NIO Inc. (NYSE: NIO) is scheduled to release its third‐quarter 2025 earnings on Tuesday, November 25, 2025, before the U.S. market opens. With the Chinese EV sector under pressure and competition intensifying, this earnings event is shaping up as a critical one. Below we detail what analysts expect, the latest delivery numbers, margin concerns, and what to watch for if you’re following NIO’s stock.
Delivery Momentum: A Strong Position
- NIO delivered 87,071 vehicles in Q3 2025, up approx. 40.8% year-over-year.
- In October 2025, NIO reported a record 40,397 monthly deliveries, up ~92.6% year-over-year.
- These numbers indicate NIO is achieving growth in volume — a key positive leading into the earnings report.
Analyst Forecasts & Market Expectations
- Analysts expect NIO to post an EPS (loss per share) around -$0.23 for the quarter, as per Stocktwits.
- Revenue estimates cluster around $3.12 billion, up from the prior period, as per TradingView.
- Key metrics to watch:
- Gross vehicle margin: Are improvements showing?
- Average selling price (ASP): With more volume, is ASP under pressure?
- Guidance: Does NIO provide forward guidance for Q4 or early 2026?
- Cost structure: Battery swapping infrastructure and operational expenses remain high.
Why This Report Matters
- Despite growing deliveries, profitability remains elusive in China’s crowded EV market. NIO must show that volume growth can translate into better margins and pave the way toward sustainable operations.
- With competition heating up (domestic Chinese manufacturers, imported EVs) the market may penalize NIO if it signals softness in pricing or demand.
- Given NIO’s share has been under pressure, investors will interpret this earnings release not just on the numbers, but on narrative and path forward.
What Investors Should Watch
| Metric | Why It Matters |
|---|---|
| Delivery growth (YoY) | Validates demand strength and model rollout effectiveness. |
| Vehicle margin | Indicates operational leverage and path toward profit. |
| ASP trends | Volume is good, but falling ASP can hurt profitability. |
| Guidance / outlook | Future prospects matter more than just past performance. |
| Infrastructure & cost | Battery-swap & charging network costs impact margins. |
| China macro & policy | Incentives, subsidies & regulation may impact competitiveness. |
Risks to Keep in Mind
- Even though delivery growth is strong, NIO still expects a net loss this quarter. If the loss is wider than expected, the stock could react negatively.
- ASP pressure: To hit volume targets, NIO may cut prices which could reduce margin.
- Supply-chain & logistics: EV makers face raw-material cost inflation, battery supply constraints — NIO is not immune.
- Guidance risk: If NIO does not provide convincing improvement in Q4 or 2026, investor confidence may erode.
Final Take
NIO enters the Nov 25 earnings release with a good story on deliveries, but the hard work lies ahead in turning that growth into profitability. For investors and watchers, this report is less about whether NIO is growing (it is) and more about whether its business model is scaling healthily.
In short: yes — the delivery momentum is there. But the questions around margin, pricing, cost control and future guidance remain the key battlegrounds. If NIO can check multiple boxes, the earnings could mark a positive inflection. If not, the challenges remain significant.
Read more: Is Lucid Motors Turning Around? 2025 Deliveries, Cash Burn & What Investors Should Watch
