NIO reports September deliveries as JPMorgan cuts target for NIO stock

Published on 10/02/2026 at 12:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

NIO stock costs EUR 3.06 on October 2, 2026 after EUR 3.04, plus 0.66 percent. Second-quarter revenue rose 69.10 percent to RMB 32.14 billion.

NIO Inc., US62914V1061, Illustration mit AI erstellt.

NIO Inc. (ISIN US62914V1061) delivered 37,408 vehicles in September 2026, up 7.70 percent from September 2025, according to Business Insider on October 1, 2026. JPMorgan cut its price target for NIO from USD 7.00 to USD 4.50 and downgraded the stock from Overweight to Neutral on September 2, 2026, as Yahoo Finance reported.

September deliveries set the pace

The September total included 21,318 vehicles from the NIO brand, 8,763 from ONVO and 7,327 from FIREFLY. Deliveries for the third quarter reached 109,178 units, up 25.40 percent year over year, while the first three quarters produced 300,301 deliveries, up 49.20 percent, according to the same Business Insider release.

The growth rate was positive, but September volume remained below the third-quarter guidance range of 108,000 to 111,000 vehicles only when viewed against the quarter total already delivered. NIO's September result therefore adds scale while leaving the pace of monthly growth as the key operating test.

Margins improved, but losses remain

For the second quarter of 2026, NIO reported RMB 32,136.9 million in revenue, up 69.10 percent year over year. Gross margin reached 18.40 percent, versus 10.00 percent in the second quarter of 2025, while vehicle margin rose to 18.50 percent from 10.30 percent, according to NIO on September 1, 2026.

NIO still reported a second-quarter net loss of RMB 0.5 billion, although the loss declined 89.40 percent year over year. Third-quarter revenue guidance was RMB 33,285 million to RMB 34,051 million, a range that places execution alongside profitability at the center of the next results update.

Battery swapping gains a partner

NIO's September 28, 2026 agreement with Geely Holding adds a second strategic thread. Geely will invest through its Yiyi Power business and RMB 640 million in cash for a 30.00 percent stake in NIO Power, while NIO will take a 10.00 percent stake in Geely's Haohan Energy, according to NIO.

The transaction gives NIO's battery-swapping network a broader commercial-use angle, but the JPMorgan downgrade keeps demand and cost control in view. The contrast is clear: operating figures are improving, while the stock still trades at a valuation that reflects execution risk.

NIO stock stays near its yearly low

NIO stock was trading at EUR 3.06 at Lang & Schwarz on October 2, 2026 at 12:09 p.m. CEST, up 0.66 percent versus the EUR 3.04 prior close at Lang & Schwarz on October 1, 2026. On the NYSE, the stock was last at USD 3.40 on October 1, 2026 at 4:00 p.m. ET; its USD 3.38 to USD 7.86 52-week range and USD 8.4 billion market capitalization were dated October 1, 2026. The further course of trading is shown by the continuously updated real-time quote of NIO stock.