New York, January 2, 2026, 07:28 ET — Premarket
U.S.-listed shares of Nio Inc were down 41 cents, or about 7.4%, at $5.10 in premarket trading on Friday. Peer China EV makers XPeng and Li Auto were also lower, down about 4.7% and 2.0%, respectively.
The move comes after Nio reported record December and fourth-quarter deliveries, a closely watched read-through on demand as China’s EV makers start the year by resetting volume targets and price strategies. Nio said it delivered 48,135 vehicles in December and 124,807 in the fourth quarter, taking 2025 deliveries to 326,028, with cumulative deliveries at 997,592 as of Dec. 31.
Monthly delivery updates matter because they arrive well before quarterly earnings and can shift expectations for revenue and production ramps. Investors are also weighing whether strong shipment growth can translate into better margins in a market still defined by heavy discounting and fast model cycles.
Nio’s delivery release also broke out results across its brands, highlighting the pace of scaling beyond its original premium line. The company said its NIO brand delivered 31,897 vehicles in December, while Onvo delivered 9,154 and Firefly delivered 7,084, with quarterly and full-year breakdowns also showing a larger contribution from the newer lines.
Founder and CEO William Li flagged near-term milestones in an internal staff letter reported on Friday, including a production marker and expanded infrastructure plans. “In just a few days, we will celebrate the rollout of our one-millionth mass-produced vehicle,” Li wrote, and he also outlined plans for broader international expansion and a larger battery-swap buildout in 2026. CnEVPost
Rival delivery updates released around the same time underscored how crowded the year-end sprint has become among China’s U.S.-listed EV names. XPeng said it delivered 37,508 vehicles in December and 429,445 for full-year 2025, while Li Auto said it delivered 44,246 vehicles in December and 109,194 in the fourth quarter.
Bigger players are also showing signs of demand volatility as the market matures. BYD said December sales fell 18.3% from a year earlier, while its 2025 sales growth slowed to the weakest pace in five years, according to calculations based on company data reported by Reuters.
Nio’s premarket drop despite record deliveries suggests traders are treating the volume print as only one piece of the puzzle. The next debate is whether higher shipments came with heavier incentives, and how that will show up in gross margin and cash flow when quarterly results arrive.
Investors will also watch whether Nio can sustain the pace after a strong fourth quarter, especially as competitors roll out refreshes and expand abroad. Monthly deliveries in early 2026 will be a key checkpoint for whether year-end momentum was seasonal or structural.
Before the U.S. regular session opens at 9:30 a.m. ET, the stock is hovering near the $5 level — a round-number area that often draws short-term trading interest. Any reversal in China EV peers could also matter, given the group’s tendency to trade as a basket on sentiment swings.
