Nio Stock: Jumps 4% as Battery Swaps Hit All-Time High During Lunar New Year

TLDR

• Nio stock climbed ~4% in Hong Kong on Feb 22 after returning from the Lunar New Year holiday.
• The company set an all-time daily battery swap record of 177,627 on the sixth day of Chinese New Year.
• Nio crossed 100 million cumulative battery swaps on Feb 6 and operates 3,750 stations across China.
• Q4 2025 deliveries hit a record 124,807 vehicles, up ~72% year-on-year.
• Nio forecast its first-ever adjusted operating profit for Q4 2025, between 700M and 1.2B yuan.

Nio (NIO) stock rose around 4% in Hong Kong on Monday after the EV maker returned from the Lunar New Year break with a string of record battery swap numbers.

NIO Inc., NIO

The headline figure: 177,627 battery swaps in a single day on Sunday — an all-time high. February saw Nio break its own daily record six times, including five straight days of new highs during the Spring Festival travel rush, which ran Feb 15 to Feb 23.

Nio now runs 3,750 battery swap stations across China, with 1,022 on expressways across 550 cities. On Feb 6, the company crossed 100 million cumulative swaps. CEO William Li has said the next target is making the power business profitable.

The company has invested more than 18 billion yuan in charging and swap infrastructure over 11 years. In 2026, it plans to add 1,000 more stations and begin mass construction of fifth-generation swap units.

First-Ever Profit Forecast

Nio delivered 124,807 vehicles in Q4 2025 — a record quarter, up ~72% year-on-year across its Nio, Onvo, and Firefly brands.

January deliveries were 27,182 units, up 96.1% year-on-year but down 43.5% from December.

Nio also forecast its first-ever adjusted operating profit for Q4 2025, projecting 700M to 1.2B yuan — compared to an adjusted operating loss of 5.54B yuan in the same quarter a year earlier. On a GAAP basis, it expects operating profit of 200M to 700M yuan.

The company credited higher volumes, a better product mix, and cost cuts. Q3 2025 revenue rose 17% to 21.79B yuan, though it missed analyst estimates.

Headwinds Ahead

Nio has warned Q1 2026 could be soft as China’s vehicle purchase tax incentives phase out — flagging it as an industry-wide challenge.

JPMorgan cut its price target on Nio to $7 from $8 this month, keeping an Overweight rating. The bank cited expectations of negative passenger vehicle growth in China and tightening margins in 2026.

China Passenger Car Association data showed passenger NEV wholesale sales hit ~900,000 units in January — up 1% year-on-year but down over 42% from December.

Quantitative hedge fund D.E. Shaw & Co. became Nio’s largest institutional shareholder, reflecting growing institutional interest in the company’s infrastructure play.

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