Nio delivered 300,301 vehicles through September, up 49.2% year over year, across its Nio, Onvo, and Firefly brands. Vehicle gross margin reached 18.5% in the second quarter, up 8.2 percentage points from 10.3% a year earlier, even as the company expanded into more affordable EVs. Management attributed the improvement to a more favorable product mix and cost optimization. Other sales gross margin swung from negative 29% in 2022 to positive 6.6% in 2025, helped by the growing battery-swap network, though vehicle gross margin slipped from 18.8% in the first quarter to 18.5% in the second. Management believes Nio will be net profitable next year, but the article notes the latest results do not yet settle that question.
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