Back in 2019, NIO Chairman Li Bin was labeled the 'unluckiest man in the business.' That year, NIO found itself teetering on the brink of survival, with annual losses soaring to RMB 11.3 billion. Whispers even spread that NIO's cash reserves would be depleted within two months. Meanwhile, the costs associated with NIO Houses and battery swapping services were substantial, not to mention the expenses related to vehicle R&D and production.

Moreover, NIO's flagship model at the time, the ES8, was hit by a massive recall of nearly 5,000 vehicles due to multiple spontaneous combustion incidents, representing nearly a quarter of all ES8 sales. Such a large-scale recall undoubtedly dealt a severe blow to NIO's reputation.

Furthermore, NIO encountered significant hurdles in the capital market and management. Original shareholder Hillhouse Capital divested its stake, and several NIO executives, including the CFO, stepped down. In the face of such adversity, Li Bin, as the chairman and leader of NIO, sold personal assets to raise funds while crisscrossing the country to secure investment. Thanks to Hefei's timely intervention with RMB 7 billion, NIO managed to weather the storm.

Even after overcoming the 2019 crisis, Li Bin's journey was far from smooth until 2026. Although NIO survived, it posted the highest losses among all new energy vehicle startups, reportedly exceeding RMB 130 billion. Competitor Li Auto achieved profitability as early as 2023, while XPeng, though also incurring losses, had far lower figures than NIO.

The introduction of the all-new NIO ES8 in the latter half of last year marked a turning point for NIO.

A glance at the sales data reveals that since its official launch, the all-new NIO ES8 has outperformed rivals like the Seres M9 and Zeekr 9X in its segment, consistently topping the charts as the best-selling large SUV in China. The NIO ES9, NIO's flagship SUV launched in May this year, has also made a strong impression, consistently ranking among the top 10 in China's large SUV sales in recent months.

Also in May, Leapmotor unveiled its large 5-seat all-electric SUV, the Leapmotor L80 (viewed as a 5-seat variant of the Leapmotor L90). Despite a decline in sales since its launch, it remained in the top 10 in August. This means NIO holds three spots in the top 10 of China's large SUV sales, emerging as a major winner.

The robust sales of these flagship SUVs propelled NIO to profitability in 2026. The latest figures show that from the fourth quarter of last year to the first half of this year, NIO has achieved three consecutive quarters of non-GAAP operating profitability. In the first half of this year, NIO's total revenue reached RMB 57.67 billion, up nearly 86% year-on-year. Among domestic automotive brands, NIO's revenue ranks third, trailing only BYD and Geely.

In the first three quarters of this year, NIO's cumulative sales reached 300,000 units, up 49.24% year-on-year. Among the 'Wei, Xiao, Li' trio (NIO, XPeng, and Li Auto), NIO leads in sales and is the only one to achieve year-on-year growth.

Recently, NIO Chairman Li Bin clearly stated that BBA (BMW, Benz, Audi) users constitute the primary sales source for the NIO ES8 and ES9. Next year, NIO plans to unveil a major new model, and the company still has significant growth potential. He stressed the importance of staying focused, operating pragmatically, and managing resources carefully.

From the above, it is evident that after years of challenges, Li Bin can finally heave a sigh of relief given NIO's current upward trajectory. However, as Li Bin himself acknowledged, there is still a long road ahead with greater challenges. Whether NIO can truly reach the 'finals' remains to be seen, and it may be premature to declare that Li Bin is walking on air just yet.

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