Nio is pushing to make its battery-swap network the standard in China, similar to how Tesla opened up its Superchargers in North America. They recently partnered with Geely, who put up $95M for a 30% stake in Nio Power. In a related move, Nio took a 10% stake in Geely's fast-charger subsidiary. The battery-swap network has been a large upfront cost and a drag on earnings, but margins in their "other sales" category are starting to improve as the user base grows. With new affordable subbrands like Onvo and Firefly launching to drive volume, analysts project Nio could hit adjusted breakeven by 2026.