Nio Revenue Breakdown and Vehicle Margin

Electric cars. Pixabay Image.

This articke presents Nio’s revenue breakdown by category, consisting of

• vehicle sales,
• parts, accessories and after-sales vehicle services,
• provision of power solutions
• others.

In addition to revenue, we also delve into Nio’s vehicle margin.

For your information, Nio, Inc. is a Chinese startup that designs and develops what the company calls premium smart electric vehicles. The company differentiates itself from other EV startups through technological breakthroughs and innovation which include its industry-leading battery swapping technologies, Battery as a Service, or BaaS, as well as its proprietary autonomous driving technologies and Autonomous Driving as a Service, or ADaaS.

Let’s look at the results!

For other key statistics of Nio, Inc., you may find more resources on this page: Nio key stats.

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Definitions

To help readers understand the content better, the following terms and glossaries have been provided.

Vehicle Sales: Nio defines vehicle sales as revenues from vehicle sales, which represent revenues from sales of new vehicles.

Vehicle Margin: Nio defines the vehicle margin as the margin of new vehicle sales, which is calculated based on revenues and cost of sales derived from new vehicle sales only.

Parts, Accessories And After-Sales Vehicle Services: Nio’s revenue from parts, accessories and after-sales vehicle services includes repair, maintenance, service package, extended warranty services and other vehicle services.

Provision Of Power Solutions: Nio’s revenue from provision of power solutions includes sale of charging piles, provision of battery charging and swapping services, battery upgrade services, BaaS battery buy-out services and other power solution services.

Other Sales Revenue: Nio’s revenue from others consists of sales of used vehicles, auto financing services, retail merchandise, automotive regulatory credits, embedded products and services offered together with vehicle sales, including vehicle connectivity services, and other products and services.

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Insight & Summary of Nio’s Revenue Breakdown and Vehicle Margin

Nio’s revenue has grown substantially since 2018, driven overwhelmingly by vehicle sales, while gross margins have followed a genuinely volatile path — vehicle margins turned positive only in 2020 and have fluctuated since, while other sales margins have remained deeply negative in most years, only recently showing signs of sustained improvement.

• Vehicle Sales Gross Margin Turned Positive in 2020 and Has Fluctuated Since, Reaching a New High by 2025 Vehicle Sales Gross Margin swung from -9.9% (2019) to a positive 12.7% (2020) — its first positive year — before continuing to fluctuate, dipping to 9.5% (2023) before recovering to 14.6% by 2025, its highest level in the entire dataset. This confirms vehicle profitability has been a genuine, multi-year work in progress for Nio, only recently reaching what appears to be its strongest point yet.

• Other Sales Gross Margin Has Been Deeply Negative Throughout Most of the Period, Only Turning Positive in 2025 Other Sales Gross Margin started at an extreme -180.5% (2018) and remained negative in every year through 2024, before finally turning positive at 6.6% by 2025 — the first positive year in the entire dataset for this category. This is a meaningful inflection point: the “Other Sales” business, which includes power solutions, parts, and after-sales services, has historically been a significant drag on overall profitability, and 2025 marks the first year this reversed.

• Other Sales Revenue Has Grown Its Share of Total Revenue Substantially, Though Vehicle Sales Remains Dominant Other Sales Revenue Mix grew from just 2.0% (2018) to 12.1% by 2025 — more than a sixfold increase in relative share — while still remaining a distinctly secondary contributor to Total Revenue, which stayed 87.9%-98.0% Vehicle Sales throughout the entire period. This steady diversification, combined with Other Sales’ newly positive margin in 2025, suggests this segment is becoming a more meaningful, and now finally profitable, contributor to Nio’s overall business.

• Within Other Sales Revenue, “Parts, Accessories and After-Sales Vehicle Services” Has Grown to Become the Largest Sub-Category Parts, accessories and after-sales vehicle services grew from 27.2% mix share (2021) to 44.3% (2024) — becoming the largest of the three Other Sales sub-categories — before moderating slightly to 39.4% by 2025. Meanwhile, “Others” fell from 45.5% (2021), its original dominant position, to as low as 27.6% (2024) before rebounding to 37.4% by 2025, showing this sub-category mix has genuinely reshuffled over the period rather than remaining stable.

• Total Revenue Growth Has Been Highly Uneven, With 2021’s Extraordinary Surge Standing Apart From Later, More Moderate Years Total Revenue Growth (RMB) reached 122.3% in 2021 — by far the strongest year in the dataset — before decelerating sharply to just 12.9% by 2023, then reaccelerating to 33.1% by 2025. This pattern of an extraordinary early surge followed by deceleration and partial reacceleration is visible in both Vehicle and Other Sales Revenue growth individually, confirming this wasn’t an isolated single-category phenomenon.

• Structural Takeaway: Nio’s revenue structure has diversified meaningfully since 2018, with Other Sales Revenue’s mix share more than sixfold and its underlying sub-category composition genuinely reshuffling, while profitability across both Vehicle Sales and Other Sales has followed a volatile, multi-year path toward what appears to be a genuine turning point in 2025 — the first year both segments posted positive gross margins simultaneously. Given Vehicle Sales Gross Margin reached its highest level in the dataset in the same year Other Sales Gross Margin turned positive for the first time, and given Total Revenue Growth reaccelerated to 33.1% that same year after several years of deceleration, the trend worth monitoring going forward is whether 2025 represents a durable structural improvement in Nio’s overall profitability, or whether the volatility seen throughout the earlier years of this dataset reasserts itself in the periods ahead.

The table below combines all key Nio’s sales revenue and margin metrics into a single view for the latest three fiscal years.

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Revenue breakdown by category (in usd)

Nio’s total revenue consists of revenue from vehicle sales and other sales. The definitions of Nio’s vehicle sales and other sales are available here: vehicle sales and other sales.

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Revenue breakdown by category (in rmb)

Nio’s total revenue consists of revenue from vehicle sales and other sales. The definitions of Nio’s vehicle sales and other sales are available here: vehicle sales and other sales.

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Revenue mix by category

Nio’s total revenue consists of revenue from vehicle sales and other sales. The definitions of Nio’s vehicle sales and other sales are available here: vehicle sales and other sales.

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Revenue growth by category

Nio’s total revenue consists of revenue from vehicle sales and other sales. The definitions of Nio’s vehicle sales and other sales are available here: vehicle sales and other sales.

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Other sales revenue breakdown by category

Nio’s other sales revenue consists of several categories, including parts, accessories and after-sales vehicle services, provision of power solutions, and others, as depicted in the chart above. The definitions of these categories are available here: parts, accessories and after-sales vehicle services, provision of power solutions, and others.

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Other sales revenue mix by category

Nio’s other sales revenue consists of several categories, including parts, accessories and after-sales vehicle services, provision of power solutions, and others, as depicted in the chart above. The definitions of these categories are available here: parts, accessories and after-sales vehicle services, provision of power solutions, and others.

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Vehicle Margin and Other Sales Margin

The definition of Nio’s vehicle margin is available here: vehicle margin.

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References and Credits

1. All financial figures in this article were obtained and referenced from Nio Inc.’s SEC filings, earnings reports, financial statements, etc, which are available in Nio’s Financial Filings.

2. Pixabay Images.

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Disclosure

We may use artificial intelligence (AI) tools to assist us in writing some of the text in this article. However, the data is directly obtained from original sources (usually the quarterly and annual reports) and meticulously cross-checked by our editors multiple times to ensure its accuracy and reliability.

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