On 1 November, NIO reported 40,397 vehicle deliveries in October 2025 via its website, marking its best month since launching in November 2014. The surge in deliveries has been largely driven by price reductions across its models, making them more attractive to consumers.
Model ONVO achieved over 19,000 deliveries in October alone. ONVO is an electric SUV that offers rapid charging and enables battery swaps in as little as 10 minutes at one of NIO’s dedicated swap stations.
As of 31 October, NIO’s cumulative deliveries stood at 913,182. Battery swaps have also been a key topic recently, with NIO officially completing its 90,000,000th swap on 26 October. It took only 100 days to move from 80,000,000 to 90,000,000 swaps, according to founder and CEO William Li. This figure is particularly impressive given that it took the company over three years to achieve its first 10 million battery swaps.
However, with rivals such as BYD, Tesla, and Li Auto all actively expanding their market share, NIO has adjusted its product mix by lowering the average purchase price across its models, according to Yahoo Finance. As a result, NIO reported a vehicle margin of 10.3% in Q2 2025, a notable decline from the 12.2% margin recorded in Q4 2024.
NIO continues to report a declining EPS quarter over quarter, though this trend may indicate a potential turnaround toward positive earnings in upcoming quarters. The vehicle margin remains a crucial metric to monitor, with investors hoping that the recent surge in deliveries driven by lower model prices will help margins recover toward the Q4 2024 level of 12.2%.
According to Investing.com’s SWOT analysis, investor sentiment will depend heavily on whether NIO can successfully balance volume growth with margin recovery. Any progress in stabilising costs and narrowing losses could strengthen the bullish narrative that has already lifted the stock this year. The company’s 52 week high currently stands at $8.02 per share, while the 52 week low sits at $3.02 per share. A strong earnings performance could see that upper bound tested or surpassed.
Beyond Q3, investors will be watching closely to see if NIO can continue surpassing previous monthly delivery records. Sustaining this growth while improving vehicle margins would be a strong indicator that the company is moving closer to profitability.
Another key factor to monitor is the launch of NIO’s new model, Firefly, which is targeted specifically at the European market. Firefly achieved 5,912 deliveries in August after its official launch announcement on June 17th via the Firefly website. Like the ONVO model, it focuses on affordability and aims for high sales volume to establish a foothold in Europe.
Ultimately, NIO’s ability to scale deliveries while increasing profit per unit will determine not only the success of Firefly but also the company’s broader trajectory toward sustained profitability.