NIO hosted its fourth-quarter 2024 and full-year earnings call on March 21, 2025, at 8:00 a.m. ET, discussing its financial and operational performance, future outlooks, and strategic initiatives.
The call, presided over by Rui Chen, head of investor relations, featured remarks from William Li, founder, chairman of the board, and CEO, and Stanley Qu, CFO. They highlighted that in Q4, NIO delivered 72,689 smart EVs, marking a quarterly record, with December seeing over 30,000 deliveries for the first time. For the year 2024, NIO’s total deliveries stood at 221,970 vehicles, reflecting a 38.7% year-over-year increase. The NIO brand secured a 40% market share in China’s BEV segment priced above 300,000 yuan, delivering 201,209 vehicles, while the ONVO brand delivered 20,761 vehicles in the mainstream market.
Due to seasonal factors and the Chinese New Year holiday, NIO’s deliveries in January and February reached 27,055, with an expected Q1 total of 41,000 to 43,000 units, indicating year-over-year growth of 36% to 43%. Financially, supply chain optimization efforts improved NIO’s vehicle margin to 14.9% in Q4, while the ONVO brand achieved a positive vehicle margin as production ramped up. Overall, NIO’s vehicle margin reached 13.1% in Q4, with an improved gross margin in other sales due to growth in technology service revenue and after-sales services.
NIO’s product strategy in 2025 includes launching nine new models across its three brands: NIO, ONVO, and Firefly. The company emphasized its commitment to smart driving technology, with AI-based safety enhancements and innovations supporting its progress toward comprehensive driving, parking, and safety assistance.
Globally, NIO operates 183 NIO Houses and 462 NIO Spaces, with ONVO having 449 stores in China, supporting a balanced sales network. Additionally, NIO runs 388 service centers and 64 delivery centers, focusing on improving efficiency for a superior user experience. NIO has installed 3,245 power swap stations worldwide and more than 25,000 power chargers, establishing battery swaps as a preferred recharging solution for long trips.
NIO continues to emphasize its corporate responsibility and sustainability efforts, with MSCI upgrading its ESG rating and it being ranked as the No. 1 car company in Corporate Knights’ list of 2025 Global 100 Most Sustainable Companies.
On the financial front, Stanley Qu reported that NIO’s total Q4 2024 revenues were 19.7 billion RMB, up 15.2% year-over-year. Vehicle sales accounted for 17.5 billion RMB of this, supported by higher deliveries. Other business segments also showed growth, led by increased sales of parts, accessories, and services.
The Q&A session addressed several concerns, including cost-reduction strategies, ONVO brand’s market position, gross margin outlook, and long-term plans for 2030. NIO aims to enhance vehicle margins through cost efficiencies and new models, targeting a breakeven by Q4 2025 while managing R&D and SG&A expenses strategically. The company also aspires to hit an annual volume of 2 million units with specified margin targets as a baseline for sustainability and competitiveness in the smart EV market.
