---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40986601.md"
description: "Nio 1Q26 First Take: overall a solid print. Revenue came in slightly below expectations, but the company maintained a high GPM in a seasonally weak quarter, and the net loss was narrower than expected. More important than the print is the Q2 guide. With two key models — ES9 and ONVO L80 — set to start deliveries in May, the upbeat volume and revenue outlook implies healthy order intake for both. In detail: ① Vehicle revenue was RMB 22.8bn, just shy of the RMB 23.1bn consensus. The shortfall was mainly due to an ASP of RMB 273k vs. the RMB 277k expected, though ASP still rose by RMB 20k QoQ as the high-priced ES8 accounted for over half of the mix in Q1. ② Vehicle GPM was 18.8%. Despite weaker scale benefits and higher procurement costs, margin held at a high level and improved 70 bps QoQ, beating the 18.2% market view and the company’s prior guide for a flat QoQ margin, driven by an upward shift in mix that offset cost headwinds. ③ Opex was well controlled, with R&D cut to under RMB 2bn, mainly due to front-loaded model development and cost-down initiatives. Nio delivered OP of -RMB 300mn, better than the -RMB 1bn loss the market expected. The Q2 outlook is the key and again above expectations: ① Delivery guidance is 110k–115k, ahead of the 106k consensus. With only 29k delivered in Mar, this implies average monthly deliveries of 40k–43k in May/Jun. As ES8 lead times shortened from 4–5 weeks in Mar to 2–4 weeks in Apr and backlog eased, the incremental upside likely comes from ES9 and ONVO L80, indicating solid orders and the ability to ramp deliveries in line with intake. ② Total revenue guidance of RMB 32.8bn–34.4bn also tops the RMB 30.0bn consensus, with both volume and ASP above market assumptions. The guide implies Q2 vehicle ASP around RMB 270k, broadly flat QoQ. Given ES8’s Q1 mix already reached 54% and its backlog and deliveries are trending down, Q2’s high ASP is likely backfilled by the higher-priced ES9, reflecting management’s confidence in ES9 monthly run-rate. If ES9 can reach a steady 5k+ units per month, Nio’s GPM should stay elevated, with potential room for further upside. $NIO Inc(NIO.US) $NIO-SW(09866.HK)"
datetime: "2026-05-21T11:32:08.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40986601.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40986601.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40986601.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# Nio 1Q26 First Take: overall a solid print. Revenu…


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## Comments (2)

- **天怼heng · 2026-05-21T14:25:40.000Z**: Domestic car companies are competing to the point of losing money just to make a name for themselves. With Nio's current sales volume and average price, it only makes a profit of one to two hundred million a year. So, if sales double, will the profit increase proportionally?
- **雷子008 · 2026-05-21T13:28:58.000Z**: The automotive industry is extremely competitive; it's not a very good business model.