NIO shares fall as June deliveries miss Q2 guidance

Shares of Chinese electric vehicle maker NIO fell in U.S. trading on Thursday, July 2, despite the company reporting record vehicle deliveries for the month of June. The stock's decline reflected investor concerns that the company's second-quarter performance fell short of its own targets and raised the bar for achieving its revenue forecast.

NIO delivered 40,597 vehicles in June, a 62.9% increase from June 2025. For the entire second quarter of 2026, the company delivered 107,658 vehicles, a 49.4% year-over-year rise. This quarterly total, however, came in below the company's guidance range of 110,000 to 115,000 vehicles issued in May, missing the low end by 2,342 units.

The delivery miss means NIO now faces a tighter path to hit its second-quarter revenue target of between RMB 32.777 billion and RMB 34.436 billion. Analysts noted that with the lower delivery count, the company needs to generate approximately RMB 304,500 in revenue per vehicle to reach the bottom of its guidance, a figure close to the RMB 305,900 achieved in the first quarter. This shifts investor focus from sheer volume to the company's product mix, pricing, and margins.

Within NIO's portfolio, its main NIO...