TLDR
- NIO stock dropped around 6% overnight heading into Tuesday, after falling 2.5% on Monday to $4.26.
- August deliveries rose 14.5% year over year to 35,836 but fell for a second straight month sequentially.
- Sub-brand Onvo saw deliveries drop 46.4% year over year and 13.2% from July.
- Wall Street expects Q2 revenue of $4.95 billion and an adjusted loss of $0.02 per share.
- Goldman Sachs upgraded NIO to “buy” with a $7 price target; overall consensus sits at “hold” with a $6.57 average target.
NIO stock was trading at $4.26 after falling 2.5% on Monday, then tumbled a further 6% overnight heading into Tuesday’s Q2 earnings report. That followed a brutal August for the stock, which shed 13% across the month, its worst monthly performance since November and its fourth straight monthly decline.
The overnight drop came as investors weighed a second consecutive monthly decline in deliveries, raising questions ahead of the Q2 print.
NIO delivered 35,836 vehicles in August, up 14.5% year over year but down 0.3% from July. That followed an 11.5% sequential drop in July from June’s 40,597 units. The company has now delivered more than 35,000 vehicles for four straight months, but the back-to-back sequential declines are drawing attention.
The main NIO brand was a bright spot. It delivered 21,174 vehicles in August, up 101.2% year over year and 5.8% from July. Its share of total deliveries climbed to 59.1%, up from 33.6% a year ago.
Onvo Drags on Overall Numbers
The weaker story came from Onvo. The family-focused sub-brand delivered just 8,810 vehicles in August, down 46.4% year over year and 13.2% from July. It was Onvo’s third straight sequential monthly decline. Its share of total deliveries fell to 24.6%, from 52.5% a year ago.
NIO Inc. Achieves 14.5% YoY, with 35,836 Deliveries in August
In August 2026, NIO Inc. delivered 35,836 vehicles, representing an increase of 14.5% year-over-year. The deliveries consisted of 21,174 vehicles from the premium smart electric vehicle brand NIO, up 101.2%… pic.twitter.com/zLNx6KpvcB
— NIO (@NIOGlobal) September 1, 2026
Firefly, the third brand, delivered 5,852 vehicles, up 34.7% year over year and 1.4% from July.
Through August, NIO has delivered 262,893 vehicles in 2026, up 57.9% from the same period a year ago. Cumulative deliveries since launch have now crossed 1.26 million vehicles.
For Q2 specifically, NIO delivered 107,658 vehicles, up 49.4% year over year but below its own guidance range of 110,000 to 115,000 units. That miss on guidance is part of what has investors cautious heading into results.
Wall Street expects Q2 revenue of $4.95 billion, up 33.8% from $3.70 billion in Q1. Analysts forecast an adjusted loss of $0.02 per share, compared to breakeven in the prior quarter. The consensus also calls for an EBITDA loss of $268.98 million and an operating loss of $93.96 million, widening from $44.77 million.
Battery-Swap Network Keeps Growing
Deutsche Bank is a bit more optimistic, projecting Q2 non-GAAP net income of 180 million yuan ($26.8 million), citing a stronger mix of higher-margin SUVs.
On the infrastructure side, NIO opened its 90th Power Journeys battery-swap route, a 989-kilometer loop through Northern Shanxi connecting cultural sites including the Yungang Grottoes and the Hanging Temple. The company is targeting 100 Power Journeys routes this year.
NIO plans to add around 100 battery-swap stations per month, stepping that up to 150 by year-end, with a goal of 8,000 stations in operation by 2030. As of August 31, it operated 4,100 battery-swap stations, 5,200 charging stations and 30,200 charging piles. Its network has now completed more than 120 million battery swaps.
Analyst sentiment is mixed. Goldman Sachs upgraded NIO to “buy” with a $7 target in July. Bank of America holds a “neutral” rating with a $6.80 target. Overall, MarketBeat puts the average rating at “hold” with a $6.57 consensus price target. Institutional investors hold 48.55% of the stock, with several, including XY Capital and HighTower Advisors, increasing positions in Q2.
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