NIO Inc. (NYSE:NIO) leads 2026 deliveries following July surge of 71%

NEW YORK, August 1, 2026, 13:00 EDT

In July, deliveries totaled 35,934 vehicles, marking a 71.0% increase year-on-year but representing an 11.5% decline compared to June.
Over the first seven months, volume surpassed Li Auto Inc. NASDAQ:LI by 3,117 units and was ahead of XPeng Inc. NYSE:XPEV by 23,053 vehicles.
NIO’s ADRs gained 8.7% last week, closing at $4.88. Monday marks the initial trading response.

NIO reported July deliveries of 35,934 vehicles, marking a 71.0% increase compared to the same month last year. Deliveries declined by 11.5% from June. With U.S. markets closed on Saturday, there has been no movement in the ADR.

NIO now leads its two peers in the seven-month cumulative total. Last year at this stage, it lagged both rivals by close to 99,000 vehicles. The shift is significant. However, NIO’s current lead is still narrow.

July 2026 deliveries	Vehicles	Year-on-year	Month-on-month
XPeng	38,027	up 3.6%	down 5.2%
NIO	35,934	up 71.0%	down 11.5%
Li Auto	30,468	down 0.9%	down 1.4%

Company announcements; monthly variation based on June delivery figures.

XPeng maintained the top spot in July deliveries, surpassing NIO by 2,093 units. Li Auto trailed NIO by 5,466 vehicles. Each company reported a drop from the previous month. NIO’s year-on-year expansion was the main highlight, rather than its month-to-month change.

January-July deliveries	2025	2026	Change	2026 rank
NIO	135,167	227,057	+68.0%	1
Li Auto	234,669	223,940	-4.6%	2
XPeng	233,906	204,004	-12.8%	3

Figures based on company data and monthly delivery reports.

NIO holds a 3,117-vehicle, or 1.4%, lead over Li Auto, a margin that could shift with just one robust month. The gap over XPeng is more substantial at 23,053 vehicles.

NIO group’s July composition	Vehicles	Share of group	Year-on-year	Month-on-month
NIO brand	20,008	55.7%	+57.9%	-8.7%
ONVO	10,155	28.3%	+69.9%	-13.5%
FIREFLY	5,771	16.1%	+143.9%	-16.9%

Percentages based on NIO’s releases from July 2026, June 2026, and July 2025.

The premium NIO brand saw its market share increase by 1.7 percentage points compared with June. It also had the lowest monthly drop. This mix could help bolster margins. NIO does not report monthly profitability figures by brand.

The ES8 accounted for the largest share, contributing 10,286 units, or 51.4% of NIO-branded deliveries. Deliveries of the five-seat version began on July 10. Total ES8 deliveries surpassed 130,000 after twelve days.

Reported profitability received a boost from product mix. Vehicle margin in the first quarter rose to 18.8%, up from 10.2% in the same period last year. Chief Financial Officer Stanley Yu Qu stated, “our vehicle margin stood at 18.8%.” NIO reported non-GAAP adjusted operating profit of RMB66.8 million. NIO Inc.

NIO’s ADRs finished Friday at $4.88, marking an 8.7% increase compared to July 24, after gaining ground in each of the week’s five sessions. The stock climbed ahead of the weekend’s delivery update, which was released on Saturday.

The stock is still trading 39% under its 52-week high of $8.02, even after the recent increase. Trading volume has rebounded more quickly than the share price. Investors are waiting for consistent signs regarding margins and cash flow.

Monday’s initial test is simple. Investors need to consider the updated delivery timeline alongside three consecutive drops in brand performance. The slight edge over Li Auto means August results will be crucial.

NIO has yet to set a date for its second-quarter earnings release. The upcoming report will gauge if higher-end models helped sustain margins. Deliveries for the second quarter reached 107,658 vehicles, marking a 49.4% rise from a year earlier.

Risks: All group brands saw declines from June. William Li stated that increased raw-material costs raised the price of each ES8 by nearly 20,000 yuan. Domestic passenger-car sales in China were also down 23.4% in June.

The peer ranking shifts in the July report, but the earnings issue remains unresolved. Monday will reveal which information investors react to first.

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Further analysis

Editorial insight

Is NIO on track to achieve its delivery growth target for 2026?

NIO's July deliveries increased 71.0% compared to the same month last year, totaling 35,934 vehicles. This marked an 11.5% decrease from June. Cumulative deliveries so far this year were 227,057, up 68.0%. To reach the CEO’s 40%-50% growth target, NIO needs to deliver around 45,900–52,400 vehicles each month until December. Achieving this pace would mark a significant increase. NIO Inc.

Has NIO achieved sustained profitability?

NIO posted a RMB332 million GAAP net loss in Q1, reversing from a RMB283 million profit in Q4. Adjusted Q1 operating profit amounted to RMB66.8 million. Vehicle margin rose to 18.8%, compared with 10.2% a year ago. Q2 deliveries came in 2.1% below the management’s guidance floor. The sustainability of profit has yet to be demonstrated. NIO Inc.

What models might lead the upcoming wave of expansion?

The ES9 surpassed 10,000 deliveries in its opening 30 days. The new ES8 achieved 130,000 deliveries in 305 days. The ES9 and ES8 are aimed at the segments above RMB500,000 and RMB400,000, respectively. Deliveries for the five-seat ES8 started on July 10. However, NIO-brand deliveries in July dropped 8.7% from June. Demand for premium models continues to fluctuate. NIO Inc.

Does NIO’s valuation sufficiently offset its execution risk?

NIO’s market capitalisation stood at about $10.2 billion based on the July 31 price of $4.88. That represents around 0.8 times projected 2025 revenue of $12.51 billion. As of March, cash, restricted cash, investments and deposits were $7.0 billion, reflecting total liquidity, not net cash. A meaningful price/earnings ratio is not available as net loss for 2025 is RMB14.94 billion. NIO Inc.

According to analyst consensus, what is the projected increase in stock price?

According to MarketBeat, the consensus among 14 analysts is Moderate Buy. Of these, eight advise Buy or Strong Buy, four suggest Hold, and two recommend Sell. The mean price target stands at $6.70, which is roughly 37% higher than $4.88. Analyst targets span from $4.00 to $8.50, indicating a potential move between an 18% decline and a 74% gain. Goldman has upgraded NIO to Buy, assigning a $7 price target. MarketBeat

What factors could disrupt the recovery?

ONVO and FIREFLY accounted for 44.3% of total deliveries in July. Their expansion is widening demand beyond the premium segment of NIO. This shift increases the importance of maintaining group margin control. In a separate development, the Pentagon listed NIO under Section 1260H. This is not a sanctions or trading prohibition. Policy ramifications are still unclear. NIO Inc.