Nio Q2 net loss narrows 89.4% to 528 million yuan on higher revenue

[SINGAPORE] Chinese electric vehicle (EV) maker Nio posted a net loss of 528 million yuan (US$77.8 million) for its second quarter ended Jun 30, 2026, narrowing 89.4 per cent from the 5 billion yuan (US$744 million) loss the year before.

However, the net loss widened by 59 per cent from 332.1 million yuan in the first quarter of 2026, its financial results released on Tuesday (Sep 1) indicated.

Loss per share for the three months came in at 0.29 yuan, compared with 2.31 yuan in Q2 2025 and 0.20 yuan in Q1 2026.

The narrower year-on-year loss was driven by top-line growth, with total revenues rising 69.1 per cent year on year to 32.1 billion yuan. This was also a 25.9 per cent increase from 25.5 billion yuan in Q1.

Vehicle sales for Q2 stood at 29.1 billion yuan, up 80.1 per cent from the previous year and 27.5 per cent higher quarter on quarter.

Vehicle deliveries reached 107,658 units for the quarter, marking a 49.4 per cent rise year on year and a 29 per cent increase quarter on quarter. This comprised 60,945 vehicles from the premium Nio brand, 29,124 from the Onvo family brand, and 17,589 from the high-end compact Firefly brand.

William Li, founder, chairman and chief executive officer of Nio, said all three brands achieved growth in sales volume and average transaction price during the quarter.

Gross profit for the quarter surged 211.3 per cent on the year and 21.6 per cent on the quarter to 5.9 billion yuan. Gross margin stood at 18.4 per cent, up from 10 per cent in Q2 2025, but slightly lower than the 19 per cent booked in Q1 2026.

Vehicle margin came in at 18.5 per cent, higher than the 10.3 per cent in Q2 2025 and 18.8 per cent in Q1 2026.

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Research and development expenses fell 28.7 per cent year on year to 2.1 billion yuan, mainly due to organisational optimisation and decreased design and development costs.

Selling, general and administrative expenses rose 11.6 per cent to 4.4 billion yuan, driven by sales and marketing activities for new product launches.

Nio recorded an adjusted net profit of 26.1 million yuan for Q2 2026, turning around from an adjusted net loss of 4.1 billion yuan in Q2 2025.

Nio expects Q3 vehicle deliveries to range between 108,000 and 111,000 units, representing a year-on-year growth of 24 to 27.5 per cent.

The EV maker had announced earlier on Tuesday a 14.5 per cent year-on-year increase in August vehicle deliveries to 35,386.

Third-quarter total revenues are projected to be between 33.3 billion yuan and 34.1 billion yuan, up 52.7 to 56.2 per cent from Q3 2025.

Shares of Nio fell 5.1 per cent or US$0.22 to close at US$4.11 on Tuesday, before the news.