NIO Inc. (NIO) reported stronger September and third-quarter deliveries Thursday, as quarterly volume rose 25.4% year over year.

Delivery Growth Accelerates

The company delivered 37,408 vehicles in September, up 7.7% from 34,749 a year earlier.

Third-quarter deliveries climbed to 109,178 vehicles from 87,071 a year ago. Deliveries for the first nine months of 2026 rose 49.2% to 300,301 vehicles.

Performance varied across NIO's brands in September.

NIO-brand deliveries jumped 55.3% year over year to 21,318 vehicles. FIREFLY deliveries rose 26.9% to 7,327 vehicles.

However, ONVO deliveries fell 42.5% to 8,763 vehicles from 15,246 a year earlier.

Cumulative deliveries reached 1,297,893 vehicles as of Sept. 30, compared with 872,785 a year earlier.

The company also highlighted milestones for its premium SUVs. The All-New ES8 reached 150,000 cumulative deliveries on Sept. 20. Meanwhile, the ES9 crossed 30,000 deliveries on Sept. 23 after deliveries began May 28.

Third-quarter deliveries of 109,178 vehicles came within management's guidance range of 108,000 to 111,000 vehicles.

Looking ahead, the company is targeting average monthly deliveries of more than 40,000 vehicles in the fourth quarter.

NIO Power Deal

The company is also expanding its battery-swapping business while targeting higher deliveries in the fourth quarter.

On Sept. 28, Geely Auto agreed to contribute its Yiyi Power unit and 640 million yuan, or about $95 million, in cash for a 30% stake in NIO Power. NIO China will retain a controlling 63.6% stake.

Analyst Outlook

The stock carries a Hold consensus rating with an average price target of $5.50. Analyst targets range from $4.50 to $7.

JPMorgan downgraded the stock to Neutral and lowered its price target to $4.50 on Sept. 2. Bernstein maintained a Market Perform rating and cut its target to $5 the same day. Goldman Sachs upgraded the stock to Buy with a $7 price target on July 13.

NIO Stock Price

NIO Price Action: NIO shares were down 0.28% at $3.42 during premarket trading on Thursday, according to market data.