NIO Inc. (NIO): Business Model Canvas [Dec-2025 Updated]

You're looking at NIO Inc. right now and seeing a company that's defintely not just selling cars; they are executing a complex, multi-brand technology ecosystem pivot that few legacy automakers would even attempt. As an analyst who's seen a few market shifts, I can tell you the strategy is laid bare in the numbers: they are pouring about RMB 2 billion per quarter into R&D to support innovations like Battery-as-a-Service (BaaS), which helps keep their Q3 2025 vehicle margin at 14.7%. If you want to understand the mechanics behind funding this aggressive expansion across premium, mass-market (ONVO), and future small EV segments, you need to see the full nine-block framework below.

NIO Inc. (NIO) - Canvas Business Model: Key Partnerships

NIO Inc. relies on several critical external relationships to execute its manufacturing, energy, and sales strategies.

JAC Motors for vehicle manufacturing and assembly in Hefei, China.

NIO Inc. previously partnered with Jianghuai Automobile Group Ltd., or JAC, for joint manufacturing of its vehicle models in the F1 and F2 Plants. The manufacturing cooperation agreement with JAC for the F2 Plant, covering models like the ET5, was set to expire in September 2025.

CATL for primary battery supply and technology collaboration.

In March 2025, NIO Inc. and Contemporary Amperex Technology Co., Ltd. ("CATL") signed a strategic partnership. CATL is advancing an investment capped at RMB 2.5 billion in NIO Power, which is also stated as $346 million. As of November 2025, NIO operated 3,562 battery swap stations, while CATL announced goals for its Choco-Swap ecosystem of 1,000 stations by the end of 2025.

Local distributors (e.g., Nic Christiansen Group, JAP Group) for global market entry.

NIO Inc. is shifting to a hybrid multi-channel approach for European expansion, relying on distribution partners in new markets starting in 2025. The company partnered with the Nic Christiansen Group in Denmark and the JAP Group in Portugal. Global deliveries reached 34,749 vehicles in September 2025, pushing cumulative global deliveries to 872,785 vehicles by the end of September 2025.

State Grid and China Southern Power Grid for charging infrastructure expansion.

NIO Inc. had an agreement with State Grid EV Service to build 100 stations across China by 2021. As of the end of September 2025, the total number of EV charging facilities in China surged to 18.06 million units. The combined rated power of public EV charging facilities was approximately 200 million kilowatts at the end of September 2025.

Mobileye/Intel for joint development of advanced driver-assistance systems (ADAS).

NIO Inc. has a strategic collaboration with Mobileye, an Intel company, focused on developing highly automated and autonomous vehicles (AV) for consumer markets. NIO will engineer and manufacture a self-driving system built on Mobileye's level-4 (L4) AV kit.

Key Partnership Metrics Snapshot (Late 2025 Context)

The scope of these external relationships includes specific operational targets:

• NIO Inc. expanding into five additional European countries between 2025 and 2026.
• CATL's goal for its Choco-Swap ecosystem to reach 1,000 swap stations by the end of 2025.
• The public EV charging facility rated power in China reached approximately 200 million kilowatts by the end of September 2025.
• The Mobileye collaboration targets L4 AV systems engineered for automotive qualification standards, quality, cost, and scale.

NIO Inc. (NIO) - Canvas Business Model: Key Activities

You're looking at the core engine room of NIO Inc. (NIO) operations as of late 2025. Forget the fluff; here's what they are actively doing, backed by the numbers we're seeing in their filings and updates.

R&D of smart electric vehicle platforms and autonomous driving technology

Research and Development is a major cost center, but it's where the future value is built. For the twelve months ending September 30, 2025, NIO's research and development expenses clocked in at $1.668B. The spending has been managed tighter recently; for instance, the second quarter of 2025 saw R&D expenses of RMB 3,007.0 million (US$419.8 million), which was a sequential decrease of 5.5% from the first quarter of 2025. Management is targeting continued efficiency, expecting R&D to remain about 2 billion RMB per quarter through 2026. This follows an earlier announcement to cut R&D expenses by 20% to 25% compared to the prior year as part of the push for break-even. The company is advancing its smart driving with proprietary chips and full-domain operating systems.

Expansion and operation of the Power Swap station network

The Power Swap network remains a defining operational activity. As of February 28, 2025, NIO had built 3,201 Power Swap Stations worldwide. This is a significant build-out, especially considering the 2021 plan aimed for over 4,000 stations globally by the end of 2025, with around 1,000 planned outside of China. The service is clearly being utilized heavily; during the Chinese New Year period (January 22 to February 5, 2025), daily swaps exceeded 100,000 on 12 days, with a record single-day total of 136,720 swaps. The operational goal from 2021 projected that by 2025, 90% of NIO users would live less than 3 km away from a battery swap station.

Manufacturing and assembly management via joint venture with JAC Motors

This activity is rapidly transitioning from a partnership to full independence. The joint venture, Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd., filed for deregistration in mid-2025, marking the formal end of the manufacturing partnership with Anhui Jianghuai Automobile Group (JAC Group). This shift was enabled because NIO secured its independent vehicle manufacturing qualification in December 2023. To facilitate this transition, NIO acquired the production equipment and assets of two JAC factories in Hefei for 3.16 billion yuan ($442 million) in late 2023. Before this transition, JAC had manufactured over 300,000 NIO vehicles by the end of 2023. New NIO models stopped displaying the JAC brand badge starting in April 2024.

Development of in-house chips and software systems for vertical integration

Vertical integration through proprietary hardware is a key focus, especially for cost control and differentiation. NIO is deploying its self-developed 5 nm process-based Shenji NX9031 autonomous driving chip, first seen in the ET9 sedan. The company has reportedly started licensing this chip technology externally to an automotive chip company. The switch to the NX9031 is estimated to save the company around 10,000 yuan ($1,390) per vehicle compared to relying on alternatives like Nvidia's Orin X. The chip unit, potentially operating as Anhui Shengji Technology, was registered with a capital base of RMB 10 million ($1.39 million). Furthermore, NIO's first self-developed chip is aimed at the intelligent cabin, utilizing Samsung's 7 nm process technology.

Global market expansion using a new distributor-based model

NIO Inc. is actively pursuing international growth, aiming to enter up to 25 countries and regions by the end of 2025. The strategy for this expansion leans on local integration, specifically by partnering with established distributors in markets such as Singapore, Uzbekistan, and Costa Rica. This distributor-based model helps bypass high logistical hurdles associated with direct-to-consumer sales. The multi-brand approach supports this; for example, the ONVO brand delivered 6,400 units in June 2025 alone. Total deliveries for November 2025 reached 36,275 vehicles, with the ONVO brand contributing 11,794 units.

Here's a quick look at the operational scale supporting these activities:

NIO Inc. (NIO) - Canvas Business Model: Key Resources

You're looking at the core assets that power NIO Inc.'s strategy right now, heading into the end of 2025. These aren't just line items on a balance sheet; they are the competitive moats and operational engines driving their multi-brand push. Here's the breakdown of what they own and control.

Proprietary Battery-as-a-Service (BaaS) and Power Swap Technology Patents

The Battery-as-a-Service (BaaS) and Power Swap network is arguably NIO Inc.'s most distinct physical and intellectual asset. This infrastructure is scaling rapidly to support the entire portfolio.

• As of mid-2025, NIO operated over 3,400 Power Swap Stations globally.
• This included more than 3,200 Stations within China and over 50+ in Europe.
• The network had completed 80 million total swaps by mid-2025.
• This translated to an average of 97,000 swaps per day.
• Overall, the company had filed for and obtained over 9,900 patents as of the end of June 2025, underpinning its technology stack.

Significant Cash Reserves

Liquidity remains a key resource, especially in a capital-intensive sector. The balance sheet strength going into Q4 2025 is critical for funding ongoing R&D and global expansion.

Here's the quick math on their cash position:

What this estimate hides is that while Q3 2025 saw positive operating cash flow, current liabilities exceeded current assets at the end of that period.

Multi-brand Portfolio

NIO Inc. has successfully segmented the market with three distinct brands, each targeting a different price point and consumer need. This diversification is a major resource for volume growth.

Consider the delivery breakdown from a recent month to see the scale:

The product lineup reflects this strategy:

• NIO brand: Offers nine premium smart electric vehicle models as of July 31, 2025.
• ONVO brand: Offers two smart electric vehicle models as of July 31, 2025.
• FIREFLY brand: Offers one small, smart, high-end electric vehicle model as of July 31, 2025.

In-house R&D Team Driving Chip Design and Autonomous Driving Software

Vertical integration into core technology is a significant resource for long-term competitiveness. NIO Inc. is deploying its own silicon.

• NIO Inc.'s first in-house System on Chip (SoC), the Shenji NX9031, offers approximately 500 TOPS of compute.
• This chip was deployed in the ET9 model starting in March 2025.
• The company is actively preparing for the launch of iterative versions of its World Model 2.0 software from late 2025 through early 2026.
• Research and development expenses for Q3 2025 totaled RMB 2,390.6 million (US$335.8 million).

The NIO House and NIO App User Community Ecosystem

The physical and digital footprint creates high switching costs and brand loyalty. The community is deeply integrated into the ownership experience.

• As of April 30, 2025, NIO had built 187 NIO Houses globally.
• By February 28, 2025, the total number of power swaps offered to users had exceeded 67 million.
• The network also connected to over 2,630,000+ third-party chargers by that same date.

NIO Inc. (NIO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose NIO Inc. (NIO) over the competition, especially as the company scales its multi-brand approach and power network. Here's the breakdown of the value NIO delivers, grounded in the latest numbers we have through Q3 2025.

Battery-as-a-Service (BaaS) for lower purchase price and battery upgrade flexibility

The Battery-as-a-Service (BaaS) model is a major differentiator, fundamentally changing the upfront cost equation for buyers. By separating the battery from the vehicle purchase, NIO effectively reduces the initial financial hurdle. For instance, the BaaS plan slashed the upfront cost of the flagship third-generation ES8 SUV by 25%, moving the price from 416,800 yuan down to 308,800 yuan in Q2 2025. This flexibility extends to battery upgrades; you aren't locked into one battery's lifecycle or degradation curve. You can swap for a different capacity battery when your needs change, which is a key benefit over outright ownership, even if the cumulative subscription cost over many years might exceed the purchase price.

Fast, convenient battery swapping in under five minutes

The speed and convenience of the power swap network directly address range and charging anxiety. As of February 28, 2025, NIO operated 3,201 Power Swap Stations (PSS) worldwide, with 970 of those strategically placed on expressways in China. The system has facilitated over 67 million power swaps in total. During the Chinese New Year period, daily swaps even surpassed 130,000 in China. To put the utilization into perspective, in Shanghai alone, stations were providing over 9,000 services daily in February 2025. Analysts suggest a station can approach profitability when serving between 60 to 70 times per day. The company's stated goal for the end of 2025 was to reach over 4,000 stations globally.

Premium, user-centric community and service ecosystem (NIO Houses, App)

NIO cultivates a strong sense of belonging through its physical and digital touchpoints. This community aspect is a core part of the premium experience. As of February 28, 2025, NIO had established 181 NIO Houses globally. The ecosystem is supported by high usage; for example, the total number of power swaps provided to users exceeded 67 million in total as of early 2025. This network supports a massive user base that sees battery swapping as their preferred recharging method on expressways, accounting for 83.2% of power replenished there in February 2025.

High-performance smart EVs with advanced autonomous driving features

The vehicles themselves offer high-end performance coupled with smart technology integration. The company's Q3 2025 deliveries totaled 87,071 vehicles, a 40.8% year-over-year increase, showing strong market resonance across its brands. The vehicle gross margin improved to 14.7% in Q3 2025, up from 13.1% in Q3 2024, reflecting better product profitability. Furthermore, NIO is actively developing autonomous capabilities, evidenced by partnerships to deploy L4 autonomous logistics vehicles for parcel delivery in a specific city. The launch of the All-New ES8, a flagship premium SUV, is intended to set a new benchmark in its segment.

Multi-brand strategy offering price points from RMB 100,000 to over RMB 400,000

NIO Inc. uses a three-tiered brand structure-NIO, ONVO, and FIREFLY-to capture a wide spectrum of the electric vehicle market. This strategy has formed a complete product matrix covering a price range from RMB 100,000 to RMB 800,000. The shift towards lower-priced models is evident in the Q3 2025 delivery mix, where the ONVO brand delivered approximately 37,656 units and the FIREFLY brand delivered about 12,487 units, compared to the core NIO brand's 36,928 units. This diversification, however, has led to a drop in the overall Average Selling Price (ASP) for the company, which fell to 220,500 yuan in Q3 2025.

Here is a summary of the brand delivery contribution and associated pricing context for Q3 2025:

For you, the key takeaway is that the value proposition is a bundle: lower entry cost via BaaS, rapid energy replenishment via the PSS network, and a brand for every pocket, though the latter is compressing the average selling price. Finance: draft 13-week cash view by Friday.

NIO Inc. (NIO) - Canvas Business Model: Customer Relationships

You're trying to understand how NIO Inc. keeps its owners so engaged, which is key when you're selling premium EVs and relying on recurring revenue. Honestly, their approach is less about transactional sales and more about building a lifestyle ecosystem around the car. Here's the breakdown of their customer relationship strategy as of late 2025.

Dedicated, high-touch community building through NIO Houses and events

The NIO House network is the physical manifestation of their community focus. These aren't just showrooms; they are hubs for owners. As of February 28, 2025, NIO had established 181 NIO Houses globally. This physical presence supports the massive installed base, which reached a cumulative total of 949,457 vehicles delivered as of November 30, 2025. The power network is integral to this relationship, offering convenience that drives loyalty. NIO had offered over 67 million power swaps to users in total since its start. During the 2025 Chinese New Year alone, users completed 1,716,746 power swaps, with daily swaps exceeding 100,000 for 12 days.

The scale of the community and infrastructure is best seen here:

Digital, direct-to-user sales model in core markets like China

NIO Inc. maintains a direct sales approach, bypassing traditional dealer networks, which gives them full control over the customer journey and data. This model is clearly scaling, evidenced by the November 2025 delivery figures across their brands. In November 2025, total deliveries hit 36,275 vehicles. The core NIO premium brand delivered 18,393 units, while the newer ONVO brand delivered 11,794 units. The success of new models shows the direct channel is effective; for instance, the Onvo L90 sold 40,000 units in China within four months of its July 2025 launch. The flagship ES8 model sold out its entire 2025 production capacity, with new orders extending into March 2026.

The direct sales volume is supported by the multi-brand strategy:

• NIO brand November 2025 deliveries: 18,393 units.
• ONVO brand November 2025 deliveries: 11,794 units.
• FIREFLY brand November 2025 deliveries: 6,088 units.

Subscription-based services for BaaS and autonomous driving software

The Battery as a Service (BaaS) subscription is a core relationship driver, lowering the upfront cost and locking customers into the swap ecosystem. The pricing structure for BaaS in Europe, as of late 2025, varies by battery size. You'd pay a recurring monthly fee, not the outright purchase price, which might be around €9,000 for the 75 kWh pack or €12,000 for the 100 kWh pack.

Here are the stated monthly subscription costs in Europe:

Also, NIO Inc. continues to position NIO Assisted and Intelligent Driving and its related subscription services as critical to its future revenue streams.

Personalized after-sales service and comprehensive power solutions

The power solutions are a direct service component that binds the customer. Beyond the swap network, revenues from parts, accessories, and after-sales vehicle services increased in Q2 2025 due to user growth. This service focus is critical, though the industry faces pressure; China's 2025 NEV-CACSI showed after-sales satisfaction fell to 79. Still, the company is seeing operational improvements reflected in margins. Vehicle margins improved to 14.7% in the third quarter of 2025, up from 13.1% in the third quarter of 2024. The company expects its new models to help achieve an overall vehicle margin of 20%.

Key after-sales and service indicators:

• Q3 2025 Vehicle Margin: 14.7%.
• Projected Overall Vehicle Margin: 20%.
• After-Sales Satisfaction Score (China 2025 NEV-CACSI): 79.

Finance: draft 13-week cash view by Friday.

NIO Inc. (NIO) - Canvas Business Model: Channels

You need to see the physical and digital touchpoints NIO Inc. (NIO) uses to reach and service its customers as of late 2025. This company relies heavily on a direct-to-consumer model augmented by a unique energy service infrastructure.

Direct-sales NIO Houses and NIO Spaces in major cities form the core of the physical customer interaction. These locations serve as brand experience centers, community hubs, and initial sales points, complementing the online sales process. The service network supporting these sales and ownership experiences is quite extensive by the third quarter of 2025.

The energy service delivery is a critical channel differentiator, primarily through the Battery Swap Stations (PSS) and proprietary charging infrastructure. This physical network supports the Battery-as-a-Service (BaaS) value proposition directly at the point of energy replenishment.

The scale of the NIO Power network as of the third quarter of 2025, with the latest cumulative swap data from October 2025, shows significant operational depth.

The NIO App and website are the primary digital channels for vehicle configuration, order placement, and community interaction. This digital ecosystem is vital for maintaining the high level of user engagement NIO Inc. (NIO) targets. The user acquisition funnel shows continued digital interest, with an estimate of 3,333 daily mobile app downloads in 2025.

For new international markets, NIO Inc. (NIO) is increasingly using third-party local distributors to manage market entry, supplementing its established direct-to-consumer approach in core regions like Norway. This hybrid channel strategy is key for rapid expansion across Central Asia and new European territories.

• Planned 2025/2026 European Distributor Markets: Austria, Belgium, Czech Republic, Hungary, Luxembourg, Poland, Romania, Portugal, Greece, Cyprus, Bulgaria, and Denmark.
• Central Asia Distributor: Abu Sahiy Motors in Azerbaijan (deliveries started Q2 2025).
• Other New Market Entries Planned: Singapore and Uzbekistan in 2025/2026.

Service centers and authorized repair shops provide the necessary after-sales support. As of the third quarter of 2025, the network included 405 dedicated service centers, ensuring maintenance and repair access for the growing fleet.

NIO Inc. (NIO) - Canvas Business Model: Customer Segments

You're looking at the customer segmentation strategy for NIO Inc. (NIO) as of late 2025, which is now clearly defined by its three distinct vehicle brands. This multi-brand approach is designed to capture market share across the spectrum, moving beyond the initial premium-only focus. Here's the quick math on how the volume is currently distributed, based on the third quarter of 2025 performance.

The customer segments are clearly delineated by the brand they purchase, which directly influences the value proposition and, critically, the expected Average Selling Price (ASP) for NIO Inc. (NIO).

Premium Chinese EV Buyers (NIO Brand)

This segment remains the core of the brand, targeting affluent consumers in China's tier-one and tier-two cities who prioritize innovation, premium features, and the unique community experience, including Battery-as-a-Service (BaaS) adoption. These buyers are often early adopters willing to pay a premium for the full ecosystem. The flagship NIO brand is still driving significant volume, though its percentage contribution is shifting as the other brands scale up.

• The NIO brand delivered 36,928 vehicles in the third quarter of 2025.
• In November 2025 alone, the NIO brand accounted for 18,393 deliveries.
• The high-end segment is anchored by models like the ET9, which had a projected monthly sales target around 1,000 units, priced at 788,000 yuan (approximately $107,963).

Mass-Market, Family-Oriented EV Buyers (ONVO Brand)

The ONVO brand targets the mass-market, family-oriented buyer, which is proving to be a significant volume driver. While the exact target range of RMB 200,000-300,000 isn't explicitly stated in the latest reports, the brand's positioning as family-oriented and its high delivery volume suggest it is successfully capturing the mainstream segment just below the premium tier. The launch of the ONVO L90 three-row SUV in late July 2025 has been a major catalyst for this segment.

• ONVO was the highest-volume brand in Q3 2025, delivering 37,656 vehicles.
• The brand's success is evident, with its Q3 volume slightly outpacing the core NIO brand volume of 36,928 units.
• The ONVO L90 saw strong initial reception, with unverified reports suggesting 58,599 locked-in orders nationwide by mid-August 2025.

Urban, Budget-Conscious Buyers (FIREFLY Brand)

FIREFLY is positioned as the small, high-end EV competitor, aiming for urban, budget-conscious buyers who still demand quality and technology, likely including BaaS compatibility. This brand is crucial for achieving scale and, eventually, profitability. The pricing strategy is aggressive to capture market share against established compact EV players.

• FIREFLY delivered 12,487 vehicles in the third quarter of 2025.
• The brand's first model launched with a starting price in China of RMB 119,800 (approximately $16,410) including the battery pack.
• Management hopes FIREFLY will account for 10 percent of the company's total sales in the long run.

To give you a clear picture of the current sales mix across these customer segments as of the last reported quarter, look at this breakdown:

Global EV Consumers in Europe and Asia

NIO Inc. (NIO) is actively diversifying its customer base beyond China through an accelerating international strategy, shifting to a hybrid multi-channel approach that relies on distribution partners in newer markets. This targets early adopters of premium EVs in established European markets and expands reach in new territories via local expertise. The company's goal was to serve users in more than 25 countries and regions by the end of 2025.

• The European sales share is projected to increase to 25 percent in 2025.
• Existing European markets include Norway, Germany, the Netherlands, Sweden, and Denmark.
• New expansion planned for 2025-2026 includes Portugal, Greece, Cyprus, and Bulgaria, often utilizing national general distributor models with partners like the JAP Group and Motodynamics Group.
• The global strategy includes the Middle East and North Africa (MENA) region, with the UAE as the initial market.

If onboarding takes 14+ days, churn risk rises, especially in competitive European markets where delivery speed matters to early adopters. Finance: draft 13-week cash view by Friday.

NIO Inc. (NIO) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving NIO Inc.'s operations as of late 2025. The cost structure is heavily influenced by technology investment and the ongoing build-out of its unique energy network, alongside the direct costs of vehicle production.

Research and Development (R&D) Expenditure remains a significant fixed cost, reflecting the commitment to maintaining technological leadership. For the third quarter of 2025, GAAP R&D expenses were reported at RMB 2.3906 billion (US$335.8 million). Management has signaled a sustained run-rate, expecting non-GAAP R&D expenses to remain flat at approximately RMB 2 billion per quarter through 2026, focusing on efficiency improvements rather than outright cuts.

The Cost of Goods Sold (COGS) is dominated by battery and material costs, though aggressive cost reduction efforts are showing results. This is evidenced by the improvement in vehicle profitability, with the Q3 2025 vehicle margin reaching 14.7%. The total Cost of Sales for Q3 2025 was RMB 18,769.3 million (US$2,636.5 million).

A major area of capital deployment is the Power Swap Station Network and Charging Infrastructure. While specific 2025 CapEx figures aren't explicitly stated as a single number, the scale of the network shows the ongoing investment commitment. As of late 2025, NIO operated 3,606 battery swap stations across China, including 1,003 along highways, alongside 4,830 charging stations providing 27,536 charging piles. The company previously committed to having over 4,000 total swap stations worldwide by the end of 2025.

Sales, General, and Administrative (SG&A) Expenses are being actively managed to support the path to profitability. The long-term target for non-GAAP SG&A expenses is to stabilize at approximately 10% of sales revenue. However, for the near term, including Q4 2025, the ratio is expected to be closer to 12% of revenue. The absolute spend for Q3 2025 was RMB 4.18 billion (US$587.8 million), which aligns with the implied quarterly spend of around RMB 4 billion mentioned for the Q4 guidance period.

Regarding Manufacturing and Assembly Costs, the structure has been evolving. Historically, costs were paid to the joint venture partner, JAC Motors. The last reported full-year payment under that structure was in 2022, totaling RMB 1.13 billion. NIO has since acquired the primary manufacturing facilities, aiming to cut manufacturing costs by an expected 10% by bringing production fully in-house.

Here's a quick look at the key operating expense and margin data from Q3 2025:

The ongoing capital commitment to the Power Swap infrastructure is substantial, as shown by the network size:

• Total Battery Swap Stations (China, late 2025 estimate): Over 3,600
• Swap Stations planned outside China (Year-end 2025 target): 1,000
• Total Charging Stations (China, late 2025 estimate): 4,830
• Total Charging Piles (China, late 2025 estimate): 27,536

You see the shift in cost focus; less on the variable manufacturing fee to JAC and more on fixed R&D and network expansion, which should lead to better margin leverage as volume scales, which they are seeing with that 14.7% vehicle margin. Finance: review Q4 OpEx forecast against the RMB 4 billion SG&A estimate by next Tuesday.

NIO Inc. (NIO) - Canvas Business Model: Revenue Streams

You're looking at how NIO Inc. actually brings in the cash, which is key to understanding its path to profitability. The revenue mix is shifting as they scale up deliveries and push their service ecosystem.

The biggest chunk, by far, comes from moving metal. Vehicle Sales contributed RMB 19.20 billion (US$2.69 billion) in Q3 2025. That number shows the core business is gaining traction, especially with the expanded brand portfolio now including ONVO and FIREFLY.

Next up, you have the recurring revenue component: BaaS subscription fees from customers who lease the battery. While this stream is designed to provide more predictable income, the specific financial contribution for Q3 2025 wasn't broken out separately from the total 'Other Sales' in the readily available reports, but it's a critical part of the long-term financial health story.

The 'Other Sales' category is where the ecosystem services live. For Q3 2025, this segment brought in RMB 2,591.6 million (US$364.0 million). That figure represents a 31.2% increase over Q3 2024, which is defintely a positive sign of user base monetization.

Here's a quick look at the major revenue drivers for Q3 2025 based on the reported figures:

The growth in 'Other Sales' is driven by several activities that build out the user experience. You should track these components closely:

• Sales of used cars.
• Technical research and development services.
• Sales of parts, accessories, and after-sales vehicle services.

Finally, NIO Inc. is exploring Licensing of technology, such as battery swap technology and in-house chips, to external partners. This is a strategic move to monetize their intellectual property beyond their own vehicle sales, though specific revenue figures from licensing for Q3 2025 weren't itemized in the top-line reports we have access to right now. Finance: draft 13-week cash view by Friday.