NIO reported second-quarter 2026 revenue of RMB32.14 billion ($4.74 billion), up 69.1% year over year and 25.9% sequentially, as deliveries increased 49.4% to 107,658 vehicles. Vehicle gross margin was 18.5%, adjusted net profit reached RMB26.1 million ($3.9 million), and the company generated positive free cash flow, although its GAAP net loss widened sequentially to RMB528 million ($78.7 million). NIO guided for third-quarter revenue of RMB33.285 billion to RMB34.051 billion, approximately $4.9 billion to $5.1 billion depending on the cited conversion, and deliveries of 108,000 to 111,000 vehicles, below analyst benchmarks cited at approximately $5.1 billion to $5.3 billion. JPMorgan downgraded NIO from Buy, or Overweight in an earlier assessment, to Neutral and cut its price target from $7.00 to $4.50, while Freedom Broker downgraded the stock to Hold and cut its target to $4.00. NIO is targeting monthly deliveries above 40,000 and quarterly deliveries above 120,000 in the fourth quarter to restore positive cash flow.