NIO Q2 Revenue Misses as Europe Registrations Collapse

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โดย Insider Monkey·CN·Read original
Summary · why it matters

NIO Inc. reported second-quarter 2026 results on September 1, posting 107,658 vehicle deliveries, up 49.4% year-over-year and 29.0% quarter-over-quarter across the NIO, ONVO, and Firefly brands, with revenue up 69.1% year-over-year to 32.14 billion yuan, or around $4.74 billion. That revenue figure came in nearly 2% below the company's own projection and short of Wall Street's $4.95 billion consensus, sending shares down as much as 4.4% to roughly $4.05-4.09. Vehicle gross margin was 18.5%, up from 10.3% a year earlier, overall gross margin rose to 18.4% from 10%, and net loss narrowed 89.4% year-over-year to RMB0.5 billion, with adjusted net profit of RMB26.1 million, though the net loss widened 59% from the prior quarter. In Europe, NIO registered just three vehicles in Germany in July, down 93.6% year-over-year, bringing its first-seven-month total to 18, down 89.3%, while Netherlands NIO-brand registrations fell 87.9% to eight vehicles over the same period, leaving the two markets with just 26 combined NIO-brand registrations. J.P. Morgan downgraded the stock after the report with a $4.50 price target, modeling a larger adjusted net loss of 2.34 billion yuan for 2026 versus a prior forecast of 512 million yuan and cutting its 2026 delivery estimate to 430,000 units. Hedge fund ownership slipped from 31 funds in the first quarter to 27 in the second, and management guided to stable second-half margins and Q3 deliveries of 108,000 to 111,000 units.

Impact on stocks 2

Electrification & Mobility▼ · 1 stocks
NIO Inc
9866
▼ NegativeCapitalDemandrelevance

Q2 revenue of 32.14 billion yuan missed its own projection and the $4.95 billion consensus, sending shares down as much as 4.4%.

Digital Finance & Tokenization▼ · 1 stocks
JPMorgan Chase & Co
JPM
▼ NegativeCapitalrelevance

J.P. Morgan downgraded NIO with a $4.50 price target and cut its 2026 delivery estimate after the revenue miss.

Theme Impact 3

Off-coverage companies 1

FireFly Metals LtdPrivate± Mixed
relevance

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