Key Highlights
- Nio shares gained approximately 4% during Hong Kong trading sessions on February 22 following the Lunar New Year break.
- The electric vehicle manufacturer achieved an unprecedented 177,627 battery swaps in one day during the sixth day of Chinese New Year celebrations.
- The company currently maintains 3,750 battery exchange facilities throughout China and surpassed 100 million total swaps on February 6.
- Fourth quarter 2025 vehicle deliveries reached an unprecedented 124,807 units, representing approximately 72% growth compared to the previous year.
- The company projected its inaugural adjusted operating profit for Q4 2025, ranging from 700 million to 1.2 billion yuan.
Shares of Nio experienced a roughly 4% increase in Hong Kong markets on Monday, February 22, as the Chinese electric vehicle manufacturer emerged from the Lunar New Year holiday period with impressive battery swap performance figures.
The standout achievement came on Sunday during the sixth day of Chinese New Year festivities: an unprecedented 177,627 battery swaps completed within a 24-hour period. This represents the highest single-day total in the company’s history.
This wasn’t an isolated occurrence. Throughout February, Nio shattered its daily battery swap records six separate times, including an impressive streak of five consecutive days of new records during the Spring Festival travel period between February 15 and February 23.
The company currently operates 3,750 battery exchange facilities nationwide, including 1,022 strategically positioned along expressways spanning 550 cities. On February 6, Nio achieved the significant milestone of 100 million cumulative battery swaps — a benchmark CEO William Li highlighted as a pivotal moment for making the power business segment profitable.
Over the past eleven years, the company has invested more than 18 billion yuan in developing charging and battery-swap infrastructure. Looking ahead to 2026, plans include deploying an additional 1,000 swap stations and commencing large-scale construction of fifth-generation facilities.
Unprecedented Delivery Figures and Profitability Breakthrough
Regarding vehicle sales, Nio delivered 124,807 units during Q4 2025 across its Nio, Onvo, and Firefly product lines — establishing a quarterly record with approximately 72% year-over-year growth.
January 2026 deliveries totaled 27,182 vehicles, marking a 96.1% increase compared to the same month in the prior year, though representing a 43.5% decline from December’s figures.
Significantly, the company announced expectations for its maiden adjusted operating profit in Q4 2025, with projections between 700 million yuan ($101.3 million) and 1.2 billion yuan ($173.7 million). This marks a dramatic turnaround from an adjusted operating loss of 5.54 billion yuan during the comparable quarter one year earlier.
Under GAAP accounting standards, the company forecasted operating profit ranging from 200 million to 700 million yuan.
Nio attributed this financial transformation to increased sales volume, an improved product portfolio enhancing vehicle profit margins, and successful cost reduction initiatives. Third quarter 2025 revenue climbed 17% to 21.79 billion yuan, although it fell short of analyst projections.
Market Concerns and Sector Challenges
Despite recent success, challenges remain on the horizon. Nio has indicated that Q1 2026 may experience softness as China’s vehicle purchase tax incentive programs begin winding down — a concern affecting the entire automotive industry.
JPMorgan revised its price target for Nio downward to $7 from $8 earlier in February, while maintaining its Overweight rating. The financial institution expressed concerns that China’s automotive sector might underperform throughout 2026, with passenger vehicle growth potentially turning negative and profit margins facing pressure.
Data from the China Passenger Car Association revealed passenger NEV wholesale sales reached approximately 900,000 units in January — representing only 1% year-over-year growth and more than 42% decline from December levels.
On the institutional investment front, quantitative hedge fund D.E. Shaw & Co. has emerged as Nio’s largest institutional shareholder, signaling increased confidence in the company’s electric vehicle and battery-swap infrastructure strategy.
