NIO Inc. reported a significant increase in cash outflow from operating activities, reaching RMB 7.8 billion in 2024, compared to RMB 1.38 billion in 2023. In the first quarter of 2025, vehicle sales fell to 42,000 units from 72,000 in the previous quarter, leading to a working capital outflow exceeding RMB 10 billion. Despite these challenges, NIO raised approximately HKD 4.03 billion in a fundraising round completed in late March 2025, which will not be reflected in the first-quarter results.
For the second quarter, NIO has guided a projected sales volume of 72,000 to 75,000 units, indicating a year-over-year growth of 25.5% to 30.7%. The company forecasts a return to positive free cash flow for the full year of 2025, depending on improved sales performance.
In comparison, Li Auto reported a first-quarter cash outflow of RMB 1.7 billion, an improvement from RMB 3.3 billion a year ago, while Tesla, Inc. achieved net cash of $2.16 billion, significantly increasing from $242 million in the same quarter of 2024.
