Nio reports 20,797 deliveries in Feb, extends promotions to boost spring sales

• The Nio main brand delivered 15,159 vehicles in February, representing a 65.80% year-on-year increase.
• The 2026 Spring Festival holiday was in mid-to-late February, leading to seasonal weakness across the industry.

Nio Inc (NYSE: NIO, HKG: 9866) achieved substantial year-on-year growth in February deliveries despite the widespread negative impact of the Chinese New Year holiday on production and deliveries across China’s auto industry.

The Chinese electric vehicle (EV) maker announced on Sunday that it delivered 20,797 new vehicles in February, a 57.6% year-on-year increase despite a 23.49% decline from January.

The 2026 Spring Festival holiday fell in mid-to-late February, while last year it was primarily January. This caused seasonal weakness across the industry, with competitors’ deliveries also broadly impacted.

Within February’s total deliveries, the Nio main brand contributed 15,159 units, up 65.80% year-on-year but down 27.45% from January.

Its sub-brand Onvo delivered 2,981 vehicles, down 26.38% year-on-year and down 14.36% month-on-month.

The Firefly sub-brand delivered 2,657 units, down 5.34% from January.

The all-new ES8, serving as the core profit engine, continued its strong performance. The flagship SUV reached its 70,000th delivery by late February, further solidifying Nio’s position in the premium market.

Benefiting from robust sales of high-margin models, the market anticipates Nio will report its first quarterly profit in the earnings announcement scheduled for March 10.

Its chip subsidiary, GeniTech Co Ltd (Shenji), recently completed its first round of financing exceeding 2.2 billion yuan ($320 million), with a valuation approaching 10 billion yuan.

Infrastructure-wise, Nio reached the milestone of 100 million battery swaps in early February, with daily battery swap service volume during the Spring Festival period increasing by 29.4% year-on-year.

To address first-quarter sales pressure and boost March demand, Nio announced the extension of its 7-year low-interest loans for multiple models under its main brand until the end of this month.

In the meantime, Nio introduced a 10,000 yuan purchase tax subsidy for the ES8 to sustain sales momentum.

The Onvo brand launched a purchase tax subsidy of up to 10,262 yuan, while the Firefly brand offered a 3,000 yuan optional equipment fund and a 2,000 yuan purchase tax subsidy.

Models under the Onvo and Firefly brands are also eligible for the 7-year low-interest loans.

Earlier this month, Nio issued a rare profit alert, projecting fourth-quarter non-GAAP operating profit between RMB 700 million and RMB 1.2 billion.

($1 = 6.8582 yuan)