NIO reported its Q2 2026 results on September 1, with vehicle deliveries up 49.4% year-over-year to 107,658 units and revenue up 69.1% to $4.74 billion, missing Wall Street's $4.95 billion consensus. Net loss improved 89.4% year-over-year to RMB0.5 billion, and adjusted net profit came in at RMB26.1 million. However, European registrations plummeted, with Germany down 93.6% in July. Following the report, J.P. Morgan downgraded NIO, setting a $4.50 price target and cutting 2026 delivery estimates to 430,000 units.