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Author | Chai Xuchen
Editor | Zhou Zhiyu
From Karen Mok's &#34;Coming&#34; to Louis Koo's &#34;Saying,&#34; Li Bin's family brand has intensified its promotional efforts.
On November 21st at the Guangzhou Auto Show, Leida invited Louis Koo to launch the &#34;Black Warrior Special Edition&#34; for its flagship L90. After experiencing a &#34;roller coaster of fate&#34; over the past year, Leida has finally found its footing. With both the L60 and L90 models advancing together, monthly sales have stabilized around 20,000 units, and Leida has finally taken on the heavy responsibility of driving Nio's sales.
However, standing at the intersection of 2025 and 2026, Leida's president Shen Fei cannot relax just yet. &#34;To be realistic, we are still thinking about how to sell more cars,&#34; Shen Fei candidly told Wall Street Insights when asked about the biggest challenge currently faced.
Leida has many challenges ahead. First, with the upcoming adjustments to the new energy vehicle purchase tax policy next year, the decline of local subsidies, and the assault from competitors with &#34;large battery extended range&#34; vehicles, how should Leida strategize next?
Looking back, a strange phenomenon has emerged in the SUV market in 2025: the newly launched large three-row SUVs have generally opted for the &#34;large battery super extended range&#34; solution. This &#34;wanting it all&#34; product definition seems to align well with the current family users' need for versatility, while Shen Fei, as a player focusing on pure electric vehicles in the same arena, emphasizes that &#34;we won't overly concern ourselves with competition.&#34;
&#34;It is unrealistic for a team to rely on external factors for every aspect of its success.&#34; Rather than fixating on competitors' moves, Leida prefers to focus on internal development: enhancing brand awareness and strengthening organizational cohesion and combat effectiveness. Shen Fei stated, &#34;Even if only one person can survive in the end, we must strive to be that one person.&#34;
Leida's product manager Yu Bin explained from a &#34;final perspective&#34; that the large battery extended range vehicles emerging in today's market are actually the result of decisions made by car companies three years ago. At that time, batteries were expensive and infrastructure was lacking, making extended range a reasonable transition; however, by 2025, the number of public charging piles nationwide is expected to reach 6-10 million, and once users become accustomed to the quiet experience of pure electric vehicles, they &#34;can never go back.&#34;
Faced with giants like GAC and CATL entering the battery swap market, Leida not only does not feel threatened but instead views it as evidence of a correct route.
Moreover, although Leida has returned to an upward trajectory, its delivery volume has just surpassed 110,000 units, and its absolute scale remains relatively small. How to continue boosting sales is still a focal point of external attention.
Regarding the highly anticipated next blockbuster—the large five-seat SUV L80, Leida has chosen to postpone its release plan to the first or second quarter of next year. In Shen Fei's view, this is to allow for a more relaxed market rhythm. He told Wall Street Insights that the order volume for the L90 far exceeds expectations, and Leida does not yet have sufficient production capacity to fulfill these orders
This means that the top priority for Lido is to ensure the delivery of the L90. Shen Fei also admitted that the sales of the L90 exceeded expectations, giving confidence for internal adjustments. &#34;It's not just about playing cards to sell more; every company should have its own path to success.&#34;
With the addition of the L80 next year and the further development of the battery swap network, whether Lido can achieve a sales increase by 2026 and help Nio Group stabilize its profitability is the key moving forward.
The following is a transcript of the conversation with Lido President Shen Fei and Lido Brand Product Head Yu Bin:
Q: Why did Lido choose Louis Koo as the product ambassador?
Shen Fei: We provide what users need. The Lido brand is born for families, and this positioning and mission are related. As for why Louis Koo? One is his ambition, and the second is his sense of responsibility, along with his care and protection for family and friends, which aligns very well with our brand's advocacy.
Q: Next year, there will be a purchase tax for new energy vehicles. How do we view the market for next year?
Shen Fei: For users whose production will only be delivered next year, there will definitely be a policy to cover the purchase tax. December this year may not be the same as what everyone imagines; it's not just about the purchase tax but also various local subsidy policy adjustments. At the end of November and December, we will see how it goes. At least for Lido, we will do our best to prepare for this market.
Q: After the policy is implemented next year, fuel vehicles may have a counterattack, and now fuel vehicles are also starting to adopt intelligent driving and smart cockpit technologies. Do fuel vehicles still have opportunities?
Yu Bin: In October, pure electric vehicle sales grew by 20% compared to last year. Once users get used to the quiet and comfortable experience of pure electric vehicles, they won't go back. Currently, the proportion of development platforms that have both range extenders and pure electric options is increasing. In China, there is definitely a gradual replacement and shift towards pure electric vehicles. In some specific markets, the battery + range extender solution still cannot replace fuel vehicles in terms of cost, or in special scenarios like extreme conditions, traditional fuel vehicles still have a long-term necessity. However, overall, pure electric vehicles will definitely become mainstream in China, and this has already formed a consensus in the industry.
Q: What is currently the biggest challenge for Lido?
Shen Fei: To be realistic, the biggest challenge is how to sell more cars. The comprehensive product strength of our two current models is quite strong. In such a competitive market, there may not be many models like the L60 that can steadily rise.
I tell the team internally that there are two main issues: first, we need to continuously let more people know about the Lido brand, our philosophy, some unique advantages, and the strengths of our cars, especially the L60 and L90. The second is how our new team can continuously enhance cohesion, combat effectiveness, and organizational capability.
Q: Recently launched large three-row SUVs generally choose the super range extender solution with large batteries. How do you view the competition with large battery super range extenders?
Shen Fei: It's not that just because I do pure electric + battery swapping, others can't do large range extenders. Having a range extender and fuel tank on the vehicle increases weight, cost, and takes up space; these three issues will always exist. In the past, when others used small batteries for range extension, they could argue that the larger battery of pure electric vehicles wouldn't add much weight, but now their batteries are as large as pure electric ones, which adds a lot of weight and cost, while taking up more space. Therefore, the energy consumption of the LeDao model is naturally better than theirs, and the space is naturally larger. If their products have the same overall configuration, such as power performance and overall dimensions, then LeDao's cost and price will definitely be more competitive.
On another note, compared to five or six years ago, the number of public charging piles nationwide has increased significantly, roughly by 5-10 times. In 2018, there were only a few hundred thousand piles, and now there are about 6-10 million piles. Charging has become sufficiently convenient, so I actually don't understand the need to pile on battery capacity in this context.
There's also the issue of usage frequency. A friendly brand mentioned in a public post that range extender users might only need to use gasoline three times a year. So, with a usage frequency of only three times a year, is it necessary to spend so much money to carry a range extender system? From these perspectives, we are quite firm in doing pure electric plus battery swapping.
Yu Bin: We have defined our product from a final perspective. From the product validation aspect, if we are to create a new platform and new product, it takes about three years to produce the first vehicle. This year is 2025, and going back three years brings us to 2022, when electric vehicles were still the most expensive, and the domestic charging and battery swapping facilities were not yet complete. At that time, range extenders did indeed address some user concerns, which is why many competitors rushed to develop large battery range extenders. However, we have always been firm on pure electric + battery swapping, so the product differences you see today are the decisions made by various car manufacturers three years ago. It only represents the industry's judgment at that time, not today; it is merely a result.
Question: What are the advantages of the LeDao battery swapping system, and why not pursue supercharging?
Shen Fei: Currently, the penetration rate of battery swapping among users is extremely high; about 10% of users' charging comes from public charging piles, while 90% of their energy replenishment comes from battery swapping and home charging, as well as destination charging piles, like charging at the office building. We don't have such a strong urgency to spend extra costs and risks to pursue supercharging at 5C, 6C, etc., but can choose a safer and more stable technical route to do this, which is the advantage brought by being able to charge and swap.
Through the battery swapping stations, we can perform checks that are usually not possible each time a battery is swapped, allowing us to identify millimeter-level scratches and marks on the battery pack. We can also check if the battery's charge and discharge characteristics have changed, which is also difficult to do regularly. If we find that the battery has a significant fault, we can directly notify the user to come and swap the battery
Question: With GAC collaborating with CATL and JD.com on battery swapping, will this have a better driving effect on the battery swapping sector?
Shen Fei: This indicates that the battery swapping route has gained broader recognition. CATL has always been our long-term supplier and understands our battery swapping system very well. Now that they are entering the battery swapping market themselves, this is quite significant. As for whether it is necessary to unify the standards for battery swapping in the next year or two, it doesn't seem to be that urgent or important, especially if our battery swapping system has a sufficient user base, as direct closed-loop operations can also work well. Although we hope more people can use it, the difficulty of battery swapping lies in the different considerations from the perspective of OEMs and battery companies, making it challenging for both sides to reach an agreement in a short time, as there are different considerations regarding routes, technologies, and directions.
Question: Competition will become increasingly fierce next year. What are the future plans for Leda?
Shen Fei: I told the team that everyone doesn't need to overly concern themselves with the external environment. Currently, Leda's development space and efforts are sufficient to overcome these external changes, and we should have confidence and capability in this. It is unrealistic for a team to rely on external factors for success in all aspects. Of course, we need to pay attention to the external environment, but the core is still to change ourselves; this is key.
No matter how others change, we insist on doing our own things well. First, in terms of product definition, we will continue to define the L80 model for families, focusing on space, comfort, safety, and energy consumption, and we will maintain our strengths in these areas. Second, regarding the major issues mentioned earlier—market, brand, and awareness—we should strive for more exposure and opportunities to stand out, and continuously improve our internal organizational capabilities.
It's not just about making a move to sell more; each company should have its own path to success. This is true in every industry, and even if only one can survive in the end, we should strive to be that one.
Question: Some products lack strong product power, so they need frequent iterations. If a product is strong enough, does it not need this?
Yu Bin: In the long run, that's true. However, strong product power depends on whether you truly meet the core needs of users. We need to serve families well; whatever products family users want, we should strive to perfect those products. The Leda L90 Black Knight Special Edition is a practical example of this, where we innovate on a currently popular and best-selling product, introducing new features every month or two to maintain market vitality. We will also have other versions in the future.
Question: What is the progress of channel penetration for the L80 next year?
Shen Fei: The Leda L80 was originally planned to launch this year, but due to the L90's sales exceeding our expectations, we have pushed back the L80's release plan a bit. It will be launched in the first or second quarter of next year. We will work hard to penetrate this market, as battery swapping stations are already widely established. Each penetrating market has its own characteristics, and if partners in these markets are interested, we are open to cooperation as long as it is a win-win approach
Yu Bin: The L80 will be announced by the end of this year or evaluated internally in the first or second quarter of next year. The L80 is a large five-seat SUV, and many users who want to choose a large five-seater might also consider the seven-seat version of the L90, which can serve as both a large five-seater and a large three-row vehicle. Previously, it was difficult to buy a true large three-row vehicle; now, you can directly opt for the seven-seat version in one go.
Question: Apart from providing users with a vehicle-battery separation purchasing plan, what other benefits does the BaaS battery rental model offer to users?
Shen Fei: The main difference is that the purchasing model changes from a one-time payment to a pay-per-use model after separating the vehicle and battery. The real distinction comes from the battery swapping itself, which is quite complex and needs to be viewed in conjunction with BaaS battery operations and battery swapping. Many companies have developed their battery swapping solutions, but when they are launched, there are often many concerns. This is largely because the complexity of BaaS operations exceeds everyone's expectations. For ordinary users, it’s about whether to buy outright or pay in installments, etc. If you want to swap a standard battery for a long-range battery, the system currently allows for flexible upgrades billed daily, as well as permanent upgrades. It’s very difficult for users who buy the entire vehicle to make this choice.
Moreover, the current battery reserves at related battery swapping stations are sufficient. At the beginning of the L90's launch, due to battery supply issues, if a swapping station added one more battery, it would mean one less vehicle delivered. Now, with the increase in production capacity, the battery stock at swapping stations is okay.
Question: Do you think the progress of the county connectivity construction meets expectations, and will it affect car sales?
Shen Fei: The construction of county connectivity is definitely meaningful for car sales. At the end of September this year, I personally traveled along the 318 Sichuan-Tibet line. The number of battery swaps at the stations along the 318 route cannot compare to those in Shanghai or Guangzhou, but during the National Day holiday, the busiest swapping station had nearly 100 swaps, which is much more than people expected. However, whether to build swapping stations in various places across the country should be based more on practical considerations rather than purely from a communication or marketing perspective. After all, every penny of the company’s expenditure must be well-placed. The energy team will also identify all suitable construction points nationwide to see which points will yield expected investment returns after construction. Of course, this return rate is comprehensive, considering its impact on car sales, market promotion, and the income from energy services. I prefer to make rational decisions about where to build.
This is why I have always said that I don't like to set targets. Once a target is set, it must be achieved at all costs. I hope the construction of county connectivity is a solid step-by-step advancement in one province or region, rather than being tied to a specific deadline for completion. Sometimes, an excessive pursuit of KPIs can lead to distorted actions. From the perspective of the president of LeDao, I am more concerned about promoting the construction of new fourth and fifth-generation stations next to well-located second-generation stations.
Risk Warning and Disclaimer
The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investing based on this is at your own risk

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Ledo launched the L90 "Black Warrior Special Edition" at the Guangzhou Auto Show, maintaining a stable monthly sales of 20,000 units over the past year. President Shen Fei emphasized that in the face of adjustments to the new energy vehicle purchase tax policy and competitive challenges, Ledo will focus on enhancing brand awareness and organizational cohesion. Product manager Yu Bin believes that large battery extended-range vehicles are a transitional solution, and Ledo insists on a pure electric route. Ledo's delivery volume has surpassed 110,000 units, but sales still need to be improved

- Li Bin's brand, Le Dao, has intensified its marketing efforts, launching the "Black Warrior Special Edition" of its flagship L90 at the Guangzhou Auto Show.  
- Facing challenges such as changes in new energy vehicle tax policies and competition from large battery range extenders, Le Dao aims to enhance brand awareness and internal cohesion to boost sales.  
- With the L80 SUV's launch postponed to early 2026 due to high demand for the L90, Le Dao's focus remains on ensuring timely deliveries and adapting to market dynamics.

Ledo initiates a new offensive