This article only represents the author's own views.

Nio Inc. (9866.HK, NIO.US) delivered another money-losing report card for this year’s first quarter, begging increasingly impatient investors to hang in there as the buzz rapidly drains from its electric vehicle (EVs) dreams. The company is trying to up its game with a brand diversification strategy, even as a growing number of foreign markets levy hefty new tariffs on Chinese EVs over accusations of unfair government support.

Founded by Li Bin in 2014, Nio has been bleeding red ink for its entire 10-year history, with cumulative losses of more than 80 billion yuan ($11 billion) between 2018 to 2023. Last year alone it lost 21.2 billion yuan. Without Li’s financing acumen, the brand might have already followed a growing number of its Chinese peers that have sputtered and been sidelined from China’s overcrowded EV sector.