NIO sells premium electric vehicles in China and builds the battery-swap network they depend on. The swap stations are the bet: they remove charging time as an objection, and they are expensive enough that no rival has matched the footprint.
NIO
ONVO
Firefly
NIO Inc Vehicles delivered by period, split by brand. Sep 26 total: 37,408. +7.7% year on year.
NIO delivered 109,178 vehicles in the third quarter (+25.4%) and BYD sold 1,323,065 (+18.7%). XPeng's 118,390 was up 2.1% and Li Auto's 99,964 up 7.2%. The growth came from NIO's premium brand and BYD's exports.
NIO, XPeng and Li Auto each delivered inside the third-quarter range they gave. NIO landed 39.3% of the way up its range, XPeng 56.5%, Li Auto 99.3%. All three set their ranges with part of the quarter already delivered.
Denza, Yangwang, ONVO, MONA, Zeekr, Lynk & Co, MG, Avatr. Most of the names arriving in Europe belong to seven groups, one of which also owns Volvo, and one phone company that owns no carmaker at all.
Group deliveries rose 14.5% in August. Inside that number the expensive brand doubled and the cheap one halved - which is the reverse of what the strategy called for.
12 Sept 2026 · Analysis · 5 min
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