NIO Deliveries from 2025

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R
1	Vehicle Deliveries	working days per month 2025											TTM	Price	PS ratio	revenue TTM*	$ ASP	market cap
2	Total: 838036	working days per month 2025											Current	$5,95	1,39	$9,6B	$31.250	$13,36B
3	Total: 838036		2018	2019	2020	2021	2022	2023	2024	2025 Bull	2025 Base	2025 Bear	2025 Bull	$10,31	1,6	$13,4B	$33.000	$21,45B
4	January	19		1.805	1.598	7.225	9.652	8.506	10.055	13.863	13.863	13.863	2025 Base	$8,67	1,4	$12,89B	$32.500	$18,04B
5	February	19		811	707	5.578	6.131	12.157	8.132	13.192	13.192	13.192	2025 Bear	$7,14	1,2	$12,38B	$32.000	$14,86B
6	March	21		1.373	1.533	7.257	9.985	10.378	11.866	15.039	15.039	15.039	Bull case 338472 deliveries and PS multiple of 1,6 results in price of $10,31 (74% up)
7	April	22		1.124	3.155	7.102	5.074	6.658	15.620	23.900	23.900	23.900	Base case 330472 deliveries and PS multiple of 1,4 results in price of $8,67 (46% up)
8	May**	19		1.089	3.436	6.711	7.024	6.155	20.544	23.231	23.231	23.231	Bear case 322472 deliveries and PS multiple of 1,2 results in price of $7,14 (21% up)
9	June	20	100	1.339	3.740	8.083	12.961	10.707	21.209	24.925	24.925	24.925	*TTM revenues have an extra multiplier to include service revenues, ADAS revenues, etc.
10	July	23	381	837	3.533	7.931	10.052	20.462	20.498	21.017	21.017	21.017	**Firefly brand will start deliveries
11	August***	21	1.121	1.943	3.965	5.880	10.677	19.329	20.176	31.305	31.305	31.305	***Onvo L90 & NT3.0 ES8 will start deliveries
12	September	23	1.766	2.019	4.708	10.628	10.878	15.641	21.181	40.000	38.000	36.000
13	October	18	1.573	2.526	5.055	3.667	10.059	16.074	20.976	37.000	35.000	33.000
14	November	20	3.089	2.528	5.291	10.878	14.178	15.959	20.575	44.000	42.000	40.000
15	December	23	3.319	3.170	7.007	10.489	15.815	18.012	31.138	51.000	49.000	47.000
16	Number of Factories		1	1	1	1	2 in Oct	2	2	3 in Oct	3 in Oct	3 in Oct
17	Yearly Total		11.349	20.564	43.728	91.429	122.486	160.038	221.970	338.472	330.472	322.472	Model by Arwin / 16komma8
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20								Daily Run Rate every month
21									2022	2023	2024	2025E
22								January	508	448	529	730
23								February	323	640	428	694
24								March	475	494	565	716
25								April	231	303	710	1.086
26								May	370	324	1.081	1.223
27								June	648	535	1.060	1.246
28								July	437	890	891	914
29								August	508	920	961	1.491
30								September	473	680	921	1.652
31								October	559	893	1.165	1.944
32								November	709	798	1.029	2.100
33								December	688	783	1.354	2.130
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39								SG&A Expenses (from income statements, in USD millions)						Quarterly Deliveries
40									2022	2023	2024	2025E			2022	2023	2024	2025E
41								Q1	317,8	356,2	415,5	606,4		Q1	25768	31041	30053	42094
42								Q2	340,8	393,9	517,0	553,5		Q2	25059	23520	57373	72056
43								Q3	381,3	494,7	585,5	600,0		Q3	31607	55432	61855	90322
44								Q4	511,4	559,5	668,3	600,0		Q4	40052	50045	72689	126000
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47								SG&A Expenses per vehicle sold
48									2022	2023	2024	2025E
49								Q1	12.333	11.475	13.826	14.406
50								Q2	13.600	16.747	9.011	7.682
51								Q3	12.064	8.924	9.466	6.643
52								Q4	12.768	11.180	9.194	4.762
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