Core Points - The G318 battery swap route, spanning 2,950 kilometers from Chengdu to Dingri County at the foot of Mount Everest, has been fully established, featuring 15 battery swap stations along the way, allowing NIO vehicle owners to travel directly to Everest Base Camp [1][2][3] - NIO has invested over 18 billion yuan in the construction of more than 3,400 battery swap stations nationwide, including over 1,000 high-speed swap stations, establishing a comprehensive network connecting over 550 cities [3][10] - The launch of the L90 model has seen significant market success, with nearly 2,000 units delivered within three days, indicating strong demand for large three-row electric SUVs [4][7] Infrastructure Development - The completion of the G318 battery swap route marks a significant milestone in NIO's infrastructure deployment, transitioning from a theoretical capability to practical accessibility for users [3][10] - NIO's charging and battery swap infrastructure includes over 26,000 charging stations, positioning the company as a leader in the industry for charging infrastructure [3][10] - Continuous investment in charging and battery swap infrastructure is seen as a long-term value proposition, enhancing user experience by saving time and costs [3][10] Product Innovation - The L90 and the upcoming ES8 models leverage NIO's decade-long experience in electric vehicle technology, addressing key consumer needs such as space efficiency and usability [6][7] - The L90 model is designed with lightweight and integrated technology, providing unique features that cater to family needs, such as ample storage and passenger comfort [6][7] - The upcoming ES8 is highlighted as the only high-end electric SUV that has undergone three generations of iteration, showcasing NIO's commitment to continuous improvement and innovation in the electric vehicle market [6][7] Market Positioning - NIO's strategic focus on building a robust battery swap network is recognized as essential for the success of high-end electric vehicles, particularly in the large SUV segment [6][10] - The company aims to reshape value benchmarks across different market segments through technological innovation and a strong product lineup [10] - NIO's recent performance indicates a recovery trajectory, with expectations for improved market confidence and sales growth in the upcoming quarters [10]

蔚来乐道持续热销，销量榜表现强劲。 摩根士丹利、德意志银行、花旗、大和资本、瑞银及中金公司（601995）等多家全球知名权威投资机 构，对乐道L90给予高度好评。乐道L90上市以来，蔚来美股已上涨超40%。 此前，乐道L90上市3天时，累计交付量达1976辆，成为大型SUV销量周榜第三名。 在乐道L90上市发布期间举行的媒体面对面上，李斌接受了包括证券时报记者在内的采访。在他看来， L90能够助推蔚来实现公司持续稳健的经营。"因为它是蔚来、乐道非常重要的战略性产品，也是家庭 大三排SUV的革新之作。这是我们十年技术创新，还有基础设施的持续投入水到渠成之后所发生的质 变，所以我们实现四季度盈利目前来看是有信心的，这也是我们公司上上下下非常统一的目标，我们为 这个做出了非常多的调整和非常多的努力。" 李斌介绍，公司在乐道L90上展示了依靠于技术创新和基础设施，能够给大车带来想象力。他明确，乐 道L90只是蔚来第一款大车，后面(蔚来)还有好几款大车。"接下来全新的ES8会充分地证明为什么大三 排SUV进入了纯电时代，我想乐道L90和全新ES8会引领大三排SUV进入到纯电时代，我们对此是非常 笃定且有信心的。" 乐道 ...