NIO Posts 98% Q1 Delivery Growth and 18.8% Vehicle Margin
NIO delivered 83,465 smart EVs in Q1, up 98.3% year-on-year, generating RMB25.53 billion (US$3.70 billion) in revenue and reporting EPS of -$0.03 versus a -$0.08 consensus. Vehicle margin reached 18.8%, with ES9 presales boosting ES8 orders 30% and management targeting 17–18% full-year margin and positive non-GAAP profit.
1. Q1 Delivery and Revenue Performance
NIO achieved 83,465 smart EV deliveries in Q1, marking a 98.3% increase from a year earlier. This drove revenue to RMB25.53 billion (US$3.70 billion) and yielded an EPS loss of $0.03, outperforming the $0.08 loss analysts expected.
2. Margin and Model Mix
Vehicle margin climbed to 18.8% in the quarter, buoyed by strong sales of higher-priced ES8 SUVs. Management emphasized product mix optimization and supply-chain efficiencies to sustain margins in the 17–18% range for the full year.
3. ES9 Presale Impact
The ES9 executive SUV, set to launch May 27, has driven a 30% increase in ES8 orders during its presale phase. Executives cite positive customer feedback on ES9 design and technology as key to bolstering demand in the flagship segment.
4. Profitability Outlook and Technology Investments
NIO aims to achieve positive non-GAAP operating profit in 2026, maintaining quarterly R&D spend of RMB2–2.5 billion and SG&A at about 10% of revenue. Its in-house X1931 driving chip is in mass production, and ADAS subscription services are expected to become a material revenue stream.