Nio‘s US-listed shares surged nearly 7% on Monday morning to a four-month high of $6.21, as several Wall Street analysts upgraded the stock following last week’s financial results and next month’s model launches near.
The surge follows last week’s gains, with the March 10 session marking a 15% jump in share value after the company’s earnings report. Since then, the stock has risen as much as 25.7%.
The company’s shares have remained volatile over the past twelve months.
Shares have nearly doubled (94%) from their 52-week low of $3.02 reached in April 2025.
After its 2025 peak at $8.02 in early September, the stock fell 45.4% by year-end.
Nio began 2026 trading at $4.38 and has since recovered about 20.6%, roughly in line with the 22.3% gain over the past twelve months.
However, the share value remains around 91% below the all-time high of $66.99 set in January 2021 — when the EV maker unveiled its ET7 flagship sedan.
As of press time, Nio was trading 3.8% higher at $6.09.
First Profitable Quarter
The rally began on February 5, when Nio issued a profit alert projecting adjusted operating profit of 700 million to 1.2 billion yuan ($100–172 million) for the fourth quarter of 2025.
The results reported on March 10 showed that the company had reached an even higher breakeven point than what Li had described as “achievable” in early January.
Nio posted a GAAP net profit of 282.7 million yuan ($40.4 million) — its first in a decade of operations — compared with a net loss of 7.11 billion yuan ($1 billion) in the same period a year earlier.
The company targets full-year non-GAAP operating profitability in 2026.
Additionally, revenue came in at 34.65 billion yuan ($4.95 billion), up 76% year-over-year and 59% quarter-over-quarter, beating analyst consensus of 33.25 billion yuan.
Nio also reported positive operating cash flow in both the third and fourth quarters.
The EV maker ended 2025 with 45.9 billion yuan ($6.67 billion) in cash and equivalents, up 9.5% from a year earlier, and generated positive operating cash flow in both Q3 and Q4.
Alongside the results, Nio announced a $1.17 billion performance-based compensation package for CEO Li, split across ten tranches tied to market capitalisation milestones of $30 billion to $120 billion and annual net income targets of $1.5 billion to $6 billion.
Analysts Turn Bullish
The financial results from last week triggered a wave of analyst upgrades.
HSBC raised Nio to Buy with a $6.80 price target, citing above-market delivery growth.
Nomura also issued its first Buy rating in nearly three years, setting a $6.60 target.
Macquarie also upgraded to Outperform, raising its target to $6.50, while Morgan Stanley maintained its Overweight rating with a $7.00 target.
Goldman Sachs held its Neutral stance at $7.00, but now expects non-GAAP EBIT breakeven in 2028 — one year earlier than previously forecast.
Deliveries and Margins
Vehicle gross margin expanded to 18.1% last quarter, up five percentage points year-over-year.
CFO Qu Yu attributed the improvement to higher volumes, a product mix skewed toward the premium ES8 SUV, and cost reductions on refreshed models.
The ES8 specifically achieved a gross margin of nearly 25% last quarter, with December deliveries exceeding 22,000 units — nearly half of the group’s total monthly sales.
Earlier on Monday, Nio‘s Head of Operations Yang Bo announced that the 80,000th ES8 will be delivered “this week,” signaling that production and delivery schedules are picking up after several disruptions throughout February.
The company’s stock briefly dropped in early March after the company reported its lowest vehicle registrations since July.
For the final five months of 2025, monthly deliveries had exceeded 30,000 units, driven by strong demand for the Onvo L90 during the summer and the new ES8 since September.
Last month, however, the Onvo sub-brand hit a new low, marking its worst performance since its September 2024 debut.
Despite this setback, Deutsche Bank noted in a client report that Nio’s new orders in the first three days of March highest weekly rate for the group so far in 2026.
Nio aims to deliver 80,000 to 83,000 vehicles in the first quarter, representing 90–97% year-over-year growth.
For the full year, Li projected delivery growth of 40–50%, implying approximately 456,000 to 489,000 vehicles.
The company, which expects the ES8 to continue playing a key role in monthly deliveries, is preparing to launch its new flagship large SUV, the ES9, in April.
This will be followed by the five-seat Onvo L80, along with minor facelifts to its entry-level models later in the year.
