The company posted total revenues of RMB19,703.4 million for Q4 2024, reflecting a 15.2% increase year-over-year and a 5.5% rise from the previous quarter. Vehicle sales contributed RMB17,475.6 million, up 13.2% from Q4 2023 and 4.7% from the third quarter (Q3) of 2024. This growth was primarily driven by higher deliveries, although a shift in product mix led to a lower average selling price.
NIO delivered 72,689 vehicles in Q4 2024, comprising 52,760 units under its premium NIO brand and 19,929 units under its family-oriented ONVO brand. This marked a 45.2% surge from the same period in 2023 and a 17.5% rise from Q3 2024.
The company's gross profit reached RMB2,308.9 million in Q4 2024, an 80.5% spike year-over-year and a 15% increase from the previous quarter. Gross margin improved to 11.7% in the quarter, up from 7.5% in Q4 2023 and 10.7% in Q3 2024, driven by higher vehicle margins, increased revenue from technical R&D services, aftermarket sales, and a reduction in losses from power solutions.
Vehicle margin stood at 13.1% in Q4 2024, up from 11.9% in Q4 2023, largely due to lower material costs per unit. However, it remained unchanged compared to Q3 2024.
Despite revenue and margin improvements, NIO reported a widening net loss of RMB7,111.5 million for Q4 2024, up 32.5% from a year earlier and 40.6% from the previous quarter. Excluding share-based compensation expenses, the adjusted net loss (non-GAAP) came in at RMB6,622.2 million in the quarter, marking a 37.9% jump year-over-year and a 50.1% hike quarter-over-quarter.
NIO Inc. reported total revenues of RMB65,731.6 million for 2024, marking an 18.2% increase from the previous year. Vehicle sales accounted for RMB58,234.1 million, reflecting the same year-over-year growth rate. The company delivered 221,970 vehicles throughout the year, a 38.7% jump from 2023.
Gross profit more than doubled to RMB6,492.8 million in 2024, up 112.8% from the prior year. Meanwhile, gross margin improved significantly to 9.9%, compared to 5.5% in 2023, while vehicle margin rose to 12.3% from 9.5% the year before.
As of December 31, 2024, NIO held RMB41.9 billion in cash, restricted cash, short-term investments, and long-term time deposits, bolstering its financial position.
Looking ahead, NIO projects vehicle deliveries of 41,000 to 43,000 units in the first quarter of 2025, representing a year-on-year increase of 36.4% to 43.1%. The company also forecasts total revenues between RMB12,367 million and RMB12,859 million, reflecting year-over-year growth of 24.8% to 29.8%.
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