2025 年 7 月初发布的乐道 L90，成为了蔚来这一年的分水岭。27.99 万元的预售价打破了外界对蔚来 定价体系的固有印象。预售发布会当日蔚来美股上涨 6.5%，成为这轮反弹的起点。 用侵略性的定价换取越级的竞争力，是蔚来过去不曾有过的做法。正式上市时，比市售二代 ES8 轴距 还长的乐道 L90 起售价进一步降至 26.58 万元，只比自家乐道 L60 的顶配贵了 1 万块钱，但车身尺 寸大两圈，有更丰富的配置和 "大三排" 的空间。 其 "成功" 在于托住了下落中的蔚来。 文 丨 魏冰 龚方毅 编辑 丨 龚方毅 凭借极高的性价比，L90 成功一个短暂的市场空档 —— 30 万元以内的纯电大六座 SUV。它首个完整 交付月数量即破万，占同期蔚来销量近三分之一，托住了急坠中的蔚来。 这也是蔚来第一次在主流价格区间交出具有竞争力的产品，进入了此前长期由增程和插混主导的大型 SUV 市场。这种定价策略随后延续到了第三代蔚来 ES8，它的起售价比上一代车型上市时低 12 万 元。上市不到两天，大定数量已经超过了蔚来年内产能上限。 L90 上市后，我们和乐道产品负责人俞斌以及乐道总裁沈斐分别长聊过产品和产品变化 ...

Group 1: New Vehicle Launches - The new Aion UT Super has been launched with a price of 89,900 yuan and a battery rental price of 49,900 yuan [1][2] - The new Changan Qiyuan A06 has been launched with a price range of 109,900 to 149,900 yuan, offering both pure electric and range-extended versions [10][11] - The new Wuling Hongguang family has been launched with prices ranging from 54,800 to 77,800 yuan, available in fuel, pure electric, and range-extended versions [20][21] Group 2: Vehicle Specifications - Aion UT Super features a 100 kW motor, a 54.04 kWh lithium iron phosphate battery, and a CLTC pure electric range of 500 km [8] - Changan Qiyuan A06 offers a pure electric version with motor options of 120 kW and 210 kW, and a range of 510 to 630 km, while the range-extended version has a 72 kW engine [17] - Wuling Hongguang's new models maintain similar designs to current versions, with dimensions of 4515/1725/1785 mm and a wheelbase of 2850 mm [22] Group 3: Market Positioning and Competitive Advantage - Aion UT Super is positioned competitively with a faster battery swap time of 99 seconds and a price advantage over similar models like NIO's Firefly [9] - Changan Qiyuan A06 is noted for its advanced features, including laser radar and a full aluminum chassis, potentially setting a benchmark in its price segment [19] - Wuling Hongguang emphasizes affordability and spaciousness, catering to the practical needs of consumers, which has proven successful in sales [23] Group 4: Industry Milestones - FAW-Volkswagen has marked a significant milestone with the production of its 30 millionth vehicle, becoming the first passenger car company in China to achieve this [24] - The company plans to launch nearly 30 new models in the next five years, with over 70% being new energy vehicles [27] - The production history of FAW-Volkswagen reflects the evolution of the Chinese automotive industry and its transition towards new energy [29]

Group 1 - The core advantage of the L90 model lies in its battery swapping system, which alleviates range anxiety by allowing for quick battery exchanges, thus enabling a more efficient design with less need for extensive cooling systems [1] - The design of the L90 utilizes a high-voltage platform that achieves top-tier energy efficiency, allowing for a compact cooling system, which enhances storage space by eliminating the need for bulky components [1] - The pricing strategy for the 60 kWh battery option is influenced by the battery swapping system, making it an attractive choice for consumers who can save significantly on vehicle costs while enjoying the benefits of reduced range anxiety [2] Group 2 - The expectation is that as the brand expands and more battery swapping stations are established, the 60 kWh battery will become a popular choice among consumers, further enhancing the appeal of the vehicle [2]

Core Viewpoint - NIO's new SUV, the L90, is positioned as a "Game Changer" in the crowded three-row SUV market, aiming to address unmet consumer needs and reshape the company's future [2][5]. Group 1: Product Features and Market Positioning - The L90 emphasizes "large space," addressing consumer pain points related to comfort and cargo capacity in existing three-row SUVs [3][12]. - The SUV's design eliminates internal combustion engines, allowing for better space utilization and addressing concerns about third-row comfort and cargo access [3][4]. - NIO's extensive battery swap network, with the recent launch of its 1000th station, supports the L90's market entry, enhancing consumer confidence in long-distance travel [4][5]. Group 2: Pricing and Competitive Strategy - The L90 is priced at 193,900 yuan after the Battery as a Service (BaaS) model, compelling competitors to reassess their pricing strategies [5][6]. - The vehicle fills a gap in the market for pure electric three-row SUVs, leveraging NIO's technological advantages to disrupt the current landscape [5][6]. - NIO aims to establish the L90 as a mainstream product for family users, differentiating it from its high-end offerings [6][7]. Group 3: Sales and Marketing Strategy - NIO has implemented a comprehensive marketing strategy, including 540 display vehicles and over 400 showrooms across 141 cities, to ensure a strong market presence for the L90 [6][8]. - The company has learned from past experiences, focusing on real-time visibility for consumers and enhancing the efficiency of its marketing team [8][9]. - Initial pre-sales for the L90 have met internal expectations, with plans for a large-scale delivery starting August 1 [18][19]. Group 4: Future Outlook and Strategic Goals - The success of the L90 is critical for NIO's goal of achieving profitability by Q4, with the vehicle's performance potentially influencing the company's future trajectory [5][6]. - NIO's leadership emphasizes the importance of user value creation and operational efficiency as part of its strategic transformation [26]. - The company is committed to maintaining a competitive edge through continuous improvement in product offerings and customer engagement [26].