文｜财天COVER 杨十二 编辑 | 田梦 最近一个多月，蔚来在资本市场的口碑迅速扭转。7月1日至8月26日，蔚来港股股价大涨80.88%，总市 值达到了1100亿港元。 有蔚来员工告诉《财经天下》，现在内部都很乐观，大家干活儿更有劲了，暂时不需要担心人员优化的 问题。不过，也有持蔚来股票的员工表示，这波股价上涨距离自己回本还有很长一段距离。 今年上半年，蔚来的股价曾经历了一场"过山车式"的变动。4月9日，蔚来股价跌至冰点，总市值不足 600亿港元。 去年9月上市的乐道L60销量未达预期，不仅被竞争对手拉开差距，还引发了品牌口碑下滑。由于处在 产品切换的空窗期，蔚来今年前三个月的月均销量不足2万辆，叠加后续公司发布了不太好看的一季报 等事件，让其遭遇了市场舆论的唱衰。 蔚来股价近期上涨，主要在于旗下主品牌蔚来，还有子品牌乐道让外界看到了希望。 今年7月31日上市的乐道L90用实打实的空间、技术，以及十分有诚意的价格，吸引了不少关注。可能 在这款车上市前，蔚来高层就意识到，"价格"始终是刺激短期销量最有效手段。 乐道L90的热度还未散去，蔚来ES8又掀起了一波热潮。8月21日晚，蔚来全新ES8预售价格公布后，发 ...

Core Viewpoint - The article discusses the sales performance and strategic importance of the newly launched L90 model by Leida, highlighting its potential to help NIO achieve profitability in Q4 2023 [2][15]. Group 1: Sales Performance - The L90 model has seen strong demand, with over 700-800 units registered in Shanghai within two days of its launch [2]. - Sales personnel report that the L90 has significantly boosted sales figures, with some sales representatives delivering over 20 units in just half a month [5]. - The L90's pricing and features have attracted customers, leading to rapid inventory turnover, with stock levels dropping from over 40 units to single digits within two days [5][6]. Group 2: Production and Supply Chain Management - Leida has shifted production capacity to focus on the L90, reducing output for the L60 and other models to meet demand [7]. - NIO has improved its supply chain management to ensure timely delivery of the L90, with a proactive approach to quality control and supplier training [10][12]. - The L90 is noted as the fastest model in terms of production ramp-up in NIO's history, with a target to exceed 5,000 units per month by October 2024 [13][14]. Group 3: Profitability Goals - NIO aims to achieve profitability in Q4 2023, with a focus on increasing sales volume, improving gross margins, and controlling expenses [15][21]. - The company has implemented organizational changes to streamline operations and enhance efficiency, including a significant reduction in the sales team for Leida [17][18]. - The upcoming launch of the L80 model is expected to further support sales growth, contributing to the overall profitability target [19]. Group 4: Financial Performance - In Q1 2023, NIO delivered 42,094 vehicles, a 40.1% year-on-year increase, with a gross margin improvement to 7.6% [21]. - Despite improvements in sales and gross margin, the company still faces challenges in reducing R&D and sales management expenses, which are currently above target levels [21][22]. - The introduction of the new ES8 model is anticipated to enhance overall sales performance for NIO [20].

Market Overview - The market is currently experiencing high customer traffic, with over 10 groups visiting daily, 80% of which are interested in the L90 model, indicating a significant shift in customer preference [2] - The L90 model is described as a "traffic magnet" for the dealership, leading to an unprecedented level of customer engagement [2] Sales Performance - The best-selling versions of the L90 are the Max and Ultra, each accounting for 50% of sales, while the Pro version has seen minimal interest due to its limited price difference and reduced comfort features [2] - Popular color combinations include a gold exterior with a black interior, and some configurations are available for immediate delivery [2] Financing Options - Financing options are readily available through the app, with a 0 down payment plan over 60 months at an annual interest rate of 2.59%, and a lower rate of 2.29% through the company's own financing [4] - Monthly payments for a loan of ¥299,800 amount to ¥5,569, with an effective annual interest rate of 4.35% [6] Customer Demographics - Buyers of the L90 tend to be older compared to those interested in the L60, with family-oriented customers frequently making purchasing decisions [10] - The customer base includes a diverse range of professions, from small business owners to mid-level government employees [10] Competitive Landscape - The main competitors identified are the Li Auto L9 and the Aito M9, although customers often mention the i8 as a significant alternative [12] - Some customers also consider the YL six-seat version, but space concerns lead them to explore other options like the Model X [13] Customer Feedback - Positive feedback highlights the L90's value for money and spaciousness as key selling points [18] - However, some customers express concerns about the perceived limitations in the vehicle's hardware capabilities and the interior's luxury compared to competitors like NIO and Li Auto [21]

Core Viewpoint - The article discusses the evolving dynamics and competition among the three major new energy vehicle manufacturers in China, namely NIO, Li Auto, and Xpeng, highlighting their respective strategies, market positioning, and recent confrontations in the industry [4][6][24]. Group 1: Company Strategies and Market Positioning - NIO positions itself as a high-end brand focusing on battery swapping technology, while Li Auto emphasizes family vehicles with a range-extended electric vehicle (REEV) strategy, and Xpeng markets itself as a tech-driven company with fast charging capabilities [6][24]. - In August 2024, Li Auto launched the MONA M03 at a starting price of 119,800 yuan, achieving over 10,000 pre-orders within 52 minutes, marking a significant turnaround for Xpeng [6][7]. - NIO's second brand, Ladao, launched its first model, L60, but struggled with sales due to supply chain issues and marketing challenges [7][9]. Group 2: Competitive Tensions and Market Confrontations - The competition intensified in July 2025 when Li Auto's i8 and NIO's L90 were launched, leading to direct confrontations in the market with both companies vying for consumer attention [9][27]. - Allegations of malicious online attacks against Li Auto's i8 surfaced, with claims of organized efforts to undermine its reputation, leading to a public dispute between Li Auto and NIO [11][15][26]. - The ongoing rivalry has led to a series of public exchanges and accusations, with both companies engaging in social media battles over sales data and product comparisons [19][21][24]. Group 3: Industry Challenges and Future Outlook - Despite Li Auto's strong sales performance, the company faces challenges in the pure electric vehicle market, as it has yet to deliver a satisfactory electric model [24][30]. - The article suggests that the competition among NIO, Li Auto, and Xpeng is intensifying, with industry experts predicting that the three companies may struggle to survive independently in the next three years, potentially leading to mergers or restructuring [30][31]. - The entry of new competitors, such as Xiaomi, adds further pressure to the existing players, complicating the competitive landscape [30][31].

Core Viewpoint - The successful launch of the L90 model is crucial for NIO's strategic transformation and aims to restore market confidence while achieving profitability [3][11]. Pricing and Delivery - The L90 was launched at a starting price of 265,800 yuan, with immediate delivery starting the same evening [1][3]. - The pricing strategy was straightforward, with a focus on cost targets and market positioning, leading to a simplified decision-making process for consumers [7][8]. - The inclusion of standard features like a refrigerator and large sofa in all models enhances user confidence and improves supply chain efficiency [7][9]. Market Response and Sales Performance - The initial market response was overwhelmingly positive, with a significant increase in orders on the launch day, exceeding expectations [3][4]. - NIO's stock price rose over 5% following the L90 launch, indicating positive market sentiment [3]. Strategic Adjustments - NIO has shifted its strategy to prioritize immediate delivery post-launch, addressing previous issues with delayed deliveries of models like the ET5 and L60 [9][10]. - The company has implemented a "full staff operation" mechanism to enhance efficiency and accountability across all levels [10]. Future Plans - NIO plans to launch the new ES8 model in late August and a third model, a pure electric five-seat SUV, in the fourth quarter, aiming for differentiated market positioning [11].

Core Insights - The recent launches of the Ledo L90 and Li Auto i8 have generated significant market interest, with Ledo L90 priced below market expectations leading to increased consumer engagement [2] - Both models are strategic for their respective companies, with Ledo L90 aimed at achieving profitability and doubling sales in Q4, while Li Auto i8 is positioned as a key player in the pure electric market following the MEGA setback [2] Group 1: Market Performance - Initial weekend showroom traffic for both models was notable, but not overwhelming, with Ledo and Li Auto showrooms seeing 1-2 groups of viewings compared to Xiaomi's YU7 at around 5 groups [4] - Ledo's showroom traffic was primarily focused on the L90 model, while Li Auto's interest was somewhat divided among its range-extended models [5] Group 2: Sales Targets and Challenges - Ledo has set ambitious monthly sales targets of 10,000 units for both the L60 and L90, but current sales figures indicate a significant gap to meet these goals [5] - Li Auto's i8 faces criticism regarding its pricing and features, with sales personnel indicating that the i8 is not intended as a volume model, shifting expectations to the upcoming i6 [5] Group 3: Market Share and Competition - The market for the Ledo L90 and Li Auto i8 is characterized as a developing segment, with the i8's price range capturing only 4.1% of the new energy vehicle market and 2% of the overall automotive market [6] - Ledo L90's market share stands at 11.7% in the new energy vehicle sector and 5.9% in the total automotive market, indicating limited penetration [6] Group 4: Strategic Imperatives - NIO has set a target to achieve profitability in Q4, requiring a monthly delivery of 50,000 units, with a current shortfall of 25,000 units as of June [6] - Li Auto must urgently establish its position in the pure electric market, as its range-extended technology is facing increasing competition from other manufacturers [7]

Core Viewpoint - The article discusses the recent market performance and consumer interest in the newly launched electric vehicles, the Ledo L90 and the Li Auto i8, highlighting their strategic importance for their respective companies, NIO and Li Auto [3][8]. Group 1: Market Performance - The Ledo L90 has generated significant market interest due to its lower-than-expected pricing, with reports of high consumer engagement and sales system overload in NIO's Shanghai region [3][5]. - The Li Auto i8 gained attention from a promotional video showcasing its performance, but it faces criticism regarding its pricing and features, particularly the absence of certain amenities in lower configurations [5][6]. - Initial showroom traffic for both models was noted, with Ledo L90 attracting more attention than the i8, although neither model achieved the expected sales volume [5][6]. Group 2: Sales Targets and Challenges - Ledo aims for monthly sales targets of 10,000 units for both the L60 and L90, but current sales figures indicate a significant gap from these goals [5][8]. - Li Auto's i8 is not positioned as a volume model, with expectations for the upcoming i6 to drive sales instead, indicating a strategic shift [6][9]. - The market share for the Ledo L90 and Li Auto i8 remains limited, with the former capturing only 11.7% of the electric SUV market and the latter at 4.1% in its price segment, suggesting challenges in achieving mass-market appeal [8][9]. Group 3: Competitive Landscape - The electric vehicle market is becoming increasingly competitive, with other manufacturers quickly catching up to Li Auto's unique selling propositions, such as its extended-range technology [9]. - The need for Li Auto to establish a strong competitive edge in the pure electric market is emphasized, especially after the underwhelming performance of the MEGA and the i8 [9].

Core Insights - NIO and Li Auto face significant challenges in the second half of the year with their strategic models, the L90 and i8, being crucial for their performance [2][6] - The market response to the L90 and i8 has been mixed, with initial excitement but not enough to meet sales targets [4][5] Group 1: Market Performance - The L90 has generated high interest, with reports of increased foot traffic in stores, but actual sales have not met expectations, with a target of 10,000 units per month for both L60 and L90 [4][6] - The i8 has faced criticism regarding its pricing and features, leading to a conservative sales estimate of 3,000 to 5,000 units per month [5][6] Group 2: Market Positioning - The L90 is positioned in the 200,000 to 300,000 yuan range, but the overall market share for new energy vehicles in this segment remains low at 11.7% [6] - The i8 operates in a niche market with only 4.1% share in the 300,000 to 400,000 yuan SUV segment, indicating limited growth potential [6][7] Group 3: Strategic Challenges - NIO's goal of achieving profitability in Q4 requires a monthly delivery of 50,000 units, a target that the L90 alone cannot fulfill [6][7] - Li Auto must urgently establish a competitive edge in the pure electric market, as its previous advantages in the extended range segment are being challenged by competitors [7]

Core Viewpoint - NIO's recent launch of the L90 model demonstrates a significant turnaround in its strategy and market positioning, aiming for profitability in Q4 2025 amidst previous challenges in sales and stock performance [1][4][25] Product Launch and Market Response - The L90 was officially priced at 265,800 CNY, with a BaaS version starting at 179,800 CNY, generating positive reactions and over 30,000 orders within a week of pre-sales [2][4] - NIO's stock price surged nearly 50% following the L90 pre-sale announcement, indicating strong market confidence in the new model [4][17] Product Features and Innovations - The L90 effectively addresses the challenges of space, design, and aerodynamics, achieving a drag coefficient of 0.25 and a weight of 2,250 kg for the rear-wheel-drive version, which is significantly lighter than competitors [9][10] - The vehicle features innovative storage solutions, including a 430L trunk and a 240L front storage compartment, enhancing its practicality for families [10][11] Market Positioning and Competitive Landscape - The L90 targets the 200,000 to 300,000 CNY market segment, which is currently underserved in the electric three-row SUV category, allowing NIO to capture market share from competitors priced above 300,000 CNY [14][15] - The pricing strategy positions the L90 as a competitive option, with the potential to quickly gain traction in a growing market for electric SUVs [15][16] Operational Efficiency and Delivery Challenges - NIO has improved its operational efficiency, with a clear plan for rapid delivery following the L90's launch, contrasting with previous issues faced during the L60's rollout [24][25] - The new leadership under Shen Fei is focused on enhancing service and sales processes to ensure successful delivery and customer satisfaction [22][24] Future Outlook - The success of the L90 is critical for NIO to achieve its profitability goals in Q4 2025, with expectations for it to become a best-selling model in the electric SUV market [5][25] - The company aims to leverage the L90's launch momentum to improve overall brand perception and sales performance, setting the stage for future models like the L80 and the next-generation ES8 [25]

Core Insights - NIO delivered 21,017 new vehicles in July 2025, marking a year-on-year growth of 25.2% in the first seven months [2] - The launch of the NIO brand's L90 model on July 31 has significantly boosted market confidence, with a starting price of 265,800 CNY for the full purchase and 179,800 CNY with the BaaS battery rental option [4][5] - NIO's strategic focus on large space SUVs is evident with the upcoming release of the new ES8 in August 2025, indicating a strong commitment to innovation and market trends [7][10] Delivery and Sales Performance - Cumulative deliveries reached 806,731 vehicles, with the NIO brand accounting for 737,923 units [2] - The L90 model is positioned as a flagship SUV with a focus on family comfort and spaciousness, featuring a length of 5,145 mm and a wheelbase of 3,110 mm [4][5] Technological Advancements - NIO's self-developed chip, the NX9031, has been successfully integrated into multiple models, enhancing the performance of its intelligent driving capabilities [7] - The company has made significant strides in its charging and battery swap infrastructure, with 3,432 battery swap stations established, including 1,000 high-speed stations [9] Market Position and Future Outlook - NIO is entering a high-growth phase, with expectations of achieving profitability in Q4 2025, driven by new product launches and enhanced service offerings [8][10] - The company is leveraging its decade-long technological innovations to redefine value standards across various market segments [9][10]