NIO achieves new quarterly peak as deliveries surge 41%
NIO Inc. reported 87,071 vehicle deliveries in the third quarter of 2025, marking a new quarterly record and a 40.8% year-over-year increase. The result falls within the company’s projected range of 87,000–91,000 vehicles.
The surge in deliveries is likely driven by the ONVO L90 model, whose shipments began on August 1, 2025. According to CNEVPOST, NIO delivered 20,000 ONVO L90 units within just two months of launch.
In September, deliveries reached 34,749 units, another monthly record and up 64.1% year-over-year. Among them were 13,728 vehicles under the NIO premium brand, 15,246 under ONVO (family brand), and 5,775 under the compact brand FIREFLY.
Year-to-date, NIO has delivered 201,221 vehicles, compared to 149,281 in the same period last year. As of September 30, 2025, the company’s cumulative deliveries reached 872,785 vehicles.
At the beginning of October, NIO’s share price hit a new all-time high of $7.78, but has since slipped 2.57% over the past five days to $7.59, reflecting a cooling in demand after a 146% six-month rally and 23% monthly gain. Analysts now consider the stock somewhat overvalued.
Accelerating growth demands stronger cost controls
According to Zacks Automotive–Foreign, NIO has outperformed the industry since the start of the year. The stock rose 76.6% YTD, compared to an industry gain of 3.8%. Despite this, its RSI of 64.26 suggests further upside potential remains.
NIO stock daily chart. Source: TradingView
To reassure investors about cost discipline amid expanding production and R&D, NIO announced new efficiency measures under its Cell Business Unit (CBU) framework.
The CBU system divides operations into distinct units, each with its own ROI targets, incentives, and performance-based penalties. Every unit tracks its own expenses, including both current and projected costs across various projects.
For SG&A and administrative costs, NIO also follows this model to improve efficiency. In Q2, with sales around 70,000 units, the SG&A-to-revenue ratio remained relatively high. However, as sales and revenue continue to grow, the company expects this ratio to decline to a more sustainable level in upcoming quarters.
As we wrote, Nio stock hits all-time high after flagship EV deliveries
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