NIO · Forward model · Other sales
What has to happen in Other sales
Model as of
This page changes Other sales inside the complete NIO model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.
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Other sales
What the installed fleet buys after the car: parts, accessories and after-sales servicing, power solutions including battery swapping, used cars, auto financing and technical research and development services. It is 10.8% of revenue and, at a 20.6% margin the CFO called a four-year high, now the higher-margin half of the business. Cumulative deliveries reached 1,188,715 by 30 June 2026, and NIO attributes the line's growth directly to that base - but publishes no attach rate, no subscriber count and no revenue per fleet vehicle, so growth is the only honest driver.
Latest: $530M (2031Q1E)
| Period | Value |
|---|---|
| 2023Q1 | $210M |
| 2023Q2 | $230M |
| 2023Q3 | $240M |
| 2023Q4 | $241M |
| 2024Q1 | $221M |
| 2024Q2 | $256M |
| 2024Q3 | $286M |
| 2024Q4 | $323M |
| 2025Q1 | $304M |
| 2025Q2 | $416M |
| 2025Q3 | $376M |
| 2025Q4 | $441M |
| 2026Q1 | $399M |
| 2026Q2E | $406M |
| 2026Q3E | $414M |
| 2026Q4E | $422M |
| 2027Q1E | $429M |
| 2027Q2E | $436M |
| 2027Q3E | $443M |
| 2027Q4E | $450M |
| 2028Q1E | $456M |
| 2028Q2E | $463M |
| 2028Q3E | $469M |
| 2028Q4E | $476M |
| 2029Q1E | $482M |
| 2029Q2E | $488M |
| 2029Q3E | $494M |
| 2029Q4E | $500M |
| 2030Q1E | $506M |
| 2030Q2E | $512M |
| 2030Q3E | $518M |
| 2030Q4E | $524M |
| 2031Q1E | $530M |
Assumptions & reasoning
- Other sales is a printed line in the income statement for 2025 Q1, 2025 Q4 and 2026 Q1. The other ten quarters are total revenues less vehicle sales from each release's own table, so they are marked estimated even though the identity is exact to RMB0.1m.
- The line grows because the fleet does, not because each car spends more: RMB2,748.9m over a 1,081,057-vehicle fleet is RMB2,543 per vehicle a quarter, down from RMB2,979 on the same calculation a year earlier.
- Roughly a tenth of this line is lumpy rather than recurring. NIO attributed the March quarter's sequential fall to lower technical research and development services and used car sales, neither of which is a fleet service.
- Battery swapping is the strategic core of the company and is not separable here: it sits inside 'provision of power solutions', which NIO has never reported as a revenue figure, and which the release still describes as carrying a gross loss whose rate improved.