Source: NIO

NIO Inc. (NYSE:NIO; HKG:9866) reported 27,182 vehicle deliveries in January 2026, a 96.1% year-on-year increase, as demand for its flagship all-new ES8 drove growth in China’s premium intelligent electric vehicle segment.

Source: NIO

The company said the performance came amid pressure on overall auto retail sales in China, with growth concentrated in higher-end segments rather than across the broader market. NIO positioned the results as evidence of structural shifts toward value-driven purchasing and replacement demand among premium buyers.

Deliveries were led by the core NIO brand with 20,894 vehicles, followed by Onvo with 3,481 vehicles, and firefly with 2,807 vehicles. As of the end of January, NIO’s cumulative deliveries reached 1,024,774 vehicles.

Source: NIO

The all-new NIO ES8 accounted for a large share of the month’s volume. The ES8 delivered 17,646 units in January, representing about 60% of NIO’s total monthly deliveries. The model reached 60,000 cumulative deliveries in 134 days, setting a delivery pace record within its segment. The 60,000th unit was delivered in Guangzhou.

NIO has positioned the ES8 in the RMB 400,000+ price band, targeting buyers seeking large three-row luxury electric SUVs. At that level, the price point corresponds to approximately 400,000 CNY (c. $57,500) using the provided exchange rate. The company and industry commentary cited demand from replacement buyers transitioning from traditional luxury internal combustion engine brands.

The company attributed ES8 demand to its product definition as a large three-row luxury pure electric SUV, combined with a dedicated electric platform, full-stack intelligent systems, and an integrated energy ecosystem that includes charging, battery swapping, and vehicle upgrades. NIO has emphasized that sales momentum has not been driven by pricing flexibility but by product positioning and service infrastructure.

Battery swapping remains a core part of NIO’s strategy. The company said cumulative battery swap operations exceeded 99 million, with the 100 million milestone approaching. NIO continues to operate both charging and swap station networks and has framed the system as a differentiator for high-usage and premium customers.

Earlier in January, NIO rolled its 1 millionth mass-produced vehicle off the production line at the NIO Advanced Manufacturing Xinqiao Phase II factory in Hefei, Anhui Province. The milestone marked the company’s transition from early-stage volume ramp-up into what it has described as a more mature operational phase focused on system-level competitiveness.

Chief executive William Li said NIO aims to exceed 10,000 charging stations and 10,000 battery swap stations by 2030. He also said the company plans to target annual sales growth of 40% to 50% in coming years, based on its current product and infrastructure roadmap.

At the same time, the concentration of sales in the ES8 has supported higher average transaction prices and a higher average selling price across the lineup. NIO’s sales mix toward higher-priced models will drive a higher margin profile and revenue per vehicle.

NIO has said that future competition in China’s EV market will be less focused on raw delivery volume and more on system-level capabilities, including product definition, technology development, business models, and long-term user relationships.

The company is seeking to replicate the ES8’s performance across a broader product portfolio while preparing to adapt its domestic operating model for overseas markets.

With premium replacement demand emerging as a key growth driver, NIO’s January data suggest that structural demand in higher-end EV segments is becoming more important than mass-market volume growth in sustaining delivery momentum.

Conversion rate: 1 USD = 6.952 CNY as of February 1, 2026