NIO Inc. (NIO)

NIO delivered 109,178 vehicles in the third quarter of 2026, up 25.4 percent from a year earlier 3. September alone brought 37,408 deliveries across its three brands, NIO, ONVO and FIREFLY 3.

In the second quarter, revenue was RMB32,136.9 million, up 69.1 percent from a year before, and gross margin, the share of revenue left after production costs, was 18.4 percent 2. The company still lost RMB347.2 million from operations, far less than the RMB4,908.9 million lost a year earlier 2.

The company says the better margin came mainly from a more favorable product mix 2. Vehicle sales also rose because of higher delivery volume and a higher average selling price as models changed 2.

On 28 September 2026 the company agreed to bring Geely Holding Group in as a 30.0 percent owner of NIO Power, its battery swapping and charging unit 4. The deal still needs regulatory clearances 4.

NIO was founded in November 2014 as Nextev Inc. and took its current name in July 2017 1. Its Chinese name, Weilai, means Blue Sky Coming 1.

Revenue was RMB55,617.9 million in 2023 and RMB65,731.6 million in 2024, up 18.2 percent 1. The company links the 2024 rise to a 38.7 percent increase in delivery volume, partly offset by a lower average selling price as the mix of models changed 1.

Net loss was RMB20,719.8 million in 2023 and RMB22,401.7 million in 2024 1. In December 2023 the company bought the manufacturing equipment and assets of two plants from JAC, its former joint manufacturing partner, and later ended the joint agreements 1.

In May 2024 the company launched ONVO, a family-oriented brand, and its L60 SUV began deliveries in September 2024 1. FIREFLY, a small high-end electric car brand, followed in December 2024 1.

Deliveries rose 46.9 percent in 2025, from 221,970 vehicles to 326,028 1. Revenue rose 33.1 percent to RMB87,487.5 million, with a lower average selling price partly offsetting the extra volume 1.

Gross margin was 13.6 percent in 2025 against 9.9 percent in 2024 1. Vehicle margin, the margin on new cars alone, was 14.6 percent, helped mainly by lower material cost per vehicle 1.

Net loss narrowed to RMB14,942.6 million in 2025, 33.3 percent smaller than in 2024 1. Research and development spending fell 18.7 percent to RMB10,605.0 million, mainly on lower staff costs and design and development costs 1.

Operating activities provided RMB2,992.6 million of cash in 2025, after using RMB7,849.2 million in 2024 1. In 2025 the company also raised money through a HK$4,030.13 million share offering in April and a US$1.16 billion registered offering in September 1.

The three brands

NIO sells premium electric vehicles under the NIO brand, family-oriented ones under ONVO and small high-end electric cars under FIREFLY 1. Of 326,028 vehicles delivered in 2025, 178,806 were NIO, 107,808 ONVO and 39,414 FIREFLY 1.

In September 2026 the split was 21,318 NIO, 8,763 ONVO and 7,327 FIREFLY vehicles 3. In the second quarter, vehicle sales were RMB29,058.2 million and other sales, mainly parts and after-sales service, RMB3,078.6 million 2.

Flagship SUVs and prices

The NIO All-New ES8 reached its 150,000th delivery on 20 September 2026, and the ES9 its 30,000th on 23 September 2026, the company says 3. ES9 deliveries began on 28 May 2026 3.

A five-seat ES8 launched on 9 July 2026, with deliveries the next day 2. In 2025 the starting retail price of the mainstream China models ranged from RMB119,800 to RMB406,800, against RMB206,900 to RMB358,000 in 2024 1.

Battery swapping and service

Customers can swap a depleted battery for a charged one at NIO Power Swap Stations 1. At the end of 2025 there were 3,737 stations, and over 96 million swaps had been completed 1.

On 7 August 2026 the company opened its 4,000th station and its first of the fifth generation, which brings FIREFLY into the swap network 5. It had 416 service centers worldwide at the end of 2025 1.

Plants and technology

The company makes its vehicles at its F1, F2 and F3 facilities in Anhui, China 1. It owns land use rights to a parcel of about 355,297 square meters in Nanjing, with a plant for electric powertrains, until 10 March 2063 1.

It builds its own driving chip, NX9031, which has been in certain NIO brand models since 2025 1. Its annual report names research centers in Shanghai, Beijing, San Jose, Munich and Oxford 1.

People, rivals and problems

William Bin Li is founder, chairman and chief executive officer 2. Lihong Qin, a co-founder, is president, and Yu Qu is chief financial officer 1.

The company had 35,032 full-time employees at the end of 2025, down from 45,635 a year earlier 1. It says the car market is highly competitive and that more traditional carmakers are entering it 1.

Many parts in its cars come from a single source, which the annual report lists as a risk 1. The company still reported a net loss of RMB528.0 million in the second quarter of 2026 2.

The umbrella, in words

The subsidiaries exhibit lists NIO Holding Co., Ltd. in China, NIO Energy Investment (Hubei) Co., Ltd., GeniTech Co., Ltd. and NIO USA, Inc. in California, among others 6. It also lists consolidated variable interest entities such as Beijing NIO Network Technology Co., Ltd. 6.

GeniTech, called Shenji, sold new shares to investors in June and August 2026 for RMB493 million, after which a NIO subsidiary is to hold 59.95 percent and control it 2.

Control sits with founder Bin Li, who holds 7.1 percent of ordinary shares but 34.0 percent of the votes through Class C shares carrying eight votes each 1. CYVN Investments RSC Ltd holds 16.7 percent of shares and 11.8 percent of votes 1.

In the Geely agreements NIO China is to hold 10.0 percent of Haohan Energy, Geely's charging company, once regulators clear it 4. That tie is an agreed contract, not yet a completed stake 4.

For the third quarter of 2026 the company expects deliveries of 108,000 to 111,000 vehicles and total revenues of RMB33,285 million to RMB34,051 million 2. Deliveries of 109,178 for the quarter fall within that range 32.

The Geely agreements are subject to regulatory clearances and other customary closing conditions 4. Afterward NIO China is to keep a controlling 63.6 percent of NIO Power, with Geely's subsidiary at 30.0 percent and an existing investor at 6.4 percent 4.

Geely's stake could fall to no less than 20 percent if milestones are missed 4. It also holds an option to invest a further RMB640 million within two years, which would lift it to 34.0 percent 4.

NIO and Geely have made preliminary plans for Geely entities to adopt battery swapping, subject to further discussions 4. The company also plans to expand into more global markets and to scale up its training compute 1.