6 Sep 2024 CMB International Global Markets | Equity Research | Company Update NIO Inc. (NIO US) New brands unlikely to help NIO break even Maintain HOLD. We are of the view that NIO's 2Q24 earnings were mixed as the QoQ rise in gross profit was offset by the increases in R&D and SG&A expenses. We project FY25/26 sales volume to surge 54%/23% YoY to 324,000/400,000 units, respectively, contributed by the Onvo and Firefly brands. However, we believe such top-line growth with GPM expansion is still far away f ...