Physix Frontier · News Briefing Card (IT Home · Sep 1, 2026)

NIO Q2 Revenue Up 69%, But Per-Vehicle Cost Rises by ¥14k

KEY FACTS

NIO reported total revenue of ¥32.14 billion in the second quarter, a year-over-year increase of 69.1%.
Due to rising prices for memory and batteries, the cost per vehicle increased by ¥14,000 compared to the end of last year.
The company projects that the cost per vehicle will continue to rise by an additional ¥2,000 to ¥3,000 in the second half of the year.
Delivery guidance for the third quarter is set between 108,000 and 111,000 units.

KEY DATA

¥32.14BQ2 Total Revenue

18.4%Q2 Gross Margin

¥14,000Q2 Cost Increase per Vehicle

¥406,000Q2 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, its earnings stability will be tested, highlighting that supply chain management has become the decisive factor for emerging EV makers in their next phase of competition.

Source: IT Home report