NIO

NIO's per-unit cost in the second quarter of 2026 rose by 14,000 yuan compared with the end of last year, and based on that quarter's sales volume this adds about 1.5 billion yuan in cost for one quarter.

NIO delivered a cumulative 191,100 vehicles in the first half of the year, up 67.4% year on year; revenue was 57.67 billion yuan, up 85.8% year on year; total gross profit was 10.77 billion yuan, up 282.2% year on year; and the overall gross margin reached 18.7%.

NIO's operating profit in the second quarter of 2026 was 207 million yuan, its third consecutive quarter of profitability.

NIO's cell standardization direction is 46-series large cylindrical long-life cells, and in the future it is more likely to adopt a 'in-house development plus contract manufacturing' model.

Of the 16,000-17,000 yuan increase in NIO's per-vehicle cost, about 10,000 yuan came from memory price increases, 3,000-4,000 yuan from batteries, and the rest from materials such as copper and aluminum.

The total value of all semiconductors on NIO's ET9 is about 105,000 yuan, already exceeding the value of the battery pack.

NIO's service and community business revenue was about 10 billion yuan last year, reached 5.8 billion yuan in the first half of this year (2.7 billion yuan in the first quarter and 3.1 billion yuan in the second quarter), and has remained consistently profitable.

NIO's CBU mechanism breaks a vehicle down into seventeen or eighteen thousand parts and uses AI to find opportunities to improve efficiency and reduce costs.

Li Bin stated that NIO may participate in embodied intelligence through strategic investment for a relatively long period, that it will not become a main business, and that NIO is more willing to explore through cooperation with startups.

After NIO completed the full rollout of the new version to 700,000 users on its second- and third-generation platforms on June 18, 2026, user satisfaction and usage rates rose sharply, and nearly 20% of used-car users currently pay to subscribe to the assisted driving system.

NIO performs outstandingly in some regional markets: in the first half of 2026 it ranked first in passenger vehicle market sales in Shanghai with about 8% market share, and it also ranks first in cities such as Hefei.

NIO delivered 262,893 units from January to August 2026, a year-on-year increase of 57.9%, with all three brands setting record-high sales.

In an internal speech, Li Bin summarized NIO's strategy for the next three years as three focuses: focus on the main business, focus on the high end, and focus on core markets.

NIO has been profitable for three consecutive quarters, with vehicle gross margin maintained at around 18.5% and non-vehicle business gross margin between 17% and 20%.

The NIO brand ranks first in the market above 400,000 yuan, with an average selling price of nearly 440,000 yuan in July 2026; Onvo's average price reaches 240,000 yuan; and Firefly holds nearly 70% share of the high-end small car market.

NIO has built more than 4,000 battery swap stations, with more than 5 million public charging piles nationwide, and about 25 million including private piles.

NIO's service and community business revenue exceeded 10 billion yuan for the first time in the full year of 2025, with revenue of 5.8 billion yuan in the first half of 2025, and it has achieved profitability for multiple consecutive quarters, with profits sufficient to cover investment in charging and battery swap infrastructure.

Swapped battery electricity grew from more than 2 billion kWh last year to more than 3 billion kWh this year, and the power and energy business is becoming an independent growth pole for NIO.

Li Bin believes that for NIO, what matters more about AI is whether the entire organization can match the development trend of AI, and that the CBU mechanism the company is promoting shares the same underlying logic as the ontology in enterprise AI applications.

The brand factor already accounts for more than 30% of NIO users' car purchase decisions, ranking second, and Li Bin expects it to rise to first place next year.