NIO Inc (NYSE:NIO), a Chinese manufacturer of smart electric vehicles, saw its US-listed shares surge almost 10% after it reported its first-ever net profit in the fourth quarter of 2025, driven by record vehicle deliveries and improved margins.
The company, considered one of the top three emerging EV brands in China alongside XPeng and Li Auto, delivered 124,807 vehicles in the quarter, a 71.7% increase from the fourth quarter of 2024 and a 43.3% rise from the third quarter of 2025. December deliveries reached a record 48,135 units.
Full-year deliveries across NIO, ONVO, and Firefly brands totaled 326,028 units, up 46.9% from 2024.
Quarterly revenues reached RMB34.65 billion (US$4.95 billion), up 75.9% year-over-year. Vehicle sales contributed RMB31.61 billion (US$4.52 billion), up 80.9% from the same period in 2024.
Vehicle margins improved to 18.1% from 13.1% a year earlier, while gross margin rose to 17.5% from 11.7%.
The company posted a net profit of RMB282.7 million (US$40.4 million) for the fourth quarter. On a non-GAAP basis, excluding share-based compensation, adjusted net profit was RMB726.8 million (US$103.9 million).
Adjusted profit from operations was RMB1.25 billion (US$178.9 million), compared with a non-GAAP loss of RMB5.54 billion in the fourth quarter of 2024.
William Bin Li, NIO’s CEO, highlighted the strong performance of the company’s three brands.
“In the fourth quarter of 2025, the company delivered 124,807 smart electric vehicles, representing a year-over-year increase of 71.7%, with quarterly deliveries of our NIO, ONVO, and Firefly brands each reaching record highs,” he said.
Li also projected first-quarter 2026 deliveries between 80,000 and 83,000 units, up roughly 90% to 97% year-over-year.
