挨过风暴，蔚来终于长出硬骨头

Core Insights - NIO is facing significant challenges at the start of 2025, with declining sales and financial strain, leading to doubts about its ability to survive another cycle [2] - The year 2025 is seen as crucial for NIO to demonstrate its growth potential, transitioning from a narrative-driven approach to a focus on technology and system capabilities [3][4] - NIO's strategy emphasizes a balance between change and consistency, adapting to market demands while maintaining core values in technology and research investment [5][6] Sales and Market Performance - NIO's recovery is evident in its sales performance, with the L90 model achieving 14,500 deliveries within 45 days of launch, indicating strong market acceptance [7] - The new ES8 model has also revitalized NIO's presence in the high-end market, showcasing its competitive edge against rivals [7] - The overall sales recovery has positively influenced investor sentiment, leading to improved stock performance and market expectations [8] Financial and Investor Confidence - NIO is transitioning from a reliance on external funding to a self-sustaining model, driven by improved cash flow and gross margin recovery [8] - There has been a notable shift in user and employee confidence, moving from skepticism about NIO's survival to optimism about its growth potential [8] Technological Advancements and Infrastructure - NIO's significant investments in technology are beginning to yield returns, particularly with the introduction of its self-developed 5nm smart driving chip, enhancing its competitive position [10][11] - The company continues to expand its infrastructure, with over 3,500 battery swap stations and 27,197 charging piles, creating a unique competitive advantage in user experience [11] Long-term Strategy and Industry Position - NIO's approach reflects a commitment to long-term investment in technology and infrastructure, contrasting with the industry's trend towards short-term gains [12][13] - The company's journey illustrates broader trends in the Chinese electric vehicle market, emphasizing the importance of systemic strength and sustained investment for long-term success [13]