Key Highlights
First quarter revenues jumped 112% year-over-year to $3.7 billion with vehicle deliveries climbing 98%.
Vehicle profitability improved to 18.8%, driving overall gross margin to 19%.
Operating losses reduced to $48 million with adjusted earnings turning positive at $6.3 million.
April saw 29,356 units delivered, bringing year-to-date total to 112,821 vehicles.
Second quarter forecast calls for 110,000-115,000 deliveries and $4.8-$5.0 billion in revenue.
NIO Inc. (NIO) announced impressive first-quarter 2026 earnings with substantial revenue expansion and accelerating electric vehicle shipments. The company generated RMB25,532.7 million in total revenue, representing a 112.2% increase compared to the same period last year, though declining 26.3% sequentially from the fourth quarter. Vehicle shipments climbed 98.3% annually to 83,465 units, demonstrating robust year-over-year momentum despite a sequential decrease from the prior quarter’s 124,807 deliveries.
Delivery Volumes and Multi-Brand Expansion
NIO‘s primary brand accounted for 58,543 vehicle deliveries during the first quarter of 2026, representing the largest portion of overall unit volume. The ONVO sub-brand contributed 13,339 vehicles, while the newly launched FIREFLY brand delivered 11,583 units. Sequential deliveries decreased 33.1% compared to Q4 2025, primarily attributed to typical seasonal manufacturing patterns and logistical adjustments.
In April 2026 alone, the company shipped 29,356 vehicles, elevating year-to-date deliveries to 112,821 units. Since operations began, NIO has delivered over 1.1 million electric vehicles cumulatively. The company initiated pre-orders for its premium ES9 flagship model in April, with full-scale customer deliveries commencing May 27, 2026.
ONVO’s L80 SUV entered the delivery phase in mid-May, strengthening the automaker’s presence in the large five-seat SUV category. Both new models showcase cutting-edge technology, sophisticated interior space utilization, and upgraded safety systems. Meanwhile, FIREFLY maintains customer interest through limited special edition releases.
Revenue Performance and Profitability Metrics
Automotive revenue reached RMB22,783.7 million, surging 129.2% compared to the year-ago quarter while declining 27.9% sequentially. Vehicle-level profitability strengthened to 18.8%, a significant improvement from 10.2% in Q1 2025 and 18.1% in the preceding quarter. Total gross profit jumped 428.4% to RMB4,859.1 million, pushing the overall gross margin to 19.0%.
Operating losses contracted sharply to RMB308.8 million versus a loss of RMB6,418.1 million in the comparable year-earlier period. On an adjusted non-GAAP basis, operating profit totaled RMB66.8 million, though down from RMB1,251.3 million in Q4 2025. Net losses narrowed to RMB332.1 million, while adjusted non-GAAP net income turned positive at RMB43.5 million.
Research and development spending declined 40.7% annually to RMB1,885.0 million. Sales, general, and administrative expenses dropped 20.5% to RMB3,497.3 million. Disciplined cost management and improved operational productivity enabled the company to maintain positive cash generation.
Forward Guidance and Strategic Priorities
NIO forecasts second-quarter 2026 deliveries between 110,000 and 115,000 vehicles, representing year-over-year growth of 52.7% to 59.6%. Revenue is anticipated to reach RMB32,777 million to RMB34,436 million, marking expansion of 72.4% to 81.2% compared to Q2 2025. Upcoming product releases, particularly the ES9 and L80 models, are expected to drive market share gains and reinforce premium positioning.
As of March 31, 2026, the company held RMB48.2 billion in cash, cash equivalents, and short-term investments, ensuring sufficient liquidity for operational needs and growth investments. Vehicle-level margins and service-related profitability are projected to remain resilient. NIO is advancing its autonomous driving capabilities and proprietary vehicle software platform across its entire brand portfolio.
With a strategic emphasis on breakthrough product introductions and operational excellence, the electric vehicle manufacturer is well-positioned for continued expansion in the worldwide EV marketplace.
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