NIO Q2 Revenue Rises 69.1% as Profit Slips and Costs Mount

NIO reported second-quarter revenue of 32.137 billion yuan, up 69.1% from a year earlier, with deliveries above 100,000 vehicles and adjusted net profit of 26.1 million yuan versus a loss of 4.127 billion yuan a year earlier, according to Jiemian News. The company said vehicle gross margin rose to 18.5% from 10.3% a year earlier, but adjusted net profit fell 40% from the first quarter's 43.5 million yuan, underscoring how thin its profitability remains. Jiemian News reported that NIO's research and development expenses fell 28.7% year on year to 2.145 billion yuan in the quarter, while selling and administrative expenses rose 26.5% sequentially to 4.425 billion yuan on marketing and staffing costs tied to new product launches. Management said costs for memory chips, batteries and other materials rose from March, lifting per-vehicle costs by about 14,000 yuan versus the fourth quarter of 2025, and it expects another 2,000-3,000 yuan increase in the second half. The company also said total liabilities reached 121.943 billion yuan as of June 30, up more than 10 billion yuan from the end of the first quarter, including 60.4 billion yuan in operating payables. NIO had built its 4,000th battery-swap station by August, with each station costing about 3 million yuan to build, adding to ongoing depreciation and operating expenses.