How did NIO (NYSE:NIO) perform in Q1 2026?

NIO reported total net revenues of RMB25,532.7 million ($3.7 billion) for Q1 2026, a 112.2% increase year-over-year, driven by near-doubling of vehicle deliveries and improved manufacturing margins.

How many vehicles did NIO deliver in Q1 2026?

NIO delivered 83,465 vehicles in the quarter, up 98.3% compared to the same period in 2025, with growth coming from both premium models like the ES8 and mass-market sub-brands ONVO and Firefly.

What were NIO’s profitability metrics for the quarter?

Vehicle gross margin rose to 18.8% from 10.2% last year, corporate gross margin reached 19%, net loss narrowed to RMB332.1 million, and adjusted, non-GAAP net income turned positive at RMB43.5 million.

How did sequential performance compare?

Revenue fell 26.3% sequentially from Q4 2025, reflecting seasonal trends, but the year-over-year growth indicates strong volume scaling across NIO’s multi-brand portfolio

What drove NIO’s margin improvement?

The margin expansion was fueled by optimized production scale, a high-margin premium product mix, and stabilizing vehicle unit costs, leading to improved corporate gross and net profitability.

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NIO revenue surges 112% on record shipments as margins rebound

Written by Brie CarterPublished May. 21 2026Last Updated May. 21 2026

NIO (NYSE:NIO) reported a 112.2% surge in first-quarter revenue for 2026, driven by a near-doubling of vehicle deliveries and vastly improved manufacturing margins that pushed the company’s adjusted net results into profitability.

The Shanghai-based electric vehicle manufacturer generated total net revenues of RMB25,532.7 million ($3.7 billion) for the three months ended March 31, 2026, up from the corresponding prior-year baseline.

While seasonal trends pulled the top line down 26.3% on a sequential quarter-over-quarter basis, the year-over-year metrics underscore rapid volume scaling across its expanding multi-brand portfolio.

The stellar top-line performance was underpinned by a massive expansion in shipping volumes.

NIO delivered 83,465 vehicles during the quarter, representing a 98.3% increase compared to the first quarter of 2025.

Volume was anchored by a premium product mix and early tracking from its mass-market sub-brands, ONVO and Firefly, alongside high-margin flagship models like the refreshed ES8.

This optimized scale and a stabilizing production cost curve triggered an immediate turnaround in unit economics.

NIO's vehicle margin reached 18.8% for the quarter—a massive leap from the 10.2% recorded in the same period last year.

Consequently, overall corporate gross margin advanced to 19%, enabling the automaker to trim its net loss dramatically to RMB332.1 million.

On an adjusted, non-GAAP basis, NIO crossed into positive territory, posting a net profit of RMB43.5 million.

NIO also maintained a fortified financial runway to support its manufacturing ramp-up and capital-intensive battery-swapping infrastructure network.

The company closed out the first quarter with total cash, cash equivalents, restricted cash, and short-term investments aggregating to RMB48.2 billion.

Looking ahead, management signaled sustained market momentum in the premium and mass EV segments.

For the second quarter of 2026, NIO provided optimistic operational guidance, targeting total vehicle deliveries between 110,000 and 115,000 units.