Overview
- NIO reported results on Thursday May 21, 2026, showing Q1 revenue of RMB25.53 billion and deliveries of 83,465 vehicles, a 98.3% year‑over‑year increase.
- Vehicle economics improved materially with vehicle margin at 18.8% and gross margin at 19.0%, producing an adjusted net profit of RMB43.5 million while GAAP net loss narrowed to RMB332.1 million.
- The company ended the quarter with stronger liquidity as cash, equivalents and investments rose to RMB48.2 billion and net current assets turned positive.
- Management is forecasting 110,000–115,000 vehicle deliveries and RMB32.78–34.44 billion in revenue for Q2 and has begun an intensive product ramp that includes ONVO’s L80 deliveries in mid‑May and ES9 shipments starting May 27.
- NIO’s turnaround builds on cost discipline and a multi‑brand strategy that followed a 2019 Hefei‑backed recapitalization, but the path to full‑year profitability is exposed to first‑half seasonality and risks from rising commodity and chip costs.