Nio Stock fell 1% in U.S. premarket trading on Thursday after the company said it exported just 72 vehicles in June across its Nio, Onvo and Firefly brands. The number underscored how little of the company’s business has reached overseas markets, even as it says it aims to expand across 40 countries and regions this year.
That small export figure stands out because Nio delivered 191,123 vehicles in the first half of the year, while exports totaled only 475 vehicles over the same period. In other words, overseas shipments accounted for just under 0.3% of first-half deliveries, a fraction that helps explain why investors treated the June update as a warning sign rather than a growth story.
He Xiaopeng offered a very different kind of market moment this week, completing the first order in XPeng’s robotaxi closed beta and saying the process of ordering, boarding and starting the ride was seamless. That detail mattered because it showed how quickly one Chinese EV name is trying to turn a test into a customer-facing service, while Nio is still trying to make its overseas plan visible in the numbers.
The broader June data did not make that task easier. China’s NEV retail sales fell 9% from a year earlier to 1.007 million units, the sixth straight year-over-year decline, even as NEV exports jumped 153% to 499,000 units. Nio’s domestic brands still had movement at the margin, with Onvo recording 11,739 insurance registrations, the L80 at 4,086, and the refreshed L60 rebounding to its best monthly result since December 2025, but the overseas pipeline remained thin.
That gap is what investors are watching now. Nio can point to a wider rollout plan and to a faster-moving Chinese EV export market, but June showed that its own contribution abroad remains tiny. Until the company starts shipping at a scale that looks closer to its domestic delivery base, the market is likely to keep treating every weak export print as evidence that the expansion story is still ahead of the business.
