Bullish in the long term

I mainly focus on the situation of the Onvo brand, giving it a few more months to observe its steady-state sales. The Onvo brand represents battery-swapping models entering the price range of 150,000-200,000 yuan, so it needs more time, and so does the target demographic.

Moreover, the Onvo L60 truly reflects some of Nio's R&D achievements. First, look at the energy efficiency metric—it indeed has an advantage among pure EV models, and Onvo's customer base is highly sensitive to cost.