in Europe, with sales in the UK expected to begin soon. The compact EV, which debuted in China this April, starts at approximately 12,500 GBP (roughly 122,000 CNY). May marked its first full month of sales, with 3,680 units sold, making it a key driver behind NIO’s 13.1% YoY sales growth that month. NIO President Qin Lihong stated that a right-hand-drive version for the UK market will be available before October.
NIO is aggressively expanding its footprint in Europe, with plans to enter 16 new overseas markets this year, seven of which are confirmed to be European countries—Austria, Belgium, Czech Republic, Hungary, Luxembourg, Poland, and Romania. However, the Firefly’s reception in these markets remains uncertain due to diverse consumer preferences and regulatory environments.
Founded in November 2014, NIO designs, develops, manufactures and sells smart electric vehicles, driving innovations in next-generation core technologies. NIO provides premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand.