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NIO Inc. reported in early January that it ended 2025 with record deliveries, shipping 48,135 vehicles in December, 124,807 in the fourth quarter, and 326,028 for the full year, bringing cumulative deliveries to 997,592 across its NIO, ONVO, and FIREFLY brands.
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An interesting angle for investors is how NIO’s multi-brand rollout and approaching one-millionth vehicle milestone underline its efforts to broaden its customer base while deepening its battery-swap infrastructure and overseas push.
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We’ll now examine how NIO’s record full-year deliveries and nearing one-millionth vehicle milestone could influence the company’s longer-term investment narrative.
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To own NIO today, you need to believe its growing delivery base and multi-brand strategy can eventually support a path toward sustainable profitability, despite ongoing losses and heavy spending. The latest record deliveries reinforce the near term catalyst around scale and operating leverage, but they do not remove the key risk that high R&D and SG&A could keep net margins under pressure.
The announcement that NIO plans to add more than 1,000 new battery swap stations in 2026 ties directly into that catalyst, as infrastructure density is central to its user proposition and potential services revenue. At the same time, this level of investment underscores why profitability remains elusive and why investors are watching whether recent delivery momentum translates into better vehicle margins at the next earnings update.
Yet behind the record deliveries and expansion plans, investors should be aware of…
Read the full narrative on NIO (it’s free!)
NIO’s narrative projects CN¥148.4 billion revenue and CN¥7.5 billion earnings by 2028.
Uncover how NIO’s forecasts yield a $6.75 fair value, a 31% upside to its current price.
Twenty three members of the Simply Wall St Community currently place NIO’s fair value between US$4.03 and US$18.27, reflecting very different expectations. When you weigh those views against NIO’s continued net losses despite record deliveries, it underlines why you may want to compare several distinct assessments of the company’s prospects.
Explore 23 other fair value estimates on NIO – why the stock might be worth 22% less than the current price!
Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.
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A great starting point for your NIO research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision.
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Our free NIO research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate NIO’s overall financial health at a glance.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include NIO.
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