NIO has suffered losses exceeding 100 billion yuan, and Li Bin has finally come clean.
Who says only those standing in the light can be heroes? NIO, which has accumulated losses of over 100 billion yuan, still wants to be that "lonely warrior."
Li Bin Responds Directly to NIO's 100 Billion Yuan Losses
Li Bin of NIO once again put himself on the hot search with just one sentence.
Just two days ago, Li Bin, the founder of NIO, started a live - stream on Weibo.
At that time, he was accompanying Wu Xiaobo and more than a hundred entrepreneurs on a visit to the Hefei NIO factory.
Facing the camera, Li Bin said that NIO's underlying characteristic has always been technological innovation, and the cumulative R & D investment has reached 60 billion yuan.
Image source: ZAKER
He also said bluntly:
"NIO is the world's only automobile company listed in three places. In NIO's financial reports, R & D investment is recorded as current - period expenses, and the money is lost openly. The balance sheet is very clean."
His remarks stirred up a hornet's nest. Netizens' comments were not lenient.
Comments like "the second Jia Yueting" and "we must keep a close eye on him so he doesn't run away" became the hot - search keywords, and the doubts came in droves.
Image source: Toutiao
Netizens' concerns are not unfounded.
The reason is simple. Behind Li Bin's statement is an inescapable fact: Since its establishment, NIO has accumulated losses of over 100 billion yuan.
Especially in the first quarter of 2025, according to the financial report, although NIO's revenue exceeded 12 billion yuan, a year - on - year increase of over 21%, the net loss still reached 6.75 billion yuan, a year - on - year increase of 30.2%.
In addition, NIO's asset - liability ratio is as high as 92.55%, far exceeding the industry's warning line of 70%. Its cash reserve has also shrunk to 26 billion yuan, and even the immediately available funds are less than 8.1 billion yuan.
Combined with its past financial report data, NIO's cumulative net loss from 2016 to Q1 2025 has reached as high as 130 billion yuan.
Image source: NIO
All these data make people wonder if this company, which is betting on the future of intelligent electric vehicles, is really on the verge of danger?
Li Bin did not avoid these realities.
He emphasized that NIO's financial statements adopt the strictest accounting standards, and all 60 billion yuan of R & D investment is expensed, without any assetization treatment.
That is to say, these "losses" are not simply a result of burning money without results, but an active choice of a way that is extremely responsible for technology and extremely committed to the future.
He admitted that if only 10 - 20 billion yuan of the R & D expenses were capitalized, the financial report would look much better.
However, the capital market and public sentiment have lost patience with a "good - looking" financial report.
After all, a new car - making force that still cannot achieve self - sufficiency through sales and profits after nine years of development naturally makes it difficult for people to believe its judgment that "the turning point is coming."
Beyond Losses, There Is a Technological Belief Under Pressure
Compared with "how well NIO's cars are selling," the outside world is more concerned about "why NIO still hasn't made money."
The answer may lie in that 60 billion yuan of R & D investment.
Different from most new car - making forces that focus on the "OEM + assembly" approach, NIO has chosen a path of "full - stack self - research" that is extremely costly but offers strong control.
From the battery - swapping system to the three - electric architecture, from the intelligent cockpit to autonomous driving, NIO has almost taken control of every technological node.
Image source: Li Bin's Weibo
Especially the recently most - concerned "Shenji NX9031" chip.
This is the world's first automotive - grade 5 - nanometer intelligent driving chip, self - developed by NIO and successfully produced in the first trial. It has now been installed in cars and supports the push for multiple models.
The R & D, verification, testing, and mass production of this chip all require huge amounts of capital support at each stage.
Moreover, the world model system (NWM) built around this chip requires continuous data training and algorithm iteration.
In addition, in the energy supply system, NIO has vigorously promoted the construction of battery - swapping stations. As of now, its highway battery - swapping stations are close to 1,000, leading the industry in terms of density and coverage.
Each of these stations requires an investment of tens of millions of yuan, and behind them is a large amount of land, equipment, electricity, and labor costs.
Image source: NIO
In addition, NIO has also spared no expense in the layout of its sales and service networks:
From the flagship experience centers in first - tier cities to the direct - sales points in second - and third - tier cities, from super - charging stations to after - sales service systems, everything is self - built.
In the view of "E - commerce World," this is not simply an expansion but a strategic awareness of "catching up" with traditional car companies.
However, high - quality technological construction, high - density infrastructure deployment, and high - standard user services cannot be directly reflected in the profit statement of the first quarter.
In the short term, they are a heavy burden; in the long term, they are a moat.
In other words, NIO is using "losses" to exchange for the future - but this future needs to come quickly enough to offset the unease and doubts in reality.
Li Bin's Promise of Profit in the Fourth Quarter
It is worth mentioning that in the face of the reality of 100 billion yuan in losses, Li Bin did not remain silent.
On the contrary, Li Bin has firmly expressed the goal of "achieving profitability in the fourth quarter of this year" on multiple occasions.
The weight of this promise not only lies in the approaching time point but also in that it is a rallying cry for a comprehensive strategic reconstruction.
First, it is a game in sales volume.
In the second quarter of 2025, NIO's new car delivery volume reached 72,056, a quarter - on - quarter increase of over 70%. Among them, the single - month delivery in June was close to 25,000, setting a new annual record.
For the fourth quarter, the company has set a monthly sales target of 50,000 vehicles, with the LeDao brand and the NIO main brand each taking on half of the task.
LeDao is NIO's second brand targeting the mass market, focusing on cost - effectiveness and family scenarios.
On July 10th, the LeDao L90 will be available in stores across the country and officially start pre - sales. According to Li Bin, the starting price will be less than 300,000 yuan.
In the view of "E - commerce World," this transformation is not easy - from insisting on the high - end market to exploring the lower - end market, for NIO, it means letting go of its pride and betting on scale for survival.
Image source: Weibo @Xauto Report
Second, it is a sharp blade in cost control.
Li Bin emphasized that NIO should become a "company that is super good at calculating," and systematically reshape its organizational structure and management mechanism.
In 2025, the company fully implemented the CBU management model to finely control the ROI of sales, service, R & D, manufacturing, and other aspects.
According to the plan, 70% of the management optimization will be completed in the second quarter, continue to deepen in the third quarter, and reach a turning point in the fourth quarter.
By then, NIO will strive to restore its gross profit margin to 17% - 18%, control the sales and management expenses at 10%, and reduce the R & D expense ratio to 6% - 7%.
These three indicators are almost the key clues for Li Bin to show the outside world that "profitability is achievable."
Li Bin clearly also knows that NIO can no longer make mistakes.
He once admitted that he had made many mistakes since starting the business. If he could start over, some decisions "could definitely be made better."
This is a long - overdue review and also a rare moment of clarity for a founder in the face of 100 billion yuan in losses.
NIO Must Be Faster
Technology is a belief; but losses are also a reality.
NIO is no longer the startup company that was founded on sentiment, nor is it the marginal brand that was on the verge of bankruptcy and looking for money everywhere a few years ago.
Today's NIO is a heavy - asset player that has globally deployed technology, channels, and brands.
But this doesn't mean it can continue to be "romantic."
What NIO faces is not the question of "whether it can adhere to its technological ideal," but "whether it has the ability to find a way out between ideal and profitability."
However, the market is cold, and consumers' patience is also limited.
In the future, NIO must run faster.
This article is from the WeChat official account "E - commerce World", author: Qingqing. Republished by 36Kr with permission.