- February deliveries showed Lunar New Year disruption, with Firefly posting its second-weakest month since launch.
- Firefly delivered 2,657 units, down 5.3% month-on-month, while total group deliveries rose 57.6% year-on-year to 20,797.
- The flagship ES8 remained the key pillar, delivering 11,260 units and marking 54% of total volumes.
Shares of Nio, Inc. (NIO) fell over 3% in Hong Kong on Monday after February delivery data underscored how an extended Lunar New Year holiday weighed on volumes across China’s EV sector, with the impact most visible in its Firefly sub-brand.
Holiday Disruption Hits Firefly
Firefly delivered 2,657 vehicles in February, down 5.3% from January, marking the second-weakest month since deliveries began in May 2025. The weakness came as the 2026 Spring Festival holiday ran from Feb. 15 to 23, three days longer than last year. The holiday reduced the month to just 16 working days. February is typically one of the weakest months for production and sales across the auto industry, with this year’s extended holiday amplifying the slowdown.
Despite Firefly’s positioning as Nio’s more affordable global entry brand, it remains a small contributor to group volumes, accounting for roughly 12% of cumulative deliveries since launch.
At the group level, Nio delivered 20,797 vehicles in February, up 58% year-on-year but down 23% from January. Within this, the main Nio brand delivered 15,159 units, rising 66% year-on-year but falling 27% month-on-month.
The company’s flagship third-generation ES8 continued to anchor performance. The premium SUV delivered 11,260 units in February, accounting for 54% of total deliveries and 74% of the main brand’s volume.
Across January and February, ES8 deliveries totaled 28,918 units, representing over 60% of total deliveries and more than 80% of main-brand sales. However, ES8 volumes declined 36% from January.
The ES8 remains central to Nio’s profitability, with its premium positioning supporting margin improvement as the company works toward its anticipated first quarterly profit ahead of earnings on March 10.
Incentives To Sustain Momentum
To counter seasonal weakness, Nio introduced limited-time incentives, including a 10,000 yuan ($1,458) purchase tax subsidy and extended seven-year low-interest financing with down payments starting at 20%. Customers locking in orders before March 31 can also access complimentary driver assistance features and optional upgrades.
Rivals Also Feel February Chill
XPeng delivered 15,256 vehicles in February, down 49.9% year-on-year and 23.76% month-on-month, reflecting both holiday disruptions and the gradual withdrawal of national support policies.
In response to domestic softness, XPeng has been accelerating its international push, beginning global deliveries of its new P7+ model to 18 countries and preparing to launch its second-generation Vision-Language-Action software alongside the 2026 X9 MPV as part of its growth strategy.
Meanwhile, Li Auto reported 26,421 deliveries for the month, down 4.5% sequentially but slightly higher year-on-year, ending nearly a year of declines even as the holiday constrained output.
The company is also restructuring its retail network through a newly launched “Store Partner Program,” granting select managers operational autonomy and profit-sharing incentives to strengthen sales ahead of its next product cycle.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment toward Nio was ‘bearish’ and toward XPeng was ‘neutral’, both amid ‘normal’ message volume, while Li Auto drew ‘bullish’ sentiment alongside ‘high’ message volume.
So far this year, U.S.-listed shares of Nio are down about 4.5%, and XPeng has fallen roughly 13%, while Li Auto has bucked the trend with a gain of around 4%.
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