Will NIO's Vehicle Deliveries Accelerate in Q3 After a Modest July?

Core Insights - NIO Inc. delivered 21,017 vehicles in July 2025, a decrease from 24,925 vehicles in June 2025, with cumulative deliveries reaching 806,731 units by July 31, 2025 [1][7] Delivery Performance - The July deliveries included 12,675 units from NIO, 5,976 units from ONVO, and 2,366 units from FIREFLY [1] - NIO launched the ONVO L90 on July 31, 2025, delivering over 4,000 units within 10 days of its launch, with a target of over 10,000 units in August [2] - NIO plans to expand the FIREFLY brand into several European and other countries in Q3, which is expected to enhance total deliveries year over year [3] Competitor Analysis - XPeng Inc. achieved a record 36,717 smart EV deliveries in July 2025, up 229% year over year, with cumulative deliveries exceeding 800,000 [4] - Li Auto Inc. reported 30,731 vehicle deliveries in July 2025, down 39.7% year over year, with cumulative deliveries reaching 1,368,541 units [5] Financial Performance - NIO's stock has outperformed the Zacks Automotive-Foreign industry year to date, with a share price increase of 16.3% compared to the industry's 3.7% growth [6] - The Zacks Consensus Estimate for NIO's 2025 bottom-line loss has widened by a penny in the past 30 days, while the estimate for 2026 has narrowed by 5 cents in the past week [8] Valuation Metrics - NIO's stock appears relatively overvalued, trading at a forward price-to-sales (P/S) ratio of 0.65, compared to the industry's 0.45 [9]