NIO vs XPEV
NIO Inc. and Xpeng Inc., side by side — 8 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | NIO | XPEV |
|---|---|---|
| Revenue | CNY 87.5B | CNY 76.7B |
| Net income | CNY -14.9B | CNY -1.1B |
| Gross margin | 13.6% | 18.9% |
| Net margin | −17.1% | −1.5% |
| Return on equity | −295.1% | −3.7% |
| Diluted EPS | −CNY 6.85 | −CNY 0.60 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | CNY -3.1B | CNY 5.1B |
| Equity | CNY 4.2B | CNY 30.4B |
| Net debt / equity | −0.48× | −0.29× |
| Current ratio | 0.98× | 1.09× |
| Revenue CAGR 5y | 40.0% | 67.4% |
| Profit CAGR 5y | · | · |
NIO and XPEV book revenue within 15% of each other, and both closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
8 years side by side
| Fiscal year | NIO | XPEV |
|---|---|---|
| FY2025 | CNY 87.5B | CNY 76.7B |
| FY2024 | CNY 65.7B | CNY 40.9B |
| FY2023 | CNY 55.6B | CNY 30.7B |
| FY2022 | CNY 49.3B | CNY 26.9B |
| FY2021 | CNY 36.1B | CNY 21.0B |
| FY2020 | CNY 16.3B | CNY 5.8B |
| FY2019 | CNY 7.8B | CNY 2.3B |
| FY2018 | CNY 5.0B | CNY 9.7M |
Bottom line
| Fiscal year | NIO | XPEV |
|---|---|---|
| FY2025 | CNY -14.9B | CNY -1.1B |
| FY2024 | CNY -22.4B | CNY -5.8B |
| FY2023 | CNY -20.7B | CNY -10.4B |
| FY2022 | CNY -14.4B | CNY -9.1B |
| FY2021 | CNY -4.0B | CNY -4.9B |
| FY2020 | CNY -5.3B | CNY -2.7B |
| FY2019 | CNY -11.3B | CNY -3.7B |
| FY2018 | CNY -9.6B | CNY -1.4B |
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 10,767,768,000 | NIO |
| FY2024 | +CNY 24,865,250,000 | NIO |
| FY2023 | +CNY 24,941,866,000 | NIO |
| FY2022 | +CNY 22,413,442,000 | NIO |
| FY2021 | +CNY 15,148,292,000 | NIO |
| FY2020 | +CNY 10,413,612,000 | NIO |
| FY2019 | +CNY 5,503,685,000 | NIO |
| FY2018 | +CNY 4,941,465,000 | NIO |
NIO has reported the higher revenue in every one of these 8 fiscal years. The gap has widened since the earliest year compared.
8 of 10 comparable fiscal years — a year missing data on either side is not counted.
6 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −15.6 pp | XPEV |
| FY2024 | −19.9 pp | XPEV |
| FY2023 | −3.4 pp | XPEV |
| FY2022 | +4.7 pp | NIO |
| FY2021 | +12.1 pp | NIO |
| FY2020 | +14.1 pp | NIO |
The higher net margin has changed hands between NIO and XPEV over this period.
6 of 8 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
XPEV's net margin has been more volatile than NIO's over the 6 comparable fiscal years — 14.7 percentage points of standard deviation against 9.5.
6 of 8 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between NIO and XPEV over these 6 fiscal years — NIO led in 3 and XPEV in 3.
6 of 8 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
NIO's return on equity has been more volatile than XPEV's over the 5 comparable fiscal years — 98.9 percentage points of standard deviation against 8.5.
5 of 5 comparable fiscal years — a year missing data on either side is not counted.
Year by year
XPEV led in return on equity in every one of the 5 comparable fiscal years — a structural lead, not a recent swing.
5 of 5 comparable fiscal years — a year missing data on either side is not counted.