On March 10, NIO CFO Qu Yu stated during the Q4 and full-year 2025 earnings call that the gross profit margin of complete vehicles in Q1 2026 is expected to remain at the same level as Q4 2025. Despite facing seasonal and policy impacts, there are sufficient backlog orders for the ES8 model, with orders recovering well after the Spring Festival, and the ES8 accounting for a relatively high proportion of deliveries in Q1.
