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NIO (NIO) Q3 deliveries rise 25%, but September growth slows to 7.7%
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- DeepHorus
NIO delivered 109,178 vehicles in the third quarter of 2026, up 25.4% year over year and within its 108,000-111,000 guidance range. The headline masked a late-quarter slowdown: September deliveries rose 7.7% to 37,408, the slowest year-over-year growth of 2026.
Year-to-date deliveries reached 300,301, up 49.2%, while cumulative deliveries reached 1,297,893. Monthly growth fell from 71% in July to 14.5% in August and 7.7% in September. Tougher comparisons partly explain the trend, but momentum is weakening.
The premium NIO brand delivered 62,500 vehicles in Q3, up 69%, driven almost entirely by the All-New ES8. The ES8 crossed 150,000 cumulative deliveries on its first anniversary, while the ES9 SUV added 30,000 units after its May launch. FIREFLY delivered 7,327 vehicles in September, its best month of the year.
ONVO delivered 27,728 vehicles in Q3, down 26%, after outselling NIO’s main brand in August and September 2025. Volume peaked at 12,029 in May around the L80 launch before falling to 8,763 in September. Management cited weak brand awareness and plans a major ONVO product for 2027.
To meet CEO William Li’s 2026 target of 456,000-489,000 vehicles, NIO needs 155,699-188,699 Q4 deliveries, or 52,000-63,000 per month. Its record is 48,135 in one month, set last December. Its Q2 earnings-call goal calls for over 40,000 monthly deliveries, leaving NIO roughly 36,000 short of the target’s floor.
XPeng grew 3.7% in August, while NIO’s 35,836 deliveries trailed XPeng, Li Auto and Zeekr; Leapmotor exceeded 103,000. NIO’s Q2 vehicle margin improved to 18.5% from 10.3%, it posted positive non-GAAP operating profit, and Geely’s purchase of 30% of NIO Power brought cash and cost-sharing support. With ONVO’s reset deferred until 2027 and Q4 guidance below the required pace, execution will determine whether NIO regains volume momentum.
