NIO

APublic (NYSE: NIO / HKEX: 9866)Founded 2014🇨🇳Shanghai, China

CEO

William Li

Overview

NIO is a Chinese smart electric vehicle manufacturer built around premium EVs, battery swapping, and a multi-brand portfolio spanning NIO, ONVO, and firefly. By February 2026 it had deployed 3,790 Power Swap Stations worldwide, passed 1 million cumulative vehicle deliveries, and completed 100 million battery swaps. NIO now operates R&D centers and manufacturing facilities across more than 10 locations and a sales and service network spanning 24 countries and regions.

Main Products

NIO ET7

Active

Flagship full-size electric sedan with dual-motor AWD, 653 hp, and swappable battery packs. Positions NIO against the BMW 7 Series and Mercedes EQS in the premium sedan segment.

In production and delivery since March 2022. Available with 75 kWh or 100 kWh swappable battery packs.

Range (100 kWh, CLTC)700 km (435 mi)

0–100 km/h3.8 s

Horsepower653 hp (480 kW)

Starting Price (China)~$50,000 (RMB 368,000)

NIO ES6

Active

Mid-size electric SUV and NIO's best-selling model. Dual-motor AWD with 490 hp and swappable battery packs. Refreshed second generation launched in 2023 with updated design and improved efficiency.

In production since 2019, with major refresh in 2023. One of NIO's highest-volume models in the premium SUV segment.

Range (100 kWh, CLTC)625 km (388 mi)

0–100 km/h4.5 s

Horsepower490 hp (360 kW)

Starting Price (China)~$46,000 (RMB 338,000)

NIO ES8

Active

Flagship full-size 6/7-seat electric SUV with dual-motor AWD and 653 hp. NIO's first mass-production vehicle and the largest model in the lineup, featuring swappable battery packs and NIO's premium interior.

The all-new ES8 became NIO's flagship SUV for 2025 and reached 80,000 deliveries by March 20, 2026, leading China's large SUV segment for three straight months.

Range (100 kWh, CLTC)605 km (376 mi)

0–100 km/h4.1 s

Seating6 or 7 passengers

Starting Price (China)~$65,000 (RMB 468,000)

What's Next

Launch fifth-generation swap stations and expand the network

NIO plans to put its fifth-generation Power Swap Stations into service in 2026 and build 1,000 additional stations while extending long-distance routes, including a Silk Road swap corridor.

2026

Expand firefly internationally

After launching in China and starting right-hand-drive production, firefly is pushing into Europe and Singapore as NIO uses the brand to open more overseas mass-market entry points.

2026

Roll out in-house smart-driving chips across more models

Scale deployment of NIO's NX9031 intelligent driving chip beyond the first NIO-brand models introduced in 2025 and extend the architecture across more brands and vehicle lines.

2026–2027

Operations & Revenue

StatusOperational

Operational across NIO, ONVO, and firefly, with manufacturing centered in Hefei and a large owned charging-and-swapping network. NIO posted its first quarterly net profit and positive operating profit in Q4 2025, but remained loss-making for the full year while continuing to invest heavily in products, chips, and infrastructure.

Revenue Streams

Vehicle Sales

Primary revenue driver from premium NIO vehicles plus ONVO and firefly models. Vehicle sales totaled RMB76.9B in 2025.

Battery-as-a-Service (BaaS) and Power Services

Recurring revenue from battery subscriptions, battery swapping, charging, and related energy services anchored by NIO's 3,790-station swap network.

Other Sales and Services

Used-car sales, technical R&D services, parts, accessories, and after-sales vehicle services. Other sales totaled RMB10.6B in 2025.

Key Metrics

Employees

35,032

Est. Annual Revenue

~$12.5B (2025, RMB87.5B)

Cumulative Deliveries

1,081,057 vehicles

2025 Deliveries

326,028 vehicles

Battery Swap Stations

3,790 worldwide

2025 Revenue

RMB87.5B ($12.5B)

Timeline

20261 million vehicles and 100 million swaps

Passes 1 million cumulative vehicle deliveries in January 2026 and completes its 100 millionth battery swap in February 2026, with 3,790 Power Swap Stations deployed worldwide.

2025ET9 deliveries begin

Starts deliveries of the ET9 executive flagship in late March 2025, positioning it as the showcase for NIO's full-stack technology platform.

2025firefly enters production deliveries

Officially launches the firefly small EV on April 19, 2025 and starts customer deliveries later that month, giving NIO a third brand below NIO and ONVO.

2024ONVO launches and NIO Day expands the lineup

Starts ONVO L60 deliveries and closes 2024 with a record 221,970 annual vehicle deliveries. At NIO Day 2024, NIO officially launches the ET9 executive flagship and unveils the firefly small EV brand.

2023CYVN Holdings $2.9B investment

Abu Dhabi-linked CYVN Holdings invests a total of ~$2.9B across two rounds, becoming a major strategic investor and positioning NIO for Middle East expansion.

2022ET7 and ET5 sedan launches

Begins deliveries of the ET7 flagship sedan and ET5 mid-size sedan, expanding from SUVs into the sedan market. Lists on the Hong Kong and Singapore stock exchanges.

2020Hefei government rescue investment

After nearly running out of cash, receives a strategic RMB 7 billion (~$1B) investment from the Hefei city government, saving the company from bankruptcy and establishing its manufacturing base in Hefei.

2018NYSE IPO

Goes public on the New York Stock Exchange, raising approximately $1 billion. One of the first Chinese EV companies to list in the US.

2017ES8 launch — first mass-production vehicle

Launches the ES8, a full-size 7-seat electric SUV and NIO's first mass-production vehicle, featuring a swappable battery pack.

2016EP9 electric supercar unveiled

Unveils the NIO EP9 electric supercar, which sets the lap record at the Nürburgring for an electric vehicle, demonstrating NIO's engineering capabilities.

2014Founded

William Li founds NIO with backing from Tencent, Hillhouse Capital, and others, with the vision of building premium electric vehicles with a service-first approach.

Funding

Round	Date	Amount	Investors
Pre-IPO (Series A–D)	2015–2017	~$3B	Tencent, Hillhouse Capital, Sequoia Capital China, Temasek, Baidu
IPO (NYSE)	September 2018	~$1B	Public offering (NYSE: NIO)
Hefei Strategic Investment	February 2020	~$1B (RMB 7B)	Hefei City Construction Investment Holding
CYVN Holdings Investment	2023	~$2.9B	CYVN Holdings (Abu Dhabi)
Hong Kong Equity Placement	March 2025	~$518M (HK$4.03B)	Placement of 136.8M Class A ordinary shares to non-U.S. investors
Equity Offering	September 2025	$1.16B	ADS and ordinary-share offering with full underwriters' option exercise