蔚来调整：减员容易，卖车难

Core Insights - NIO initiated organizational changes with a 10% workforce reduction at the end of 2023, but after a year, the employee count increased by 12,000, while losses expanded by 8.1% year-on-year, and stock prices fell back to five years ago levels [1][2][4] - Market expectations for NIO have been continuously downgraded, with the first quarter of 2024 showing lower-than-expected results, including a significant increase in quarterly losses to 6.75 billion yuan [1][4][12] Group 1: Organizational Changes - NIO's management introduced a new management system called "Basic Operating Units (CBU)" to set clear cost and operational targets, with a focus on self-management by frontline teams [4][5] - The company has undergone significant personnel adjustments, with approximately 10,000 employees leaving in the first half of 2023, and further adjustments expected in the third quarter [2][10] - NIO's restructuring includes the integration of its sub-brands, with a 40% reduction in personnel as the Lido brand was merged into NIO [1][4][8] Group 2: Financial Performance - Despite a 22.2% increase in sales expenses to 15.74 billion yuan, NIO's automotive revenue grew by nearly 20% to 58.23 billion yuan, but losses widened to 22.4 billion yuan in 2024 [4][12][18] - The average selling price of vehicles dropped to 236,000 yuan, with a gross margin of only 10.2%, indicating financial strain [1][12][15] - NIO aims to achieve a monthly sales target of 50,000 vehicles in the fourth quarter, with expectations that cost-cutting measures will improve financial performance [1][19] Group 3: Product Strategy - NIO's sub-brand Lido has struggled to meet sales targets, achieving only one-third of its goal, while the main brand relies on price reductions to maintain sales volume [1][12][14] - The introduction of new models, such as the ET5T and L60, is critical for NIO to regain market traction, but initial sales figures have been disappointing [12][14][15] - NIO's strategy includes a shift towards more competitive pricing and product offerings, with the Lido brand's L60 priced at 150,000 yuan, aiming to capture a broader market [14][15][16]