NIO (NYSE:NIO) shares gained more than 5% in U.S. premarket trading on Thursday after the electric vehicle maker reported first-quarter results ahead of expectations and issued second-quarter guidance that also exceeded analyst forecasts.
Revenue for the three months ended March reached RMB25.53 billion, representing year-on-year growth of 112.2% and broadly matching the consensus estimate of RMB25.57 billion.
Adjusted earnings per share came in at RMB0.02, outperforming analyst expectations for a loss of RMB0.34 per share.
Gross margin improved significantly to 19.0%, compared with 7.6% a year earlier and 17.5% in the fourth quarter of 2025, supported by improved operational efficiency and a stronger product mix.
“In the first quarter of 2026, the Company delivered 83,465 smart electric vehicles, representing a year-over-year increase of 98.3%. Starting from the second quarter, the Company has entered an intensive new product launch and delivery cycle,” said William Bin Li, founder and CEO of NIO.
Vehicle deliveries totaled 83,465 units during the quarter, up 98.3% compared with the prior year, although down 33.1% from the previous quarter.
The total included deliveries across all three of the company’s vehicle brands, comprising 58,543 units under the flagship NIO brand, 13,339 vehicles from the more affordable ONVO lineup, and 11,583 units from the newly launched Firefly brand.
For the second quarter, NIO forecast revenue of between RMB32.78 billion and RMB34.44 billion, ahead of analyst expectations of RMB31.83 billion.
The company also projected vehicle deliveries of between 110,000 and 115,000 units, implying annual growth of approximately 53% to 60%.