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Share-based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Share-based Compensation |
Schedule of compensation expenses recognized for share based awards granted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
Cost of sales |  | 83,972 | ​ | 71,779 | ​ | 57,954
Research and development expenses |  | 1,517,206 | ​ | 1,296,136 | ​ | 1,129,859
Selling, general and administrative expenses |  | 767,863 | ​ | 560,597 | ​ | 602,914
Total |  | 2,369,041 | ​ | 1,928,512 | ​ | 1,790,727
Schedule of stock option activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Weighted | ​ ​ ​ | Weighted | ​ ​ ​ | ​
​ | ​ | Number of | ​ | Average | ​ | Average | ​ | Aggregate
​ | ​ | Options | ​ | Exercise | ​ | Remaining | ​ | Intrinsic
​ | ​ ​ ​ | Outstanding | ​ ​ ​ | Price | ​ ​ ​ | Contractual Life | ​ ​ ​ | Value
​ | ​ | ​ | ​ | US$ | ​ | In Years | ​ | US$
Outstanding as of December 31, 2024 |  | 52,060,649 | ​ | 3.55 | ​ | 2.60 | ​ | 100,420
Granted |  | — | ​ | — | ​ | — | ​ | —
Exercised |  | (7,965,157) | ​ | 2.06 | ​ | — | ​ | —
Cancelled |  | (15,780) | ​ | 43.97 | ​ | — | ​ | —
Expired |  | (811,075) | ​ | 22.76 | ​ | — | ​ | —
Outstanding as of December 31, 2025 |  | 43,268,637 | ​ | 3.45 | ​ | 2.24 | ​ | 110,655
Vested and expected to vest as of December 31, 2025 |  | 43,197,261 | ​ | 3.45 | ​ | 2.25 | ​ | 110,462
Exercisable as of December 31, 2025 |  | 41,781,637 | ​ | 3.49 | ​ | 2.20 | ​ | 106,626
Schedule of share options to employees | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Weighted | ​ | ​
​ | ​ | Number of | ​ | Average | ​ | Average | ​ | Aggregate
​ | ​ | Options | ​ | Exercise | ​ | Remaining | ​ | Intrinsic
​ | ​ | Outstanding | ​ | Price | ​ | Contractual Life | ​ | Value
​ | ​ ​ ​ | ​ | ​ ​ ​ | US$ | ​ ​ ​ | In Years | ​ ​ ​ | US$
Outstanding as of December 31, 2024 |  | 43,094,529 | ​ | 0.00001 | ​ | 8.09 | ​ | 47,950
Granted | ​ | 9,671,262 | ​ | 0.00001 | ​ | — | ​ | —
Exercised | ​ | (13,019,681) | ​ | — | ​ | — | ​ | —
Forfeited | ​ | (2,693,382) | ​ | — | ​ | — | ​ | —
Outstanding as of December 31, 2025 | ​ | 37,052,728 | ​ | 0.00001 | ​ | 7.95 | ​ | 36,870
NIO Incentive Plans |
Share-based Compensation |
Schedule of weighted average assumptions used | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​
Exercise price (US$) |  | 2.39 | ​ | - | 2.39 | ​ | 2.39 | ​ | - | 2.39 |
Fair value of the ordinary shares on the date of option grant (US$) |  | 8.51 | ​ | - | 8.51 | ​ | 5.48 | ​ | - | 5.48 |
Risk-free interest rate |  | 3.70 | % | - | 3.70 | % | 4.14 | % | - | 4.14 | %
Exercise multiple | ​ | ​ | ​ | ​ | 2.5 | x | ​ | ​ | ​ | 2.5 | x
Expected dividend yield |  | ​ | ​ | ​ | 0 | % | ​ | ​ | ​ | 0 | %
Expected volatility |  | ​ | ​ | ​ | 57 | % | ​ | ​ | ​ | 62 | %
Expected forfeiture rate (post-vesting) |  | ​ | ​ | ​ | 1.8 | % | ​ | ​ | ​ | 6.09 | %
A Plan |
Share-based Compensation |
Schedule of weighted average assumptions used | ​
​ | ​ | ​ | ​
​ | ​ ​ ​ | For the Year Ended |
​ | ​ | December 31, |
​ | ​ | 2023, 2024 and 2025 |
Fair value of the ordinary shares on the date of option grant (US$) |  | 1.00-1.01 | ​
Risk-free interest rate |  | 1.58 | %
Expected term (in years) |  | 10 | ​
Expected dividend yield |  | 0 | %
Expected volatility |  | 52 | %
Expected forfeiture rate (post-vesting) |  | 2 | %
US employees under 2016 Plan | NIO Incentive Plans |
Share-based Compensation |
Schedule of restricted shares activity | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Number of Restricted | ​ | Weighted Average
​ | ​ ​ ​ | Shares Outstanding | ​ ​ ​ | Grant Date Fair Value
​ | ​ | ​ | ​ | US$
Unvested at December 31, 2024 |  | 61,852,743 | ​ | 10.96
Granted | ​ | 31,294,180 | ​ | 4.36
Vested |  | (28,389,949) | ​ | 11.51
Forfeited |  | (16,761,193) | ​ | 8.88
Unvested at December 31, 2025 |  | 47,995,781 | ​ | 7.06

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