SHANGHAI, September 2, 2026, 19:01 CST
- NIO shares were at $3.93 as of 07:01 EDT, falling 3.2% compared to the previous day’s close.
- Deliveries in August increased by 14.5%, as Onvo volume declined 46.4% from a year earlier.
- Gross margin in the second quarter was 18.4%; guidance for the third quarter calls for 36,230–39,230 deliveries in September.
NIO Inc. (NYSE:NIO; HKG:9866; SGX:NIO) slipped 3.2% to $3.93 ahead of the U.S. market open, according to a reading at 07:01 EDT on Wednesday. The stock ended Tuesday at $4.06, marking a 4.0% drop with 80.9 million shares traded Yahoo Finance.
Turnover reached nearly triple its three-month daily average. The pullback indicates that investors sought more than just headline growth in deliveries. They are assessing whether NIO can maintain margins over its three brands.
NIO’s two-session repricing
Source: Yahoo Finance. Premarket prices can change before the opening bell.
The company reported deliveries of 35,836 vehicles in August, representing a 14.5% increase compared to the same month last year, but marking a 0.3% decrease from July. For the first eight months, the total volume climbed 57.9% to reach 262,893 vehicles NIO delivery release.
The performance was mixed. Core NIO-brand deliveries rose twofold to 21,174, while Onvo dropped 46.4% to 8,810, marking its third consecutive decrease CnEVPost.
August growth came from the premium brand
Delivery share and year-over-year change · 35,836 vehicles total
This is significant since higher-end models drove the recent gains in profit. Q2 vehicle margin increased to 18.5%, up from 10.3% a year ago. Gross margin advanced to 18.4% compared to 10.0% in the same period last year NIO Q2 results.
Momentum leveled off compared with the first quarter. Vehicle margin dropped by 0.3 percentage point. Gross margin declined by 0.6 point.
Margins rebuilt, then paused
Percent of revenue or vehicle sales
Source: NIO unaudited Q2 results, September 1, 2026.
Chief Financial Officer Stanley Yu Qu stated that the quarter benefited from higher-margin models. He added that NIO preserved “healthy gross and vehicle margins despite rising cost pressures.”
The income statement continues to show mixed results. Adjusted operating profit was RMB206.9 million, while the company posted a GAAP operating loss of RMB347.2 million.
The net loss reached RMB528.0 million, exceeding the RMB332.1 million reported in Q1. Research expenses declined 28.7% from a year earlier. Sales and administrative expenses climbed 11.6% as marketing efforts intensified amid fresh product launches.
Liquidity offers flexibility for execution. Cash, restricted cash, investments and long-term deposits reached RMB56.7 billion. NIO additionally reported positive operating cash flow for Q2, though it did not disclose a specific amount.
The Q3 forecast sets September as a key month. NIO projected quarterly deliveries between 108,000 and 111,000. With July and August accounting for 71,770 deliveries, September needs to reach 36,230 to 39,230 deliveries to meet guidance.
What September must deliver
Vehicles · Q3 company guidance and simple residual calculation
Source: NIO Q2 results and outlook. Calculation by TS2, September 2, 2026.
The range is between 1.1% and 9.5% higher than in August. The midpoint for revenue signals a 4.8% increase compared with the previous period. At the same time, the midpoint for deliveries climbs just 1.7%, indicating each delivered vehicle generates roughly 3% higher total revenue.
The figure is not a projection of average selling price. Overall revenue factors in services and additional sales as well. The margin’s stability will depend on the product mix.
NIO’s infrastructure continues to drive demand. On August 7, the company launched its 4,000th battery-swap station. The inaugural fifth-generation facility serves NIO, Onvo and Firefly models.
The stock started Wednesday trading close to a 52-week low. On Tuesday, the day’s lowest price was $3.99, which equaled that mark. Yahoo put the company’s market value at $10.17 billion based on the $4.06 closing price.
Risks: A price war among Chinese EV makers may pressure margins. Persistent challenges for Onvo could result in elevated marketing expenses. Additionally, currency fluctuations, ADR considerations, and regulatory issues may surpass operational improvements.
The immediate challenge is specific. NIO needs to increase September deliveries while maintaining its margin improvements. Earnings released on Tuesday demonstrated that cost management is effective, but the share price indicates brand positioning remains important.
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