Nio is one of the first pure EV start-ups in China and has 3 brands in its portfolio: the Nio brand focuses on the premium BEV segment, the Onvo brand focuses on the mid-end family market, and the Firefly brand focuses on family-oriented niche boutique market. The company has been losing NEV market share since 2020 (3.9%) to 2.0% in 2024 on intensifying competition. Looking ahead, we see improved model competitiveness and stepped-up new model pipeline into 2026, with two new launches (i.e. L80 and ES9) as w ...

February 5, 2026 12:28 PM GMT NIO Inc. | Asia Pacific M Update Positive Profit News; OW on 4Q Beat Reaction to earnings Unchanged Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research NIO announced a positive profit alert on February 5, expecting GAAP net profit of Rmb200-700mn in 4Q vs. a GAAP net loss of Rmb3.7bn in 3Q25, above market expectations and the company's target of non-GAAP pr ...

NIO Inc. (NYSE:NIO) is one of the Top 15 Chinese Companies on US Exchanges. On January 27, Morgan Stanley reiterated its Overweight rating on NIO Inc. (NYSE:NIO), keeping the price target at $7. Morgan Stanley analyst Tim Hsiao reaffirmed his bullish stance on the Chinese EV maker following a meeting with NIO’s founder, William Li. Morgan Stanley Reiterates Overweight Rating on NIO Inc. as the EV Maker Expects Higher Delivers In Next Two Years Photo by carlos aranda on Unsplash Hsiao remains positive o ...

蔚来创始人李斌认为 ，尽管 2026 年 1 月销量表现不及预期，但2026 年纯电动汽车市场仍能实现 20% 的同比增长，其中售价超 30 万元的高端纯电动汽车将持续跑赢行业整体。 售后、金融、技术工程服务以及蔚来生活方式品牌等非汽车业务的利润，将持续抵消换电业务收窄的亏损。 管理层表示，受铜、铝、锂以及动态随机存取存储器价格上涨影响，每辆车的成本预计最多增加 5000 元。 管理层仍有信心通过规模效应和提升运营效率，来抵消上述成本上涨带来的压力。 蔚来的目标是到 2030 年实现海外销量占比达到 20% ，届时将先在海外市 场推出萤火虫品牌，随后推出乐道品牌，最后再推出蔚来主品牌。 蔚来创始人重申，未来两年交付量的复合年增长率将达到 40%-50%，这意味着凭借 ES9、ES7 以及乐道 L80 等新车型的加持，2026 年交付量有望达到 45.6 万 - 48.9 万辆。 管理层表示，ES9 将是提升利润率的关键车型，该车售价超 50 万元，单车利润有望突破 10 万元，能够与 宝马 X5、奔驰 GLE 以及问界 M9 等车型展开竞争。 长期战略规划 蔚来计划在长期内推出 2-3 款售价在 15 万 - ...

January 27, 2026 08:43 AM GMT NIO Inc. | Asia Pacific Key takeaways from meeting with NIO's Founder Key Takeaways NIO's founder reiterated that deliveries can achieve a 40-50% CAGR over the next two years, implying 456-489k units in 2026, underpinned by new models, including ES9, ES7, and Onvo L80. Management said the ES9 would be key to higher margins, potentially exceeding Rmb100k profit per unit, given its high ASP above Rmb500k, which would enable it to compete against models like BMW X5, Mercedes GLE, ...

Core Viewpoint - Chinese electric vehicle stocks saw a pre-market surge, with NIO, Xpeng Motors, and Li Auto showing significant gains, indicating positive market sentiment towards the sector [1] Financial Performance - NIO reported a gross margin of 14.7% for Q3, with expectations to increase to around 18% in Q4 [1] - The gross margins for NIO's ES6 and EC6 models reached or exceeded 25%, while the ET5, ET5T, and L90 models had margins between 15% and 20%. The third-generation ES8 also achieved a gross margin of 20% [1] Future Outlook - NIO has a clear product roadmap for next year, planning to launch three large vehicles, including the ES9, ES7, and L80, aiming to penetrate the pure electric large three-row market [1] - The company aims to continue enhancing its product mix with high-margin offerings, with expectations that the overall gross margin could reach 20% by 2026 according to CEO Li Bin [1]

Core Viewpoint - Chinese electric vehicle stocks experienced a pre-market surge, with NIO, Xpeng Motors, and Li Auto showing significant gains, indicating positive market sentiment towards the sector [1] Financial Performance - NIO reported a gross margin of 14.7% for Q3, with expectations to increase to around 18% in Q4 [1] - The gross margins for NIO's ES6 and EC6 models reached or exceeded 25%, while the ET5, ET5T, and Ladao L90 models had margins between 15% and 20% [1] - The third-generation ES8 model achieved a gross margin of 20% [1] Future Outlook - NIO has a clear product roadmap for next year, planning to launch three large vehicles, including the ES9, ES7, and Ladao L80, targeting the pure electric large three-row market [1] - The company aims to enhance its product mix by increasing the proportion of high-margin products, with a projected overall gross margin of 20% by 2026 according to CEO Li Bin [1]

Core Insights - NIO Inc. is positioned for significant growth due to a strong vehicle lineup and expansion beyond luxury models, although challenges such as subsidy phaseouts and rising operating costs may hinder progress [1][6][8] Vehicle Lineup and Growth - NIO's expanding vehicle portfolio, including models like ES6, ET5T, ES8, and others, is driving delivery growth, with expectations of 40,000 ES8 units sold in 2025, primarily in Q4 [2][4] - The introduction of the ONVO brand and Firefly brand is expected to enhance volume, with ONVO's L60 model delivering 33,000 units in its first three months and Firefly delivering over 26,000 units in its first six months [3][8] Margin Improvement - Vehicle margins improved to 14.7% in Q3 2025 from 13.1% in Q3 2024, with expectations to reach 20% overall due to new model launches and cost synergies [4][8] Battery Swap Technology - NIO's battery swap technology, part of its BaaS strategy, provides a competitive advantage, with over 3,641 swap stations and more than 27,000 chargers installed [5] Challenges and Risks - The phaseout of trade-in and replacement subsidies is expected to dampen demand, particularly affecting lower-priced models like ONVO L60 and L90 [6][8] - Rising SG&A expenses, which increased by 1.8% year-over-year, are anticipated to continue due to increased sales and marketing efforts [7][8] - NIO's long-term debt to capital ratio stands at 0.82, significantly higher than the industry average of 0.27, limiting financial flexibility [8][9]

Core Viewpoint - NIO's Q3 financial report shows a significant reduction in net losses and a positive cash flow, indicating a potential turnaround for the company as it aims for profitability in Q4 and a gross margin target of 20% by 2026 [2][4][17]. Financial Performance - In Q3, NIO reported a net loss of 34.8 billion yuan, a year-on-year decrease of approximately 30%, and an adjusted net loss of 27.4 billion yuan, improving by 33.7% quarter-on-quarter [2][3]. - Cash reserves reached 36.65 billion yuan, up from 26 billion yuan at the beginning of the year [3][4]. - The gross margin for vehicles in Q3 was 14.7%, with expectations to rise to around 18% in Q4 [4]. Product Strategy - NIO plans to launch three new large vehicles next year, including ES9, ES7, and L80, aiming to penetrate the pure electric large three-row market [4][9]. - The company emphasizes high-margin models, with ES6 and EC6 achieving gross margins of over 25% [4]. Market Challenges - The recent reduction in vehicle purchase subsidies has led to a significant drop in new orders in November, indicating a shift in consumer behavior towards a wait-and-see approach [5][6]. - NIO's strategy focuses on maintaining stable prices and delivering high-margin models to mitigate the impact of subsidy changes [6]. Operational Efficiency - NIO has shifted its focus from merely increasing sales volume to enhancing operational quality and efficiency, with a new emphasis on high ROI projects [7][8]. - The company has implemented a transparent supply chain and CBU mechanism, ensuring accountability across departments and improving overall operational efficiency [15][16]. Future Outlook - NIO's leadership expresses confidence in achieving full-year profitability, primarily driven by high-margin orders from the ES8 model [8][17]. - The company is committed to a long-term vision of focusing on electric vehicles, with plans to enhance its product line while maintaining a strong market presence [12][13].

Core Viewpoint - The company's Q3 2025 performance met market expectations, with a revenue of 21.79 billion yuan and a Non-GAAP net loss of 2.7 billion yuan, indicating ongoing reform effectiveness and operational improvements [1]. Financial Performance - Q3 2025 revenue reached 21.79 billion yuan, with a Non-GAAP net loss of 2.7 billion yuan, aligning with market expectations [1]. - The company delivered 87,071 vehicles in Q3 2025, achieving a comprehensive gross margin of 13.9%, up 3.9 percentage points quarter-on-quarter, and an automotive gross margin of 14.7%, up 4.4 percentage points, marking the best quarterly performance since Q1 2023 [1]. - R&D and selling, general, and administrative (SG&A) expenses were 2.39 billion yuan and 4.19 billion yuan, respectively, with R&D expenses decreasing by approximately 600 million yuan quarter-on-quarter, while SG&A expenses increased due to new model cycles [1]. Development Trends - The company expects Q4 deliveries to reach 120,000 to 125,000 vehicles, maintaining a high level of sales [1]. - By 2026, the company anticipates a strong product cycle and internal operational improvements, with existing models expected to support sales recovery [1]. - The company plans to launch three SUV models (ES9, ES7, L80) in Q2-Q3 2026, aiming to strengthen its position in the pure electric vehicle market [1]. Cash Flow and Financing - The company reported positive operating cash flow and free cash flow in Q3, supported by a strong product cycle [2]. - On September 17, the company completed a public offering of new shares, raising $1.16 billion to fund core technology development, new platform and model development, and infrastructure expansion, enhancing its financial stability [2]. Profit Forecast and Valuation - Current valuations for U.S. and Hong Kong stocks are projected at 0.7x and 0.8x P/S for 2026, respectively [2]. - The company adjusted its non-GAAP profit forecasts for 2025/26 from -10.27 billion yuan and 5.43 billion yuan to -13.17 billion yuan and 3.67 billion yuan, maintaining an outperform rating [2]. - Target prices for Hong Kong and U.S. stocks were reduced by 9% to 62 HKD and 8 USD, respectively, indicating potential upside of 32% and 46% from current prices [2].