Key Highlights
- Nio’s shares in Hong Kong increased approximately 4% on Feb 22 following the Lunar New Year trading break.
- A historic single-day battery swap record of 177,627 was achieved on the sixth day of Chinese New Year celebrations.
- The EV manufacturer now maintains 3,750 battery swap facilities throughout China and surpassed 100 million total swaps on Feb 6.
- Vehicle deliveries for Q4 2025 reached an unprecedented 124,807 units, representing a ~72% increase compared to the previous year.
- The company projected its maiden adjusted operating profit for Q4 2025, ranging from 700 million to 1.2 billion yuan.
Shares of the Chinese electric vehicle manufacturer Nio experienced a roughly 4% increase in Hong Kong trading on Monday, Feb 22, following the Lunar New Year holiday period, buoyed by impressive battery swap performance metrics.
The standout achievement: a remarkable 177,627 battery swaps completed within 24 hours on Sunday, coinciding with the sixth day of Chinese New Year festivities. This figure represents an unprecedented peak for the automaker.
This wasn’t an isolated occurrence. Throughout February, Nio shattered its daily swap records on six separate occasions, including an impressive streak of five straight days reaching new peaks during the Spring Festival travel period spanning Feb 15 through Feb 23.
The company’s battery swap network has expanded to 3,750 locations nationwide, featuring 1,022 stations positioned along expressways serving 550 cities. A significant milestone came on Feb 6 when cumulative battery swaps exceeded 100 million — a benchmark CEO William Li characterized as pivotal for achieving profitability in the power division.
Nio has invested more than 18 billion yuan in developing its charging and battery-swap ecosystem over the last eleven years. For 2026, expansion plans include deploying 1,000 additional swap stations and initiating large-scale construction of next-generation fifth-generation facilities.
Unprecedented Vehicle Sales and Profitability Breakthrough
Regarding vehicle performance, Nio distributed 124,807 vehicles during Q4 2025 through its Nio, Onvo, and Firefly product lines — establishing a quarterly record with approximately 72% growth versus the corresponding period last year.
January’s delivery figures totaled 27,182 vehicles, marking a 96.1% year-over-year increase, although representing a 43.5% decline from December’s output.
The automaker announced expectations for its inaugural adjusted operating profit in Q4 2025, estimating between 700 million yuan ($101.3 million) and 1.2 billion yuan ($173.7 million). This marks a dramatic reversal from an adjusted operating loss of 5.54 billion yuan during the comparable quarter previously.
Under GAAP accounting standards, the company’s operating profit forecast ranges from 200 million to 700 million yuan.
Nio attributed this financial improvement to elevated sales volumes, an enhanced product portfolio strengthening vehicle margins, and successful cost management initiatives. Q3 2025 revenue increased 17% to reach 21.79 billion yuan, although falling short of analyst projections.
Market Challenges and Expert Perspectives
Challenges remain on the horizon. Nio has indicated that Q1 2026 might experience softness due to the gradual elimination of China’s vehicle purchase tax benefits — a circumstance the company characterized as affecting the entire industry.
JPMorgan revised its Nio price target downward to $7 from $8 this month while maintaining an Overweight recommendation. The financial institution expressed concerns about potential underperformance in China’s automotive sector during 2026, anticipating negative passenger vehicle growth and compressed profit margins.
According to China Passenger Car Association statistics, passenger new energy vehicle wholesale deliveries reached approximately 900,000 units in January — reflecting merely 1% year-over-year growth and a more than 42% decrease from December figures.
On the investment front, quantitative hedge fund D.E. Shaw & Co. has emerged as Nio’s primary institutional stakeholder, signaling increased institutional confidence in the company’s electric vehicle and battery-swap infrastructure strategy.
