NIO designs, develops, manufactures, and sells smart battery electric vehicles in China and select international markets under three brands. The NIO brand targets the premium segment with vehicles priced roughly RMB300,000–800,000, including SUVs and sedans like the flagship ET9 executive sedan. The ONVO brand targets the mainstream family market in the RMB100,000–300,000 range with models like the L60 and L90 SUVs. The FIREFLY brand, launched in April 2025, focuses on small, high-end city EVs for urban drivers. NIO sells primarily direct-to-consumer through its own physical stores and brand-specific apps. Vehicle sales make up the vast majority of revenue, with the remainder coming from after-sales services, charging and battery swap services, used car sales, and technology licensing. A defining feature of NIO's business model is its Battery as a Service (BaaS) offering, which allows customers to purchase a vehicle without a battery and pay a monthly subscription for battery usage instead, lowering upfront purchase prices. NIO supports this with a proprietary network of over 3,700 battery swap stations globally. NIO also offers a subscription for its smart driving features. Beyond vehicle and service revenue, NIO licenses its EV platform technology to external partners, including McLaren. NIO develops key technology in-house, including its own 5nm automotive chip, SkyOS operating system, and intelligent chassis system, and holds a majority stake in Shenji, its chip development subsidiary, which completed an external equity raise in early 2026.