I think the analysis is load sided. For Nio pricing if they sell 1 Nio and 1 Onvo. The revenue is equivalent to 3.5 Xpeng cars ( g series plus cheap Mona ). So in terms of margin, with Onvo ramp up , they should edge Xpeng margin as well both in revenue and margin. 

Yes competition is going greater is given. But at the same times there are many ev companies also have gone out of business. 

With superior technology, greater value offered by Nio and other EV, legacy auto are dying given their slow response and not so great after sales service compared to Nio and Onvo. That is why we are seeing other legacy auto sales volume dropping greatly and pull out of market because not only is their price high but they are old technology. ET9 1st edition 999 units fully sold and order is beyond expectation. Firefly Also well received although.

Investor got to realize that next 2 years is also pivotal moment for Nio. what is important is their network effect is taking shape now, they are going to share many resources internally for 3 brands that will slowly gain economy of scale. Also got To realize Nio has an established growing user base who has given their thumbs up by repeatedly purchase Nio or Onvo product also firefly. This user are more affluent who can spend 2 to 4 cars. So do not underestimate this plus the new Onvo network which can complement existing Nio network in more 3 and 4 tier cities. 

Nio vertical integration is also expected to bear fruit in near future in terms of margin. Nio is building a 200 storey skyscraper or global market, it will take times and it may pose some risk Along the way but so far they are doing 80-90% of things right and keep executing and create value which is crucial. we see Nissan is dying , so far legacy auto won't pose major risk at least next 3-5 years by German BMW and Toyota ( they are doing catch up now ). Risk is coming mainly from Chinese EV internally and NIo own execution and cost cutting measures. CATL also confirm Nio battery swap model. This is huge, yes CATL entry reaffirm Nio battery swap model , the CATL and Nio will dominate this market. just Like petrol station u have Shell, Exxon Mobil, Caltex. The market is big, it can accommodate 3-5 big player. Nio has all the technologies in place to compete effectively in this market, now they need more market coverage which they have done so with Onvo. Their Huge mobile apps user base also give them an edge over legacy auto. 

They have laid all the foundation, their RnD is expected to moderate but maintain to keep them competitive. I went to Beijing ( I am a Malaysian ) to check out Nio car, I am driving a BMW now and BMW fan. But Nio is the only car I would upgrade from BMW if they enter Malaysian market. Nio car is simply more premium, smarter and more ecomical then ICE car. It is at least 3 years ahead of BMW with more value for your money.