Key Takeaways NIO's Q1 2025 sales fell to 42K units, causing a working capital outflow of over RMB 10 billion. A Q2 sales recovery to 72K-75K units is expected to stabilize NIO's operating cash flow. NIO raised HKD 4.03B in March and aims for positive free cash flow by year-end 2025.NIO Inc.’s (NIO) cash outflow from operating activities rose to RMB 7.8 billion in 2024, up from RMB 1.38 billion reported in 2023. It experienced a further decline in its cash position in the first quarter of 2025, partly due ...