蔚来盈利，还得靠低价爆款？

Core Viewpoint - NIO's new model, the L90, is crucial for the company's turnaround and achieving profitability in Q4 2023, as it aims to address previous sales challenges and market competition [3][6][31]. Group 1: Product Launch and Market Positioning - NIO's CEO, Li Bin, emphasized the importance of the L90 during a lengthy product launch event, which was perceived as a financial crisis briefing as well [4][6]. - The L90 is positioned as a large family SUV with a starting price of 279,900 RMB, significantly lower than market expectations of 300,000-350,000 RMB [8][22]. - The L90 has reportedly received a positive market response, with rapidly increasing orders, although specific order numbers were not disclosed [10][12]. Group 2: Sales Performance and Challenges - NIO's total vehicle deliveries in the first half of the year reached 114,000, falling short of the annual target of 440,000 units, with the L60 model not meeting sales expectations [5][31]. - Compared to competitors like Xiaomi, Li Auto, and Xpeng, which have monthly sales of 25,000-35,000 units, NIO's sales have stagnated at 10,000-20,000 units per month [13][31]. - The L60's failure to achieve high sales was attributed to its pricing strategy and internal delivery challenges, leading to lost orders [14][17]. Group 3: Strategic Adjustments and Cost Management - NIO is undergoing organizational changes to improve operational efficiency and reduce costs, with Li Bin personally involved in supply chain negotiations [17][18]. - The L90's design and pricing reflect a more pragmatic approach, incorporating customer feedback and focusing on family-oriented features [21][22]. - NIO aims to achieve a gross margin of 17-18% and control sales management expenses at around 10% to reach profitability by the end of the year [31][32]. Group 4: Competitive Landscape and Future Outlook - The competitive landscape in the electric vehicle market is intensifying, with NIO's L90 seen as a potential game-changer that could disrupt the current market dynamics [34][35]. - If successful, the L90 could challenge the market position of competitors like Li Auto, which has been facing pressure from emerging rivals [34][35]. - NIO's cumulative losses have reached 100 billion RMB, and achieving profitability in Q4 is critical for maintaining investor confidence and future growth [30][31].