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$NIO Inc(NIO.US)Nio's third-generation ES8 led China's large SUV market in May 2026 with retail sales of 11,472 units, marking six consecutive months of top sales. The ES8 is the only large SUV priced above 400,000 yuan with sales exceeding 10,000 units, while four Nio models, including the ES9 and Onvo L80, also ranked in the top 10 for May.

Nio's total vehicle deliveries reached a record 37,705 in May, and analysts predict the company will maintain non-GAAP profitability in Q2, driven by strong demand for high-margin SUVs. However, it is worth noting that competition is fierce in China, and rivals like Xiaomi are constantly innovating and competing for market share too. @Bridge Buzz SG

1/ NIO Q1 2026 numbers just dropped.

Revenue: 25.5 billion RMB. Up 112% year-on-year. Deliveries: up 98%. Vehicle gross margin: 4-year high. Net loss: 332 million RMB, down from 6.8 billion a year ago.

The turnaround is real. 🇨🇳⚡

2/ The loss narrowing is what matters most here.

Going from 6.8 billion RMB quarterly loss to 332 million is not a rounding error. That's a structural cost base change — ONVO sub-brand scaling, battery swap retention converting to repeat buyers, manufacturing efficiency improving.

3/ Vehicle gross margin at a 4-year high tells you two things at once: average selling price held up and production costs fell.

Most EV turnarounds fail because they grow volume by cutting price. Margin collapses. NIO is doing the opposite right now.

4/ The question for Q2: can they hold this delivery pace against BYD's relentless pricing pressure and Xiaomi taking mid-range share?

NIO's bet is premium positioning. If the brand holds, the margin story continues. If they're forced to discount to compete, the numbers look different.

If Q2 holds above 50,000 deliveries without margin compression, the path to breakeven becomes visible. Watch this space.

Nio 1Q26 First Take: overall a solid print. Revenue came in slightly below expectations, but the company maintained a high GPM in a seasonally weak quarter, and the net loss was narrower than expected.

More important than the print is the Q2 guide. With two key models — ES9 and ONVO L80 — set to start deliveries in May, the upbeat volume and revenue outlook implies healthy order intake for both.

In detail:

① Vehicle revenue was RMB 22.8bn, just shy of the RMB 23.1bn consensus. The shortfall was mainly due to an ASP of RMB 273k vs. the RMB 277k expected, though ASP still rose by RMB 20k QoQ as the high-priced ES8 accounted for over half of the mix in Q1.

② Vehicle GPM was 18.8%. Despite weaker scale benefits and higher procurement costs, margin held at a high level and improved 70 bps QoQ, beating the 18.2% market view and the company’s prior guide for a flat QoQ margin, driven by an upward shift in mix that offset cost headwinds.

③ Opex was well controlled, with R&D cut to under RMB 2bn, mainly due to front-loaded model development and cost-down initiatives. Nio delivered OP of -RMB 300mn, better than the -RMB 1bn loss the market expected.

The Q2 outlook is the key and again above expectations:

① Delivery guidance is 110k–115k, ahead of the 106k consensus. With only 29k delivered in Mar, this implies average monthly deliveries of 40k–43k in May/Jun. As ES8 lead times shortened from 4–5 weeks in Mar to 2–4 weeks in Apr and backlog eased, the incremental upside likely comes from ES9 and ONVO L80, indicating solid orders and the ability to ramp deliveries in line with intake.

② Total revenue guidance of RMB 32.8bn–34.4bn also tops the RMB 30.0bn consensus, with both volume and ASP above market assumptions. The guide implies Q2 vehicle ASP around RMB 270k, broadly flat QoQ.

Given ES8’s Q1 mix already reached 54% and its backlog and deliveries are trending down, Q2’s high ASP is likely backfilled by the higher-priced ES9, reflecting management’s confidence in ES9 monthly run-rate. If ES9 can reach a steady 5k+ units per month, Nio’s GPM should stay elevated, with potential room for further upside. $NIO Inc(NIO.US) $NIO-SW(09866.HK)

$NIO Inc(NIO.US)

NIO products consist of NIO, ONVO and Firefly. The 3 different brands target customers with different profiles.

Such strategy is awesome! Based on the recent earnings, the numbers prove that NIO is heading towards profitability. This is just the beginning. There will be more good news coming your way.

NIO has many different business units, which include chip development. The new chip developed by NIO is more affordable than a NVIDIA chip. Moving forward, the capital expenditures may probably decrease and margin should increase.

Let's see NIO on the moon.

Nio 4Q25 First Take: despite having pre-announced, the quarter still came in strong, beating the top end of guidance and Street estimates.

1) Total revenue was RMB 34.7bn (+76% YoY), above the Street at RMB 33.6bn, driven by an upside in vehicle sales.

Vehicle sales revenue reached RMB 31.6bn vs. RMB 30.6bn expected.

The sharp ASP uplift also drove a meaningful improvement in vehicle GPM.

2) Opex discipline was notable and supported profit expansion.

S&M expense was just RMB 3.5bn, down RMB 650mn QoQ from RMB 4.2bn and below the RMB 4.0bn guide, driven by payroll savings from headcount reductions.

With revenue and GPM beats plus opex relief, net profit turned positive.

As for Q1 guidance in a seasonally soft quarter:

1) Volume guide is below expectations: 80–83k units vs. the Street at 89k, implying Mar deliveries of 32–35k (Jan/Feb at 27k/21k).

2) But revenue guide is above expectations: RMB 24.5–25.2bn vs. the Street at RMB 24.5bn.