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Chinese premium EV maker known for battery-swap stations instead of only plug-in charging.
Chinese premium EV maker known for battery-swap stations instead of only plug-in charging.
Sells cars directly through its own showrooms and app rather than dealers, and charges for battery access as a monthly subscription, which lowers the upfront purchase price. A 2020 rescue investment from Hefei city government-backed funds stabilised it, and it has since added two lower-priced brands to chase volume.
In one line: A premium Chinese EV maker akin to Tesla, with a unique battery-swap network.
Moat: narrow (installed base, switching costs, brand). Proprietary battery-swap network and BaaS subscriptions create switching costs and infrastructure lead.
Headquarters: Shanghai, China · Founded: 2014 · Employees: 35,032
Size NIO (9866.HK) is a Hong Kong Consumer Discretionary company (Motor Vehicles) with a market value of $7.60B, the 203rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$25.28 on 6 Nov 2026.
Performance Over six months the shares fell 46.5%, against -15.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 70.2% over the last twelve months (peer median +5.8%); the operating margin is -3.7% (peer median 3.8%).
Valuation It trades at 0.3× enterprise value to sales against a peer median of 0.8× (cheapest of 21).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$128B | HK$94.9B | HK$71.3B | HK$61.5B | HK$57.3B |
| Revenue growth | — | +33% | +16% | +7% | — |
| Gross profit | HK$22.2B | HK$11.1B | HK$5.01B | HK$1.83B | HK$5.03B |
| EBITDA | n/a | -HK$5.86B | -HK$15.8B | -HK$20.3B | -HK$14.2B |
| Net income | -HK$5.26B | -HK$16.9B | -HK$24.6B | -HK$23.4B | -HK$16.9B |
| Free cash flow | n/a | -HK$3.33B | -HK$18.4B | -HK$17.4B | -HK$12.6B |
| Capital expenditure | n/a | HK$6.58B | HK$9.91B | HK$15.8B | HK$8.11B |
| Total debt | HK$33.5B | HK$34.8B | HK$36.0B | HK$55.5B | HK$26.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| NIO 9866.HK | $7.60B | -46% | +70% | -4% | 0.3× | n/a |
| XPeng 9868.HK | $9.51B | -37% | +29% | -7% | 0.9× | n/a |
| Li Auto-w 2015.HK | $12.4B | -32% | -24% | -7% | 0.3× | n/a |
| BYD 1211.HK | $98.9B | -26% | 0% | 4% | 1.0× | n/a |
| Tesla TSLA | $1.42T | -16% | +8% | 4% | 13.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9866.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.9% | +2.1% | 4th lowest of 21 |
| 6-month return | -46.5% | -15.4% | 2nd lowest of 21 |
| Distance from 52-week high | -56.8% | -32.4% | 3rd lowest of 21 |
| Revenue growth (TTM) | +70.2% | +5.8% | 3rd highest of 21 |
| Operating margin | -3.7% | 3.8% | 5th lowest of 21 |
| EV / Sales | 0.3× | 0.8× | cheapest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NIO 9866.HK | Hong Kong | $7.60B | -46% | +70% | -4% | 0.3× | n/a | n/a |
| VinFast Auto VFS | United States | $7.60B | -25% | +74% | -86% | 2.4× | n/a | n/a |
| Ather Energy ATHERENERG.NS | India | $7.57B | +101% | +63% | -7% | 14.4× | n/a | n/a |
| Jardine Cycle & Carriage C07.SI | Singapore | $7.36B | -28% | -11% | 10% | 1.0× | -7.8% | +8.9% |
| Zhejiang CFMoto Power 603129.SS | China | $7.23B | +16% | +40% | 11% | 1.7× | -3.9% | +34.5% |
| Oshkosh OSK | United States | $8.19B | -3% | +4% | 7% | 0.8× | 4.7% | +8.7% |
| Federal Signal FSS | United States | $6.92B | -4% | +24% | 17% | 2.9× | 11.8% | +14.0% |
| Porsche Automobil Holding SE Pref PAH3.DE | Germany | $8.98B | -19% | +13% | 108% | 4.8× | 9.4% | +2.4% |
| Zhejiang Leapmotor Technology 9863.HK | Hong Kong | $6.34B | -25% | +71% | -1% | 0.5× | -14.5% | +150.7% |
| Guangzhou Automobile 2238.HK | Hong Kong | $6.28B | -27% | 0% | -17% | 0.3× | n/a | n/a |
| Isuzu Motors 7202.T | Japan | $9.26B | -1% | +5% | 6% | 0.6× | n/a | n/a |
| Renault RNO.PA | France | $9.39B | +2% | +6% | 6% | 1.0× | 3.4% | +5.9% |
| Chongqing Changan Automobile 000625.SZ | China | $9.51B | -25% | -7% | 0% | 0.5× | n/a | n/a |
| XPeng 9868.HK | Hong Kong | $9.51B | -37% | +29% | -7% | 0.9× | n/a | n/a |
| Nissan Motor 7201.T | Japan | $5.98B | -24% | -1% | 2% | 0.7× | n/a | n/a |
| Yamaha Motor 7272.T | Japan | $10.1B | +54% | +10% | 6% | 0.8× | 4.2% | +11.5% |
| Yutong Bus 600066.SS | China | $10.1B | -12% | +3% | 14% | 1.4× | -10.0% | +13.8% |
| Iveco IVG.MI | Italy | $5.55B | +3% | -5% | 3% | 0.7× | n/a | n/a |
| Seres 601127.SS | China | $11.0B | -51% | -6% | -4% | 0.4× | n/a | n/a |
| ARCHION 543A.T | Japan | $5.11B | -9% | +9% | 5% | 0.5× | 7.4% | +0.9% |
| Tata Motors Passenger Vehicles TMPV.NS | India | $11.4B | -19% | -22% | 0% | 0.3× | n/a | n/a |