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    Paul Gong

    Research Analyst at UBS

    Paul Gong is an Analyst at UBS specializing in the Chinese electric vehicle and autonomous driving sectors, with a focus on companies such as NIO, XPeng, Pony AI, Apollo, and WeRide. He is recognized for high-performing investment calls, including a recent Buy rating on Pony AI predicting 53% upside, and has recommended both Pony AI and Apollo as top robotaxi stocks for China's rapidly growing market. Gong began his career as an auditor at Deloitte before joining UBS, and he regularly publishes detailed market outlooks and sector analyses driving institutional coverage in Asia's auto tech landscape. His professional credentials include substantial experience in equity research and analytic methodology, though specific FINRA registration or securities licenses are not publicly listed.

    Paul Gong's questions to NIO (NIO) leadership

    Paul Gong's questions to NIO (NIO) leadership • Q2 2025

    Question

    Paul Gong from UBS inquired about the financial impact of making the 100 kWh battery standard on NIO brand vehicles, specifically the incremental cost. He also asked for quantification of the cost savings per vehicle from using self-developed chips at different production volumes.

    Answer

    A moderator, speaking for management, explained that making the 100 kWh battery standard had no major impact on vehicle margin, as it was offset by the removal of other discounts. Regarding the self-developed chips, management stated that while the in-house solution provides a cost advantage over third-party chips, the savings are not directly tied to sales volume as R&D is expensed. They declined to provide a specific per-unit cost saving figure.

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    Paul Gong's questions to NIO (NIO) leadership • Q1 2025

    Question

    Paul Gong of UBS Group inquired about market feedback for the new 5 and 6 Series models, particularly regarding the 400V battery system. He also asked about the future of the channel network and potential synergies between the NIO and Envoy brands.

    Answer

    Management stated that feedback on the new models is mostly positive. They addressed the 400V platform by emphasizing improved efficiency and the flexibility offered by the Power Swap network, with no short-term plans to upgrade to 900V. Regarding channels, points of sale will remain separate for brand differentiation, but back-end operations will be integrated for synergy, with pilots using swap stations as sales points.

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    Paul Gong's questions to NIO (NIO) leadership • Q3 2024

    Question

    Paul Gong from UBS questioned the high demand visibility for the ONVO L60, asking for the basis of the 20,000 units/month target for March. He also requested more color on the technological direction and key improvements of the next-generation NT3 platform.

    Answer

    CEO Bin Li expressed confidence in L60 demand, citing a very high test-drive-to-order conversion rate, which he claimed is higher than any previous NIO product. He stated the current focus is on expanding the sales network to support volume growth. Regarding the NT3 platform, Li described the ET9 as the first model on this platform, featuring significant advancements like a high-voltage architecture, an in-house developed smart driving chip, and advanced sensors, which will eventually trickle down to other models.

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    Paul Gong's questions to NIO (NIO) leadership • Q3 2024

    Question

    Paul Gong from UBS questioned the basis for NIO's confidence in achieving 20,000 monthly deliveries for the ONVO L60 by March, especially given seasonal factors. He also asked for details on the technological advancements of the next-generation NT3 platform.

    Answer

    CEO Bin Li expressed confidence in the L60's demand, citing a very high conversion rate from test drives to orders. He attributed short-term demand softness to long wait times and the expiration of subsidies. Regarding the next-gen platform, Li explained that the ET9 is the first model built on it, featuring a high-voltage architecture, a new operating system, an in-house developed smart driving chip, and advanced sensors. He stated these technologies represent a significant leap and will gradually be integrated into future products.

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    Paul Gong's questions to NIO (NIO) leadership • Q2 2024

    Question

    Paul Gong of UBS asked if the flagship ET9 sedan is still on schedule for a Q1 2025 launch and requested updates on its technology and volume outlook. He also questioned if the new UAE market entry signals a strategic pivot away from Europe due to tariffs and whether a competitor's 10% overseas sales volume serves as a benchmark for NIO.

    Answer

    CEO William Li confirmed the ET9 launch is proceeding as planned for next year, emphasizing its advanced technologies like steer-by-wire and in-house chips. He clarified that the UAE entry is not a pivot from Europe but part of a plan with its Abu Dhabi investor. While European expansion is impacted by tariffs, NIO remains patient and continues its activities there. He stated that the ONVO brand will enable more active, yet efficient, international expansion starting next year.

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    Paul Gong's questions to Li Auto (LI) leadership

    Paul Gong's questions to Li Auto (LI) leadership • Q2 2025

    Question

    Paul Gong of UBS requested more details on the upcoming Li i6 model, including its product positioning, launch schedule, and marketing plan. He also asked for the company's latest thinking on its overseas strategy.

    Answer

    CEO Xiang Li positioned the Li i6 as a highly competitive large five-seater SUV with a unique design, superior space, and the industry-leading VLA driver model, supported by a new user-centric marketing approach. An executive detailed a three-phase global strategy, with 2025 marking the start of phase two: expanding into global markets like the Middle East, Central Asia, and Europe. Products from 2026 onwards will be developed with global regulations in mind.

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    Paul Gong's questions to Li Auto (LI) leadership • Q1 2025

    Question

    Questioned the launch timing of the VLA ADAS system in light of tightening government regulations. Also asked about the lessons learned from the successful launch of the MEGA Home and its implications for the upcoming i8 and i6 models.

    Answer

    The VLA launch remains on track for July, with the company viewing stringent regulations as favorable to those with strong technology. The key lesson from MEGA Home's success was to return to a user-centric focus on innovating the 'mobile space' experience, rather than focusing on competitors. This principle will guide future launches, aiming to make Li Auto synonymous with 'space experience'.

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    Paul Gong's questions to Li Auto (LI) leadership • Q1 2025

    Question

    Paul Gong questioned the consumer availability timeline for the VLA Driver model, especially given recent regulatory tightening. He also asked about the lessons learned from the Li MEGA Home launch and their implications for the upcoming i8 and i6 models.

    Answer

    CEO Xiang Li confirmed the VLA Driver model is on track for a July release with the i8, stating that stringent regulations favor companies with strong technical fundamentals. He attributed the MEGA Home's success to a renewed focus on user needs and innovating the 'mobile space' experience, a lesson that will be applied to future launches.

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    Paul Gong's questions to Li Auto (LI) leadership • Q1 2025

    Question

    Paul Gong from UBS inquired about the launch timing of the VLA driver model, questioning if tightening ADAS regulations would cause delays. He also asked about the key lessons learned from the Li Mega Home's improved sales and how they would be applied to the upcoming i8 and i6 launches.

    Answer

    Management confirmed the VLA driver is on track for a July release with the i8, stating that stringent regulations favor companies with strong technical fundamentals. The key lesson from the Li Mega was to refocus on user needs and innovate around the 'mobile space' experience, a strategy that will be central to future product launches with the goal of making Li Auto a leader in in-car space experience.

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    Paul Gong's questions to Li Auto (LI) leadership • Q4 2024

    Question

    Paul Gong of UBS Group AG inquired about Li Auto's latest launch schedule for its new BEV models and asked for an update on the company's AI development strategy.

    Answer

    CEO Xiang Li announced that two pure electric SUVs, the Li i8 and Li i6, are scheduled for launch in the second half of the year, with the i8 arriving in July. He explained the timing is to capitalize on Q3/Q4 sales momentum. Regarding AI, Mr. Li detailed the company's vision to move beyond the current dual-system approach to a single, unified foundational model that integrates 3D vision, language understanding (LLM), and physical world interaction to achieve human-like driving capabilities.

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    Paul Gong's questions to Li Auto (LI) leadership • Q2 2024

    Question

    Paul Gong asked if the competitive environment in the high-end auto market has improved, considering weak consumption but also government stimulus and price adjustments by German brands. He also inquired about preparations for the 2025 BEV models, including potential technology updates due to the launch delay and the scale of supply chain preparations.

    Answer

    SVP James Liangjun Zou attributed strong sales to product strength and operational adaptability, including increased online marketing and empowering regional sales teams. He noted that NEV penetration exceeding 50% in the premium market will drive consolidation, benefiting Li Auto. CEO Xiang Li confirmed that multiple 800V BEV models are on track for 2025, with R&D, trial production, and supply chain readiness all proceeding as planned, including in-house development of key components.

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    Paul Gong's questions to Li Auto (LI) leadership • Q2 2024

    Question

    Asked whether the competitive environment in the high-end market has improved and inquired about the preparation status for the BEV models launching next year, including technology adoption and supply chain scale.

    Answer

    The company attributes its strong sales to product strength, adaptability, and new strategies like online marketing and regional sales empowerment. They believe they will benefit from market consolidation. The launch of multiple 800V BEV models in 2025 is on track, with R&D, supply chain readiness, and factory construction proceeding as planned.

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    Paul Gong's questions to ZEEKR Intelligent Technology Holding (ZK) leadership

    Paul Gong's questions to ZEEKR Intelligent Technology Holding (ZK) leadership • Q4 2024

    Question

    Paul Gong asked about the company's strategy for its large product portfolio, which is approaching 20 models, and whether there was room to streamline less popular models. He also inquired about the R&D budget allocation between new model development and advanced technologies like intelligence and AI.

    Answer

    Executive Cong Hui An emphasized a 'hit product' strategy, aiming for every new launch to be a segment leader, and noted that the product pipeline was already cut by 20% post-integration. Executive Jing Yuan stated the 2025 R&D budget would see a slight single-digit increase over the 2024 pro forma level of ~RMB 13 billion. He specified that spending on smart cockpit and ADAS would remain at a similar level to 2024 (~RMB 1 billion each) due to efficiencies from platformization across both brands.

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