Nio shares rose to their highest level since November on Wednesday, as the Chinese EV maker reported first-quarter deliveries that exceeded its own guidance and signalled an acceleration in production of its best-selling model.
The stock touched $6.36 in morning trading in New York — more than doubling from a 52-week low of $3.02 reached exactly a year ago.
Nio‘s US-listed shares have rallied approximately 45% since late February.
On March 19, CNBC‘s Jim Cramer reversed years of bearish calls on the EV maker, pressing the Buy button on the stock for the first time since January 2021.
“I think you’re absolutely right. They did have a good quarter,” Cramer told a viewer. “Five bucks. Let’s do it. It’s a spec. That’s okay. You’re allowed one spec.”
In August 2025, Cramer had told viewers to “stay away” from the stock, saying “that market is flooded right now.”
Latest Surge
Tuesday’s surge of nearly 10% came amid a broader market rally, fuelled by growing signs of a potential de-escalation in the Iran conflict.
The Dow Jones Industrial Average surged more than 1,100 points, and the S&P 500 gained 2.9% — its best session since May — after President Trump said US forces could leave Iran “within two weeks, maybe three.”
The new four month high followed Nio‘s announcement earlier on the day that it delivered 35,486 vehicles across its three brands in March, a 136% increase year over year.
First-quarter deliveries totalled 83,465 units — exceeding the upper end of the company’s guidance range of 80,000 to 83,000 by nearly 500 vehicles.
Hours later, Nio‘s cheapest sub-brand Firefly won the World Urban Car of the Year award at the 2026 World Car Awards in New York, beating the Baojun Yep Plus and Hyundai Venue — adding further momentum to the stock.
Earlier on Wednesday, Firefly posted its second-strongest month of deliveries since launching in April 2025, as the brand continues to expand internationally.
Firefly announced last week that battery swap access will begin rolling out in May, with a minor facelift of its compact hatchback planned for later this year.
ES8 Production Accelerating
The third-generation ES8 SUV continued to dominate Nio‘s domestic sales, accounting for 16,255 units in March — a sequential rebound after a February dip partly caused by the Chinese New Year holiday and an audio chip shortage.
The pace of ES8 production has been accelerating sharply.
The time between 10,000-unit delivery milestones has compressed from roughly 30 days (between the 60,000th and 70,000th units) to 21 days (70,000th to 80,000th) and is now tracking at approximately 11 to 16 days for the most recent stretch.
Earlier this week, Head of User Operations Yang Bo wrote on Weibo that the 90,000th third-generation ES8 would be delivered “this week” — confirming the acceleration.
Throughout March, Nio offered a 10,000 yuan purchase tax subsidy, seven-year low-interest financing, and five years of free NOP+ assisted driving to ES8 buyers.
New Models
Nio is set to unveil the ES9 — a larger flagship SUV — on April 9. Co-founder Qin revealed over the weekend that a five-seat version of the ES8 will launch in early July, marking the first time the company has confirmed a five-seat variant of the model.
The company is also scheduled to update its entry-level models — the ET5 sedan, ET5 Touring estate, ES6, and EC6 — on April 2, which Nio often refers to as the ‘5566’ lineup.
Nio‘s family-oriented brand Onvo is preparing two new models in the 200,000 yuan price segment, as the company aims to revive demand for the family-oriented marque following a slow start.
Combined deliveries across the three brands in the first quarter nearly doubled year over year to 83,465 units.
International Expansion
Beyond its domestic market, Nio opened its first store in the Americas over the weekend.
The store, located in Costa Rica, has all three brands represented, marking Nio‘s first overseas market in which the company offers all its marques.
The company now operates in 11 European countries after expanding to Austria, Hungary, Belgium, Luxembourg, Portugal, and Greece through distribution partners since late 2025.
Outlook
Founder and CEO William Li has set a target of 40 to 50% delivery growth in 2026, implying full-year volumes of between 456,000 and 489,000 units.
As of March 31, the group had achieved between 17.1% and 18.3% of that target.
Nio confirmed last month that it achieved its first profitable quarter ever in the fourth quarter of 2025, and is now targeting full-year profitability in 2026.
