NIO Just Posted Its Best Margins Ever. Is the Battery Swap Moat What Actually Matters?

The stock and the fundamentals are telling different stories - and that gap is the story. NIO (NYSE: NIO) reported Q1 2026 results before the open on May 21, 2026, delivering its strongest operational quarter ever, yet shares slid 14.53% in the week into the earnings report and traded down another 2.95% on release day.... NIO Just Posted Its Best Margins Ever. Is the Battery Swap Moat What Actually Matters?