Source: NIO

The third-generation NIO ES8 (NYSE: NIO, HKG: 9866) delivered 11,260 retail units in February 2026, holding the top position in China's full-size SUV market for the third consecutive month — more than double the volume of its nearest rival, the Zeekr 9X, which posted 4,878 units.

The result came despite one of China's most disruptive automotive slow seasons in years.

The 2026 Chinese New Year holiday ran from February 15 to 23 — the longest on record — leaving only 16 working days in the month, three fewer than the prior year.

China's Passenger Car Association (CPCA) had flagged February as the year's likely sales trough. Against that backdrop, the ES8's volume still represented a 65.8% year-on-year increase for the Nio main brand, which delivered 15,159 units in total during the month.

Source: NIO

The ES8 accounted for 54.14% of Nio Inc's total February deliveries of 20,797 units, and 74.28% of Nio main brand volumes. Cumulative deliveries of the third-generation model reached 71,260 units through the end of February, having passed the 70,000-unit milestone on February 27 in Wenzhou, Zhejiang. The 80,000th delivery is now expected before the end of March, according to Nio co-founder and president Qin Lihong.

The February segment ranking illustrated the scale of Nio's lead. Behind the Zeekr 9X at 4,878 units, the Aito M8 placed third at 3,992 units and the Aito M9 fourth at 3,085 units. The Lynk & Co 900 rounded out the top five at 2,153 units, followed by the Denza N8L (1,423), Onvo L90 (1,317), IM LS9 (1,306), Li Auto (NASDAQ: LI) L9 (1,082), and Voyah Taishan (1,040). The ES8's tally exceeded the combined total of the second through fifth-placed models — a gap that reflects both the model's launch momentum and the holiday-suppressed volumes across the rest of the field.

The model was officially launched on September 20, 2025, at Nio Day in Hangzhou, with deliveries beginning the following day. Its ramp from launch to 50,000 units took just 120 days, a pace Nio described as among the fastest for any battery electric vehicle priced above 400,000 CNY (c. $58,100) in China.

Built on Nio's 900-volt NT3.0 platform, the ES8 pairs dual motors producing 520 kW of peak power and 700 Nm of torque, accelerating from 0 to 100 km/h (62 mph) in 3.97 seconds. The standard battery is a 102 kWh 4C pack with a CLTC-rated range of 635 km (395 miles). A 120 kWh 5C pack is planned for future introduction.

The SUV measures 5,280 mm long, 2,010 mm wide, and 1,800 mm tall with a 3,130 mm wheelbase, and is offered in six- and seven-seat configurations. Its onboard perception suite includes 31 sensors, among them a roof-mounted LiDAR, and the vehicle runs Nio's proprietary SkyOS operating system alongside an in-house Shenji NX9031 driving chip.

Pricing starts at 406,800 CNY (c. $59,100) with the battery included, or 298,800 CNY (c. $43,400) under Nio's Battery-as-a-Service (BaaS) subscription plan. The Signature Edition tops out at 446,800 CNY (c. $64,900) with battery, or 338,800 CNY (c. $49,200) under BaaS. To stimulate spring demand, Nio introduced a 10,000 CNY (c. $1,450) purchase tax subsidy for orders placed through March 31, bundled with five years of free Navigate on Pilot Plus (NOP+) driver-assistance access.

The ES8's price point and manufacturing margin have been central to Nio's financial recovery. Nio Inc reported a GAAP operating profit of 807.3 million CNY ($117.3 million) for the fourth quarter of 2025 — its first quarterly profit since the company was founded. Vehicle gross margin reached 18.1% in Q4 2025, up from 13.1% in Q4 2024, while overall gross margin expanded to 17.5%.

The ES8 delivered 39,697 units in Q4 — 32% of the company's record 124,807 total deliveries for the period. CFO Stanley Qu noted on the March 10 earnings call that the model's gross margin reached nearly 25% in Q4, aided by scale efficiencies and cost reduction.

February's sequential decline — down 36.23% from January's 17,658 units — mirrored seasonal patterns across China's auto industry. Nio's delivery wait time for the ES8 has also compressed sharply, from 24 to 26 weeks last September to roughly three to four weeks in early March 2026, reflecting production ramp-up at Nio's third factory in Hefei and normalising demand after the initial launch surge.

Source: Zeekr

The competitive environment is set to tighten. The Zeekr 9X (Geely Auto, HKG: 175), a 900-volt plug-in hybrid flagship priced between 465,900 and 599,900 CNY (c. $67,700–$87,200), crossed 30,000 cumulative deliveries in early February with an average transaction price above 530,000 CNY (c. $77,000).

Reports suggest a next-generation Li Auto L9 and a refreshed Aito M9 — together with a larger M9L variant — are both in preparation for 2026, while Leapmotor, XPeng (NYSE: XPEV), and SAIC Volkswagen are each targeting the full-size SUV segment with new entries later this year.

Nio guided for total first-quarter 2026 deliveries of 80,000 to 83,000 units, representing approximately 90% to 97% year-on-year growth, with the company targeting full-year non-GAAP operating profitability. The ES9 — Nio's larger, higher-priced flagship successor — is scheduled for a technology unveiling on April 9 or 10, an official launch in late May, and first deliveries on June 1.

Whether the ES8 can hold its commanding gap once a wave of generational refreshes arrives — and as the ES9 competes for the same premium buyer — will tell much about the staying power of Nio's premium positioning in China.

Conversion rate: 1 USD = 6.87 CNY as of March 11, 2026