NIO Inc. (NIO) — Company Research

Last Updated: 14 November 2026

NIO is a Chinese premium electric-vehicle maker that sells cars under three brands: NIO at the premium end, ONVO for families and firefly for small premium cars. It also runs China's largest battery-swap network through NIO Power, which lets drivers exchange a depleted battery for a charged one in minutes and supports a Battery as a Service subscription model. FY2025 total revenues were RMB87,487.5m (US$12.5bn), up 33.1%, and Q2 2026 revenues rose 69.1% to RMB32,136.9m as vehicle margin climbed to 18.5%. NIO is still loss-making on a GAAP basis. Its American depositary shares trade on the NYSE, with secondary listings in Hong Kong and Singapore. This report covers the latest filings, including Q2 2026 results released on 01 Sep 2026 and October 2026 deliveries. Track the shares on our Live Charts, check market-moving events on the Economic Calendar, and join the discussion in the ChartsView Forum.

1. Company Snapshot

Field	Value
Ticker / Exchange	NIO / NYSE (ADS since 12 Sep 2018; 1 ADS = 1 Class A share); also HKEX 9866 and SGX secondary listings
CEO / Leadership	William Bin Li (Li Bin), Founder, Chairman and CEO; Lihong Qin, Co-founder, Director and President; Stanley Yu Qu, CFO
Employees	35,032 full-time at 31 Dec 2025 (45,635 at end-2024), per the FY2025 20-F
Sector	Automotive / Electric vehicles and battery-swap infrastructure
Market cap	~US$7.3bn (13 Nov 2026 ADS close of $2.90)
FY2025 Revenue	RMB87,487.5m (US$12,510.5m), +33.1% YoY
FY2025 net income	Net loss of RMB14,942.6m; GAAP loss per ADS RMB6.85 (US$0.98)
Latest quarter	Q2 2026 revenues RMB32,136.9m (+69.1% YoY); vehicle margin 18.5%; net loss RMB528.0m; adjusted net profit RMB26.1m
Deliveries	326,028 in FY2025; 334,547 in January to October 2026 (+38.5% YoY)
Dividend	Nil

2. Bull Case vs Bear Case

Bull Case

• Margins have stepped up: Vehicle margin was 18.5% in Q2 2026, up from 10.3% a year earlier, and gross margin reached 18.4%.
• Close to breakeven: Q2 2026 produced an adjusted operating profit of RMB206.9m and an adjusted net profit of RMB26.1m, after FY2025 operating cash flow turned positive at RMB2,992.6m.
• Volume growth across three brands: Q2 2026 deliveries rose 49.4% to 107,658, and January to October 2026 deliveries were up 38.5%, with the NIO and firefly brands growing.
• Swap network is a hard-to-copy asset: NIO Power runs 4,252 swap stations and has passed 130 million swaps, and Geely is taking a 30% stake at a valuation of about RMB16bn.
• Stronger liquidity: Cash, restricted cash, short-term investments and long-term time deposits totalled RMB56.7bn at 30 Jun 2026, up from RMB45.9bn at the end of 2025.

Bear Case

• Deliveries have stalled: October 2026 deliveries fell 15.2% YoY to 34,246, the first annual decline in 31 months, well short of the Q4 target of more than 40,000 a month.
• Still loss-making under GAAP: Q2 2026 net loss was RMB528.0m and the FY2025 net loss was RMB14,942.6m.
• Price war and rising costs: Material costs rose about RMB14,000 per car in Q2 2026 compared with late 2025, with more increases expected in the second half.
• ONVO is shrinking: ONVO deliveries fell 9.5% YoY in January to October 2026.
• Dilution and control: A 248.5m-share performance award to the CEO equals about 10% of shares, following two equity raises in 2025, and dual-class shares give William Li 34.0% of votes.

3. Segments & Revenue Mix

Segment / category	% of revenue	What it is
Vehicle sales	87.9% in FY2025 (RMB76,883.9m); 90.4% in Q2 2026 (RMB29,058.2m)	Sales of NIO, ONVO and firefly brand vehicles
Other sales	12.1% in FY2025 (RMB10,603.6m); 9.6% in Q2 2026 (RMB3,078.6m)	Parts and accessories, after-sales services, power solutions (swaps and charging), Battery as a Service and other user services

Delivery mix in FY2025 was NIO 178,806 (54.8%), ONVO 107,808 (33.1%) and firefly 39,414 (12.1%). In January to October 2026 it was NIO 200,113 (59.8%), ONVO 78,574 (23.5%) and firefly 55,860 (16.7%). Percentages are ChartsView calculations from NIO's results releases and monthly delivery tables.

4. Business Model & Moat

How it makes money. NIO earns most of its revenue from selling vehicles through its own NIO Houses and NIO Spaces rather than dealers. Buyers can purchase the car without a battery and rent it through Battery as a Service, which relies on the separately financed Battery Asset Company. Other sales come from parts, after-sales service, power services and user-community products.

Unit economics. FY2025 vehicle margin was 14.6% and gross margin 13.6%. In Q2 2026 vehicle margin rose to 18.5% and gross margin to 18.4%, helped by higher volumes and new models such as the ES8 and ES9, but the operating line was still a loss of RMB347.2m on a GAAP basis.

Moat. The battery-swap network is NIO's main differentiator: 4,252 swap stations, 5,584 charging stations and 32,572 charging piles in China at 11 Nov 2026, built with more than RMB20bn of investment. Geely is joining as a 30% shareholder in NIO Power and bringing its own Yiyi swap business, which could widen the network's reach. NIO also designs its own autonomous-driving chip, the Shenji NX9031.

5. Financial Health

Annual figures from NIO's Q4 results releases, 20-F filings and SEC XBRL data, in RMB. EPS figures are per ADS; long-term debt is long-term borrowings excluding the current portion.

Fiscal Year	Revenue (RMB million)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	36,136.4	+122.3%	RMB(6.72)†	RMB(1.89)	Nil	RMB9,739.2m
FY2022	49,268.6	+36.3%	RMB(8.89)	RMB(7.32)	Nil	RMB10,885.8m
FY2023	55,617.9	+12.9%	RMB(12.44)	RMB(10.87)	Nil	RMB13,042.9m
FY2024	65,731.6	+18.2%	RMB(11.03)	RMB(9.92)	Nil	RMB11,440.8m
FY2025	87,487.5	+33.1%	RMB(6.85)	RMB(5.47)	Nil	RMB8,626.3m

† FY2021 GAAP loss per ADS includes RMB6,586.6m of accretion on NIO China redeemable non-controlling interests. Adjusted EPS is NIO's non-GAAP net loss per ADS. FY2025 revenue in US dollars was US$12,510.5m.

Quarterly results, most recent first (per ADS).

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026	RMB32,136.9m (+69.1%)	RMB0.01	RMB(0.29)
Q1 2026	RMB25,532.7m	RMB0.02	RMB(0.20)
Q4 2025	RMB34,650.2m	RMB0.29	RMB0.05
Q3 2025	RMB21,793.9m	RMB(1.14)	RMB(1.51)
H1 2026 total	RMB57,669.6m	RMB0.03 (sum of quarters)	RMB(0.49) (sum of quarters)
FY2025 total	RMB87,487.5m	RMB(5.47)	RMB(6.85)

Q3 2026 results have not yet been released. NIO guided Q3 2026 revenues of RMB33,285m to RMB34,051m on deliveries of 108,000 to 111,000; actual Q3 deliveries were 109,178.

Cash flow and balance sheet. FY2025 operating cash flow was RMB2,992.6m (versus an outflow of RMB7,849.2m in 2024), purchases of property, plant, equipment and intangibles were RMB6,065.2m, and depreciation and amortisation was RMB7,146.6m. At 31 Dec 2025 NIO had short-term borrowings of RMB4,691.9m, a current portion of long-term borrowings of RMB656.0m and long-term borrowings of RMB8,626.3m, against cash and cash equivalents of RMB11,274.1m and short-term investments of RMB19,755.8m. At 30 Jun 2026 total borrowings were RMB17,613.4m (short-term RMB8,164.8m, current portion RMB897.7m, long-term RMB8,550.9m) and cash plus short-term investments were RMB43,088.3m, with a further RMB13,579.1m of restricted cash. Figures are from SEC XBRL data, the FY2025 20-F and the Q2 2026 results release.

6. Valuation Snapshot

Raw metrics, November 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Share price	US$2.90 per ADS (13 Nov 2026 close)
Market cap	~US$7.27bn (2,505.7m ordinary shares per the FY2025 20-F x $2.90; 1 ADS = 1 Class A share)
52-week high	US$7.00 (as of 13 Nov 2026)
52-week low	US$2.89 (intraday, 13 Nov 2026)
Trailing P/E (GAAP)	n/m (loss-making: TTM GAAP loss per ADS RMB(1.95) = Q3 2025 RMB(1.51) + Q4 2025 RMB0.05 + Q1 2026 RMB(0.20) + Q2 2026 RMB(0.29)). TTM adjusted EPS of RMB(0.82) is also a loss.
P/E (forward)	n/m (NIO gives no EPS guidance, and ChartsView does not use analyst estimates)
P/S (TTM)	~0.43x (market cap ~US$7.27bn / TTM revenues RMB114,113.7m, ~US$16.82bn at the RMB6.785 per dollar rate used in NIO's Q2 2026 release)
P/FCF	n/m (negative FCF: FY2025 FCF RMB(3,072.6)m = operating CF RMB2,992.6m - capex RMB6,065.2m)
Enterprise value	~US$3.52bn (market cap ~US$7.27bn + total debt RMB17,613.4m, ~US$2.60bn, - cash and short-term investments RMB43,088.3m, ~US$6.35bn, per 30 Jun 2026 balance sheet; restricted cash excluded)
EV/EBITDA (TTM)	n/m (negative EBITDA: FY2025 EBITDA RMB(6,894.6)m = operating loss RMB(14,041.2)m + D&A RMB7,146.6m; Q2 2026 GAAP operating loss was RMB347.2m)
Dividend yield	Nil
Short interest (% of float)	~6.8% of float (130.2m ADS short, 30 Oct 2026 settlement, Yahoo Finance data); MarketBeat showed 5.65% at 15 Sep 2026
Days to cover	4.53 (30 Oct 2026 settlement, Yahoo Finance data); 3.8 at 15 Oct 2026 on FINRA data

7. What Are They Building

A bigger swap network with Geely. Under a definitive agreement signed on 28 Sep 2026, Geely will take 30% of NIO Power in exchange for its Yiyi Power swap business plus RMB640m in cash, at a post-money valuation of about RMB16bn. NIO China keeps 63.6% and takes 10% of Geely's Haohan Energy. The deal needs regulatory approval. NIO Power is targeting 10,000 swap stations by 2030 and on 11 Nov 2026 agreed a swap-network partnership with Poly Property.

In-house chips and batteries. The Shenji NX9031 autonomous-driving chip has been used in NIO-brand models since 2025. The chip subsidiary raised outside capital in February, June and August 2026, the last rounds at a RMB12.25bn post-money valuation, leaving NIO with 59.95%. NIO is also starting limited output of its own cylindrical battery cells by year-end.

Product cadence. The ES8 passed 160,000 deliveries in October 2026 and the ES9 reached 40,000 deliveries on 11 Nov 2026. firefly added a 60 kWh battery with 560 km CLTC range, and its cockpit won a 2026 Red Dot award.

Overseas. NIO has subsidiaries in the US, Germany, the UK, Norway and the Netherlands, but overseas volumes remain small.

8. Competitive Landscape

Peer	Market cap (November 2026)	Key 2025 metric
Tesla (TSLA)	~US$1,542bn (13 Nov 2026 close, Yahoo Finance data)	FY2025 revenue US$94.83bn (10-K XBRL)
Rivian Automotive (RIVN)	~US$17.8bn (13 Nov 2026 close)	FY2025 revenue US$5,387m (10-K XBRL)
Li Auto (LI)	~US$11.4bn (13 Nov 2026 close)	2025 deliveries of 406,343, down 19% (Yicai Global)
XPeng (XPEV)	~US$9.0bn (13 Nov 2026 close)	2025 deliveries of 429,445, up 126% (Gasgoo)
Leapmotor (9863.HK)	~US$4.5bn (companiesmarketcap, November 2026)	2025 deliveries of 596,555, up 103% (Yicai Global)

NIO competes in China's premium EV market with Tesla, Li Auto, XPeng and Xiaomi, and with BYD and Leapmotor in the mass market where ONVO and firefly sell. Price competition across Chinese EV makers remains intense.

9. Insider Activity

NIO is a foreign private issuer, so its directors and officers do not file SEC Form 4 reports. ChartsView found no insider transactions (open-market purchases or sales) by directors, officers or major holders disclosed in 2026.

The main 2026 insider event was a grant rather than a trade: on 06 Mar 2026 the board adopted the 2026 Share Incentive Plan and awarded founder and CEO William Bin Li 248,454,460 performance RSUs in ten tranches, tied to market-cap and net-profit targets. At 31 Mar 2026 Li held 178,975,479 shares (7.1% of shares, 34.0% of votes) and CYVN Investments held 418,833,157 shares (16.7%), per the FY2025 20-F.

10. Key Risks

• Competition and price wars: The 20-F describes the automotive market as highly competitive; ONVO deliveries are down 9.5% so far in 2026 and group deliveries fell 15.2% YoY in October.
• Losses and liquidity: NIO has a history of significant losses and negative cash flows, and current liabilities exceeded current assets at the end of 2025, although net current assets were positive by 30 Jun 2026.
• Input-cost inflation: Material costs rose about RMB14,000 per car in Q2 2026 versus late 2025, and memory-chip costs were flagged as a further headwind.
• Trade and policy: US-China and EU trade tensions and changes to Chinese EV incentives can hit demand and overseas expansion.
• VIE and PRC regulatory structure: The 20-F flags risks around PRC regulation and the enforceability of NIO's contractual arrangements.
• Dilution and governance: The CEO's 248.5m-RSU award, past equity raises and dual-class voting concentrate control and can dilute ADS holders.
• Swap network execution: The swap network needs heavy capital spending, BaaS depends on Battery Asset Company, and the Geely deal dilutes NIO's stake in NIO Power.

11. Recent Developments

• 13 Nov 2026 — Clean Parks deal and new low. NIO signed a phase 2 Clean Parks agreement with the UNDP; the ADS closed at $2.90, below its earlier 52-week low.
• 11 Nov 2026 — ES9 milestone and Poly Property swap deal. The ES9 reached 40,000 deliveries, and NIO Power agreed a swap-network partnership with Poly Property.
• 07 Nov 2026 — firefly wins Red Dot award. firefly's smart cockpit won a 2026 Red Dot award.
• 03 Nov 2026 — 130 millionth battery swap. NIO Power passed 130 million cumulative swaps.
• 01 Nov 2026 — October deliveries fall. NIO delivered 34,246 vehicles, down 15.2% YoY and the first annual decline in 31 months; cumulative deliveries reached 1,332,139.
• 26 Oct 2026 — In-house battery cells. NIO confirmed it is pressing ahead with its own cylindrical cells, with limited output by year-end.
• 01 Oct 2026 — Q3 deliveries in range. Q3 2026 deliveries were 109,178, inside the 108,000 to 111,000 guidance range.

12. Key Dates

• Expected 24 Nov 2026 — Q3 2026 results; date not yet confirmed by NIO (Q3 2025 results came on 25 Nov 2025).
• 01 Dec 2026 — November 2026 delivery update (NIO reports deliveries on the first day of each month).
• Expected Jan 2027 — December and full-year 2026 delivery update.
• Expected Mar 2027 — Q4 and FY2026 results (FY2025 results came on 10 Mar 2026).
• TBC — Closing of Geely's 30% investment in NIO Power, subject to regulatory approval.

Management is targeting average deliveries of more than 40,000 a month in Q4 2026.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.