NIO Inc. (NIO) Stock: Q1 Revenue Doubles as EV Deliveries Jump 98%

TLDR

1. NIO Q1 revenues surge 112% to $3.7B with deliveries up 98% YoY.

2. Vehicle margin climbs to 18.8%, boosting gross margin to 19%.

   

3. Net loss narrows to $48M while adjusted profit reaches $6.3M.

4. April deliveries hit 29,356, pushing 2026 cumulative units to 112,821.

5. Q2 guidance targets 110K–115K vehicles and $4.8B–$5.0B in revenues.

NIO Inc. (NIO) shares reported first-quarter 2026 financial results with strong revenue growth and increased electric vehicle deliveries. Total revenues reached RMB25,532.7 million, up 112.2% from Q1 2025 but down 26.3% from Q4 2025. Vehicle deliveries rose 98.3% year over year to 83,465 units, marking significant growth despite a quarterly decline from 124,807 vehicles in Q4 2025.

NIO Inc., NIO

Vehicle Deliveries and Brand Performance

NIO delivered 58,543 vehicles under its NIO brand in Q1 2026, contributing the majority of total deliveries. The ONVO brand accounted for 13,339 units, while FIREFLY added 11,583 units. Deliveries fell 33.1% quarter over quarter due to seasonal production and logistics variations.

April 2026 saw 29,356 vehicles delivered, bringing 2026 cumulative deliveries to 112,821 units. Cumulative deliveries since the company’s inception surpassed 1.1 million vehicles. The pre-sale of the flagship ES9 commenced in April, with full deliveries scheduled from May 27, 2026.

ONVO’s L80 SUV began deliveries in mid-May, expanding the company’s large five-seat SUV segment. These launches leverage technological innovation, advanced spatial design, and enhanced safety features. FIREFLY continues releasing special editions to maintain engagement with its user base.

Financial Results and Margins

Vehicle sales totaled RMB22,783.7 million, up 129.2% year over year, though down 27.9% from Q4 2025. Vehicle margin improved to 18.8% from 10.2% a year earlier and 18.1% in the previous quarter. Gross profit increased 428.4% to RMB4,859.1 million, driving gross margin to 19.0%.

Loss from operations narrowed to RMB308.8 million compared with a loss of RMB6,418.1 million in Q1 2025. Adjusted non-GAAP operating profit was RMB66.8 million, down from RMB1,251.3 million in Q4 2025. Net loss reduced to RMB332.1 million, while adjusted non-GAAP net profit reached RMB43.5 million.

Research and development expenses decreased 40.7% year over year to RMB1,885.0 million. Selling, general, and administrative costs fell 20.5% to RMB3,497.3 million. Cost control and operational efficiency contributed to sustained positive cash flows.

Outlook and Strategic Initiatives

NIO expects Q2 2026 vehicle deliveries to range from 110,000 to 115,000 units, growing 52.7% to 59.6% year over year. Total revenues are projected between RMB32,777 million and RMB34,436 million, reflecting 72.4% to 81.2% growth. New product launches, including ES9 and L80, will support market expansion and premium segment leadership.

Cash, equivalents, and investments stood at RMB48.2 billion as of March 31, 2026, providing liquidity for operations and strategic initiatives. Vehicle margins and service profitability are expected to remain strong. NIO continues enhancing its smart driving technology and vehicle operating system across all brands.

The company’s focus on innovative product launches and operational efficiency positions it for sustained growth in the global electric vehicle market.

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