虎嗅APP·2025-07-13 09:18Core Viewpoint - The launch of the NIO L90 is critical for the company's ability to reverse its financial struggles and achieve profitability, especially with the pressure of meeting fourth-quarter targets [1][12]. Product Overview - The NIO L90 is a flagship large three-row SUV with dimensions of 5145mm in length, 1998mm in width, and 1766mm in height, featuring a wheelbase of 3110mm [3]. - It offers significant space efficiency, with a trunk capacity of 430 liters and a front trunk capacity of 240 liters, capable of accommodating "six people and ten boxes" [3][5]. - The vehicle boasts a low energy consumption of 14.5 kWh/100km, achieving a CLTC range of 605 km with the standard 85 kWh battery pack [5]. Market Context - NIO has launched six new models in the first half of the year, leaving only three models, including the L90, to drive sales [6][9]. - The large three-row SUV market has seen over 40% growth in the past three years, with increasing competition from models like the Lynk & Co 900 and Deep Blue S09 [9]. - The overall market for pure electric vehicles has grown by 47.7% year-on-year in the first quarter, indicating potential for the L90 despite the competitive landscape [9]. Sales and Profitability - The sales performance of the L90 is crucial for NIO to meet its annual delivery target of 440,000 vehicles, having delivered 114,150 vehicles in the first half of the year [6][9]. - The pre-sale price for the L90 starts at 279,900 yuan for outright purchase and 193,900 yuan for battery leasing [5]. Challenges Ahead - The L90 faces a dual challenge of competition and delivery issues, as previous models like the ET5 and L60 encountered delivery difficulties [9]. - Key factors to monitor include configuration details, user conversion rates from orders to deliveries, and the ability to maintain a stable delivery rhythm starting in late July [9][10]. Brand Strategy - The L90 represents a pivotal opportunity for NIO to address brand challenges and build consumer trust, as any misstep could jeopardize the company's recovery efforts [12].