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NIO Inc. (NYSE: NIO) reported Tuesday that it delivered 35,836 vehicles in August, a 14.5% jump from the same month last year. But if you look a little closer, the headline number hides a more complicated story.
Deliveries actually dipped slightly from July's 35,934, and the growth was almost entirely driven by the core NIO brand, while the ONVO sub-brand took a big hit.
The main NIO brand delivered 21,174 vehicles in August, more than double what it delivered a year ago and up 5.8% from July. That's a strong showing.
But ONVO, NIO's sub-brand, delivered just 8,810 vehicles, down 46.4% year-over-year and 13.2% from July. That's a steep decline that's hard to ignore.
FIREFLY, another sub-brand, delivered 5,852 vehicles, up 34.7% annually and 1.4% from July. So the growth is there, but it's uneven across the lineup.
Through August, NIO has delivered 262,893 vehicles in 2026, up 57.9% from the same period last year. Total cumulative deliveries hit 1.26 million as of Aug. 31.
On Aug. 7, NIO opened its 4,000th battery-swap station and launched its first fifth-generation site. That's a big milestone for the company's signature technology, and it also brought FIREFLY vehicles into the NIO Power battery-swap network.
Meanwhile, the all-new ES8 reached 140,000 deliveries on Aug. 21, just 335 days after deliveries started. That's a fast start for an electric SUV.
NIO is also scheduled to report second-quarter results before Tuesday's U.S. market open, so investors will get a fresh look at the company's financials soon.
Wall Street is generally bullish on NIO. The stock carries a consensus Buy rating and an average price target of $6.90.
Goldman Sachs upgraded NIO to Buy with a $7 price target on July 13. HSBC upgraded the stock to Buy and raised its target to $6.80 on March 13. Freedom Broker upgraded the stock to Buy with a $7 target on Nov. 28, 2025.
But the chart tells a different story. NIO remains in a long-term downtrend. The stock trades 9.7% below its 20-day simple moving average and 13.3% below its 50-day SMA. It's also about 22% below its 100-day and 200-day averages.
The 20-day SMA is below the 50-day SMA, which signals a bearish short-term trend. And the 50-day average crossed below the 200-day average in June, forming a "death cross." That's a classic bearish signal that suggests any rallies are likely countertrend.
The moving average convergence divergence (MACD) indicator also points to weak momentum. The MACD is below its signal line, and its histogram is negative. That means buyers are losing strength.
On the upside, the mid-$4 range could act as resistance because the 20-day and 50-day averages sit near that level. After that, $5 is the next major resistance zone.
On the downside, the stock has fallen below its previous 52-week low of $4.23. That means volatility could stay elevated while traders look for a new support level.
NIO has a weak Momentum score of 6.44 on the MarketDash Edge scorecard, reflecting the stock's position below its major moving averages.
Overall, NIO's chart remains weak. The stock may continue to face selling pressure until it reclaims and holds above key moving averages.
NIO Price Action: NIO shares were down 2.84% at $4.11 during premarket trading on Tuesday, according to market data.
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