NIO bets everything

Author | Chai Xuchen

Editor | Wang Xiaojun

Shortly after the update of ES6/EC6, Nio's most affordable and volume-driven "5 Series" model has undergone a significant refresh.

On the evening of May 25, Li Bin held a two-hour launch event specifically for the 2025 models ET5/ET5T. The Nio "5 Series" has been refined and upgraded in terms of configuration, vehicle system, and chassis hardware, with over 500 changes throughout the vehicle, marking a substantial mid-term facelift. Li Bin stated, "The overall refresh rate of the new model has reached 45%, and this update can be considered a generational change."

The new ET5/ET5T has restructured the front end for the 18.8-inch W-HUD, restructured the intelligent domain control architecture for the Shenji chip, and restructured the seating for passenger experience, while also incorporating the same tuning algorithm as its flagship ET9, along with a more intelligent NOMI 3.0.

At the same time, the new ET5/ET5T has further optimized the vehicle's center of gravity and improved several body bushings, front and rear suspension spring stiffness, and front and rear anti-roll bars. The brand-new CDC dynamic damping suspension control system, along with the 4D all-domain comfort navigation function previously available on high-end models, has now become standard.

To emphasize the youthful and sporty characteristics of the ET5/ET5T, Nio has also restructured the EPMode function. Now, the new vehicle can not only provide more personalized adjustments to the front and rear suspension damping in specific modes but also offers mountain driving mode and drifting mode.

Clearly, Li Bin understands that the young demographic purchasing the "5 Series" has higher expectations for driving control. With recent promotions from brands like Xiaomi and Lotus focusing on "speed and passion," users have developed greater demands for the playability of vehicles.

On another front, Nio's world model is poised for launch, with a new point-to-point assisted driving feature set to be fully rolled out in June. Additionally, Nio's parking assistance will be further enhanced alongside the world model, with upgrades to features like convenient parking, remote parking in and out, and intelligent parking trajectory planning. Meanwhile, the new dual 5 will leverage the Shenji chip to achieve image enhancement similar to that of the ET9.

It is evident that Nio is fully committed to making this a blockbuster. Over the past two months, the ET5/ET5T has contributed over 40% of Nio's sales, becoming a pillar of scale.

Notably, Li Bin has also changed his usual narrative style of discussing "idealism," choosing instead to focus directly on the product upgrades of the new car, discussing configurations and performance.

Industry insiders believe that Nio has finally stopped "hiding the meat in the rice." The environment Nio is in has changed. By 2025, the high-speed competition in China's new energy market shows no signs of cooling down. The 300,000-level pure electric segment is also facing intense challenges from extended-range and plug-in hybrid models with 400 km range and 5C ultra-fast charging capabilities Faced with the increasingly fierce survival environment of 300,000 pure electric vehicles, Nio has tentatively inquired within the industry about the possibility of raising prices for new cars, but received negative feedback across the board. Therefore, it adheres to the slogan "the best price reduction is to increase quantity without raising prices." The 2025 ET5 and ET5T still have a unified price—CNY 298,000 for the 75 kWh battery, CNY 356,000 for the 100 kWh battery, and CNY 228,000 for the BaaS battery rental plan. Although there is no official price reduction, the rich benefits offered are just as attractive as a price cut.

Behind Li Bin's willingness to "listen to advice" is the internal mandate that has long been established: to achieve profitability in the fourth quarter of this year. At this point, there is only a six-month window left to meet the profitability target.

At the beginning of the year, in pursuit of this goal, Nio has already initiated a CBU (Complete Built Unit) operating mechanism internally, where each unit must establish clear ROI indicators and performance reward and punishment systems, striving to reduce costs and increase efficiency. Nio plans to fully implement the CBU mechanism in the second quarter.

Under this mechanism, Nio is aggressively reducing costs and increasing efficiency internally. The company has already initiated an organizational slimming campaign, with departments such as the LeDao brand and Nio user operations receiving notifications for personnel reductions.

However, cost-cutting can only be seen as a corrective measure for Nio; saving money cannot help the company quickly turn a profit. Achieving a "big leap" in sales is the key to restoring market confidence.

The year 2025 is a major product year for Nio, with Nio, LeDao, and Firefly brands set to launch nine new vehicles this year, aiming to complete the existing product system while enhancing the competitiveness of key models. Nio's goal is not only to roll out products but also to solidify the "sales rebound."

Currently, the core "5566 series" products have completed a comprehensive update. If Nio's new "5 series" can make a strong debut and maintain a monthly sales scale of around 10,000 units, combined with the upcoming LeDao L90 and other models, profitability in the fourth quarter may still hold great hope for Nio.

It is evident that Nio is internally shifting its approach to find a more efficient survival formula. The company has finally begun to adopt a manufacturing mindset for accounting and reform. In fact, from Tesla to Li Auto and Leapmotor, all have gradually found the threshold for profitability through a series of reforms and gambles. Li Bin has also stated that he is the kind of person who can pull himself back from the edge of a cliff.

However, the unyielding Li Bin must implement his plans and promises one by one to truly win the current "table battle," putting the slogan of "building strong fortifications and fighting a steady battle" into practice