Nio Q1 net loss narrows to 332.1 million yuan as revenue doubles

[SINGAPORE] Chinese electric vehicle (EV) maker Nio posted a net loss of 332.1 million yuan (S$62.5 million) for the first quarter of 2026 ended March, narrowing its losses from 6.75 billion yuan in the year-ago period.

Nio is listed in the United States, Hong Kong and Singapore.

On a quarter-on-quarter basis, however, this was a reversal from the net profit of 282.7 million yuan in the fourth quarter of 2025.

Its loss per share stood at 0.2 yuan, up from a loss of 3.29 yuan per share in Q1 of 2025, the group’s unaudited financials released on Thursday (May 21) indicated.

Revenue for the quarter stood at 25.5 billion yuan, an increase of 112.2 per cent from 12 billion yuan in the year-ago period. This came as vehicle sales jumped 129.2 per cent to 22.8 billion yuan on higher delivery volumes and a higher average selling price driven by a favourable product mix.

The EV maker delivered 83,465 vehicles in Q1, up 98.3 per cent from the 42,094 cars delivered in the year-ago period. The Q1 deliveries comprised 58,543 vehicles from its premium brand Nio; 13,339 from its family-oriented brand Onvo; and 11,583 from its Firefly brand.

Vehicle margin rose to 18.8 per cent in the quarter, from 10.2 per cent a year earlier. Overall gross margin also improved to 19 per cent, compared with 7.6 per cent in Q1 2025.

Other sales grew 31.2 per cent to 2.75 billion yuan. This was mainly due to an increase in the sales of parts, accessories and after-sales vehicle services, the provision of power solutions and higher revenues from car financing services.

Giving its outlook for the second quarter, the car manufacturer said it expects to deliver between 110,000 and 115,000 vehicles, up 52.7 per cent to 59.6 per cent from the previous corresponding period. It expects Q2 revenue to be between 32.78 billion yuan and 34.44 billion yuan, an increase of 72.4 per cent to 81.2 per cent from the year-ago period.

William Li, founder, chairman and chief executive officer of Nio, said: “Starting from the second quarter, the company has entered an intensive new product launch and delivery cycle.”

Stanley Yu Qu, Nio’s chief financial officer, noted that other sales margin reached a four-year high of 20.6 per cent. “Looking ahead, we will further enhance cost and operational efficiency while strengthening our sustainable business capabilities,” he added.

Shares of Nio on the Singapore Exchange closed US$0.06 or 1.1 per cent lower to reach US$5.61 on Thursday, before the announcement.