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    Paul Gong • UBS

    Paul Gong's questions to NIO Inc (NIO) leadership

    Paul Gong's questions to NIO Inc (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 Inc (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 Inc (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 Inc (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 Inc (LI) leadership

    Paul Gong's questions to Li Auto Inc (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 Inc (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 Inc (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 Inc (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 Zeekr Intelligent Technology Holding Ltd (ZK) leadership

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

    Question

    Paul Gong asked about the company's product portfolio strategy, questioning if there was room to discontinue less popular models from the growing lineup of nearly 20 vehicles. He also requested a breakdown of the R&D budget between model development and intelligence/AI.

    Answer

    Executive Cong Hui An, via an interpreter, emphasized a 'hit product' strategy and noted the product pipeline was already cut by 20% post-integration. Jing Yuan added that the R&D budget would see a slight single-digit increase over last year's pro forma RMB 1.3 billion. He specified that spending on smart cockpit and ADAS would be similar to 2024's level of ~RMB 1 billion each, with efficiency gained through platformization.

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