Nio (NIO) Q1 2026 (CNY): revenue 25.5bln, net income 43.5mln

• Deliveries rose 98.3% Y/Y to 83,465 vehicles, comprising 58,543 NIO, 13,339 ONVO and 11,583 FIREFLY vehicles. 
• April deliveries were 29,356 vehicles, taking 2026 year-to-date deliveries to 112,821. 
• Vehicle sales USD 3.303bln; sees Q2 deliveries between 110-115k

GUIDANCE:

• Sees Q2 revenue of USD 32.777-34.436bln

COMMENTARY:

• CEO says NIO had entered an intensive new product launch and delivery cycle
• CFO notes four straight quarters of vehicle margin improvement and positive adj. operating profit. NIO sees Q2 deliveries between 110,000-115,000 vehicles and sees Q2 revenue between USD 4.752-4.992bln