NIO vs XPeng: Revenue, Profit and Business Model
NIO reported ~$12.2B of revenue in FY2025 and a net loss of ~$2.1B. XPeng reported ~$10.7B of revenue in FY2025 and a net loss of ~$158.4M.
Latest financial snapshot
Financial summary
NIO
NIO has reported a net loss every year since founding, peaking at ~$3.11 billion (RMB22.40 billion) in 2024. FY2025 revenue grew 33.1% to ~$12.2 billion (RMB87.49 billion) and the net loss narrowed to ~$2.08 billion (RMB14.94 billion). The improvement accelerated in 2026: Q2 revenue rose 69.1% year over year to ~$4.47 billion (RMB32.14 billion), vehicle margin reached 18.5%, the GAAP net loss fell to ~$73.4 million (RMB528 million), and adjusted net profit was ~$3.63 million (RMB26.1 million). NIO reported positive operating cash flow for a fourth straight quarter and cash reserves of RMB56.7 billion (US$8.4 billion) at June 30, 2026. Major funding came from Hefei state-linked investors in 2020 and Abu Dhabi-backed CYVN Holdings, which invested about US$3.3 billion in 2023.
XPeng
FY2025 revenue was ~$10.7 billion (RMB76.72 billion) (+87.7%), with a net loss of ~$158 million (RMB1.14 billion) and a first quarterly profit in Q4. In Q2 2026, revenue was ~$2.74 billion (RMB19.74 billion), gross margin 20.7% and net loss ~$186 million (RMB1.34 billion). Cash was ~$5.63 billion (RMB40.48 billion) at June 30, 2026.
Revenue and profit by year
NIO
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$12.2B | ~-$2.1B | -17.1% | +33.1% | Source |
| FY2024 | ~$9.1B | ~-$3.1B | -34.1% | +18.2% | Source |
| FY2023 | ~$7.7B | ~-$2.9B | -37.3% | +12.9% | Source |
| FY2022 | ~$6.8B | ~-$2B | -29.3% | +36.3% | Source |
| FY2021 | ~$5B | ~-$558.4M | -11.1% | +122.3% | Source |
| FY2020 | ~$2.3B | ~-$737.3M | -32.6% | +107.8% | Source |
| FY2019 | ~$1.1B | ~-$1.6B | -144.4% | +58.0% | Source |
| FY2018 | ~$688.2M | ~-$1.3B | -194.7% | — | Source |
XPeng
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$10.7B | ~-$158.4M | -1.5% | +87.7% | Source |
| FY2024 | ~$5.7B | ~-$804.8M | -14.2% | +33.2% | Source |
| FY2023 | ~$4.3B | ~-$1.4B | -33.8% | +14.2% | Source |
| FY2022 | ~$3.7B | ~-$1.3B | -34.0% | +28.0% | Source |
| FY2021 | ~$2.9B | ~-$676M | -23.2% | +259.1% | Source |
| FY2020 | ~$812.4M | ~-$379.7M | -46.7% | +151.8% | Source |
| FY2019 | ~$322.6M | ~-$513.1M | -159.0% | — | Source |
Where the revenue comes from
NIO
- Vehicle Sales
~90% (Q2 2026)
Sales of NIO, ONVO and FIREFLY vehicles. Vehicle sales were ~$4.04 billion (RMB29.06 billion) of ~$4.47 billion (RMB32.14 billion) total revenue in Q2 2026.
- Other Sales and Services
~10% (Q2 2026)
Battery swap and charging services, BaaS battery subscriptions, parts and accessories, after-sales services, used cars and embedded software.
XPeng
- Vehicle Sales86
Sales of XPENG and MONA electric vehicles; ~$2.37 billion (RMB17.05 billion) in Q2 2026.
- Services and Others14
Technical R&D services for a car manufacturer, parts and accessories, and other services; ~$375 million (RMB2.70 billion) in Q2 2026.
Business model and strategy
NIO
How it makes money
NIO earns most of its revenue from vehicle sales across three brands: NIO (premium SUVs and sedans such as the ES8, ES6 and ET5), ONVO (family SUVs such as the L60 and L90) and FIREFLY (a compact car). In Q2 2026 vehicle sales were ~$4.04 billion (RMB29.06 billion) of ~$4.47 billion (RMB32.14 billion) in total revenue.
Growth strategy
NIO's growth plan rests on three brands at different price points, a shared battery-swap network and in-house technology such as its Shenji NX9031 driving chip and SkyOS operating system. The third-generation ES8, launched in 2025, reached 150,000 deliveries within a year and topped 10,000 units a month from July to September 2026.
Competitive advantage
NIO's clearest advantage is its battery-swap network, which lets drivers exchange a depleted pack for a charged one in a few minutes and supports the BaaS subscription model. Other strengths include a loyal owner community built around NIO Houses and the NIO app, in-house chips and software, and a three-brand lineup that spreads the cost of the swap network over more vehicles.
XPeng
How it makes money
XPeng earns most of its revenue by designing, building and selling smart electric vehicles under the XPENG and MONA brands. In Q2 2026, vehicle sales brought in ~$2.37 billion (RMB17.05 billion) of ~$2.74 billion (RMB19.74 billion) in total revenue. The rest comes from services and other revenue (~$375 million (RMB2.70 billion) in Q2 2026).
Growth strategy
XPeng's growth plan has three parts: a wider vehicle lineup (new models such as the GX and MONA L03), more overseas sales (MONA L03 had its global launch in Munich in July 2026), and turning its in-house AI work into new businesses. That AI work covers Turing chips, driving models, robotaxis and the IRON humanoid robot, now housed in the separately financed Dogotix subsidiary.
Competitive advantage
XPeng develops its driver-assistance software and AI chips in-house and earns high-margin technical service revenue from Volkswagen. Its services and other segment posted a 75.1% margin in Q2 2026.
Questions about NIO vs XPeng
Which company has higher revenue — NIO Inc. or XPeng?
NIO Inc. reported ~$12.2B (FY2025), while XPeng reported ~$10.7B (FY2025). By last reported revenue, NIO Inc. is the larger business, with XPeng reporting a smaller revenue base.
What is the market cap of NIO Inc. vs XPeng?
NIO Inc.'s market capitalisation stands at $8.5B, while XPeng's is $10.6B. XPeng carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to NIO Inc..
Which is more financially efficient — NIO Inc. or XPeng?
NIO Inc. generates $347k / employee in revenue per employee, while XPeng generates $536k / employee. XPeng shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do NIO Inc. and XPeng make money?
NIO Inc. and XPeng generate revenue in fundamentally different ways. NIO Inc.: NIO earns most of its revenue from vehicle sales across three brands: NIO (premium SUVs and sedans such as the ES8, ES6 and ET5), ONVO (family SUVs such as the L60 and L90) and FIREFLY (a compact car). XPeng: XPeng earns most of its revenue by designing, building and selling smart electric vehicles under the XPENG and MONA brands.
Which company is valued higher relative to revenue — NIO Inc. or XPeng?
On a price-to-sales (P/S) basis, NIO Inc. trades at 0.7x P/S and XPeng at 1.0x P/S. XPeng commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to NIO Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is NIO Inc. bigger than XPeng?
By last reported revenue, NIO Inc. (~$12.2B (FY2025)) is the larger company compared to XPeng (~$10.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the NIO vs XPeng overview