SHANGHAI, May 21, 2026, 19:14 (China Standard Time)
- Nio’s revenue in the first quarter more than doubled. Vehicle margin improved to 18.8%.
- The company swung to a net loss after reporting a fourth-quarter profit, though it still turned a small adjusted profit.
- The company guided for second-quarter deliveries and revenue ahead of what the market was looking for.
Nio Inc. posted a net loss for the first quarter, but shares trading in the U.S. moved higher before the New York bell. The Chinese EV maker reported margins were up and the second-quarter outlook came in ahead of analyst expectations. Revenue climbed 112.2% year-over-year to RMB25.53 billion, or $3.70 billion.
Nio’s report lands as some investors question if the late-2025 profit was just a blip or hints at a real shift for the company. China’s auto sector continues to deal with price cuts and higher costs. First-quarter profit for the sector slid 18% and the sales margin narrowed to 3.2%, according to Gasgoo, which cited data from Cui Dongshu at the China Passenger Car Association.
Nio is seeing more heat in the premium-EV space. BYD rolled out a refreshed Denza SUV, and Xpeng rolled out its GX SUV this week. Both moves hit the higher-margin SUV segment, the same area where Nio is betting on its ES9 and ONVO L80.
Nio reported it delivered 83,465 vehicles in the quarter, almost double the total a year ago but down 33.1% compared with the prior quarter. The results break down to 58,543 Nio-brand cars, 13,339 from ONVO, and 11,583 from the Firefly small-car line.
NIO Inc. reported a net loss of RMB332.1 million, an improvement from a net loss of RMB6.75 billion in the same quarter last year. In the fourth quarter, it had posted a net profit of RMB282.7 million. Adjusted net profit, which leaves out items like share-based pay, came to RMB43.5 million.
Margins did a lot of the work this quarter. Vehicle margin, which is the profit margin on new vehicle sales after costs, came in at 18.8%, up from 10.2% last year and 18.1% in Q4. Gross margin was 19.0%.
Nio is in a “intensive new product launch and delivery cycle,” founder and CEO William Bin Li said. Chief Financial Officer Stanley Yu Qu said vehicle margin has increased every quarter for the past four quarters and cash reserves also moved higher. NIO Inc.
Nio is guiding for second-quarter deliveries of 110,000 to 115,000 vehicles, which would be a jump of about 53% to 60% from the same quarter last year. The EV maker put expected revenue at RMB32.78 billion to RMB34.44 billion, topping the RMB31.45 billion FactSet consensus cited by MT Newswires.
NIO Inc. delivered 29,356 vehicles in April, bringing its year-to-date total to 112,821 vehicles through the end of that month. The company said its ES9 flagship SUV will launch and begin deliveries on May 27. ONVO started L80 deliveries after launching the model on May 15.
Nio’s New York shares climbed about 3.5% before the U.S. market opened, trading at $5.785. The stock finished Wednesday 2.6% lower at $5.59, according to MarketScreener data. Barron’s said Nio gained after its results came in ahead of Wall Street estimates.
Nio’s rebound still looks shaky. Deliveries dropped a lot from last quarter, and the company stayed in the red by U.S. accounting standards. Executives said the latest outlook is just an early view of what they see in the market. If rivals keep cutting prices or materials get more expensive, Nio’s margin boost could be tougher to keep.
Nio’s latest quarter isn’t giving investors a clear profit story, but does show the company selling more cars at better margins. That’s a modest win, but in China’s packed EV market, it could be enough for now.
