$NIO-SW(09866.HK)Nio is the only one among Nio, XPeng, and Li Auto with negative net asset value, and it will definitely report huge losses in the second quarter. Li Auto and XPeng can afford poor sales of one model, but Nio is at a critical juncture of survival—winning could double its value, while losing could mean zero. If the sales don't exceed 10,000 units, there's no possibility of profitability in Q4. If Nio fails to achieve profitability in Q4 and lacks external financing (which seems difficult, as it has already exhausted most financing options), Nio is literally finished.