Nio reported a 72% year-over-year increase in vehicle deliveries during the fourth quarter, delivering 40,000 units compared with 23,255 units in the same period last year. Management reiterated its guidance for delivery compound annual growth of 40–50% over the next several years, driven by rollout of updated versions of its ES series SUVs and the continued expansion of its premium sub-brands Onvo and Firefly.

Despite January deliveries climbing 65% year-over-year to 25,500 units, Nio’s share price continued to underperform broader global electric vehicle peers. Investor concerns over near-term demand in China led to a decline in trading sentiment, with daily volume reaching 66 million shares—approximately 40% above the company’s three-month average of 47 million—reflecting heavy repositioning by institutional and retail holders.

Gross margin for the quarter stood at 11.25%, up 150 basis points sequentially, as localized production gains at the Hefei plant offset higher logistics costs. After-sales service revenue rose by 35% year-over-year, supported by a 20% increase in charging and battery-swap network usage, which logged over 1.2 million swaps in the quarter—a new quarterly record.

Nio’s pioneering Battery-as-a-Service (BaaS) network, now covering 310 cities with over 1,100 swapping stations, remains a key differentiator but also a source of investor caution. Infrastructure investment has exceeded $450 million to date, and utilization rates average just 12 swaps per station per day, raising questions about scalability and return on capital as fast-charging alternatives gain traction across China.