NIO Q4 FY25 earnings call NIO

NIO plans to launch three new models in 2026, further strengthening its product portfolio in the premium large vehicle segment. The NIO ES9, an executive flagship SUV, will be introduced in Q2 2026, with a technological launch event on April 9. The 2026 versions of ET5, ET5T, ES6, and EC6 will also be introduced in Q2. For the ONVO brand, the L80, a large 5-seat SUV, will launch in Q2, alongside product upgrades for the L90 and L60. These additions will create a lineup of five mid-sized and mid-to-large SUV models, expected to be key drivers for full-year growth.

NIO released a new version of its World Model (NWM) in late January 2026, featuring a closed-loop reinforcement learning training paradigm. This update significantly enhanced Navigate on Pilot (NOP) performance, leading to an over 80% increase in Smart Driving usage time in February compared to January. Over 2,000 power swap stations now support power swap pilot, integrating with urban NOP for automated recharging. ONVO Smart Driving also received end-to-end upgrades, with further hardware and software enhancements planned for its lineup in 2026.

NIO continues to expand its service network, operating 171 NIO Houses, 395 NIO Spaces, 420 ONVO stores, 406 service centers, and 75 delivery centers. The company has 3,815 power swap stations and over 28,000 power chargers and destination chargers worldwide. On February 6, 2026, NIO reached 100 million cumulative battery swaps, with daily swaps exceeding 177,000 during the Chinese New Year holiday, demonstrating widespread user and market validation of the battery swapping technology.

Battery swapping is highlighted as a systematic and innovative solution to address the mismatched life cycles of vehicles and batteries, as vehicle lifespans can be significantly longer than battery warranties. It also functions as a distributed energy storage system, supporting the new power system for renewable energy integration and consumption. The system offers economic efficiencies by reducing secondary energy loss compared to supercharging with energy storage, and provides a unique, defensible competitive advantage for long-term success.

NIO's Smart Driving chip subsidiary, GeniTech (Shenji), successfully completed its first round of equity financing, raising RMB 2.257 billion at a post-money valuation exceeding RMB 8 billion. Shenji is developing next-generation high-performance chips for NIO's products and exploring mid-end chips for broader industry clients, including potential partners in robotaxi and embodied AI applications. Its second chip product, a 5-nanometer automotive-grade chip with a competitive cost structure, has achieved successful tape-out and is preparing for mass production.

NIO is deepening its organizational transformation and refining the CBU (Cell Business Unit) mechanism, which focuses on user value creation and strengthens the company-wide business system with heightened ROI awareness and improved cost control. This shift in management mindset aims to balance sales volume, vehicle gross margin, and overall business performance, with dedicated vehicle strategy teams responsible for each model's business performance.