Nio shares drop 9% after August deliveries miss on weak Onvo sales

• Nio's Hong Kong-listed shares fell to their lowest since July 2025. The company is set to report second-quarter results hours later.
• Nio Inc's August deliveries rose 14.5% year-on-year, but Onvo's fell 46.4%.

Nio Inc's (NYSE: NIO; HKEX: 9866) Hong Kong-listed shares plunged on Tuesday, after the company released its August delivery figures ahead of its earnings report, sparking investor concerns.

As of press time, Nio's Hong Kong shares were down 9.16% at HK$30.14, their lowest since July 2025. The stock had tumbled more than 10% at one point in afternoon trading.

The company said during the Hong Kong market's midday break that it delivered 35,836 vehicles in August, up 14.47% year-on-year but down 0.27% from July.

It marked the second consecutive month of a sequential decline for Nio Inc, even as its monthly total remained above 35,000 vehicles for the fourth straight month.

Strong growth at the main Nio brand remained the biggest bright spot. The brand delivered 21,174 vehicles, up 101.18% year-on-year and 5.83% from July.

The brand accounted for 59.09% of the company's deliveries in August, up from 33.62% a year earlier, data compiled by CnEVPost show.

However, the family-oriented Onvo brand remained under pressure, delivering 8,810 vehicles in August, down 46.39% year-on-year and 13.24% from July.

It marked Onvo's third consecutive month of sequential decline, while its contribution to Nio Inc's deliveries fell to 24.58% from 52.50% a year earlier.

Firefly delivered 5,852 vehicles, up 34.65% year-on-year and 1.40% from July, accounting for 16.33% of the company's monthly total.

The share-price decline suggests that, with overall deliveries remaining elevated, investors may be focusing more on Onvo's sales trajectory and the execution of Nio's multi-brand strategy.

Nio is also scheduled to release its second-quarter results before the US market opens in a few hours.

The company delivered 107,658 vehicles in the quarter, up 49.4% year-on-year but below its guidance range of 110,000 to 115,000 units.

A key focus will be whether Nio achieved non-GAAP profitability and management's latest assessment of its profitability targets for the third quarter and full year.

Nio posted an adjusted profit from operations in the first quarter, while its overall gross margin rose to 19.0%, the highest in 4 years.

Nio Inc delivered 262,893 vehicles in the first 8 months of the year, up 57.92% year-on-year. Still, the shift in its brand mix in August may make the quality of growth a focus on the earnings call.