Question · Q2 2025
Nixon Lee from Bank of America sought confirmation on NIO's new model pipeline for 2026, specifically if it includes at least five new cars (ES6, ES7, ES9, L80, and a second Firefly model). He also asked for guidance on the expected non-GAAP R&D expense per quarter for 2026, inquiring if it would remain around ¥2 billion, and for the latest CapEx plan for 2025 and 2026.
Answer
William Li, Founder, Chairman of the Board, and CEO, through a translator, clarified that the 2026 focus will be on three large SUV models under the ONVO and new brands, with no major upgrades planned for the ET5, ET5 Touring, ES6, and EC6 models, and no second Firefly model. Stanley Qu, CFO, and a translator stated that non-GAAP R&D expenses for 2026 are expected to be around RMB 2 billion-RMB 2.5 billion per quarter, depending on new product development cadence. CapEx for 2026 is aimed to be similar to or lower than 2025, with a focus on leveraging external resources for power swap station construction.