NIO Q2 Revenue Up 69% but Per-Vehicle Cost Rises: what are the key facts?

NIO's total revenue for the second quarter reached 32.14 billion yuan, a year-over-year increase of 69.1%.

NIO Q2 Revenue Up 69% but Per-Vehicle Cost Rises: what are the key facts?

Due to rising prices for memory and batteries, the per-vehicle cost in Q2 increased by 14,000 yuan compared to the end of last year.

NIO Q2 Revenue Up 69% but Per-Vehicle Cost Rises: what are the key facts?

The company expects per-vehicle costs to rise by an additional 2,000 to 3,000 yuan in the second half of the year.

NIO Q2 Revenue Up 69% but Per-Vehicle Cost Rises: what are the key facts?

Delivery guidance for the third quarter stands at between 108,000 and 111,000 units.

Physix Frontier · News Briefing Card (enbrief · Sep 2, 2026)

NIO Q2 Revenue Up 69% but Per-Vehicle Cost Rises

KEY FACTS

NIO's total revenue for the second quarter reached 32.14 billion yuan, a year-over-year increase of 69.1%.
Due to rising prices for memory and batteries, the per-vehicle cost in Q2 increased by 14,000 yuan compared to the end of last year.
The company expects per-vehicle costs to rise by an additional 2,000 to 3,000 yuan in the second half of the year.
Delivery guidance for the third quarter stands at between 108,000 and 111,000 units.

KEY DATA

32.14B CNYQ2 Total Revenue

18.4%Q2 Gross Margin

14K CNYQ2 Per-Vehicle Cost Increase

406K CNYQ2 Average Selling Price

PHYSIX OBSERVATION

Behind NIO’s high growth lies severe cost pressure. Volatility in raw material and memory prices has driven up per-vehicle costs significantly, forcing the company to rely on high-margin models to sustain profitability. If costs continue to climb in the second half while pricing remains static, earnings stability will be tested, highlighting that supply chain control is now the decisive factor for EV startups’ next phase.

Source: enbrief original report ↗