NIO’s founder William Li highlighted confidence in upcoming earnings, emphasized pure-EV advantages, and addressed competition in the EV market.
The first day of Auto Guangzhou 2025 has wrapped.
Last night, NIO Inc. founder William Li flew back to Beijing and grabbed dinner at the airport with his wife.
He has been exceptionally busy: arriving in Guangzhou on the 20th, visiting the exhibition hall first, then working through meetings late into the night. It’s unclear whether he even rehearsed the press conference.
A friend from Audi joked the next morning: in the new-EV camp, Li simply walks straight on stage — no rehearsal needed.
NIO’s press event was moved up by 20 minutes to 9:20 a.m. on the 21st, unveiling two special editions of the ET9 and sharing updates on the firefly program hitting 30,000 deliveries, overseas expansion progress, partnerships with Super Electric and Ant Group’s Sesame Credit, and a tuner program launch. He also appeared on stage with Olympic champion Yi Siling and actor Wallace Chung.
Immediately after wrapping up the NIO event, Li rushed to the ONVO booth in Hall 17.2, presenting Louis Koo with a replica sword from the TV drama “A Step Into the Past,” celebrating his purchase of the ONVO L90 Black Knight Edition.
It appears Li may be a deep fan of A Step Into the Past — a pioneer of Chinese time-travel drama, long before newer hits.
After the ONVO conference concluded, Li returned to the NIO exhibition hall, giving us the chance to raise some questions that matter most to the industry.
The last question of the group interview distilled the theme perfectly: Li Bin’s sharp critique of super range-extenders and his assessment of NIO’s past year. Here are the key points.
11th-Anniversary Earnings Report
Ahead of the group Q&A, NIO’s communications team had already collected questions from the media. Unsurprisingly, many asked the same thing: can NIO really turn quarterly profit in Q4?
It has been the most debated topic around NIO — from skepticism early in the year, to cautious optimism, and now expectation of an answer directly from Li.
NIO brand’s 11th anniversary is on November 25, and Q3 financial results will be released the same day.
Li stated: “I can’t share operational numbers today. The earnings call is only days away — nobody can accurately predict Q4 performance at this point. You’re welcome to join the call afterwards.”
A firm message — no early disclosure.
Still, choosing to publish results on the 11th-anniversary itself clearly signals confidence.
Overseas Expansion Accelerates Again
Setting aside celebrity topics — on the overseas front, NIO’s strategy itself has been a decade in the making.
The journey has faced setbacks and mixed results, but firefly’s overseas strategy marks a renewed push.
Li revealed NIO is now engaged with partners beyond Europe — for example, partners from Thailand visited the booth that same day.
He noted that NIO brand vehicles are positioned at the high end, limiting global addressable markets. China, the U.S. and Europe together represent over 90% of the premium EV segment, while other regions are more fragmented.
But with ONVO and firefly, NIO’s global outlook changes. NIO has also shifted from a costly direct-sales model to working with local partners.
“This dramatically increases our entry speed. Winning in China is critical — only by winning here can we win elsewhere.”
Sharp Critique of Super Range-Extenders
In China’s market, Li has repeatedly argued:
“The golden era for large three-row pure-EV SUVs has arrived. For range-extender three-row SUVs, it has ended.”
The statement is controversial. Xpeng, for example, built its one-millionth vehicle as its first range-extender model, the X9.
Li argues that NIO’s pure-EV advantages are demonstrated clearly in the ONVO L90 and NIO ES8 — most visibly through massive front trunks and rear cargo volume.
Combined, storage can hold luggage for six passengers (10–12 suitcases), solving the longstanding “fit people but not bags” pain point — making the models “the friendliest cars for ride-hailing drivers.”
Additional benefits include lower consumption, lighter bodies, better handling, and lower maintenance costs.
Pure-EV three-row SUVs outsold range-extenders sharply in September and October, Li noted. October insurance-registration data shows more than 39,000 pure-EVs vs. only 24,000 range-extenders.
“This is the turning point created by years of investment in pure-EV tech and charging-swapping infrastructure.”
So-called large-battery range-extenders are essentially pure-EVs, he said, but lack two things: front and rear cargo space due to generator and fuel-system packaging, and usable-range compromises due to hybrid battery management.
“You still can’t beat pure EV. Space compromises, range compromises, cost increases, added weight — even if the generator is used twice a year, the burden remains.”
Ultimately, Li emphasized, it’s the market that will decide.
Range-extenders fell 2% in October, pure-EVs grew 20%. “Consumer mindset is shifting.”
More brands that once backed range-extenders are now shipping pure-EV platforms — validating the trend.
Globally, Li acknowledged hybrid advantages in low-infrastructure regions. But NIO remains committed to a charge-swap-upgrade architecture.
NIO now operates 3,577 swap stations and more than 8,000 combined charging and swapping sites.
“From a network-effect perspective, 3,000 vs. 1,000 isn’t triple — it’s nine-fold. At 5,000 or 10,000 stations, the user experience transforms.”
A Decade of Brutal Competition Still Ahead
Discussion naturally turned to the ET9 — NIO’s flagship, long rumored to carry performance pressure across regional teams.
Li said NIO will manage the brand’s flagship IP patiently. The Horizon Special Edition has significantly boosted orders; ET9 orders in October exceeded August and September, with sustained momentum. With three special editions now offered, he expects even stronger results.
Competition isn’t easing. Back in 2019, Li predicted the smart-EV race would reach its finals around 2024–25.
“We’re fortunate to still be in the finals. Our current ranking isn’t exactly where planned, but we stand by our path.”
The finals phase may last a decade, he said — five years to see the landscape, ten years to settle.
“Our priority is to survive — step by step.”
Evaluating NIO’s Year
So how does Li himself view NIO’s dramatic rebound this year?
He highlighted continued conviction in core smart-EV technologies and battery-swap infrastructure — commitments maintained over three, five and ten-year horizons.
“But execution needed improvement,” he said. Over the past year, comprehensive organizational efficiency reforms were implemented.
Li shared a story: a supplier recently “complained” that NIO engineers are calculating too precisely — which he viewed positively.
“NIO has become a far more cost-disciplined company, as reflected in our financials.”
He stressed spending every yuan effectively. For example, during venue rehearsal on Nov. 20, overtime for evening work was calculated at RMB 30,000, so he rescheduled to the afternoon to avoid the extra cost.
“Previously unimaginable — now embedded in our culture. It made me happy to change my plan, even if it meant working late afterward.”
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