Companies · NIO
NIO
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Latest analysis
Updated Sep 1, 2026
NIO Q2 2026: Three-brand portfolio drives 49% delivery surge; non-GAAP operating profit turns positive for second consecutive quarter as vehicle margin stabilizes near 18.5%.
NIO delivered 107,658 vehicles in Q2 2026, a 49.4% year-over-year increase, with all three brands — NIO, ONVO, and FIREFLY — contributing volume and average selling price growth. Vehicle margin of 18.5% and non-GAAP operating profit of RMB206.9 million confirm that the cost restructuring completed in 2025 has translated into structural, not episodic, margin improvement. The CFO's statement of confidence in full-year operating objectives, combined with Q3 guidance of 108,000-111,000 deliveries and RMB33.3-34.1 billion in revenue, signals NIO has crossed from turnaround narrative to execution proof.
Tone: bullishRevenue
¥87.5B
NIO 20-F · FY 2025 · CNY
Revenue FY2024
¥65.7B
Founded
2014
Headquarters
Shanghai, China
Profile
NIO 20-F Item 4.B · Apr 10, 2026NIO Inc. is a Chinese smart electric vehicle company that designs, develops, manufactures and sells premium EVs under three brands: NIO (premium), ONVO (family-oriented), and FIREFLY (small high-end). The company operates a vertically integrated technology stack across intelligent driving, digital cockpit, battery swapping, and electric powertrain, and differentiates through a proprietary charging and battery-swap network and a community-driven user experience model. In 2025, NIO delivered 326,028 vehicles across all three brands.
Read filing description ↓ Collapse description ↑
We are a pioneer and a leading company in the global smart electric vehicle market. We aspire to shape a sustainable and brighter future with the mission of 'Blue Sky Coming'. We envision ourself as a user enterprise where innovative technology meets experience excellence. We design, develop, manufacture and sell smart electric vehicles, driving innovations in next-generation core technologies. We distinguish ourself through continuous technological breakthroughs and innovations, exceptional products and services, and a community for shared growth. We provide premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand. We currently offer our products and services in China, Europe, Southeast Asia, the Middle East and other markets, and are planning to expand into more global markets to capture the fast-growing EV demand. Since our inception, we have remained committed to innovation and dedicated to investing in research and development of core technologies for smart electric vehicles. Underpinned by the adoption of AI, we have established full-stack capabilities in 12 areas of smart EV technologies including assisted and intelligent driving, digital technologies, battery swapping, electric powertrain and battery, vehicle engineering and design capabilities, and others. We offer an integrated suite of power-related services, encompassing battery charging and swapping, battery subscription, battery management, and battery upgrade services. We also offer Battery as a Service, an industry-first innovative model which allows users to purchase electric vehicles while subscribing for the usage of batteries separately.
Primary products
- NIO ES9
- NIO ES8 (EL8)
- NIO ES7 (EL7)
- NIO ES6 (EL6)
- NIO EC7
- NIO EC6
Business segments
End markets
Geographies
“Our competitive advantages in this dynamic landscape lie in our continuously evolving products tailored to better meet customer needs, ongoing advancements in proprietary software and hardware technologies, comprehensive power solutions encompassing battery swapping, as well as an exceptional user experience.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Reported in USD (translated from RMB; 2025 total revenues were RMB87,487,510 thousand versus RMB65,731,559 thousand in 2024, representing growth driven by higher vehicle sales volumes across NIO, ONVO, and FIREFLY brands).
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.