NIO earnings call for the period ending December 31, 2024.
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Nio (NIO -7.62%)
Q4 2024 Earnings Call
Mar 21, 2025, 8:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Hello, ladies and gentlemen. Thank you for standing by for NIO Incorporated’s fourth-quarter and full-year 2024 earnings conference call. At this time, all participants are in listen-only mode. Today’s conference call is being recorded.
I will now turn the call over to your host, Mr. Rui Chen, head of investor relations of the company. Please go ahead, Rui.
Rui Chen — Head of Investor Relations
Good morning, and good evening, everyone. Welcome to NIO’s fourth-quarter and full-year 2024 earnings conference call. The company’s financial and operating results were published in the press release earlier today and are posted on the company’s IR website. On today’s call, we have Mr.
William Li, founder, chairman of the board, and chief executive officer; and Mr. Stanley Qu, chief financial officer. Before we continue, please be kindly reminded that today’s discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve inherent risks and uncertainties. As such, the company’s actual results may be materially different from the views expressed today. Further information regarding risks and uncertainties is included in certain filings of the company with the U.S. Securities and Exchange Commission, the Stock Exchange of Hong Kong Limited, and the Singapore Exchange Securities Trading Limited.
The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please also note that NIO’s earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Please refer to NIO’s press release which contains a reconciliation of unaudited non-GAAP measures to comparable GAAP measures. With that, I will now turn the call over to our CEO, Mr.
William Li. William, please go ahead.
William Li — Founder, Chairman, and Chief Executive Officer
Hello, everyone. Thank you for joining NIO’s 2024 Q4 and full-year earnings call. In Q4, the company delivered a total of 72,689 smart EVs, setting a new quarterly record. In December, our monthly deliveries surpassed 30,000 for the first time.
For 2024, the company’s total deliveries reached 221,970, marking a 38.7% increase year over year. The NIO brand continued to lead the premium segment, delivering 201,209 vehicles, securing a 40% market share in China’s BEV segment priced above 300,000 yuan. The ONVO brand delivered 20,761 vehicles in the mainstream family market. The market share of the ONVO L60 have been steadily increasing since its launch, ranking among the Top 3 in China’s BEV SUV market priced between 200,000 yuan and 300,000 yuan.
In January and February, due to seasonality and the Chinese New Year holiday, the company delivered 27,055 vehicles. We expect the total deliveries in Q1 to reach 41,000 to 43,000 units, reflecting a year-over-year growth of 36% to 43%. On the financial side, our efforts in supply chain optimization and the cost control have delivered strong results. NIO’s vehicle margin improved to 14.9% in Q4, while ONVO achieved a positive vehicle margin in the early stage of production ramp-up.
As a result, the company’s overall vehicle margin reached 13.1% in Q4. At the same time, the profitability of our after-sales services continued to improve along with growth in technology service revenue, leading to a positive gross margin in other sales in Q4. Now, I’d like to share some updates on our products and operations. Starting this year, our three smart EV brands have entered a new product cycle.
