NIO's third-quarter deliveries rose 25.4% to 109,178 vehicles, matching its guidance. But the quarter ended with the weakest monthly growth of the year: September deliveries were up just 7.7% year over year. The slowdown was driven by the ONVO brand, whose September sales dropped 42.5% to 8,763 units.
The premium NIO brand remained the main driver, with quarterly deliveries up 69.2% thanks to the new ES8 and ES9 models. FIREFLY, the small premium brand, also grew, posting its best month of the year in September. ONVO, once the volume leader, has now declined for several consecutive months, which management attributes to weak brand awareness.
NIO's year-to-date deliveries reached 300,301, up 49.2%. But to hit the low end of its 2026 target of 456,000, it would need to average nearly 52,000 vehicles per month in Q4—well above its current record. The company's stated Q4 goal of 40,000 per month would result in roughly 420,000 annual deliveries, about 36,000 short of the target.