# NIO Inc.

> Source: https://aiwiki.ai/wiki/nio
> Updated: 2026-06-26
> Categories: Autonomous Vehicles, Chinese AI
> From AI Wiki (https://aiwiki.ai), a free encyclopedia of artificial intelligence. Quote with attribution.

NIO Inc. (Chinese: 蔚来; pinyin: Wèilái) is a Chinese premium [electric vehicle](/wiki/electric_vehicle) maker founded in November 2014 by internet entrepreneur [William Li](/wiki/william_li) (Li Bin) and headquartered in [Shanghai](/wiki/shanghai), with its main R&D and manufacturing in [Hefei](/wiki/hefei), Anhui Province. [1] In an AI context, NIO is notable for one of the most vertically integrated [autonomous vehicle](/wiki/autonomous_vehicle) stacks in the industry: the NIO World Model (NWM), a generative driving [world model](/wiki/world_model); the Shenji NX9031, billed as the world's first mass-produced 5 nm automotive autonomous-driving chip; the NOMI [in-vehicle AI](/wiki/in_vehicle_ai) assistant; and the SkyOS full-domain vehicle operating system. [2][3][24] NIO delivered 326,028 vehicles in 2025 (up 46.9% year over year) and crossed 1,000,000 cumulative deliveries in early January 2026, while operating the world's largest [battery swap](/wiki/battery_swap) network of more than 3,100 swap stations. [27][17]

NIO trades on the New York Stock Exchange under the ticker NIO (since September 12, 2018), on the Hong Kong Stock Exchange as 9866 (secondary listing March 2022), and on the Singapore Exchange (introductory listing May 2022). [1][2] The company was incorporated in the Cayman Islands as NextEV Inc. and rebranded to NIO in 2017 ahead of its first production deliveries. Additional R&D centers are located in San Jose (United States), Munich (Germany), and Oxford (United Kingdom).

NIO sits in the same Chinese premium-EV cohort as [XPeng](/wiki/xpeng) and [Li Auto](/wiki/li_auto), and competes globally with [Tesla](/wiki/tesla) and [BYD](/wiki/byd). What separates NIO from most of that pack is the depth of its in-house software and hardware stack: a proprietary autonomous compute platform (Adam, built on four [NVIDIA](/wiki/nvidia) [Drive Orin](/wiki/nvidia_drive_orin) processors), a 33-sensor perception suite called Aquila, the NIO World Model (NWM) for end-to-end driving, the NOMI in-vehicle AI assistant, the SkyOS full-domain operating system, an in-house [ADAS](/wiki/adas) SoC called Shenji NX9031, a smartphone (the NIO Phone), and a battery swap network that as of 2025 is the largest in the world. [23][24] The company also runs two sub-brands: Onvo (乐道, Le Dao), a mass-market line launched in 2024, and Firefly (萤火虫), a compact urban EV brand launched at the end of 2024.

The overall picture is a company that has spent its first decade building the kind of vertically integrated stack people usually associate with [Tesla, Inc.](/wiki/tesla_inc), only with battery swap as the energy strategy and a much heavier bet on AI software defined vehicles.

## ELI5: what is NIO in one paragraph?

NIO makes high-end electric cars in China that can partly drive themselves. Instead of waiting for a battery to charge, a NIO owner can drive into a robotic station that swaps the empty battery for a full one in about three minutes. The cars carry a chatty round assistant called NOMI that talks back, and NIO designs its own driving "brain" (an AI model called the NIO World Model) and even its own computer chip (the Shenji NX9031) instead of buying everything from other companies.

## Company facts

| Field | Value |
|-------|-------|
| Legal name | NIO Inc. |
| Chinese name | 蔚来汽车 (Wèilái Qìchē) |
| Founded | November 25, 2014 (as NextEV Inc.) |
| Founder | William Li (Li Bin / 李斌) |
| Headquarters | Shanghai, China (NIO House Anting); operations centered in Hefei, Anhui |
| R&D sites | Shanghai, Hefei, Beijing, Nanjing, San Jose, Munich, Oxford |
| Listings | NYSE: NIO (Sept 2018); HKEX: 9866 (March 2022); SGX: NIO (May 2022) |
| CEO | William Li (founder, chairman, CEO) |
| President | Qin Lihong (秦力洪), co-founder |
| Industry | Electric vehicles, energy infrastructure, automotive AI |
| 2025 deliveries | 326,028 vehicles, up 46.9% year over year [27] |
| Cumulative deliveries | 997,592 as of December 31, 2025; crossed 1,000,000 in early January 2026 [27] |
| Power Swap Stations | 3,172 (March 2025, CATL announcement) [17] |
| Headcount (2024 20-F) | About 32,000 employees globally |

## When was NIO founded and what is its early history?

NIO was founded on November 25, 2014, as NextEV Inc. by William Li, who had previously built Bitauto, a Chinese online auto-trading platform that listed on the NYSE in 2010. [1] Li assembled a coalition of strategic shareholders rather than rely on a single venture round. The original 56 founding investors included [Tencent](/wiki/tencent), Hillhouse Capital, Sequoia China, Lenovo, JD.com, Baidu Capital, TPG, Temasek, Joy Capital, Lei Jun (via Shunwei Capital), Pony Ma, Liu Qiangdong, and several Chinese auto-industry veterans. Tencent has remained a long-term strategic shareholder, holding around 9% of voting power.

The first product NextEV showed was the EP9 supercar, unveiled in London on November 21, 2016. It used four in-wheel motors producing a combined 1 MW (about 1,360 hp) as an engineering demonstrator. It set the production-EV lap record at the Nürburgring Nordschleife in 2017 (6:45.900) and several other circuit records. Only six EP9 units were built initially, with later units sold to investors.

The company changed its commercial name to NIO at the EP9 reveal and made the rebrand legal soon after. The first production model, the ES8, a six- or seven-seat full-size SUV, was launched at the inaugural NIO Day in Beijing on December 16, 2017. Customer deliveries began in June 2018. Production was contracted to [JAC Motors](/wiki/jac_motors) (Jianghuai Automobile) at a purpose-built advanced manufacturing center in Hefei, an arrangement that lasted until December 2023, when NIO bought the relevant JAC plants outright for about RMB 3.16 billion. [1]

NIO went public on the New York Stock Exchange on September 12, 2018, pricing 160 million American depositary shares at $6.26 each and raising about $1.0 billion (versus an earlier target of $1.8 billion). [2][13] The IPO valued the company at roughly $6.4 billion. The stock spent much of 2019 trading well below its IPO price as deliveries struggled and the company nearly ran out of cash.

The near-death moment came in early 2020. In April 2020 the Hefei municipal government and a consortium of state-backed investors put RMB 7 billion into a new entity called NIO China, taking a roughly 24% stake (later diluted) and effectively rescuing the company. [22] From that point on, Hefei became NIO's manufacturing and logistical center of gravity. The Hefei deal is widely cited as one of the most successful local-government auto-industry rescues in modern Chinese economic history.

## NIO Day timeline

NIO Day is the company's annual flagship product event, held in a different Chinese city each year and frequently the venue for its biggest hardware announcements. Most editions are scheduled in late December for the prior fiscal year, although a few have been pushed into early January.

| Year | Date | City | Headline announcements |
|------|------|------|------------------------|
| 2017 | Dec 16, 2017 | Beijing | ES8 launch; NOMI in-cabin assistant |
| 2018 | Jan 19, 2019 | Shanghai | ES6 mid-size SUV launch |
| 2019 | Dec 28, 2019 | Shenzhen | EC6 coupe SUV pre-sale; NIO Pilot updates |
| 2020 | Jan 9, 2021 | Chengdu | ET7 sedan launch; NT 2.0 platform; Adam supercomputer; Aquila sensor suite |
| 2021 | Dec 18, 2021 | Suzhou | ET5 sedan launch; European expansion announced |
| 2022 | Dec 24, 2022 | Hefei | EC7 launch; ES8 second generation |
| 2023 | Dec 23, 2023 | Xi'an | ET9 announcement; SkyOS unveiled; Shenji NX9031 in-house SoC announced [24] |
| 2024 | Dec 21, 2024 | Hangzhou | Firefly brand launch; ET9 priced and on sale; ET9 deliveries from March 2025 [5] |

## Brand and sub-brand structure

From 2024 onward NIO has operated as a three-brand house, with each brand aimed at a different price band.

| Brand | Positioning | Launched | First model | Typical price band (China) |
|-------|-------------|----------|-------------|---------------------------|
| NIO | Premium / executive | 2014 (rebrand 2016) | EP9 (2016), ES8 (2017) | RMB 300,000 to 800,000+ |
| Onvo (乐道, Le Dao) | Mass-market family | May 2024 | L60 (Sept 2024) | RMB 200,000 to 280,000 |
| Firefly (萤火虫) | Compact urban | Dec 2024, on sale Apr 2025 | Firefly hatchback | Around RMB 120,000 |

Onvo's Chinese name 乐道 translates to something like "the joyful path," and the English name reads as "On Voyage." It was originally codenamed Alps internally. Firefly is more directly aimed at the city-car space currently held by Smart and Mini in Europe; its models can use NIO's swap network through an optional adapter, making it the cheapest swap-eligible vehicle on sale in China.

## Vehicle lineup

The full production model list reads as follows. Dates are public reveal or pre-sale, with delivery dates noted where they differ.

| Model | Type | Reveal | Notes |
|-------|------|--------|-------|
| EP9 | Two-seat electric supercar | Nov 21, 2016 | Limited production engineering halo car; held EV Nürburgring lap record |
| [ES8](/wiki/nio_es8) | Full-size 6/7-seat SUV | Dec 16, 2017 | First production model; deliveries June 2018; 3rd-generation launched Aug 2025 |
| ES6 | Mid-size 5-seat SUV | Dec 2018 | Deliveries June 2019; volume best-seller |
| EC6 | Mid-size coupe SUV | Dec 2019 | Deliveries Sept 2020 |
| ET7 | Full-size sedan | Jan 9, 2021 (NIO Day 2020) | First model on the NT 2.0 platform with Adam + Aquila |
| ET5 | Mid-size sedan | Dec 18, 2021 (NIO Day 2021) | Deliveries Sept 2022; built at NeoPark F2 |
| ES7 (EL7 in Europe) | Mid-size 5-seat SUV | June 2022 | NT 2.0 platform |
| ET5T | Sport tourer (estate) variant of ET5 | Sept 2022 | |
| EC7 | Coupe SUV | Dec 2022 | NT 2.0 platform |
| EL6 | Mid-size SUV (European-market ES6 variant) | 2023 | Sold in Norway, Germany, Netherlands, Sweden, Denmark |
| ET9 | Full-size executive flagship sedan | Dec 23, 2023 (announced) / Dec 21, 2024 (priced) | First car with SkyOS, Shenji NX9031 chip, steer-by-wire, 900V architecture; deliveries from March 2025 [3][24] |
| Onvo L60 | Mid-size family SUV | May 2024 (reveal) / Sept 19, 2024 (launch) | First Onvo model; aimed at Tesla Model Y |
| Onvo L90 | Full-size 6-seat SUV | Mid-2025 | First production car shipping NIO's second-generation autonomous-driving model |
| Firefly | B-segment hatchback | Dec 21, 2024 | Onvo / Firefly architecture; on sale in China April 2025, Europe August 2025 |

NIO uses three technical platforms internally. NT 1.0, used for the original ES8 / ES6 / EC6 generation, ran a [Mobileye](/wiki/mobileye) EyeQ4-based ADAS package and was retired with the launch of the second-generation cars. NT 2.0, introduced with the ET7, switched the autonomy stack entirely to NIO's own Adam supercomputer and Aquila sensor suite. NT 3.0 debuts with the ET9, replacing the four NVIDIA Orins with a single in-house Shenji NX9031 SoC. [24]

## Manufacturing

For most of NIO's first decade, vehicles were built under contract by JAC Motors at the JAC-NIO Advanced Manufacturing Center (often called "F1") in Hefei. NIO designed and engineered the cars, JAC ran the line. In December 2023 NIO bought the assets of that line and a related plant for about RMB 3.16 billion, ending the contract-manufacturing arrangement and giving NIO its own production qualification.

A second factory, F2, sits inside NeoPark, a sprawling industrial park in western Hefei jointly developed by NIO and the Hefei municipal government. NeoPark broke ground on April 29, 2021. The F2 line started series production on September 26, 2022, with the ET5 as its launch product, and now also handles the ET5T, the new ES8 generation, and other NT 2.0 / NT 3.0 vehicles. [9] A third plant, F3, is dedicated to Onvo. A fourth, F4, located in Chuzhou (Anhui), is being built for Firefly.

XPT (NIO Drive Technology), a wholly-owned subsidiary, designs and manufactures the electric drive units (motors, inverters, gear sets), with sites in Nanjing, Hefei, and Shanghai. Battery packs are sourced from [CATL](/wiki/catl) and (for the 150 kWh semi-solid-state pack) from WeLion New Energy.

## What is NIO's battery swap network and BaaS?

NIO's most distinctive piece of infrastructure is its Power Swap Station (PSS) network. Instead of charging the pack in place, you drive into a station, the car parks itself, and a robotic floor lifts the depleted pack out and slots a freshly charged one in. The third-generation PSS (rolled out from 2024) can complete a swap in roughly three minutes total, with the actual swap action taking under 90 seconds; PSS 4.0, announced at NIO Day 2023, takes the action time to about 144 seconds for a full 23-pack station capable of 480 daily swaps. [24]

Growth of the network has been roughly logarithmic.

| Date | Power Swap Stations in network |
|------|--------------------------------|
| Aug 2018 | First station opened, Shenzhen |
| End of 2020 | 177 |
| End of 2021 | 777 |
| End of 2022 | 1,305 |
| End of 2023 | ~2,300 |
| March 2025 (CATL announcement) | 3,172 [17] |

First European station: Norway, late 2022. By 2024 NIO had built more than 50 swap stations across Norway, Germany, the Netherlands, Sweden, and Denmark. NIO has reported more than 100 million cumulative swaps globally as of February 2026.

Battery as a Service (BaaS), launched in August 2020, separates the battery from the rest of the vehicle. You buy the car at a discounted price (because it has no battery in the title) and pay a monthly subscription for the pack, which lets you swap between capacity options (75 kWh, 100 kWh, and a 150 kWh semi-solid-state pack from WeLion that started production in 2024). The pack is owned by Wuhan Weineng Battery Asset Co., a joint venture between NIO, CATL, Hubei Science Technology Investment Group, and Guotai Junan International.

In March 2025 NIO and CATL signed a strategic agreement under which CATL is investing up to RMB 2.5 billion in NIO Power, and the two companies committed to unifying battery-swap technical standards across the industry. [6][17] NIO has also signed swap-network alliance agreements with Geely (announced November 21, 2023), Changan (announced November 29, 2023), Chery, JAC, Lotus, FAW, and GAC, with the aim of pooling demand to make swap economically viable. As of late 2025 most of those alliance partners have yet to ship swap-compatible models, which has been a recurring source of skepticism.

## How does NIO use AI and autonomous driving?

The AI Wiki angle on NIO really starts with the NT 2.0 platform that debuted in the ET7. NIO calls its in-car compute platform Adam and its perception suite Aquila.

Adam packs four [NVIDIA Drive Orin](/wiki/nvidia_drive_orin) SoCs onto a single board. Total nominal compute is 1,016 TOPS (4 × 254 TOPS). [12] Two of the Orins handle the primary autonomous-driving stack, one is dedicated to redundancy and safety (so a single chip failure does not blind the car), and the fourth runs personalization features and learns from individual driver behavior over time. Adam is one of the more aggressively spec'd vehicle compute platforms ever shipped to a consumer; for context, a single Orin is enough for the entire ADAS stack on most premium cars. NIO and NVIDIA jointly announced the Adam partnership in November 2020 as part of NVIDIA's broader [NVIDIA Drive](/wiki/nvidia_drive) automotive program. [23]

Aquila is the sensor side of NT 2.0. It packs 33 distinct sensing units: [3]

| Sensor type | Count | Notes |
|-------------|-------|-------|
| 8-megapixel HD cameras | 11 | Including a roof-mounted forward set, surround view, and driver monitor |
| Long-range [LiDAR](/wiki/lidar) | 1 | [Innovusion](/wiki/innovusion) (later renamed [Seyond](/wiki/seyond)) Falcon, 1550 nm laser, up to ~500 m range, 0.06°×0.06° angular resolution, mounted in a roof "watchtower" |
| Millimeter-wave radars | 5 | One front 4D imaging radar plus four corner radars |
| Ultrasonic sensors | 12 | |
| High-precision positioning units | 2 | RTK GNSS + inertial |
| [V2X](/wiki/v2x) module | 1 | Cellular V2X for road and infrastructure communication |
| ADMS (Driver monitor) | 1 | In-cabin attention sensor |

The Innovusion (also stylized SEYOND) Falcon LiDAR is a key design choice. NIO not only specified it as standard equipment on every NT 2.0 car (no "premium ADAS package" upcharge, the way Tesla treats FSD), it also invested in Innovusion directly. The unit sits on top of the windshield, gives the cars their visually distinctive "NIO bump," and produces a point cloud dense enough to detect a child-sized object at highway distances even at night.

Above the hardware sits the autonomous-driving software stack, called NAD (NIO Autonomous Driving). NAD is sold as a subscription, originally announced at RMB 680 per month, although NIO has since shipped most NAD features at no charge as part of its NOP+ (Navigate on Pilot Plus) program.

The original NIO Pilot, shipped on NT 1.0 cars from 2018, was built on Mobileye's EyeQ4 SoC and Mobileye perception software, with NIO providing the planning and HMI layers. NIO Pilot's first headline feature was Highway Pilot, a single-lane assist that competed with Tesla Autopilot in the Chinese premium segment.

For the first three years of NT 2.0, the production driver-assist feature was Highway NOP+, which handles on-ramp to off-ramp navigation on Chinese expressways. City NOP+ started a phased rollout in mid-2023 and reached most major Chinese cities through 2024.

## What is the NIO World Model (NWM)?

The most interesting part for an AI Wiki is the architecture shift NIO announced at NIO IN 2024 on July 27, 2024. There, head of intelligent driving Ren Shaoqing introduced the NIO World Model (NWM) and a new "NAD Arch 2.0" end-to-end stack, calling NWM "the world's first smart driving world model." [7] NWM is a multivariate autoregressive generative [world model](/wiki/world_model) for driving, in the same family as recent work from Wayve, Tesla, [Huawei](/wiki/huawei), and academic groups. Ren argued that pure end-to-end technology was not sufficient on its own, and that a world model was needed for vehicles to make driving decisions in a way closer to the human brain. [7]

NIO states that NWM can:

- Imagine and evaluate 216 alternative future trajectories within 100 ms and pick the optimal one as a planner; [7]
- Generate a 120-second high-fidelity driving video from a 3-second input clip, which gives the team a way to synthesize rare or dangerous training data without driving real cars into hazards; [7]
- Run end-to-end from raw sensor data to driving commands, with much less hand-coded perception-prediction-planning pipeline in between.

NWM started a public trial in April 2025 and was rolled out to NT 2.0 cars on May 30, 2025. [8] In a May 2025 internal demonstration video, NIO showed NWM completing a 39.3 km urban-plus-highway route with zero takeovers, passing through 23 traffic lights along with toll gates and other scenarios. On January 28, 2026, NIO released a major NWM 2.0 update that it describes as China's first application of full closed-loop reinforcement learning in production smart driving, training on large volumes of ordinary human-driving data rather than costly expert demonstrations, and adding piloted driving between urban battery-swap stations across more than 2,000 stations. [8] The update is rolling out to more than 460,000 vehicles. The Onvo L90, launched in mid-2025, became the first vehicle to ship NIO's second-generation autonomous-driving model in production.

## What is the Shenji NX9031 chip?

NIO announced its own autonomous-driving system-on-chip, the Shenji NX9031, at NIO Day 2023, with William Li framing it as core technology NIO had to own rather than buy. [24] The chip is built on a 5 nm automotive-grade process and is described by NIO as the world's first mass-produced 5 nm smart-driving chip. [3] It integrates more than 50 billion transistors and a 32-core CPU, and NIO says a single NX9031 delivers roughly the throughput of four NVIDIA Drive Orin processors at lower power. [3][24] The project began in 2021 and grew to a team of more than 600 engineers spanning front-end design, back-end design, verification, and testing, a scale comparable to a standalone chip company. [3]

The chip taped out on a 5 nm process in 2024, and the ET9, which entered customer hands in March 2025, became the first production car to use it, paired with the SkyOS operating system (marketed in Chinese as Tianshu). [3] NIO has since moved the NX9031 into lower-priced cars: a 2026 refresh of the Onvo L60 brought the 5 nm chip and LiDAR down to the roughly RMB 200,000 segment.

NIO has also begun monetizing the chip beyond its own vehicles. In November 2025 NIO Semiconductor (the chip subsidiary) began external licensing of NX9031 technology, including a joint venture (Chongqing Chuangyuan Zhihang) formed with Axera (Aixin Yuanzhi) and image-sensor supplier OmniVision, turning one of NIO's most cash-intensive projects into a potential revenue source. [26] In February 2026 NIO confirmed that its chip business raised over RMB 2.2 billion (about $330 million) in its first external funding round at a post-investment valuation near RMB 10 billion, with NIO retaining a controlling 62.7% stake; investors included a Hefei industry fund, NIO Capital, and IDG. [26]

## What is SkyOS and NOMI?

The car's brain on the cabin side is SkyOS, NIO's full-domain in-house operating system (marketed in Chinese as Tianshu). SkyOS was announced at NIO IN 2024 and shipped first on the ET9 from late 2024. [3][7] It is structured as a layered OS spanning four "sub-OS" domains:

- SkyOS-M, the safety-critical hypervisor and microkernel layer;
- SkyOS-L, a real-time control OS for vehicle dynamics and powertrain;
- SkyOS-R, a real-time middleware layer for autonomous driving;
- SkyOS-C, the cockpit application layer (formerly known as Banyan, NIO's Android-derived in-cabin software).

The stated benefit is that NIO can update the autonomy stack and cabin UI on independent cadences while sharing common services, and can write at the OS level rather than depending on tier-one suppliers.

NOMI is the in-cabin AI assistant. NIO introduced NOMI with the original ES8 in 2017, which makes it one of the earliest AI "avatar" assistants shipped in any production car. [1] The hardware is a small spherical screen mounted on top of the dashboard that physically rotates and emotes. From 2023, NOMI has been progressively upgraded with [large language model](/wiki/large_language_model)-based dialogue (NIO has used both an in-house LLM and partnerships with several Chinese model providers), giving it open-domain conversation, in-car app control, image understanding from the cabin camera, and contextual memory across drives. The 2024 "NOMI GPT" update added retrieval-augmented Q&A and let owners write their own NOMI "agents."

## NIO Phone

In September 2023 NIO launched its own smartphone, something almost no other automaker has done. The first-generation NIO Phone was unveiled at NIO IN 2023 in Shanghai on September 21, 2023, with deliveries from September 28. [4][10] It runs SkyUI, an Android fork tuned for tight integration with the cars; an "action button" on the side controls more than 30 vehicle functions (lock/unlock, summon, climate, even valet mode) without needing to open an app.

First-generation hardware: Qualcomm Snapdragon 8 Gen 2, 6.81-inch 2K Samsung AMOLED, 5,200 mAh battery, triple 50 MP rear camera. Starting price RMB 6,499 (about $890 at launch). [10] A second-generation NIO Phone 2 followed in July 2024 with Snapdragon 8 Gen 3. The phone is sold mainly to NIO owners and is meant to be the most reliable controller for the car rather than a true mass-market device. The strategic logic, per William Li, is that NIO does not want its cars' user experience to be dictated by Apple's or Google's iOS / Android decisions on what cars are allowed to do, so it controls the phone too. [4]

## International markets

NIO opened its first NIO House in Oslo on October 1, 2021, making Norway the company's first export market. At NIO Day 2021 (Suzhou, December 18, 2021) Li announced expansion to Germany, the Netherlands, Sweden, and Denmark, with the actual European launch event in Berlin on October 7, 2022. [14] NIO operates direct-sales NIO Houses in those markets rather than going through dealers.

The European expansion has been bumpy. Volumes have been small (low thousands of units a year), the swap network outside Norway is still thin, and EU tariffs on Chinese EVs introduced in 2024 made the economics worse. In 2024 NIO slowed European expansion to focus on existing markets, and Firefly is now positioned as the brand most likely to take meaningful European share at a price point where the tariff hurts less.

NIO has also entered or announced plans for the United Arab Emirates, Israel, Singapore, and Thailand. CYVN Holdings, the Abu Dhabi sovereign-linked vehicle that bought into NIO in 2023, is the operating partner in the UAE.

## How many cars has NIO delivered?

NIO delivered 326,028 vehicles in 2025, an increase of 46.9% year over year, including a record 48,135 vehicles in December 2025 (up 54.6% year over year). [27] Cumulative deliveries reached 997,592 by December 31, 2025, and NIO crossed 1,000,000 cumulative deliveries in early January 2026.

| Year | NIO brand | Onvo | Firefly | Total |
|------|-----------|------|---------|-------|
| 2018 | 11,348 | | | 11,348 |
| 2019 | 20,565 | | | 20,565 |
| 2020 | 43,728 | | | 43,728 |
| 2021 | 91,429 | | | 91,429 |
| 2022 | 122,486 | | | 122,486 |
| 2023 | 160,038 | | | 160,038 |
| 2024 | 201,209 | 20,761 | 0 | 221,970 |
| 2025 | 178,806 | 107,808 | 39,414 | 326,028 [27] |

Cumulative deliveries crossed 100,000 in April 2021, 300,000 in December 2022, 500,000 in May 2024, and 1,000,000 in early January 2026.

## Financials and capital

NIO has not posted an annual operating profit in any year of its existence. Net losses in 2022, 2023, and 2024 were each in the tens of billions of RMB. Cash position has been the recurring market story. Major capital infusions have included:

- 2018 NYSE IPO, ~$1.0 billion gross. [2]
- 2020 Hefei rescue, RMB 7 billion strategic investment for ~24% of NIO China, plus a credit line from local banks. [22]
- 2022 secondary listings on HKEX (March 10, 2022) and SGX (May 20, 2022), both by introduction (no new capital raised).
- A series of follow-on offerings on NYSE / HKEX between 2020 and 2024.
- 2023 strategic investment from CYVN Holdings (an Abu Dhabi sovereign-linked vehicle), about $3.3 billion in total across two tranches: $1.1 billion in June 2023 and $2.2 billion in December 2023, for roughly 20.1% of NIO Inc. [15][16]
- 2025 RMB 2.5 billion CATL investment in NIO Power. [6]
- 2026 RMB 2.2 billion-plus first external funding round into NIO's chip subsidiary, at a post-money valuation near RMB 10 billion. [26]

Selected reported revenue and net loss (per published 20-F and Hong Kong stock exchange filings):

| FY | Revenue (RMB bn) | Net loss (RMB bn) |
|----|------------------|-------------------|
| 2020 | 16.26 | 5.30 |
| 2021 | 36.14 | 4.02 |
| 2022 | 49.27 | 14.56 |
| 2023 | 55.62 | 21.15 |
| 2024 | 65.73 | 22.40 |

Gross margin has improved sharply since 2024 as Onvo started taking advantage of the existing factory base, but the company is still spending heavily on R&D (Adam, Aquila, NWM, Shenji NX9031, SkyOS, NOMI, the swap network, the phone, two new sub-brands), and the question that comes up on every earnings call is the same: when does the spending curve cross the volume curve. R&D expense in FY2023 was RMB 13.4 billion, roughly 24% of revenue. [1]

## Leadership

NIO is unusually transparent about its top management because most of its senior team has been in place since the founding. Key public figures include:

| Role | Person | Notes |
|------|--------|-------|
| Founder, Chairman, CEO | William Li (Li Bin / 李斌) | Bitauto founder; also chairman of Bitauto until 2018 |
| Co-founder, President | Qin Lihong (秦力洪) | Former Anchee Capital partner; runs sales and operations |
| Co-founder, EVP | Zhuang Lihua (庄莉) | Engineering leadership |
| EVP, Smart Driving | Ren Shaoqing (任少卿) | Former Momenta and Hesai exec; introduced NWM at NIO IN 2024 [7] |
| VP, Hardware | Bai Jian (白剑) | Battery and chassis leadership |
| VP, NIO Phone | Yin Shuijun (尹水军) | Former Meizu phone executive; runs the NIO Phone team |
| Founding investors | Tencent, Hillhouse, Sequoia China, Lenovo, JD.com, Baidu, TPG, Lei Jun (Shunwei) | Coalition assembled by Li in 2014 |

At the board level, William Li has held all three top governance roles (chairman, CEO, founder). Tencent has held a board seat since 2018. CYVN Holdings took board representation after its 2023 investment.

## Major investors

- Founders and senior management (about 8% voting power as of 2024 20-F).
- Tencent (about 9% voting power across share classes).
- CYVN Holdings (around 20% economic interest after its 2023 tranches). [15][16]
- Hefei municipal investment vehicles (state-linked funds Hefei Construction Investment Holding Group and Hefei Industry Investment Holding Group, which led the 2020 RMB 7 billion rescue). [22]
- Hillhouse Capital, Sequoia China, Joy Capital, and several Chinese tech founders from the original 2014 round.

## Controversies and incidents

- **Grizzly Research short report (June 2022).** US short-seller Grizzly Research published a report in late June 2022 alleging that NIO had inflated revenue and earnings via sales of battery packs to its Wuhan Weineng BaaS joint venture, in which it held an indirect stake. NIO publicly rejected the allegations as "without merit," and an independent review committee of its board concluded the same in September 2022 after a months-long investigation. [18] The stock dropped about 11% on the day of the report and recovered by year end, but the BaaS accounting question has remained a recurring topic in earnings calls.

- **Test-drive fatality (June 2022, Shanghai).** On June 22, 2022, an ES8 prototype fell from the third floor of NIO's Shanghai office building during a development test, killing two engineers inside. [19] NIO said on June 23 that initial investigation indicated the accident was not caused by a vehicle defect, although the company faced public criticism for issuing the statement before any formal investigation had concluded.

- **Highway crashes involving driver assist features.** NIO has had a small number of high-profile highway accidents in which drivers were using the company's NOP / NOP+ driver-assistance features. As with similar incidents involving Tesla, XPeng, and Huawei-powered vehicles in China, the company's standard public position is that NOP+ is a Level 2 driver-assistance feature requiring continuous driver attention rather than an autonomous driving system, and that primary responsibility for vehicle control sits with the human driver.

- **2023 layoffs.** In November 2023, NIO announced a 10% workforce reduction (about 3,000 jobs) amid widening losses, the largest layoff in its history. [20]

- **EU anti-subsidy tariffs (2024).** The European Union's October 2024 final anti-subsidy duties on Chinese-built EVs set NIO's incremental tariff at about 20.7% on top of the existing 10% MFN duty (above tariffs on BYD but below those on [SAIC Motor](/wiki/saic)). [25] NIO has continued to import certain models to Europe.

## See also

- [Tesla, Inc.](/wiki/tesla_inc)
- [BYD](/wiki/byd)
- [XPeng](/wiki/xpeng)
- [Li Auto](/wiki/li_auto)
- [Autonomous driving](/wiki/autonomous_driving)
- [World model](/wiki/world_model)
- [LiDAR](/wiki/lidar)
- [NVIDIA Drive Orin](/wiki/nvidia_drive_orin)
- [Battery swap](/wiki/battery_swap)

## References

1. NIO Inc., Form 20-F annual reports filed with the U.S. SEC, 2018 through 2024.
2. "NIO Inc. Announces Pricing of Initial Public Offering," NIO investor relations press release, September 12, 2018.
3. "NIO Unveils Mass Production of World's First 5nm Autonomous Driving Chip Shenji NX9031 with ET9 Delivery," SMM / Shanghai Metals Market, 2025; and "NIO Launches First Autonomous Driving Model ET7," NIO press release, January 9, 2021.
4. "NIO Unveils its Full-stack Technologies and R&D Capacities and Launches NIO Phone at NIO IN 2023," NIO press release, September 21, 2023.
5. "NIO Day 2024: The NIO ET9 Officially Launched, and the Firefly Brand Unveiled," NIO press release, December 21, 2024.
6. "NIO and CATL Form Strategic Partnership on Battery Swapping," NIO press release, March 18, 2025.
7. "Nio IN 2024: autonomous driving chip, SkyOS, 2nd-gen Nio Phone, and more," CnEVPost, July 27, 2024.
8. "Nio rolls out major update to NWM driver assist software in China, delivering more human-like driving experience," CnEVPost, January 28, 2026; and "Nio shows how its world-model-powered driver assist system performs in video," CnEVPost, May 16, 2025.
9. "Nio opens F2 plant in NeoPark for public tours," CnEVPost, October 20, 2023.
10. "NIO launches its own Android-based phone for $890," Electrek, September 21, 2023.
11. "How Nio got Nvidia and lidar maker to move faster," Automotive News, 2021.
12. "TechInsights Teardown: NIO Adam Supercomputer," Electronics360.
13. "Nio IPO: China's answer to Tesla goes public," CNN Business, September 12, 2018.
14. "NIO Announces Details of its Expansion into German, Dutch, Danish and Swedish Markets at European Launch Event," NIO press release, October 7, 2022.
15. Reuters, "China's Nio receives $1.1 billion investment from Abu Dhabi-based CYVN," June 20, 2023.
16. Reuters, "Abu Dhabi's CYVN to invest $2.2 billion in Chinese EV maker Nio," December 18, 2023.
17. "NIO and CATL to Build the World's Largest Battery Swap Service Network," CATL press release, March 18, 2025.
18. "Grizzly Research's accusations 'without merit,' Nio independent committee says after probe," CnEVPost, September 6, 2022.
19. "Two killed as Nio test car falls from third floor of Shanghai building," Reuters, June 23, 2022.
20. "Chinese EV maker NIO to lay off 10% of workforce," Reuters, November 3, 2023.
21. Bloomberg, "NIO Founder William Li on Surviving China's EV Price War," interview, 2024.
22. "Hefei's bet: how a city saved Nio," Caixin Global, 2021.
23. "NVIDIA Selected by NIO as Compute Platform for Next-Generation Automated Driving Electric Vehicles," NVIDIA press release, November 6, 2020.
24. "NIO Day 2023: Shenji NX9031 chip and ET9 announced," CnEVPost, December 23, 2023.
25. "EU finalises tariffs on Chinese EVs after failing to reach deal," Reuters, October 29, 2024.
26. "Nio confirms its chip unit secures $330 million in 1st-round funding," CnEVPost, February 26, 2026; and "Nio reportedly licenses its tech to auto chipmaker," CnEVPost, November 19, 2025.
27. "NIO Inc. Provides December, Fourth Quarter and Full Year 2025 Delivery Update," NIO press release, January 1, 2026.
28. Wikipedia, "Nio Inc." (and citations therein), accessed June 2026.