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    Yuqian Ding • HSBC

    Yuqian Ding's questions to NIO Inc (NIO) leadership

    Yuqian Ding's questions to NIO Inc (NIO) leadership • Q1 2025

    Question

    Yuqian Ding from HSBC asked about the key selling points for the higher-priced Envoy L80 and L90 models and the expected sales mix. She also inquired about cash flow management and improvements, given the company's high gearing ratio and its Q4 breakeven target.

    Answer

    Management positioned the Envoy L90 as a game-changer in the three-row SUV segment due to its space and energy efficiency. On cash flow, they attributed the Q1 cash decrease to seasonality and one-off expenses, noting that rising sales volumes from Q2 onwards are expected to improve operating cash flow, with a goal of achieving positive free cash flow for the full year.

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    Yuqian Ding's questions to NIO Inc (NIO) leadership • Q3 2024

    Question

    Yuqian Ding from HSBC asked for key milestones and challenges for NIO's autonomous driving development in the next 6-12 months. She also inquired about the company's updated breakeven timeline and capital requirements amid an aggressive product cycle.

    Answer

    CEO Bin Li highlighted the rollout of the end-to-end NIO World Model (NWM) and stated the key goal for next year is to make smart driving 10 times safer than human driving. CFO Stanley Qu noted that the company achieved positive free cash flow in Q3 and expects to continue this in Q4, reducing the immediate need for fundraising. CEO Bin Li added that the company is targeting full-year breakeven in 2026 and will plan its strategy accordingly.

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    Yuqian Ding's questions to NIO Inc (NIO) leadership • Q3 2024

    Question

    Yuqian Ding from HSBC asked about NIO's key milestones, challenges, and highlights for autonomous driving over the next 6-12 months. She also inquired about the company's updated breakeven timeline and capital requirements for the next 12-18 months.

    Answer

    CEO Bin Li highlighted the introduction of the NIO World Model (NWM) and end-to-end solution, stating the goal for next year is to make smart driving 10 times safer than human driving. CFO Stanley Qu mentioned that NIO achieved positive free cash flow in Q3 and expects to continue this in Q4, stating there is no urgent need for fundraising. CEO Bin Li added that the company is targeting full-year breakeven in 2026 and will plan its strategy accordingly.

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    Yuqian Ding's questions to NIO Inc (NIO) leadership • Q2 2024

    Question

    Yuqian Ding from HSBC requested an update on the progress of NIO's Navigate on Pilot (NOP) system, specifically regarding take rates, disengagement rates, and scenario coverage. She also asked how NIO and ONVO plan to maintain growth amidst macro headwinds and increasing competition in the premium EV segment.

    Answer

    CEO William Li highlighted that NOP+ has over 300,000 users and has surpassed 1.1 billion kilometers driven. He emphasized the shift to an end-to-end architecture, evidenced by the new AEB function and the NAD Arch 2.0. To counter market pressures, Li outlined a three-pronged strategy: covering a wider price range with three brands (NIO, ONVO, Firefly), offering a diverse product portfolio, and expanding market reach into lower-tier cities and overseas, supported by the growing charging and swapping network.

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    Yuqian Ding's questions to Li Auto Inc (LI) leadership

    Yuqian Ding's questions to Li Auto Inc (LI) leadership • Q2 2024

    Question

    Yuqian Ding asked for an update on the strategy of reallocating model displays in sales channels to boost high-end models like the L8. She also requested the revised full-year R&D expense guidance following organizational adjustments in the first half of the year.

    Answer

    SVP James Liangjun Zou confirmed that as more stores open in auto parks, display space for the L8 has recovered, supported by new online sales channels. He stated that L8 monthly deliveries have now stabilized in the 6,000 to 7,000 unit range. CFO Johnny Tie Li provided updated guidance, stating that full-year GAAP R&D expenses are expected to be below RMB 12 billion.

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