Firefly to Launch Larger Battery on Oct. 23 After 90,000th Delivery

Nio is introducing an upgradeable battery pack for its 'Firefly' city car, allowing owners to switch from a 42.1 kWh to a 60 kWh version, increasing range from 420 km to 560 km. The upgrade uses the same dimensions but changes battery chemistry. Nio's battery-swapping stations will likely facilitate the upgrade, offering drivers more flexibility in range options post-purchase.

Geely and NIO agreed to invest in each other's energy businesses, with Geely acquiring a 30% stake in NIO Power and NIO taking a 10% interest in Geely's Haohan Energy. Geely will contribute Yiyi Power and RMB 640 million for its stake. The deal expands their 2023 battery-swapping partnership to include station operations and shared charging networks, aiming to improve infrastructure efficiency for EV drivers in China.

NIO Inc. reported outselling BMW, Mercedes-Benz, and Audi in China's Q3 2026, with 111,638 vehicles delivered. NIO's sales grew 25.4% YoY, driven by its ONVO and Firefly brands. BMW and Mercedes-Benz reported declines in China sales. NIO's growth is slowing, with September deliveries up 7.7% YoY. The company's market share in China's premium segment has increased, while German rivals' share has decreased.

BYD led China's NEV retail sales in September with 246,816 units, a 22.8% market share, despite a 16.7% year-over-year market decline. Tesla climbed to fourth place with 64,837 sales, up 29.6% from August. Leapmotor grew 30.8% year-over-year, the only top-five maker to do so. Total NEV retail sales fell to 1.084 million, below initial estimates.

NIO reported record battery swaps during China's National Day holiday, with 1.19 million swaps across 4,168 stations, averaging 41 swaps per station daily. This is below the 60-70 swaps per day breakeven point cited by NIO's CFO. Holiday swap volume rose 22% year-over-year, driven by more stations rather than increased usage per station. NIO also announced a partnership with Geely to expand its swap network, aiming for 10,000 stations by 2030.

Nio (NIO) stock fell 18.9% in September despite a deal with Geely (GELYF) for a 30% stake in its battery-swapping unit. Q2 revenue rose 69% to $4.7B, but rising costs led JPMorgan (JPM) to cut its price target. Geely's investment aims to expand Nio's charging network, though delivery growth slowed to 7.7% YoY in September.