NIO Stock Today (November 24, 2025): Earnings Countdown, Firefly Surge and Chip Licensing Put the EV Maker Back in Focus

NIO stock is back in the spotlight this Monday as traders position ahead of the company’s third‑quarter 2025 earnings report, due before the U.S. market opens on Tuesday, November 25. With record October vehicle deliveries, a rapidly scaling Firefly and Onvo brand, and a brand‑new chip‑licensing story, the Chinese EV maker has no shortage of catalysts — but profitability and policy risks still hang over the stock.

NIO stock price today and recent performance

As of early afternoon trading on November 24, NIO Inc. (NYSE: NIO) shares are changing hands around $5.76, up roughly 3% on the day, according to real‑time quote data.

Key trading and valuation stats as of today:

Share price: about $5.7–$5.8 intraday ^[1]
52‑week range:$3.02 – $8.02 ^[2]
Market capitalization: roughly $14.3 billion ^[3]
Price‑to‑sales ratio (TTM): around 1.2x, based on a share price in the mid‑$5s and trailing‑12‑month revenue per share of about $4.6 ^[4]
Average daily volume (3‑month): ~70–75 million shares, underlining NIO’s status as a highly traded EV name ^[5]

On a performance basis, NIO is still volatile but up roughly 20–30% year‑to‑date, helped by a strong rally into the fall that took the stock above $8 in early October before a sharp pullback. ^[6]

Short sellers remain active but not extreme: latest exchange data show about 8% of the float sold short, or ~153 million shares as of October 31, with roughly three days of average trading volume needed to cover. ^[7]

Why NIO stock is moving today: Q3 2025 earnings are tomorrow

The main driver for NIO stock today is simple: earnings are less than 24 hours away.

NIO has confirmed it will report unaudited Q3 2025 financial results before the U.S. market opens on Tuesday, November 25, followed by a 7:00 a.m. ET earnings call. ^[8]

On the numbers side, different data providers show slightly different estimates, but they tell a consistent story:

Q3 revenue: Wall Street is looking for roughly $3.1–$3.3 billion, in line with NIO’s own guidance range of $3.05–$3.19 billion. ^[9]
Q3 EPS: consensus points to a loss of about $0.22–$0.24 per ADS, better than the $0.30 loss in the same quarter last year. ^[10]
Deliveries: NIO has already disclosed 87,071 vehicles delivered in Q3, up about 41% year over year and ~21% sequentially. ^[11]

Options markets are also braced for a big move: data compiled by TipRanks show traders pricing in around a 12–13% swing in either direction immediately after the report, based on at‑the‑money straddles. ^[12]

Management has repeatedly flagged Q4 2025 as the target for NIO’s first non‑GAAP quarterly profit, making tomorrow’s Q3 numbers a crucial “checkpoint” on margins, cash burn and the path to breakeven. ^[13]

Operational backdrop: record October deliveries and a three‑brand engine

Heading into earnings, NIO’s operating data is the strongest it has ever been.

Record October 2025 deliveries

On November 1, NIO reported that it had delivered a record 40,397 vehicles in October 2025, a 92.6% year‑on‑year increase and its third straight monthly record. ^[14]

Crucially, that total now comes from three distinct brands:

NIO brand (premium sedans and SUVs): 17,143 deliveries
ONVO brand (family‑oriented mainstream SUVs): 17,342 deliveries
Firefly (compact premium small EVs): 5,912 deliveries ^[15]

Cumulatively, NIO has delivered over 913,000 vehicles since inception, putting the group on track to cross the one‑million‑vehicle milestone in the coming months. ^[16]

Within the NIO brand itself, October data from CnEVPost highlight how the product mix is shifting: ^[17]

Flagship ES8 SUV deliveries surged to 6,703 units, a new record and nearly 800% higher than a year ago, after the launch of the third‑generation model in September.
The ET5 Touring station wagon and ES6 SUV continue to contribute significant volumes, while the ultra‑premium ET9 sedan is ramping from a low base.

ONVO’s new L90 SUV has emerged as a breakout hit, delivering nearly 11,800 units in October and topping 10,000 units for the third consecutive month, while the ONVO L60 continues to grow as a more affordable family EV. ^[18]

Management and third‑party reports suggest NIO is targeting roughly 150,000 group deliveries in Q4 2025, implying around 50,000 vehicles per month and another step up from October’s record. ^[19]

Firefly’s global push: right‑hand‑drive markets and tariff‑friendly growth

The hottest part of the NIO story right now may not be the core NIO brand at all, but Firefly, its compact EV sub‑brand.

Recent updates include:

Firefly has reached around 30,000 cumulative deliveries just months after launch, building on the 26,242 units reported through October 31. ^[20]
October Firefly deliveries of 5,912 units marked the third consecutive monthly record, with brand leadership signaling that November should surpass October again. ^[21]

Strategically, Firefly is now at the center of NIO’s international expansion:

NIO has begun mass production of right‑hand‑drive Firefly models, with the first batch bound for Singapore, followed by Macau and Hong Kong. ^[22]
From 2026, Firefly is slated to enter Thailand, the UK, Australia and other right‑hand‑drive markets, focusing on countries without the steep Chinese EV tariffs seen in parts of Europe. ^[23]

Reuters reporting underscores the logic: Firefly is positioned as a “boutique” compact EV, priced above China’s ultra‑low‑cost entrants but below many European rivals, using design and software to differentiate rather than simply competing on price. ^[24]

For NIO stock, Firefly matters because:

It opens tariff‑friendly pockets of demand outside China, helping absorb production capacity.
It gives NIO exposure to the global compact‑car segment, which represents roughly 17% of worldwide auto sales and is particularly important in Europe. ^[25]

New catalyst: Shenji chip licensing turns R&D into a revenue stream

Alongside cars, NIO is trying to prove that it can be a technology platform, not just a vehicle OEM.

A key move this week:

NIO has reportedly secured its first external customer for its in‑house autonomous‑driving chip, Shenji NX9031, licensing the technology to an automotive semiconductor company, according to Chinese outlet LatePost as summarized by EV industry site EV. ^[26]

Some important details:

NIO has invested several billion yuan in its chip program since 2021 and now runs it through a dedicated subsidiary, Anhui Shenji Technology, which can sign third‑party deals. ^[27]
Shenji NX9031 uses a 5‑nanometer automotive process and offers roughly four times the computing power of Nvidia’s Orin‑X, according to NIO’s chip division head. ^[28]
The chip already powers NIO’s ET9 flagship sedan and updated ES6/EC6 SUVs and is expected to appear in the upcoming ES9. ^[29]

Industry sources cited in recent coverage suggest that chip IP‑licensing contracts can reach millions of renminbi, while full SoC deals can be worth hundreds of millions of renminbi per customer, potentially turning a former cost center into a high‑margin revenue line over time. TS2 Tech+1

For NIO shareholders, Shenji matters because it:

Diversifies revenue beyond vehicle sales
Reinforces NIO’s positioning as a software‑ and silicon‑driven automaker
Signals management’s intent to monetize the company’s tech stack across the broader EV ecosystem

What Wall Street thinks about NIO stock right now

Analysts have grown more constructive on NIO over the past few months, but the stock is still far from a consensus slam‑dunk.

Ratings and price targets

MarketBeat data show an average rating of “Hold” from 12 covering firms (4 Buy, 6 Hold, 2 Sell) with a consensus 12‑month price target of about $7.03. ^[30]
TipRanks lists a “Moderate Buy” consensus based on 6 Buys, 6 Holds and 1 Sell, with an average target around $6.90 — roughly 20–25% upside from current levels. ^[31]

Recent notable moves:

Goldman Sachs raised its NIO price target to $7 while staying Neutral, citing stronger demand for newer models like the L90 and ES8 and improved margin assumptions. ^[32]
Other brokers including JPMorgan, Citigroup and Bank of America have also nudged targets higher into the $7–$8.60 range, reflecting better delivery momentum and cost‑cutting progress. ^[33]

Valuation models from sites such as GuruFocus and Simply Wall St generally characterize NIO as inexpensive on a price‑to‑sales basis compared with its own history and some peers, but they also stress that the discount reflects ongoing losses and balance‑sheet risk. ^[34]

Key risks hanging over NIO stock

Despite the upbeat headlines on deliveries and new tech, several major risks are still front and center for investors following NIO today:

1. Profitability and cash burn

NIO remains loss‑making, with a Q2 2025 net loss of about $697 million, even as revenue and deliveries climbed. Management has promised a break‑even inflection in Q4 2025, but that target still needs to be proven in the numbers. ^[35]

Independent research platforms continue to flag:

Negative margins
A relatively weak Altman Z‑Score (a distress indicator)
Heavy reliance on capital markets to fund expansion and R&D TS2 Tech+1

The Q3 report will be scrutinized for:

Gross margin progress, especially as Firefly and ONVO, which are priced lower than the core NIO brand, gain mix share
Operating expense control after years of intense investment

2. Legal and governance overhang

In October, Singapore sovereign wealth fund GIC filed a U.S. securities lawsuit against NIO and certain executives, alleging they misled investors about revenue recognition and business prospects, building on earlier short‑seller claims. NIO has rejected the allegations and points to a prior board investigation that found no basis to those earlier claims, but the case still represents a legal and reputational overhang. TS2 Tech

3. Policy, tariffs and subsidy changes

NIO also faces a complex policy backdrop:

Higher tariffs on Chinese EVs in Europe have already forced the company to tweak pricing and prioritize certain markets — hence the focus on right‑hand‑drive countries like Singapore, the UK and Australia, where tariff regimes may be more favorable. ^[36]
In China, the new energy vehicle purchase tax benefit is set to be halved in 2026, which could pull demand into late 2025 and make early 2026 slower for the entire sector. ^[37]

4. Competition and sentiment

The EV space is intensely competitive, with BYD, Li Auto, XPeng, Tesla, Xiaomi and others all fighting on price, software and hardware. Commentaries such as a recent Nasdaq/Motley Fool note warn that, despite impressive delivery growth, NIO is still an unprofitable company in a capital‑intensive industry, and that investors should size positions carefully. ^[38]

NIO’s share price also remains highly sensitive to sentiment, swinging sharply on delivery updates, macro headlines and geopolitical news — something short‑interest levels and options activity only amplify. ^[39]

What to watch on NIO’s Q3 2025 earnings call tomorrow

For traders and longer‑term investors following NIO stock on November 24, here are the big line items to track when results hit:

Margins and ASPs
- How much did vehicle and gross margins improve versus Q2?
- Is mix shifting toward lower‑priced ONVO and Firefly models diluting margins, or are scale and cost cuts offsetting that?
Q4 2025 guidance and the “first profit” milestone
- Does management reaffirm, raise or walk back its goal of achieving the first non‑GAAP quarterly profit in Q4 2025?
- Any quantitative hints on Q4 deliveries, revenue and margin ranges?
Cash, liquidity and capital spending
- Updated cash position, debt levels and free‑cash‑flow trends
- Whether NIO expects to raise additional capital and how aggressively it will keep investing in new factories, swap stations and chips
Brand mix and international expansion
- More detail on the economics of the ONVO L90, Firefly’s expansion roadmap and export volumes
- Progress on right‑hand‑drive launches and any early feedback from new markets
Tech monetization and Shenji chip licensing
- Concrete numbers (or at least ranges) for potential chip‑licensing revenue
- How management sees the contribution of software and services to overall margins over the next 2–3 years
Commentary on legal and regulatory issues
- Any remarks on the GIC lawsuit and broader regulatory environment for Chinese EV listings in the U.S. market

Is NIO stock a buy right now?

Whether NIO stock is attractive at around $5–$6 depends heavily on your risk tolerance and time horizon.

On the bullish side:

Record October deliveries and strong Q3 volume suggest NIO’s three‑brand strategy (NIO, ONVO, Firefly) is gaining real traction. ^[40]
Firefly’s right‑hand‑drive expansion and NIO’s first external Shenji chip customer provide new, potentially higher‑margin growth avenues. ^[41]
Valuation indicators like price‑to‑sales around 1x–1.3x and consensus price targets near $7 leave room for upside if the company can deliver on its Q4 profit goal. ^[42]

On the cautious side:

NIO is still deeply unprofitable, with a heavy capex and R&D burden and a balance sheet that some models classify as financially weak. ^[43]
The company is exposed to tariff, subsidy and legal risks, plus fierce competition at home and abroad. ^[44]
Options markets are pricing in a double‑digit percentage move on earnings, meaning volatility risk is high for anyone holding NIO through tomorrow’s report. ^[45]

For many investors, that adds up to a classic high‑risk, high‑reward EV story: the fundamentals are clearly improving, but the path from strong top‑line growth to sustainable, shareholder‑friendly profits is still being built in real time.

Bottom line

On November 24, 2025, NIO stock is trading in the mid‑$5s, bouncing off recent lows as traders position for Q3 earnings and weigh a mix of powerful growth drivers and equally real risks.

Deliveries are at record highs across the NIO, ONVO and Firefly brands.
Firefly’s right‑hand‑drive push and Shenji chip licensing show NIO thinking beyond its domestic market and beyond pure car sales.
Yet profits remain elusive, legal and policy clouds linger, and the EV battlefield is as crowded as ever.

For readers following NIO on Google News and Discover, tomorrow’s earnings report and conference call are likely to set the tone for the stock into year‑end. A credible roadmap to Q4 profitability and clearer visibility on cash flow, chip monetization and international expansion could justify the recent optimism. A miss on those fronts, on the other hand, may reinforce the market’s “show me” stance.

This article is for informational and news purposes only and does not constitute financial, investment or trading advice. Always do your own research and consider speaking with a licensed financial professional before making investment decisions.

NIO Makes A Great EV, Why NIO Stock Is Still At $5?