Analysts See 22% Upside for NIO as Q1 Revenue Doubles

NIO reported first-quarter revenue of RMB25.5 billion, up 112%, and delivered 83,465 vehicles, a 98.3% increase. Some analysts raised price targets after the results, while investors focused on rising input costs and monthly delivery swings.

The company recorded adjusted operating profit of RMB66.8 million and adjusted adjusted net profit of RMB43.5 million, its second straight quarter of adjusted profitability. NIO remained loss-making on a GAAP basis. Vehicle gross margin widened to 18.8% from 10.2% a year earlier and was slightly above the 18.1% posted in the fourth quarter.

NIO delivered 29,356 vehicles in April, up 22.8% year over year but down from March’s 35,486 units, showing month-to-month delivery volatility.

Investors pushed the stock lower after the report. Citi raised its U.S.-listed NIO target to $8.20 from $7.60 and kept a Buy rating. BofA Securities increased its target to $6.80 from $6.70 and maintained a Neutral rating. With the stock near $5.60 after the results, those targets implied roughly 20–22% upside.

Chief Executive William Li said, “ES8 orders rose 30% week on week after ES9 test drives began.” He added that the all-new ES8 ranked first in China’s large SUV segment and among passenger vehicles priced above RMB400,000 for five months through April.

Chief Financial Officer Stanley Qu warned that higher prices for memory chips, lithium carbonate, other battery materials, copper and aluminum could add more than RMB10,000 to the average cost per vehicle starting in the second quarter.

Management said the family-focused sub-brand ONVO needs stronger consumer recognition as it expands its lineup. The company is also developing the Firefly brand alongside its core NIO line.

Analysts cited a stronger model pipeline and tighter cost controls but flagged sector headwinds such as reduced EV subsidies and inflation in batteries, memory and metals. NIO reported adjusted profits but remains loss-making on GAAP measures while facing higher input prices and delivery volatility.