(Yicai) Nov. 21 -- Chinese electric vehicle maker Nio expects to break even in 2026 after doubling sales next year, according to founder William Li.

The Shanghai-based carmaker will “use 2026 as the timing where we will achieve full-year break even,” Li, who is also chairman and chief executive, said on its third-quarter earnings conference call yesterday.

Nio rival Xpeng Motors also expects to break even, sometime later next year in its case, President Brian Gu told Reuters yesterday. Other Chinese EV makers, such as BYD and Li Auto, which make hybrid vehicles as well as pure electric autos, are already profitable, Reuters noted.

Nio’s forthcoming third brand, Firefly, will feature hybrids that will be sold exclusively in overseas markets, Yicai reported on Nov. 1. They are expected to be launched by the end of 2026 and will be sold in markets such as the Middle East, North Africa, and Europe, according to people familiar with the matter.

Nio President Qin Lihong denied the report, saying that Firefly will adhere to the “chargeable, swappable, and upgradable” pure electric technology route, just the same as its other vehicles. “Don't speculate, everyone,” Li said. “Battery swapping is available in every county; there's no need for anything else.”

The company aims to double its total vehicles sales next year to about 450,000, Li said yesterday.

Nio delivered a record 61,855 vehicles last quarter, with 832 under its family-orientated second brand, Onvo. It expects to ship 72,000 to 75,000 this quarter, a 44 percent to 50 percent increase from a year ago.

In pre-market trading in New York today, Nio’s shares [NYSE: NIO] were 2.2 percent lower at USD4.55 each as of 6.50 a.m. local time, after gaining 0.4 percent yesterday. The stock has almost halved in value since the end of last year.

In the three months ended Sept. 30, the automaker’s net loss expanded 11 percent to CNY5.1 billion (USD704.2 million) from a year earlier, while revenue fell 2.1 percent to CNY18.7 billion (USD2.6 billion), its financial report showed yesterday.

But income will likely jump 15 percent to 19 percent to between CNY19.7 billion and CNY20.4 billion this quarter from a year ago, the firm added.

“With new models to be introduced in the coming year, the Nio brand will be more focused on improving profitability,” Li noted.

Nio also announced yesterday that it will release the first of its high-end Firefly models on Dec. 21. Deliveries will start in the first half of next year.

Editor: Martin Kadiev