NIO
NIO Inc.
Is NIO Halal?
Chinese EV maker — current financial ratios pass, but the business and purification screens remain methodology-dependent.
What You Should Know
NIO's 2025 Form 20-F reports debt/assets of 11.23%, cash plus interest-bearing securities/assets of 24.94%, and receivables plus cash/assets of 10.18%. Electric-vehicle manufacturing is generally permissible, while battery leasing, deposits, investment income, VIE structure, and product and supply-chain risks require qualitative review.
⚠️ Concerns
- •Business-activity numerator is not separately disclosed
- •Battery-as-a-Service and vehicle financing contracts require review
- •Interest and other income was 0.87% of 2025 revenue
- •Chinese VIE, safety, labor, supply-chain and environmental risks
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-14.
1,998.277 / 17,789.116
4,437.217 / 17,789.116
1,811.577 / 17,789.116
108.916 / 12,510.547
- Financial
- Pass
- Overall
- Incomplete
Debt/assets, cash plus interest-bearing securities/assets, receivables plus cash/assets, and the conservative income ratio are below the examined FTSE limits; the business numerator remains undisclosed.
- Financial
- Pass
- Overall
- Incomplete
The three calculated total-assets ratios are below the examined MSCI limits, but the business-activity percentage is not reproducible from the filing.
- Financial
- Pass
- Overall
- Incomplete
Debt and liquidity are below the examined Malaysia limits; this is a calculation against the SAC ratios, not an official SAC classification.
- Financial
- Not calculated
- Overall
- Not calculated
A licensed, reproducible 24- or 36-month market-cap series is not stored.
Business-activity disclosure
NIO designs and sells electric vehicles and related battery, charging, and vehicle-service products; those activities are generally permissible in principle.
Limitation: The filing does not provide a school-neutral prohibited-revenue numerator for financing, leasing, software, subsidies, or other mixed activities.
Purification
NIO reports interest and other income of USD 108.916 million, or a conservative 0.87% of 2025 revenue. This is disclosed as an upper bound rather than a universal purification prescription.
Inputs, assumptions and primary sources
- Amounts use the USD column in NIO's 2025 Form 20-F and are USD millions.
- Interest-bearing debt is the reported short-term borrowings plus current and non-current long-term borrowings, converted using the filing's USD presentation.
- Interest-bearing securities use short-term investments, primarily fixed and structured bank deposits; equity and long-term investments are not included.
- Revenue and the conservative interest-and-other-income upper bound use the year ended December 31, 2025.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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