Chinese electric vehicle manufacturer Nio reported higher vehicle deliveries and revenue for the first quarter of 2026 compared with the same period a year earlier, although results declined from the previous quarter amid seasonal weakness in China’s automotive market.
Nio delivered 83,465 vehicles during the January-to-March period, representing a 98.3% increase from the first quarter of 2025. However, deliveries fell 33.1% compared with the fourth quarter of 2025.
The total included 58,543 vehicles under the Nio brand, along with 13,339 units from its Onvo brand and 11,583 units from Firefly.
The company attributed part of the sequential slowdown to seasonal factors, including weaker first-quarter demand following the traditionally stronger fourth quarter and the impact of the Lunar New Year holiday period in China. Reduced EV subsidies at the start of the year also weighed on market conditions.
Quarterly revenue reached 25.53 billion yuan ($3.2 billion), up 112.2% year-on-year but down 26.3% from the previous quarter.
Nio reported a net loss of 332.1 million yuan for the quarter, compared with a net loss of 6.75 billion yuan a year earlier. In the fourth quarter of 2025, the company had posted its first quarterly operating and net profit.
Stanley Yu Qu, chief financial officer of Nio, said the company continued to improve operational efficiency.
“We are encouraged by the continued improvement across all key operating metrics. Looking ahead, we will further enhance cost and operational efficiency while strengthening our sustainable business capabilities,” Qu said.
Nio said vehicle margin improved to 18.8% during the quarter, compared with 10.2% a year earlier and 18.1% in the fourth quarter of 2025.
The company also highlighted the upcoming launch of its ES9 flagship sport utility vehicle, with deliveries scheduled to begin on May 27.
“The ES9, featuring over 40 industry-first technologies and nearly 40 class-leading configurations, is set to usher in the era of battery electric vehicles for executive flagship SUVs,” Nio said in a statement.
William Li, founder, chairman and chief executive officer of Nio, said the company’s long-term investment in technology development continued to support future growth.
“After eleven years of sustained investment and dedication, the Company has built comprehensive systematic innovation capabilities, serving as the core foundation for us to continuously launch innovative products and strengthen our long-term competitiveness,” Li said.
For the second quarter of 2026, Nio expects vehicle deliveries to range between 110,000 and 115,000 units, representing year-on-year growth of roughly 52.7% to 59.6%.
The company forecast second-quarter revenue between 32.8 billion yuan and 34.4 billion yuan, which would represent annual growth of approximately 72.4% to 81.2%.