Company profile
SEC EDGAR ↗- Industry
- Motor Vehicles & Passenger Car Bodies
- Listed
- NYSE: NIO
- Incorporated
- Cayman Islands
- Headquarters
- Shanghai
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $12.5B
- Net income
- −$2.14B
- Total assets
- $17.8B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $12.5B | −$2.14B | $17.8B |
| FY2024 | $9.01B | −$3.07B | $14.7B |
| FY2023 | $7.83B | −$2.92B | $16.5B |
| FY2022 | $7.14B | −$2.09B | $14.0B |
| FY2021 | $5.67B | −$630.3M | $13.0B |
| FY2020 | $2.49B | −$812.9M | $8.37B |
Reported fiscal years from SEC filings (20-F) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Infrastructure Bet · Business Model
NIO Sells You a Car Without the Battery. The Battery Is the Whole Business.
NIO knocks RMB 70,000 off the sticker price and rents you the battery for RMB 728 a month. It's a clever way to make EVs cheap to buy and sticky to own — but the swap network behind it lost RMB 3.12 billion in 2024, and only the densest urban markets — led by Shanghai — have stations clearing breakeven.
8 min
The Pricing Power Play · Business Model
NIO's Price-War Pledge Collapsed in Weeks — Its 3,172 Swap Stations Are What Hold It Up
NIO swore off the price war in April 2023. By June 12 it had cut RMB 30,000 across every model. Premium positioning didn't stop the bleeding—the 2024 net loss still widened to RMB 22.4 billion on record deliveries. The thing actually holding it up is bolted to the ground: 3,172 swap stations.
7 min
The Fall · Decision Forks
NIO Has Been 'About to Die' for Six Years. It Keeps Not Dying. Here's Why.
NIO burned through cash so fast it raised going-concern doubts about itself in 2020. Then Hefei wired RMB 7 billion. Then Abu Dhabi sent ~$3.3 billion more. The survival question was always real - and always answered by a government before the runway ran out.
8 min