NIO hits breakeven with high-margin ES8, aiming full-year profit in 2026 amid market skepticism.

NIO Inc. has shifted from a volume-driven, cash-burning electric vehicle maker to focusing on profitability, anchored by its high-margin ES8 model. In the fourth quarter of 2025, NIO achieved a key breakeven milestone with vehicle margins at 18.1% and controlled operating expenses, supporting its operating leverage strategy. Management aims for full-year non-GAAP operating breakeven in 2026, with the ES8 and upcoming ES9 models expected to maintain strong margins and delivery growth. Despite these positive developments, some market skepticism remains, but the company retains a bullish outlook from analysts.