Nio delivered 109,178 vehicles in the third quarter, up 25.4% year over year, but the focus is on vehicle margin, which reached 18.5% in the second quarter, up from 10.3% a year earlier. Management said its ES8 and ES9 SUVs each posted vehicle margins above 20%, and deliveries of the namesake Nio brand rose about 69% year over year. Management also highlighted rising costs for memory chips, batteries and other materials, and aims to keep third- and fourth-quarter vehicle margins around the second-quarter level, which would still exceed 14.7% in last year's third quarter. In the second quarter, Nio reported a GAAP operating loss of about RMB347 million, while adjusted operating profit was about RMB207 million, and it targets full-year 2026 breakeven on a non-GAAP operating basis.
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