Nio’s Strong Q1 Beats Are Tempered by Raw‑Material Cost Warning

Rising commodity and chip costs that management says could add about 10,000 yuan per vehicle threaten to cap Nio’s vehicle margins.

Overview

Nio reported a strong first quarter with 83,465 vehicle deliveries, 112.2% revenue growth to 25.53 billion yuan and a return to adjusted profitability on improved margins.
Finance chief Stanley Yu Qu told investors that memory chips, lithium carbonate, NCM battery materials, copper and aluminum will push costs higher and add roughly 10,000 yuan or more per car from Q2.
The company guided Q2 deliveries to 110,000–115,000 vehicles and revenue to 32.78 billion–34.44 billion yuan, signaling a delivery ramp driven by new models.
Shares swung from gains to losses during the earnings call as trading volume surged above normal levels and broader selling pressure on US-listed Chinese stocks followed Beijing’s moves on offshore brokers.
Analysts reacted by raising targets and some upgrading the stock on the stronger fundamentals and ES9 launch while others stayed cautious because cost inflation and subsidy reductions could limit profit upside.