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Do we like NIO?

Premium electric car maker with battery-swap network (NIO, ONVO, Firefly brands), based in Shanghai, China

Our score: 5 out of 10. Real battery-swap innovation and improving margins, but a long record of heavy losses, and our searches found no independent checks on its conduct. Mixed.

NIO is a Chinese premium EV maker run by founder William Li. It sells under three brands: NIO, family-focused ONVO and the cheaper Firefly. Its trademark is swapping a car's battery at a station in minutes rather than plugging in.

By NIO's own figures, it hit 100 million battery swaps in February 2026. Li said it planned over 1,000 new swap stations in 2026, taking the total past 4,600 by year-end.

Sales are growing. NIO reported 109,178 deliveries in Q3 2026, up 25.4% on last year. Its Q1 vehicle margin was 18.8%, against 10.2% a year earlier. These are company numbers, not independently checked.

We found no fines, recalls or investigations in our searches. That isn't the same as a clean bill of health, since we didn't look deeply. Hence a middling score: promising tech, but little independent evidence on conduct.

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