NIO vs. Li Auto (LI): Which EV Stock Has Higher Upside Ahead of Earnings?

As Chinese electric vehicle giants NIO (NIO) and Li Auto (LI) prepare for their upcoming earnings reports, investors are weighing which stock looks more attractive. Using TipRanks’ Stock Comparison tool, we compared LI and NIO to see which EV stock may be better positioned ahead of earnings. Currently, NIO carries a Moderate Buy rating with about 10% upside potential. In comparison, LI has a Hold rating, with an upside of around 24%.

Let’s dig deeper.

What to Expect from NIO’s Q1 Earnings 

NIO will report its Q1 FY26 earnings results on Thursday, May 21, before the U.S. market opens. The stock has gained about 13% year-to-date and 45% over the past year. Wall Street expects NIO to report a loss of $0.08 per share for Q1 2026 compared to a loss of $0.44 per share in the prior-year quarter. Revenue is projected to come in at $3.70 billion, up significantly from $1.65 billion a year earlier.

The expected revenue growth comes as NIO continues to see strong vehicle demand and delivery momentum. The company delivered a record 83,465 vehicles in the first quarter, up 98.3% year-over-year and above its own guidance. Much of this growth came from its mass-market Onvo brand. NIO also started nationwide deliveries of the new Onvo L80 SUV on May 15 and plans to begin pre-sales of the refreshed L60 crossover later this month.

For the upcoming earnings report, investors will closely watch whether NIO can continue improving its financial performance after reporting its first-ever quarterly net profit of $17.7 million in Q4 2025. The market will also look for updates on vehicle margins, which previously rose to 18.1%, along with guidance on how quickly the growing Onvo and Firefly brands can help the company achieve full-year non-GAAP operating profitability.

Is NIO Stock a Good Buy Now?  

According to TipRanks, NIO stock has a Moderate Buy consensus rating based on four Buys, two Holds, and one Sell assigned in the last three months. At $6.21, NIO’s share price target implies a growth rate of 10.48% on the current trading level.

What Analysts Expect from Li Auto’s Q1 Earnings

Li Auto will report its Q1 FY26 financial results on Thursday, May 28, before the U.S. market opens. The stock has struggled amid intense competition in China’s EV market and is down about 41% over the past year. Wall Street expects Li Auto to report a Q1 2026 loss of $0.27 per share, wider than the loss of $0.14 per share reported a year earlier. Revenue is projected to come in at $3.18 billion, down about 11% year-over-year.

The company recently launched its new Li L9 SUV, which features Li Auto’s upgraded AI-based driving system. Deliveries of the model started immediately after its May 15 launch as Li Auto looks to strengthen demand in China’s highly competitive EV market.

During the earnings conference call, the market will focus on profit margins and delivery trends. Li Auto delivered 95,142 vehicles in Q1, beating its own guidance, but April deliveries slowed as the company updated multiple models. Investors will look for updates on profitability, cash spending, and the expansion of its charging network across China.

Is Li Auto a Buy, Sell, or Hold Now?  

According to TipRanks, Li Auto stock has a Hold consensus rating based on two Buys, six Holds, and one Sell assigned in the last three months. The average LI stock price target of $19.83 implies 24.15% upside potential from current levels.

Conclusion

NIO and Li Auto remain two of the most closely watched Chinese EV stocks ahead of earnings. NIO continues to show stronger delivery growth and improving profitability, supported by the expansion of its Onvo brand. Meanwhile, Li Auto is focusing on new model launches and AI-driven features to regain momentum.

Based on TipRanks data, NIO currently has stronger analyst sentiment, while Li Auto offers slightly higher upside potential. Also, NIO has outperformed Li Auto over the past year, with its stock gaining nearly 49% compared to Li Auto’s 36% decline.