SHANGHAI, September 1, 2026, 20:02 CST —
- NIO NYSE:NIO traded at $4.18 at 08:01 ET, down 1.18% in premarket dealing.
- Second-quarter revenue rose 69.1%, while vehicle margin reached 18.5%.
- The third-quarter revenue midpoint implies about 4.8% sequential growth.
NIO Inc. NYSE:NIO shares fell 1.18% to $4.18 at 08:01 ET. The drop followed a sharp revenue gain and NIO’s second straight adjusted operating profit.
The reaction highlights a tougher test. NIO’s third-quarter revenue midpoint is only 4.8% above the second quarter. Delivery guidance implies growth of just 1.7% at the midpoint.
The profit bridge also remains wide. Adjusted operating profit reached RMB206.9 million. Yet NIO reported a RMB347.2 million GAAP operating loss and a RMB528 million net loss.
NIO premarket after the earnings release
U.S. dollars per ADS, 07:46–08:01 ET
Quarterly revenue reached RMB32.14 billion, up 69.1% from a year earlier. Vehicle sales rose 80.1% to RMB29.06 billion. Vehicle margin improved 8.2 percentage points to 18.5%.
Founder and chief executive William Bin Li said all three brands delivered “growth in both sales volume and average transaction price.” NIO, ONVO and FIREFLY together delivered 107,658 vehicles.
Scale arrived faster than GAAP profit
Quarterly comparison; renminbi figures in billions unless stated
Revenue
Gross margin
Adjusted operating result
Source: NIO second-quarter filing, September 1, 2026. Adjusted results exclude share-based compensation and organizational charges.
NIO expects third-quarter deliveries of 108,000 to 111,000. Revenue guidance spans RMB33.29 billion to RMB34.05 billion. Both ranges show strong annual growth but a slower sequential pace.
July and August deliveries totaled 71,770. The guidance therefore requires 36,230 to 39,230 vehicles in September. August deliveries were 35,836, up 14.5% from a year earlier.
The September delivery hurdle
Units needed to reach NIO’s third-quarter guidance
Source: NIO guidance and August update, September 1, 2026. Percentages are calculated from reported units.
Costs explain part of the caution. Research spending rose 13.8% from the first quarter. Selling, general and administrative expense climbed 26.5%, driven by product-launch marketing and personnel costs.
Liquidity provides room to execute. NIO held RMB56.7 billion in cash, restricted cash, investments and long-term deposits. Chief financial officer Stanley Yu Qu said the company produced positive operating cash flow.
A chip subsidiary also raised RMB493 million across two rounds. The deals valued Shenji at RMB12.25 billion after the investment. NIO will retain a 59.95% controlling interest.
Risks: China’s electric-vehicle price competition could weaken the model mix. Launch spending may stay high, while any September delivery shortfall would pressure the new margin base.
The immediate test is management’s 08:00 ET earnings call. Regular New York trading begins at 09:30 ET, when liquidity should clarify the market’s verdict.
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