Nio Stock Slips Overnight: Investors Snub Record Battery Swap Milestone As Sales Slump Steals Spotlight

• The company’s battery swap network is approaching 110 million cumulative swaps.
• The EV maker continues to target over 1,000 new swap stations this year.
• Nio's April deliveries fell 17.3% from March, with all three brands posting month-on-month declines.

U.S.-listed Shares of Nio, Inc. (NIO) slipped 1% in overnight trading on Tuesday as investors looked past a major battery swap milestone and instead focused on a month-on-month slowdown in deliveries, which has weighed on sentiment.

Nio’s U.S.-listed shares jumped 3% on Monday to end at $6.07.

Nio Nears 110M Swap Milestone

Nio’s battery swap network is on track to exceed 110 million cumulative swaps, pushed by 3,838 swap stations across China and a broader “Nio Power” network spanning 8,847 facilities nationwide. The network has processed 110,000 swaps per day over the past three months, according to a report by EV.

During China’s May Day holiday period, the Onvo sub-brand recorded a single-day peak of 32,289 swaps, with 78,387 swaps completed over a three-day window, alongside over 1.43 million kilowatt-hours of energy delivered through promotions. The company operates 5,009 charging stations and has integrated 1.59 million third-party charging piles, with external users accounting for over 86% of total energy delivered.

April Delivery Slowdown Takes Focus

Despite the battery swap milestone, investor attention has been anchored on last week's weaker delivery report. Nio delivered 29,356 vehicles in April, up 23% from the previous year but down 17.3% from March levels, with all three brands posting sequential declines. 

The core Nio brand delivered 19,024 units, while Onvo and Firefly also saw month-on-month declines, despite growth over the last year. The ES8 SUV remained the main volume driver, with 13,020 units, and recently surpassed 100,000 cumulative deliveries in 215 days.

The company has also boosted its tech stack by bringing back former software chief Qiyan Wang to lead its in-house vehicle platform, which integrates driver assistance, connectivity, and energy management across models and has already been deployed in over 120,000 vehicles. Upcoming launches include the ES9 flagship SUV, with deliveries expected from June 1, and the Onvo L80, scheduled for mid-May but so far drawing a muted market response.

Swap Network Growth Faces Delays

Nio continues to push forward with expansion plans, including a target to add more than 1,000 battery swap stations this year, though the current rollout pace suggests the need for acceleration in the second half. The rollout of fifth-generation swap stations has been delayed multiple times, with mass deployment now expected in the third quarter after earlier revisions.

The battery swap stations will support all three of the company’s brands, including Firefly, as part of a broader platform integration strategy. Meanwhile, CEO William Li has recently downplayed the importance of the company’s third-party battery-swapping alliances, with no partner yet to launch compatible vehicles despite agreements with several automakers.

How Do Retail Traders Feel About Nio?

On Stocktwits, retail sentiment for Nio was ‘neutral’ amid ‘normal’ message volume.

One user noted the decline in share prices after the delivery figures and said, “We all know that deliveries are accelerating. Just sit back and enjoy the discount given us by the panic.”

Another user said, “It’s just a matter of time until the Chinese government requires battery swapping in all EVs. Flash charging and fast charging drain the grid.”

U.S.-listed shares of Nio have risen 51% over the past year. 

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