Shares in Nio fell as much as 11.3% in Hong Kong on Tuesday after the company reported a second consecutive monthly decline in deliveries, hours before it was due to publish second-quarter results.
The stock traded at HK$30.24 at 2:37 a.m. US Eastern Time, down 8.9% from Monday’s close of HK$33.18.
Earlier in the session, Nio’s Hong Kong-listed shares reached a new low since July 2025 at HK$29.44, 11.3% below Monday’s close.
The company delivered 35,836 vehicles in August, an increase of 14.47% from a year earlier but a slight decline of 0.27% from July.
What the Release Said
Deliveries comprised 21,174 vehicles from the Nio brand, 8,810 from Onvo and 5,852 from Firefly.
Year-to-date deliveries reached 262,893, up 57.92%, and cumulative deliveries since the company began sales reached 1,260,485 as of August 31.
August was Nio’s fourth consecutive month above 35,000 vehicles, and its lowest monthly figure since April.
It was also 25.6% below the 48,135 vehicles Nio delivered in December 2025, still the company’s record month.
Onvo’s Weakness
The divergence between brands was sharper than the group figure suggests.
Nio brand deliveries rose 101.18% from a year earlier and 5.83% from July, lifting its share of group volume to 59.09% from 33.62% in August 2025.
Onvo fell 46.4% year over year and 13.2% from July, cutting its contribution to 24.58% from 52.50% a year earlier, extending a pattern in which each launch cycle has peaked lower — the L80 saw registrations drop 31% in its second month after May deliveries began.
Firefly delivered 5,852, up 34.65% year over year and 1.40% from July, for 16.33% of the total.
Across the eight months, the Nio brand delivered 160,670 vehicles, up 64.55%, against 61,428 at Onvo, up 13.19%, and 40,795 at Firefly.
The Growth Rate
August’s 14.5% year-over-year gain compares with 71.0% reported for July, a deceleration that overstates what happened in the month.
July 2025 deliveries were about 21,000 and August 2025 about 31,300, so the comparison base rose by half in a single month last year.
The company’s own cumulative figure shows the same effect: year-to-date growth was 68.0% at the July release and 57.9% at the August one, ten points lower in four weeks.
August volume was 11.7% below June’s 40,597, the best month of 2026 but short of December 2025’s all-time high of 48,135.
The Target Arithmetic
Founder and chief executive William Li has held to a target of 40% to 50% delivery growth for 2026, reiterating it at the China Auto Chongqing Summit in June even as he warned that China’s overall auto market could contract by 15% to 20% this year.
On 2025 deliveries of 326,028 vehicles, that target implies a full-year range of roughly 456,000 to 489,000 units.
The 262,893 delivered through August is 57.7% of the lower figure and 53.8% of the upper one.
Reaching the bottom of the range requires 48,277 vehicles a month from September through December, and the top requires 56,527.
That floor sits above Nio’s best month on record, the 48,135 delivered in December 2025, when the Nio brand alone accounted for 31,897 vehicles.
After July, EV calculated that Nio needed between 45,789 and 52,389 vehicles a month across the final five months of the year; a month later, with one fewer month to run, the floor has moved up by about 2,500 units a month.
Li told employees at a company-wide meeting on February 9 that annual non-GAAP profitability must be achieved, saying it was not something easily accomplished and should not be taken for granted.
The Quarter Behind the Month
Nio is scheduled to report second-quarter results before the US market opens on Tuesday, with a call at 8:00 a.m. Eastern.
Second-quarter deliveries were 107,658, up 49.4% year over year but 2.1% below the bottom of the company’s own guidance range of 110,000 to 115,000 vehicles.
First-quarter revenue was 25.53 billion yuan, up 112.2%, with a vehicle margin of 18.8% against 10.2% a year earlier and a gross margin of 19.0%, the highest in four years.
Adjusted operating profit was 66.8 million yuan in the first quarter, a second consecutive positive quarter on that measure, against a GAAP net loss of 332 million yuan.
Management guided second-quarter revenue to between 32.78 billion and 34.44 billion yuan, and holds a full-year vehicle margin target of 17% to 18% against 14.6% in 2025 — a range below the 18.8% already achieved, after the company flagged raw material and chip costs adding more than 10,000 yuan per vehicle from the second quarter.
Cash and equivalents stood at 48.2 billion yuan at the end of the first quarter, and the company has completed a follow-on equity offering of about $1.81 billion.
The Share Price Record
The Hong Kong listing peaked at HK$54.95 in April, which puts Tuesday’s HK$30.24 about 45% below that level.
The decline has been steady rather than abrupt, with the stock grinding lower through May, June and July before Tuesday’s drop.
The New York-listed ADRs set their own 52-week low on Monday afternoon ahead of the results, trading as low as $4.30 against a previous close of $4.37.
Morgan Stanley said in February that Nio planned two to three additional Onvo models in a lower price segment, targeting 8% to 10% market share, following a meeting with Li.
The model-level breakdown of August volumes will come next week from China Passenger Car Association data.
