NIO: NIO "ES8" SUV Maintains Strong Delivery Pace with 10,000 Units in the Past 30 Days

Research evidence excerpt

NIO: NIO "ES8" SUV Maintains Strong Delivery Pace with 10,000 Units in the Past 30 Days

Deutsche Bank

Research

Rating Company Date

Buy NIO 22 June 2026

Asia Reuters Bloomberg Rating Buy

China 9866.HK 9866 HK Price target (HKD) 86.00 Price at 18 Jun 26 40.82

52-week range 61.20 – 26.05

Consumer

Autos & Auto Technology Valuation & Risks

NIO "ES8" SUV Maintains Strong Delivery

Pace with 10,000 Units in the Past 30 Days BinResearchWang Analyst

+852-220-35496

Robust “ES8” Deliveries in June along with Stable Demand

Wei Huang NIO announced the delivery of its 120,000th "ES8" full-size SUV unit on June 22, Research Associate

following the 110,000th unit delivery on May 23. This indicates NIO successfully +852-2203-7057

delivered 10,000 units in the past 30 days. According to dealer visits, the "ES8"

SUV currently has a waiting time of 2-3 weeks, consistent with May levels. This

suggests that "ES8" SUV deliveries are driven by current month's new order flow

rather than previous order backlogs. Looking ahead, the five-seat version of the

"ES8" SUV will begin pre-sales on June 28 and officially launch in early July. This

expansion is expected to help the "ES8" family (comprising 6-seat, 7-seat, and 5-

seat versions) maintain monthly deliveries above 10,000 units.

Distinct Market Positioning Prevents Cannibalization Between ES9 and ES8

NIO dealers report no cannibalization between the "NIO ES9" and "NIO ES8"

SUVs due to their significant price differences. Under the Battery as a Service

(BaaS) plan, the "NIO ES9" SUV offers Luxury (RMB 390k), Signature (RMB

450k), and Horizon (RMB 620k) versions. In contrast, the "NIO ES8" SUV's Luxury

version is priced at RMB 288k and the Signature version at RMB 320k, factoring

in a RMB 10k cash subsidy for vehicle purchase tax.