NIO Stock Suffers Worst Day In 2 Months: July Deliveries Show ES8 Rebounds, ES9 Stays Hot — But Rest Of The Lineup Struggles

• The ES8 and ES9 generated 46% of Nio’s July deliveries and 83% of its core brand volume.
• ES8 deliveries rose 14.7% to 10,288, while ES9 deliveries fell 26.5% to 6,315.
• Onvo deliveries dropped 13.5%, while Firefly volume declined to 5,771 from 6,946 in June.

U.S.-listed shares of Nio, Inc. (NIO) suffered their worst session in two months on Tuesday as July data showed the automaker becoming increasingly reliant on two premium SUVs, while older models and its European business lost ground.

Nio’s U.S.-listed shares fell 4% on Tuesday to close at $4.62. 

Nio’s Premium SUVs Carry The Brand

The ES8 and ES9 delivered a combined 16,603 vehicles, accounting for 83% of the core Nio brand’s volume and 46% of Nio’s 35,934 deliveries, according to China Passenger Car Association (CPCA) data compiled by CnEVPost.

ES8 deliveries rose 14.7% from June to 10,288, helped by a lower-priced five-seat version launched on July 9. The variant starts at 382,800 yuan ($56,390) with the battery, about 6% below the three-row model. The ES9 delivered 6,315 vehicles, down 26.5% sequentially. However, the flagship crossed 20,000 cumulative deliveries just 73 days after its launch, while higher-spec versions carry waiting periods of 13 to 14 weeks.

The premium-heavy mix lifted the main Nio brand’s average transaction price to 434,600 yuan. Deutsche Bank expects higher-margin models to help the company reach non-GAAP break-even in the second quarter.

Nio’s Older Lineup Loses Steam

Meanwhile, ES6 deliveries fell 28% to 875, while the EC6 managed 356 units. The ET5 Touring delivered 1,561 vehicles and the ET5 added 508. Nio sold only five ET7s, two EC7s and no ES7s, while the flagship ET9 recorded 98 deliveries.

Rising costs could also pressure the ES8’s economics. CEO William Li said raw-material inflation had increased the cost per vehicle by nearly 20,000 yuan. Nio is working with suppliers to keep retail prices stable.

Onvo deliveries fell 13.5% sequentially to 10,155. The L90 rose 43% to 4,949 units, but the L80 declined to 3,232 and the L60 more than halved to 1,974. Firefly deliveries dropped to 5,771 from 6,946 in June, while exports remained limited at 92 vehicles. Still, Nio delivered 227,057 vehicles during the first seven months of 2026, up 68% year over year. ES8 deliveries surged more than twentyfold to 88,947.

Nio Denies Europe Retreat

Nio separately denied that it plans to exit Europe after closing four locations in nine months. “Nio has no plans to retreat from Europe,” a spokesperson told the South China Morning Post, adding that the company remains committed to customers and its local operations.

Its European footprint, however, is shrinking. Nio has closed its Hamburg flagship showroom and Weiterstadt service hub, moved toward independent distributors and frozen expansion of its battery-swap network. The company registered only three vehicles in Germany in July, down 93.6% year over year. Seven-month registrations fell 89.3% to 18 units, even as Germany’s electric-vehicle market expanded.

Firefly President Daniel Jin previously said Nio had “learned a lesson and paid a tuition” for its initial direct-sales strategy in Europe.

How Do Retail Traders Feel About NIO?

On Stocktwits, retail sentiment for NIO improved to ‘bearish’ from ‘extremely bearish’ levels a day ago amid a 162% jump in 24-hour message volumes.

One user said, $NIO the “buy one, ignore ten” strategy. Buy a share. Ignore the 4% red day. Buy a share. Ignore the “Chinese EV stocks are dead” thread. Buy a share. Ignore your portfolio app’s notification because you already know what it says. Repeat until either the ES9 waitlist clears or your thumb gets tired, whichever comes first”

Another user said, “FIREFLY is the sleeper nobody’s pricing in.” They also added: “A tiny boutique brand outgrowing the parent company 2-to-1 is not a rounding error, it’s a third leg of the stool. 

Nio’s U.S.-listed shares declined 6% over the past year. 

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