NIO Q3 Deliveries Rise 41% Y/Y: Is ONVO L90 Fueling the Growth?

NIO Inc. NIO delivered 87,071 vehicles in the third quarter of 2025, marking a new quarterly record and increasing 40.8% year over year. The deliveries are within NIO’s projected range of 87,000-91,000 units. The year-over-year rise in deliveries is likely to be driven by ONVO L90, which commenced deliveries on Aug. 1, 2025. Per CNEVPOST, ONVO L90 delivered 20,000 units within just two months of its launch.

In September, deliveries reached 34,749 units, a monthly record and a 64.1% increase from the prior year. These included 13,728 vehicles from the premium NIO brand, 15,246 from the family-focused ONVO brand and 5,775 from the high-end compact FIREFLY brand. 

Year to date, NIO delivered 201,221 units, up from 149,281 units in the same period last year. As of Sept. 30, 2025, cumulative deliveries totaled 872,785 units.

On Sept. 20, 2025, the company launched its flagship premium SUV, the All-New ES8, with deliveries beginning shortly thereafter. Drawing on a decade of technological advancements, the All-New ES8 embodies NIO’s latest smart EV innovations and is positioned to lead the premium large three-row SUV segment into the battery-electric era. Designed to set a new standard in its class, the model delivers a refined, safe and seamless driving experience. NIO carries a Zacks Rank #3 (Hold) at present.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Q3 Deliveries of NIO’s Competitors

In the third quarter of 2025, XPeng Inc. XPEV delivered 116,007 Smart EVs, rising 149% year-over-year. For the first nine months of 2025, XPeng’s cumulative deliveries totaled 313,196 units, reflecting a 218% increase from the same period in 2024. In September 2025, XPeng achieved a new monthly record of 41,581 Smart EV deliveries, up 95% year over year and 10% higher than the previous month, surpassing the 40,000-unit milestone for the first time.

Li Auto Inc. LI reported 93,211 deliveries in the third quarter of 2025, down from 152,831 units in the same period last year. In September 2025, deliveries stood at 33,951 units, compared with 53,709 units in September 2024. As of Sept. 30, 2025, Li Auto’s cumulative deliveries reached 1,431,021 units. The company operated 542 retail stores across 157 cities, 546 service centers and authorized body and paint shops in 225 cities, along with 3,420 supercharging stations housing 18,897 charging stalls across China.

NIO’s Price Performance, Valuation and Estimates  

NIO has outperformed the Zacks Automotive-Foreign industry year to date. Its shares have surged 76.6% compared with the industry’s growth of 3.8%. 

 
From a valuation perspective, NIO appears overvalued. Going by its price/sales ratio, the company is trading at a forward sales multiple of 0.89, higher than the industry’s 0.45.

  
The Zacks Consensus Estimate for NIO’s 2025 and 2026 loss per share has narrowed by a penny and widened by a penny, respectively, in the past 30 days. 

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This article originally published on Zacks Investment Research (zacks.com).

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