NIO reported Q3 2024 revenue of 18.673b CNY, representing a YoY decline of 2.06% but a QoQ rise of 7.04%. The quarter delivered a gross profit of 2.007b CNY on a gross margin of 10.75%, yet the company remains firmly in the red on a bottom-line basis with net income of -5.141b CNY and an EPS of -2.50. Operating income stood at -5.238b CNY, with EBITDA at -4.818b CNY, underscoring intensified R&D and selling/general expenses as the company continues to invest in its vehicle platforms, energy services, and battery programs. The balance sheet shows a substantial liquidity buffer with cash and short-term investments reported at 37.15b CNY and total liabilities of ~87.92b CNY against ~11.35b CNY of equity, yielding leverage characteristics typical of a high-capex growth cycle in a competitive EV market. Management commentary (where available) is not provided in the dataset, thus forward-looking remarks rely on the industry context and the observed quarterly trajectory. Investors should weigh near-term negative profitability against ongoing investments aimed at scale, technology differentiation, and service ecosystem expansion.