---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/43697034.md"
description: "Nio 2Q26 First Take: overall Q2 results were solid, while Q3 guidance was slightly below the street. At current trough valuation, downside from the softer guide looks limited.Q2 results: ASP and margin beat. Product mix improvements kept pricing firm.Q2 ASP reached RMB 270k, above the street's RMB 265k. Despite a sharp QoQ drop in ES8 mix, the flagship ES9, a higher-ticket SUV, backfilled. ASP slipped only RMB 3k QoQ.Vehicle GPM was 18.5%, flat QoQ and above the 17.6% consensus. Management's earlier drivers played out: mix tilted toward higher-margin ES8/ES9 SUVs, and promo policies stayed stable across most models.These positives offset part of the cost pressure. That pressure stemmed from higher lithium, copper, and memory chip prices.Q3 guide: delivery and revenue guidance came in light. Both are below market expectations.Nio guided Q3 deliveries at 108k–110k, vs. the street at 123k. With Jul and Aug at ~36k each, the guide implies Sep at only 36k–38k.This suggests the initial launch buzz for the ONVO L80, ES9, and the 5-seat ES8 has faded as backlog cleared. New orders have normalized, leaving limited incremental upside in Sep.ASP guide remains strong. Despite muted shipments, revenue guidance implies Q3 ASP rising to RMB 278k–280k from RMB 270k in Q2. Higher ES8/ES9 mix should support and lift vehicle margins.While the Q3 volume guide flags softer near-term momentum, the stock already trades at <0.6x 2026 P/S. With pessimism largely priced in, even a soft near-term guide leaves limited downside at this valuation.$NIO Inc(NIO.US)$NIO-SW(09866.HK)$NIO Inc. USD OV(NIO.SG)"
datetime: "2026-09-01T11:36:49.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/43697034.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/43697034.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/43697034.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# Nio 2Q26 First Take: overall Q2 results were solid…


### Related Stocks

- [09866.HK](https://longbridge.com/en/quote/09866.HK.md)
- [NIO.US](https://longbridge.com/en/quote/NIO.US.md)
- [NIO.SG](https://longbridge.com/en/quote/NIO.SG.md)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**