Q2 deliveries reached 107,658 units, with vehicle-level GPM at 18.5%, and non-GAAP profitability for a third straight quarter. Per-unit cost has risen by approx. RMB 14,000 vs. Q4 last year, and is set to increase a further RMB 2,000–3,000 in H2. The company only guides GPM to be flat in Q3 and Q4, while targeting average monthly deliveries of 40,000+ units in Q4.
Q3 guidance for volume and revenue came in below expectations. Both metrics missed.
+7For FY2026, the full-year financial target is positive non-GAAP OP. The goal is to deliver a profit on a non-GAAP operating basis.
The premium ES8 saw strong volume.
This effectively underpinned GPM.The company maintains its target of achieving positive non-GAAP operating profit for FY2026. The target remains unchanged.
Nio turned profitable for the first time since its IPO. It has finally shed its perennial loss-maker label.
Confident in achieving quarterly breakeven in the fourth quarter
Fourth quarter guidance below expectations
Survival is the most important thing!
The quarterly delivery target for the three brands in Q4 is 150,000 vehicles, and the vehicle gross margin is expected to increase to approximately 16% to 17%.
