Quick Summary
- Nio shares advanced approximately 4% in Hong Kong trading on February 22 following the Lunar New Year market closure.
- A historic single-day battery swap achievement of 177,627 swaps occurred on the sixth day of the Chinese New Year celebration.
- The EV manufacturer surpassed 100 million total battery swaps on February 6, with 3,750 operational stations nationwide.
- Fourth quarter 2025 vehicle deliveries reached an unprecedented 124,807 units, representing roughly 72% annual growth.
- The company projects its inaugural adjusted operating profit for Q4 2025, ranging from 700 million to 1.2 billion yuan.
Shares of Nio (NIO) experienced an approximate 4% uptick in Hong Kong markets on Monday as the electric vehicle manufacturer emerged from the Lunar New Year holiday period showcasing impressive battery swap performance metrics.
The standout achievement: a record 177,627 battery swaps completed within a 24-hour period on Sunday. Throughout February, Nio shattered its previous daily benchmarks six times, including an impressive five consecutive days of record-setting performance during the Spring Festival travel period spanning February 15 through February 23.
The company’s infrastructure footprint has expanded to 3,750 battery swap facilities throughout China, featuring 1,022 locations positioned along expressways spanning 550 municipalities. The milestone of 100 million cumulative battery swaps was achieved on February 6. CEO William Li has publicly stated that achieving profitability for the power division represents the company’s next strategic objective.
Over an 11-year period, the organization has allocated more than 18 billion yuan toward developing charging and battery swap infrastructure. Plans for 2026 include deploying an additional 1,000 stations while initiating large-scale production of fifth-generation swap technology.
Profitability Milestone Within Reach
Nio achieved quarterly vehicle deliveries of 124,807 units in Q4 2025 — establishing a new benchmark with approximately 72% year-over-year expansion spanning its Nio, Onvo, and Firefly product lines.
January’s delivery figures totaled 27,182 vehicles, marking a 96.1% increase compared to the previous year, though declining 43.5% sequentially from December.
The company has announced expectations for its inaugural adjusted operating profit during Q4 2025, with projections between 700 million and 1.2 billion yuan — a stark contrast to the 5.54 billion yuan adjusted operating loss recorded in the corresponding quarter of the prior year. Under Generally Accepted Accounting Principles (GAAP), operating profit is anticipated between 200 million and 700 million yuan.
Management attributes this turnaround to increased production volumes, optimized product portfolio composition, and successful cost reduction initiatives. Third quarter 2025 revenue climbed 17% to reach 21.79 billion yuan, though falling short of market expectations.
Market Challenges on the Horizon
Nio has indicated that the first quarter of 2026 may present difficulties as Chinese government vehicle purchase tax benefits conclude — identifying this as a sector-wide obstacle.
JPMorgan revised its Nio price target downward to $7 from $8 earlier this month while maintaining its Overweight recommendation. The financial institution pointed to anticipated negative growth in China’s passenger vehicle segment and compressed profit margins throughout 2026.
According to China Passenger Car Association statistics, passenger new energy vehicle wholesale deliveries totaled approximately 900,000 units in January — reflecting a modest 1% year-over-year increase but experiencing a sharp 42% decline from December levels.
Quantitative investment firm D.E. Shaw & Co. has emerged as Nio’s primary institutional stakeholder, signaling heightened institutional confidence in the company’s infrastructure strategy.
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