NIO: Dealer visit takeaways: Dealers Expect 'ES9" Max. Monthly Volume to Exceed 10,000 Units

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NIO: Dealer visit takeaways: Dealers Expect 'ES9" Max. Monthly Volume to Exceed 10,000 Units

Deutsche Bank

Research

Rating Company Date

Buy NIO 11 June 2026

Asia Reuters Bloomberg Rating Buy

China 9866.HK 9866 HK Price target (HKD) 86.00 Price at 10 Jun 26 40.54

52-week range 61.20 – 26.05

Consumer

Autos & Auto Technology Valuation & Risks

Dealer visit takeaways: Dealers Expect 'ES9"

Max. Monthly Volume to Exceed 10,000 Units BinResearchWang Analyst

+852-220-35496

NIO ES9 Shows Strong Initial Order Performance, Dealers Expect Max. Monthly

Wei Huang Volume to Exceed 10,000 units in Certain Months Research Associate

According to NIO dealers, the "NIO ES9" flagship SUV demonstrated strong order +852-2203-7057

intake. Despite being launched only five calendar days into May (on May 27th),

the "NIO ES9" SUV contributed approximately 40% of the total NIO brand's

orders for the month. Dealers reported a high conversion rate from cancellable to

non-cancellable orders in May, attributed to the vehicle's strong competitiveness

and robust consumer word-of-mouth. Following two weeks of strong new orders

in late May and early June, the "NIO ES9" SUV is expected to enter a

normalization phase, which will indicate its sustainable order flow. Dealers

anticipate the "NIO ES9" monthly sales volume to reach 50%-70% of the "NIO

ES8" SUV's volume during a similar growth trajectory. Specifically, they expect

the "NIO ES9" SUV's maximum monthly volume to exceed 10,000 units in certain

months of the second half of 2026.

NIO ES9 Orders Likely Exceed 40k units, Leading to Varied Long Waiting Times

Thinkercar data shows new orders of approximately 11.8k, 38.8k, and 28.0k over

the past three weeks (the fourth and fifth weeks of May, and the first week of

June, respectively).