Nio Shares Gain 4% Following Record Battery Swaps and Vehicle Deliveries

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TLDR

  • Nio shares increased approximately 4% in Hong Kong on February 22 following the Lunar New Year holiday.
  • The firm achieved a new daily battery swap record of 177,627 on the sixth day of the Chinese New Year.
  • Nio manages 3,750 battery swap stations in China and surpassed 100 million total swaps on February 6.
  • Fourth-quarter 2025 deliveries reached a record 124,807 vehicles, a rise of about 72% compared to the previous year.
  • Nio anticipates its first adjusted operating profit for Q4 2025, ranging from 700 million to 1.2 billion yuan.

Nio’s stock price advanced roughly 4% in Hong Kong on Monday, February 22, as the Chinese electric vehicle manufacturer came back from the Lunar New Year holiday announcing a series of record battery swap figures.

NIO Stock Card

The key milestone was 177,627 battery swaps completed in one day on Sunday, the sixth day of Chinese New Year. This marks a company record.

This achievement was not isolated. During February, Nio broke its own daily swap record six times, setting new highs on five consecutive days amid the Spring Festival travel period from February 15 to 23.

Nio currently operates 3,750 battery swap stations throughout China, including 1,022 located on expressways serving 550 cities. The company exceeded 100 million cumulative battery swaps on February 6—a milestone that CEO William Li identified as a key step toward profitability for its power services.

The company has invested over 18 billion yuan in charging and battery-swap infrastructure during the past 11 years. For 2026, it intends to deploy an additional 1,000 swap stations and start large-scale construction of its fifth-generation stations.

Record Deliveries and First-Ever Profit Forecast

Regarding vehicle sales, Nio delivered 124,807 vehicles in the fourth quarter of 2025 across its Nio, Onvo, and Firefly brands—a quarterly record representing an increase of approximately 72% from the year-earlier period.

January deliveries totaled 27,182 vehicles, a 96.1% year-on-year increase, but a 43.5% decrease from December’s volume.

Nio also projected its first-ever adjusted operating profit for Q4 2025, estimating it to be between 700 million yuan ($101.3 million) and 1.2 billion yuan ($173.7 million). This contrasts with an adjusted operating loss of 5.54 billion yuan in the same quarter of the previous year.

On a GAAP basis, the company expects an operating profit of 200 million to 700 million yuan.

Nio attributed this positive shift to increased sales volume, an improved product mix that raised vehicle margins, and effective cost-cutting measures. Revenue for Q3 2025 grew 17% to 21.79 billion yuan, although this figure was below analyst expectations.

Analyst Caution and Industry Headwinds

Challenges remain ahead. Nio has indicated that the first quarter of 2026 may see weaker performance as China’s vehicle purchase tax incentives start to be reduced—a challenge it views as affecting the entire industry.

Morgan Stanley reduced its price target for Nio to $7 from $8 earlier this month, while maintaining an Overweight rating. The bank pointed to expectations that China’s auto sector may underperform in 2026, with passenger vehicle growth turning negative and profit margins facing pressure.

Data from the China Passenger Car Association indicated passenger new energy vehicle wholesale sales reached approximately 900,000 units in January—a mere 1% increase year-on-year and a drop of over 42% from December.

On the investment front, quantitative hedge fund D.E. Shaw & Co. has become Nio’s largest institutional shareholder, signaling growing investor interest in the company’s electric vehicle and battery-swap infrastructure strategy.