12 March 2026 | 9:20AM CST Equity Research NIO INC. (NIO/9866.HK) Large SUV models launch to mitigate margin pressure, increase estimates; Neutral Nio delivered its first ever OP break-even results (First Take) and guided for stable vehicle margin in 1Q26E (above-expectation) mainly on high ES8 delivery mix and raw material cost inflation yet to be fully reflected for the quarter. As Nio's 2026 new model pipeline will be concentrated on large SUVs (ES9, large 5-seat SUV, L80), we expect impact from raw mate ...