Key Takeaways Li Auto delivered more vehicles in Q2, but NIO's 25.6% growth outpaced Li's 2.3% gain.Li Auto leads on profitability with a 19.8% vehicle margin versus NIOs 10.2%.NIO shares rose 27% in six months, while Li Auto fell 25%, reflecting diverging sentiment.Two of China’s biggest noted vehicle makers, NIO Inc. (NIO) and Li Auto (LI) , are about to report their second-quarter 2025 results. Li Auto will release its numbers this Thursday, while NIO will follow next Tuesday. Ahead of their results, the ...

作者 | 柴旭晨 编辑 | 周智宇 定位高端的蔚来，一时间竟成了性价比的代名词。 8月21日晚，蔚来旗舰SUV新ES8开启预售，整车41.68万-45.68万元，BaaS加持下的价格直接下探到了30.88万-34.88万元。打出价格牌后全场沸腾，满场高 呼"斌神"。 要知道，这是一台对标宝马X7的五十万级全尺寸SUV。相比上一代，新ES8直接官降了整整8万元，租电后价格直降近15万。并且这还只是预售价，按照 行业思路，新ES8的正式售价很有可能来到40万以下。 在业内人士看来，如果说前段时间乐道L90是李斌"掀桌"，那么极致价格叠加蔚来庞大补能基建的加持下，新ES8将让增程高端车型"无路可走"。 继乐道L90卖爆之后，蔚来打算继续在纯电大三排SUV领域趁胜追击。李斌认为，在大三排SUV细分市场，属于增程车的黄金时代已经结束，是时候看纯 电了。 市场反应迅速，发布会当晚蔚来美股一路走高，涨幅一度超过10%。次日，蔚来总裁秦力洪向华尔街见闻透露，从开启预售通道开始，新ES8的订单已经 超过了同期的乐道L90。8月22日晚间，蔚来美股再次急速拉升近15%。 显然，为了找回昔日荣光，为了Q4盈利掀了桌子，蔚来和李斌豁 ...

Core Viewpoint - NIO has unveiled the interior design of the new ES8, featuring a layout similar to its flagship sedan ET9, emphasizing luxury and customization in its design elements [1] Group 1: Interior Design Features - The new ES8 offers multiple interior themes, with the showcased red interior matching the trunk and third-row seat colors, a feature typically found in high-end luxury models [1] - The vehicle includes a horizontal floating central control screen and a panoramic skyline screen, along with premium materials such as a soft-touch area of 52 square meters and over 120,000 stitches in the seat embroidery [1] Group 2: Technical Specifications - The dimensions of the ES8 are 5280mm x 2010mm x 1800mm, with a wheelbase of 3130mm, and it offers both 6 and 7-seat configurations [1] - The new model is equipped with the latest "AQUILA" ultra-sensing system and features a dual-motor all-wheel-drive system with a maximum combined power of 520kW [1] Group 3: Battery and Charging - The ES8 is powered by a ternary lithium battery supplied by CATL, with a standard 100kWh battery and a CLTC range of 635km [1] - It supports a quick charge that allows for over 250km of range in just 5 minutes [1] Group 4: Launch Information - The new ES8 is set to officially debut on August 21 [1]

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]

Group 1 - NIO's ET9 has been delivered to Josef Wildgruber, CEO of BBS Automation, marking him as the first owner of the ET9 in Europe [1] - The ET9 embodies NIO's "dare to think, dare to act" spirit, showcasing advanced technology in the high-end electric vehicle sector [3] - The efficient electric drive system of the ET9 is produced by BBS Automation's assembly and testing line, which emphasizes continuous production, flexible adaptation, and rapid defect resolution [5] Group 2 - BBS Automation has successfully delivered multiple high-automation intelligent production lines to NIO, including electric drive assembly and testing lines, and inverter assembly and testing lines [7] - BBS Automation, now part of Dürr Group, operates globally with nearly 4 billion yuan in business and has 20 subsidiaries worldwide [8] - BBS Automation has over 20 years of experience in intelligent manufacturing in China, with production bases and a research center located in Suzhou, Kunshan, Tianjin, and Xi'an [8]

Core Insights - NIO has achieved a significant milestone by integrating its self-developed 5nm automotive-grade high-end intelligent driving chip "Shenji NX9031" with the NT.Cedar/S "Cedar" intelligent driving system, marking a key closure in the full-stack technology chain of China's smart automotive industry [2][9] - The company has invested over 60 billion yuan in R&D over the past decade, focusing on building a complete technological sovereignty from chip to system to algorithm, which is seen as a challenging yet correct path in the industry [4][10] - NIO's decision to develop high-end intelligent driving chips is a strategic move to break free from reliance on international giants like NVIDIA and Tesla, which dominate the market [5][9] R&D Investment and Challenges - NIO's self-developed chip project has faced immense challenges, including high costs and complexity associated with 5nm process technology, which is significantly more demanding than mobile device chips [6][12] - The company has committed an average annual investment of 3 billion yuan in R&D, equating to nearly 20 million yuan daily, which tests the strategic resolve of any enterprise [6][12] - The long-term investment in core technology often leads to misinterpretation as inefficiency in a market that favors short-term results [7][13] Market Position and Future Outlook - NIO's self-developed Shenji chip and its deep integration with the SkyOS operating system represent a critical step towards achieving technological sovereignty and enhancing supply chain resilience [9][10] - The company aims to create a differentiated experience and long-term competitive advantage through its autonomous technology development, which is increasingly vital in a market where electric vehicle functionalities are becoming homogeneous [10][12] - Despite facing a "dilemma of honesty" where market perception focuses on short-term sales rather than long-term technological advancements, NIO's commitment to innovation is expected to yield significant returns as the industry matures [12][14]

Core Viewpoint - NIO's CEO Li Bin emphasizes the importance of profitability and self-sustainability for the company's long-term success in the competitive automotive market [2][4]. Group 1: Financial Performance - In 2024, NIO delivered 222,000 vehicles, a 38.7% increase from 160,000 in 2023 [4]. - NIO's revenue for 2024 reached 65.732 billion yuan, up from 55.618 billion yuan in 2023, marking the highest revenue year to date [5]. - NIO's cash reserves stood at 41.9 billion yuan, while sales expenses in Q4 were 4.878 billion yuan, a year-on-year increase of 22.8% [6]. Group 2: Strategic Goals - NIO aims to achieve breakeven in Q4 2025, with a target of over 400,000 vehicle deliveries for the year [3][8]. - The company plans to enhance its product lineup with upgrades to existing models and the introduction of new models, including the flagship ET9 [11][12]. Group 3: Cost Reduction Initiatives - NIO is focusing on improving efficiency through cost reduction strategies, including procurement and technology cost management [18][19]. - The company is implementing a "transparent supply chain" to better understand and manage production costs [21][22]. Group 4: Market Position and Opportunities - The high-end electric vehicle market remains a significant opportunity for NIO, especially with the entry of competitors like Huawei and Xiaomi [27]. - NIO's investment in technology and design has positioned it well to capture market share in the premium segment [26][28]. Group 5: Future Outlook - NIO plans to expand its battery swap station network and aims for international expansion into 25 countries and regions by 2025 [29]. - The company is set to leverage its technological advancements and product offerings to enhance its market position and operational efficiency [30].

Group 1 - The article discusses the ongoing public feud between Elon Musk and Donald Trump, highlighting the media's fascination with their exchanges and the impact on Tesla's stock price, which saw a $150 billion drop on the day of their first public clash [1] - The article emphasizes the contrast between the entertainment value of such feuds and the serious responsibilities of entrepreneurs, questioning whether public figures should engage in trivial disputes instead of focusing on meaningful contributions [1] - It notes that while gossip can drive public interest, it should not overshadow the significant achievements and aspirations of entrepreneurs like Musk, who aims for ambitious goals such as space exploration [1] Group 2 - The article highlights the success of the podcast "The Twenty Minutes VC," which raised $400 million, showcasing the importance of networking and the influence of tech industry leaders who frequently appear on the show [2] - It points out that many entrepreneurs, particularly in the tech sector, are increasingly using podcasts as a platform to communicate their company's vision and maintain industry connections [2] - The article reflects on the evolution of entrepreneur communication in China, noting that while some have retreated from social media, others like Lei Jun and Dong Mingzhu have embraced personal branding to enhance their companies' visibility [3][4] Group 3 - The article introduces Li Bin's interview series "ET9会客厅," which features discussions with industry leaders, emphasizing the value of sharing insights from less publicized entrepreneurs who have significantly contributed to China's economic growth [6][9] - It highlights the depth of conversations in the series, where industry leaders share their experiences and insights, such as the importance of patience in battery research and the principles guiding their companies [9][10] - The article underscores the need for a platform that allows practical entrepreneurs to share their thoughts, contrasting with the trend of focusing on personal branding and entertainment in the business world [14][17]

Core Insights - NIO's founder and CEO Li Bin announced the successful application of the self-developed 5nm automotive-grade chip, Shenqi NX9031, in several vehicle models, marking a significant milestone for the company [1] - The performance of a single Shenqi NX9031 chip is equivalent to four NVIDIA Orin-X chips, indicating a substantial technological advancement [1] - The integration of the Shenqi NX9031 chip is expected to optimize the cost of each vehicle by approximately 10,000 yuan, which will significantly enhance NIO's vehicle gross margin [1] Company Developments - The global first automotive-grade 5nm intelligent driving chip, Shenqi NX9031, has been rolled out to models including ET9, new ES6, new EC6, new ET5, and new ET5T [1] - The successful performance of the Shenqi NX9031 chip aligns with the company's design goals, showcasing its commitment to innovation in the electric vehicle sector [1] Industry Impact - The introduction of advanced chips like Shenqi NX9031 is indicative of the growing trend in the automotive industry towards higher performance and efficiency in electric vehicles [1] - The cost optimization achieved through the new chip technology may set a precedent for other manufacturers in the electric vehicle market, potentially influencing pricing strategies and profit margins across the industry [1]

Core Insights - NIO Inc. has launched upgraded versions of four key models and expects a year-over-year increase in deliveries for June and the second quarter [1][8] Delivery Expectations - NIO anticipates June deliveries between 25,000 and 28,000 units, up from 21,209 units in June of the previous year [2] - For the second quarter, NIO expects to deliver between 72,000 and 75,000 vehicles, indicating a year-over-year growth of 25.5% to 30.7% [2][8] Recent Performance - In Q1 2025, NIO delivered 42,094 smart EVs, a 40.1% year-over-year increase, including 27,313 units under the NIO brand and 14,781 from ONVO [3] - The company has seen delivery momentum driven by the rollout of new models and strong demand for ONVO L60 and FIREFLY [3][8] Competitor Analysis - Li Auto expects Q2 2025 deliveries between 123,000 and 128,000 units, reflecting a year-over-year growth of 13.3% to 17.9% [4] - XPeng anticipates Q2 deliveries of 102,000 to 108,000 vehicles, indicating a year-over-year growth of approximately 237.7% to 257.5% [5] Valuation and Performance - NIO has underperformed compared to the Zacks Automotive-Domestic industry, with shares down 30.1% year-to-date, while the industry has grown by 4.1% [6] - NIO's forward price/sales ratio is 0.81, which is higher than the industry's 0.50, suggesting the company may be overvalued [10] EPS Estimates - The Zacks Consensus Estimate for 2025 EPS has increased by 5 cents, while the estimate for 2026 has declined by 1 cent in the past week [11]