NIO A solid beat in 1Q26 and upbeat in 2026

Research evidence excerpt

NIO A solid beat in 1Q26 and upbeat in 2026

Asia Pacific Equity Research

22 May 2026

Overweight

NIO NIO, NIO US

Price (20 May 26): $5.59

A solid beat in 1Q26 and upbeat in 2026

Price Target (Dec-26): $7.00

NIO's 1Q26 result was a pleasant beat with non-GAAP earnings positive for China

the second consecutive quarter (vs. JPMe/consensus expecting a loss). Mgmt Head of APAC Auto Research

attributed the solid financial performance to a much better sales mix as high AC Nick Lai

end model (ES8) made up over half of deliveries. We expect NIO’s FY26/27

(65) 6801-3176

earnings to see meaningful improvement and believe the benefit of product nick.yc.lai@jpmorgan.com

mix will continue in the rest of the year and assist Nio to mitigate cost J.P. Morgan Securities Singapore Private Limited/

inflation headwind. We remain OW with a Dec-26 PT of US$7.0. J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

• Our expectations for 2026 and beyond: 1) Robust volume through new Morgan Broking (Hong Kong) Limited

product strategy: We’re positive on NIO’s intensive multi-brand launch Jiajie Shen, CFA

cycle—flagship ES9 launches May 27 targeting the BEV segment above (86-21) 6106 6352

jiajie.shen@jpmchase.com

RMB500k, with positive ES8 order intake post-ES9 test drives, and a five-

SAC Registration Number: S1730520030006

seater ES8 variant planned for H2. ONVO's L80 five-seat SUV launched J.P. Morgan Securities (China) Company Limited

May 15, addressing a TAM three times the size of the three-row segment,

Cathy Liu

with refreshed L60 debuting late May. Notably, mgmt guided 5–7

(852) 2800-8629

new/refreshed products annually, with full platform upgrades cathy.xiao.liu@jpmorgan.com

(ET5/ET5T/ES6/EC6 + new ONVO models) in 2027 to sustain volume J.P. Morgan Securities (Asia Pacific) Limited/ J.P.