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    Ming Hsun Lee

    Wall Street Analyst at Bank of America

    Ming-Hsun Lee is a Wall Street Analyst at Bank of America Securities, specializing in coverage of both the U.S. and Hong Kong markets across a broad range of companies, with a particular focus on firms like NIO, Xpeng (XPEV), Li Auto, and Alibaba. Lee has issued over 120 stock ratings, with over 80% buys, and currently ranks among the top 10% of global analysts, holding a 37% success rate and delivering an average return of 21.3% per rating, including a top-performing call on NIO generating an 800% return. Since joining Bank of America Securities, Lee has become recognized for consistent, high-conviction calls in the general sector, and has attracted substantial investor following. Professional credentials include solid expertise in equity research, but further specific securities license details are not publicly listed.

    Ming Hsun Lee's questions to NIO (NIO) leadership

    Ming Hsun Lee's questions to NIO (NIO) leadership • Q2 2025

    Question

    Ming Hsun Lee of Bank of America sought confirmation on the new model pipeline for 2026, asking about five specific models. He also asked about operating expense control in 2026, requesting guidance for quarterly R&D expenses and the CapEx plan for 2025 and 2026.

    Answer

    Management, via a moderator, clarified that the 2026 focus will be on three large SUV models, with no major facelifts for the current 5 and 6 series and no second Firefly model planned for next year. For 2026, quarterly non-GAAP R&D expenses are projected to be between RMB 2 billion and RMB 2.5 billion. A precise 2026 CapEx plan was not provided, but the goal is to keep it at a level similar to 2025 or better.

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    Ming Hsun Lee's questions to NIO (NIO) leadership • Q1 2025

    Question

    Ming Hsun Lee of Bank of America inquired about user feedback on the new world model (NWM) for autonomous driving and its advantages. He also asked about the strategy to increase sales of the Envoy L60 and the outlook for the upcoming L80 and L90 models.

    Answer

    Management detailed that the NWM has improved active safety and provides a better point-to-point smart driving experience, with the in-house chip version rolling out in late June. For the Envoy brand, they highlighted organizational adjustments and the plan to leverage the battery swap network as a sales channel. The L90 is set to launch in Q3, with a target for the Envoy brand to reach 25,000 monthly deliveries in Q4.

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    Ming Hsun Lee's questions to NIO (NIO) leadership • Q3 2024

    Question

    Ming-Hsun Lee from Bank of America asked about NIO's strategy in Europe following the EU tariff increase and its impact on pricing and demand. He also requested details on the gross margin profile for the new ONVO brand.

    Answer

    CFO Stanley Qu acknowledged that EU tariffs have led to price increases and affected sales, but reiterated that NIO's European strategy is long-term, focusing on brand building and user satisfaction rather than short-term volume. For the ONVO brand, Qu stated that the initial gross margin is in the positive single digits. He guided for the ONVO vehicle margin to reach around 10% in 2025 as a baseline, with a target of 15% through cost improvements and new product introductions.

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    Ming Hsun Lee's questions to NIO (NIO) leadership • Q3 2024

    Question

    Ming-Hsun Lee from Bank of America inquired about the impact of EU tariffs on NIO's European pricing strategy and demand. He also asked for the gross margin profile of the ONVO brand for 2024 and its potential margin at higher production volumes.

    Answer

    CFO Stanley Qu acknowledged that EU tariffs have affected pricing and sales in Europe, leading to significant price increases. He emphasized that NIO's European strategy remains long-term, focusing on building its service network and brand awareness. For the ONVO brand, Qu stated that the initial vehicle margin is positive but in the single digits. For 2025, the company targets a baseline vehicle margin of around 10% for ONVO, with a goal of reaching 15% through cost improvements and an expanded product lineup.

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    Ming Hsun Lee's questions to NIO (NIO) leadership • Q2 2024

    Question

    Ming-Hsun Lee from Bank of America inquired about management's view on the potential growth rate and penetration of China's EV market over the next few years. He also asked for an update on the product pipeline for the mass-market Firefly brand, specifically regarding the number of models planned for 2025.

    Answer

    CEO William Li projected that China's NEV penetration rate, currently over 50%, could surpass 80% in the next 2-3 years, accelerated by the 'vicious cycle' of price cuts weakening traditional ICE brands. He also confirmed that products from the Firefly brand are on track for delivery starting in 2025 and that product preparation is proceeding smoothly.

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    Ming Hsun Lee's questions to Li Auto (LI) leadership

    Ming Hsun Lee's questions to Li Auto (LI) leadership • Q2 2025

    Question

    Ming Hsun Lee from Bank of America inquired about Li Auto's plans for its 5C supercharging network, specifically whether it will be opened to other brands. He also asked about the future development direction for autonomous driving technology beyond the current VLA.

    Answer

    President Dongguin Ma confirmed that while 2C and 4C charging stalls are open to other brands, Li Auto owners will always have the best experience due to seamless vehicle-station integration. An executive then explained that the future of autonomous driving beyond VLA involves scaling the AI model's 'brain' (parameters) and 'heart' (on-device computing power), leveraging reinforcement learning with world models (RLAIF) to train the system on complex scenarios, with the goal of achieving L4 autonomy by 2027.

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    Ming Hsun Lee's questions to XPENG (XPEV) leadership

    Ming Hsun Lee's questions to XPENG (XPEV) leadership • Q2 2025

    Question

    Ming Hsun Lee from Bank of America asked for guidance on future revenue from the expanded Volkswagen partnership and questioned Xpeng's robotaxi strategy, specifically regarding differentiated vehicles and the feasibility of L4 OTA updates for existing cars.

    Answer

    Charles Zhang, VP of Corporate Finance and Investments, explained the VW collaboration will create a third recurring revenue stream from EEA licensing once new ICE/PHEV models reach SOP. CEO He Xiaopeng added that L4-capable vehicles are planned for 2026 pilots, sharing a common source model with consumer cars but with different functionalities, and emphasized these vehicles would not require cloud takeover or hardware redundancy.

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    Ming Hsun Lee's questions to XPENG (XPEV) leadership • Q1 2025

    Question

    Ming-Hsun Lee from Bank of America asked for the 2025 export growth guidance, key growth regions, and the strategy for handling EU tariffs. He also questioned the adoption of the Turing chip, including which model would debut it and if cost savings would be shared with customers.

    Answer

    President Brian Gu highlighted strong international growth focusing on Europe, the Middle East, and Southeast Asia, and noted the company is exploring ways to mitigate EU tariffs. CEO He Xiaopeng added that the Turing chip is progressing well, with mass production in some models expected in Q3. He emphasized its superior computing power and the company's goal of democratizing technology, implying benefits for consumers.

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    Ming Hsun Lee's questions to XPENG (XPEV) leadership • Q4 2024

    Question

    Ming-Hsun Lee questioned if the technology gap in autonomous driving might narrow as more competitors adopt end-to-end models. He also asked how XPeng's self-developed 'Touring' chip will advance its AI capabilities beyond simple cost control and inquired about the 2026 commercialization plan for the humanoid robot.

    Answer

    Co-Founder, Chairman and CEO He Xiaopeng stated that a comprehensive full-stack capability including hardware and data loops creates a durable advantage that is difficult for competitors to replicate. He explained the Touring chip enables customization, better performance, and faster iteration. Regarding the humanoid robot, he noted its development is more challenging than AI cars, requiring L3-level AI to be useful, and confirmed progress is being made on motion and 'brain' capabilities.

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    Ming Hsun Lee's questions to XPENG (XPEV) leadership • Q3 2024

    Question

    Ming-Hsun Lee asked about the export sales outlook, including its expected revenue contribution and whether charging infrastructure poses a bottleneck for EV penetration in overseas markets. He also inquired about XPeng's production capacity for 2025 and any potential supply chain shortages.

    Answer

    President Brian Gu stated that overseas sales are expected to maintain a similar contribution percentage (around 15%) next year, with both BEV and future extended-range models finding growth opportunities in global markets. VP Charles Zhang addressed capacity, confirming that both the Guangzhou and another plant are on double shifts, each capable of 200,000-300,000 units annually. He noted there is ample room for low-capital expansion and that supplier capacity is also being expanded in line with XPeng's platform-based strategy.

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    Ming Hsun Lee's questions to Pony AI (PONY) leadership

    Ming Hsun Lee's questions to Pony AI (PONY) leadership • Q2 2025

    Question

    Ming Hsun Lee of Bank of America inquired about PonyAI's production plan for its Gen 7 robotaxis throughout the remainder of 2025.

    Answer

    Chairman and CEO Jun Peng confirmed the company is firmly on track to surpass its 1,000+ vehicle fleet target by year-end, having already produced over 200 Gen 7 vehicles. Peng highlighted the achievement of a scalable production cycle, secured component supply, and a 70% reduction in bill of materials (BOM) cost compared to the previous generation. He also noted significant progress in unit economics, including lower insurance costs and improved remote assistance efficiency, expressing confidence in achieving positive unit economics for Gen 7 vehicles.

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    Ming Hsun Lee's questions to Pony AI (PONY) leadership • Q2 2025

    Question

    Ming Hsun Lee of Bank of America inquired about PonyAI's production plan for its Gen 7 robotaxis throughout the remainder of 2025.

    Answer

    Chairman, Co-Founder & CEO Jun Peng confirmed the company is on track to surpass its 1,000+ vehicle target by year-end, having already produced over 200 Gen 7 vehicles. He highlighted that the assembly lines for both BAIC and GAC models have reached the start of production (SOP) phase, supported by a secure component supply chain. Peng also emphasized the 70% reduction in bill of materials (BOM) cost for Gen 7 vehicles and improving unit economics through lower operational costs like insurance.

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    Ming Hsun Lee's questions to ZEEKR Intelligent Technology Holding (ZK) leadership

    Ming Hsun Lee's questions to ZEEKR Intelligent Technology Holding (ZK) leadership • Q1 2025

    Question

    Ming-Hsun Lee from Bank of America questioned the primary advantages of Zeekr's new super hybrid technology compared to existing PHEV and EREV technologies. He also asked about the expected sales volume increase from this new powertrain and whether it would be retrofitted to existing models or reserved for future ones.

    Answer

    CEO Cong Hui An explained that the super electric hybrid technology is distinct from the EM-P system used by Lynk & Co and is reserved for Zeekr's large-size products. He outlined its key advantages: consistent high performance regardless of battery charge, superior fuel efficiency, ultrafast charging via a 900-volt architecture with large battery packs (50-80 kWh), and significantly lower maintenance frequency and cost. Mr. An stated that the internal target for this powertrain is to contribute 150,000 to 200,000 vehicles in annual sales in the future.

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    Ming Hsun Lee's questions to ZEEKR Intelligent Technology Holding (ZK) leadership • Q1 2025

    Question

    Ming-Hsun Lee from Bank of America inquired about the primary advantages of Zeekr's new super hybrid technology over competitors. He also asked about the expected sales volume increase from these models and whether the technology would be retrofitted to existing vehicle lines.

    Answer

    CEO Cong Hui An explained that the super electric hybrid technology, distinct from Lynk & Co's EM-P system, offers superior performance regardless of battery charge, better fuel efficiency, and ultrafast charging with its 900-volt system. He also noted lower maintenance costs. He clarified the technology is for future large-size Zeekr models, not existing ones, and the internal target is for this powertrain to contribute 150,000 to 200,000 units annually in the future.

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    Ming Hsun Lee's questions to ZEEKR Intelligent Technology Holding (ZK) leadership • Q4 2024

    Question

    Ming-Hsun Lee asked about the autonomous driving and smart cabin technology strategy, specifically how it will be integrated between the Zeekr and Lynk & Co brands. He also inquired about the powertrain strategy, including the use of Super Hybrid vs. EM-P technology and the plan for phasing out internal combustion engine (ICE) vehicles.

    Answer

    Executive Cong Hui An stated that both brands will share a unified ADAS and infotainment platform for hardware and middleware, but with distinct HMI designs to maintain brand differentiation. On powertrain, the Zeekr brand will exclusively use the more advanced Super Hybrid technology, while Lynk & Co will continue with its EM-P platform, though many components are shared. He noted that while R&D on pure ICE vehicles is limited, they will be maintained to meet specific customer demand in domestic and international markets.

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