Nio Q2 2026 earnings call: Live updates

Key Points:

• Nio expects the third-generation ES8 to reach its 150,000th delivery this month, with strong ongoing demand, and is confident the ES9 will be a strong seller, attracting over 75% of customers from outside the existing Nio community.
• Rising material costs, including memory and batteries, have increased the average vehicle cost by about 14,000 yuan in Q2, with further increases of 2,000 to 3,000 yuan per vehicle expected in the second half of the year; Nio aims to maintain vehicle margins similar to Q2 levels through cost management.
• Nio will support Ren Shaoqing's new physical AI startup as a strategic shareholder while he continues to lead Nio's smart driving division, allowing the company to invest strategically in embodied intelligence without impacting its core business profitability.
• The company is advancing its fifth-generation battery swap stations, reducing costs by 100,000 yuan compared to the previous generation, and is negotiating external battery-swap partnerships suited for applications like robotaxis, with further details to be announced later.
• Nio's driver-assistance feature subscriptions are growing, with new car owners receiving a free five-year subscription and used-car owners paying 380 yuan per month; subscription revenue, though currently modest, is expected to become a significant income source.