Nio's Sales Surged 49%, but There's an Even Better Number Investors Should Know

Chinese EV maker Nio delivered over 300,000 vehicles through September, representing a 49.2% year-over-year increase. More importantly, the company improved its vehicle gross margin to 18.5% in Q2 from 10.3% in the prior year, despite expanding into lower-priced vehicle segments and operating in a brutally competitive Chinese EV market. Additionally, Nio's 'other sales' gross margins turned positive at 6.6% in 2025, driven by improved profitability of its battery-swap network.