Nio Delivered 37,705 EVs in May and Is Making Its Own Chips Now. Can It Compete With BYD at Scale?

Chinese EV maker Nio reported 37,705 vehicle deliveries in May, up 62.3% year-over-year, driven by new budget and premium models. The company achieved Q1 revenue growth of 122% year-over-year with improved margins of 18.8%, though it returned to net losses of $71.8 million in Q1 after a brief profitable quarter. Nio is launching budget vehicles through its Onvo sub-brand to compete with Tesla and BYD while establishing in-house chip manufacturing, but sustained profitability remains uncertain.