NIO Stock Tumbles Overnight Ahead Of Q2 Print: Back-To-Back Monthly Delivery Declines Raise Fresh Concerns

• August deliveries rose 14.5% from a year ago to 35,836 but declined sequentially for a second consecutive month.
• Wall Street expects $4.95 billion in revenue and an adjusted loss of $0.02 per share.
• Nio opened its 90th Power Journeys route and plans to operate 8,000 battery-swap stations by 2030.

U.S.-listed shares of Nio, Inc. (NIO) tumbled 6% overnight heading into Tuesday ahead of the Chinese EV maker’s second-quarter (Q2) results, as deliveries declined sequentially for a second straight month and weakness at Onvo overshadowed strong year-over-year growth.

Nio’s U.S.-listed shares slumped 13% in August, marking their fourth consecutive monthly decline and worst month since November. 

Nio Brand Surges, Onvo Slumps

Nio delivered 35,836 vehicles in August, up 14.5% from a year earlier but down 0.3% from July. Deliveries had already fallen 11.5% in July to 35,934, from 40,597 in June.

Still, Nio delivered more than 35,000 vehicles for a fourth straight month, keeping sales near historically high levels. The main Nio brand delivered 21,174 vehicles in August, rising 101.2% year over year and 5.8% sequentially. It contributed 59.1% of companywide deliveries, up from 33.6% a year earlier.

Onvo, however, delivered 8,810 vehicles, down 46.4% year over year and 13.2% from July. It marked the family-focused sub-brand’s third straight sequential decline and reduced its share of Nio’s total deliveries to 24.6%, from 52.5% a year ago.

Firefly delivered 5,852 vehicles, up 34.7% from the previous year and 1.4% sequentially. Through August, Nio delivered 262,893 vehicles in 2026, representing growth of 57.9% from the prior-year period. Cumulative company deliveries reached 1.26 million.

NIO Q2 Preview

Nio is scheduled to report its Q2 results before Tuesday’s U.S. market open. The company delivered 107,658 vehicles during the quarter, up 49.4% from a year ago but below its guidance of between 110,000 and 115,000 units.

Wall Street expects revenue of $4.95 billion, up 33.8% from $3.70 billion a quarter ago, according to Koyfin. Analysts forecast a loss before interest, taxes, depreciation, and amortization (EBITDA) of $268.98 million and an operating loss of $93.96 million, widening from $44.77 million. The consensus calls for an adjusted loss of $0.02 per share, versus breakeven in the previous quarter. Nio posted an adjusted operating profit of 66.8 million yuan in the first quarter, while vehicle gross margin reached a four-year high of 19%.

Deutsche Bank separately projected Q2 non-GAAP net income of 180 million yuan ($26.8 million), driven by a stronger mix of higher-margin SUVs.

Nio Expands Battery-Swap Network

Nio is also expanding the battery-swapping infrastructure as part of its three-brand strategy. Founder William Li announced the opening of the company’s 90th Power Journeys route, the Northern Shanxi Ancient Architecture Loop. The 989-kilometer route connects destinations including the Yungang Grottoes, Hanging Temple and Sakyamuni Pagoda through eight battery-swap stations.

Unlike standard urban charging networks, Power Journeys places charging and swapping facilities along highways, tourism corridors and remote areas where conventional EV infrastructure is limited. Nio aims to increase the network to 100 routes this year.

The company plans to add around 100 stations per month, increasing the pace to 150 by year-end, and deploy more than 400 stations during 2026. Its longer-term target is to install at least 1,000 annually and operate 8,000 by 2030. As of Aug. 31, Nio operated 4,100 battery-swap stations, 5,200 charging stations and 30,200 charging piles. Its network has completed more than 120 million battery swaps.

How Do Retail Traders Feel About NIO?

On Stocktwits, retail sentiment for NIO jumped to ‘extremely bullish’ from ‘bullish’ levels a day ago amid a 214% jump in 24-hour message volumes.

One user said, “$NIO Take a step back and not too long ago nio was losing $800 million a quarter and now breaking even. A lot of people said that was impossible but they did it. Amazing turnaround.”

Another user said, “The SP is trading below its 50 and 200D MAV, broke prior support line, trading at 52WK low. This should be a good opportunity to re-start a position in the Company (IMO).”

Nio’s U.S.-listed stock has declined 34% over the past year. 

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