乐道沈斐：坚定走纯电+换电路线，兜底购置税补贴退坡差价

Core Insights - NIO's sub-brand, Ladao, has postponed the launch of its L80 model to 2026 due to unexpected high sales of the L90 model, while committing to cover the purchase tax for users receiving their vehicles in 2026 [1] - Ladao emphasizes the advantages of its battery swapping system over large battery range-extended vehicles, citing issues of weight, cost, and space [2][3] - The company believes that the increasing number of public charging stations makes the need for larger battery range-extended vehicles illogical [2] - Ladao's battery swapping technology is differentiated from new entrants like CATL, with a focus on liquid cooling systems for consistent performance across varying climates [4] - The company plans to implement a purchase tax coverage strategy for users whose vehicles are scheduled for delivery next year, amid anticipated changes in tax and subsidy policies [5] Group 1: Product Strategy - Ladao's L80 model launch is delayed to 2026 due to strong demand for the L90 model [1] - The company is committed to covering the purchase tax for 2026 delivery users [1] - Ladao advocates for a pure electric and battery swapping approach, rejecting the need for range-extended vehicles [2][3] Group 2: Market Positioning - Ladao argues that large battery range-extended vehicles face three main challenges: increased weight, cost, and space [2] - The company believes that the growing public charging infrastructure diminishes the rationale for larger battery systems [2] - Ladao's competitive pricing is expected to be more favorable compared to range-extended vehicles with similar specifications [2] Group 3: Technology Differentiation - Ladao's battery swapping technology utilizes a liquid cooling system, contrasting with the wind cooling system used by competitors like CATL [4] - The liquid cooling system provides consistent performance across different weather conditions, enhancing user experience [4] Group 4: Regulatory Strategy - Ladao is preparing to address changes in purchase tax and local subsidy policies for vehicles scheduled for delivery next year [5] - The company emphasizes the importance of monitoring the evolving regulatory landscape in December [5]