SHANGHAI, March 11, 2026, 05:36 (GMT+8)
NIO swung to its first-ever quarterly net profit on Tuesday, sending its U.S.-listed stock surging 15.2%. The Shanghai EV manufacturer logged net profit of 282.7 million yuan ($40.4 million) for the fourth quarter, rebounding from a 7.11 billion yuan loss a year ago. The company also projected a strong leap in first-quarter deliveries and revenue.
Why does it matter? NIO’s been chasing the promise of scale turning into actual profits amid China’s fierce EV price battles. Back in February, after years in the red and feeling the heat from rivals, the company projected a first-ever adjusted operating profit—crediting better sales and tighter cost controls.
NIO’s Tuesday report wasn’t just an earnings surprise. The company projected first-quarter deliveries between 80,000 and 83,000 vehicles, with revenue set to land somewhere in the 24.48 billion to 25.18 billion yuan range. That points to annual revenue growth in the ballpark of 103% to 109%.
Quarterly revenue jumped 75.9% to 34.65 billion yuan, with deliveries up 71.7% to 124,807 vehicles. Vehicle margin improved to 18.1%, up from 13.1%. Research and development expense slid 44.3%, and selling, general and administrative costs were down 27.5%. Adjusted operating profit—excluding both share-based compensation and organizational-optimization costs—came in at 1.25 billion yuan.
Chief Executive William Bin Li pointed to deliveries from NIO, ONVO and FIREFLY as evidence of an “accelerating growth trajectory.” CFO Stanley Yu Qu described the quarter as a “major milestone,” with the company posting its first ever positive quarterly adjusted operating profit. GlobeNewswire
The numbers topped what analysts were looking for. According to MarketWatch, consensus had been for a 292.2 million yuan loss on 30.31 billion yuan revenue. Barron’s noted Citi’s Jeff Chung is sticking with his Buy rating and $6.20 target, citing upcoming second-quarter model debuts and potential for cheaper batteries and chips.
NIO put up 20,797 deliveries in February, slotting between XPeng’s 15,256 and Li Auto’s 26,421. Peer numbers remain choppy. BYD, the sector’s heavyweight, posted a steep 41.1% drop in global sales for February. The data underscores the aftershocks from holiday timing and fierce competition still shaking up China’s EV market.
Still, a single quarter in the black won’t erase lingering concerns. NIO reported a net loss of 14.94 billion yuan for the full year 2025. As of Dec. 31, the company said its current liabilities surpassed current assets, though it maintained that available cash and credit lines should keep business running for the next year. Management also flagged that the first-quarter outlook was only preliminary, subject to change as market conditions shift.
The company isn’t slowing its overseas push either. Back in January, NIO told Reuters it planned to keep building out its European business, even after the European Commission set out minimum price rules that might take the place of tariffs on Chinese-made EVs.
