Key Highlights
- First quarter revenue reached $3.8 billion, surpassing Wall Street’s $3.7 billion projection
- Company posted adjusted loss of 3 cents per share, significantly better than the anticipated 9-cent deficit
- Vehicle deliveries totaled 83,465 units in Q1, representing 98% year-over-year expansion
- Profit margins improved dramatically to 19.0% versus 7.6% in the prior-year period
- Second quarter delivery forecast of 110,000–115,000 vehicles exceeds analyst projections
Shares of the Chinese electric vehicle manufacturer jumped over 5% during Thursday’s premarket session following the release of robust first-quarter financials and forward guidance that exceeded market expectations.
Premarket trading showed the stock at $5.77, reflecting approximately 3.2% gains at the latest check. Prior to Thursday’s session, shares had already advanced 10% in 2026 and climbed 42% over the trailing twelve-month period.
First-quarter revenue registered at RMB 25.53 billion (approximately $3.8 billion), marking a 112.2% increase from the year-ago quarter. The figure aligned closely with Wall Street’s consensus forecast of RMB 25.57 billion.
Regarding profitability, the adjusted earnings per share came in at RMB 0.02 — actually achieving a modest profit — versus analyst projections calling for a RMB 0.34 loss. In the comparable quarter last year, NIO recorded a 42-cent per share deficit on revenue of merely $1.7 billion.
Delivery figures stole the spotlight. The company shipped 83,465 vehicles throughout the first quarter, representing a 98.3% jump compared to the same period last year.
The delivery volume spanned all three of the company’s vehicle brands. The primary NIO brand generated 58,543 units, while ONVO contributed 13,339 vehicles, and the recently introduced Firefly brand delivered an additional 11,583 units.
Profitability Metrics Show Substantial Gains
Gross profit margin reached 19.0% during the first quarter, climbing from 7.6% twelve months earlier and exceeding the 17.5% recorded in the fourth quarter of 2025. NIO attributed the enhancement to superior operational efficiency and a more favorable product portfolio composition.
This margin expansion represents a significant development for an enterprise that has historically confronted ongoing profitability concerns.
Second Quarter Projections Exceed Market Consensus
Looking ahead to the second quarter, management projected revenue ranging between RMB 32.78–34.44 billion, comfortably above the analyst consensus estimate of RMB 31.83 billion.
The company anticipates delivering between 110,000 and 115,000 vehicles during the period, suggesting year-over-year growth of approximately 53–60%.
This projection indicates monthly deliveries exceeding 40,000 units throughout May and June. For reference, the company delivered 29,356 vehicles during April alone.
Fresh product introductions are driving the acceleration. The company unveiled its new ES9 SUV alongside ONVO’s five-seat L80 SUV in April, initiating what CEO William Bin Li described as “an intensive new product launch and delivery cycle.”
According to Li, the NIO All-New ES8 has captured the top position in China’s large SUV category based on sales performance.
These results materialize against challenging market conditions. Overall Chinese automotive sales declined roughly 7% year-over-year, according to Citi analyst Jeff Chung.
The company’s delivery expansion — essentially doubling versus the prior year — appears particularly impressive given this broader industry environment.
The Firefly brand, positioned to compete in more affordable market segments, continues adding meaningful volume to consolidated delivery figures.
Management indicated that the company’s proprietary smart driving chip, NIO WorldModel, along with its comprehensive vehicle operating platform, will enable significant technological enhancements across ONVO’s upcoming model lineup throughout the current year.
The 83,465 smart electric vehicles delivered during the first quarter of 2026 represented 98.3% year-over-year growth across the company’s complete brand portfolio.
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