Xin Lang Cai Jing·2025-09-06 03:28Core Viewpoint - NIO's strategy of maintaining high prices has shifted as the company has begun to lower prices on new models, which has led to backlash from existing customers and raised concerns about brand integrity and customer trust [1][4][29]. Financial Performance - NIO reported total revenue of RMB 190.1 billion for Q2, a year-on-year increase of 9% and a quarter-on-quarter increase of 57.9% [5][7]. - The net loss for Q2 was RMB 49.95 billion, a reduction of 26% from Q1's loss of RMB 67.5 billion, but only a 1% improvement year-on-year [5][7]. - The company's asset-liability ratio reached 93%, significantly higher than competitors like XPeng and Li Auto [7][8]. Sales and Market Strategy - NIO's total vehicle sales for Q2 were 72,056, showing a slight decline compared to Q4 of the previous year, despite the introduction of new models [3][9]. - The launch of the new ES8 and the L90 model from the sub-brand Lada has been part of a strategy to boost sales through competitive pricing [16][30]. - The L90 model has seen strong demand, with over 10,000 units sold shortly after launch, indicating a successful low-price strategy [16][30]. Customer Trust and Brand Integrity - The decision to lower prices has led to dissatisfaction among existing customers, who feel "betrayed" by the company's pricing strategy [18][25][42]. - NIO's brand perception is at risk as the company shifts from a high-end positioning to a more price-sensitive approach, which may dilute brand value [42][43]. - Customer feedback indicates a growing distrust in the brand, with some customers expressing reluctance to purchase future NIO products [43][44]. Future Outlook - NIO aims to achieve profitability in Q4, with a target of 50,000 monthly deliveries and a gross margin of 16%-17% [30][34]. - The company is focusing on increasing production capacity for the L90 and new ES8 models to meet anticipated demand [30][33]. - Despite potential short-term gains from price reductions, long-term sustainability will depend on restoring customer trust and maintaining brand integrity [29][44].