In the past two days, both NIO and Li Auto have sequentially disclosed their third-quarter financial results, revealing losses amounting to 3.4 billion yuan and 600 million yuan, respectively.

NIO Stands Firm on Its Fourth-Quarter Profitability Goal

On November 25, NIO published its financial report for the third quarter of 2025. The company's revenue for the quarter reached 21.79 billion yuan, marking a 16.7% year-on-year increase and a 14.7% quarter-on-quarter rise, setting a new record. The net loss stood at 3.481 billion yuan, a 31.2% decrease year-on-year, while the adjusted net loss was 2.735 billion yuan, down 38% year-on-year.

In terms of sales volume, NIO delivered a total of 87,071 units in the third quarter, representing a 40.8% year-on-year increase and a 20.8% quarter-on-quarter growth.

Regarding gross profit margin, the third quarter saw a 14.7% gross profit margin for complete vehicles and a 13.9% comprehensive gross profit margin, both hitting new highs.

NIO remains resolute and unwavering in its pursuit of profitability in the fourth quarter. William Li, the founder of NIO, emphasized during the 2025 third-quarter financial report conference call, "We are confident in achieving profitability in the fourth quarter. Currently, high-margin models on the market, such as the all-new NIO ES8, are receiving strong orders and have a substantial backlog. Although models at relatively lower price points have been impacted by the reduction in trade-in subsidies, the effect on our overall gross margin remains within the anticipated range."

Furthermore, Li also mentioned that the company aims for a gross profit margin of approximately 18% for complete vehicles in the fourth quarter. He specifically highlighted that the delivery volume of the all-new ES8 is expected to experience a significant surge in the fourth quarter, with its gross profit margin exceeding 20%, leading to a substantial increase in total gross profit compared to the third quarter.

Li Auto Reports a 600 Million Yuan Loss in the Third Quarter

On November 26, Li Auto released its third-quarter financial report, showing revenue of 27.4 billion yuan, a 36.2% decrease year-on-year and a 9.5% drop quarter-on-quarter. The net loss amounted to 624 million yuan, with an adjusted net loss of 359 million yuan.

A total of 93,211 vehicles were delivered in the third quarter, with the gross profit margin declining to 16.3% (excluding the impact of the MEGA recall, it would be 20.4%).

As of the end of the third quarter, Li Auto's cash reserves had reached 98.9 billion yuan.

For the fourth quarter, Li Auto anticipates delivering between 100,000 and 110,000 vehicles, with revenue projected to range from 26.5 to 29.2 billion yuan.