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Stock research / Foreign companies / NIO · Motor Vehicles & Passenger Car Bodies

NIO Inc. (NIO)

NIO designs, develops, manufactures and sells electric cars in China under three brands, and runs its own battery swapping network alongside them. NIO is the premium brand, ONVO is family-oriented, and FIREFLY, launched in December 2024, is a small high-end car. Products and services are sold in China, Europe, Southeast Asia, the Middle East and other markets. Figures are stated in renminbi.

NIO Inc.

NIO designs, develops, manufactures and sells electric cars in China under three brands, and runs its own battery swapping network alongside them. NIO is the premium brand, ONVO is family-oriented, and FIREFLY, launched in December 2024, is a small high-end car. Products and services are sold in China, Europe, Southeast Asia, the Middle East and other markets. Figures are stated in renminbi.

Deliveries

In 2025 the company delivered 326,028 vehicles: 178,806 under the NIO brand, 107,808 under ONVO and 39,414 under FIREFLY. FIREFLY's namesake model launched and began delivery in April 2025. The ONVO L90, a large-space SUV, launched in July 2025 with deliveries starting shortly after. The All-New ES8, the premium SUV, was unveiled for pre-order in August 2025 with deliveries from late September; it and the ET9 Horizon Edition were launched at NIO Day 2025 in Hangzhou that September.

Battery swapping

Power Swap Stations let a depleted battery be exchanged for a charged one rather than waiting at a charger. At the end of 2025 there were 3,737 of them covering urban areas and expressways globally, through which over 96 million swaps had been completed cumulatively. Around them sit Power Home chargers for the house, Power Chargers, the company's own supercharging piles with capacities up to 640kW, Destination Chargers, and Power Mobile, a mobile charging service. All of it runs through Power Cloud, which synchronises a user's power consumption information with the network and recommends services based on location and consumption pattern, and the Power Map feature in the apps also shows over 2,680,000 publicly accessible charging piles globally. One Click for Power is a valet service where the company collects the vehicle, charges it and returns it.

Battery as a Service

Vehicle-battery separation lets the company sell a car without its battery. Under Battery as a Service the battery is sold to the Battery Asset Company and the user subscribes for its use from that company, paying a monthly fee instead of the battery's share of the purchase price. The filing states that this gives users a lower purchase price, flexible battery upgrade options and assurance of battery performance.

Assisted driving

NIO brand users get NAD, the in-house assisted and intelligent driving technology, built on NIO Adam, a computing platform, and NIO Aquila, a sensing system with LiDARs, covering highway driving, parking and active safety. Navigate on Pilot+ releases those features progressively and currently supports expressways, urban areas, parking and battery swapping. ONVO users get OSD, which combines sensor fusion algorithms with multiple sensors across the same scenarios and moved to an end-to-end architecture by the end of December 2025. FIREFLY users get intelligent navigation assistance across expressways and urban areas plus parking assistance. Full-function assisted driving is sold as a monthly software subscription, with a trial period offered first.

Stores and where the work happens

NIO Houses have showroom functions and act as a clubhouse for users, while NIO Spaces are mainly showrooms; at the end of 2025 there were 173 NIO Houses and 393 NIO Spaces globally, plus 419 ONVO Centers and ONVO Spaces in China. Vehicles are produced at the F1, F2 and F3 manufacturing facilities in Anhui. Research and development is split by discipline across locations: production models in Shanghai, software in Beijing, autonomous driving in San Jose, advanced engineering in Oxford, and design in Munich. The company also licenses its technology out: a February 2024 agreement gave Forseven Limited a non-exclusive worldwide licence over certain technical information, software and intellectual property tied to its smart electric vehicle platforms, and in October 2025 those rights and obligations passed to McLaren Automotive.

From NIO's annual report on Form 20-F for the year ended 31 December 2025. The filing

Compare with another name

NIO Inc. files a 20-F with the SEC once a year, in renminbi. In the year to 31 December 2025 it reported revenue of CNY 87,488 million ($12.2 billion at the year's average rate), up 33.1% on the year before. Its profit attributable to shareholders was CNY -15,571 million, and diluted earnings per share CNY -6.85.

NIO (NIO) in brief

NIO (NIO) reported revenue of CNY 87.5 billion for the year to 31 December 2025, up 33.1% on the year before.
Read moreLoss attributable to shareholders was CNY 15.6 billion and the diluted loss per share CNY 6.85. Revenue was CNY 65.7 billion in 2024, CNY 55.6 billion in 2023, CNY 49.3 billion in 2022 and CNY 36.1 billion in 2021. Profit attributable to shareholders in the same years was a loss of CNY 22.7 billion, a loss of CNY 21.1 billion, a loss of CNY 14.6 billion and a loss of CNY 10.6 billion. Revenue grew 40.0% a year, compounded, over the five years to 2025. At the close of 10 November 2026 the market cap of NIO was $8.2 billion.

The share in the US

Last close$3.29 on 10 November 2026
52-week range$3.19 (2 November 2026) to $6.87 (16 April 2026)
Over one yeardown 50.9%
Market cap$8.2 billion: 2,483,169,995 shares outstanding at 31 December 2025 (20-F, class A and class C), each US share standing for one ordinary share

US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.

Ratios

From the latest annual report, the year to Dec 2025, in dollars

ROE-374.3%
ROCE-77.4%
Operating margin-16.0%
Net margin-17.8%
FCF margin-3.5%
Interest covern/a
Debt to equity3.36
Cash conversionn/a
Share count, last 12 months10.6%
Sales CAGR, 3 years21.1%
Profit CAGR, 3 yearsn/a
EPSn/a

At the close of 10 November 2026

Price$3.29
Market cap$8.2 billion
Stock P/En/a
Price to book13.13
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales0.62
52-week high$6.87
52-week low$3.19
Price, 1 year-50.9%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowings total NIO Inc. states in its annual report, never added up from its parts; lease liabilities are a separate line. Nothing here is a valuation or a view.
NIOgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed, in dollars at the year's average exchange rate (Federal Reserve, from FRED). Sales and margin are each year's revenue in dollars and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet in dollars at its year-end rate and its share count per US share. The dashed line is the median over the range shown. The P/E above uses today's exchange rate, so the latest point here can differ from it a little. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on NIO

Dividendsno dividend in its filings for fiscal 2016 onward
Filings32 in twelve months: 30 reports on Form 6-K, most often date of board meeting (4); NIO Inc. Provides October 2026 Delivery Update (1); NIO Inc. Provides September and Third Quarter 2026 Delivery Update (1); NIO Announces Definitive Agreements for Strategic Transaction with Geely Holding Group in Battery Swapping and Charging Businesses (1); reconciliation between U.S. GAAP and IFRS Accounting Standards (1)
Planned insider sales5 Form 144 notices in twelve months, $3.1 million; latest 1 September 2026
Options tapeput/call 0.67 by open interest at the 10 November 2026 close; the straddle prices a 7.3% move to 13 November 2026
13F holders424 funds reported a position for the quarter to 30 June 2026; largest Morgan Stanley
Congress0 House trades disclosed in six months
Short interest130.2 million shares short, 5.13 days to cover at 30 October 2026

Income statement (profit and loss), 10 fiscal years

Year toDec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021 †Dec 2022Dec 2023Dec 2024Dec 2025
Revenue0.00.04,9517,82516,25836,13649,26955,61865,73287,488
Cost of salesn/an/a5,2079,02414,38529,31544,12552,56659,23975,572
Gross profitn/an/a-256-1,1991,8736,8215,1443,0526,49311,916
Research and development1,4652,6033,9984,4292,4884,59210,83613,43113,03710,605
Selling, general and administrative1,1372,3515,3425,4523,9326,87810,53712,88515,74116,088
Operating profit-2,603-4,954-9,596-11,079-4,608-4,496-15,641-22,655-21,874-14,041
Profit before tax-2,569-5,013-9,617-11,288-5,298-3,975-14,382-20,459-22,425-14,821
Income tax4.37.922.07.96.442.355.1261-22.8122
Profit for the year-2,573-5,021-9,639-11,296-5,304-4,017-14,437-20,720-22,402-14,943
Profit attributable to shareholders-3,518-7,562-23,328-11,413-5,611-10,572-14,559-21,147-22,658-15,571
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
CNY million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the US GAAP tags the company filed.
Read moreA line the company does not file under the standard tag is left out rather than estimated. A year marked † shows the figure as the company restated it in a later annual report (Dec 2021); the first-filed figure is in the CSV. Profit attributable to shareholders is the profit available to ordinary shareholders, after amounts due to holders of preference shares, as the company files it. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.
Year toDec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021 †Dec 2022Dec 2023Dec 2024Dec 2025
Diluted EPS-210.66-346.84-70.23-11.08-4.74-6.72-8.89-12.44-11.03-6.85
Basic EPSn/an/an/a-11.08-4.74-6.72-8.89-12.44-11.03-6.85
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F

CNY per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.

Revenue by product or service

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Share
of the parts, latest year
Vehicle sales4,8527,36715,18333,17045,50749,25758,23476,88487.9%
Parts, accessories and after-sales vehicle servicesn/an/an/a8061,2282,3373,3244,1744.8%
Othersn/an/a4761,3491,5182,3572,0733,9654.5%
Sales of packages10.21112448121,0161,6662,1012,4642.8%
Battery upgrade servicen/an/a5.3n/an/an/an/an/an/a
Other sales98.7458n/an/an/an/an/an/an/a
Sales of automotive regulatory creditsn/an/a121n/an/an/an/an/an/a
Sales of charging pilesn/an/a230n/an/an/an/an/an/a
Vehicle salesParts, accessories and after-sales vehicle services FY2021 to FY2025Others FY2020 to FY2025Sales of packagesSales of charging piles FY2020Sales of automotive regulatory credits FY2020Battery upgrade service FY2020Other sales FY2018 to FY2019
5.0Dec 20187.9Dec 201916.3Dec 202036.1Dec 202149.3Dec 202255.6Dec 202365.7Dec 202487.5Dec 2025

CNY billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

CNY million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Cash flow statement

Year toDec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021 †Dec 2022Dec 2023Dec 2024Dec 2025
Cash from operations-2,202-4,575-7,912-8,7221,9511,966-3,866-1,382-7,8492,993
Purchase of property, plant and equipmentn/a1,1142,6441,7071,1284,0796,97314,3419,1426,065
Free cash flown/a-5,689-10,556-10,428823-2,112-10,839-15,722-16,991-3,073
Cash from investing118-1,190-7,9413,382-5,071-39,76510,385-10,885-4,958-11,460
Cash from financing2,29312,86711,6033,09541,35718,129-1,61627,6631,7726,844
Depreciation and amortisation46.11684749991,0461,7082,8523,3785,8757,147
Buybacksn/an/a7.5n/an/an/an/an/an/an/a
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
CNY million, from the cash flow statement as filed.
Read morePurchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.

Balance sheet at year end

Year toDec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021 †Dec 2022Dec 2023Dec 2024Dec 2025
Funded by
Equity attributable to shareholders-3,916-11,6036,837-6,30027,16934,71023,86825,5465,9674,159
Non-controlling interestsn/a11.3-15.922.12.175.622118997.5-18.8
Borrowings, as filedn/a6713,2378,3637,86917,03716,16322,86420,56813,974
Other liabilitiesn/a21,3898,78512,49719,60231,06156,01168,78380,972106,286
Total equity and liabilitiesn/a10,46818,84314,58254,64282,88496,264117,383107,605124,401
Owned
Property, plant and equipmentn/a1,9114,8535,5334,9967,40015,65924,84725,89325,828
Other intangible assetsn/an/an/an/an/an/an/a29.629.629.6
Cash and cash equivalents5977,5063,13486338,42615,33419,88832,93519,32911,274
Trade and other receivablesn/an/a7571,3521,1242,7985,1184,6581,6761,394
Inventoriesn/a89.51,4658901,0822,0568,1915,2787,0878,531
Other assetsn/a9628,6345,9459,01555,29647,40849,63653,59077,344
Total assetsn/a10,46818,84314,58254,64282,88496,264117,383107,605124,401
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
CNY million, at each fiscal year end.
Read moreBoth totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year toDec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021 †Dec 2022Dec 2023Dec 2024Dec 2025
Gross marginn/an/a-5.2%-15.3%11.5%18.9%10.4%5.5%9.9%13.6%
Operating marginn/an/a-193.8%-141.6%-28.3%-12.4%-31.7%-40.7%-33.3%-16.0%
Net marginn/an/a-471.2%-145.9%-34.5%-29.3%-29.6%-38.0%-34.5%-17.8%
Free cash flow marginn/an/a-213.2%-133.3%5.1%-5.8%-22.0%-28.3%-25.8%-3.5%
Return on year-end equityn/an/a-341.2%n/a-20.7%-30.5%-61.0%-82.8%-379.7%-374.3%
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Questions

What was NIO's revenue in 2025?

NIO (NIO) reported revenue of CNY 87.5 billion for the year to 31 December 2025, up 33.1% on the year before.

How much did NIO earn in 2025?

Loss attributable to shareholders was CNY 15.6 billion for the year to 31 December 2025, and the diluted loss per share CNY 6.85.

What is NIO's market cap?

The market cap of NIO was $8.2 billion at the close of 10 November 2026.

Peers: Automobiles and Trucks

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Tesla, Inc. TSLA$1.50 trillion417.293.6%3.3%8.3%0.11n/a
Toyota Motor Corp. TM *$254.4 billion11.519.6%7.4%5.5%1.083.2%
General Motors Co. GM$75.3 billion20.346.3%2.3%-0.3%2.050.6%
Ferrari N.V. RACE *$73.7 billion41.6040.9%29.5%7.0%0.740.8%
Paccar Inc. PCAR$55.6 billion20.1113.2%n/a-1.5%0.712.6%
Ford Motor Co. F$50.1 billionn/a-21.1%-3.8%-1.4%4.424.9%
Honda Motor Co. Ltd. HMC *$45.3 billionn/a-3.6%-1.9%0.5%1.144.2%
Rivian Automotive, Inc. RIVN$20.0 billionn/a-52.0%-52.9%11.1%0.78n/a
Li Auto Inc. LI *$12.7 billion77.211.5%-0.5%-22.3%0.13n/a
Stellantis N.V. STLA *$12.3 billionn/a-41.8%-17.1%-2.1%0.8618.0%
XPeng Inc. XPEV *$9.7 billionn/a-3.8%-3.6%87.7%0.42n/a
Oshkosh Corp. OSK$8.6 billion17.6811.0%6.8%4.2%0.241.6%
All 51 in Automobiles and Trucks
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Tesla, Inc. TSLA$1.50 trillion417.293.6%3.3%8.3%0.11n/a
Toyota Motor Corp. TM *$254.4 billion11.519.6%7.4%5.5%1.083.2%
General Motors Co. GM$75.3 billion20.346.3%2.3%-0.3%2.050.6%
Ferrari N.V. RACE *$73.7 billion41.6040.9%29.5%7.0%0.740.8%
Paccar Inc. PCAR$55.6 billion20.1113.2%n/a-1.5%0.712.6%
Ford Motor Co. F$50.1 billionn/a-21.1%-3.8%-1.4%4.424.9%
Honda Motor Co. Ltd. HMC *$45.3 billionn/a-3.6%-1.9%0.5%1.144.2%
Rivian Automotive, Inc. RIVN$20.0 billionn/a-52.0%-52.9%11.1%0.78n/a
Li Auto Inc. LI *$12.7 billion77.211.5%-0.5%-22.3%0.13n/a
Stellantis N.V. STLA *$12.3 billionn/a-41.8%-17.1%-2.1%0.8618.0%
Allison Transmission Holdings Inc. ALSN$10.3 billion18.0428.0%18.3%70.8%1.920.9%
Borgwarner Inc. BWA$10.1 billion21.478.4%5.4%0.4%0.531.3%
XPeng Inc. XPEV *$9.7 billionn/a-3.8%-3.6%87.7%0.42n/a
Autoliv Inc. ALV$8.7 billion14.5025.3%9.1%4.3%0.792.9%
Oshkosh Corp. OSK$8.6 billion17.6811.0%6.8%4.2%0.241.6%
NIO Inc. NIO *$8.2 billionn/a-374.3%-16.0%33.1%3.36n/a
Aptiv plc APTV$8.1 billion10.908.8%8.7%-17.1%0.61n/a
Federal Signal Corp. FSS$7.0 billion23.8818.8%16.2%24.0%0.270.5%
Terex Corp. TEX$6.4 billion28.824.0%5.7%40.1%0.521.2%
Modine Manufacturing Co. MOD$5.5 billion43.0210.5%10.1%35.1%0.59n/a
Lear Corp. LEA$5.3 billion9.5711.7%3.7%3.5%0.552.8%
Atmus Filtration Technologies Inc. ATMU$4.5 billion20.5643.8%17.1%13.8%1.880.4%
Thor Industries Inc. THO$4.1 billion23.464.2%n/a0.3%0.222.6%
Dorman Products, Inc. DORM$4.0 billion20.2312.9%13.3%2.2%0.28n/a
Gentex Corp. GNTX$4.0 billion10.4416.0%19.1%7.7%0.002.5%
Garrett Motion Inc. GTX$3.8 billion10.62n/an/a6.9%n/a1.5%
Polaris Inc. PII$3.8 billionn/a-24.4%-1.8%9.5%1.934.1%
Versigent plc VGNT$3.0 billionn/an/an/an/a13.79n/a
Patrick Industries Inc. PATK$2.6 billion20.7011.6%6.3%1.7%1.21n/a
Phinia Inc. PHIN$2.6 billion14.3412.4%8.3%5.6%0.721.6%
Dana Inc. DAN$2.4 billion2.5061.0%3.2%5.1%0.921.9%
LCI Industries LCII$2.4 billion12.0913.6%7.6%-0.2%0.584.7%
Visteon Corp. VC$2.0 billion13.8711.3%n/a1.9%0.230.5%
Blue Bird Corp. BLBD$1.8 billion6.9743.0%11.8%13.5%0.13n/a
Lucid Group, Inc. LCID$1.5 billionn/an/a-255.9%46.5%n/an/a
Adient plc ADNT$1.2 billion26.882.8%n/a5.0%1.38n/a
Goodyear Tire & Rubber Co. GT$1.2 billionn/a-22.2%n/a-3.9%2.800.0%
Dauch Corp. DCH$1.1 billionn/a-14.6%1.1%65.0%3.32n/a
Standard Motor Products, Inc. SMP$998 million14.659.6%8.5%5.5%0.672.9%
Gentherm Inc. THRM$916 million99.401.3%3.4%8.8%0.44n/a
Winnebago Industries Inc. WGO$887 million25.772.8%2.4%-3.4%0.364.5%
Aeva Technologies, Inc. AEVA$856 millionn/a-313.2%-558.6%62.9%2.24n/a
Miller Industries Inc. MLR$542 million31.974.1%n/a-4.2%0.011.7%
Hyliion Holdings Corp. HYLN$538 millionn/a-31.2%-350.5%273.1%0.00n/a
Hyster-Yale, Inc. HY$503 millionn/a-34.9%-2.8%-14.2%1.315.2%
Wabash National Corp. WNC$471 millionn/a-51.2%-10.4%-7.3%2.032.8%
Cooper-Standard Holdings Inc. CPS$351 millionn/an/a1.7%2.2%n/an/a
Holley Inc. HLLY$315 million17.404.1%9.7%3.0%1.09n/a
Strattec Security Corp. STRT$246 million14.847.1%3.9%-0.7%0.00n/a
Motorcar Parts of America Inc. MPAA$141 millionn/a-0.2%6.0%-9.1%0.65n/a
Commercial Vehicle Group, Inc. CVGI$121 millionn/a-7.4%3.0%11.0%0.68n/a
14 companies share its SEC industry code (Motor Vehicles & Passenger Car Bodies); the rest are the names nearest in size in its wider industry, Automobiles and Trucks, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Annual reports on EDGAR

FormYear toFiled
20-F31 December 202510 April 2026EDGAR
20-F31 December 20248 April 2025EDGAR
20-F31 December 20239 April 2024EDGAR
20-F/A31 December 202215 March 2024EDGAR
20-F31 December 202228 April 2023EDGAR
20-F31 December 202129 April 2022EDGAR
20-F31 December 20206 April 2021EDGAR
20-F31 December 201914 May 2020EDGAR
20-F31 December 20182 April 2019EDGAR