0001104659-26-041765 | 20-F | XBRL Viewer

For the Year Ended December 31,

Huang River Investment Limited

Print Document

Redeemable non-controlling interests (Details) ¥ in Thousands, $ in Thousands					1 Months Ended							2 Months Ended	12 Months Ended
	Sep. 29, 2024 CNY (¥)	May 31, 2024 CNY (¥)	Sep. 16, 2020 CNY (¥)	Apr. 29, 2020 CNY (¥)	Aug. 31, 2025 CNY (¥)	Jul. 31, 2025 CNY (¥)	Jun. 30, 2024 CNY (¥)	Sep. 30, 2021 CNY (¥)	Feb. 28, 2021 CNY (¥)	Jul. 31, 2020 CNY (¥)	Jun. 30, 2020 CNY (¥)	Jan. 31, 2026 CNY (¥) tranche	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Redeemable non-controlling interests
Redeemable non-controlling interests													¥ 8,551,854	¥ 7,441,997		$ 1,222,899
NIO China
Redeemable non-controlling interests
Cash investments received			¥ 2,000,000							¥ 5,000,000	¥ 5,000,000
Minority interest (in percentage)			8.612%
Percentage of ownership interest held (as a percent)									3.305%
Accretion of redeemable non-controlling interests to redemption value													¥ 567,877	¥ 329,939	¥ 303,163
Period to submit application for a Qualified Initial Public Offering													48 months
Period to complete the Qualified Initial Public Offering													60 months
Annual interest rate (as a percent)													8.50%			8.50%
NIO Holding Co., Ltd.
Redeemable non-controlling interests
Minority interest (in percentage)	11.75%
Percentage of ownership interest held (as a percent)	88.25%					91.80%							100.00%	100.00%		100.00%
Annual interest rate (as a percent)	7.50%
Percentage of indirect interest in total paid-in capital													91.80%	89.02%
Redeemable non-controlling interests													¥ 7,553,664	¥ 6,985,787
Percentage of equity interest to be acquired (as a percent)												1.08%
Number of settlement tranches for equity acquisition \| tranche												3
Maximum consideration for equity interest acquisition												¥ 1,002,000
Parent ownership interest percentage after acquisition (as a percent)												92.90%
NIO Energy Investment (Hubei) Co., Ltd. ("PE CNHC")
Redeemable non-controlling interests
Minority interest (in percentage)		10.00%
Percentage of ownership interest held (as a percent)													100.00%	100.00%		100.00%
Accretion of redeemable non-controlling interests to redemption value													¥ 41,980	¥ 17,577
Annual interest rate (as a percent)													5.00%			5.00%
Percentage of indirect interest in total paid-in capital													90.91%	90.91%
Redeemable non-controlling interests													¥ 998,190	¥ 456,210
Period for redemption of equity interest													60 months
Warrant Liabilities													¥ 72,409	¥ 53,146
Strategic investors \| NIO China
Redeemable non-controlling interests
Cash injected				¥ 7,000,000					¥ 5,500,000
Cash investments received			¥ 511,458					¥ 2,500,000
Minority interest (in percentage)								1.418%
Accretion of redeemable non-controlling interests to redemption value								¥ 2,023,534
Strategic investors \| NIO China \| Maximum
Redeemable non-controlling interests
Cash injected									¥ 10,000,000
Strategic investors \| NIO Energy Investment (Hubei) Co., Ltd. ("PE CNHC")
Redeemable non-controlling interests
Proceeds from issuance of redeemable non-controlling interests					¥ 500,000
NIO Holding Co., Ltd.
Redeemable non-controlling interests
Cash injected	¥ 10,000,000
Additional investment													20,000,000
Payment to acquire additional interest						¥ 20,000,000
Investment in subsidiaries													10,000,000
Additional investment in subsidiaries													20,000,000
NIO Holding Co., Ltd. \| Strategic investors
Redeemable non-controlling interests
Cash injected	¥ 3,300,000
Proceeds from issuance of redeemable non-controlling interests													¥ 2,800,000
NIO Energy Investment (Hubei) Co., Ltd. ("PE CNHC") \| Strategic investors
Redeemable non-controlling interests
Cash injected		¥ 1,000,000
Proceeds from issuance of redeemable non-controlling interests							¥ 500,000
Additional purchase of warrants		¥ 500,000

Inventory (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Inventory (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Inventory
Raw materials	¥ 3,487,344		¥ 2,273,991
Work in process	241,910		141,195
Finished Goods	4,554,713		4,291,167
Merchandise	910,903		626,772
Less: inventory provision	(664,016)		(245,902)
Total	8,530,854		7,087,223		$ 1,219,896
Write-downs of inventory	¥ 509,322	$ 72,832	¥ 123,345	¥ 65,362

Taxation - Valuation allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation allowance
Balance at beginning of the year	¥ 24,902,819	¥ 18,538,828	¥ 12,727,355
Additions	4,481,920	6,363,991	5,811,473
Reduction due to expiration of tax attributes	(1,893,387)
Balance at end of the year	¥ 27,491,352	¥ 24,902,819	¥ 18,538,828

Other Non-current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Other Non-current Assets

Schedule of other non current assets


		December 31,		December 31,
		2024		2025
Non-current portion of right of use assets – finance lease		63,635		5,696,866
Long-term deposits		1,196,193		791,784
Non-current portion of auto financing receivables		863,796		727,797
Prepayments for long-term assets		1,246,836		221,253
Others		262,063		10,584
Less: Allowance for credit losses		(59,386)		(14,699)
Total		3,573,137		7,433,585

Share-based Compensation - Nio Incentive Plans - Text and Options (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 $ / shares
Number of Options Outstanding
Outstanding, Beginning Balance \| shares	52,060,649
Exercised \| shares	(7,965,157)
Cancelled \| shares	(15,780)
Expired \| shares	(811,075)
Outstanding, Ending Balance \| shares	43,268,637		52,060,649
Vested and expected to vest \| shares		43,197,261
Exercisable \| shares		41,781,637
Weighted Average Exercise Price, Options
Outstanding, Beginning Balance \| $ / shares		$ 3.55
Exercised \| $ / shares		2.06
Cancelled \| $ / shares		43.97
Expired \| $ / shares		22.76
Outstanding, Ending Balance \| $ / shares		3.45		$ 3.55
Vested and expected to vest \| $ / shares		3.45
Exercisable \| $ / shares		$ 3.49
Weighted Average Remaining Contractual Life, Outstanding, Options	2 years 2 months 26 days		2 years 7 months 6 days
Weighted Average Remaining Contractual Life, Options, Vested and expected to vest	2 years 3 months
Weighted Average Remaining Contractual Life, Options, Exercisable	2 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding, Options \| $		$ 110,655		$ 100,420
Aggregate Intrinsic Value, Vested and expected to vest, Options \| $		110,462
Aggregate Intrinsic Value, Exercisable, Options \| $		$ 106,626
Nio incentive 2016,2017,2018, and 2024 plan
Number of Options Outstanding
Granted \| shares	0
Nio Stock Incentive Plans From 2015 To 2024 \| Minimum \| Tranche two
Share-based Compensation
Vesting period	1 year
Nio Stock Incentive Plans From 2015 To 2024 \| Maximum \| Tranche two
Share-based Compensation
Vesting period	5 years
NIO Incentive Plans
Weighted Average Exercise Price, Options
Total intrinsic value \| ¥	¥ 226,960		¥ 145,022		¥ 279,327
Employee Stock Option \| Nio Stock Incentive Plans From 2015 To 2024
Share-based Compensation
Expiration period	10 years
Employee Stock Option \| NIO Incentive Plans
Weighted Average Exercise Price, Options
Weighted-average grant date fair value for options granted \| $ / shares		$ 3.64				$ 6.66

Deferred Revenue/Income - Additional information (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Revenue/Income
Unrecognized deferred revenue	¥ 6,019,930	¥ 6,202,276

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

(a) Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

(b) Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIEs for which the Company is the ultimate primary beneficiary.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors (the “Board”); to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

The Company applies the guidance under Accounting Standard Codification 810, Consolidations (“ASC 810”) on accounting for the VIEs. A VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support; (b) as a group, the holders of the equity investment at risk lack the ability to make certain decisions, the obligation to absorb expected losses or the right to receive expected residual returns, or (c) an equity investor has voting rights that are disproportionate to its economic interest and substantially all of the entity’s activities are on behalf of the investor. ASC 810 requires variable interest entities to be consolidated by the primary beneficiary which has a controlling financial interest of variable interest entities. The Company is considered as the primary beneficiary of the VIEs and thus consolidates the financial statements each of these entities under U.S. GAAP.

All significant transactions and balances between the Company, its subsidiaries and the VIEs have been eliminated upon consolidation. The non-controlling interests in consolidated subsidiaries are shown separately in the consolidated financial statements.

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements mainly include, but are not limited to, warranty liabilities, determination of standalone selling price regarding multiple performance obligations, fair value of available-for-sale debt security investments and equity securities using fair value option investments, lower of cost and net realizable value of inventories, inventory valuation for excess and obsolete inventories, losses on purchase commitments, allowance for current expected credit loss, depreciable lives of property, equipment and software, subsequent measurement of equity securities measured under measurement alternatives, assessment for impairment of long-lived assets, valuation of deferred tax assets, valuation and recognition of share-based compensation, fair value of short-term investments, discount rate of lease liabilities, and current or non-current classification of receivables. Actual results could differ from those estimates.

(d) Functional currency and foreign currency translation

The Group’s reporting currency is the Renminbi (“RMB”). The functional currency of the Company and its subsidiaries which are incorporated in the Cayman Islands and Hong Kong is United States dollars (“US$”), except NIO Sport Limited which operates mainly in United Kingdom and uses Great Britain pounds (“GBP”). The functional currencies of the other subsidiaries and the VIEs are their respective local currencies. The determination of the respective functional currency is based on the criteria set out by ASC 830, Foreign Currency Matters.

Transactions denominated in currencies other than in the functional currency are translated into the functional currency using the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains or losses arising from foreign currency transactions are included in the consolidated statements of comprehensive loss.

The financial statements of the Group’s entities of which the functional currency is not RMB are translated from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Income and expense items are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive loss in the consolidated statements of comprehensive income or loss, and the accumulated foreign currency translation adjustments are presented as a component of accumulated other comprehensive loss in the consolidated statements of shareholders’ equity. Total foreign currency translation adjustment income/(losses) were an income of RMB11,514, an income of RMB149,668 and a loss of RMB2,860 for the years ended December 31, 2023, 2024 and 2025, respectively. The grant-date fair value of the Group’s share-based compensation expenses is reported in US$ as the respective valuation is conducted in US$ and the shares are denominated in US$.

(e) Convenience translation

Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.9931, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2025. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on, or December 31, 2025, or at any other rate.

(f) Fair value

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 — Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

As disclosed in Note 2(n), the Group’s equity securities with readily determinable fair values are carried at fair value using quoted market prices that currently available on a securities exchange and are classified within Level 1.

The Group’s investments in structured deposits issued by banks and certain retained asset-backed securities are carried at fair value, which are classified within Level 2 and valued using directly or indirectly observable inputs in the market place. As of December 31, 2024 and 2025, such investments aggregately amounted to RMB6,109,606 and RMB305,433, respectively.

As disclosed in Note 2(q), the Group’s derivative instruments are carried at fair value, which are classified within Level 2 and valued using indirectly observable inputs in the market place.

As disclosed in Note 9, the Group’s available-for-sale debt security investments include investments the Group made in private companies which contains substantive redemption and preferential rights. The Group’s equity securities investments measured using fair value option include an investment the Group made in a private company which contains certain preferential rights. Such investments are classified within Level 3 for fair value measurement. As of December 31, 2024 and 2025, the carrying value of the investments were RMB1,277,068 and RMB979,071, respectively. The Group re-measured the respective fair values using a market approach by adopting a backsolve method, which determined the estimated fair value of the investments through comparison to a recent transaction and applied significant unobservable inputs and assumptions. In the case of available-for-sale debt security investments, fair value changes were not material for the years ended December 31, 2023, 2024 and 2025. In the case of equity securities investments using fair value option, fair value changes of nil and RMB425,711 were recorded as investment loss for the years ended December 31, 2023 and 2024, and RMB208,328 was recorded as investment income for the year ended December 31, 2025. The significant unobservable inputs adopted in the valuation as of December 31, 2024 and 2025 are as follows:


	December 31, 2024	December 31, 2025
Unobservable Input
Expected volatility	49%-52%	49%-52%
Probability	Liquidation scenario: 20%-43% Redemption scenario: 0%-43% IPO scenario: 15%-80%	Liquidation scenario:20%-43% Redemption scenario: 20%-43% IPO scenario: 15%-60%

As disclosed in Note 20, the warrants issued by PE CNHC in May 2024 are not traded in an active securities market. As such, the Company estimated its fair value using the binomial option pricing model as of December 31, 2025 using the assumptions including fair value per share, dividend yield, time to maturity, risk free interest rate and expected volatility. As of December 31, 2024 and 2025, the carrying value of the warrant was not material.

Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, short-term investments, trade receivable, amounts due from related parties, deposits and other receivables, available-for-sale debt security investments, retained asset-backed securities, trade and notes payable, amounts due to related parties, other payables, derivative instruments, short-term borrowings, lease liabilities and long-term borrowings. As of December 31, 2024 and 2025, other than as discussed above, the carrying values of these financial instruments approximated to their respective fair values.

(g) Cash, cash equivalents and restricted cash

Cash and cash equivalents represent cash at hand, time deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less.

Cash which is restricted to withdrawal for use or pledged as security is reported separately on the face of the consolidated balance sheets. The Group’s restricted cash mainly represents (a) secured deposits held in designated bank accounts for corporate bank credit cards, bank acceptance notes, letter of credit and letters of guarantee; and (b) time deposits that are pledged for property leases. The restricted cash is classified according to the contractual term of the restriction imposed.

Cash, cash equivalents and restricted cash as reported in the consolidated statements of cash flows are presented separately on our consolidated balance sheets as follows:


		December 31,		December 31,
		2024		2025
Cash and cash equivalents		19,328,920		11,274,094
Restricted cash		8,320,728		14,745,975
Long-term restricted cash		97,720		88,325
Total		27,747,368		26,108,394

(h) Short-term investments

Short-term investments consist primarily of investments in fixed deposits with maturities between three months and one year, which are stated at amortised cost, and investments in structured deposits issued by banks, which are measured at fair value, and an equity investment which is expected to be disposed within one year. As of December 31, 2024 and 2025, the short-term investments amounted to RMB14,137,566 and RMB19,755,809, respectively, among which, RMB11,372,254 and RMB19,369,931, were restricted as collateral for notes payable and letter of guarantee as of December 31, 2024 and 2025, respectively.

(i) Expected credit losses

The Group’s receivables from battery sales to the Battery Asset Company under the Baas model, auto financing receivables, deposits and other receivables are within the scope of ASC Topic 326. The Group has identified the relevant risk characteristics of its customers and the related receivables, deposits and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances.

For the years ended December 31, 2023, 2024 and 2025, the Group reversed RMB26,315, RMB3,761 and RMB46,691 in expected credit loss provisions in selling, general and administrative expenses, respectively. As of December 31, 2025, the expected credit loss reserve for current and non-current assets were RMB48,590 and RMB14,699, respectively. As of December 31, 2024, the expected credit loss reserve for current and non-current assets were RMB50,594 and RMB59,386, respectively.

Balance as at December 31, 2024


		Expected		Expected
	Original	credit loss		credit loss
	amount	Rate		provision
Current assets:
Trade and notes receivable	1,714,786	2.25	%	38,540
Amounts due from related parties	7,712,546	0.13	%	10,142
Prepayments and other current assets	3,634,868	0.05	%	1,912
Non-current assets:
Other non-current assets	3,632,523	1.63	%	59,386

Balance as at December 31, 2025


		Expected		Expected
	Original	credit loss		credit loss
	amount	Rate		provision
Current assets:
Trade and notes receivable	1,421,006	1.87	%	26,561
Amounts due from related parties	16,098,829	0.13	%	20,579
Prepayments and other current assets	4,855,060	0.03	%	1,450
Non-current assets:
Other non-current assets	7,448,284	0.20	%	14,699

(j) Inventory

Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Group records inventory write-downs for excess or obsolete inventories or accrues costs of inventory commitments based upon assumptions on current and future demand forecasts. If the inventory on hand or inventory purchase commitments is in excess of future demand forecast, the excess amounts are written down or accrued. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.

(k) Property, plant and equipment, net

Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property, plant and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, generally over their estimated useful lives on a straight-line basis. Depreciation for mold and tooling is computed using the units-of-production method, including capitalized interest costs which are amortized over the total estimated units of production of the related assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the related assets.

The estimated useful lives are as follows:

		Useful lives
Buildings and constructions		20 years
Production facilities		3 to 10 years
Charging and power swap infrastructure		5 to 8 years
R&D equipment		5 to 15 years
Computer and electronic equipment		3 to 5 years
Purchased software		1 to 5 years
Leasehold improvements		Shorter of the estimated useful life or remaining lease term (ranging from 1 to 10 years)
Vehicles for corporate use or customers’ subscription		5 years
Others (office equipment, after-sales equipment, etc.)		3 to 5 years

The cost of maintenance and repairs is expensed as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Interest expense on outstanding debt is capitalized during the period of significant capital asset construction. Capitalized interest on construction-in-progress is included within property, plant and equipment and is amortized over the useful life or units of production of the related assets. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in the consolidated statements of comprehensive loss.

(l) Intangible assets, net

Definite lived intangible assets are carried at cost less accumulated amortization and impairment, if any. Definite lived intangible assets are amortized using the straight-line method over the estimated useful lives as below:


		Useful lives
Domain name		5 years

The Group estimates the useful life of the domain name to be 5 years based on the contract terms, expected technical obsolescence and innovations and industry experience of such intangible assets. The estimated useful lives of amortized intangible assets are reassessed if circumstances occur that indicate the original estimated useful lives have changed.

Intangible assets with an indefinite useful life represent the insurance brokerage license, and is carried at cost less any subsequent impairment loss. The Group expects, based upon regulatory precedent, the license can be renewed, on a perfunctory basis, upon expiration and believes that the license is unlikely to be terminated and will continue to contribute revenue in the future. Therefore, the Group considers the useful life of this intangible asset to be indefinite.

(m) Land use rights, net

Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the respective lease period ranging from 491 to 536 months.

(n) Long-term investments

The Group’s long-term investments include equity investments in entities and debt security investments.

Investments in entities in which the Group can exercise significant influence and holds an investment in voting common stock or in substance common stock (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323, Investments — Equity Method and Joint Ventures (“ASC 323”). Under the equity method, the Group initially records its investments at fair value. The Group subsequently adjusts the carrying amount of the investments to recognize the Group’s proportionate share of each equity investee’s net income or loss in share of income/(loss) of equity investees in the Group’s consolidated statements of comprehensive loss after the date of investment. For upstream and downstream transactions with investees, the Group eliminates it’s proportionate interest in unrealized intercompany profits by adjusting the carrying amount of the investments. When the Group’s share of the unrealized profit to be eliminated exceeds the carrying amount of the equity method investment, the Group would reduce the carrying amount of equity method investment balance to zero and record the excess amount as deferred profit in liabilitites, which shall be further recognized as profit or loss in the Group’s consolidated statements of comprehensive loss when profit or loss are ultimately realized through transactions by investees. The Group evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary.

Equity securities with readily determinable fair values and over which the Group has neither significant influence nor control through investments in common stock or in-substance common stock are measured at fair value, with changes in fair value reported through earnings.

Equity securities without readily determinable fair values and over which the Group has neither significant influence nor control through investments in common stock or in-substance common stock are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes.

The Group elected the fair value option (“FVO”) at the date of initial recognition under ASC 825 for certain equity securities, with changes in fair value reported through earnings.

Available-for-sale debt security investments are reported at estimated fair value with the aggregate unrealized gains and losses, net of tax, reflected in accumulated other comprehensive loss in the consolidated balance sheets. Gain or losses are realized when the investments are sold or when dividends are declared or payments are received. If the amortized cost basis of an available-for-sale security exceeds its fair value and if the Company has the intention to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, an impairment is recognized in the consolidated statements of comprehensive loss. If the Company does not have the intention to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis and the Company determines that the decline in fair value below the amortized cost basis of an available-for-sale security is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance for credit losses in the consolidated statements of comprehensive loss. The allowance is measured as the amount by which the debt security’s amortized cost basis exceeds the Company’s best estimate of the present value of cash flows expected to be collected.

Held-to-maturity debt security investment are reported at amortized cost. The securities are held to collect contractual cash flows, and the Group has the positive intent and ability to hold those securities to maturity.

Trading securities are acquired and held principally for the purpose of selling them. The securities are reported at fair value, and subsequent changes in the fair value are recognized through net income.

The Group monitors its investments measured under equity method for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information. No impairment charge was recognized for the years ended December 31, 2023, 2024 and 2025.

(o) Impairment of long-lived assets

Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment by comparing carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. Impairment charges recognized for the years ended December 31, 2023, 2024 and 2025 was nil, RMB55,331 and nil, respectively.

(p) Warranty liabilities

The Group accrues a warranty reserve for all new vehicles sold by the Group, which includes the Group’s best estimate of the projected costs to repair or replace items under warranty. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the Group’s relatively short history of sales, and changes to the historical or projected warranty experience may cause material changes to the warranty reserve when the Group accumulates more actual data and experience in the future.

The portion of the warranty reserve expected to be incurred within the next 12 months is included within accruals and other liabilities, while the remaining balance is included within other non-current liabilities on the consolidated balance sheets. Warranty expense is recorded as a component of cost of revenues in the consolidated statements of comprehensive loss.

The Group does not consider standard warranty as being a separate performance obligation as it is intended to provide assurance that a product complies with agreed-upon specifications and is not viewed as a distinct obligation. Accordingly, standard warranty is accounted for in accordance with ASC 460, Guarantees.

The following table shows a reconciliation in the current reporting period related to carried-forward warranty liabilities:


	For the Year Ended December 31,
	2023	2024	2025
Warranty – beginning of year	2,946,937	3,912,224	4,720,712
Provision for warranty	1,222,916	1,168,121	1,118,803
Warranty costs incurred	(257,629)	(359,633)	(376,626)
Warranty– end of year	3,912,224	4,720,712	5,462,889

(q) Derivatives instruments

Derivative instruments are carried at fair value, which generally represent the estimated amounts the Group expects to receive or pay upon termination of the contracts as of the reporting date. Derivative financial instruments are not used for trading or speculative purposes.

(r) Revenue recognition

Revenue is recognized when or as the control of the goods or services is transferred to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group’s performance:

●

provides all of the benefits received and consumed simultaneously by the customer; or

●

creates and enhances an asset that the customer controls as the Group performs; or

●

does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services.

Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates revenue to each performance obligation based on its relative standalone selling price. The Group determines standalone selling prices based on the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin or adjusted market assessment approach, depending on the availability of observable information. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgments on these assumptions and estimates may impact the revenue recognition.

When either party to a contract has performed, the Group presents the contract in the consolidated balance sheets as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment.

A contract asset is the Group’s right to consideration in exchange for goods and services that the Group has transferred to a customer. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. As of December 31, 2024 and 2025, the Group did not record any contract assets.

A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. The Group’s contract liabilities primarily resulted from the multiple performance obligations identified in the customer contract, which is recorded as deferred revenue and advance from customers.

The Group generates revenue from (i) vehicle sales, (ii) parts, accessories and after-sales vehicle services, (iii) provision of power solutions and (iv) others.

Vehicle sales

The Group generates revenue from sales of electric vehicles, together with a number of embedded products and services through a series of contracts. The Group identifies the users who purchase the vehicle as its customers. In general, there are multiple distinct performance obligations explicitly stated in a series of contracts in addition to sales of vehicles, which may include home chargers, vehicle connectivity services, extended warranty services and battery swapping services, some of which are only granted to certain initial users. These multiple distinct performance obligations are accounted for in accordance with ASC 606. The standard warranty provided by the Group is accounted for in accordance with ASC 460, Guarantees, and the estimated costs are recorded as a liability when the Group transfer the control of vehicle to a user.

In the instance that customers only pay the amount after deducting the government subsidies to which they are entitled for the purchase of electric vehicles, the government subsidies are applied and collected by the Group or Jianghuai Automobile Group Co., Ltd. (“JAC”) from the government on behalf of the customers. The government subsidy is considered as a part of the transaction price it charges the customers for the electric vehicle, as the subsidy is granted to the buyer of the electric vehicle instead of the Group and the buyer remains liable for such amount to the Group in the event the subsidies were not received by the Group.

In the instance that some eligible customers elect the auto financing arrangements, the Group believes such arrangement contains a significant financing component and as a result adjusts the transaction price to reflect the impact of time value on the transaction price using an appropriate discount rate (i.e. the interest rates of the loan reflecting the credit risk of the borrower). Interest income from such arrangements with a significant financing component is presented as other sales. Receivables related to auto financing programs that are expected to be repaid by customers beyond one year of the dates of the financial statements are recognized as non-current assets. The difference between the gross receivable and the respective present value is recorded as unrealized finance income. Interest income from such arrangements with a significant financing component is presented separately from revenue from contracts with customers.

The Group generally determines standalone selling prices based on the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin or adjusted market assessment approach, considering the Group’s pricing policies and practices, and the data utilized in making pricing decisions. The overall contract price is then allocated to each distinct performance obligation based on the relative estimated standalone selling price in accordance with ASC 606. The revenue for vehicle sales and home chargers are recognized at a point in time when the control of the product is transferred to the customer. For the vehicle connectivity services and battery swapping services, the Group recognizes the revenue over time using a straight-line method during the estimated beneficial period. For the performance obligations which are only granted to initial owners, the estimated beneficial period is based on the estimated length of time that the initial owner owns the vehicles before it is re-sold to secondary market. As for the extended warranty services, given limited operating history and lack of sufficient historical data, the Group decides to recognize the revenue over time based on a straight-line method initially, and will continue monitoring the cost pattern periodically and adjust the revenue recognition pattern to reflect the actual cost pattern as it becomes available.

As the consideration for the vehicle and all embedded services are generally paid in advance, which means the payments received are prior to the transfer of goods or services by the Group, the Group records a contract liability (deferred revenue) for the allocated amount regarding those unperformed obligations. As of December 31, 2024 and 2025, the balances of contract liabilities (deferred revenue) from vehicle sales contracts were RMB6,349,012 and RMB6,299,514 respectively.

Battery as a Service (BaaS)

The Battery as a Service (the “BaaS”), allows users to purchase electric vehicles without batteries and subscribe for the usage of batteries separately. In PRC, under the BaaS, the Group sells batteries to Wuhan Weineng Battery Asset Co., Ltd. and its subsidiaries (the “Battery Asset Company”), an equity investee of the Group, on a back-to-back basis when the Group sells the vehicle to the BaaS users and the BaaS users subscribe for the usage of the batteries from the Battery Asset Company by paying a monthly subscription fee to the Battery Asset Company. Extended warranty was also provided to the Battery Asset Company, which is determined as a distinct performance obligation in the contracts with the Battery Asset Company under ASC 606. Revenue allocated to the sales of batteries to the Battery Asset Company is recognized when the vehicles (together with the batteries) are delivered to the BaaS users which is the point that control of the batteries is transferred to the Battery Asset Company. Revenue allocated to the extended warranty services is recognized over the extended warranty period as the services are performed. As of December 31, 2024 and 2025, the Group expected to collect the payment from the Battery Asset Company within one year, which is in line with the contractual payment framework.

Together with the sales of the batteries, the Group entered into service agreements with the Battery Asset Company, pursuant to which the Group provides services to the Battery Asset Company including batteries monitoring, maintenance, upgrade, replacement, IT system support, etc., with monthly service charges. In case of any default in payment of monthly rental fees from users, the Battery Asset Company also has right to request the Group to track and lock down the battery subscribed by the users to limit its usage. In addition, in furtherance of the BaaS, the Group agreed to provide guarantee to the Battery Asset Company for the default in payment of monthly subscription fees from users. The maximum amount of guarantee that can be claimed by the Battery Asset Company for the users’ payment default shall not be higher than the accumulated service fees the Group receives from the Battery Asset Company.

For services provided to the Battery Asset Company, revenue is recognized over the period when services are rendered. As for financial guarantee liabilities, the provision of guarantee is linked to and associated with services rendered to the Battery Asset Company and the payment of guarantee amount is therefore accounted for as the reduction to the revenue from the Battery Asset Company.

The fair value of the guarantee liabilities is determined by taking considerations of the default pattern of the Group’s auto financing arrangements provided to users. At each period end, the financial liabilities are remeasured with the corresponding changes recorded as the reduction to the revenue. For the years ended December 31, 2024 and 2025, both service revenue and guarantee liability were immaterial.

Since 2022, the BaaS users are also provided with the option to buy out the batteries in PRC. Under this arrangement, BaaS users and the Battery Asset Company enter into battery subscription termination agreement, and the Group purchases the outgoing batteries from the Battery Asset Company, after which the Group sells batteries with qualified performance to the BaaS users. These transactions are arranged on back-to-back basis under which the Group is in substance rendering the agency service to facilitate the BaaS users which are also the customers of the Group to complete the purchase of batteries from the Battery Asset Company. The Group therefore recognizes revenue of the service to facilitate the BaaS batteries buy out transactions on net basis with the amount of the difference between the consideration the Group receives from the BaaS users for the battery sales and the price of batteries the Group pays to the Battery Asset Company. Upon the completion of BaaS buy-out, the Group stops to provide battery service and is not obliged to provide guarantee and warranty related to the relevant batteries to the Battery Asset Company.

Practical expedients and exemptions

The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle sales contracts and concludes that certain value-added services are not performance obligations considering that they are not critical items for vehicle driving and the usage of these services are expected to be very limited. The Group also performs an estimation on the standalone fair value of each promise applying a cost plus margin approach and concludes that the standalone fair value of these services are insignificant individually and in aggregate, representing less than 3% of vehicle gross selling price and aggregate fair value of each individual promise.

Parts, accessories and after-sales vehicle services

The Group sells parts and accessories to the third party authorized service centers and its users, and provides after-sales vehicle services to users, including, repair, maintenance, extended warranty services and other vehicle services. Revenue from the sales of parts and accessories is recognized when the control of the products is transferred to the customers. Revenue from after-sales services is recognized when the services are rendered.

Provision of power solutions

The Group provides power solutions to users, including provision of battery charging and swapping services, sale of charging piles, provision of BaaS-related services and other power solution services. Revenue from the services is recognized when relevant services are rendered. Revenue from the sales of charging piles is recognized when the control of the products is transferred to the customers.

Battery swapping service

The Group provides battery swapping service to users with convenient “recharging” experience by swapping the user’s battery for another one. The battery swapping service is in substance a charging service instead of non-monetary exchanges or sales of batteries as the batteries involved in such swapping are the same in capacity and very similar in performance.

For performance obligation of the battery swapping service sold together with the vehicles (i.e. monthly free-of-charge quota), the Group recognizes the revenue over time using a straight-line method over the estimated beneficial period, being the estimated length of time that the initial owner owns the vehicle. For the battery swapping beyond monthly free-of-charge quota for which additional considerations are paid by the users, the Group recognizes revenue when the battery swapping service is completed.

Battery upgrade service

The Group provides battery upgrade service to both BaaS users and non-BaaS users. The users can exchange their batteries with lower capacity for the batteries with higher capacity from the Group with a fixed cash consideration. The battery upgrade service is in substance the provision of incremental battery capacity service to the users instead of non-monetary battery exchanges or sales of battery. Therefore, under non-BaaS model, the revenue from the battery upgrade service is recognized at the amount of cash consideration paid by users at a point in time when the service is rendered. Under the BaaS model, since the ownership of originally installed battery belongs to the Battery Asset Company, when a user requests battery upgrade, the Group actually upgrades the battery that belongs to the Battery Asset Company and recognize revenue for the battery upgrade service at the amount paid by the Battery Asset Company when upgrade service is rendered. BaaS users will then pay a higher monthly subscription fee to the Battery Asset Company for subscribing for the battery with higher capacity.

Others

Other revenues consists of technical services, sales of used vehicles, auto financing services, retail merchandise, automotive regulatory credits, embedded products and services offered together with vehicle sales, including vehicle connectivity services, and other products and services. Revenue is recognized when relevant services are rendered or control of the products is transferred.

Technical services

The Group provides a range of technical services to customers, including technologies licensing, engineering, development, testing, sourcing, support and consultancy services. Revenue from technical services is recognized when relevant services are rendered.

Among these services, the Group generates revenue from providing a non-exclusive, non-transferable and sublicensable worldwide license of the Group’s existing and future iteration of technical information, technical solutions, software and intellectual property rights in relation to its electric vehicle platform (collectively referred to as the “Licensed Technologies”) to a related party and its affiliates. The consideration agreed includes one-time fixed amount of license fee plus royalties determined based on licensed products sold by licensee in the future. The functionality of the Licensed Technologies granted to this related party is expected to substantively change during the license period, and the related party is practically required to use the updated Licensed Technologies. This arrangement is considered as one performance obligation to provide access to the Group’s technology, which is continuously developed and upgraded by the Group over the license period. The license fee is recognized in revenue on a straight-line basis over the license period and the sales-based royalties is recognized when the subsequent sale occurs.

Sales of automotive regulatory credits

New Energy Vehicle (“NEV”) mandate policy launched by China’s Ministry of Industry and Information Technology (“MIIT”) specifies the NEV credit targets and as all of the Group’s products are NEVs, the Group is able to generate NEV credits above target. The credits earned per vehicle is dependent on various metrics such as vehicle driving range and battery energy efficiency, and is calculated based on the MIIT published formula. Excess positive NEV credits are tradable to other vehicle manufacturers through a credit management system established by the MIIT on a separately negotiated basis. The Group sells these credits at agreed price to other vehicle manufacturers.

Considerations for automotive regulatory credits are typically received at the point control transfers to the customer, or in accordance with payment terms customary to the business. The Group recognizes revenue on the sale of automotive regulatory credits at the time control of the regulatory credits is transferred to the purchasing party as other sales revenue in the consolidated statements of comprehensive loss.

Incentives

The Group frequently offers NIO points, a self-managed customer loyalty program, and coupons under various scenarios, which can be redeemed to acquire free or discounted goods or services provided by the Group, including accessories, branded merchandise and other services etc. The major accounting policy for those incentives is described as follows:

(i) Incentives in connection with sales transactions

NIO points and coupons granted in connection with the sales transaction that provide a material right to the customer give rise to a separate performance obligation according to ASC 606, and are taken into consideration when allocating the transaction price of the sales. The Group determines the standalone selling price of each point or coupon based on estimated incremental discount adjusted for redemption probability, which is estimated based on the historical redemption pattern. The amount allocated to the NIO points and coupons as separate performance obligation is recorded as contract liability (deferred revenue) and revenue should be recognized when future goods or services are transferred or when the NIO points and coupons expire.

A coupon that can be applied against amounts owed to the Group in a future sale transaction is consideration payable to a customer, which is accounted for as a reduction of the transaction price and, therefore, of revenue.

(ii) Incentives in other scenarios

NIO points and coupons are also granted for encouraging user engagement and generating market awareness, such as inviting friends to test drive or purchase a vehicle, frequent sign-ins to the Group’s mobile application, participating in community activities, etc. The Group accounts for such NIO points and coupons as selling, general and administrative expenses with a corresponding liability recorded under other current liabilities of its consolidated balance sheets upon the NIO points and coupons are granted. The Group estimates the liabilities based on cost of the products and services that can be redeemed, and its estimate of probability of redemption. At the time of redemption, the Group records a reduction of inventory and other current liabilities. In certain cases where merchandise is sold for cash in addition to NIO points, the Group records revenue of other sales for the amount of cash received.

For the years ended December 31, 2023, 2024 and 2025, the revenue portion allocated to the NIO points and coupons as a separate performance obligation was RMB863,627, RMB1,683,234 and RMB1,161,603, respectively, which was recorded as contract liability (deferred revenue). For the years ended December 31, 2023, 2024 and 2025, the total NIO points and coupons recorded as selling, general and administrative expenses was RMB162,875, RMB386,663 and RMB237,236, respectively.

As of December 31, 2024 and 2025, liabilities recorded related to unredeemed NIO points and coupons were RMB2,017,516, and RMB1,958,937, respectively.

(s) Cost of Sales

Vehicle

Cost of vehicle sales includes parts, materials, processing fee, labor costs, manufacturing cost (including depreciation of assets associated with the production) and losses from production related purchase commitments. Cost of vehicle sales also includes reserves for estimated warranty expenses and charges to write-down the carrying value of the inventory when it exceeds its estimated net realizable value and to provide for on-hand inventory that is either obsolete or in excess of forecasted demand.

Service and Other

Cost of service and other sales includes direct parts, materials, labor costs, vehicle connectivity costs, depreciation of associated assets used for providing services, and other cost associated with sales of service and others.

(t) Sales and marketing expenses

Sales and marketing expenses consist primarily of advertising expenses, marketing and promotional expenses, salaries and other compensation-related expenses to sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. The Group expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. For the years ended December 31, 2023, 2024 and 2025, advertising costs totaled RMB1,242,941, RMB1,480,886 and RMB1,507,447, respectively.

(u) Research and development expenses

Certain costs associated with developing internal-use software are capitalized when such costs are incurred within the application development stage of software development. Other than that, all costs associated with research and development (“R&D”) are expensed as incurred. R&D expenses are primary comprised of charges for R&D and consulting work performed by third parties; salaries, bonuses, share-based compensation, and benefits for those employees engaged in research, design and development activities; costs related to design tools; license expenses related to intellectual property, supplies and services; and allocated costs, including depreciation and amortization, rental fees, and utilities.

(v) General and administrative expenses

General and administrative expenses consist primarily of salaries, bonuses, share-based compensation and benefits for employees involved in general corporate functions, depreciation and amortization of fixed assets which are used in general corporate activities, legal and other professional services fees, rental and other general corporate related expenses.

(w) Employee benefits

Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries and VIEs of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB2,349,966, RMB3,005,528 and RMB3,059,580 for the years ended December 31, 2023, 2024 and 2025, respectively.

(x) Government grants

The Company’s subsidiaries received government subsidies from certain local governments. The Group’s government subsidies consisted of specific subsidies and other subsidies. Specific subsidies are subsidies that the local government has provided for a specific purpose, such as product development and renewal of production facilities. Other subsidies are the subsidies that the local government has not specified its purpose for and are not tied to future trends or performance of the Group; receipt of such subsidy income is not contingent upon any further actions or performance of the Group and the amounts do not have to be refunded under any circumstances. The Group recorded specific purpose subsidies as deferred income when received. For specific subsidies, upon government acceptance of the related project development or asset acquisition, the specific purpose subsidies are recognized to reduce related R&D expenses or the depreciation expense of asset during the period when the relevant expenses are recognized. Other subsidies are recognized as other operating income upon receipt as further performance by the Group is not required.

(y) Income taxes

Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax. Deferred income taxes are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements and their respective tax basis, and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more likely than not that amount of the deferred tax assets will not be realized.

The Group records liabilities related to uncertain tax positions when, despite the Group’s belief that the Group’s tax return positions are supportable, the Group believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities. Accrued interest and penalties related to unrecognized tax benefits are classified as income tax expense. The Group did not recognize uncertain tax positions as of December 31, 2024 and 2025.

(z) Share-based compensation

The Company grants restricted shares and share options of the Company and its subsidiary to eligible employees and non-employee consultants and accounts for share-based compensation in accordance with ASC 718, Compensation — Stock Compensation and ASU 2018-07-Compensation-stock compensation (Topic 718)-Improvements to non-employee share-based payment accounting.

Employees’ share-based compensation awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at the grant date if no vesting conditions are required; or b) for share options or restricted shares granted with only service conditions, using the straight-line vesting method, net of estimated forfeitures, over the vesting period; or c) for share options where the underlying share is liability within the scope of ASC 480, using the graded vesting method, net of estimated forfeitures, over the vesting period, and re-measuring the fair value of the award at each reporting period end until the award is settled.

All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

In April 2019, the Group adopted ASU 2018-07, “Compensation — Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting”. Upon the adoption of this guidance, the Group no longer re-measures equity-classified share-based awards granted to consultants or non-employees at each reporting date through the vesting period and the accounting for these share-based awards to consultants or non-employees and employees was substantially aligned. Share-based compensation expenses for share options and restricted shares granted to non-employees are measured at fair value at the date when such awards are granted and recognized over the period during which the service from the non-employees is provided.

According to ASC 718, a change in any of the terms or conditions of stock options shall be accounted for as a modification of the plan. Therefore, the Company calculates incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested options, the Company recognizes incremental compensation cost in the period the modification occurs and for unvested options, the Company recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date.

The binomial option-pricing model is used to measure the value of share options. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions including the expected share price volatility, actual and projected employee and non-employee share option exercise behavior, risk-free interest rates and expected dividends.

The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive share-based awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Group for accounting purposes.

For restricted shares granted by one of the Company’s subsidiaries to employees, determination of related estimated fair values (the subsidiaries are not publicly traded) requires complex and subjective judgments due to limited financial and operating history, unique business risks and limited comparable public information. Key inputs and assumptions underlying the determined fair value of these restricted shares include but are not limited to the pricing of recent rounds of financing, future cash flow forecasts, discount rates, and liquidity factors relevant to each of the respective subsidiaries.

Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Group uses historical data to estimate pre-vesting options and records share-based compensation expenses only for those awards that are expected to vest.

(aa) Comprehensive income/(loss)

The Group applies ASC 220, Comprehensive Income, with respect to reporting and presentation of comprehensive loss and its components in a full set of financial statements. Comprehensive loss is defined to include all changes in equity of the Group during a period arising from transactions and other event and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the years presented, the Group’s comprehensive loss includes net loss and other comprehensive income/(loss), which mainly consists of the foreign currency translation adjustment that have been excluded from the determination of net loss and the change in fair value of available-for-sale debt securities.

(ab) Leases

As the lessee, the Group recognizes in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, the Group makes an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities and recognizes lease expenses for such lease generally on a straight-line basis over the lease term. The Group primarily uses the discount rate at the lease commencement date using the rate implicit in the lease. If the information necessary to determine the rate implicit in the lease is not readily available, the Group uses its incremental borrowing rate(“IBR”). The IBR is determined by the Group’s best understanding of the interest rate the Group would bear to borrow an amount equal to the lease payments in a similar economic environment over the lease term based on its credit rating. Operating lease assets are included within right-of-use assets— operating lease, and the corresponding operating lease liabilities are included within operating lease liabilities on the consolidated balance sheets. Finance lease assets are included within other non-current assets, and the corresponding finance lease liabilities are included within accruals and other liabilities for the current portion, and within other non-current liabilities on the consolidated balance sheets.

(ac) Dividends

Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2023, 2024 and 2025.

(ad) Earnings/(loss) per share

Basic earnings/(loss) per share is computed by dividing net income/(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Accretion of the redeemable noncontrolling interests is deducted from the net income/(loss) to arrive at net income/(loss) attributable to the Company’s ordinary shareholders. Diluted earnings/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of unvested restricted shares, restricted share units and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method) and ordinary shares issuable upon the conversion of the convertible senior notes issued by the Company (using the if-converted method). Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive.

(ae) Segment reporting

ASC 280, Segment Reporting, establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

Based on the criteria established by ASC 280, the Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one reportable segment. This segment is engaged in smart electric vehicles related business. The Group derives revenue primarily in the “PRC” and manages the business activities on a consolidated basis.

The primary measure of segment profitability for the Group operating segment is considered to be net loss. Net loss is used by the CODM to monitor budget versus actual results as well as comparation with the Group’s competitors, which are used in assessing performance of the segment. Significant segment expenses reviewed by the CODM on a regular basis included within net loss include cost of sales, research and development expenses and selling, general and administrative expenses which are separately presented on the Group’s Consolidated Statements of Comprehensive Loss. Other segment items within net loss include interest and investment income, interest expenses, share of income/(loss) of equity investees, other income/(loss), net and income tax (expense)/benefit.

The Group does not distinguish between markets or segments for the purpose of internal reporting. As the Group’s long-lived assets are substantially located in the PRC, no geographical segment information is presented.

Organization and Nature of Operations

12 Months Ended

Dec. 31, 2025

Organization and Nature of Operations

Organization and Nature of Operations

1. Organization and Nature of Operations

NIO Inc. (“NIO”, or the “Company”) was incorporated under the laws of the Cayman Islands in November 2014, as an exempted company with limited liability. The Company was formerly known as NextCar Inc. It changed its name to NextEV Inc. in December 2014, and then changed to NIO Inc. in July 2017. The Company, its subsidiaries and consolidated variable interest entities (the “VIEs”) are collectively referred to as the “Group”.

The Group is primarily engaged in the design, development, manufacturing, and sales of smart electric vehicles during the reporting periods. The Group also offers sales of parts, accessories, after-sales vehicle services, power solutions and other comprehensive value-added services to its customers. As of December 31, 2025, the Group’s primary operations are conducted in the People’s Republic of China (the “PRC”) and the Company’s principal subsidiaries and VIEs are as follows:


		Equity		Place and Date of incorporation
Subsidiaries		interest held		or date of acquisition		Principal activities
NIO Nextev Limited (“NIO HK”) (formerly known as Nextev Limited)		100%		Hong Kong, February 2015		Investment holding
NIO GmbH (formerly known as NextEV GmbH)		100%		Germany, May 2015		Design and technology development
NIO Co., Ltd. (“NIO SH”) (formerly known as NextEV Co., Ltd.)		100%		Shanghai, PRC, May 2015		Headquarter and technology development
NIO USA, Inc. (“NIO US”) (formerly known as NextEV USA, Inc.)		100%		United States, November 2015		Technology development
XPT Limited (“XPT”)		100%		Hong Kong, December 2015		Investment holding
XPT (Jiangsu) Investment Co., Ltd. (“XPT Jiangsu”)		100%		Jiangsu, PRC, May 2016		Investment holding
XPT Holding (Anhui) Co., Ltd.		100%		Anhui, PRC, April 2021		Investment holding
XPT EDS (Hefei) Co., Ltd.		100%		Anhui, PRC, May 2021		Manufacturing of electric drive system
NIO Power Express Limited (“PE HK)		100%		Hong Kong, January 2017		Investment holding
NIO User Enterprise Limited (“UE HK”)		100%		Hong Kong, February 2017		Investment holding
NIO Sales and Services Co., Ltd. (“UE CNHC”) (formerly known as Shanghai NIO Sales and Service Co., Ltd.)		100%		Shanghai, PRC, March 2017		Investment holding and sales and after sales management
NIO Energy Investment (Hubei) Co., Ltd. (“PE CNHC”) (Note (b))		100%		Wuhan PRC, April 2017		Investment holding
Wuhan NIO Energy Co., Ltd. (“PE WHJV”)		100%		Wuhan, PRC, May 2017		Investment holding
NIO Holding Co., Ltd. (“NIO China”) (formerly known as NIO (Anhui) Holding Co., Ltd.) (Note (a))		100%		Anhui, PRC, November 2017		Headquarter and technology development
XPT (Jiangsu) Automotive Technology Co., Ltd. (“XPT AUTO”)		100%		Nanjing, PRC, May 2018		Investment holding
NIO Financial Leasing Co., Ltd. (“NIO Leasing”)		100%		Shanghai, PRC, August 2018		Financial Leasing
NIO (Anhui) Co., Ltd. (“NIO AH”)		100%		Anhui, PRC, August 2020		Industrialization and technology development
NIO Technology (Anhui) Co., Ltd. (“NIO R&D”)		100%		Anhui, PRC, August 2020		Design and technology development
New Horizon B.V.		100%		Netherlands, November 2022		Investment holding
NIO Nextev Europe Holding B.V.(“NIO NL”)		100%		Netherlands, December 2020		Investment holding
NEU Battery Asset Co., Ltd. (“BAC Cayman”)		100%		Cayman Islands, May 2021		Investment holding
Instant Power Europe B.V. Co., Ltd. (“BAC NL”)		100%		Netherlands, June 2021		Battery Subscription Service
NEU Battery Asset (Hong Kong) Co., Ltd. (“BAC HK”)		100%		Hong Kong, July 2021		Investment holding
GeniTech Co., Ltd.(“Shenji”)		100%		Anhui, PRC, June 2025		Technology development
NIO AI Technology Limited (“NIO AI Technology”)		96.970%		Cayman Islands, March 2021		Investment holding
NIO AI Technology Limited		96.970%		Hong Kong, May 2021		Investment holding
Anhui NIO Autonomous Driving Technology Co., Ltd. (“Anhui NIO AD”)		96.970%		Anhui, PRC, June 2021		Technology development


		Place and Date of incorporation
VIEs and VIEs’ subsidiaries		or date of acquisition
Prime Hubs Limited (“Prime Hubs”)		BVI, October 2014
Beijing NIO Network Technology Co., Ltd. (“Beijing NIO”)		Beijing, PRC, July 2017
Anhui NIO AI Technology Co., Ltd. (“Anhui NIO AT”)		Anhui, PRC, April 2021
Anhui NIO Data Technology Co., Ltd. (“Anhui NIO DT”)		Anhui, PRC, October 2022
NIO Insurance Broker Co., Ltd (“NIO IB”) (formerly known as Huiding Insurance Broker Co., Ltd.)		Anhui, PRC, January 2023

Note (a) - NIO China

As of December 31, 2024 and 2025, the Company held 89.02% and 91.80% of total paid-in capital of NIO China, respectively. In accordance with NIO China’s share purchase agreements, the redemption of the non-controlling interests is at the holders of non-controlling interests’ option and is upon the occurrence of the events that are not solely within the control of the Company. Therefore, these redeemable non-controlling interests in NIO China were classified as mezzanine equity and are subsequently accreted to the redemption price using the agreed interest rate as a reduction of additional paid in capital (Note 20). With the redemption feature of the non-controlling interests, the Company is considered to effectively have 100% equity interest of NIO China as of December 31, 2024 and 2025.

Note (b) - PE CNHC

As of December 31, 2024 and 2025, the Company held 90.91% of total paid-in capital of PE CNHC. In May 2024, the Group entered into several agreements with the holders of non-controlling interests, including a share purchase agreement of PE CNHC. In accordance with the share purchase agreement, the redemption of the non-controlling interests is at the holders of non-controlling interests’ option and is upon the occurrence of the events that are not solely within the control of the Company. Therefore, these redeemable non-controlling interests in PE CNHC were classified as mezzanine equity and are subsequently accreted to the redemption price using the agreed interest rate as a reduction of additional paid in capital (Note 20). With the redemption feature of the non-controlling interests, the Company is considered to effectively have 100% equity interest of PE CNHC as of December 31, 2024 and 2025.

Variable interest entities

Prime Hubs

In October 2014, Prime Hubs, a British Virgin Islands (“BVI”) incorporated company, was established by Li Bin, a shareholder of the Group, to facilitate the adoption of the Company’s employee stock incentive plans on behalf of the Company. The Company entered into a management agreement with Prime Hubs and Li Bin. The agreement enables the Company to direct the activities that most significantly impact Prime Hubs’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from Prime Hubs. As of December 31, 2024 and 2025, Prime Hubs held 3,250,002 Class A Ordinary Shares of the Company, respectively, other than which, Prime Hubs did not have any operations, nor any material assets or liabilities. All restricted shares granted under the Company’s Prime Hubs Restricted Shares Plan have been fully vested.

Beijing NIO

In April 2018, the Group entered into a series of contractual arrangements with Beijing NIO and its individual shareholders (the “Nominee Shareholders”), including, among others, an exclusive business cooperation agreement, a loan agreement, an equity pledge agreement, an exclusive call option agreement and a power of attorney, which enable the Company to direct the activities that most significantly impact Beijing NIO’s economic performance and obtain substantially all of the economic benefits arising from Beijing NIO. Management concluded that Beijing NIO is a variable interest entity and the Company is the ultimate primary beneficiary of Beijing NIO and hence consolidates the financial results of Beijing NIO. The Group operates value-added telecommunication services, including without limitation, performing internet information services, as well as holding certain related licenses, through Beijing NIO. For the years ended December 31, 2023, 2024 and 2025, the financial position, result of operations and cash flow activities of Beijing NIO were immaterial to the consolidated financial statements.

Anhui NIO AT

In April 2021, Anhui NIO AT, was established by individual shareholders (the “Nominee Shareholders”). Anhui NIO AD entered into a management agreement with Nominee Shareholders. The agreement enables the Company to direct the activities that most significantly impact Anhui NIO AT’s economic performance, and enabled the Company to obtain substantially all of the economic benefits arising from them. Management concluded that Anhui NIO AT is a variable interest entity and the Company is the ultimate primary beneficiary of Anhui NIO AT and hence consolidates the financial results of Anhui NIO AT. In November 2022, concurrent with the termination of the said management agreement, the Group entered into a series of contractual arrangements with the Nominee Shareholders as well as Anhui NIO AT, including, among others, an exclusive business cooperation agreement, a loan agreement, an equity pledge agreement, an exclusive call option agreement and a power of attorney. These agreements enable the Company to direct the activities that most significantly impact Anhui NIO AT’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from Anhui NIO AT. Management concluded that Anhui NIO AT continues to be a variable interest entity and the Company remains as the ultimate primary beneficiary of Anhui NIO AT. Therefore, the Group continues to consolidate the financial results of Anhui NIO AT’s financial statements. The Group intends to obtain requisite licenses for certain supporting functions during the development of autonomous driving technology through Anhui NIO AT. For the years ended December 31, 2023, 2024 and 2025, the financial position, result of operations and cash flow activities of Anhui NIO AT were immaterial to the consolidated financial statements.

Anhui NIO DT and NIO IB

In October 2022, the Group entered into a series of contractual arrangements with Anhui NIO DT and its individual shareholders (the “Nominee Shareholders”), including, among others, an exclusive business cooperation agreement, a loan agreement, an equity pledge agreement, an exclusive call option agreement and a power of attorney, which enable the Group to direct the activities that most significantly impact Anhui NIO DT’s economic performance and obtain substantially all of the economic benefits arising from Anhui NIO DT. Management concluded that Anhui NIO DT is a variable interest entity and the Company is the ultimate primary beneficiary of Anhui NIO DT and hence consolidates the financial results of Anhui NIO DT in the Group’s consolidated financial statements. In January 2023, Anhui NIO DT acquired NIO IB. NIO IB was a company holding the insurance brokerage license and does not meet the criteria necessary to be defined as a business under US GAAP. Accordingly, the Group accounted for this transaction as an asset acquisition. The Group provides insurance brokerage services which are mainly vehicle-related and property-related and holds requisite licenses through Anhui NIO DT and NIO IB. For the years ended December 31, 2023, 2024 and 2025, the financial position, result of operations and cash flow activities of Anhui NIO DT and NIO IB were immaterial to the consolidated financial statements.

Liquidity and Going Concern

The Group’s consolidated financial statements have been prepared on a going concern basis.

The Group incurred net losses of RMB20.7 billion, RMB22.4 billion and RMB14.9 billion, and operating cash outflow of RMB1.4 billion and RMB7.8 billion and operating cash inflow of RMB3.0 billion for the years ended December 31, 2023, 2024 and 2025, respectively. The Group’s accumulated deficit amounted to RMB113.1 billion and RMB128.0 billion as of December 31, 2024 and 2025, respectively. As of December 31, 2024 and 2025, the Group’s current liabilities exceeded current assets in the amount of RMB0.4 billion and RMB1.9 billion, respectively. As of December 31, 2025, the Group’s balances of cash and cash equivalents, restricted cash and short-term investment totaled RMB45.8 billion, and the Group had trade and notes payable of RMB53.3 billion, accruals and other liabilities of RMB16.7 billion, and outstanding borrowing of RMB5.3 billion due in the next 12 months.

Therefore, the Group’s ability to continue as a going concern is largely dependent on the successful implementation of management’s business plan to mitigate these adverse conditions, which includes growing the Group’s revenue by increasing sales volume of electric vehicles from existing and new vehicle models, continuing to optimize operation efficiency to improve operating cash flows, maintaining a reasonable working capital turnover rate by managing collection of receivables and settlement of payables, and raising funds from banks under available credit quotas and other sources when needed. Management has prepared a cash flows forecast covering the twelve months from the date of issuance of the consolidated financial statements after giving consideration to its business plan as noted above and the evaluation of the probability of the successful implementation of such business plan. Management has assessed the uncertainties as to the successful execution of such business plan and concluded it is probable that the business plan will be effectively implemented, and the Group’s available cash and cash equivalents, restricted cash and short-term investments, cash generated from operating activities and funds from available credit quotas and other sources will be sufficient to support its continuous operations and necessary capital expenditures, and to meet its payment obligations when liabilities fall due within the twelve months from the date of issuance of the consolidated financial statements.

Other Non-current Assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Non-current Assets
Non-current portion of right of use assets - finance lease	¥ 5,696,866	¥ 63,635
Long-term deposits	791,784	1,196,193
Non-current portion of auto financing receivables	727,797	863,796
Prepayments for long-lived assets	221,253	1,246,836
Others	10,584	262,063
Less: Allowance for credit losses	(14,699)	(59,386)
Total	¥ 7,433,585	¥ 3,573,137

Taxation - Composition of loss before income tax for the periods presented by jurisdictions (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Taxation
Chinese Mainland	¥ (13,888,080)		¥ (21,248,033)	¥ (19,992,673)
Other jurisdictions	(932,639)		(1,176,491)	(466,245)
Loss before income tax expense	(14,820,719)	$ (2,119,334)	(22,424,524)	(20,458,918)
Income tax expense	121,882	$ 17,429	¥ (22,815)	¥ 260,835
PRC
Taxation
Income tax expense	108,185
Germany
Taxation
Income tax expense	12,547
Other foreign jurisdictions
Taxation
Income tax expense	¥ 1,150

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Summary of Significant Accounting Policies - Fair value (Details)	Dec. 31, 2025	Dec. 31, 2024
Expected volatility \| Minimum
Significant unobservable inputs adopted in the valuation
Measurement input	0.49	0.49
Expected volatility \| Maximum
Significant unobservable inputs adopted in the valuation
Measurement input	0.52	0.52
Probability \| Liquidation scenario \| Minimum
Significant unobservable inputs adopted in the valuation
Measurement input	0.20	0.20
Probability \| Liquidation scenario \| Maximum
Significant unobservable inputs adopted in the valuation
Measurement input	0.43	0.43
Probability \| Redemption scenario \| Minimum
Significant unobservable inputs adopted in the valuation
Measurement input	0.20	0
Probability \| Redemption scenario \| Maximum
Significant unobservable inputs adopted in the valuation
Measurement input	0.43	0.43
Probability \| IPO scenario \| Minimum
Significant unobservable inputs adopted in the valuation
Measurement input	0.15	0.15
Probability \| IPO scenario \| Maximum
Significant unobservable inputs adopted in the valuation
Measurement input	0.60	0.80

Summary of Significant Accounting Policies - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) segment	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Functional currency and foreign currency translation
Foreign currency translation adjustment	¥ (2,860)	$ (409)	¥ 149,668	¥ 11,514
Exchange rate (RMB per USD 1.00)	6.9931				6.9931
Short-term investment
Short-term investments	¥ 19,755,809		14,137,566		$ 2,825,043
Carrying value of the investment	979,071		173,918
Restricted as collateral for bank borrowings and letter of guarantee	19,369,931		11,372,254
Current expected credit losses
Expected credit loss expense	46,691		3,761	26,315
Expected credit loss provision - current	48,590		50,594
Expected credit loss provision - non-current	14,699		59,386
Long-term investments
Impairment recognized, long term investments	0		0	0
Impairment recognized, long-lived assets	0		55,331	0
Sales and marketing expenses
Advertising Expense	1,507,447		1,480,886	1,242,941
Employee benefits
Employee benefit expenses	3,059,580		3,005,528	2,349,966
Dividends
Dividends	¥ 0		0	¥ 0
Segment reporting
Number of segments \| segment	1	1
Fair Value, Inputs, Level 2
Short-term investment
Short-term investments	¥ 305,433		6,109,606
Fair Value, Inputs, Level 3
Short-term investment
Carrying value of the investment	¥ 979,071		¥ 1,277,068

Borrowings - Additional information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands				1 Months Ended					12 Months Ended
	Feb. 01, 2024 CNY (¥) shares	Feb. 01, 2024 USD ($) shares	Jan. 15, 2021 USD ($) shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 USD ($) shares	Nov. 30, 2024 CNY (¥) shares	Nov. 30, 2024 USD ($) shares	Nov. 30, 2020 USD ($) shares	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)	Feb. 28, 2025 CNY (¥)	Feb. 28, 2025 USD ($)	Dec. 31, 2024 USD ($)	Feb. 29, 2024 CNY (¥)	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2023 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares	Jan. 31, 2021 USD ($) $ / shares	Feb. 28, 2019 USD ($)
Borrowings
Short-term borrowings				¥ 5,729,561					¥ 4,691,910		¥ 5,729,561		$ 670,934
Sales and leaseback arrangement									1,024,395		157,001
Short-term investments pledged to secure short-term bank borrowings				0					0		0
Repayment of outstanding amount									2,712,421	$ 387,871	3,302,213	¥ 3,387,648
Derecognized treasury stock											(902,829)
Facility amount				73,772,832					77,756,566		73,772,832
Non-collateral based bank
Borrowings
Facility amount				15,441,290					7,752,160		15,441,290
Collateral-based bank
Borrowings
Facility amount				58,331,542					70,004,406		¥ 58,331,542
Treasury Shares
Borrowings
Repayment of outstanding amount	¥ 1,168,732
Settlement of capped call options and zero strike call options (in shares) \| shares	13,404,825	13,404,825									13,404,825
Settlement of capped call options and zero strike call options	¥ 709,490										¥ (709,490)
Derecognized treasury stock											(2,214,029)
Additional Paid in Capital
Borrowings
Settlement of capped call options and zero strike call options											709,490
Derecognized treasury stock											1,311,200
Borrowings \| Non-collateral based bank
Borrowings
Facility amount				7,104,500					2,480,000		7,104,500
Letters of Guarantee \| Non-collateral based bank
Borrowings
Facility amount				2,537,005					690,000		2,537,005
Letters of Guarantee \| Collateral-based bank
Borrowings
Facility amount				2,058,607					8,088,343		2,058,607
Banker's acceptance \| Non-collateral based bank
Borrowings
Facility amount				330,000					237,000		330,000
Banker's acceptance \| Collateral-based bank
Borrowings
Facility amount				16,658,660					24,447,520		16,658,660
Letter of Credit \| Collateral-based bank
Borrowings
Facility amount									102,052
Short Term Borrowings At December 2023
Borrowings
Short-term borrowings				4,490,000							¥ 4,490,000
Short Term Borrowings At December 2023 \| Minimum
Borrowings
Short-term debt, interest rate (as a percent)											2.10%
Short Term Borrowings At December 2023 \| Maximum
Borrowings
Short-term debt, interest rate (as a percent)											2.60%
Short Term Borrowings At December 2024
Borrowings
Short-term borrowings									¥ 3,580,000
Short Term Borrowings At December 2024 \| Minimum
Borrowings
Short-term debt, interest rate (as a percent)									2.20%	2.20%
Short Term Borrowings At December 2024 \| Maximum
Borrowings
Short-term debt, interest rate (as a percent)									2.90%	2.90%
Convertible notes
Borrowings
Convertible senior notes \| $																							$ 650,000
Additional convertible senior notes \| $																							$ 100,000
Interest rate												0.50%							0.50%				4.50%
Aggregate principal amount converted \| $								$ 7
Convertible notes \| Class A Ordinary Shares
Borrowings
Shares issued upon conversion \| shares								735
Convertible notes \| American Depositary Shares
Borrowings
Conversion price \| $ / shares																				$ 11.12	$ 11.12	$ 93.06
Convertible Notes 2024
Borrowings
Repayment of outstanding amount \| $		$ 164,520
Convertible Senior Notes Due 2024
Borrowings
Convertible senior notes \| $													578,902
Aggregate principal amount converted \| $			$ 581,685
Shares issued upon conversion \| shares			62,192,017
Conversion premium \| $			$ 56,359										56,359
Convertible Senior Notes Due 2026
Borrowings
Convertible senior notes				6,534					¥ 6,409		¥ 6,534
Aggregate principal amount of notes \| $																						$ 750,000
Portion of notes repurchased				1,801,685							1,801,685	¥ 1,317,106				$ 253,762	¥ 2,122,155	$ 298,689	$ 190,962
Convertible Senior Notes Due 2026 \| American Depositary Shares
Borrowings
Percentage of principal amount of notes to be repurchased for repurchase price																						100.00%
Convertible Senior Notes Due 2027
Borrowings
Convertible senior notes				2,706,285					1,493		2,706,285
Aggregate principal amount of notes \| $																						$ 750,000
Portion of notes repurchased				1,719,944							1,719,944			¥ 2,712,412	$ 378,312	$ 242,249
Aggregate principal amount converted \| $					$ 127,090		$ 127,090
Current portion of convertible notes									2,706,285
Conversion rate principle amount \| $					$ 1,000		$ 1,000
Convertible Senior Notes Due 2027 \| Treasury Shares
Borrowings
Derecognized treasury stock				2,214,029		¥ 2,214,029
Convertible Senior Notes Due 2027 \| Additional Paid in Capital
Borrowings
Derecognized treasury stock				¥ 1,311,200		¥ 1,311,200
Convertible Senior Notes Due 2027 \| ASU 2020-06
Borrowings
Long-term borrowings \| $													26,340
Convertible Senior Notes Due 2027 \| American Depositary Shares
Borrowings
Shares issued upon conversion \| shares				27,690,071	27,690,071	27,690,071	27,690,071
Convertible Senior Notes Due 2027 \| Minimum \| American Depositary Shares
Borrowings
Conversion rates				207	207	207	207
Convertible Senior Notes Due 2027 \| Maximum \| American Depositary Shares
Borrowings
Conversion rates				227.6	227.6	227.6	227.6
Capped Call Transactions and Zero-Strike Call Transactions
Borrowings
Shares issued upon conversion \| shares			16,402,643
Interest expense, debt									1,849,600
Convertible Senior Notes, Due 2029
Borrowings
Aggregate principal amount of notes \| $																					$ 575,000
Interest rate																					3.875%
Convertible Senior Notes, Due 2029 \| American Depositary Shares
Borrowings
Percentage of principal amount of notes to be repurchased for repurchase price																					100.00%
Convertible Senior Notes, Due 2030
Borrowings
Aggregate principal amount of notes \| $																				$ 575,000
Interest rate																				4.625%
Convertible Senior Notes, Due 2030 \| American Depositary Shares
Borrowings
Percentage of principal amount of notes to be repurchased for repurchase price																				100.00%
Convertible Senior Notes Due 2029 and 2030 \| ASU 2020-06
Borrowings
Convertible senior notes				¥ 8,160,462					¥ 7,996,217		¥ 8,160,462
Long-term borrowings \| $													$ 17,855

Land Use Rights, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Land Use Rights, Net
Land use rights	¥ 235,198		¥ 235,198
Less: Accumulated amortization-land use rights	(38,507)		(33,203)
Total land use rights, net	¥ 196,691	$ 28,126	¥ 201,995

Ordinary Shares (Details) $ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands, $ in Thousands				1 Months Ended							12 Months Ended
	Dec. 17, 2020 $ / shares shares	Sep. 02, 2020 $ / shares shares	Jun. 15, 2020 $ / shares shares	Sep. 30, 2025 HKD ($) $ / shares shares	Sep. 30, 2025 CNY (¥) shares	Sep. 30, 2025 USD ($) shares	Apr. 30, 2025 HKD ($) $ / shares shares	Apr. 30, 2025 CNY (¥) shares	Dec. 31, 2024 USD ($) $ / shares shares	Nov. 30, 2024 shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) shares	Sep. 30, 2025 $ / shares	May 31, 2024 shares	Dec. 31, 2023 USD ($) shares
Ordinary Shares
Ordinary shares, par value (in dollars per share) \| $ / shares												$ 0.00025
Share capital, value authorized \| $									$ 1,000			$ 1,000
Share capital, shares authorized									4,000,000,000			4,000,000,000
Ordinary shares, shares authorized									4,000,000,000			4,000,000,000
Shares authorized, class to be determined									1,219,469,778			1,219,469,778
Proceeds from issuance of ordinary shares, net of issuance costs											¥ 11,854,716	$ 1,695,202		¥ 20,962,289
Ordinary shares, shares issued									2,094,978,828			2,477,224,852
Total amount released from treasury stock \| ¥											¥ 115,400		¥ 105,700
Ordinary shares, shares outstanding									2,091,505,895			2,474,273,324
CYVN Entities
Ordinary Shares
Equity Method Investment, Aggregate Cost \| $																			$ 2,943,500
Class A Ordinary Shares
Ordinary Shares
Ordinary shares, par value (in dollars per share) \| $ / shares									$ 0.00025			$ 0.00025
Ordinary shares, shares authorized									2,632,030,222			2,632,030,222
Number of newly issued ordinary shares				20,995,000	20,995,000	20,995,000	136,800,000	136,800,000
Share issue price (in dollars per share) \| $ / shares				$ 43.36			$ 29.46
Number of ordinary shares in each ADS									51,467,289			51,467,289
Proceeds from issuance of ordinary shares, net of issuance costs				$ 910,343	¥ 831,195		$ 4,030,130	¥ 3,684,893
Ordinary shares, shares issued									1,946,478,828			2,328,724,852
Number of shares agreed to be lent																		2,000,000
Ordinary shares, shares outstanding									1,943,005,895			2,325,773,324
Class A Ordinary Shares \| CYVN Entities
Ordinary Shares
Ordinary shares, shares issued																			378,695,543
Class B Ordinary Shares
Ordinary Shares
Ordinary shares, shares authorized									0			0
Class C Ordinary Shares
Ordinary Shares
Ordinary shares, par value (in dollars per share) \| $ / shares									$ 0.00025			$ 0.00025
Ordinary shares, shares authorized									148,500,000			148,500,000
Ordinary shares, shares issued									148,500,000			148,500,000
Ordinary shares, shares outstanding									148,500,000			148,500,000
American Depositary Shares
Ordinary Shares
Number of newly issued ordinary shares	78,200,000	101,775,000	82,800,000	188,095,918	188,095,918	188,095,918
Share issue price (in dollars per share) \| $ / shares	$ 39	$ 17	$ 5.95														$ 5.57
Proceeds from issuance of ordinary shares, net of issuance costs					¥ 7,444,392	$ 1,047,694
American Depositary Shares \| Convertible notes
Ordinary Shares
Shares issued upon conversion											0	0
American Depositary Shares \| Convertible Senior Notes Due 2027
Ordinary Shares
Shares issued upon conversion									27,690,071	27,690,071
American Depositary Shares \| At-the-market equity offering program
Ordinary Shares
Number of ordinary shares in each ADS															53,292,401	53,292,401
Proceeds from issuance of ordinary shares, net of issuance costs															¥ 12,677,554	$ 1,974,000

Related Party Balances and Transactions - Proceeds from borrowings from related parties and interest accrual (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)
Related party \| Zhong'an Energy (Anhui) Co., Ltd.
Related Party Balances and Transactions
Proceeds from borrowings from related parties and interest accrual	¥ 87,746

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Accruals and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accruals and Other Liabilities

Schedule of accruals and other liabilities


		December 31,		December 31,
		2024		2025
Payables for purchase of property, plant and equipment		3,643,002		4,292,946
Current portion of deferred revenue/income		3,156,430		3,146,943
Payables for marketing events		1,962,341		1,937,905
Salaries and benefits payable		2,082,972		1,876,515
Payables for R&D expenses		1,924,269		1,473,761
Advance from customers		918,465		1,135,508
Current portion of warranty liabilities		652,633		856,664
Accrued costs of loss on purchase commitments		336,656		575,709
Accrued expenses		418,760		276,938
Current portion of finance lease liabilities		13,498		263,203
Current portion of deferred profit		—		115,114
Interest payables		86,474		74,243
Current portion of payable to BaaS users		249,917		21,792
Other payables		595,662		648,803
Total		16,041,079		16,696,044

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

7. Property, Plant and Equipment, Net

Property, plant and equipment and related accumulated depreciation were as follows:


		December 31,		December 31,
		2024		2025
Production facilities		6,845,010		10,356,573
Mold and tooling		7,108,020		10,299,152
Charging & battery swap equipment		7,761,253		9,276,827
Leasehold improvements		6,124,611		6,365,523
Computer and electronic equipment		1,922,333		1,901,435
Corporate vehicles		1,949,132		1,666,591
R&D equipment		1,635,821		1,648,097
Purchased software		1,349,419		1,441,795
Buildings and constructions		913,281		911,446
Construction in process		3,616,078		852,922
Subscriptions Vehicles		799,846		791,480
Others		1,429,868		1,740,402
Subtotal		41,454,672		47,252,243
Less: Accumulated depreciation		(15,559,399)		(21,421,906)
Less: Accumulated impairment		(2,369)		(2,369)
Total property, plant and equipment, net		25,892,904		25,827,968

The Group recorded depreciation expenses of RMB3,372,673, RMB5,870,195 and RMB7,141,325 for the years ended December 31, 2023, 2024 and 2025, respectively. As of December 31, 2024 and 2025, certain property, plant, and equipments and land use rights with carrying values of RMB1,131,796 and RMB1,549,257, respectively, were restricted as collateral for long-term borrowings and credit quota from certain supplier.

Research and Development Expenses

12 Months Ended

Dec. 31, 2025

Research and Development Expenses

Research and Development Expenses

18. Research and Development Expenses

Research and development expenses consist of the following:


		For the Year Ended December 31,
		2023		2024		2025
Employee compensation		8,998,415		8,829,163		7,641,448
Design and development expenses		3,019,403		2,561,769		1,699,274
Depreciation and amortization expenses		720,737		991,074		710,737
Rental and related expenses		273,493		250,597		235,535
Travel and entertainment expenses		135,891		82,955		55,807
Others		283,460		321,746		262,192
Total		13,431,399		13,037,304		10,604,993

Taxation

12 Months Ended

Dec. 31, 2025

Taxation

Taxation

23. Taxation

(a) Income taxes

Cayman Islands

The Company was incorporated in the Cayman Islands and conducts most of its business through its subsidiaries located in Chinese Mainland, Hong Kong, United States, United Kingdom, Germany, Norway and Netherlands. Under the current laws of the Cayman Islands, the Company is not subject to tax on either income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.

PRC

Effective January 1, 2008, the Enterprise Income Tax Law (the “EIT Law”) in China unifies the enterprise income tax rate for the entities incorporated in China at 25%, unless they are eligible for preferential tax treatment, which will be granted to companies conducting businesses in certain encouraged sectors. Certain PRC subsidiaries, including NIO R&D, Anhui NIO AD, NIO Software Technology (Shanghai) Co., Ltd., NIO Mobile Technology Co., Ltd., etc. are qualified “High and New Technology Enterprises” (“HNTEs”) and entitled a preferential tax rate of 15%, which will expire from 2025 to 2027. The qualification as HNTE is subject to self-evaluation, and the relevant documents should be retained for future examination purpose. Upon the expiration of qualification, re-accreditation of certification from the relevant authorities is necessary for the entities to continue enjoying the preferential tax treatment. The remaining Chinese companies are subject to enterprise income tax (“EIT”) at a uniform rate of 25%.

Under the EIT Law enacted by the National People’s Congress of PRC on March 16, 2007 and its implementation rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by a foreign investment enterprise in the PRC to its foreign investors who are non-resident enterprises are subject to a 10% withholding tax, unless any such foreign investor’s jurisdiction of incorporation has a tax treaty with the PRC that provides for a different withholding arrangement. Under the taxation arrangement between the PRC and Hong Kong, a qualified Hong Kong tax resident which is the “beneficial owner” and directly holds 25% or more of the equity interest in a PRC resident enterprise is entitled to a reduced withholding tax rate of 5%. The Cayman Islands, where the Company was incorporated, does not have a tax treaty with PRC.

The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC will be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, there is uncertainty as to the application of the EIT Law. Should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC income tax on worldwide income at a uniform tax rate of 25%.

According to relevant laws and regulations promulgated by the State Administration of Tax of the PRC effective from 2023 onwards, enterprises engaging in research and development activities are entitled to claim 200% of their qualified research and development expenses so incurred as tax deductible expenses when determining their assessable profits for the year (‘Super Deduction’). The additional deduction of 100% of qualified research and development expenses can only be claimed directly in the annual EIT filing and subject to the approval from the relevant tax authorities.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the subsidiaries of the Group incorporated in Hong Kong are subject to 8.25% profit tax on the first HKD2,000 taxable income and 16.5% profit tax on the remaining taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.

Other Countries

The statutory income tax rates of other countries where the Company’s subsidiaries having significant operations for the years ended December 31, 2023, 2024 and 2025 are as follows:


		For the Year Ended December 31,
		2023		2024		2025
United States		29.84	%	29.84	%	29.84	%
United Kingdom		19.00	%	19.00	%	19.00	%
Germany		32.98	%	32.98	%	32.98	%
Norway		22.00	%	22.00	%	22.00	%
Netherlands		25.80	%	25.80	%	25.80	%

Composition of loss before income tax for the periods presented by jurisdictions are as follows:


		For the Year Ended December 31,
		2023		2024		2025
Chinese Mainland		(19,992,673)		(21,248,033)		(13,888,080)
Other jurisdictions		(466,245)		(1,176,491)		(932,639)
Total		(20,458,918)		(22,424,524)		(14,820,719)

For the year ended December 31, 2025, income tax expenses amounted to RMB108,185, RMB12,547 and RMB1,150 in Chinese Mainland, Germany and other jurisdictions, respectively.

Composition of income tax expense for the periods presented are as follows:


		For the Year Ended December 31,
		2023		2024		2025
Current income tax expense		59,943		62,065		136,658
Deferred income tax expense/(benefit)		200,892		(84,880)		(14,776)
Total		260,835		(22,815)		121,882

Reconciliations of the income tax expense computed by applying the PRC statutory income tax rate of 25% to the Group’s income tax expense of the years ended December 31, 2023 and 2024 are as follows:


		For the Year Ended December 31,
		2023		2024
Loss before income tax expense		(20,458,918)		(22,424,524)
Income tax benefit computed at PRC statutory income tax rate of 25%		(5,114,730)		(5,606,131)
Non-deductible expenses		58,852		25,426
Foreign tax rates differential		481,318		621,111
Tax incentives relating to R&D expenditures		(1,432,723)		(1,745,145)
Tax exempted interest income		(25,017)		(40,535)
US tax credits		(36,746)		(22,657)
Prior year True-ups		242,392		321,080
Others		316		17
Change in valuation allowance		6,087,173		6,424,019
Income tax expense/(benefit)		260,835		(22,815)

In accordance with the updated requirements of ASU 2023 - 09, reconciliation between the statutory tax rate and the Group’s effective tax rate for the year ended December 31, 2025 is as follows:


		For the Year Ended December 31
		2025
		Amount	Percent
Loss before income taxes		(14,820,719)
Income tax expense computed at PRC statutory income tax rate of 25%		(3,705,180)	25.0	%
Foreign tax effects		277,119	(1.9)	%
Nontaxable or nondeductible items		34,886	(0.2)	%
Other adjustments
Tax incentives relating to R&D expenditures		(1,222,788)	8.3	%
Others		577,190	(3.9)	%
Changes in valuation allowance		4,160,655	(28.1)	%
Income tax expense		121,882	(0.8)	%

The PRC statutory income tax rate was used because the majority of the Group’s operations are based in PRC.

For the year ended December 31, 2025, the Group paid RMB114,615, RMB12,579 and RMB16,905 income taxes in Chinese Mainland, Germany and other jurisdictions, respectively.

(b) Deferred tax

The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more-likely-than-not realized. This assessment primarily considers the nature, frequency and extent of the losses incurred and other historical objective evidences, as well as the considerations of forecasts of future profitability. These assumptions require significant judgment on the forecasts of future taxable income. The PRC statutory income tax rate of 25% or applicable preferential income tax rates were applied when calculating deferred tax assets.

The Group’s deferred tax assets and liabilities consist of the following components:


		As of December 31,
		2023		2024		2025
Deferred tax assets
Net operating loss carry-forwards		14,850,298		21,278,950		23,868,202
Deferred revenue		1,241,114		1,487,912		1,503,346
Accrued and prepaid expenses		1,635,032		1,246,887		1,272,471
Tax credit carry-forwards		347,340		384,960		370,409
Property, plant and equipment, net		158,609		203,847		301,270
Write-downs of inventory		47,733		28,007		166,004
Share-based compensation		19,846		76,708		81,589
Unrealized financing expense		64,870		23,148		22,334
Allowance against receivables		28,435		27,495		15,822
Unrealized foreign exchange loss		2,364		2,362		2,540
Equity securities without readily determinable fair value		953		953		953
Equity method investments		75		329		841
Equity securities with readily determinable fair value		717		942		752
Advertising expenses in excess of deduction limit		33		123		42
Deferred rent		80,240		112,041		—
Intangible assets		59,375		27,478		—
Others		3,464		2,900		6,813
Less: Valuation allowance		(18,538,828)		(24,902,819)		(27,491,352)
Subtotal		1,670		2,223		122,036

Deferred tax liabilities
Deferred rent		—		—		(108,445)
Available for sale debt securities		—		—		(89,662)
Equity method investments		(7,283)		(12,367)		(25,575)
Intangible assets		—		—		(11,045)
Equity securities using fair value option		(206,734)		(117,323)		—
Subtotal		(214,017)		(129,690)		(234,727)
Total deferred tax liabilities, net		(212,347)		(127,467)		(112,691)

Full valuation allowances have been provided where, based on all available evidence, management determined that deferred tax assets are not more likely than not to be realizable in future tax years. Movement of valuation allowance is as follow:


		As of December 31,
		2023		2024		2025
Valuation allowance
Balance at beginning of the year		12,727,355		18,538,828		24,902,819
Additions		5,811,473		6,363,991		4,481,920
Reduction due to expiration of tax attributes		—		—		(1,893,387)
Balance at end of the year		18,538,828		24,902,819		27,491,352

The Group has tax losses arising in Chinese Mainland of RMB100,284,709 that will expire in one to ten years for deduction against future taxable profit.


Loss expiring in 2026		2,292,328
Loss expiring in 2027		4,543,012
Loss expiring in 2028		10,301,237
Loss expiring in 2029		20,515,450
Loss expiring in 2030		15,939,298
Loss expiring in 2031		4,777,158
Loss expiring in 2032		10,711,512
Loss expiring in 2033		16,571,345
Loss expiring in 2034		10,313,022
Loss expiring in 2035		4,320,347
Total		100,284,709

The Group has tax losses arising in Hong Kong of RMB3,255,133 for which could be carried forward indefinitely against future taxable income. The Group has tax losses arising in United States of RMB4,290, RMB588,890 and RMB2,460,962 that will expire in 2036, 2037 and indefinite years respectively for deduction against future taxable income. The Group has tax losses arising in Europe of RMB4,375,998 for which could be carried forward indefinitely against future taxable income. As of December 31, 2024 and 2025, the Group provided full valuation allowances for the above net operating loss carry-forwards.

Uncertain Tax Position

The Group did not identify any significant unrecognized tax benefits for each of the periods presented. The Group did not incur any interest related to unrecognized tax benefits and did not recognize any penalties as income tax expense.

Tax years subject to examination by major jurisdictions

In general, the PRC tax authorities have up to five years to review a company’s tax filings. Accordingly, tax filings of the Company’s PRC subsidiaries and VIEs for tax years 2021 through 2025 remain subject to the review by the relevant PRC tax authorities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Prepayments and Other Current Assets

Schedule of prepayments and other current assets


		December 31,		December 31,
		2024		2025
Deductible VAT input		2,326,470		2,692,485
Prepayment to vendors		755,376		1,531,719
Deposits		376,130		298,911
Others		176,892		331,945
Less: Allowance for credit losses		(1,912)		(1,450)
Total		3,632,956		4,853,610

Parent Company (the "Company") Only Financial Information

12 Months Ended

Dec. 31, 2025

Parent Company (the "Company") Only Financial Information

Parent Company (the "Company") Only Financial Information

28. Parent Company (the “Company”) Only Financial Information

The Company performed a test on the restricted net assets of its consolidated subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information for the Company only.

The subsidiaries did not pay any dividends to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general-purpose financial statements of the reporting entity and should be read in conjunction with the notes to the consolidated financial statements of the Company.

The Company did not have significant capital and other commitments, or guarantees as of December 31, 2025.

Condensed Balance Sheets


		As of December 31,
		2024		2025		2025
		RMB		RMB		US$
						Note 2(e)
ASSETS
Current assets:
Cash and cash equivalents		4,451,772		1,092,845		156,275
Amounts due from subsidiaries of the Company		20,952,738		11,057,142		1,581,150
Amounts due from related parties		1,701		389		56
Prepayments and other current assets		23,727		33,387		4,773
Total current assets		25,429,938		12,183,763		1,742,254
Non-current assets:
Investments in subsidiaries and VIEs		—		183,448		26,233
Total non-current assets		—		183,448		26,233
Total assets		25,429,938		12,367,211		1,768,487
LIABILITIES
Current liabilities:
Amounts due to subsidiaries of the Company		1,620,646		70,343		10,059
Current portion of long-term borrowings		2,706,285		6,409		916
Accruals and other liabilities		123,833		133,289		19,060
Total current liabilities		4,450,764		210,041		30,035
Deficits of investments in subsidiaries and VIEs		6,845,155		—		—
Long-term borrowings		8,166,996		7,997,710		1,143,657
Total non-current liabilities		15,012,151		7,997,710		1,143,657
Total liabilities		19,462,915		8,207,751		1,173,692
SHAREHOLDERS’ EQUITY
Class A Ordinary Shares		3,406		4,089		585
Class C Ordinary Shares		254		254		36
Treasury shares		(239,328)		(123,910)		(17,719)
Additional paid in capital		118,688,242		131,728,259		18,836,891
Accumulated other comprehensive loss		582,659		579,799		82,910
Accumulated deficit		(113,068,210)		(128,029,031)		(18,307,908)
Total shareholders’ equity		5,967,023		4,159,460		594,795
Total liabilities and shareholders’ equity		25,429,938		12,367,211		1,768,487

Condensed Statements of Comprehensive Loss


		For the Year ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
								Note 2(e)
Operating expenses:
Selling, general and administrative		(99,587)		(104,001)		(142,457)		(20,371)
Total operating expenses		(99,587)		(104,001)		(142,457)		(20,371)
Loss from operations		(99,587)		(104,001)		(142,457)		(20,371)
Interest and investment income		524,173		522,799		100,354		14,350
Interest expense		(207,649)		(392,179)		(366,066)		(52,347)
Gain/(loss) on extinguishment of debt		170,193		(4,480)		(14,660)		(2,096)
Equity in loss of subsidiaries and VIEs		(21,349,555)		(22,287,129)		(15,012,784)		(2,146,799)
Other income/(loss), net		121,800		(9,479)		515,714		73,745
Loss before income tax expense		(20,840,625)		(22,274,469)		(14,919,899)		(2,133,518)
Income tax expense		(3,179)		(35,707)		(40,922)		(5,850)
Net loss		(20,843,804)		(22,310,176)		(14,960,821)		(2,139,368)
Accretion on redeemable non-controlling interests to redemption value		(303,163)		(347,516)		(609,857)		(87,208)
Net loss attributable to ordinary shareholders of NIO Inc.		(21,146,967)		(22,657,692)		(15,570,678)		(2,226,576)
Net loss		(20,843,804)		(22,310,176)		(14,960,821)		(2,139,368)
Total comprehensive loss		(21,446,824)		(22,160,508)		(14,963,681)		(2,139,777)
Accretion on redeemable non-controlling interests to redemption value		(303,163)		(347,516)		(609,857)		(87,208)
Comprehensive loss attributable to ordinary shareholders of NIO Inc.		(21,749,987)		(22,508,024)		(15,573,538)		(2,226,985)

Condensed Statements of Cash Flows


		For The Year ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
								Note 2(e)
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash (used in)/provided by operating activities		(8,262,167)		(5,348,151)		8,207,624		1,173,675
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in by investing activities		(1,972,672)		(9,838,095)		(20,700,636)		(2,960,152)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by/(used in) financing activities		25,782,226		(3,190,866)		9,241,358		1,321,497
Effects of exchange rate changes on cash, cash equivalents and restricted cash		52,552		152,395		(107,273)		(15,340)
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		15,599,939		(18,224,717)		(3,358,927)		(480,320)
Cash, cash equivalents and restricted cash at beginning of the year		7,076,550		22,676,489		4,451,772		636,595
Cash, cash equivalents and restricted cash at end of the year		22,676,489		4,451,772		1,092,845		156,275

Basis of presentation

The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries and VIEs.

For the company only financial information, the Company records its investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures.

Such investments are presented on the Balance Sheets as “Investments in subsidiaries and VIEs” and shares in the subsidiaries and VIEs’ loss are presented as “Equity in loss of subsidiaries and VIEs” on the Statements of Comprehensive Loss. The parent company only financial information should be read in conjunction with the Group’s consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Schedule of significant unobservable inputs adopted in the valuation


	December 31, 2024	December 31, 2025
Unobservable Input
Expected volatility	49%-52%	49%-52%
Probability	Liquidation scenario: 20%-43% Redemption scenario: 0%-43% IPO scenario: 15%-80%	Liquidation scenario:20%-43% Redemption scenario: 20%-43% IPO scenario: 15%-60%

Schedule of cash and cash equivalents


		December 31,		December 31,
		2024		2025
Cash and cash equivalents		19,328,920		11,274,094
Restricted cash		8,320,728		14,745,975
Long-term restricted cash		97,720		88,325
Total		27,747,368		26,108,394

Schedule of expected credit loss provision for the current and non-current assets

Balance as at December 31, 2024


		Expected		Expected
	Original	credit loss		credit loss
	amount	Rate		provision
Current assets:
Trade and notes receivable	1,714,786	2.25	%	38,540
Amounts due from related parties	7,712,546	0.13	%	10,142
Prepayments and other current assets	3,634,868	0.05	%	1,912
Non-current assets:
Other non-current assets	3,632,523	1.63	%	59,386

Balance as at December 31, 2025


		Expected		Expected
	Original	credit loss		credit loss
	amount	Rate		provision
Current assets:
Trade and notes receivable	1,421,006	1.87	%	26,561
Amounts due from related parties	16,098,829	0.13	%	20,579
Prepayments and other current assets	4,855,060	0.03	%	1,450
Non-current assets:
Other non-current assets	7,448,284	0.20	%	14,699

Schedule of estimate useful life of property, plant and equipment

		Useful lives
Buildings and constructions		20 years
Production facilities		3 to 10 years
Charging and power swap infrastructure		5 to 8 years
R&D equipment		5 to 15 years
Computer and electronic equipment		3 to 5 years
Purchased software		1 to 5 years
Leasehold improvements		Shorter of the estimated useful life or remaining lease term (ranging from 1 to 10 years)
Vehicles for corporate use or customers’ subscription		5 years
Others (office equipment, after-sales equipment, etc.)		3 to 5 years

Schedule of estimate useful life of intangible assets, net


		Useful lives
Domain name		5 years

Schedule of reconciliation of carried-forward warranty liabilities


	For the Year Ended December 31,
	2023	2024	2025
Warranty – beginning of year	2,946,937	3,912,224	4,720,712
Provision for warranty	1,222,916	1,168,121	1,118,803
Warranty costs incurred	(257,629)	(359,633)	(376,626)
Warranty– end of year	3,912,224	4,720,712	5,462,889

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy We have implemented comprehensive cybersecurity risk assessment procedures to ensure effectiveness in cybersecurity management, strategy and governance and reporting cybersecurity risks that are compliant with regulatory requirements and exceed industry standard. We have also integrated cybersecurity risk management into our overall enterprise risk management system. We have developed a comprehensive cybersecurity threat detection and defense system to address both internal and external threats. This system encompasses various levels, including network, host and application security and incorporates systematic security capabilities for threat protection, detection, monitoring, analysis, response, deception and countermeasures. We strive to manage cybersecurity risks and protect sensitive information through various means, such as technical safeguards, procedural requirements, an intensive program of monitoring on our corporate network, continuous testing of aspects of our security posture internally and with outside vendors, a robust incident response program and regular cybersecurity awareness training for employees. Our cybersecurity-related departments regularly monitor the security risk exposure of our apps, platforms and infrastructure to enable us to respond quickly to potential problems, including potential cybersecurity threats. As of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented comprehensive cybersecurity risk assessment procedures to ensure effectiveness in cybersecurity management, strategy and governance and reporting cybersecurity risks that are compliant with regulatory requirements and exceed industry standard. We have also integrated cybersecurity risk management into our overall enterprise risk management system.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors is responsible for overseeing risks related to cybersecurity. Our board of directors shall (i) maintain oversight of the disclosure related to cybersecurity matters in current reports or periodic reports of our company, (ii) review updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the disclosure issues, if any, presented by our management on a quarterly basis, and (iii) review disclosure concerning cybersecurity matters in our annual report on Form 20-F presented by our management.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	board of directors
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors shall (i) maintain oversight of the disclosure related to cybersecurity matters in current reports or periodic reports of our company, (ii) review updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the disclosure issues, if any, presented by our management on a quarterly basis, and (iii) review disclosure concerning cybersecurity matters in our annual report on Form 20-F presented by our management.
Cybersecurity Risk Role of Management [Text Block]	At the management level, our CEO, CFO and the head of the departments in connection with cybersecurity-related matters, including our chief digital safety and security officer, who is an expert in cybersecurity with over 15 years of academic and industrial experience in security research and development, operations and management, are responsible for assessing, identifying and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CEO and CFO report to our board of directors (i) on a quarterly basis on updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the disclosure issues, if any, and (ii) in connection with disclosure concerning cybersecurity matters in our annual report on Form 20-F. If a cybersecurity incident occurs, our cybersecurity-related departments will promptly organize personnel for internal assessment. If it is further determined that the incident could potentially be a material cybersecurity event, the cybersecurity-related departments will promptly report the incident and assessment results to our CEO and CFO, and, to the extent appropriate, involve external legal counsels to provide advice. Our management shall prepare disclosure material on the cybersecurity incident for review and approval by our board of directors before it is disseminated to the public.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	CEO, CFO and the head of the departments in connection with cybersecurity-related matters, including our chief digital safety and security officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	our CEO, CFO and the head of the departments in connection with cybersecurity-related matters, including our chief digital safety and security officer, who is an expert in cybersecurity with over 15 years of academic and industrial experience in security research and development, operations and management, are responsible for assessing, identifying and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	If a cybersecurity incident occurs, our cybersecurity-related departments will promptly organize personnel for internal assessment. If it is further determined that the incident could potentially be a material cybersecurity event, the cybersecurity-related departments will promptly report the incident and assessment results to our CEO and CFO, and, to the extent appropriate, involve external legal counsels to provide advice. Our management shall prepare disclosure material on the cybersecurity incident for review and approval by our board of directors before it is disseminated to the public.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Share-based Compensation - Nio Incentive Plans - Options Assumptions and Unrecognized (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation
Risk-free interest rate	1.58%	1.58%	1.58%
Exercise multiple		2.5	2.5
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility	52.00%	52.00%	52.00%
Expected forfeiture rate (post-vesting)	2.00%	2.00%	2.00%
Minimum
Share-based Compensation
Exercise price (US$)		$ 2.39	$ 2.39
Fair value of the ordinary shares on the date of option grant (US$)	$ 1	$ 1	$ 1
Risk-free interest rate		4.14%	3.70%
Maximum
Share-based Compensation
Exercise price (US$)		$ 2.39	$ 2.39
Fair value of the ordinary shares on the date of option grant (US$)	$ 1.01	$ 1.01	$ 1.01
Risk-free interest rate		4.14%	3.70%
Expected volatility		62.00%	57.00%
Expected forfeiture rate (post-vesting)		6.09%	1.80%
Employee Stock Option \| Minimum
Share-based Compensation
Fair value of the ordinary shares on the date of option grant (US$)		$ 5.48	$ 8.51
Employee Stock Option \| Maximum
Share-based Compensation
Fair value of the ordinary shares on the date of option grant (US$)		$ 5.48	$ 8.51

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Long-term investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Equity investments:
Equity method investments	¥ 805,296		¥ 1,275,287
Equity securities without readily determinable fair value	362,687		504,282
Equity securities with readily determinable fair value	324,074		33,865
Equity securities using fair value option			1,103,150
Debt investments:
Available-for-sale debt securities	979,071		173,918
Held-to-maturity debt securities - time deposit	9,390		12,086
Retained asset-backed securities			23,419
Total	2,480,518	$ 354,709	¥ 3,126,007
Certain equity method investments
Equity investments:
Equity method investments	¥ 0

Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2025

Recent Accounting Pronouncements

Recent Accounting Pronouncements

3. Recent Accounting Pronouncements

(a)

Recently adopted accounting pronouncements

In December 2023, the FASB issued ASU 2023-08, Accounting for and Disclosure of Crypto Assets (Subtopic 350-60). This ASU requires certain crypto assets to be measured at fair value separately in the balance sheet and income statement each reporting period. This ASU also enhances the other intangible asset disclosure requirements by requiring the name, cost basis, fair value, and number of units for each significant crypto holding. The ASU is effective for annual periods beginning after December 15, 2024, including interim periods within those fiscal years. Adoption of the ASU requires a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period in which an entity adopts the amendments. The Group adopted this ASU from January 1, 2025, which did not have a material impact on the Group’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU resulted in the required additional disclosures being included in our annual consolidated financial statements. The Group adopted this ASU from January 1, 2025, which did not have a material impact on the Group’s consolidated financial statements.

(b)

Recently issued accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, and issued subsequent amendment within ASU 2025-01 to clarify the effective date. ASU 2024-03 requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. A reporting entity is required to 1) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (DD&A) (or other amounts of depletion expense) included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(e); 2) include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements; 3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and 4) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Group is in the process of assessing the impact of this ASU on the Group’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20). The amendments in this ASU clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group is in the process of assessing the impact of the amendments on the Group’s consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU addresses challenges encountered when applying the guidance in Topic 326, Financial Instruments—Credit Losses, to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group is in the process of assessing the impact of the amendments on the Group’s consolidated financial statements.

In July 2025, the FASB issued ASU 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40). The ASU modernizes the accounting for internal-use software to reflect current development practices, clarifies when to begin capitalizing costs, and enhances disclosure requirements. The ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group is in the process of assessing the impact of the amendments on the Group’s consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832). ASU No. 2025-10 establishes guidance on the recognition, measurement, and presentation of government grants received by business entities. The guidance is effective for annual reporting periods beginning after December 15, 2029, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group is in the process of assessing the impact of the amendments on the Group’s consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-5

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Related Party Balances and Transactions

12 Months Ended

Dec. 31, 2025

Related Party Balances and Transactions

25. Related Party Balances and Transactions

The principal related parties with which the Group had transactions during the years presented are as follows:


Name of Entity or Individual		Relationship with the Company
Kunshan Siwopu Intelligent Equipment Co., Ltd.		An investee of the Group
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		An investee of the Group
Xunjie Energy (Wuhan) Co., Ltd.		An investee of the Group
Blue Horizon Limited and its subsidiaries		An investee of the Group
VTA Technology Inc. and its subsidiaries		An investee of the Group
Beijing WeLion New Energy Technology Co., Ltd.		An investee of the Group
Chongqing Chuangyuan Zhihang Technology Co., Ltd.		An investee of the Group
Hefei Chuang Wei Information Consultation Co., Ltd.		Controlled by Principal Shareholder
Tianjin Tengyi Information Technology Co., Ltd. (formerly known as Tianjin Boyou Information Technology Co., Ltd.)		Controlled by Principal Shareholder
McLaren Group Holdings Ltd. and its subsidiaries (formerly disclosed as Forseven Limited and its affiliate)		Controlled by Principal Shareholder
Shanghai Weishang Business Consulting Co., Ltd.		Significantly influenced by Principal Shareholder

In July 2025, Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. completed the business deregistration. Since then, Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. was no longer the Group’s related party.

In August 2025, Nanjing Weibang Transmission Technology Co., Ltd. completed the business deregistration. Since then, Nanjing Weibang Transmission Technology Co., Ltd. was no longer the Group’s related party.

In 2025, in light of an internal restructuring of Forseven’s corporate group, Forseven’s parent company was renamed to McLaren Group Holdings Ltd. and McLaren Automotive Limited, a subsidiary of McLaren Group Holdings Ltd., substituted for Forseven on the terms of the technology license agreement and related service agreements. Therefore, the Group disclosed “McLaren Group Holdings Ltd. and its subsidiaries” as the counterparty for these related party transactions.

(a) The Group entered into the following significant related party transactions:

(i) Provision of services

For the years ended December 31, 2023, 2024 and 2025, service income was primarily generated from property management, administrative support, research and development services and BaaS battery buy-out services the Group provided to its related parties.


		For the Year Ended December 31,
		2023		2024		2025
Mclaren Group Holdings Ltd. and its subsidiaries		—		201,063		762,681
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		166,027		101,381		162,095
Blue Horizon Limited and its subsidiaries		—		3,017		68,563
VTA Technology Inc. and its subsidiaries		—		—		5,242
Nanjing Weibang Transmission Technology Co., Ltd.		1,153		1,067		719
Total		167,180		306,528		999,300

(ii) Purchase of services


		For the Year Ended December 31,
		2023		2024		2025
Kunshan Siwopu Intelligent Equipment Co., Ltd.		—		5,738		26,178
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		23,878		17,594		9,694
Tianjin Tengyi Information Technology Co., Ltd.		7,823		15,031		9,650
Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd.		184,279		92,549		1,554
Xunjie Energy (Wuhan) Co., Ltd.		—		1,225		603
Beijing WeLion New Energy Technology Co., Ltd.		34,016		21,603		40
VTA Technology Inc. and its subsidiaries		—		59		—
Total		249,996		153,799		47,719

(iii) Purchase of raw materials or long-lived assets


		For the Year Ended December 31,
		2023		2024		2025
Xunjie Energy (Wuhan) Co., Ltd.		111,875		37,603		12,239
VTA Technology Inc. and its subsidiaries		—		2,485		4,917
Nanjing Weibang Transmission Technology Co., Ltd.		73,071		85,938		4,363
Kunshan Siwopu Intelligent Equipment Co., Ltd.		1,062,521		86,985		—
Beijing WeLion New Energy Technology Co., Ltd.		—		48,547		—
Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd.		—		32,213		—
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		—		8		—
Total		1,247,467		293,779		21,519

(iv) Sales of goods


	For the Year Ended December 31,
	2023	2024	2025
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries	1,457,500	9,848,487	16,002,921
Blue Horizon Limited and its subsidiaries	—	69,447	113,836
Shanghai Weishang Business Consulting Co., Ltd.	199	331	383
Hefei Chuangwei Information Consultation Co., Ltd.	194	—	—
Total	1,457,893	9,918,265	16,117,140

(v) Sales of raw materials or long-lived assets


		For the Year Ended December 31,
		2023		2024		2025
Chongqing Chuangyuan Zhihang Technology Co., Ltd.		—		—		150,000
Kunshan Siwopu Intelligent Equipment Co., Ltd.		—		3,215		3,296
VTA Technology Inc. and its subsidiaries		—		46,779		1,608
Blue Horizon Limited and its subsidiaries		—		1,504		1,388
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		5,597		7		—
Total		5,597		51,505		156,292

(vi) Convertible notes issued to related parties and interest accrual

(vii) Proceeds from borrowings from related parties and interest accrual


		For the Year Ended December 31,
		2023	2024	2025
Zhong’an Energy (Anhui) Co., Ltd.		—	—	87,746

(b) The Group had the following significant related party balances:

(i) Amounts due from related parties


		December 31,		December 31,
		2024		2025
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		7,622,041		15,976,578
Blue Horizon Limited and its subsidiaries		72,636		90,930
Mclaren Group Holdings Ltd. and its subsidiaries		11,749		23,702
Kunshan Siwopu Intelligent Equipment Co., Ltd.		3,633		5,426
VTA Technology Inc. and its subsidiaries		—		2,193
Hefei Chuang Wei Information Consultation Co., Ltd.		2,249		—
Nanjing Weibang Transmission Technology Co., Ltd.		238		—
Expected credit losses		(10,142)		(20,579)
Total		7,702,404		16,078,250

(ii) Amounts due to related parties, current


		December 31,		December 31,
		2024		2025
Mclaren Group Holdings Ltd. and its subsidiaries		272,563		552,480
Zhong’an Energy (Anhui) Co., Ltd.		—		16,656
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		9,634		14,565
Beijing WeLion New Energy Technology Co., Ltd.		66,477		14,514
Tianjin Tengyi Information Technology Co., Ltd.		8,575		11,902
Kunshan Siwopu Intelligent Equipment Co., Ltd.		29,658		11,271
Xunjie Energy (Wuhan) Co., Ltd.		17,409		3,688
Blue Horizon Limited and its subsidiaries		71		484
VTA Technology Inc. and its subsidiaries		1,932		343
Nanjing Weibang Transmission Technology Co., Ltd.		2,630		—
Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd.		281		—
Shanghai Weishang Business Consulting Co.,Ltd.		133		—
Total		409,363		625,903

(iii) Amount due to related parties, non-current


		December 31,		December 31,
		2024		2025
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		78,460		351,014
Mclaren Group Holdings Ltd. and its subsidiaries		251,032		182,074
Zhong’an Energy (Anhui) Co., Ltd.		—		71,090
Total		329,492		604,178

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Concentration and Risks (Tables)

12 Months Ended

Dec. 31, 2025

Customer concentration risk

Concentration and Risks

Schedule of concentration risk


	For the Year Ended December 31,
	2023	2024		2025
Percentage of the total revenue
Customer A^[1]	*	15	%	18	%


	December 31,		December 31,
	2024		2025
Percentage of the account receivables
Customer A^[1]	81	%	91	%

* Less than 10%

[1] A related party of the Group

Supplier concentration Risk

Concentration and Risks

Schedule of concentration risk


	For the Year Ended December 31,
	2023		2024		2025
Percentage of the total purchase
Supplier A	15	%	13	%	14	%


	December 31,		December 31,
	2024		2025
Percentage of the account payables
Supplier A	16	%	17	%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

Parent Company (the "Company") Only Financial Information - Condensed Statements of Comprehensive Loss (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Operating expenses:
Selling, general and administrative	¥ (16,087,747)	$ (2,300,517)	¥ (15,741,057)	¥ (12,884,556)
Total operating expenses	(25,956,943)	(3,711,793)	(28,366,835)	(25,706,980)
Loss from operations	(14,041,238)	(2,007,870)	(21,874,073)	(22,655,184)
Interest and investment income	761,658	108,916	853,728	2,210,018
Interest expense	885,248	126,589	798,363	403,530
Gain/(loss) on extinguishment of debt	(14,660)	(2,096)	(4,480)	170,193
Equity in loss of subsidiaries and VIEs	(1,092,184)	(156,180)	(503,193)	64,394
Other income/(loss), net	450,953	64,485	(98,143)	155,191
Loss before income tax expense	(14,820,719)	(2,119,334)	(22,424,524)	(20,458,918)
Income tax (expense)/benefit	(121,882)	(17,429)	22,815	(260,835)
Net loss	(14,942,601)	(2,136,763)	(22,401,709)	(20,719,753)
Accretion on redeemable non-controlling interests to redemption value	(609,857)	(87,208)	(347,516)	(303,163)
Net loss attributable to ordinary shareholders of NIO Inc.	(15,570,678)	(2,226,576)	(22,657,692)	(21,146,967)
Total comprehensive loss	(14,945,461)	(2,137,172)	(22,252,041)	(21,478,799)
Comprehensive loss attributable to ordinary shareholders of NIO Inc	(15,573,538)	(2,226,985)	(22,508,024)	(21,749,987)
Parent
Operating expenses:
Selling, general and administrative	(142,457)	(20,371)	(104,001)	(99,587)
Total operating expenses	(142,457)	(20,371)	(104,001)	(99,587)
Loss from operations	(142,457)	(20,371)	(104,001)	(99,587)
Interest and investment income	100,354	14,350	522,799	524,173
Interest expense	(366,066)	(52,347)	(392,179)	(207,649)
Gain/(loss) on extinguishment of debt	(14,660)	(2,096)	(4,480)	170,193
Equity in loss of subsidiaries and VIEs	(15,012,784)	(2,146,799)	(22,287,129)	(21,349,555)
Other income/(loss), net	515,714	73,745	(9,479)	121,800
Loss before income tax expense	(14,919,899)	(2,133,518)	(22,274,469)	(20,840,625)
Income tax (expense)/benefit	(40,922)	(5,850)	(35,707)	(3,179)
Net loss	(14,960,821)	(2,139,368)	(22,310,176)	(20,843,804)
Accretion on redeemable non-controlling interests to redemption value	(609,857)	(87,208)	(347,516)	(303,163)
Net loss attributable to ordinary shareholders of NIO Inc.	(15,570,678)	(2,226,576)	(22,657,692)	(21,146,967)
Total comprehensive loss	(14,963,681)	(2,139,777)	(22,160,508)	(21,446,824)
Comprehensive loss attributable to ordinary shareholders of NIO Inc	¥ (15,573,538)	$ (2,226,985)	¥ (22,508,024)	¥ (21,749,987)

Long-term investments (Tables)

12 Months Ended

Dec. 31, 2025

Long-term investments

Schedule of long-term investments


		December 31,		December 31,
		2024		2025
Equity investments:
Equity method investments (i)		1,275,287		805,296
Equity securities without readily determinable fair value (ii)		504,282		362,687
Equity securities with readily determinable fair value (iii)		33,865		324,074
Equity securities using fair value option (iv)		1,103,150		—
Debt investments:
Available-for-sale debt securities (iv)		173,918		979,071
Held-to-maturity debt securities – time deposit		12,086		9,390
Retained asset-backed securities		23,419		—
Total		3,126,007		2,480,518

Schedule of equity securities without readily determinable fair value


		December 31,		December 31,
		2024		2025
Equity securities without readily determinable fair value:
Initial cost		417,497		300,147
Net cumulative fair value adjustments		86,785		62,540
Carrying value		504,282		362,687

Schedule of available-for-sale debt securities


		December 31,		December 31,
		2024		2025
Available-for-sale debt securities:
Initial cost		173,918		979,071
Net cumulative fair value adjustments		—		—
Carrying value		173,918		979,071

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Share-based Compensation

12 Months Ended

Dec. 31, 2025

Share-based Compensation

Share-based Compensation

22. Share-based Compensation

Compensation expenses recognized for share-based awards granted by the Company were as follows:


		For the Year Ended December 31,
		2023		2024		2025
Cost of sales		83,972		71,779		57,954
Research and development expenses		1,517,206		1,296,136		1,129,859
Selling, general and administrative expenses		767,863		560,597		602,914
Total		2,369,041		1,928,512		1,790,727

There was no income tax benefit recognized in the consolidated statements of comprehensive loss for share-based compensation expenses and the Group did not capitalize any of the share-based compensation expenses as part of the cost of any assets in the years ended December 31, 2023, 2024 and 2025.

(a) NIO Incentive Plans

In 2015, the Company adopted the 2015 Stock Incentive Plan (the “2015 Plan”), which allows the plan administrator to grant share options and restricted shares of the Company to its employees, directors, and consultants.

The Company granted both share options and restricted shares to the employees. In 2016, 2017, 2018 and 2024, the Board of Directors further approved the 2016 Stock Incentive Plan (the “2016 Plan”), the 2017 Stock Incentive Plan (the “2017 Plan”), the 2018 Stock Incentive Plan (the “2018 Plan”) and the 2024 Stock Incentive Plan (the “2024 Plan”), which provide for share options and restricted shares. The share options and the restricted shares vest immediately or over a period of one to five years of continuous service and achieved performance target and the stock options are exercisable over a maximum period of 10 years.

The Group recognized the share options and restricted shares of the Company granted to the employees of the Group on a straight-line basis over the vesting term of the awards, net of estimated forfeitures.

(i) Share Options

The following table summarizes activities of the Company’s share options under the 2016, 2017 and 2018 Plans for the year ended December 31, 2025:


				Weighted		Weighted
		Number of		Average		Average		Aggregate
		Options		Exercise		Remaining		Intrinsic
		Outstanding		Price		Contractual Life		Value
				US$		In Years		US$
Outstanding as of December 31, 2024		52,060,649		3.55		2.60		100,420
Granted		—		—		—		—
Exercised		(7,965,157)		2.06		—		—
Cancelled		(15,780)		43.97		—		—
Expired		(811,075)		22.76		—		—
Outstanding as of December 31, 2025		43,268,637		3.45		2.24		110,655
Vested and expected to vest as of December 31, 2025		43,197,261		3.45		2.25		110,462
Exercisable as of December 31, 2025		41,781,637		3.49		2.20		106,626

The aggregate intrinsic value in the table above represents the aggregate difference between the Company’s closing stock price on the last trading day of the period and the exercise price for the underlying awards.

The total intrinsic value of options exercised during the years ended December 31, 2023, 2024 and 2025 were RMB279,327, RMB145,022 and RMB226,960, respectively.

The weighted-average grant date fair value for options granted under the Company’s 2016, 2017 and 2018 Plans during the years ended December 31, 2023 and 2024 was US$6.66 and US$3.64 respectively, computed using the binomial option pricing model with the assumptions (or ranges thereof) in the following table:


		2023					2024
Exercise price (US$)		2.39		-	2.39		2.39		-	2.39
Fair value of the ordinary shares on the date of option grant (US$)		8.51		-	8.51		5.48		-	5.48
Risk-free interest rate		3.70	%	-	3.70	%	4.14	%	-	4.14	%
Exercise multiple					2.5	x				2.5	x
Expected dividend yield					0	%				0	%
Expected volatility					57	%				62	%
Expected forfeiture rate (post-vesting)					1.8	%				6.09	%

For the year ended December 31, 2025, no options were granted under the Company’s 2016, 2017 and 2018 Plans.

In December 2025, the Company extended the contractual term of certain stock options under the 2015 Plan and 2018 Plan. These modification did not have material impact to the consolidated financial statements.

Risk-free interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. The Company has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the options.

As of December 31, 2025, the unrecognized compensation expenses related to the stock options was not material.

(ii) Restricted shares

The fair value of each restricted share granted with service conditions is estimated based on the fair market value of the underlying ordinary shares of the Company on the date of grant.

The following table summarizes activities of the Company’s restricted shares under the 2016, 2017, 2018 and 2024 Plan for the year ended December 31, 2025:


		Number of Restricted		Weighted Average
		Shares Outstanding		Grant Date Fair Value
				US$
Unvested at December 31, 2024		61,852,743		10.96
Granted		31,294,180		4.36
Vested		(28,389,949)		11.51
Forfeited		(16,761,193)		8.88
Unvested at December 31, 2025		47,995,781		7.06

As of December 31, 2025, there was RMB1,459,664 of unrecognized compensation expenses related to restricted shares granted to the employees, which is expected to be recognized over a weighted-average period of 2.72 years, respectively.

(b) Share-based compensation of subsidiaries

In November 2021, a subsidiary of the Company (“Subsidiary A”) adopted the 2021 Share Incentive Plan (the “A Plan”) which allows Subsidiary A to grant share options to its employees.

Under the A plan, the share options have a contractual term of ten years from the grant date, and vest over a period of four years of continuous service, one fourth (1/4) of which vest upon the first anniversary of the stated vesting commencement date and the remaining vest ratably over the following 36 months.

Before the completion of Subsidiary A’s possible future initial public offering and listing, its employees are entitled to convert the vested share options to the Class A ordinary shares of the Company at a fixed conversion rate. The corresponding share options will be cancelled if the conversion right is exercised.

The following table summarizes activities of A Plan for the year ended December 31, 2025:


		Weighted	Weighted
	Number of	Average	Average	Aggregate
	Options	Exercise	Remaining	Intrinsic
	Outstanding	Price	Contractual Life	Value
		US$	In Years	US$
Outstanding as of December 31, 2024	43,094,529	0.00001	8.09	47,950
Granted	9,671,262	0.00001	—	—
Exercised	(13,019,681)	—	—	—
Forfeited	(2,693,382)	—	—	—
Outstanding as of December 31, 2025	37,052,728	0.00001	7.95	36,870

For the years ended December 31, 2023, 2024 and 2025, the weighted average grant date fair values of options granted were US$1.10, US$1.10 and US$1.10 per share, respectively. The estimated fair value of each option granted is estimated on the date of grant using the binominal option-pricing model with the assumptions (or ranges thereof) in the following table:


		For the Year Ended
		December 31,
		2023, 2024 and 2025
Fair value of the ordinary shares on the date of option grant (US$)		1.00-1.01
Risk-free interest rate		1.58	%
Expected term (in years)		10
Expected dividend yield		0	%
Expected volatility		52	%
Expected forfeiture rate (post-vesting)		2	%

As of December 31, 2025, there was RMB264,084 of unrecognized share-based compensation expenses related to the share options granted. The expenses were expected to be recognized over a weighted-average period of 2.44 years.

Other Non-Current Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Other Non-Current Liabilities
Non-current finance lease liabilities	¥ 4,769,972		¥ 35,145
Nonrelated party
Other Non-Current Liabilities
Non-current finance lease liabilities	4,769,972		35,145
Warranty liabilities	4,606,225		4,068,079
Deferred revenue	2,872,987		3,045,846
Deferred government grants	568,919		391,116
Deferred profit	255,496
Payable to BaaS users	193,845		779,695
Others	423,334		308,715
Total	¥ 13,690,778	$ 1,957,754	¥ 8,628,596

Organization and Nature of Operations - IPO, VIEs, Liquidity and Going Concern (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)	Jul. 31, 2025	Sep. 29, 2024
Organization and Nature of Operations
Net loss	¥ 14,942,601	$ 2,136,763	¥ 22,401,709	¥ 20,719,753
Operating cash inflow (outflow)	3,000,000	$ 427,937	(7,849,168)	¥ (1,381,546)
Accumulated deficit	(128,000,000)		(113,068,210)		$ (18,307,908)
Net current liabilities	1,900,000		400,000
Cash and cash equivalents, restricted cash and short-term investment	45,800,000
Trade and notes payable	53,300,000		¥ 34,387,266		$ 7,623,190
Accruals and other liabilities	16,700,000
Outstanding borrowings	¥ 5,300,000
NIO Holding Co., Ltd.
Organization and Nature of Operations
Percentage of indirect interest in total paid-in capital	91.80%	91.80%	89.02%
Equity interest held	100.00%		100.00%		100.00%	91.80%	88.25%
NIO Energy Investment (Hubei) Co., Ltd. ("PE CNHC")
Organization and Nature of Operations
Percentage of indirect interest in total paid-in capital	90.91%	90.91%	90.91%
Equity interest held	100.00%		100.00%		100.00%
Prime Hubs
Organization and Nature of Operations
Number of share held by variable interest entities \| shares	3,250,002	3,250,002	3,250,002

Summary of Significant Accounting Policies - Property, plant and equipment, net (Details)	Dec. 31, 2025
Buildings and constructions
Summary of Significant Accounting Policies
Useful lives	20 years
Production facilities \| Minimum
Summary of Significant Accounting Policies
Useful lives	3 years
Production facilities \| Maximum
Summary of Significant Accounting Policies
Useful lives	10 years
Charging and power swap infrastructure \| Minimum
Summary of Significant Accounting Policies
Useful lives	5 years
Charging and power swap infrastructure \| Maximum
Summary of Significant Accounting Policies
Useful lives	8 years
R&D equipment \| Minimum
Summary of Significant Accounting Policies
Useful lives	5 years
R&D equipment \| Maximum
Summary of Significant Accounting Policies
Useful lives	15 years
Computer and electronic equipment \| Minimum
Summary of Significant Accounting Policies
Useful lives	3 years
Computer and electronic equipment \| Maximum
Summary of Significant Accounting Policies
Useful lives	5 years
Purchased software \| Minimum
Summary of Significant Accounting Policies
Useful lives	1 year
Purchased software \| Maximum
Summary of Significant Accounting Policies
Useful lives	5 years
Leasehold improvements \| Minimum
Summary of Significant Accounting Policies
Useful lives	1 year
Leasehold improvements \| Maximum
Summary of Significant Accounting Policies
Useful lives	10 years
Vehicles for corporate use or customers' subscription
Summary of Significant Accounting Policies
Useful lives	5 years
Others (office equipment, after-sales equipment, etc.) \| Minimum
Summary of Significant Accounting Policies
Useful lives	3 years
Others (office equipment, after-sales equipment, etc.) \| Maximum
Summary of Significant Accounting Policies
Useful lives	5 years

Manufacturing in collaboration with JAC

12 Months Ended

Dec. 31, 2025

Manufacturing in collaboration with JAC

Manufacturing in collaboration with JAC

17. Manufacturing in collaboration with JAC

Since 2016, the Group have been partnering with Jianghuai Automobile Group Ltd., or JAC, a major state-owned automobile manufacturer in China, for the joint manufacturing of the Group’s vehicles. JAC built the JAC-NIO manufacturing plant in Hefei, Anhui province, the first advanced manufacturing base, or the F1 Plant, for the production of the ES8, the ES6, the EC6, the ET7 and potentially the Group’s other vehicle models. Further, in September 2022, the Group entered into a manufacturing cooperation agreement with JAC, under which JAC will jointly manufacture the ET5 and potentially the Group’s other vehicle models in the second advanced manufacturing base, or the F2 Plant, in NeoPark, a smart electric vehicle industry park at Xinqiao, Hefei. The fees payable to JAC under the above agreements consist of the following: (i) asset depreciation and amortization with regard to the assets JAC invested and to invest for the manufacture of NIO models as actually incurred, payable monthly and subject to adjustment annually; (ii) vehicle production and processing fees recorded on per-vehicle basis, payable monthly and subject to adjustment annually; (iii) purchase amount of certain production materials; and (iv) relevant tax. In addition, the Group also agreed to pay certain compensation up to a capped amount for JAC’s investment in F1 Plant, including for the land, factory and equipment.

In conjunction with the aforementioned manufacturing cooperation agreement, in December 2022, the Group and JAC entered into an Asset Transfer Agreement where the Group agreed to sell and JAC agreed to acquire certain production facilities (the “Transferred Assets”) with a total consideration of RMB1.7 billion inclusive of tax. As of December 31, 2022, JAC had accepted the Transferred Assets and assumed the legal title of the Transferred Assets. Considering that (1) the Transferred Assets are designated to be used for the manufacturing of the Group’s vehicle models only and do not have substantive alternative use; (2) all costs incurred in relation to the Transferred Assets, including depreciation and maintenance costs and relevant tax and surcharges, are undertaken by and charged to the Group; (3) the Group also has the right to obtain the economic benefits from all outputs of the Transferred Assets, management concluded that the Group still retained the control of the Transferred Assets and this transaction was a failed sale and leaseback transaction with no sales of the Transferred Assets recognized by the Group. The Transferred Assets continue to be accounted for as the Group’s property, plant and equipment subject to depreciation. The sales consideration from JAC will be recorded as a financing payable when the Group receives the cash. As of December 31, 2023, JAC had fully paid the consideration. In December 2023, pursuant to an asset transfer agreement with JAC, the Group agreed to purchase the Transferred Assets back at the consideration of RMB1.7 billion, inclusive of tax, and the consideration was paid in full by end of December 2023. In December 2023, the Group also agreed to purchase the production facilities in F1 Plant from JAC at the consideration of RMB1.9 billion, inclusive of tax. As of December 31, 2023, both purchases of the Transferred Assets and F1 Plant have been consummated.

Following above transaction, the Group ceased aforementioned manufacturing cooperation with JAC since early 2024 and the Group commenced independent manufacturing of all current vehicles models in the F1 Plant and the F2 Plant.

For the years ended December 31, 2023, 2024 and 2025, the aggregate fees to JAC under the above collaboration arrangement were RMB1,318,524, RMB179,375 and nil, respectively, and were included in cost of sales.

Leases - Supplemental cash flow information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Leases
Operating cash outflows from operating leases	¥ 2,402,489		¥ 2,385,552
Operating cash outflows from finance leases (interest payments)	90,864		2,208
Financing cash outflows from finance leases	101,113	$ 14,459	37,854	¥ 37,511
Right-of-use assets obtained in exchange for lease liabilities	¥ 6,512,719		¥ 3,698,231

Organization and Nature of Operations (Tables)

12 Months Ended

Dec. 31, 2025

Organization and Nature of Operations

Schedule of principal subsidiaries

As of December 31, 2025, the Group’s primary operations are conducted in the People’s Republic of China (the “PRC”) and the Company’s principal subsidiaries and VIEs are as follows:


		Equity		Place and Date of incorporation
Subsidiaries		interest held		or date of acquisition		Principal activities
NIO Nextev Limited (“NIO HK”) (formerly known as Nextev Limited)		100%		Hong Kong, February 2015		Investment holding
NIO GmbH (formerly known as NextEV GmbH)		100%		Germany, May 2015		Design and technology development
NIO Co., Ltd. (“NIO SH”) (formerly known as NextEV Co., Ltd.)		100%		Shanghai, PRC, May 2015		Headquarter and technology development
NIO USA, Inc. (“NIO US”) (formerly known as NextEV USA, Inc.)		100%		United States, November 2015		Technology development
XPT Limited (“XPT”)		100%		Hong Kong, December 2015		Investment holding
XPT (Jiangsu) Investment Co., Ltd. (“XPT Jiangsu”)		100%		Jiangsu, PRC, May 2016		Investment holding
XPT Holding (Anhui) Co., Ltd.		100%		Anhui, PRC, April 2021		Investment holding
XPT EDS (Hefei) Co., Ltd.		100%		Anhui, PRC, May 2021		Manufacturing of electric drive system
NIO Power Express Limited (“PE HK)		100%		Hong Kong, January 2017		Investment holding
NIO User Enterprise Limited (“UE HK”)		100%		Hong Kong, February 2017		Investment holding
NIO Sales and Services Co., Ltd. (“UE CNHC”) (formerly known as Shanghai NIO Sales and Service Co., Ltd.)		100%		Shanghai, PRC, March 2017		Investment holding and sales and after sales management
NIO Energy Investment (Hubei) Co., Ltd. (“PE CNHC”) (Note (b))		100%		Wuhan PRC, April 2017		Investment holding
Wuhan NIO Energy Co., Ltd. (“PE WHJV”)		100%		Wuhan, PRC, May 2017		Investment holding
NIO Holding Co., Ltd. (“NIO China”) (formerly known as NIO (Anhui) Holding Co., Ltd.) (Note (a))		100%		Anhui, PRC, November 2017		Headquarter and technology development
XPT (Jiangsu) Automotive Technology Co., Ltd. (“XPT AUTO”)		100%		Nanjing, PRC, May 2018		Investment holding
NIO Financial Leasing Co., Ltd. (“NIO Leasing”)		100%		Shanghai, PRC, August 2018		Financial Leasing
NIO (Anhui) Co., Ltd. (“NIO AH”)		100%		Anhui, PRC, August 2020		Industrialization and technology development
NIO Technology (Anhui) Co., Ltd. (“NIO R&D”)		100%		Anhui, PRC, August 2020		Design and technology development
New Horizon B.V.		100%		Netherlands, November 2022		Investment holding
NIO Nextev Europe Holding B.V.(“NIO NL”)		100%		Netherlands, December 2020		Investment holding
NEU Battery Asset Co., Ltd. (“BAC Cayman”)		100%		Cayman Islands, May 2021		Investment holding
Instant Power Europe B.V. Co., Ltd. (“BAC NL”)		100%		Netherlands, June 2021		Battery Subscription Service
NEU Battery Asset (Hong Kong) Co., Ltd. (“BAC HK”)		100%		Hong Kong, July 2021		Investment holding
GeniTech Co., Ltd.(“Shenji”)		100%		Anhui, PRC, June 2025		Technology development
NIO AI Technology Limited (“NIO AI Technology”)		96.970%		Cayman Islands, March 2021		Investment holding
NIO AI Technology Limited		96.970%		Hong Kong, May 2021		Investment holding
Anhui NIO Autonomous Driving Technology Co., Ltd. (“Anhui NIO AD”)		96.970%		Anhui, PRC, June 2021		Technology development

Schedule of variable interest entities

As of December 31, 2025, the Group’s primary operations are conducted in the People’s Republic of China (the “PRC”) and the Company’s principal subsidiaries and VIEs are as follows:


		Place and Date of incorporation
VIEs and VIEs’ subsidiaries		or date of acquisition
Prime Hubs Limited (“Prime Hubs”)		BVI, October 2014
Beijing NIO Network Technology Co., Ltd. (“Beijing NIO”)		Beijing, PRC, July 2017
Anhui NIO AI Technology Co., Ltd. (“Anhui NIO AT”)		Anhui, PRC, April 2021
Anhui NIO Data Technology Co., Ltd. (“Anhui NIO DT”)		Anhui, PRC, October 2022
NIO Insurance Broker Co., Ltd (“NIO IB”) (formerly known as Huiding Insurance Broker Co., Ltd.)		Anhui, PRC, January 2023

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Summary of Significant Accounting Policies - Cash, cash equivalents and restricted cash (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Summary of Significant Accounting Policies
Cash and cash equivalents	¥ 11,274,094	$ 1,612,174	¥ 19,328,920
Restricted cash	14,745,975	2,108,646	8,320,728
Long-term restricted cash	88,325	12,630	97,720
Total	¥ 26,108,394	$ 3,733,450	¥ 27,747,368	$ 3,967,821	¥ 38,621,507	¥ 23,155,293

Related Party Balances and Transactions - Due from related parties (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Related Party Balances and Transactions
Amounts due from related parties	¥ 16,078,250	¥ 7,702,404
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration]	Related party	Related party
Expected credit losses	¥ (20,579)	¥ (10,142)
Related party \| Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries
Related Party Balances and Transactions
Amounts due from related parties	15,976,578	7,622,041
Related party \| Blue Horizon Limited and its subsidiaries
Related Party Balances and Transactions
Amounts due from related parties	90,930	72,636
Related party \| Mclaren Group Holdings Ltd. and its subsidiaries
Related Party Balances and Transactions
Amounts due from related parties	23,702	11,749
Related party \| Kunshan Siwopu Intelligent Equipment Co., Ltd.
Related Party Balances and Transactions
Amounts due from related parties	5,426	3,633
Related party \| VTA Technology Inc And Its Subsidiaries [Member]
Related Party Balances and Transactions
Amounts due from related parties	¥ 2,193
Related party \| Hefei Chuang Wei Information Consultation Co., Ltd.
Related Party Balances and Transactions
Amounts due from related parties		2,249
Related party \| Nanjing Weibang Transmission Technology Co., Ltd.
Related Party Balances and Transactions
Amounts due from related parties		¥ 238

Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Other Non-Current Liabilities

Schedule of other non-current liabilities


		December 31,		December 31,
		2024		2025
Non-current finance lease liabilities		35,145		4,769,972
Warranty liabilities		4,068,079		4,606,225
Deferred revenue		3,045,846		2,872,987
Deferred government grants		391,116		568,919
Deferred profit		—		255,496
Payable to BaaS users		779,695		193,845
Others		308,715		423,334
Total		8,628,596		13,690,778

Other Non-current Assets

12 Months Ended

Dec. 31, 2025

Other Non-current Assets

Other Non-current Assets

10. Other Non-current Assets

Other non-current assets consist of the following:


		December 31,		December 31,
		2024		2025
Non-current portion of right of use assets – finance lease		63,635		5,696,866
Long-term deposits		1,196,193		791,784
Non-current portion of auto financing receivables		863,796		727,797
Prepayments for long-term assets		1,246,836		221,253
Others		262,063		10,584
Less: Allowance for credit losses		(59,386)		(14,699)
Total		3,573,137		7,433,585

Long-term deposits mainly consists of deposits to vendors for guarantee of production capacity as well as rental deposits which will not be collectible within one year.

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment, Net

Schedule of property, plant and equipment


		December 31,		December 31,
		2024		2025
Production facilities		6,845,010		10,356,573
Mold and tooling		7,108,020		10,299,152
Charging & battery swap equipment		7,761,253		9,276,827
Leasehold improvements		6,124,611		6,365,523
Computer and electronic equipment		1,922,333		1,901,435
Corporate vehicles		1,949,132		1,666,591
R&D equipment		1,635,821		1,648,097
Purchased software		1,349,419		1,441,795
Buildings and constructions		913,281		911,446
Construction in process		3,616,078		852,922
Subscriptions Vehicles		799,846		791,480
Others		1,429,868		1,740,402
Subtotal		41,454,672		47,252,243
Less: Accumulated depreciation		(15,559,399)		(21,421,906)
Less: Accumulated impairment		(2,369)		(2,369)
Total property, plant and equipment, net		25,892,904		25,827,968

Subsequent Events (Details) ¥ in Millions	Mar. 06, 2026 tranche shares	Feb. 26, 2026 CNY (¥)	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024	Sep. 29, 2024
GeniTech Co., Ltd
Subsequent Events
Percentage of ownership interest held (as a percent)			100.00%
NIO Holding Co., Ltd.
Subsequent Events
Percentage of ownership interest held (as a percent)			100.00%	91.80%	100.00%	88.25%
Subsequent events \| 2026 Share Incentive Plan \| Restricted shares
Subsequent Events
Number of shares granted \| shares	248,454,460
Share-Based Payment Arrangement, Grantee Status [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Number of vesting tranches \| tranche	10
Subsequent events \| GeniTech Co., Ltd
Subsequent Events
Subsidiary equity investment amount \| ¥		¥ 2,257
Percentage of ownership interest held (as a percent)		62.70%
Third party ownership interest percentage in subsidiary (as a percent)		27.30%
Percentage of share incentive plan ownership interest (as a percent)		10.00%

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitment and Contingencies

Schedule of capital expenditures contracted


		As of December 31,
		2024		2025
Property, plant and equipment		5,896,469		3,762,026
Leasehold improvements		527,363		427,143
Total		6,423,832		4,189,169

Research and Development Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Research and Development Expenses

Schedule of research and development expenses


		For the Year Ended December 31,
		2023		2024		2025
Employee compensation		8,998,415		8,829,163		7,641,448
Design and development expenses		3,019,403		2,561,769		1,699,274
Depreciation and amortization expenses		720,737		991,074		710,737
Rental and related expenses		273,493		250,597		235,535
Travel and entertainment expenses		135,891		82,955		55,807
Others		283,460		321,746		262,192
Total		13,431,399		13,037,304		10,604,993

Related Party Balances and Transactions - Due to related parties, current (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Related Party Balances and Transactions
Amounts due to related parties, current	¥ 625,903	$ 89,503	¥ 409,363
Other Liability, Current, Related Party [Extensible Enumeration]	Related party	Related party	Related party
Related party \| Mclaren Group Holdings Ltd. and its subsidiaries
Related Party Balances and Transactions
Amounts due to related parties, current	¥ 552,480		¥ 272,563
Related party \| Zhong'an Energy (Anhui) Co., Ltd.
Related Party Balances and Transactions
Amounts due to related parties, current	16,656
Related party \| Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries
Related Party Balances and Transactions
Amounts due to related parties, current	14,565		9,634
Related party \| Beijing WeLion New Energy Technology Co., Ltd.
Related Party Balances and Transactions
Amounts due to related parties, current	14,514		66,477
Related party \| Tianjin Tengyi Information Technology Co., Ltd.
Related Party Balances and Transactions
Amounts due to related parties, current	11,902		8,575
Related party \| Kunshan Siwopu Intelligent Equipment Co., Ltd.
Related Party Balances and Transactions
Amounts due to related parties, current	11,271		29,658
Related party \| Xunjie Energy (Wuhan) Co., Ltd.
Related Party Balances and Transactions
Amounts due to related parties, current	3,688		17,409
Related party \| Blue Horizon Limited and its subsidiaries
Related Party Balances and Transactions
Amounts due to related parties, current	484		71
Related party \| VTA Technology Inc. and its subsidiaries
Related Party Balances and Transactions
Amounts due to related parties, current	¥ 343		1,932
Related party \| Nanjing Weibang Transmission Technology Co., Ltd.
Related Party Balances and Transactions
Amounts due to related parties, current			2,630
Related party \| Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd.
Related Party Balances and Transactions
Amounts due to related parties, current			281
Related party \| Shanghai Weishang Business Consulting Co.,Ltd.
Related Party Balances and Transactions
Amounts due to related parties, current			¥ 133

Selling, General and Administrative Expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Selling, General and Administrative Expenses
Employee compensation	¥ 7,751,345		¥ 7,405,828	¥ 5,929,888
Marketing and promotional expenses	3,124,734		3,408,931	2,642,531
Rental and related expenses	2,153,985		1,930,423	1,683,929
Depreciation and amortization expenses	475,648		541,782	581,193
Professional services	989,332		882,860	672,669
IT consumable, office supply and other low value consumable	598,568		561,284	550,011
Other taxes and surcharges	386,251		409,690	290,456
Travel and entertainment expenses	101,384		147,180	218,396
Expected credit losses	(46,691)	$ (6,677)	(3,761)	(26,315)
Others	553,191		456,840	341,798
Total	¥ 16,087,747	$ 2,300,517	¥ 15,741,057	¥ 12,884,556

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Loss Per Share

Schedule of computation of earnings per share


		For the Year Ended December 31,
		2023		2024		2025
Numerator:
Net loss		(20,719,753)		(22,401,709)		(14,942,601)
Accretion on redeemable non-controlling interests to redemption value		(303,163)		(347,516)		(609,857)
Net loss attributable to non-controlling interests		(124,051)		91,533		(18,220)
Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share		(21,146,967)		(22,657,692)		(15,570,678)
Denominator:
Weighted-average number of ordinary shares outstanding – basic and diluted		1,700,203,886		2,054,614,522		2,272,635,997
Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc.		(12.44)		(11.03)		(6.85)

Schedule of weighted average numbers of ordinary shares outstanding


	For the Year Ended December 31,
	2023	2024	2025
Restricted shares	—	—	10,991,676
Outstanding weighted average options granted	43,876,236	27,077,944	22,357,327
Convertible notes	57,008,080	110,731,276	103,785,760
Total	100,884,316	137,809,220	137,134,763

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue

Schedule of revenues


		Year Ended December 31,
		2023		2024		2025
Vehicle sales		49,257,270		58,234,086		76,883,876
Parts, accessories and after-sales vehicle services		2,337,490		3,324,321		4,174,135
Provision of power solution		1,666,346		2,100,553		2,464,441
Others		2,356,827		2,072,599		3,965,058
Total		55,617,933		65,731,559		87,487,510

Long-term investments

12 Months Ended

Dec. 31, 2025

Long-term investments

Long-term investments

9. Long-term investments

The Group’s long-term investments consisted of the following:


		December 31,		December 31,
		2024		2025
Equity investments:
Equity method investments (i)		1,275,287		805,296
Equity securities without readily determinable fair value (ii)		504,282		362,687
Equity securities with readily determinable fair value (iii)		33,865		324,074
Equity securities using fair value option (iv)		1,103,150		—
Debt investments:
Available-for-sale debt securities (iv)		173,918		979,071
Held-to-maturity debt securities – time deposit		12,086		9,390
Retained asset-backed securities		23,419		—
Total		3,126,007		2,480,518

(i) Equity method investments

In August 2020, the Group and three other third party investors jointly established the Battery Asset Company. The Group invested RMB200,000 in the Battery Asset Company and held 25% of the Battery Asset Company’s equity interests. From 2020 to 2024, the Battery Asset Company entered into some agreements with the Group and the other third-party investors. The Group invested additional RMB270,000 during the period. As a result of additional investments from other third-party investors, the equity interests of the Battery Asset Company owned by the Group was diluted to approximately 19.4% as of December 31, 2024. In 2025, the Battery Asset Company entered into agreements with the Group and other third-party investors for a total additional investment of RMB918,000 and the Group invested additional RMB178,000. As of December 31, 2025, the Group owns approximately 19.4% equity interests of the Battery Asset Company. The Group, as a major shareholder of the Battery Asset Company, is entitled to appoint one out of nine directors in the Battery Asset Company’s board of directors and can exercise significant influence over the Battery Asset Company. Therefore, the investment in the Battery Asset Company is accounted for using the equity method of accounting.

In July 2024, the Group and one of its shareholders, CYVN Holding L.L.C. (“CYVN”), established a joint venture, with total authorized share capital of US$55 million, among which, the Group and CYVN will invest US$28 million and US$27 million, representing equity interests of 51% and 49%, respectively. The Group is not considered as the controlling shareholder of this joint venture given the absence of sufficient voting interests over this joint venture’s significant activities by assessing its influence over decision-making activities in both board of directors and shareholders’ level. As a result, this investment is accounted for using equity method.

In 2024 and 2025, the Group invested in several private funds and entities with a total amount of RMB279,079 and RMB303,760, respectively. The Group does not control but can exercise significant influence over these investees with certain voting rights. Therefore, the Group accounts for these investments under equity method.

During the years ended December 31, 2023, 2024 and 2025, the Group recognized RMB64,394 of shares of income of equity investees and RMB503,193 and RMB1,092,184 of shares of loss of equity investees, respectively, from these equity method investments, which also included the elimination of the unrealized intercompany profit in upstream and downstream transactions.

As of December 31, 2025, because of the elimination of unrealized intercompany profit in connection with the upstream and downstream transactions with investees, the carrying value of certain equity method investments, including the investment in the Battery Asset Company, were reduced to zero and the excess amounts were recorded in deferred profit in accruals and other liabilities (Note 11) and other non-current liabilities (Note 13). The deferred profit was mainly attributable to the transactions with the Battery Asset Company and its affiliates.

As of December 31, 2024 and 2025, none of the Group’s equity method investment, neither individually nor in aggregate, was considered as significant under Reg S-X Rules.

(ii) Equity securities without readily determinable fair value


		December 31,		December 31,
		2024		2025
Equity securities without readily determinable fair value:
Initial cost		417,497		300,147
Net cumulative fair value adjustments		86,785		62,540
Carrying value		504,282		362,687

The Group has certain equity investments which are measured under the measurement alternative. During the years ended December 31, 2023, 2024 and 2025, the Group invested RMB294,657, RMB113,363 and disposed RMB117,350 in equity securities without readily determinable fair value, respectively. The Group re-measured these investments based on recent financing transactions of these investees, which were considered as observable transactions, and recorded fair value losses of RMB4,988, RMB286 and RMB24,245 in investment income during the years ended December 31, 2023, 2024 and 2025, respectively.

No impairment charges were recognized for the years ended December 31, 2023, 2024 and 2025.

(iii) Equity securities with readily determinable fair value

During the years ended 2023, 2024 and 2025, the Group invested nil, nil and RMB261,688 in certain public companies, respectively. Since the investments were considered as common stock or in-substance common stock and are therefore measured at fair value with the change of fair value recognized as investment income.

There was no significant change to the fair value of these investments during the years ended December 31, 2023, 2024 and 2025. No impairment charges were recognized for the years ended December 31, 2023, 2024 and 2025.

(iv) Equity securities using fair value option and available-for-sale debt securities


		December 31,		December 31,
		2024		2025
Available-for-sale debt securities:
Initial cost		173,918		979,071
Net cumulative fair value adjustments		—		—
Carrying value		173,918		979,071

In July 2021, the Group, together with several third party investors, established a fund with total capital contributions of RMB650,000, among which the Group contributed RMB550,000. According to the fund agreement, the fund is established for the sole purpose of investing in a pre-determined private company and the Group is able to unilaterally determine the operation and investment strategy of the fund. Therefore, the Group consolidated the financial statements of the fund. The investments provided by other investors to the fund with amount of RMB100,000 are classified as non-controlling interest. The fund purchased a minority interest of a private company that was pre-determined with total consideration of RMB650,000. Since the investment contained certain substantive preferential rights, including redemption at the holders’ option upon occurrence of certain contingent events that were out of the investee’s control and liquidation preference over the common shareholders, it was not considered as common stock or in-substance common stock and was therefore classified as available-for-sale debt investment which was measured at its fair value with the change of fair value recognized as other comprehensive income. In 2022, the Group entered into agreements with other third-party investors and disposed certain equity interests of this private company with the total consideration of RMB270,000 and recognized investment gain of RMB171,567, among which RMB4,652 were released from unrealized gains of other comprehensive income. In November 2023, all shareholders of the investee entered into agreements and agreed to terminate their redemption rights, with the other preferential rights remaining effective, including the rights to request the investee’s founders’ to repurchase shares from certain shareholders upon the achievement of certain contingent events (the “Put option”) and liquidation preference over the rights of common shareholders. As a result of these changes, the Group determined that the fund should no longer be considered a debt investment. The Group discontinued available-for-sale debt investment accounting and accounted for this investment as an equity investment using the fair value option. Due to the change in the character of the investment and as a result of the related remeasurement, a gain on the previously held available-for-sale debt security was recognized by recycling a previously unrealized gain of RMB977,294 from other comprehensive income to investment income. Correspondingly, the deferred tax impact associated with this unrealised gain of RMB206,734 that was previously recorded in other comprehensive income was recognized in deferred income tax expenses.

In May and September 2025, the Group entered into agreements with other third-party investors and disposed certain equity interests of this private company with total consideration of RMB577,470 and recognized the investment gain of RMB14,883 accordingly. In addition, upon the completion of new financing transaction by this investee in September 2025, the Group remeasured its remaining investment using a market approach by adopting a backsolve method which benchmarked to this financing transaction, and recognized the investment gain of RMB153,121 in net income, after deducting the tax impact of RMB40,324, with RMB32,148 attributable to non-controlling interests. Furthermore, according to the revised shareholders’ agreement of this investee, all shareholders agreed to restore the redemption obligations of this investee, while other preferential rights over the common shareholders remained unchanged. Due to such change, this investment was reclassified as debt investment and the Group further accounted for this investment as available-for-sale debt investment measured at its fair value with the change of fair value recognized as other comprehensive income.

In the fourth quarter of 2025, the Group entered into agreements with other third-party investors and disposed certain equity interests of this private company with total consideration of RMB96,428 and the investment loss recognized in earnings was not material. As of December 31, 2025, there were no significant changes of fair value of the Group’s remaining investments in this private company.

Other than this investment, during the years ended 2023, 2024 and 2025, the Group invested nil, RMB53,918 and RMB159,000 in certain private companies, respectively. Since the investment contains certain substantive preferential rights, including redemption at the holders’ option upon occurrence of certain contingent events that are out of the investee’s control and liquidation preference over the rights of common shareholders, it is not considered as common stock or in-substance common stock and is therefore classified as available-for-sale debt investment which is measured at its fair value with the change of fair value recognized as other comprehensive income.

There was no significant change to the fair value of these available-for-sale debt securities investments during the years ended December 31, 2023, 2024 and 2025, based on the Company’s fair value assessment. No impairment charges were recognized for the years ended December 31, 2023, 2024 and 2025.

Leases (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Operating leases:
Right-of-use assets - operating lease	¥ 11,711,306	$ 1,674,694	¥ 12,797,158
Current portion of operating lease liabilities	2,163,768	309,415	1,945,987
Non-current operating lease liabilities	10,092,039	$ 1,443,142	11,260,735
Total operating lease liabilities	12,255,807		13,206,722
Finance leases:
Non-current portion of right of use assets - finance lease	¥ 5,696,866		¥ 63,635
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent	Other Assets, Noncurrent
Current portion of finance lease liabilities	¥ 263,203		¥ 13,498
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current	Accrued Liabilities, Current
Non-current finance lease liabilities	¥ 4,769,972		¥ 35,145
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total finance lease liabilities	¥ 5,033,175		¥ 48,643

Commitment and Contingencies - Capital commitments (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Commitment and Contingencies
Property, plant and equipment	¥ 3,762,026	¥ 5,896,469
Leasehold improvements	427,143	527,363
Total	¥ 4,189,169	¥ 6,423,832

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025 shares
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2025
Entity File Number	001-38638
Entity Registrant Name	NIO Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Building 19, No. 1355, Caobao Road
Entity Address, Address Line Two	Minhang
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Document Accounting Standard	U.S. GAAP
Entity Emerging Growth Company	false
Entity Central Index Key	0001736541
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Firm ID	1424
Auditor Location	Shanghai, the People’s Republic of China
Business Contact
Entity Address, Address Line One	Building 19, No. 1355, Caobao Road
Entity Address, Address Line Two	Minhang
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Contact Personnel Name	Yu Qu
Country Region	86
City Area Code	21
Local Phone Number	6908 2018
Contact Personnel Email Address	ir@nio.com
American Depositary Shares
Title of 12(b) Security	American depositary shares (each representing one Class A ordinary share),par value US$0.00025 per share
Trading Symbol	NIO
Security Exchange Name	NYSE
Class A Ordinary Shares
Title of 12(b) Security	Class A ordinary shares, par value US$0.00025 per share
Trading Symbol	9866
Entity Common Stock, Shares Outstanding	2,334,669,995
Class A ordinary shares
Title of 12(b) Security	Class A ordinary shares, par value US$0.00025 per share
Trading Symbol	NIO
Class C Ordinary Shares
Entity Common Stock, Shares Outstanding	148,500,000

Manufacturing in collaboration with JAC (Details) - CNY (¥) ¥ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Manufacturing in collaboration with JAC
Total consideration	¥ 1,700,000	¥ 1,700,000
Collaborative Arrangement
Manufacturing in collaboration with JAC
Total consideration	¥ 1,900,000
Collaborative Arrangement \| Vehicle sales
Manufacturing in collaboration with JAC
Aggregate fees under collaboration agreement			¥ 0	¥ 179,375	¥ 1,318,524

Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Borrowings

Schedule of long-term borrowings


		December 31,		December 31,
		2024		2025
Short-term borrowing:
Bank loan (i)		4,490,000		3,580,000
Other short-term financing arrangements (ii)		1,239,561		1,111,910
Current portion of long-term borrowings:
Current portion of long-term bank loan (iii)		639,180		331,770
Current portion of other financing arrangements (ii)		52,157		317,792
Current portion of convertible notes (iv)		2,706,285		6,409
Long-term borrowings:
Convertible notes (iv)		8,166,996		7,997,710
Bank loan (iii)		2,965,490		391,220
Other financing arrangements (ii)		308,269		237,342
Total		20,567,938		13,974,153


							As of December 31, 2024						As of December 31, 2025
									Current portion		Long-term portion				Current portion		Long-term portion
	Date of				Maturity/		Outstanding		according to		according to		Outstanding		according to		according to
Ref.	borrowing		Lender/Banks		Repayment date		loan		repayment schedule		repayment schedule		loan		repayment schedule		repayment schedule
1	June 15, 2022		Bank of Shanghai		June 15, 2025		80,340		80,340		—		—		—		—
2	July 25, 2022		China Construction Bank		July 25, 2029		6,460		1,360		5,100		3,060		—		3,060
3	July 26, 2022		Industrial and Commercial Bank of China		July 25, 2029		9,690		2,040		7,650		—		—		—
4	August 24, 2022		China Construction Bank		July 25, 2029		18,810		3,960		14,850		8,910		—		8,910
5	January 19, 2023		China Construction Bank		July 25, 2029		297,730		62,680		235,050		158,030		17,000		141,030
6	January 20, 2023		Industrial and Commercial Bank of China		July 25, 2029		474,810		99,960		374,850		255,000		30,090		224,910
7	September 18, 2023		Bank of Shanghai		September 18,2026		213,040		108,600		104,440		104,440		104,440		—
8	March 18, 2024		China Construction Bank		January 15,2031		637,010		29,900		607,110		—		—		—
9	March 18, 2024		Industrial and Commercial Bank of China		January 15,2031		497,660		23,360		474,300		—		—		—
10	March 18, 2024		China Minsheng Bank		January 15,2031		497,670		23,380		474,290		—		—		—
11	March 18, 2024		Agricultural Bank of China		January 15,2031		497,660		23,360		474,300		—		—		—
12	April 12, 2024		Bank of Shanghai		January 11, 2027		145,550		72,600		72,950		72,950		72,600		350
13	May 15, 2024		Bank of Shanghai		February15,2027		228,240		107,640		120,600		120,600		107,640		12,960
	Total						3,604,670		639,180		2,965,490		722,990		331,770		391,220

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Borrowings

12 Months Ended

Dec. 31, 2025

Borrowings

Borrowings

12. Borrowings

Borrowings consist of the following:


		December 31,		December 31,
		2024		2025
Short-term borrowing:
Bank loan (i)		4,490,000		3,580,000
Other short-term financing arrangements (ii)		1,239,561		1,111,910
Current portion of long-term borrowings:
Current portion of long-term bank loan (iii)		639,180		331,770
Current portion of other financing arrangements (ii)		52,157		317,792
Current portion of convertible notes (iv)		2,706,285		6,409
Long-term borrowings:
Convertible notes (iv)		8,166,996		7,997,710
Bank loan (iii)		2,965,490		391,220
Other financing arrangements (ii)		308,269		237,342
Total		20,567,938		13,974,153

(i) Short-term bank loan

As of December 31, 2024, the Group obtained short-term borrowings from several banks of RMB4,490,000 in aggregate. The annual interest rate of these borrowings is approximately 2.10% to 2.60%.

As of December 31, 2025, the Group obtained short-term borrowings from several banks of RMB3,580,000 in aggregate. The annual interest rate of these borrowings is approximately 2.20% to 2.90%.

The short-term borrowings contain covenants including, among others, limitation on liens, consolidation, merger, sale of the Group’s assets and certain financial measures which include upper limit of asset liability ratio. The Group was in compliance with all of the loan covenants as of December 31, 2024 and 2025. As of December 31, 2024 and 2025, no short-term borrowings were guaranteed by the Company’s subsidiaries or pledged with short-term investments.

(ii) Other financing arrangements

Other financing arrangements mainly consist of financial liabilities arising from sale and leaseback arrangements of certain vehicles, production facilities and power swap station assets that the control of the underlying assets are not transferred from the Group (the seller-lessee) to the buyer-lessor. For the years ended December 31, 2024 and 2025, financial liabilities arising from certain sales and leaseback arrangements of RMB157,001 and RMB1,024,395 were settled upon ultimate transfer of control of related assets, respectively.

(iii) Long-term bank loan


							As of December 31, 2024						As of December 31, 2025
									Current portion		Long-term portion				Current portion		Long-term portion
	Date of				Maturity/		Outstanding		according to		according to		Outstanding		according to		according to
Ref.	borrowing		Lender/Banks		Repayment date		loan		repayment schedule		repayment schedule		loan		repayment schedule		repayment schedule
1	June 15, 2022		Bank of Shanghai		June 15, 2025		80,340		80,340		—		—		—		—
2	July 25, 2022		China Construction Bank		July 25, 2029		6,460		1,360		5,100		3,060		—		3,060
3	July 26, 2022		Industrial and Commercial Bank of China		July 25, 2029		9,690		2,040		7,650		—		—		—
4	August 24, 2022		China Construction Bank		July 25, 2029		18,810		3,960		14,850		8,910		—		8,910
5	January 19, 2023		China Construction Bank		July 25, 2029		297,730		62,680		235,050		158,030		17,000		141,030
6	January 20, 2023		Industrial and Commercial Bank of China		July 25, 2029		474,810		99,960		374,850		255,000		30,090		224,910
7	September 18, 2023		Bank of Shanghai		September 18,2026		213,040		108,600		104,440		104,440		104,440		—
8	March 18, 2024		China Construction Bank		January 15,2031		637,010		29,900		607,110		—		—		—
9	March 18, 2024		Industrial and Commercial Bank of China		January 15,2031		497,660		23,360		474,300		—		—		—
10	March 18, 2024		China Minsheng Bank		January 15,2031		497,670		23,380		474,290		—		—		—
11	March 18, 2024		Agricultural Bank of China		January 15,2031		497,660		23,360		474,300		—		—		—
12	April 12, 2024		Bank of Shanghai		January 11, 2027		145,550		72,600		72,950		72,950		72,600		350
13	May 15, 2024		Bank of Shanghai		February15,2027		228,240		107,640		120,600		120,600		107,640		12,960
	Total						3,604,670		639,180		2,965,490		722,990		331,770		391,220

The long-term borrowings contain covenants including, among others, limitation on liens, consolidation, merger and sale of the Group’s assets, and certain performance and financial measures which include liabilities to assets ratio. The Group was in compliance with all of the loan covenants as of December 31, 2024 and 2025.

As of December 31, 2024, the Group had bank credit quotas with aggregated amount of RMB73,772,832 which consists of non-collateral based bank credit quotas of RMB15,441,290 and collateral-based bank credit quotas of RMB58,331,542. Out of the total non-collateral bank credit quotas, RMB7,104,500, RMB2,537,005 and RMB330,000 were used for bank borrowing, issuance of letters of guarantee and bank’s acceptance notes, respectively. Out of the total collateral-based bank credit quotas, RMB2,058,607 and RMB16,658,660 were used for issuance of letters of guarantee and bank’s acceptance notes, respectively.

As of December 31, 2025, the Group had bank credit quotas with aggregated amount of RMB77,756,566 which consists of non-collateral based bank credit quotas of RMB7,752,160 and collateral-based bank credit quotas of RMB70,004,406 Out of the total non-collateral bank credit quotas, RMB2,480,000, RMB690,000 and RMB237,000 were used for bank borrowing, issuance of letters of guarantee and banks’ acceptance notes, respectively. Out of the total collateral-based bank credit quotas, RMB24,447,520, RMB8,088,343 and RMB102,052 were used for bank’s acceptance notes, issuance of letters of guarantee and letter of cedit, respectively.

(iv) Convertible notes

2024 Notes

In February 2019, the Group issued US$650,000 convertible senior notes and additional US$100,000 senior notes (collectively the “2024 Notes”) to the Notes purchasers (the “Notes Offering”). The 2024 Notes bears interest at a rate of 4.50% per year, payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2019. The 2024 Notes is convertible into the Company’s American Depositary Shares at the pre-agreed fixed conversion price at the discretion of the holders and will mature for repayment on February 1, 2024. Holders of the 2024 Notes are entitled to require the Company to repurchase all or part of the 2024 Notes in cash on February 1, 2022 or in the event of certain fundamental changes. In connection with the Notes Offering, the Company entered into capped call transactions with certain Notes purchasers and/or their respective affiliates and/or other financial institutions (the “Capped Call Option Counterparties”) and used a portion of the net proceeds of the Notes Offering to pay the cost of such transactions. In addition, the Company also entered into privately negotiated zero-strike call option transactions with certain Notes purchasers or their respective affiliates (the “Zero-Strike Call Option Counterparties”) and used a portion of the net proceeds of the Notes Offering to pay the aggregate premium under such transactions. The Company accounts for the 2024 Notes as a single instruments as a long-term debt. The debt issuance cost were recorded as reduction to the long-term debts and are amortized as interest expenses using the effective interest method. The value of the 2024 Notes are measured by the cash received. The cost for the capped call transactions have been recorded as deduction of additional paid-in capital within total shareholders’ equity. The zero-strike call option was deemed as a prepaid forward to purchase the Company’s own shares and recognized as permanent equity at its fair value at inception as a reduction to additional paid in capital in the consolidated balance sheet. In November 2020, US$7 in aggregate principal amount of such Notes were converted, pursuant to which the Company issued 735 Class A ordinary shares to the holders of such Notes. The balance of the Notes converted were derecognized and recorded as ordinary shares and additional paid-in capital.

On January 15, 2021, the Company entered into separate and individually privately negotiated agreements with certain holders of its outstanding 2024 Notes to exchange US$581,685 principal amount of the outstanding 2024 Notes for 62,192,017 ADSs with a conversion premium of US$56,359 (the “2024 Notes Exchanges”). In connection with the 2024 Notes Exchanges, the Company also entered into agreements with certain financial institutions to terminate a portion of the capped call transactions and Zero-Strike Call transactions with the amount corresponding to the portion of the principal amount of the 2024 Notes that were exchanged. With above termination of the capped call transactions and Zero-Strike Call transactions, the Company received 16,402,643 treasury shares accordingly.

For the 2024 Notes Exchanges, the 2024 Notes with carrying amount of US$578,902 were derecognised with a corresponding amount being recognised as share capital and additional paid-in capital. The conversion premium of US$56,359 was recorded as interest expenses according to ASC 470-20-40-16, which requires a reporting entity to recognize an expense equal to the fair value of the shares or other consideration issued to induce conversion, i.e., the excess of the fair value of all consideration transferred over the fair value of the securities transferred pursuant to the original conversion terms. For the terminations of the capped call transactions and Zero-Strike Call transactions, the amount of the purchase price of the capped call transactions and Zero-Strike Call transactions terminated of RMB1,849,600 that was previously recorded in the additional paid-in capital was reclassified to treasury stock.

On February 1, 2024, the Company repaid the then outstanding 2024 Notes in full upon the maturity of the 2024 Notes with carrying amount of US$164,520 (RMB1,168,732). The Company also entered into agreements with certain financial institutions to terminate the capped call transactions and Zero-Strike Call transactions and received 13,404,825 treasury shares accordingly. The amount of the purchase price of the capped call transactions and Zero-Strike Call transactions terminated of RMB709,490 that was previously recorded in the additional paid-in capital was reclassified to treasury stock.

2026 and 2027 Notes

In January 2021, the Group issued US$750,000 convertible senior Notes due 2026 (the “2026 Notes”) and US$750,000 convertible senior Notes due 2027 (the “2027 Notes”). The 2026 Notes bears no interest and the 2027 Notes bears interest at a rate of 0.50% per year, which is payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2021. Holders may convert their 2026 Notes at their option prior to the close of business on the business day immediately preceding August 1, 2025, and holders may convert their 2027 Notes at their option prior to the close of business on the business day immediately preceding August 1, 2026. The initial conversion price is US$93.06 per ADS for the Notes, subject to customary anti-dilution adjustments. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at the Company’s discretion. Holders of the 2026 Notes have the right to require the Company to repurchase in cash for all or part of their Notes on February 1, 2024 or in the event of certain fundamental changes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased. Holders of the 2027 Notes have the right to require the Company to repurchase in cash for all or part of their Notes on February 1, 2025 or in the event of certain fundamental changes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest.

The Company early adopted ASU 2020-06 which eliminates the cash conversion accounting models for 2026 Notes and 2027 Notes. Accordingly, the principal amount of these Notes was reported as one single unit of account in long-term borrowings at its principal amount, net of debt issuance costs of US$26,340, on the basis of not electing fair value option for the Notes and no substantial premium to be offered. The Notes are subsequently measured at amortized cost with interest expenses accrued over the term of these Notes using the effective interest method.

In 2022, the Group repurchased the aggregated portion of 2026 Notes with the carrying amount of US$190,962 (RMB1,317,106). In 2023, the Group repurchased the aggregated portion of 2026 Notes and 2027 Notes with the carrying amount of US$ 253,762 (RMB1,801,685) and US$242,249 (RMB1,719,944), respectively. In February 2024, upon the exercise of repurchase prices by the holders of the 2026 Notes, the Group repurchased the portion of 2026 Notes with the aggregated carrying amount of US$298,689 (RMB2,122,155).

In November and December 2024, as separately negotiated, the Group settled certain 2027 Notes with a principal amount of $127,090 by delivering 27,690,071 Company’s ADSs and cancelled the same amount of treasury shares, with the exchange ratio ranged from 207.0 to 227.6 ADSs per $1,000 principal amount of the 2027 Notes. The Group did not receive any cash proceeds from the issuance of the ADSs upon exchange. The Group derecognized treasury stock of RMB2,214,029, with the difference of RMB1,311,200 recorded in additional paid-in capital accordingly.

As of December 31, 2024, the carrying amount of the remaining 2026 Notes and 2027 Notes were RMB6,534 and RMB2,706,285, respectively. As of December 31, 2024, the Company reclassified the carrying value of 2027 Notes with the amount of RMB2,706,285 in current liabilities to reflect the early redemption right by 2027 Notes holders on February 1, 2025.

In February 2025, upon the exercise of repurchase rights by the holders of the 2027 Notes, the Group repurchased the portion of 2027 Notes with the aggregated carrying amount of US$378,312 (RMB2,712,412).

As of December 31, 2025, the carrying amount of the remaining 2026 Notes and 2027 Notes were RMB6,409 and RMB1,493, respectively.

2029 and 2030 Notes

In September and October 2023, the Company issued US$575,000 convertible senior Notes due 2029 (the “2029 Notes”) and US$575,000 convertible senior Notes due 2030 (the “2030 Notes”). The 2029 Notes bears interest at a rate of 3.875% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on April 15, 2024. The 2030 Notes bears interest at a rate of 4.625% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on April 15, 2024. Holders may convert their 2029 Notes at their option prior to the close of business on the second scheduled trading day immediately preceding October 15, 2029, and holders may convert their 2030 Notes at their option prior to the close of business on the second scheduled trading day immediately preceding October 15, 2030. The initial conversion price is US$11.12 per ADS for the Notes, subject to customary anti-dilution adjustments. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at the Company’s discretion. Holders of the 2029 Notes have the right to require the Company to repurchase in cash for all or part of their Notes on October 15, 2027 or in the event of certain fundamental changes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased. Holders of the 2030 Notes have the right to require the Company to repurchase in cash for all or part of their Notes on October 15, 2028 or in the event of certain fundamental changes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest.

The Company accounted for 2029 Notes and 2030 Notes in accordance with ASU 2020-06 which eliminates the cash conversion accounting models. Accordingly, the principal amount of these Notes was reported as one single unit of account in long-term borrowings at its principal amount, net of debt issuance costs of US$17,855, on the basis of not electing fair value option for the Notes and no substantial premium to be offered. The Notes are subsequently measured at amortized cost with interest expenses accrued over the term of these Notes using the effective interest method. As of December 31, 2024 and 2025, the carrying amount of the Notes were RMB8,160,462 and RMB7,996,217, respectively.

Long-term investments - Equity securities with readily determinable fair value (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Long-term investments
Investment in public companies	¥ 261,688	¥ 0	¥ 0
Impairment charges	¥ 0	¥ 0	¥ 0

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Schedule of lessee lease information


		December 31,		December 31,
		2024		2025
Operating leases:
Right-of-use assets - operating lease		12,797,158		11,711,306
Current portion of operating lease liabilities		1,945,987		2,163,768
Non-current operating lease liabilities		11,260,735		10,092,039
Total operating lease liabilities		13,206,722		12,255,807
Finance leases:
Right-of-use assets - finance lease		63,635		5,696,866
Current portion of finance lease liabilities		13,498		263,203
Non-current finance lease liabilities		35,145		4,769,972
Total finance lease liabilities		48,643		5,033,175


		As of December 31,		As of December 31,
		2024		2025
Weighted-average remaining lease term:
Operating leases		10.9	years	10.6	years
Finance leases		5.5	years	18.9	years

Weighted-average discount rate:
Operating leases		4.45	%	4.39	%
Finance leases		4.14	%	4.20	%


		For the Year Ended December 31,
		2024		2025
Operating cash outflows from operating leases		2,385,552		2,402,489
Operating cash outflows from finance leases (interest payments)		2,208		90,864
Financing cash outflows from finance leases		37,854		101,113
Right-of-use assets obtained in exchange for lease liabilities		3,698,231		6,512,719

Schedule of lease expenses


		Year Ended December 31,
		2024		2025
Lease cost:
Amortization of right-of-use assets		1,825,182		2,228,651
Interest of operating lease liabilities		573,031		543,698
Expenses for short-term leases within 12 months and other non-lease component		227,990		92,361
Total lease cost		2,626,203		2,864,710

Schedule of maturities of our operating and finance lease liabilities (excluding short-term leases)


		As of December 31,				As of December 31,
		2024				2025
		Operating		Finance		Operating		Finance
		Leases		Leases		Leases		Leases
2025		2,531,918		16,993		—		—
2026		2,306,078		15,497		2,420,506		409,668
2027		1,899,976		13,352		2,079,015		400,900
2028		1,504,174		8,788		1,725,211		388,453
2029		1,228,528		4,237		1,474,031		379,880
2030		—		—		1,184,585		374,286
Thereafter		7,388,703		8,485		7,480,193		5,249,953
Total minimum lease payments		16,859,377		67,352		16,363,541		7,203,140
Less: Interest		(3,652,655)		(18,709)		(4,107,734)		(2,169,965)
Present value of lease obligations		13,206,722		48,643		12,255,807		5,033,175
Less: Current portion		(1,945,987)		(13,498)		(2,163,768)		(263,203)
Long-term portion of lease obligations		11,260,735		35,145		10,092,039		4,769,972

Deferred Revenue/Income

12 Months Ended

Dec. 31, 2025

Deferred Revenue/Income

Deferred Revenue/Income

16. Deferred Revenue/Income

The following table shows a reconciliation in the current reporting period related to carried-forward deferred revenue/income.


		Year Ended December 31,
		2023		2024		2025
Deferred revenue/income–beginning of year		3,561,890		4,996,043		6,202,276
Additions		3,138,343		3,263,495		2,335,784
Recognition		(1,705,134)		(2,055,119)		(2,522,435)
Effects on foreign exchange adjustment		944		(2,143)		4,305
Deferred revenue/income–end of year		4,996,043		6,202,276		6,019,930

Deferred revenue mainly includes the transaction price allocated to the performance obligations that are unsatisfied, or partially satisfied, which mainly arises from the vehicle connectivity services, the extended warranty services, battery swapping services as well as the points offered to customers, with unrecognized deferred revenue balance of RMB6,202,276 and RMB6,019,930 as of December 31, 2024 and 2025, respectively.

The Group expects that approximately 52% of the transaction price allocated to unsatisfied performance obligation as at December 31, 2025 will be recognized as revenue during the period from January 1, 2026 to December 31, 2026. The remaining 48% will be recognized during the period from January 1, 2027 to December 31, 2040.

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Inventory

Schedule of inventory


		December 31,		December 31,
		2024		2025
Raw materials		2,273,991		3,487,344
Work in process		141,195		241,910
Finished Goods		4,291,167		4,554,713
Merchandise		626,772		910,903
Less: inventory provision		(245,902)		(664,016)
Total		7,087,223		8,530,854

Taxation - Reconciliation (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income Tax Expense (Benefit)
Loss before income tax expense	¥ 14,820,719	$ 2,119,334	¥ 22,424,524	¥ 20,458,918
Income tax benefit computed at PRC statutory income tax rate of 25%	(3,705,180)		(5,606,131)	(5,114,730)
Non-deductible expenses			25,426	58,852
Foreign tax rates differential	277,119		621,111	481,318
Tax incentives relating to R&D expenditures	(1,222,788)		(1,745,145)	(1,432,723)
Tax exempted interest income			(40,535)	(25,017)
US tax credits			(22,657)	(36,746)
Prior year True-ups			321,080	242,392
Others			17	316
Changes in valuation allowance			6,424,019	6,087,173
Income tax expense/(benefit)	¥ 121,882	$ 17,429	¥ (22,815)	¥ 260,835
Tax Jurisdiction of Domicile [Extensible Enumeration]	PRC	PRC
Percent
Income tax expense computed at PRC statutory income tax rate of 25%	25.00%	25.00%	25.00%	25.00%
Foreign tax effects	(1.90%)	(1.90%)
Tax incentives relating to R&D expenditures	8.30%	8.30%
Effective Income Tax Rate Reconciliation, Percent, Total	(0.80%)	(0.80%)
PRC
Income Tax Expense (Benefit)
Non-deductible expenses	¥ 34,886
Others	577,190
Changes in valuation allowance	4,160,655
Income tax expense/(benefit)	¥ 108,185
Percent
Nontaxable or nondeductible items	(0.20%)	(0.20%)
Others	(3.90%)	(3.90%)
Changes in valuation allowance	(28.10%)	(28.10%)
Germany
Income Tax Expense (Benefit)
Income tax expense/(benefit)	¥ 12,547
Other foreign jurisdictions
Income Tax Expense (Benefit)
Income tax expense/(benefit)	¥ 1,150

Taxation (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Taxation (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Taxation
Effective income tax rate	(0.80%)	(0.80%)
Equity interest held	25.00%	25.00%
Statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Current income tax expense	¥ 136,658		¥ 62,065	¥ 59,943
Deferred income tax expense/(benefit)	(14,776)		(84,880)	200,892
Total	¥ 121,882	$ 17,429	¥ (22,815)	¥ 260,835
US
Taxation
Effective income tax rate	29.84%	29.84%	29.84%	29.84%
United Kingdom
Taxation
Effective income tax rate	19.00%	19.00%	19.00%	19.00%
Germany
Taxation
Effective income tax rate	32.98%	32.98%	32.98%	32.98%
Norway
Taxation
Effective income tax rate	22.00%	22.00%	22.00%	22.00%
Netherlands
Taxation
Effective income tax rate	25.80%	25.80%	25.80%	25.80%
Cayman Islands Tax Information Authority
Taxation
Effective income tax rate	0.00%	0.00%
State Administration of Taxation, Chinese Mainland
Taxation
Effective income tax rate	25.00%	25.00%
Preferential tax rate	15.00%	15.00%
Percentage of withholding tax for foreign investors non resident enterprises	10.00%	10.00%
Percentage of withholding tax for resident enterprise	5.00%	5.00%
Percent entitled to claim for qualified research and development expenses	200.00%	200.00%
Additional percentage of qualified research and development expenses claimed in annual filing	100.00%	100.00%
Inland Revenue, Hong Kong \| Remaining taxable income
Taxation
Effective income tax rate	16.50%	16.50%
Inland Revenue, Hong Kong \| First HKD2,000 Taxable Income
Taxation
Effective income tax rate	8.25%	8.25%

Land Use Rights, Net (Tables)

12 Months Ended

Dec. 31, 2025

Land Use Rights, Net

Schedule of land use rights, net


		December 31,		December 31,
		2024		2025
Land use rights		235,198		235,198
Less: Accumulated amortization—land use rights		(33,203)		(38,507)
Total land use rights, net		201,995		196,691

Loss Per Share - Weighted average numbers of ordinary shares outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Loss Per Share
Weighted average numbers of ordinary shares outstanding	137,134,763	137,809,220	100,884,316
Restricted shares
Loss Per Share
Weighted average numbers of ordinary shares outstanding	10,991,676
Outstanding weighted average options granted
Loss Per Share
Weighted average numbers of ordinary shares outstanding	22,357,327	27,077,944	43,876,236
Convertible notes
Loss Per Share
Weighted average numbers of ordinary shares outstanding	103,785,760	110,731,276	57,008,080

Leases - Lease cost (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Leases - Lease cost (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lease cost:
Amortization of right-of-use assets	¥ 2,228,651	¥ 1,825,182
Interest of operating lease liabilities	543,698	573,031
Expenses for short-term leases within 12 months and other non-lease component	92,361	227,990
Total lease cost	¥ 2,864,710	¥ 2,626,203

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2025

Other Non-Current Liabilities

Other Non-Current Liabilities

13. Other Non-Current Liabilities

Other non-current liabilities consist of the following:


		December 31,		December 31,
		2024		2025
Non-current finance lease liabilities		35,145		4,769,972
Warranty liabilities		4,068,079		4,606,225
Deferred revenue		3,045,846		2,872,987
Deferred government grants		391,116		568,919
Deferred profit		—		255,496
Payable to BaaS users		779,695		193,845
Others		308,715		423,334
Total		8,628,596		13,690,778

Deferred government grants mainly consist of specific government subsidies for purchase of land use right and buildings, charging and battery swap equipment, which is amortized using the straight-line method as a deduction of the amortization or depreciation expense of the relevant assets over their remaining estimated useful life.

Loss Per Share

12 Months Ended

Dec. 31, 2025

Loss Per Share

Loss Per Share

24. Loss Per Share

Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2023, 2024 and 2025 as follows:


		For the Year Ended December 31,
		2023		2024		2025
Numerator:
Net loss		(20,719,753)		(22,401,709)		(14,942,601)
Accretion on redeemable non-controlling interests to redemption value		(303,163)		(347,516)		(609,857)
Net loss attributable to non-controlling interests		(124,051)		91,533		(18,220)
Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share		(21,146,967)		(22,657,692)		(15,570,678)
Denominator:
Weighted-average number of ordinary shares outstanding – basic and diluted		1,700,203,886		2,054,614,522		2,272,635,997
Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc.		(12.44)		(11.03)		(6.85)

For the years ended December 31, 2023, 2024 and 2025, the Company had potential ordinary shares, including non-vested restricted shares, option granted and convertible notes. As the Group incurred losses for the years ended December 31, 2023, 2024 and 2025, these potential ordinary shares were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company. The weighted average numbers of these potential ordinary shares outstanding are as following:


	For the Year Ended December 31,
	2023	2024	2025
Restricted shares	—	—	10,991,676
Outstanding weighted average options granted	43,876,236	27,077,944	22,357,327
Convertible notes	57,008,080	110,731,276	103,785,760
Total	100,884,316	137,809,220	137,134,763

Revenue (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Revenue (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Revenue
Total revenues	¥ 87,487,510	$ 12,510,547	¥ 65,731,559	¥ 55,617,933
Point in time
Revenue
Total revenues	82,615,445		62,271,688	52,943,443
Over time
Revenue
Total revenues	4,872,065		3,459,871	2,674,490
Vehicle sales
Revenue
Total revenues	76,883,876	$ 10,994,248	58,234,086	49,257,270
Parts, accessories and after-sales vehicle services
Revenue
Total revenues	4,174,135		3,324,321	2,337,490
Provision of power solution
Revenue
Total revenues	2,464,441		2,100,553	1,666,346
Others
Revenue
Total revenues	¥ 3,965,058		¥ 2,072,599	¥ 2,356,827

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Inventory

12 Months Ended

Dec. 31, 2025

Inventory

Inventory

5. Inventory


		December 31,		December 31,
		2024		2025
Raw materials		2,273,991		3,487,344
Work in process		141,195		241,910
Finished Goods		4,291,167		4,554,713
Merchandise		626,772		910,903
Less: inventory provision		(245,902)		(664,016)
Total		7,087,223		8,530,854

Raw materials primarily consist of materials for volume production. Finished goods include vehicles ready for transit at production factory, vehicles in transit to fulfill customer orders, new vehicles available for immediate sale at the Group’s sales and service center locations and charging piles. Merchandise includes parts, accessories and lifestyle merchandises.

Inventory write-downs recorded in cost of sales for the years ended December 31, 2023, 2024 and 2025 were RMB65,362, RMB123,345 and RMB509,322, respectively.

Summary of Significant Accounting Policies - Credit loss provision for the current and non-current assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Summary of Significant Accounting Policies
Current assets	¥ 76,633,037	$ 10,958,378	¥ 61,886,043
Non-current assets	47,768,041	$ 6,830,738	45,718,569
Expected credit loss provision - current	48,590		50,594
Expected credit loss provision - non-current	14,699		59,386
Trade and notes receivable
Summary of Significant Accounting Policies
Current assets	¥ 1,421,006		¥ 1,714,786
Expected credit loss rate - current	1.87%	1.87%	2.25%
Expected credit loss provision - current	¥ 26,561		¥ 38,540
Amounts due from related parties
Summary of Significant Accounting Policies
Current assets	¥ 16,098,829		¥ 7,712,546
Expected credit loss rate - current	0.13%	0.13%	0.13%
Expected credit loss provision - current	¥ 20,579		¥ 10,142
Prepayments and other current assets
Summary of Significant Accounting Policies
Current assets	¥ 4,855,060		¥ 3,634,868
Expected credit loss rate - current	0.03%	0.03%	0.05%
Expected credit loss provision - current	¥ 1,450		¥ 1,912
Other non-current assets
Summary of Significant Accounting Policies
Non-current assets	¥ 7,448,284		¥ 3,632,523
Expected credit loss rate - non-current	0.20%	0.20%	1.63%
Expected credit loss provision - non-current	¥ 14,699		¥ 59,386

Long-term investments - Equity securities using fair value option and available-for-sale debt securities (Details) ¥ in Thousands, $ in Thousands	1 Months Ended				3 Months Ended	12 Months Ended
	Sep. 30, 2025 CNY (¥)	May 31, 2025 CNY (¥)	Nov. 30, 2023 CNY (¥)	Jul. 31, 2021 CNY (¥)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Long-term investments
Initial cost					¥ 979,071	¥ 979,071		¥ 173,918
Carrying value					979,071	979,071		173,918
Purchase of available-for-sale debt investments				¥ 650,000		1,820	$ 260	52,842
Capital contribution by company				550,000
Capital contribution by unrelated investors				¥ 100,000
Total consideration	¥ 577,470	¥ 577,470			¥ 96,428					¥ 270,000
Recognized investment gain	14,883	¥ 14,883								171,567
Released unrealized gains										¥ 4,652
Previously unrealized gain			¥ 977,294
Deferred tax impact associated with unrealised gain			¥ 206,734
Recognized the investment gain in net income	153,121
Recognized investment gain in tax impact	40,324
Recognized investment gain in non-controlling interests	¥ 32,148
Impairment loss						0		0	¥ 0
Private company
Long-term investments
Purchase of available-for-sale debt investments						¥ 159,000		¥ 53,918	¥ 0

Borrowings - Components (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Short-term borrowing:
Bank loan	¥ 3,580,000	¥ 4,490,000
Other short-term financing arrangements	1,111,910	1,239,561
Current portion of long-term borrowings:
Current portion of other financing arrangements	317,792	52,157
Long-term borrowings:
Convertible notes	7,997,710	8,166,996
Bank loan	391,220	2,965,490
Other financing arrangements	237,342	308,269
Total	13,974,153	20,567,938
Convertible notes
Current portion of long-term borrowings:
Current portion of convertible notes	6,409	2,706,285
Long-term borrowings
Current portion of long-term borrowings:
Current portion of long-term bank loan	¥ 331,770	¥ 639,180

Related Party Balances and Transactions - Provision of services (Details) - Related party - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Balances and Transactions
Provision of services	¥ 999,300	¥ 306,528	¥ 167,180
Mclaren Group Holdings Ltd. and its subsidiaries
Related Party Balances and Transactions
Provision of services	762,681	201,063
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries
Related Party Balances and Transactions
Provision of services	162,095	101,381	166,027
Blue Horizon Limited and its subsidiaries
Related Party Balances and Transactions
Provision of services	68,563	3,017
VTA Technology Inc. and its subsidiaries
Related Party Balances and Transactions
Provision of services	5,242
Nanjing Weibang Transmission Technology Co., Ltd.
Related Party Balances and Transactions
Provision of services	¥ 719	¥ 1,067	¥ 1,153

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 14: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 15: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Deferred Revenue/Income (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Revenue/Income

Schedule of reconciliation in the current reporting period related to carried-forward deferred revenue/income


		Year Ended December 31,
		2023		2024		2025
Deferred revenue/income–beginning of year		3,561,890		4,996,043		6,202,276
Additions		3,138,343		3,263,495		2,335,784
Recognition		(1,705,134)		(2,055,119)		(2,522,435)
Effects on foreign exchange adjustment		944		(2,143)		4,305
Deferred revenue/income–end of year		4,996,043		6,202,276		6,019,930

Summary of Significant Accounting Policies - Intangibles through impairment (Details)	Dec. 31, 2025
Domain names and others
Summary of Significant Accounting Policies
Useful lives	5 years
Land use rights \| Minimum
Summary of Significant Accounting Policies
Useful lives	491 months
Land use rights \| Maximum
Summary of Significant Accounting Policies
Useful lives	536 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 24: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 27: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

Selling, General and Administrative Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Selling, General and Administrative Expenses

Schedule of selling, general and administrative expenses


		For the Year Ended December 31,
		2023		2024		2025
Employee compensation		5,929,888		7,405,828		7,751,345
Marketing and promotional expenses		2,642,531		3,408,931		3,124,734
Rental and related expenses		1,683,929		1,930,423		2,153,985
Depreciation and amortization expenses		672,669		882,860		989,332
Professional services		550,011		561,284		598,568
IT consumable, office supply and other low value consumable		581,193		541,782		475,648
Other taxes and surcharges		290,456		409,690		386,251
Travel and entertainment expenses		218,396		147,180		101,384
Expected credit losses		(26,315)		(3,761)		(46,691)
Others		341,798		456,840		553,191
Total		12,884,556		15,741,057		16,087,747

Taxation - Deferred tax assets and liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carry-forwards	¥ 23,868,202	¥ 21,278,950	¥ 14,850,298
Deferred revenue	1,503,346	1,487,912	1,241,114
Accrued and prepaid expenses	1,272,471	1,246,887	1,635,032
Tax credit carry-forwards	370,409	384,960	347,340
Property, plant and equipment, net	301,270	203,847	158,609
Write-downs of inventory	166,004	28,007	47,733
Share-based compensation	81,589	76,708	19,846
Unrealized financing expense	22,334	23,148	64,870
Allowance against receivables	15,822	27,495	28,435
Unrealized foreign exchange loss	2,540	2,362	2,364
Equity securities without readily determinable fair value	953	953	953
Equity method investments	841	329	75
Equity securities with readily determinable fair value	752	942	717
Advertising expenses in excess of deduction limit	42	123	33
Deferred rent		112,041	80,240
Intangible assets		27,478	59,375
Others	6,813	2,900	3,464
Less: Valuation allowance	(27,491,352)	(24,902,819)	(18,538,828)	¥ (12,727,355)
Subtotal	122,036	2,223	1,670
Deferred tax liabilities
Deferred rent	(108,445)
Available for sale debt securities	(89,662)
Equity method investments	(25,575)	(12,367)	(7,283)
Intangible assets	(11,045)
Equity securities using fair value option		(117,323)	(206,734)
Subtotal	(234,727)	(129,690)	(214,017)
Total deferred tax liabilities, net	¥ (112,691)	¥ (127,467)	¥ (212,347)

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-based Compensation

Schedule of compensation expenses recognized for share based awards granted


		For the Year Ended December 31,
		2023		2024		2025
Cost of sales		83,972		71,779		57,954
Research and development expenses		1,517,206		1,296,136		1,129,859
Selling, general and administrative expenses		767,863		560,597		602,914
Total		2,369,041		1,928,512		1,790,727

Schedule of stock option activity


				Weighted		Weighted
		Number of		Average		Average		Aggregate
		Options		Exercise		Remaining		Intrinsic
		Outstanding		Price		Contractual Life		Value
				US$		In Years		US$
Outstanding as of December 31, 2024		52,060,649		3.55		2.60		100,420
Granted		—		—		—		—
Exercised		(7,965,157)		2.06		—		—
Cancelled		(15,780)		43.97		—		—
Expired		(811,075)		22.76		—		—
Outstanding as of December 31, 2025		43,268,637		3.45		2.24		110,655
Vested and expected to vest as of December 31, 2025		43,197,261		3.45		2.25		110,462
Exercisable as of December 31, 2025		41,781,637		3.49		2.20		106,626

Schedule of share options to employees


		Weighted	Weighted
	Number of	Average	Average	Aggregate
	Options	Exercise	Remaining	Intrinsic
	Outstanding	Price	Contractual Life	Value
		US$	In Years	US$
Outstanding as of December 31, 2024	43,094,529	0.00001	8.09	47,950
Granted	9,671,262	0.00001	—	—
Exercised	(13,019,681)	—	—	—
Forfeited	(2,693,382)	—	—	—
Outstanding as of December 31, 2025	37,052,728	0.00001	7.95	36,870

NIO Incentive Plans

Share-based Compensation

Schedule of weighted average assumptions used


		2023					2024
Exercise price (US$)		2.39		-	2.39		2.39		-	2.39
Fair value of the ordinary shares on the date of option grant (US$)		8.51		-	8.51		5.48		-	5.48
Risk-free interest rate		3.70	%	-	3.70	%	4.14	%	-	4.14	%
Exercise multiple					2.5	x				2.5	x
Expected dividend yield					0	%				0	%
Expected volatility					57	%				62	%
Expected forfeiture rate (post-vesting)					1.8	%				6.09	%

A Plan

Share-based Compensation

Schedule of weighted average assumptions used


		For the Year Ended
		December 31,
		2023, 2024 and 2025
Fair value of the ordinary shares on the date of option grant (US$)		1.00-1.01
Risk-free interest rate		1.58	%
Expected term (in years)		10
Expected dividend yield		0	%
Expected volatility		52	%
Expected forfeiture rate (post-vesting)		2	%

US employees under 2016 Plan | NIO Incentive Plans

Share-based Compensation

Schedule of restricted shares activity


		Number of Restricted		Weighted Average
		Shares Outstanding		Grant Date Fair Value
				US$
Unvested at December 31, 2024		61,852,743		10.96
Granted		31,294,180		4.36
Vested		(28,389,949)		11.51
Forfeited		(16,761,193)		8.88
Unvested at December 31, 2025		47,995,781		7.06

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 11,274,094	$ 1,612,174	¥ 19,328,920
Restricted cash	14,745,975	2,108,646	8,320,728
Short-term investments	19,755,809	2,825,043	14,137,566
Trade and notes receivables, net (Allowance for expected credit losses of RMB38.5 million and RMB26.6 million as of December 31, 2024 and 2025, respectively)	1,394,445	199,403	1,676,246
Amounts due from related parties, net (Allowance for expected credit losses of RMB10.1 million and RMB20.6 million as of December 31, 2024 and 2025, respectively)	16,078,250	2,299,159	7,702,404
Inventory	8,530,854	1,219,896	7,087,223
Prepayments and other current assets, net (Allowance for expected credit losses of RMB1.9 million and RMB1.5 million as of December 31, 2024 and 2025, respectively)	4,853,610	694,057	3,632,956
Total current assets	76,633,037	10,958,378	61,886,043
Non-current assets:
Long-term restricted cash	88,325	12,630	97,720
Property, plant and equipment, net	25,827,968	3,693,350	25,892,904
Intangible assets, net	29,648	4,240	29,648
Land use rights, net	196,691	28,126	201,995
Long-term investments	2,480,518	354,709	3,126,007
Right-of-use assets - operating lease	11,711,306	1,674,694	12,797,158
Other non-current assets, net (Allowance for expected credit losses of RMB59.4 million and RMB14.7 million as of December 31, 2024 and 2025, respectively)	7,433,585	1,062,989	3,573,137
Total non-current assets	47,768,041	6,830,738	45,718,569
Total assets	124,401,078	17,789,116	107,604,612
Current liabilities:
Short-term borrowings	4,691,910	670,934	5,729,561
Trade and notes payable	53,300,000	7,623,190	34,387,266
Amounts due to related parties, current	¥ 625,903	$ 89,503	¥ 409,363
Other Liability, Current, Related Party [Extensible Enumeration]	Related party	Related party	Related party
Taxes payable	¥ 439,240	$ 62,810	¥ 400,146
Current portion of operating lease liabilities	2,163,768	309,415	1,945,987
Current portion of long-term borrowings	655,971	93,803	3,397,622
Accruals and other liabilities	16,696,044	2,387,502	16,041,079
Total current liabilities	78,582,563	11,237,157	62,311,024
Non-current liabilities:
Long-term borrowings	8,626,272	1,233,540	11,440,755
Non-current operating lease liabilities	10,092,039	1,443,142	11,260,735
Deferred tax liabilities	112,691	16,115	127,467
Total non-current liabilities	33,125,958	4,736,947	31,787,045
Total liabilities	111,708,521	15,974,104	94,098,069
Commitments and contingencies (Note 26)
MEZZANINE EQUITY
Redeemable non-controlling interests	8,551,854	1,222,899	7,441,997
Total mezzanine equity	8,551,854	1,222,899	7,441,997
SHAREHOLDERS' EQUITY
Less: Treasury shares (3,472,933 and 2,951,528 shares as of December 31, 2024 and 2025, respectively)	(123,910)	(17,719)	(239,328)
Additional paid in capital	131,728,259	18,836,891	118,688,242
Accumulated other comprehensive income	579,799	82,910	582,659
Accumulated deficit	(128,000,000)	(18,307,908)	(113,068,210)
Total NIO Inc. shareholders' equity	4,159,460	594,795	5,967,023
Non-controlling interests	(18,757)	(2,682)	97,523
Total shareholders' equity	4,140,703	592,113	6,064,546
Total liabilities, mezzanine equity and shareholders' equity	124,401,078	17,789,116	107,604,612
Related party
Non-current liabilities:
Other non-current liabilities	604,178	86,396	329,492
Nonrelated party
Non-current liabilities:
Other non-current liabilities	13,690,778	1,957,754	8,628,596
Class A Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary shares	4,089	585	3,406
Class C Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary shares	¥ 254	$ 36	¥ 254

Related Party Balances and Transactions - Amount due to related parties, non-current (Details) - Related party ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Related Party Balances and Transactions
Amount due to related parties, non-current	¥ 604,178	$ 86,396	¥ 329,492
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries
Related Party Balances and Transactions
Amount due to related parties, non-current	351,014		78,460
Mclaren Group Holdings Ltd. and its subsidiaries
Related Party Balances and Transactions
Amount due to related parties, non-current	182,074		¥ 251,032
Zhong'an Energy (Anhui) Co., Ltd.
Related Party Balances and Transactions
Amount due to related parties, non-current	¥ 71,090

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Related Party Balance and Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of related party transactions

(i) Provision of services


		For the Year Ended December 31,
		2023		2024		2025
Mclaren Group Holdings Ltd. and its subsidiaries		—		201,063		762,681
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		166,027		101,381		162,095
Blue Horizon Limited and its subsidiaries		—		3,017		68,563
VTA Technology Inc. and its subsidiaries		—		—		5,242
Nanjing Weibang Transmission Technology Co., Ltd.		1,153		1,067		719
Total		167,180		306,528		999,300

(ii) Purchase of services


		For the Year Ended December 31,
		2023		2024		2025
Kunshan Siwopu Intelligent Equipment Co., Ltd.		—		5,738		26,178
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		23,878		17,594		9,694
Tianjin Tengyi Information Technology Co., Ltd.		7,823		15,031		9,650
Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd.		184,279		92,549		1,554
Xunjie Energy (Wuhan) Co., Ltd.		—		1,225		603
Beijing WeLion New Energy Technology Co., Ltd.		34,016		21,603		40
VTA Technology Inc. and its subsidiaries		—		59		—
Total		249,996		153,799		47,719

(iii) Purchase of raw materials or long-lived assets


		For the Year Ended December 31,
		2023		2024		2025
Xunjie Energy (Wuhan) Co., Ltd.		111,875		37,603		12,239
VTA Technology Inc. and its subsidiaries		—		2,485		4,917
Nanjing Weibang Transmission Technology Co., Ltd.		73,071		85,938		4,363
Kunshan Siwopu Intelligent Equipment Co., Ltd.		1,062,521		86,985		—
Beijing WeLion New Energy Technology Co., Ltd.		—		48,547		—
Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd.		—		32,213		—
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		—		8		—
Total		1,247,467		293,779		21,519

(iv) Sales of goods


	For the Year Ended December 31,
	2023	2024	2025
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries	1,457,500	9,848,487	16,002,921
Blue Horizon Limited and its subsidiaries	—	69,447	113,836
Shanghai Weishang Business Consulting Co., Ltd.	199	331	383
Hefei Chuangwei Information Consultation Co., Ltd.	194	—	—
Total	1,457,893	9,918,265	16,117,140

(v) Sales of raw materials or long-lived assets


		For the Year Ended December 31,
		2023		2024		2025
Chongqing Chuangyuan Zhihang Technology Co., Ltd.		—		—		150,000
Kunshan Siwopu Intelligent Equipment Co., Ltd.		—		3,215		3,296
VTA Technology Inc. and its subsidiaries		—		46,779		1,608
Blue Horizon Limited and its subsidiaries		—		1,504		1,388
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		5,597		7		—
Total		5,597		51,505		156,292

(vi) Convertible notes issued to related parties and interest accrual

(vii) Proceeds from borrowings from related parties and interest accrual


		For the Year Ended December 31,
		2023	2024	2025
Zhong’an Energy (Anhui) Co., Ltd.		—	—	87,746

Schedule of due from related parties

(i) Amounts due from related parties


		December 31,		December 31,
		2024		2025
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		7,622,041		15,976,578
Blue Horizon Limited and its subsidiaries		72,636		90,930
Mclaren Group Holdings Ltd. and its subsidiaries		11,749		23,702
Kunshan Siwopu Intelligent Equipment Co., Ltd.		3,633		5,426
VTA Technology Inc. and its subsidiaries		—		2,193
Hefei Chuang Wei Information Consultation Co., Ltd.		2,249		—
Nanjing Weibang Transmission Technology Co., Ltd.		238		—
Expected credit losses		(10,142)		(20,579)
Total		7,702,404		16,078,250

Schedule of due to related parties

(ii) Amounts due to related parties, current


		December 31,		December 31,
		2024		2025
Mclaren Group Holdings Ltd. and its subsidiaries		272,563		552,480
Zhong’an Energy (Anhui) Co., Ltd.		—		16,656
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		9,634		14,565
Beijing WeLion New Energy Technology Co., Ltd.		66,477		14,514
Tianjin Tengyi Information Technology Co., Ltd.		8,575		11,902
Kunshan Siwopu Intelligent Equipment Co., Ltd.		29,658		11,271
Xunjie Energy (Wuhan) Co., Ltd.		17,409		3,688
Blue Horizon Limited and its subsidiaries		71		484
VTA Technology Inc. and its subsidiaries		1,932		343
Nanjing Weibang Transmission Technology Co., Ltd.		2,630		—
Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd.		281		—
Shanghai Weishang Business Consulting Co.,Ltd.		133		—
Total		409,363		625,903

(iii) Amount due to related parties, non-current


		December 31,		December 31,
		2024		2025
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries		78,460		351,014
Mclaren Group Holdings Ltd. and its subsidiaries		251,032		182,074
Zhong’an Energy (Anhui) Co., Ltd.		—		71,090
Total		329,492		604,178

Summary of Significant Accounting Policies - Revenue (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies
Stand-alone fair value as a percentage of gross selling price	3.00%
Revenue allocated to performance obligation	¥ 1,161,603	¥ 1,683,234	¥ 863,627
Amount charged to selling and marketing expenses	237,236	386,663	¥ 162,875
Liabilities related to unredeemed points	1,958,937	2,017,516
Vehicle sales
Summary of Significant Accounting Policies
Contract liabilities	¥ 6,299,514	¥ 6,349,012

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Revenue:
Total revenues	¥ 87,487,510	$ 12,510,547	¥ 65,731,559	¥ 55,617,933
Cost of sales:
Total cost of sales	(75,571,805)	(10,806,624)	(59,238,797)	(52,566,137)
Gross profit	11,915,705	1,703,923	6,492,762	3,051,796
Operating expenses:
Research and development	(10,604,993)	(1,516,494)	(13,037,304)	(13,431,399)
Selling, general and administrative	(16,087,747)	(2,300,517)	(15,741,057)	(12,884,556)
Other operating income, net (including income from related parties of nil, nil and RMB150,000 for the years ended December 31, 2023, 2024 and 2025, respectively)	735,797	105,218	411,526	608,975
Total operating expenses	(25,956,943)	(3,711,793)	(28,366,835)	(25,706,980)
Loss from operations	(14,041,238)	(2,007,870)	(21,874,073)	(22,655,184)
Interest and investment income	761,658	108,916	853,728	2,210,018
Interest expenses	(885,248)	(126,589)	(798,363)	(403,530)
Gain/(loss) on extinguishment of debt	(14,660)	(2,096)	(4,480)	170,193
Share of income/(loss) of equity investees	(1,092,184)	(156,180)	(503,193)	64,394
Other income/(loss), net	450,953	64,485	(98,143)	155,191
Loss before income tax expense	(14,820,719)	(2,119,334)	(22,424,524)	(20,458,918)
Income tax (expense)/benefit	(121,882)	(17,429)	22,815	(260,835)
Net loss	(14,942,601)	(2,136,763)	(22,401,709)	(20,719,753)
Accretion on redeemable non-controlling interests to redemption value	(609,857)	(87,208)	(347,516)	(303,163)
Net (profit)/loss attributable to non-controlling interests	(18,220)	(2,605)	91,533	(124,051)
Net loss attributable to ordinary shareholders of NIO Inc.	(15,570,678)	(2,226,576)	(22,657,692)	(21,146,967)
Net loss	(14,942,601)	(2,136,763)	(22,401,709)	(20,719,753)
Other comprehensive (loss)/income
Change in unrealized losses related to available-for-sale debt securities, net of tax \| ¥				(770,560)
Foreign currency translation adjustment, net of nil tax	(2,860)	(409)	149,668	11,514
Total other comprehensive (loss)/income	(2,860)	(409)	149,668	(759,046)
Total comprehensive loss	(14,945,461)	(2,137,172)	(22,252,041)	(21,478,799)
Accretion on redeemable non-controlling interests to redemption value	(609,857)	(87,208)	(347,516)	(303,163)
Net (profit)/loss attributable to non-controlling interests	(18,220)	(2,605)	91,533	(124,051)
Other comprehensive loss attributable to non-controlling interests \| ¥				156,026
Comprehensive loss attributable to ordinary shareholders of NIO Inc	¥ (15,573,538)	$ (2,226,985)	¥ (22,508,024)	¥ (21,749,987)
Weighted average number of ordinary shares/ADS used in computing net loss per share
Weighted average number of ordinary shares, basic \| shares	2,272,635,997	2,272,635,997	2,054,614,522	1,700,203,886
Weighted average number of ordinary shares, diluted \| shares	2,272,635,997	2,272,635,997	2,054,614,522	1,700,203,886
Net loss per share/ADS attributable to ordinary shareholders
Net loss per share, basic \| (per share)	¥ (6.85)	$ (0.98)	¥ (11.03)	¥ (12.44)
Net loss per share, diluted \| (per share)	¥ (6.85)	$ (0.98)	¥ (11.03)	¥ (12.44)
Vehicle sales
Revenue:
Total revenues	¥ 76,883,876	$ 10,994,248	¥ 58,234,086	¥ 49,257,270
Cost of sales:
Total cost of sales	(65,670,810)	(9,390,801)	(51,094,616)	(44,587,572)
Other sales
Revenue:
Total revenues	10,603,634	1,516,299	7,497,473	6,360,663
Cost of sales:
Total cost of sales	¥ (9,900,995)	$ (1,415,823)	¥ (8,144,181)	¥ (7,978,565)

Land Use Rights, Net

12 Months Ended

Dec. 31, 2025

Land Use Rights, Net

Land Use Rights, Net

8. Land Use Rights, Net

Land use rights and related accumulated amortization were as follows:


		December 31,		December 31,
		2024		2025
Land use rights		235,198		235,198
Less: Accumulated amortization—land use rights		(33,203)		(38,507)
Total land use rights, net		201,995		196,691

The Group recorded amortization expense for land use rights of RMB5,304, RMB5,304 and RMB5,304 for the years ended December 31, 2023, 2024 and 2025, respectively.

Share-based Compensation - Expense allocation (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation
Share-based compensation expenses	¥ 1,790,727	¥ 1,928,512	¥ 2,369,041
Cost of sales
Share-based Compensation
Share-based compensation expenses	57,954	71,779	83,972
Research and development expenses
Share-based Compensation
Share-based compensation expenses	1,129,859	1,296,136	1,517,206
Selling, general and administrative expenses
Share-based Compensation
Share-based compensation expenses	¥ 602,914	¥ 560,597	¥ 767,863

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Parent Company (the "Company") Only Financial Information - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 11,274,094	$ 1,612,174	¥ 19,328,920
Amounts due from related parties	16,078,250	2,299,159	7,702,404
Prepayments and other current assets	4,853,610	694,057	3,632,956
Total current assets	76,633,037	10,958,378	61,886,043
Non-current assets:
Total non-current assets	47,768,041	6,830,738	45,718,569
Total assets	124,401,078	17,789,116	107,604,612
Current liabilities:
Amounts due to related parties	625,903	89,503	409,363
Current portion of long-term borrowings	655,971	93,803	3,397,622
Accruals and other liabilities	16,696,044	2,387,502	16,041,079
Total current liabilities	78,582,563	11,237,157	62,311,024
Long-term borrowings	8,626,272	1,233,540	11,440,755
Total non-current liabilities	33,125,958	4,736,947	31,787,045
Total liabilities	111,708,521	15,974,104	94,098,069
SHAREHOLDERS' EQUITY
Treasury shares	(123,910)	(17,719)	(239,328)
Additional paid in capital	131,728,259	18,836,891	118,688,242
Accumulated other comprehensive loss	579,799	82,910	582,659
Accumulated deficit	(128,000,000)	(18,307,908)	(113,068,210)
Total shareholders' equity	4,140,703	592,113	6,064,546	¥ 25,735,632	¥ 24,089,539
Total liabilities, mezzanine equity and shareholders' equity	124,401,078	17,789,116	107,604,612
Parent
Current assets:
Cash and cash equivalents	1,092,845	156,275	4,451,772
Prepayments and other current assets	33,387	4,773	23,727
Total current assets	12,183,763	1,742,254	25,429,938
Non-current assets:
Investments in subsidiaries and VIEs	183,448	26,233
Total non-current assets	183,448	26,233
Total assets	12,367,211	1,768,487	25,429,938
Current liabilities:
Current portion of long-term borrowings	6,409	916	2,706,285
Accruals and other liabilities	133,289	19,060	123,833
Total current liabilities	210,041	30,035	4,450,764
Deficits of investments in subsidiaries and VIEs			6,845,155
Long-term borrowings	7,997,710	1,143,657	8,166,996
Total non-current liabilities	7,997,710	1,143,657	15,012,151
Total liabilities	8,207,751	1,173,692	19,462,915
SHAREHOLDERS' EQUITY
Treasury shares	(123,910)	(17,719)	(239,328)
Additional paid in capital	131,728,259	18,836,891	118,688,242
Accumulated other comprehensive loss	579,799	82,910	582,659
Accumulated deficit	(128,029,031)	(18,307,908)	(113,068,210)
Total shareholders' equity	4,159,460	594,795	5,967,023
Total liabilities, mezzanine equity and shareholders' equity	12,367,211	1,768,487	25,429,938
Parent \| Subsidiaries
Current assets:
Amounts due from related parties	11,057,142	1,581,150	20,952,738
Current liabilities:
Amounts due to related parties	70,343	10,059	1,620,646
Parent \| Related parties
Current assets:
Amounts due from related parties	389	56	1,701
Class A Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary Shares	4,089	585	3,406
Class A Ordinary Shares \| Parent
SHAREHOLDERS' EQUITY
Ordinary Shares	4,089	585	3,406
Class C Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary Shares	254	36	254
Class C Ordinary Shares \| Parent
SHAREHOLDERS' EQUITY
Ordinary Shares	¥ 254	$ 36	¥ 254

Prepayments and Other Current Assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Prepayments and Other Current Assets
Deductible VAT input	¥ 2,692,485		¥ 2,326,470
Prepayment to vendors	1,531,719		755,376
Deposits	298,911		376,130
Others	331,945		176,892
Less: Allowance for credit losses	1,450		1,912
Total	¥ 4,853,610	$ 694,057	¥ 3,632,956

Long-term investments - Equity method investments (Details) ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 31, 2024 USD ($)	Aug. 31, 2020 CNY (¥) item	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Long-term investments
Number of third party investors \| item		3
Amount of investment		¥ 200,000
Available-for-sale debt securities increase in fair value			¥ 208,328		¥ 425,711	¥ 0
Share of income/(loss) of equity investees			(1,092,184)	$ (156,180)	(503,193)	64,394
Joint venture
Long-term investments
Authorized share capital \| $	$ 55,000
Percentage held of its equity interests	51.00%
Group
Long-term investments
Amount of investment \| $	$ 28,000
Weineng
Long-term investments
Additional investment					270,000	270,000	¥ 270,000	¥ 270,000
Private company
Long-term investments
Share of income/(loss) of equity investees			¥ (1,092,184)		¥ (503,193)	¥ 64,394
Weineng
Long-term investments
Percentage of equity interest		25.00%			19.40%
Other third-party investors
Long-term investments
Percentage of equity interest			19.40%
Additional investment			¥ 918,000
Group
Long-term investments
Additional investment			178,000
CYVN Holding L.L.C.
Long-term investments
Equity method investment, fair value, excess amount over consideration adjusted to additional paid in capital \| $	$ 27,000
CYVN Holding L.L.C. \| Joint venture
Long-term investments
Percentage held of its equity interests	49.00%
Private funds And entities
Long-term investments
Amount of investment			¥ 303,760		¥ 279,079

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2025

Prepayments and Other Current Assets

Prepayments and Other Current Assets

6. Prepayments and Other Current Assets

Prepayments and other current assets consist of the following:


		December 31,		December 31,
		2024		2025
Deductible VAT input		2,326,470		2,692,485
Prepayment to vendors		755,376		1,531,719
Deposits		376,130		298,911
Others		176,892		331,945
Less: Allowance for credit losses		(1,912)		(1,450)
Total		3,632,956		4,853,610

Related Party Balances and Transactions - Sales of goods (Details) - Related party - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Balances and Transactions
Sales of goods	¥ 16,117,140	¥ 9,918,265	¥ 1,457,893
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries
Related Party Balances and Transactions
Sales of goods	16,002,921	9,848,487	1,457,500
Blue Horizon Limited and its subsidiaries
Related Party Balances and Transactions
Sales of goods	113,836	69,447
Shanghai Weishang Business Consulting Co.,Ltd.
Related Party Balances and Transactions
Sales of goods	¥ 383	¥ 331	199
Hefei Chuangwei Information Consultation Co., Ltd.
Related Party Balances and Transactions
Sales of goods			¥ 194

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases - Maturities of operating and finance lease liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2025 USD ($)
Operating Leases
Year 1		¥ 2,531,918
Year 2	¥ 2,420,506	2,306,078
Year 3	2,079,015	1,899,976
Year 4	1,725,211	1,504,174
Year 5	1,474,031	1,228,528
Year 6	1,184,585
Thereafter	7,480,193	7,388,703
Total minimum lease payments	16,363,541	16,859,377
Less: Interest	(4,107,734)	(3,652,655)
Total operating lease liabilities	12,255,807	13,206,722
Less: Current portion	(2,163,768)	(1,945,987)	$ (309,415)
Long-term portion of lease obligations	10,092,039	11,260,735	$ 1,443,142
Finance Leases
Year 1		16,993
Year 2	409,668	15,497
Year 3	400,900	13,352
Year 4	388,453	8,788
Year 5	379,880	4,237
Year 6	374,286
Thereafter	5,249,953	8,485
Total minimum lease payments	7,203,140	67,352
Less: Interest	(2,169,965)	(18,709)
Total finance lease liabilities	5,033,175	48,643
Less: Current portion	(263,203)	(13,498)
Long-term portion of lease obligations	4,769,972	35,145
Short-term operating leases	¥ 24,467	¥ 497,773

Revenue

12 Months Ended

Dec. 31, 2025

Revenue

Revenue

15. Revenue

Revenue by source consists of the following:


		Year Ended December 31,
		2023		2024		2025
Vehicle sales		49,257,270		58,234,086		76,883,876
Parts, accessories and after-sales vehicle services		2,337,490		3,324,321		4,174,135
Provision of power solution		1,666,346		2,100,553		2,464,441
Others		2,356,827		2,072,599		3,965,058
Total		55,617,933		65,731,559		87,487,510

For the years ended December 31, 2023, 2024 and 2025, revenue recognised at a point in time was RMB52,943,443, RMB62,271,688 and RMB82,615,445, respectively, and revenue recognised over time was RMB2,674,490, RMB3,459,871 and RMB4,872,065, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Organization and Nature of Operations - Subsidiaries (Details)	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024	Sep. 29, 2024
NIO Nextev Limited ("NIO HK") (formerly known as Nextev Limited)
Organization and Nature of Operations
Equity interest held	100.00%
NIO GmbH (formerly known as NextEV GmbH)
Organization and Nature of Operations
Equity interest held	100.00%
NIO Co., Ltd. ("NIO SH") (formerly known as NextEV Co., Ltd.)
Organization and Nature of Operations
Equity interest held	100.00%
NIO USA, Inc. ("NIO US") (formerly known as NextEV USA, Inc.)
Organization and Nature of Operations
Equity interest held	100.00%
XPT Limited ("XPT")
Organization and Nature of Operations
Equity interest held	100.00%
XPT (Jiangsu) Investment Co., Ltd. ("XPT Jiangsu")
Organization and Nature of Operations
Equity interest held	100.00%
XPT Holding (Anhui) Co., Ltd.
Organization and Nature of Operations
Equity interest held	100.00%
XPT EDS (Hefei) Co., Ltd.
Organization and Nature of Operations
Equity interest held	100.00%
NIO Power Express Limited ("PE HK)
Organization and Nature of Operations
Equity interest held	100.00%
NIO User Enterprise Limited ("UE HK")
Organization and Nature of Operations
Equity interest held	100.00%
NIO Sales and Services Co., Ltd. ("UE CNHC") (formerly known as Shanghai NIO Sales and Service Co., Ltd.)
Organization and Nature of Operations
Equity interest held	100.00%
NIO Energy Investment (Hubei) Co., Ltd. ("PE CNHC")
Organization and Nature of Operations
Equity interest held	100.00%		100.00%
Wuhan NIO Energy Co., Ltd. ("PE WHJV")
Organization and Nature of Operations
Equity interest held	100.00%
NIO Holding Co., Ltd. ("NIO China") (formerly known as NIO (Anhui) Holding Co., Ltd.)
Organization and Nature of Operations
Equity interest held	100.00%	91.80%	100.00%	88.25%
XPT (Jiangsu) Automotive Technology Co., Ltd. ("XPT AUTO")
Organization and Nature of Operations
Equity interest held	100.00%
NIO Financial Leasing Co., Ltd. ("NIO Leasing")
Organization and Nature of Operations
Equity interest held	100.00%
NIO (Anhui) Co., Ltd. ("NIO AH")
Organization and Nature of Operations
Equity interest held	100.00%
NIO Technology (Anhui) Co., Ltd. ("NIO R&D")
Organization and Nature of Operations
Equity interest held	100.00%
New Horizon B.V.
Organization and Nature of Operations
Equity interest held	100.00%
NIO Nextev Europe Holding B.V.("NIO NL")
Organization and Nature of Operations
Equity interest held	100.00%
NEU Battery Asset Co., Ltd. ("BAC Cayman")
Organization and Nature of Operations
Equity interest held	100.00%
Instant Power Europe B.V. Co., Ltd. ("BAC NL")
Organization and Nature of Operations
Equity interest held	100.00%
NEU Battery Asset (Hong Kong) Co., Ltd. ("BAC HK")
Organization and Nature of Operations
Equity interest held	100.00%
GeniTech Co., Ltd
Organization and Nature of Operations
Equity interest held	100.00%
NIO AI Technology Limited ("NIO AI Technology")
Organization and Nature of Operations
Equity interest held	96.97%
NIO AI Technology Limited
Organization and Nature of Operations
Equity interest held	96.97%
Anhui NIO Autonomous Driving Technology Co., Ltd. ("Anhui NIO AD")
Organization and Nature of Operations
Equity interest held	96.97%

Taxation - NOL (Details) ¥ in Thousands	12 Months Ended
Taxation - NOL (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
Europe
Taxation
Tax losses carried forward indefinitely	¥ 4,375,998
State Administration of Taxation, Chinese Mainland
Taxation
Loss expiring in 2026	2,292,328
Loss expiring in 2027	4,543,012
Loss expiring in 2028	10,301,237
Loss expiring in 2029	20,515,450
Loss expiring in 2030	15,939,298
Loss expiring in 2031	4,777,158
Loss expiring in 2032	10,711,512
Loss expiring in 2033	16,571,345
Loss expiring in 2034	10,313,022
Loss expiring in 2035	4,320,347
Operating Loss Carryforwards, Total	¥ 100,284,709
State Administration of Taxation, Chinese Mainland \| Minimum
Taxation
Operating loss carryforward expiration period	1 year
State Administration of Taxation, Chinese Mainland \| Maximum
Taxation
Operating loss carryforward expiration period	10 years
Hong Kong
Taxation
Tax losses carried forward indefinitely	¥ 3,255,133
Internal Revenue Service - United States
Taxation
Tax losses carried forward indefinitely	2,460,962
Loss expiring in 2036	4,290
Loss expiring in 2037	¥ 588,890

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Basis of presentation

(a) Basis of presentation

Principles of consolidation

(b) Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIEs for which the Company is the ultimate primary beneficiary.

Use of estimates

Functional currency and foreign currency translation

(d) Functional currency and foreign currency translation

Convenience translation

(e) Convenience translation

Fair value

(f) Fair value

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 — Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

As disclosed in Note 2(q), the Group’s derivative instruments are carried at fair value, which are classified within Level 2 and valued using indirectly observable inputs in the market place.


	December 31, 2024	December 31, 2025
Unobservable Input
Expected volatility	49%-52%	49%-52%
Probability	Liquidation scenario: 20%-43% Redemption scenario: 0%-43% IPO scenario: 15%-80%	Liquidation scenario:20%-43% Redemption scenario: 20%-43% IPO scenario: 15%-60%

Cash, cash equivalents and restricted cash

(g) Cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash as reported in the consolidated statements of cash flows are presented separately on our consolidated balance sheets as follows:


		December 31,		December 31,
		2024		2025
Cash and cash equivalents		19,328,920		11,274,094
Restricted cash		8,320,728		14,745,975
Long-term restricted cash		97,720		88,325
Total		27,747,368		26,108,394

Short-term investments

(h) Short-term investments

Expected credit losses

(i) Expected credit losses

Balance as at December 31, 2024


		Expected		Expected
	Original	credit loss		credit loss
	amount	Rate		provision
Current assets:
Trade and notes receivable	1,714,786	2.25	%	38,540
Amounts due from related parties	7,712,546	0.13	%	10,142
Prepayments and other current assets	3,634,868	0.05	%	1,912
Non-current assets:
Other non-current assets	3,632,523	1.63	%	59,386

Balance as at December 31, 2025


		Expected		Expected
	Original	credit loss		credit loss
	amount	Rate		provision
Current assets:
Trade and notes receivable	1,421,006	1.87	%	26,561
Amounts due from related parties	16,098,829	0.13	%	20,579
Prepayments and other current assets	4,855,060	0.03	%	1,450
Non-current assets:
Other non-current assets	7,448,284	0.20	%	14,699

Inventory

(j) Inventory

Property, plant and equipment, net

(k) Property, plant and equipment, net

The estimated useful lives are as follows:

		Useful lives
Buildings and constructions		20 years
Production facilities		3 to 10 years
Charging and power swap infrastructure		5 to 8 years
R&D equipment		5 to 15 years
Computer and electronic equipment		3 to 5 years
Purchased software		1 to 5 years
Leasehold improvements		Shorter of the estimated useful life or remaining lease term (ranging from 1 to 10 years)
Vehicles for corporate use or customers’ subscription		5 years
Others (office equipment, after-sales equipment, etc.)		3 to 5 years

Intangible assets, net

(l) Intangible assets, net


		Useful lives
Domain name		5 years

Land use rights, net

(m) Land use rights, net

Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the respective lease period ranging from 491 to 536 months.

Long-term investments

(n) Long-term investments

The Group’s long-term investments include equity investments in entities and debt security investments.

The Group elected the fair value option (“FVO”) at the date of initial recognition under ASC 825 for certain equity securities, with changes in fair value reported through earnings.

Impairment of long-lived assets

(o) Impairment of long-lived assets

Warranty liabilities

(p) Warranty liabilities

The following table shows a reconciliation in the current reporting period related to carried-forward warranty liabilities:


	For the Year Ended December 31,
	2023	2024	2025
Warranty – beginning of year	2,946,937	3,912,224	4,720,712
Provision for warranty	1,222,916	1,168,121	1,118,803
Warranty costs incurred	(257,629)	(359,633)	(376,626)
Warranty– end of year	3,912,224	4,720,712	5,462,889

Derivatives instruments

(q) Derivatives instruments

Revenue recognition

(r) Revenue recognition

●

provides all of the benefits received and consumed simultaneously by the customer; or

●

creates and enhances an asset that the customer controls as the Group performs; or

●

does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

The Group generates revenue from (i) vehicle sales, (ii) parts, accessories and after-sales vehicle services, (iii) provision of power solutions and (iv) others.

Vehicle sales

Battery as a Service (BaaS)

Practical expedients and exemptions

Parts, accessories and after-sales vehicle services

Provision of power solutions

Battery swapping service

Battery upgrade service

Others

Technical services

Sales of automotive regulatory credits

Incentives

(i) Incentives in connection with sales transactions

(ii) Incentives in other scenarios

As of December 31, 2024 and 2025, liabilities recorded related to unredeemed NIO points and coupons were RMB2,017,516, and RMB1,958,937, respectively.

Cost of Sales

(s) Cost of Sales

Vehicle

Service and Other

Sales and marketing expenses

(t) Sales and marketing expenses

Research and development expenses

(u) Research and development expenses

General and administrative expenses

(v) General and administrative expenses

Employee benefits

(w) Employee benefits

Government grants

(x) Government grants

Income taxes

(y) Income taxes

Share-based compensation

(z) Share-based compensation

Comprehensive income/(loss)

(aa) Comprehensive income/(loss)

Leases

(ab) Leases

Dividends

(ac) Dividends

Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2023, 2024 and 2025.

Earnings/(loss) per share

(ad) Earnings/(loss) per share

Segment reporting

(ae) Segment reporting

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events

Subsequent Events

27. Subsequent Events

(a) Investment in Shenji

On February 26, 2026, the Company and Shenji, a subsidiary of the Company, entered into definitive agreements with certain investors in China, pursuant to which the investors will invest an aggregate of RMB2.257 billion in cash to subscribe for Shenji’s newly issued shares. Upon completion of the investment transaction, a subsidiary of NIO will continue to hold a controlling equity interest of 62.7% in Shenji, the investors will collectively hold 27.3%, and certain entities holding shares to administer Shenji’s share incentive plan will collectively hold the remaining 10.0%.In accordance with Shenji’s share purchase agreements, the redemption of the non-controlling interests is at the holders of non-controlling interests’ option and is upon the occurrence of certain events that are not solely within the control of the Company. Therefore, these redeemable non-controlling interests in Shenji will be classified as mezzanine equity.

(b) Approval of Performance-Based Share Awards to CEO

On March 6, 2026, the board of directors of the Company approved the adoption of its 2026 Share Incentive Plan and approved a grant thereunder of 248,454,460 restricted share units of the Company to the chief executive officer of the Company. These restricted share units are divided into ten equal tranches, the vesting of which is contingent upon the Company’s achievement of specific performance targets relating to market capitalization and net profits.

Property, Plant and Equipment, Net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Property, Plant and Equipment, Net
Property and equipment	¥ 47,252,243	¥ 41,454,672
Less: Accumulated depreciation	(21,421,906)	(15,559,399)
Less: Accumulated impairment	(2,369)	(2,369)
Total property, plant and equipment, net	25,827,968	25,892,904		$ 3,693,350
Depreciation expenses	7,141,325	5,870,195	¥ 3,372,673
Restricted as collateral
Property, Plant and Equipment, Net
Total property, plant and equipment, net	1,549,257	1,131,796
Production facilities
Property, Plant and Equipment, Net
Property and equipment	10,356,573	6,845,010
Mold and tooling
Property, Plant and Equipment, Net
Property and equipment	10,299,152	7,108,020
Charging & battery swap equipment
Property, Plant and Equipment, Net
Property and equipment	9,276,827	7,761,253
Leasehold improvements
Property, Plant and Equipment, Net
Property and equipment	6,365,523	6,124,611
Computer and electronic equipment
Property, Plant and Equipment, Net
Property and equipment	1,901,435	1,922,333
Corporate vehicles
Property, Plant and Equipment, Net
Property and equipment	1,666,591	1,949,132
R&D equipment
Property, Plant and Equipment, Net
Property and equipment	1,648,097	1,635,821
Purchased software
Property, Plant and Equipment, Net
Property and equipment	1,441,795	1,349,419
Buildings and constructions
Property, Plant and Equipment, Net
Property and equipment	911,446	913,281
Construction in process
Property, Plant and Equipment, Net
Property and equipment	852,922	3,616,078
Subscription vehicles
Property, Plant and Equipment, Net
Property and equipment	791,480	799,846
Others
Property, Plant and Equipment, Net
Property and equipment	¥ 1,740,402	¥ 1,429,868

Related Party Balances and Transactions - Sales of raw materials or long-lived assets (Details) - Related party - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Balances and Transactions
Sales of raw materials or long-lived assets	¥ 156,292	¥ 51,505	¥ 5,597
Chongqing Chuangyuan Zhiye (Group) Co., Ltd.
Related Party Balances and Transactions
Sales of raw materials or long-lived assets	150,000
Kunshan Siwopu Intelligent Equipment Co., Ltd.
Related Party Balances and Transactions
Sales of raw materials or long-lived assets	3,296	3,215
VTA Technology Inc. and its subsidiaries
Related Party Balances and Transactions
Sales of raw materials or long-lived assets	1,608	46,779
Blue Horizon Limited and its subsidiaries
Related Party Balances and Transactions
Sales of raw materials or long-lived assets	¥ 1,388	1,504
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries
Related Party Balances and Transactions
Sales of raw materials or long-lived assets		¥ 7	¥ 5,597

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Parent Company (the "Company") Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2025

Parent Company (the "Company") Only Financial Information

Schedule of condensed balance sheets


		As of December 31,
		2024		2025		2025
		RMB		RMB		US$
						Note 2(e)
ASSETS
Current assets:
Cash and cash equivalents		4,451,772		1,092,845		156,275
Amounts due from subsidiaries of the Company		20,952,738		11,057,142		1,581,150
Amounts due from related parties		1,701		389		56
Prepayments and other current assets		23,727		33,387		4,773
Total current assets		25,429,938		12,183,763		1,742,254
Non-current assets:
Investments in subsidiaries and VIEs		—		183,448		26,233
Total non-current assets		—		183,448		26,233
Total assets		25,429,938		12,367,211		1,768,487
LIABILITIES
Current liabilities:
Amounts due to subsidiaries of the Company		1,620,646		70,343		10,059
Current portion of long-term borrowings		2,706,285		6,409		916
Accruals and other liabilities		123,833		133,289		19,060
Total current liabilities		4,450,764		210,041		30,035
Deficits of investments in subsidiaries and VIEs		6,845,155		—		—
Long-term borrowings		8,166,996		7,997,710		1,143,657
Total non-current liabilities		15,012,151		7,997,710		1,143,657
Total liabilities		19,462,915		8,207,751		1,173,692
SHAREHOLDERS’ EQUITY
Class A Ordinary Shares		3,406		4,089		585
Class C Ordinary Shares		254		254		36
Treasury shares		(239,328)		(123,910)		(17,719)
Additional paid in capital		118,688,242		131,728,259		18,836,891
Accumulated other comprehensive loss		582,659		579,799		82,910
Accumulated deficit		(113,068,210)		(128,029,031)		(18,307,908)
Total shareholders’ equity		5,967,023		4,159,460		594,795
Total liabilities and shareholders’ equity		25,429,938		12,367,211		1,768,487

Schedule of condensed statements of comprehensive loss


		For the Year ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
								Note 2(e)
Operating expenses:
Selling, general and administrative		(99,587)		(104,001)		(142,457)		(20,371)
Total operating expenses		(99,587)		(104,001)		(142,457)		(20,371)
Loss from operations		(99,587)		(104,001)		(142,457)		(20,371)
Interest and investment income		524,173		522,799		100,354		14,350
Interest expense		(207,649)		(392,179)		(366,066)		(52,347)
Gain/(loss) on extinguishment of debt		170,193		(4,480)		(14,660)		(2,096)
Equity in loss of subsidiaries and VIEs		(21,349,555)		(22,287,129)		(15,012,784)		(2,146,799)
Other income/(loss), net		121,800		(9,479)		515,714		73,745
Loss before income tax expense		(20,840,625)		(22,274,469)		(14,919,899)		(2,133,518)
Income tax expense		(3,179)		(35,707)		(40,922)		(5,850)
Net loss		(20,843,804)		(22,310,176)		(14,960,821)		(2,139,368)
Accretion on redeemable non-controlling interests to redemption value		(303,163)		(347,516)		(609,857)		(87,208)
Net loss attributable to ordinary shareholders of NIO Inc.		(21,146,967)		(22,657,692)		(15,570,678)		(2,226,576)
Net loss		(20,843,804)		(22,310,176)		(14,960,821)		(2,139,368)
Total comprehensive loss		(21,446,824)		(22,160,508)		(14,963,681)		(2,139,777)
Accretion on redeemable non-controlling interests to redemption value		(303,163)		(347,516)		(609,857)		(87,208)
Comprehensive loss attributable to ordinary shareholders of NIO Inc.		(21,749,987)		(22,508,024)		(15,573,538)		(2,226,985)

Schedule of condensed statements of cash flows


		For The Year ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
								Note 2(e)
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash (used in)/provided by operating activities		(8,262,167)		(5,348,151)		8,207,624		1,173,675
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in by investing activities		(1,972,672)		(9,838,095)		(20,700,636)		(2,960,152)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by/(used in) financing activities		25,782,226		(3,190,866)		9,241,358		1,321,497
Effects of exchange rate changes on cash, cash equivalents and restricted cash		52,552		152,395		(107,273)		(15,340)
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		15,599,939		(18,224,717)		(3,358,927)		(480,320)
Cash, cash equivalents and restricted cash at beginning of the year		7,076,550		22,676,489		4,451,772		636,595
Cash, cash equivalents and restricted cash at end of the year		22,676,489		4,451,772		1,092,845		156,275

Related Party Balances and Transactions - Purchase of services (Details) - Related party - Purchase of service - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Balances and Transactions
Purchase of services	¥ 47,719	¥ 153,799	¥ 249,996
Kunshan Siwopu Intelligent Equipment Co., Ltd.
Related Party Balances and Transactions
Purchase of services	26,178	5,738
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries
Related Party Balances and Transactions
Purchase of services	9,694	17,594	23,878
Tianjin Tengyi Information Technology Co., Ltd.
Related Party Balances and Transactions
Purchase of services	9,650	15,031	7,823
Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd.
Related Party Balances and Transactions
Purchase of services	1,554	92,549	184,279
Xunjie Energy (Wuhan) Co., Ltd.
Related Party Balances and Transactions
Purchase of services	603	1,225
Beijing WeLion New Energy Technology Co., Ltd.
Related Party Balances and Transactions
Purchase of services	¥ 40	21,603	¥ 34,016
VTA Technology Inc. and its subsidiaries
Related Party Balances and Transactions
Purchase of services		¥ 59

Long-term investments - Equity securities without readily determinable fair value (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Long-term investments
Initial cost	¥ 300,147	¥ 417,497
Net cumulative fair value adjustments	62,540	86,785
Carrying value	362,687	504,282
Invested in equity securities without readily determinable fair value	117,350	113,363	¥ 294,657
Fair value loss	24,245	286	4,988
Impairment charges	¥ 0	¥ 0	¥ 0

Concentration and Risks

12 Months Ended

Dec. 31, 2025

Concentration and Risks

Concentration and Risks

4. Concentration and Risks

(a) Concentration of credit risk

Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, short-term investment, trade receivable, amount due from related parties, deposits and other receivables. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2024 and 2025, the great majority of the Group’s cash and cash equivalents, restricted cash and short-term investments were held by major financial institutions located in the PRC and the United States which management believes are of high credit quality based on their credit ratings.

(b) Currency convertibility risk

The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group’s cash and cash equivalents and restricted cash denominated in RMB that are subject to such government controls amounted to RMB19,902,484 and RMB22,634,977 as of December 31, 2024 and 2025, respectively. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in the PRC must be processed through PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance.

Since July 21, 2005, the RMB has been permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. While the international reaction to the RMB appreciation has generally been positive, there remains significant international pressure on the PRC government to adopt an even more flexible currency policy, which could result in a further and more significant appreciation of the RMB against other currencies.

(d)Concentration of customers and suppliers

The following tables summarized the customer with greater than 10% of the total revenue and account receivables:


	For the Year Ended December 31,
	2023	2024		2025
Percentage of the total revenue
Customer A^[1]	*	15	%	18	%


	December 31,		December 31,
	2024		2025
Percentage of the account receivables
Customer A^[1]	81	%	91	%

* Less than 10%

[1] A related party of the Group

The following tables summarizes the supplier with greater than 10% of the total purchase and payables:


	For the Year Ended December 31,
	2023		2024		2025
Percentage of the total purchase
Supplier A	15	%	13	%	14	%


	December 31,		December 31,
	2024		2025
Percentage of the account payables
Supplier A	16	%	17	%

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	¥ (14,942,601)	$ (2,136,763)	¥ (22,401,709)	¥ (20,719,753)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,146,629	1,021,954	5,875,499	3,377,977
Expected credit loss reversal	(46,691)	(6,677)	(3,761)	(26,315)
Inventory write-downs	509,322	72,832	123,345	65,362
Impairment on long-term assets	0		55,331	0
Foreign exchange (gain)/loss	(340,666)	(48,715)	212,046	(55,458)
Share-based compensation expenses	1,790,727	256,071	1,928,512	2,369,041
Investment (income)/loss	(213,766)	(30,568)	438,048	(969,134)
(Gain)/Loss on extinguishment of debt	14,660	2,096	4,480	(170,193)
Share of (income)/loss of equity investees	1,092,184	156,180	503,193	(64,394)
Amortization of right-of-use assets	2,228,651	318,693	1,825,182	1,529,464
(Gain)/Loss on disposal of long-lived assets	(43,329)	(6,196)	63,615	(4,473)
Deferred income tax expense/(benefit)	(14,776)	(2,113)	(84,880)	200,892
Changes in operating assets and liabilities:
Prepayments and other current assets	(106,172)	(15,182)	940,166	279,387
Inventory	(3,115,254)	(445,475)	(1,785,940)	2,895,477
Other non-current assets	793,572	113,479	1,385,067	2,600,019
Amounts due from related parties	(8,386,290)	(1,199,224)	(5,980,929)	(329,704)
Operating lease liabilities	(1,876,314)	(268,309)	(1,793,806)	(1,255,825)
Taxes payable	36,917	5,279	53,323	61,014
Trade and notes receivable	298,196	42,641	2,985,794	453,382
Trade and notes payable	18,250,933	2,609,849	4,717,183	4,870,777
Accruals and other liabilities	(312,674)	(44,712)	1,255,705	1,827,860
Amounts due to related parties, current	199,884	28,583	(152,262)	177,264
Amounts due to related parties, non-current	204,032	29,176	329,492
Other non-current liabilities	(174,562)	(24,962)	1,658,138	1,505,787
Net cash (used in)/provided by operating activities	3,000,000	427,937	(7,849,168)	(1,381,546)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets	(6,065,226)	(867,316)	(9,142,293)	(14,340,771)
Proceeds from disposal of property, plant and equipment	113,471	16,226	231,519	73,064
Purchase of short-term investments	(29,427,788)	(4,208,118)	(45,957,615)	(43,899,109)
Proceeds from maturities of short-term investments	23,639,565	3,380,413	50,413,873	47,753,555
Purchase of available-for-sale debt investment	(1,820)	(260)	(52,842)
Acquisitions of equity investments	(565,448)	(80,858)	(392,442)	(421,729)
Proceeds from disposal and withdrawal of equity investments	810,412	115,887		10,750
Purchase of held to maturity debt investments	(6,456)	(923)	(17,687)	(35,000)
Purchase of retained asset-backed securities			(124,000)	(43,000)
Proceeds from maturities of retained asset-backed securities	43,600	6,235	82,994	16,865
Net cash used in investing activities	(11,459,690)	(1,638,714)	(4,958,493)	(10,885,375)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	99,063	14,166	111,347	86,820
Capital withdrawal by non-controlling interests	(61,778)	(8,834)	(343)	(250)
Distributions to non-controlling interests	(72,722)	(10,399)
Capital injection from redeemable non-controlling interests	500,000	71,499	3,295,465
Proceeds from issuance of convertible senior notes				8,120,765
Repurchase of convertible senior notes	(2,712,421)	(387,871)	(3,302,213)	(3,387,648)
Proceeds from borrowings from third parties	5,540,510	792,282	9,218,865	8,014,434
Repayments of borrowings from third parties	(8,289,205)	(1,185,341)	(7,512,784)	(6,096,018)
Proceeds from borrowings from related parties	87,310	12,485
Principal payments on finance leases	(101,113)	(14,459)	(37,854)	(37,511)
Proceeds from issuance of ordinary shares, net of issuance costs	11,854,716	1,695,202		20,962,289
Net cash provided by financing activities	6,844,360	978,730	1,772,483	27,662,881
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(16,256)	(2,324)	161,039	70,254
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(1,638,974)	(234,371)	(10,874,139)	15,466,214
Cash, cash equivalents and restricted cash at beginning of the year	27,747,368	3,967,821	38,621,507	23,155,293
Cash, cash equivalents and restricted cash at end of the year	26,108,394	3,733,450	27,747,368	38,621,507
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accruals related to purchase of property, plant and equipment	4,522,514	646,711	3,872,477	4,445,749
Exchange of convertible senior notes to ordinary shares with cancellation of the same amount of treasury shares (Note 12 (iv))			902,829
Accretion on redeemable non-controlling interests to redemption value	609,857	87,208	347,516	303,163
Settlement of capped call options and zero strike call options (Note 12 (iv))			709,490
Acquisition of a debt investment through contribution of long-lived asset	159,000	22,737
Supplemental Disclosure
Interest paid	879,665	125,790	641,903	285,479
Income taxes paid	¥ 144,099	$ 20,606	¥ 65,363	¥ 35,975

Related Party Balances and Transactions - Purchase of raw materials or long-lived assets (Details) - Related party - Purchase of raw materials or long-lived assets - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Balances and Transactions
Purchase of raw materials or long-lived assets	¥ 21,519	¥ 293,779	¥ 1,247,467
Xunjie Energy (Wuhan) Co., Ltd.
Related Party Balances and Transactions
Purchase of raw materials or long-lived assets	12,239	37,603	111,875
VTA Technology Inc. and its subsidiaries
Related Party Balances and Transactions
Purchase of raw materials or long-lived assets	4,917	2,485
Nanjing Weibang Transmission Technology Co., Ltd.
Related Party Balances and Transactions
Purchase of raw materials or long-lived assets	¥ 4,363	85,938	73,071
Kunshan Siwopu Intelligent Equipment Co., Ltd.
Related Party Balances and Transactions
Purchase of raw materials or long-lived assets		86,985	¥ 1,062,521
Beijing WeLion New Energy Technology Co., Ltd.
Related Party Balances and Transactions
Purchase of raw materials or long-lived assets		48,547
Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd.
Related Party Balances and Transactions
Purchase of raw materials or long-lived assets		32,213
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries
Related Party Balances and Transactions
Purchase of raw materials or long-lived assets		¥ 8

Leases - Other information (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases
Weighted-average remaining lease term Operating leases	10 years 7 months 6 days	10 years 10 months 24 days
Weighted-average remaining lease term Finance leases	18 years 10 months 24 days	5 years 6 months
Weighted-average discount rate Operating leases	4.39%	4.45%
Weighted-average discount rate Finance leases	4.20%	4.14%

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	Ordinary Shares CNY (¥) shares	Treasury Shares CNY (¥) shares	Additional Paid in Capital CNY (¥)	Accumulated Other Comprehensive Income/(Loss) CNY (¥)	Accumulated Deficit CNY (¥)	Total Shareholders' Equity CNY (¥)	Non- Controlling Interests CNY (¥)	CNY (¥) shares	USD ($) shares
Balance at Dec. 31, 2022	¥ 2,922	¥ (1,849,600)	¥ 94,593,062	¥ 1,036,011	¥ (69,914,230)	¥ 23,868,165	¥ 221,374	¥ 24,089,539
Balance (in shares) at Dec. 31, 2022 \| shares	1,680,220,892
Balance (in shares, treasury) at Dec. 31, 2022 \| shares		(18,061,024)
Increase (Decrease) in Stockholders' Equity
Accretion on redeemable non-controlling interests to redemption value			(303,163)			(303,163)		(303,163)
Issuance of ordinary shares	¥ 674		20,961,615			20,962,289		20,962,289
Issuance of ordinary shares (in shares) \| shares	378,695,543
Exercise of share options	¥ 8		96,699			96,707		96,707
Exercise of share options (in shares) \| shares	4,242,054
Share based compensation of the restricted shares	¥ 18		2,089,401			2,089,419		2,089,419
Share based compensation of the restricted shares (in shares) \| shares	10,363,629
Share based compensation of the share options			279,640			279,640		279,640
Foreign currency translation adjustment				11,514		11,514		11,514
Recycling of unrealized gain of available-for-sale debt security (Note 9)				(614,534)		(614,534)	(156,026)	(770,560)
Net loss					(20,843,804)	(20,843,804)	124,051	(20,719,753)
Balance at Dec. 31, 2023	¥ 3,622	¥ (1,849,600)	117,717,254	432,991	(90,758,034)	25,546,233	189,399	25,735,632
Balance (in shares) at Dec. 31, 2023 \| shares	2,073,522,118
Balance (in shares, treasury) at Dec. 31, 2023 \| shares		(18,061,024)
Increase (Decrease) in Stockholders' Equity
Accretion on redeemable non-controlling interests to redemption value			(347,516)			(347,516)		(347,516)
Exchange of convertible senior notes to ordinary shares with cancellation of the same amount of treasury shares (Note 12 (iv))		¥ 2,214,029	(1,311,200)			902,829		902,829
Exchange of convertible senior notes to ordinary shares with cancellation of the same amount of treasury shares (Note 12 (iv)) (In shares) \| shares		27,690,071
Exercise of share options	¥ 13		97,460			97,473		97,473
Exercise of share options (in shares) \| shares	7,102,713
Share based compensation of the restricted shares	¥ 25		1,918,768			1,918,793		1,918,793
Share based compensation of the restricted shares (in shares) \| shares	14,353,997
Share based compensation of the share options			9,719			9,719		9,719
Foreign currency translation adjustment				149,668		149,668		149,668
Settlement of capped call options and zero strike call options (Note 12 (iv))		¥ (709,490)	709,490
Settlement of capped call options and zero strike call options (Note 12 (iv)) (in shares) \| shares		(13,404,825)
Capital withdrawal by non-controlling interests							(343)	(343)
Share lending arrangement (Note 21)		¥ 105,733	(105,733)					105,700
Share lending arrangement (Note 21) (in shares) \| shares		302,845
Net loss					(22,310,176)	(22,310,176)	(91,533)	(22,401,709)
Balance at Dec. 31, 2024	¥ 3,660	¥ (239,328)	118,688,242	582,659	(113,068,210)	5,967,023	97,523	¥ 6,064,546
Balance (in shares) at Dec. 31, 2024 \| shares	2,094,978,828
Balance (in shares, treasury) at Dec. 31, 2024 \| shares		(3,472,933)						3,472,933	3,472,933
Increase (Decrease) in Stockholders' Equity
Accretion on redeemable non-controlling interests to redemption value			(609,857)			(609,857)		¥ (609,857)
Issuance of ordinary shares	¥ 618		11,854,098			11,854,716		11,854,716
Issuance of ordinary shares (in shares) \| shares	345,890,918
Exercise of share options	¥ 14		120,518			120,532		¥ 120,532
Exercise of share options (in shares) \| shares	7,965,157							7,965,157	7,965,157
Share based compensation of the restricted shares and share options	¥ 51		1,790,676			1,790,727		¥ 1,790,727
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture \| shares	28,389,949
Foreign currency translation adjustment				(2,860)		(2,860)		(2,860)	$ (409)
Capital withdrawal by non-controlling interests							(61,778)	(61,778)
Distribution to non-controlling interests							(72,722)	(72,722)
Share lending arrangement (Note 21)		¥ 115,418	(115,418)					115,400
Share lending arrangement (Note 21) (in shares) \| shares		521,405
Net loss					(14,960,821)	(14,960,821)	18,220	(14,942,601)	(2,136,763)
Balance at Dec. 31, 2025	¥ 4,343	¥ (123,910)	¥ 131,728,259	¥ 579,799	¥ (128,029,031)	¥ 4,159,460	¥ (18,757)	¥ 4,140,703	$ 592,113
Balance (in shares) at Dec. 31, 2025 \| shares	2,477,224,852
Balance (in shares, treasury) at Dec. 31, 2025 \| shares		(2,951,528)						2,951,528	2,951,528

Concentration and Risks - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Concentration and Risks
Cash, cash equivalents and restricted cash subject to currency conversion controls	¥ 22,634,977	¥ 19,902,484

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 CNY (¥) shares
Trade and notes receivables, Allowance for credit losses \| ¥	¥ 26,600	¥ 38,500
Amounts due from related parties, Allowance for credit losses \| ¥	20,600	10,100
Prepayments and other current assets, Allowance for credit losses \| ¥	1,450	1,912
Other non-current assets, Allowance for credit losses \| ¥	¥ 14,700	¥ 59,400
Ordinary shares, shares authorized	4,000,000,000	4,000,000,000
Ordinary shares, shares issued	2,477,224,852	2,094,978,828
Ordinary shares, shares outstanding	2,474,273,324	2,091,505,895
Treasury stock, shares	2,951,528	3,472,933
Class A Ordinary Shares
Ordinary shares, shares authorized	2,632,030,222	2,632,030,222
Ordinary shares, shares issued	2,328,724,852	1,946,478,828
Ordinary shares, shares outstanding	2,325,773,324	1,943,005,895
Class C Ordinary Shares
Ordinary shares, shares authorized	148,500,000	148,500,000
Ordinary shares, shares issued	148,500,000	148,500,000
Ordinary shares, shares outstanding	148,500,000	148,500,000

Ordinary Shares

12 Months Ended

Dec. 31, 2025

Ordinary Shares

Ordinary Shares

21. Ordinary Shares

Upon inception, each ordinary share was issued at a par value of US$0.00025 per share. Various numbers of ordinary shares have been issued to share-based compensation award recipients since inception. Each Class A ordinary share shall entitle the holder thereof to one (1) vote on all matters subject to vote at general meetings of the Company, each Class B ordinary share shall entitle the holder thereof to four (4) votes on all matters subject to vote at general meetings of the Company, and each Class C ordinary share shall entitle the holder thereof to eight (8) votes on all matters subject to vote at general meetings of the Company.

Each Class C ordinary share is convertible into one Class A ordinary share, whereas Class A ordinary shares are not convertible into Class C ordinary shares under any circumstances. Upon any transfer of Class C ordinary shares by a holder thereof to any person or entity which is not an affiliate of such holder, such Class C ordinary shares are automatically and immediately converted into the equal number of Class A ordinary shares.

As of December 31, 2024 and 2025, the authorized share capital of the Company is US$1,000 divided into 4,000,000,000 shares, comprising of: 2,632,030,222 Class A Ordinary Shares, nil Class B Ordinary Shares, 148,500,000 Class C Ordinary Shares, and 1,219,469,778 shares with each of such class or classes as the board of directors may determine.

In 2020, the Company consummated the follow-on offerings of a total of 82,800,000, 101,775,000 and 78,200,000 American depositary shares (the “ADSs”) at a price of US$ 5.95, US$17.00 and US$ 39.00 per ADS, respectively.

In 2021, the Company completed the issuance of 53,292,401 ADSs with net proceeds of RMB12,677,554 (US$1,974,000) through an at-the-market offering.

In 2023, the Company completed a US$2,943.5 million strategic equity investment from CYVN Investments RSC Ltd, an affiliate of CYVN Holdings L.L.C., an investment vehicle majority owned by the Abu Dhabi Government (collectively referred to as “CYVN Entities”) which subscribed 378,695,543 newly issued Class A ordinary shares from the Company.

Upon the Company’s listing of Class A ordinary shares on the Hong Kong Stock Exchange, all of the Company’s Class B ordinary shares were converted to Class A ordinary shares pursuant to the conversion notice delivered by the relevant shareholders. The shareholding structure of Class B ordinary shares and provisions related to Class B ordinary shares have been removed in the Company’s amended and restated memorandum and articles of association, as approved by the Company’s shareholders at the annual general meeting held at August 25, 2022.

In May 2024, the Company participated as a lender in the borrowing and lending program (the “Share Lending Arrangement”) initiated by the Singapore Exchange Securities Trading Limited (the “SGX”), by agreeing to lend up to 2,000,000 of the Company’s Class A ordinary shares to The Central Depositary (Pte) Limited (“CDP”).

There was no fixed lending period. Both the Company and CDP can terminate the share lending by issuing termination notification. The Company did not receive any proceeds from entering into this Share Lending Arrangement and was entitled to receive lending fee during the lending period. Upon the termination of share lending, CDP is required to re-deliver loaned shares to the Company within the re-delivery period, with no option for paying cash as the settlement.

In accordance with ASC 815-40, the Company has accounted for the Share Lending Arrangement as equity instrument. Shares lent under the arrangement were issued out of treasury stock, and concurrently the Company recognized a right to receive returned shares from CDP as a debit to additional paid-in-capital, measured based on the fair value of shares issued. No subsequent remeasurement is required for this equity classified right to receive shares, which would be transferred to treasury stock when shares are returned. The lending fee received from the Share Lending Arrangement is recognized as capital contribution upon receipt.

As of December 31, 2024 and 2025, the total amount released from treasury shares to additional paid-in capital was RMB105.7 million RMB115.4 million, respectively. The lending fee received during the lending period was immaterial.

In November and December 2024, the Company issued 27,690,071 ADSs to exchange the convertible notes as disclosed in Note 12 (iv) through treasury shares.

In April 2025, the Company completed the offering of 136,800,000 class A ordinary shares of the Company at an offering price of HK$29.46 per share, with total offering consideration of HK$4,030,130 (RMB3,684,893).

In September 2025, the Company completed an offering of 188,095,918 ADSs and 20,995,000 Class A ordinary shares of the Company at an offering price of US$5.57 per ADS, and HK$43.36 per Class A ordinary share, respectively, with total offering consideration of US$1,047,694 (RMB7,444,392) and HK$910,343 (RMB831,195).

As of December 31, 2024 and 2025, 4,000,000,000 ordinary shares were authorized, 2,094,978,828 shares and 2,477,224,852 shares were issued, and 2,091,505,895 shares and 2,474,273,324 shares were outstanding, respectively. The share number excludes 51,467,289 Class A Ordinary Shares issued to the depositary bank for bulk issuance of ADSs reserved for future issuance upon the exercise or vesting of awards granted under the Company’s share incentive plans.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Selling, General and Administrative Expenses

12 Months Ended

Dec. 31, 2025

Selling, General and Administrative Expenses

Selling, General and Administrative Expenses

19. Selling, General and Administrative Expenses

Selling, general and administrative expenses consist of the following:


		For the Year Ended December 31,
		2023		2024		2025
Employee compensation		5,929,888		7,405,828		7,751,345
Marketing and promotional expenses		2,642,531		3,408,931		3,124,734
Rental and related expenses		1,683,929		1,930,423		2,153,985
Depreciation and amortization expenses		672,669		882,860		989,332
Professional services		550,011		561,284		598,568
IT consumable, office supply and other low value consumable		581,193		541,782		475,648
Other taxes and surcharges		290,456		409,690		386,251
Travel and entertainment expenses		218,396		147,180		101,384
Expected credit losses		(26,315)		(3,761)		(46,691)
Others		341,798		456,840		553,191
Total		12,884,556		15,741,057		16,087,747

Accruals and Other Liabilities

12 Months Ended

Dec. 31, 2025

Accruals and Other Liabilities

Accruals and Other Liabilities

11. Accruals and Other Liabilities

Accruals and other liabilities consist of the following:


		December 31,		December 31,
		2024		2025
Payables for purchase of property, plant and equipment		3,643,002		4,292,946
Current portion of deferred revenue/income		3,156,430		3,146,943
Payables for marketing events		1,962,341		1,937,905
Salaries and benefits payable		2,082,972		1,876,515
Payables for R&D expenses		1,924,269		1,473,761
Advance from customers		918,465		1,135,508
Current portion of warranty liabilities		652,633		856,664
Accrued costs of loss on purchase commitments		336,656		575,709
Accrued expenses		418,760		276,938
Current portion of finance lease liabilities		13,498		263,203
Current portion of deferred profit		—		115,114
Interest payables		86,474		74,243
Current portion of payable to BaaS users		249,917		21,792
Other payables		595,662		648,803
Total		16,041,079		16,696,044

Payable to BaaS users represents certain monthly subscription fee the Group agreed to compensate to BaaS users, if certain criteria are met. The Group accrued the payable to BaaS users against vehicle sales. Based on the payment schedule, payable to BaaS users due within the next 12 month is recorded as accruals and other liabilities. In 2025, based on a separately negotiated agreement, the Group settled the payable to BaaS users of RMB972,984.

Redeemable non-controlling interests

12 Months Ended

Dec. 31, 2025

Redeemable non-controlling interests

Redeemable non-controlling interests

20. Redeemable non-controlling interests

Investment in NIO China

On April 29, 2020, the Company and certain of its subsidiaries entered into definitive agreements, as amended and supplemented in May and June 2020, for investments in NIO China, with a group of investors (collectively, the “Existing Strategic Investors”), pursuant to which, the Existing Strategic Investors agreed to invest an aggregate of RMB7.0 billion in cash into NIO China for its non-controlling interest. In June and July 2020, the Group received RMB5.0 billion. On September 16, 2020, pursuant to a share transfer agreement, the Group repurchased 8.612% equity interests owned by one of the Existing Strategic Investors with the total consideration of RMB511,458, consisting of the actual capital investment plus accrued interest, and the Group assumed the remaining cash consideration obligation of RMB2.0 billion of the Existing Strategic Investors. In February 2021, the Group, purchased from two of the Existing Strategic Investors an aggregate of 3.305% equity interests in NIO China for a total consideration of RMB5.5 billion and subscribed for newly increased registered capital of NIO China at a subscription price of RMB10.0 billion. In September 2021, the Company repurchased 1.418% equity interests from the Existing strategic investors for a total consideration of RMB2.5 billion and recorded an amount of RMB2,023,534 in accretion on redeemable non-controlling interests to redemption value.

Each of the Existing Strategic Investors has the right to request the Group to redeem their equity interests in NIO China at an agreed price in case of NIO China’s failure to submit the application for a qualified initial public offering in 48 months commencing from June 29, 2020, failure to complete a qualified initial public offering in 60 months commencing from June 29, 2020, or other events as set forth in the share purchase agreement. The agreed price is calculated based on each non-controlling shareholder’s cash investment to NIO China plus an annual interest rate of 8.5%. On March 30, 2024, the Company and certain of its subsidiaries entered into a shareholders agreement with the Existing Strategic Investors, which amended certain shareholders’ rights in NIO China, including the redemption rights. In particular, if NIO China fails to complete the listing application or to issue the material assets restructuring plan related to the qualified initial public offering before December 31, 2027, or fails to complete the qualified initial public offering before December 31, 2028, the Existing Strategic Investors may request the Company to redeem the equity interest in NIO China then held by them.

As the redemption is at the holders’ option and is upon the occurrence of the events that are not solely within the control of the Company, these Existing Strategic Investors’ contributions in NIO China were classified as mezzanine equity and is subsequently accreted to the redemption price using the effective interest method with accretion recorded as a reduction of additional paid in capital.

On September 29, 2024, pursuant to definitive investment agreements, a group of new investors (the “New Strategic Investors”) agreed to invest an aggregate of RMB3.3 billion in cash to subscribe for newly issued shares of NIO China. Concurrently, the Group agreed to invest an aggregate of RMB10 billion in cash to subscribe for newly issued shares of NIO China. Upon completion of this transaction, the Group held 88.25% of controlling equity interest in NIO China, while the New Strategic Investors together with the Existing Strategic Investors collectively held the remaining 11.75% of equity interest in NIO China. In addition, NIO also had the right to invest an additional RMB20 billion in NIO China by December 31, 2025, based on the same price and terms of this transaction.

In July 2025, the Group entered into a definitive agreement to exercise its right to make an additional investment of RMB20 billion in NIO China, pursuant to the definitive investment agreement entered into with the New Strategic Investors. After the completion of this additional investment, the Group held a controlling equity interest of 91.8% in NIO China.

As of December 31, 2025, the Group has completed its investment of RMB10 billion and has additionally invested RMB20 billion pursuant to the definitive investment agreements entered into with the New Strategic Investors, and the Company has received RMB2.8 billion from certain New Strategic Investors. Each of the New Strategic Investors has the right to request the Group to redeem their equity interests in NIO China at an agreed price in case of NIO China’s failure to complete the listing application or to issue the material assets restructuring plan related to the qualified initial public offering before December 31, 2027, failure to complete a qualified initial public offering before December 31, 2028, or other events as set forth in the share purchase agreement. The agreed price is calculated based on each non-controlling shareholder’s cash investment to NIO China plus an annual interest rate of 7.5%, or the market value in the latest financing activities, if any.

For the years ended December 31, 2023, 2024 and 2025, the Company recorded RMB303,163, RMB329,939 and RMB567,877 of accretion on redeemable non-controlling interests to redemption value. As of December 31, 2024 and 2025, the balance of redeemable non-controlling interests was RMB6,985,787 and RMB7,553,664, respectively.

In December 2025 and January 2026, the Company entered into agreements with certain investors of NIO China to purchase their holdings of approximately 1.08% of the equity interest of NIO China, which will be settled in three tranches by September 2026, for a total consideration of no more than RMB1.002 billion, subject to certain closing conditions. Following the completion of the purchases, the Company expects its controlling equity interest in NIO China to increase to 92.9%.

Investment in PE CNHC

On May 31, 2024, the Company and certain of its subsidiaries entered into definitive agreements for the investment in PE CNHC with an investor (the “PE Strategic Investor”), pursuant to which, the PE Strategic Investor agreed to invest an aggregate of RMB1.0 billion in cash into PE CNHC for its non-controlling interest, representing 10% equity interests in PE CNHC. In connection with this transaction, PE CNHC also issued warrants to PE Strategic Investor which entitle PE Strategic Investor the right, at its sole discretion, to purchase additional RMB0.5 billion equity interests of PE CNHC at the same price, before PE CNHC’s next round of financing (the “Warrants”). In June 2024 and August 2025, the Group received RMB0.5 billion and RMB0.5 billion, respectively. As of December 31, 2024 and 2025, the Company held 90.91% controlling equity interests in PE CNHC.

The PE Strategic Investor has the right to request the Group to redeem their equity interests in PE CNHC at an agreed price after 60 months commencing from June 19, 2024, or other events as set forth in the share purchase agreement. The agreed price is calculated based on each non-controlling shareholder’s cash investment to PE CNHC plus an annual interest rate of 5%.

As the redemption is at the holders’ option and is upon the occurrence of the events that are not solely within the control of the Company, the PE Strategic Investor’s contributions in PE CNHC were classified as mezzanine equity and is subsequently accreted to the redemption price using the effective interest method with accretion recorded as a reduction of additional paid in capital.

For the Warrants, the Group classified the Warrants as financial liabilities under ASC 480 as the Warrants conditionally obligated the Group to ultimately transfer assets. The proceeds received by PE CNHC from PE Strategic Investor’s investment were allocated first to the warrant liabilities based on their fair value and the residual was allocated to the mezzanine equity.

For the years ended December 31, 2024 and 2025, the Group recorded an accretion of RMB17,577 and RMB41,980 on redeemable non-controlling interests to redemption value. As of December 31, 2024 and 2025, the balance of redeemable non-controlling interests was RMB456,210 and RMB998,190, respectively, and the balance of the warrant liabilities was RMB53,146 and RMB72,409, respectively.

Deferred Revenue/Income - Roll forward (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary of reconciliation in the current reporting period related to carried-forward deferred revenue
Deferred revenue/income-beginning of year	¥ 6,202,276	¥ 4,996,043	¥ 3,561,890
Additions	2,335,784	3,263,495	3,138,343
Recognition	(2,522,435)	(2,055,119)	(1,705,134)
Effects on foreign exchange adjustment	4,305	(2,143)	944
Deferred revenue/income-end of year	¥ 6,019,930	¥ 6,202,276	¥ 4,996,043

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Other comprehensive loss
Revenues	¥ 87,487,510	¥ 65,731,559	¥ 55,617,933
Other operating income, net	735,797	411,526	608,975
Foreign currency translation adjustment, tax	0	0	0
Related party
Other comprehensive loss
Other operating income, net	150,000	0	0
Vehicle sales
Other comprehensive loss
Revenues	76,883,876	58,234,086	49,257,270
Vehicle sales \| Related party
Other comprehensive loss
Revenues	16,113,630	9,915,540	1,456,388
Other sales
Other comprehensive loss
Revenues	10,603,634	7,497,473	6,360,663
Other sales \| Related party
Other comprehensive loss
Revenues	¥ 1,009,600	¥ 305,807	¥ 113,544

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Land Use Rights, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Land Use Rights, Net
Amortization expense for land use rights	¥ 5,304	¥ 5,304	¥ 5,304

Accruals and Other Liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Accruals and Other Liabilities
Payables for purchase of property, plant and equipment	¥ 4,292,946		¥ 3,643,002
Current portion of deferred revenue/income	3,146,943		3,156,430
Payables for marketing events	1,937,905		1,962,341
Salaries and benefits payable	1,876,515		2,082,972
Payable for R&D expenses	1,473,761		1,924,269
Advance from customers	1,135,508		918,465
Current portion of warranty liabilities	856,664		652,633
Accrued costs of loss on purchase commitments	575,709		336,656
Accrued expenses	276,938		418,760
Current portion of finance lease liabilities	263,203		13,498
Current portion of deferred profit	115,114
Interest payables	74,243		86,474
Current portion of payable to BaaS users	21,792		249,917
Other payables	648,803		595,662
Total	16,696,044	$ 2,387,502	¥ 16,041,079
Payments to BaaS users	¥ 972,984

Commitment and Contingencies

12 Months Ended

Dec. 31, 2025

Commitment and Contingencies

Commitment and Contingencies

26. Commitment and Contingencies

(a) Capital commitments

Capital expenditures contracted for at the balance sheet dates but not recognized in the Group’s consolidated financial statements are as follows:


		As of December 31,
		2024		2025
Property, plant and equipment		5,896,469		3,762,026
Leasehold improvements		527,363		427,143
Total		6,423,832		4,189,169

(b) Contingencies

Between March and July 2019, several securities class action lawsuits were filed against the Company, certain of the Group’s directors and officers, the underwriters in the IPO and the process agent. Some of these actions have been withdrawn, transferred, consolidated or dismissed. One action commenced during the aforementioned time period remains pending, under the caption In re NIO, Inc. Securities Litigation, 1:19-cv-01424, in the U.S. District Court for the Eastern District of New York (E.D.N.Y.). The plaintiffs in this case allege, in sum and substance, that the Group’s statements in the registration statement and/or other public statements were false or misleading and in violation of the U.S. federal securities laws. The Court denied the Group’s motion to dismiss in August 2021, and granted plaintiffs’ motion for class certification in August 2023. Discovery is substantially complete. Summary judgment is ongoing.

Between August and September 2022, two complaints were filed against the Company, its CEO and its then-CFO in the federal district court for the Southern District of New York (S.D.N.Y.), in the actions captioned Saye v. NIO Inc. et al., Case No. 1:22-cv-07252 (S.D.N.Y.) and Bohonok v. NIO Inc. et al., Case No. 1:22-cv-07666 (S.D.N.Y.). Relying on a short seller report, these complaints allege that certain of the Company’s public disclosures between August 2020 and July 2022 contained false statements or omissions in violation of the Securities Exchange Act of 1934. On December 14, 2022, the Court consolidated the two actions and appointed lead plaintiff. Briefing on the Company’s motion to dismiss was completed on July 31, 2023. The Court’s decision on the motion to dismiss is pending. On August 28, 2025, a complaint was filed against the Company, its CEO and its former CFO in S.D.N.Y. (Case No. 1:25-cv-07176). The new action is related to the class action that has been pending in the same court (Saye v. NIO et al., 1:22-cv-07252), as discussed above. On October 3, 2025, the Court approved to stay the later-filed case until the resolution of all motions to dismiss in the Saye action.

The aforementioned actions remain in their preliminary stages. The Group is currently unable to determine the outcomes of these actions or any estimate of the amount or range of any potential loss, if any, associated with resolution of such lawsuits, if they proceed.

The Group is subject to legal proceedings and regulatory actions in the ordinary course of business, such as disputes with landlords, suppliers, employees, etc. The results of such proceedings cannot be predicted with certainty, but the Group does not anticipate that the final outcome arising out of any of such matters will have a material adverse effect on the consolidated balance sheets, comprehensive loss or cash flows on an individual basis or in the aggregate. As of December 31, 2024 and 2025, other than as disclosed above, the Group is not a party to any material legal or administrative proceedings.

Concentration and Risks (Details)	12 Months Ended
Concentration and Risks (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Customer concentration risk \| Customer A \| Total revenue
Concentration and Risks
Concentration risk (as a percent)	18.00%	15.00%
Customer concentration risk \| Customer A \| Account receivables
Concentration and Risks
Concentration risk (as a percent)	91.00%	81.00%
Supplier concentration Risk \| Supplier A \| Total revenue
Concentration and Risks
Concentration risk (as a percent)	14.00%	13.00%	15.00%
Supplier concentration Risk \| Supplier A \| Accounts payable
Concentration and Risks
Concentration risk (as a percent)	17.00%	16.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Taxation (Tables)

12 Months Ended

Dec. 31, 2025

Taxation

Schedule Of statutory income tax rates of other countries where the Company's subsidiaries having significant operations


		For the Year Ended December 31,
		2023		2024		2025
United States		29.84	%	29.84	%	29.84	%
United Kingdom		19.00	%	19.00	%	19.00	%
Germany		32.98	%	32.98	%	32.98	%
Norway		22.00	%	22.00	%	22.00	%
Netherlands		25.80	%	25.80	%	25.80	%

Schedule of composition of loss before income tax for the periods presented by jurisdictions


		For the Year Ended December 31,
		2023		2024		2025
Chinese Mainland		(19,992,673)		(21,248,033)		(13,888,080)
Other jurisdictions		(466,245)		(1,176,491)		(932,639)
Total		(20,458,918)		(22,424,524)		(14,820,719)

Schedule of composition of income tax expense


		For the Year Ended December 31,
		2023		2024		2025
Current income tax expense		59,943		62,065		136,658
Deferred income tax expense/(benefit)		200,892		(84,880)		(14,776)
Total		260,835		(22,815)		121,882

Schedule of reconciliation of the income tax expense


		For the Year Ended December 31,
		2023		2024
Loss before income tax expense		(20,458,918)		(22,424,524)
Income tax benefit computed at PRC statutory income tax rate of 25%		(5,114,730)		(5,606,131)
Non-deductible expenses		58,852		25,426
Foreign tax rates differential		481,318		621,111
Tax incentives relating to R&D expenditures		(1,432,723)		(1,745,145)
Tax exempted interest income		(25,017)		(40,535)
US tax credits		(36,746)		(22,657)
Prior year True-ups		242,392		321,080
Others		316		17
Change in valuation allowance		6,087,173		6,424,019
Income tax expense/(benefit)		260,835		(22,815)


		For the Year Ended December 31
		2025
		Amount	Percent
Loss before income taxes		(14,820,719)
Income tax expense computed at PRC statutory income tax rate of 25%		(3,705,180)	25.0	%
Foreign tax effects		277,119	(1.9)	%
Nontaxable or nondeductible items		34,886	(0.2)	%
Other adjustments
Tax incentives relating to R&D expenditures		(1,222,788)	8.3	%
Others		577,190	(3.9)	%
Changes in valuation allowance		4,160,655	(28.1)	%
Income tax expense		121,882	(0.8)	%

Schedule of deferred tax assets and liabilities


		As of December 31,
		2023		2024		2025
Deferred tax assets
Net operating loss carry-forwards		14,850,298		21,278,950		23,868,202
Deferred revenue		1,241,114		1,487,912		1,503,346
Accrued and prepaid expenses		1,635,032		1,246,887		1,272,471
Tax credit carry-forwards		347,340		384,960		370,409
Property, plant and equipment, net		158,609		203,847		301,270
Write-downs of inventory		47,733		28,007		166,004
Share-based compensation		19,846		76,708		81,589
Unrealized financing expense		64,870		23,148		22,334
Allowance against receivables		28,435		27,495		15,822
Unrealized foreign exchange loss		2,364		2,362		2,540
Equity securities without readily determinable fair value		953		953		953
Equity method investments		75		329		841
Equity securities with readily determinable fair value		717		942		752
Advertising expenses in excess of deduction limit		33		123		42
Deferred rent		80,240		112,041		—
Intangible assets		59,375		27,478		—
Others		3,464		2,900		6,813
Less: Valuation allowance		(18,538,828)		(24,902,819)		(27,491,352)
Subtotal		1,670		2,223		122,036

Deferred tax liabilities
Deferred rent		—		—		(108,445)
Available for sale debt securities		—		—		(89,662)
Equity method investments		(7,283)		(12,367)		(25,575)
Intangible assets		—		—		(11,045)
Equity securities using fair value option		(206,734)		(117,323)		—
Subtotal		(214,017)		(129,690)		(234,727)
Total deferred tax liabilities, net		(212,347)		(127,467)		(112,691)

Schedule of valuation allowance


		As of December 31,
		2023		2024		2025
Valuation allowance
Balance at beginning of the year		12,727,355		18,538,828		24,902,819
Additions		5,811,473		6,363,991		4,481,920
Reduction due to expiration of tax attributes		—		—		(1,893,387)
Balance at end of the year		18,538,828		24,902,819		27,491,352

Schedule of tax losses expiration dates


Loss expiring in 2026		2,292,328
Loss expiring in 2027		4,543,012
Loss expiring in 2028		10,301,237
Loss expiring in 2029		20,515,450
Loss expiring in 2030		15,939,298
Loss expiring in 2031		4,777,158
Loss expiring in 2032		10,711,512
Loss expiring in 2033		16,571,345
Loss expiring in 2034		10,313,022
Loss expiring in 2035		4,320,347
Total		100,284,709

Share-based Compensation - Nio Incentive Plans - Restricted Shares (Details) - NIO Incentive Plans - Employees	12 Months Ended
	Dec. 31, 2025 $ / shares shares	Dec. 31, 2024 CNY (¥)
Number of Restricted Shares Outstanding
Unvested, Beginning Balance \| shares	61,852,743
Granted \| shares	31,294,180
Vested \| shares	(28,389,949)
Forfeited \| shares	(16,761,193)
Unvested, Ending Balance \| shares	47,995,781
Weighted Average Grant Date Fair Value, Restricted shares
Unvested, Beginning Balance \| $ / shares	$ 10.96
Granted \| $ / shares	4.36
Vested \| $ / shares	11.51
Forfeited \| $ / shares	8.88
Unvested, Ending Balance \| $ / shares	$ 7.06
Restricted shares
Weighted Average Grant Date Fair Value, Restricted shares
Unrecognized share-based compensation expenses, other than options \| ¥		¥ 1,459,664,000
Weighted-average period for unrecognized expenses expected to be recognized	2 years 8 months 19 days

Summary of Significant Accounting Policies - Warranty liabilities (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Warranty liabilities
Warranty - beginning of the period	¥ 4,720,712	¥ 3,912,224	¥ 2,946,937
Provision for warranty	1,118,803	1,168,121	1,222,916
Warranty costs incurred	(376,626)	(359,633)	(257,629)
Warranty - end of the period	¥ 5,462,889	¥ 4,720,712	¥ 3,912,224

Taxation - Cash paid for income taxes (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)
Taxation
China	¥ 114,615
Germany
Taxation
Foreign	12,579
Other countries
Taxation
Foreign	¥ 16,905

Borrowings - Balances of long-term bank loan (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Borrowings
Outstanding loan	¥ 722,990	¥ 3,604,670
Current portion according to repayment schedule	331,770	639,180
Long-term portion according to repayment schedule	391,220	2,965,490
Loan Agreement with Bank of Shanghai, Maturity, June 2025
Borrowings
Outstanding loan		80,340
Current portion according to repayment schedule		80,340
Loan Agreement with China Construction Bank, Maturity, July 2029, One
Borrowings
Outstanding loan	3,060	6,460
Current portion according to repayment schedule		1,360
Long-term portion according to repayment schedule	3,060	5,100
Loan Agreement with Industrial and Commercial Bank of China, Maturity, July 2029
Borrowings
Outstanding loan		9,690
Current portion according to repayment schedule		2,040
Long-term portion according to repayment schedule		7,650
Loan Agreement with China Construction Bank, Maturity, July 2029, Two
Borrowings
Outstanding loan	8,910	18,810
Current portion according to repayment schedule		3,960
Long-term portion according to repayment schedule	8,910	14,850
Loan Agreement with China Construction Bank, Maturity, July 2029, Three
Borrowings
Outstanding loan	158,030	297,730
Current portion according to repayment schedule	17,000	62,680
Long-term portion according to repayment schedule	141,030	235,050
Loan Agreement with Industrial and Commercial Bank of China, Maturity, July 2029, One
Borrowings
Outstanding loan	255,000	474,810
Current portion according to repayment schedule	30,090	99,960
Long-term portion according to repayment schedule	224,910	374,850
Loan Agreement with Bank of Shanghai, Maturity, September 2026
Borrowings
Outstanding loan	104,440	213,040
Current portion according to repayment schedule	104,440	108,600
Long-term portion according to repayment schedule		104,440
Loan Agreement with China Construction Bank, Maturity, January 2031
Borrowings
Outstanding loan		637,010
Current portion according to repayment schedule		29,900
Long-term portion according to repayment schedule		607,110
Loan Agreement with Industrial and Commercial Bank of China, Maturity, January 2031
Borrowings
Outstanding loan		497,660
Current portion according to repayment schedule		23,360
Long-term portion according to repayment schedule		474,300
Loan Agreement with China Minsheng Bank, Maturity, January 2031
Borrowings
Outstanding loan		497,670
Current portion according to repayment schedule		23,380
Long-term portion according to repayment schedule		474,290
Loan Agreement with Agricultural Bank of China, Maturity, January 2031
Borrowings
Outstanding loan		497,660
Current portion according to repayment schedule		23,360
Long-term portion according to repayment schedule		474,300
Loan Agreement with Bank of Shanghai, Maturity, January 2027
Borrowings
Outstanding loan	72,950	145,550
Current portion according to repayment schedule	72,600	72,600
Long-term portion according to repayment schedule	350	72,950
Loan Agreement with Bank of Shanghai, Maturity, February 2027
Borrowings
Outstanding loan	120,600	228,240
Current portion according to repayment schedule	107,640	107,640
Long-term portion according to repayment schedule	¥ 12,960	¥ 120,600

Related Party Balances and Transactions - Convertible notes issued to related parties and interest accrual (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Related party \| Huang River Investment Limited
Related Party Balances and Transactions
Convertible notes issued to related parties and interest accrual	¥ 11,234

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Research and Development Expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Research and Development Expenses
Employee compensation	¥ 7,641,448		¥ 8,829,163	¥ 8,998,415
Design and development expenses	1,699,274		2,561,769	3,019,403
Depreciation and amortization expenses	710,737		991,074	720,737
Rental and related expenses	235,535		250,597	273,493
Travel and entertainment expenses	55,807		82,955	135,891
Others	262,192		321,746	283,460
Total	¥ 10,604,993	$ 1,516,494	¥ 13,037,304	¥ 13,431,399

Parent Company (the "Company") Only Financial Information - Condensed Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash (used in)/provided by operating activities	¥ 3,000,000	$ 427,937	¥ (7,849,168)	¥ (1,381,546)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in by investing activities	(11,459,690)	(1,638,714)	(4,958,493)	(10,885,375)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by/(used in) financing activities	6,844,360	978,730	1,772,483	27,662,881
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(16,256)	(2,324)	161,039	70,254
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(1,638,974)	(234,371)	(10,874,139)	15,466,214
Cash, cash equivalents and restricted cash at beginning of the year	27,747,368	3,967,821	38,621,507	23,155,293
Cash, cash equivalents and restricted cash at end of the year	26,108,394	3,733,450	27,747,368	38,621,507
Parent
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash (used in)/provided by operating activities	8,207,624	1,173,675	(5,348,151)	(8,262,167)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in by investing activities	(20,700,636)	(2,960,152)	(9,838,095)	(1,972,672)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by/(used in) financing activities	9,241,358	1,321,497	(3,190,866)	25,782,226
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(107,273)	(15,340)	152,395	52,552
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(3,358,927)	(480,320)	(18,224,717)	15,599,939
Cash, cash equivalents and restricted cash at beginning of the year	4,451,772	636,595	22,676,489	7,076,550
Cash, cash equivalents and restricted cash at end of the year	¥ 1,092,845	$ 156,275	¥ 4,451,772	¥ 22,676,489

Deferred Revenue/Income - Timing of satisfaction (Details)	Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Deferred Revenue/Income
Percentage of revenue recognized	52.00%
Period of revenue recognition	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Deferred Revenue/Income
Percentage of revenue recognized	48.00%
Period of revenue recognition	13 years

Share-based Compensation - Share-based compensation of subsidiaries (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2025 CNY (¥) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares	Dec. 31, 2025 USD ($) $ / shares
Number of Options Outstanding
Outstanding, Beginning Balance \| shares		52,060,649
Exercised \| shares		(7,965,157)
Forfeited \| shares		(15,780)
Outstanding, Ending Balance \| shares		43,268,637	52,060,649
Weighted Average Exercise Price, Options
Outstanding, Beginning Balance		$ 3.55
Exercised		2.06
Forfeited		43.97
Outstanding, Ending Balance		$ 3.45	$ 3.55
Weighted Average Remaining Contractual Life, Outstanding, Options		2 years 2 months 26 days	2 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding, Options \| $			$ 100,420		$ 110,655
Risk-free interest rate		1.58%	1.58%	1.58%
Expected term (in years)		10 years	10 years	10 years
Expected dividend yield		0.00%	0.00%	0.00%
Expected volatility		52.00%	52.00%	52.00%
Expected forfeiture rate (post-vesting)		2.00%	2.00%	2.00%
Minimum
Weighted Average Exercise Price, Options
Fair value of the ordinary shares on the date of option grant (US$)			$ 1	$ 1	$ 1
Risk-free interest rate			4.14%	3.70%
Maximum
Weighted Average Exercise Price, Options
Fair value of the ordinary shares on the date of option grant (US$)			$ 1.01	$ 1.01	$ 1.01
Risk-free interest rate			4.14%	3.70%
Expected volatility			62.00%	57.00%
Expected forfeiture rate (post-vesting)			6.09%	1.80%
A Plan
Number of Options Outstanding
Outstanding, Beginning Balance \| shares		43,094,529
Granted \| shares		9,671,262
Exercised \| shares		(13,019,681)
Forfeited \| shares		(2,693,382)
Outstanding, Ending Balance \| shares		37,052,728	43,094,529
Weighted Average Exercise Price, Options
Outstanding, Beginning Balance		$ 0.00001
Granted		0.00001
Outstanding, Ending Balance		$ 0.00001	$ 0.00001
Weighted Average Remaining Contractual Life, Outstanding, Options		7 years 11 months 12 days	8 years 1 month 2 days
Aggregate Intrinsic Value, Outstanding, Options \| $			$ 47,950		$ 36,870
Expiration period	10 years
Requisite service period	4 years
Vesting percentage	25.00%
Vesting period		36 months
Employee Stock Option \| Minimum
Weighted Average Exercise Price, Options
Fair value of the ordinary shares on the date of option grant (US$)			$ 5.48	$ 8.51
Employee Stock Option \| Maximum
Weighted Average Exercise Price, Options
Fair value of the ordinary shares on the date of option grant (US$)			5.48	8.51
Employee Stock Option \| A Plan
Weighted Average Exercise Price, Options
Vested		$ 1.1	$ 1.1	$ 1.1
Unrecognized share-based compensation expenses, other than options \| ¥		$ 264,084
Weighted-average period for unrecognized expenses expected to be recognized		2 years 5 months 8 days

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

14. Leases

The Group has entered into various non-cancellable operating and finance lease agreements for certain offices, warehouses, retail and service locations, equipment and vehicles worldwide. The Group determines if an arrangement is a lease, or contains a lease, at inception and record the leases in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor.

The balances for the operating and finance leases where the Group is the lessee are presented as follows within the consolidated balance sheet:


		December 31,		December 31,
		2024		2025
Operating leases:
Right-of-use assets - operating lease		12,797,158		11,711,306
Current portion of operating lease liabilities		1,945,987		2,163,768
Non-current operating lease liabilities		11,260,735		10,092,039
Total operating lease liabilities		13,206,722		12,255,807
Finance leases:
Right-of-use assets - finance lease		63,635		5,696,866
Current portion of finance lease liabilities		13,498		263,203
Non-current finance lease liabilities		35,145		4,769,972
Total finance lease liabilities		48,643		5,033,175

The components of lease expenses were as follows:


		Year Ended December 31,
		2024		2025
Lease cost:
Amortization of right-of-use assets		1,825,182		2,228,651
Interest of operating lease liabilities		573,031		543,698
Expenses for short-term leases within 12 months and other non-lease component		227,990		92,361
Total lease cost		2,626,203		2,864,710

Other information related to leases where the Group is the lessee is as follows:


		As of December 31,		As of December 31,
		2024		2025
Weighted-average remaining lease term:
Operating leases		10.9	years	10.6	years
Finance leases		5.5	years	18.9	years

Weighted-average discount rate:
Operating leases		4.45	%	4.39	%
Finance leases		4.14	%	4.20	%

Supplemental cash flow information related to leases where we are the lessee is as follows:


		For the Year Ended December 31,
		2024		2025
Operating cash outflows from operating leases		2,385,552		2,402,489
Operating cash outflows from finance leases (interest payments)		2,208		90,864
Financing cash outflows from finance leases		37,854		101,113
Right-of-use assets obtained in exchange for lease liabilities		3,698,231		6,512,719

As of December 31, 2024 and 2025, the maturities of our operating and finance lease liabilities (excluding short-term leases) are as follows:


		As of December 31,				As of December 31,
		2024				2025
		Operating		Finance		Operating		Finance
		Leases		Leases		Leases		Leases
2025		2,531,918		16,993		—		—
2026		2,306,078		15,497		2,420,506		409,668
2027		1,899,976		13,352		2,079,015		400,900
2028		1,504,174		8,788		1,725,211		388,453
2029		1,228,528		4,237		1,474,031		379,880
2030		—		—		1,184,585		374,286
Thereafter		7,388,703		8,485		7,480,193		5,249,953
Total minimum lease payments		16,859,377		67,352		16,363,541		7,203,140
Less: Interest		(3,652,655)		(18,709)		(4,107,734)		(2,169,965)
Present value of lease obligations		13,206,722		48,643		12,255,807		5,033,175
Less: Current portion		(1,945,987)		(13,498)		(2,163,768)		(263,203)
Long-term portion of lease obligations		11,260,735		35,145		10,092,039		4,769,972

As of December 31, 2024 and 2025, the Group had future minimum lease payments for non-cancelable short-term operating leases of RMB497,773 and RMB24,467, respectively.

Loss Per Share - Computation of earnings per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Numerator:
Net loss	¥ (14,942,601)	$ (2,136,763)	¥ (22,401,709)	¥ (20,719,753)
Accretion on redeemable non-controlling interests to redemption value	(609,857)	(87,208)	(347,516)	(303,163)
Net (profit)/loss attributable to non-controlling interests	(18,220)	(2,605)	91,533	(124,051)
Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share	¥ (15,570,678)	$ (2,226,576)	¥ (22,657,692)	¥ (21,146,967)
Denominator:
Weighted-average number of ordinary shares outstanding - basic	2,272,635,997	2,272,635,997	2,054,614,522	1,700,203,886
Weighted-average number of ordinary shares outstanding - diluted	2,272,635,997	2,272,635,997	2,054,614,522	1,700,203,886
Basic net loss per share attributable to ordinary shareholders of NIO Inc \| (per share)	¥ (6.85)	$ (0.98)	¥ (11.03)	¥ (12.44)
Diluted net loss per share attributable to ordinary shareholders of NIO Inc \| (per share)	¥ (6.85)	$ (0.98)	¥ (11.03)	¥ (12.44)