NIO(US:NIO) Zhong Guo Jing Ying Bao·2025-04-27 12:53Core Insights - NIO's second brand, Ladao, has delivered over 37,000 units of its first model, L60, within six months of its launch, indicating a strong market performance despite initial high expectations [2][6] - The Ladao brand aims to fill gaps in its product offerings and enhance its market position, with the recent introduction of the L90 model, which is positioned as a flagship SUV [3][5] - NIO emphasizes its commitment to pure electric vehicles and battery swapping technology, rejecting the notion that range-extended vehicles are a cost-saving solution [6][7] Product Performance - L60's sales performance has been satisfactory, with over 37,000 units delivered, although it has not met the company's initial expectations [6] - The L90 model, featuring a large electric front trunk and spacious interior, aims to meet consumer demands for space and energy efficiency [3][5] Strategic Direction - NIO's strategy involves leveraging its existing brand reputation and product line to introduce more accessible models, allowing consumers to familiarize themselves with the brand [5] - The company believes that its battery swapping infrastructure, which has seen an investment of approximately 10 billion yuan, provides a competitive edge over traditional charging methods [7][8] Market Positioning - NIO has established a strong presence in Shanghai, with over 100,000 vehicles delivered, benefiting from a well-developed battery swapping network that alleviates consumer concerns about electric vehicle range [8] - The company asserts that its technological and business model advantages create significant barriers to entry for competitors, making it difficult for others to replicate its success [8]