1/ NIO Q1 2026 numbers just dropped.

Revenue: 25.5 billion RMB. Up 112% year-on-year. Deliveries: up 98%. Vehicle gross margin: 4-year high. Net loss: 332 million RMB, down from 6.8 billion a year ago.

The turnaround is real. 🇨🇳⚡

2/ The loss narrowing is what matters most here.

Going from 6.8 billion RMB quarterly loss to 332 million is not a rounding error. That's a structural cost base change — ONVO sub-brand scaling, battery swap retention converting to repeat buyers, manufacturing efficiency improving.

3/ Vehicle gross margin at a 4-year high tells you two things at once: average selling price held up and production costs fell.

Most EV turnarounds fail because they grow volume by cutting price. Margin collapses. NIO is doing the opposite right now.

4/ The question for Q2: can they hold this delivery pace against BYD's relentless pricing pressure and Xiaomi taking mid-range share?

NIO's bet is premium positioning. If the brand holds, the margin story continues. If they're forced to discount to compete, the numbers look different.

If Q2 holds above 50,000 deliveries without margin compression, the path to breakeven becomes visible. Watch this space.