$NIO-SW(09866.HK) I'm optimistic about battery swapping, but not necessarily about Nio. It's still too early for a turnaround for Nio, and the Q2 losses won't be much less than Q1. The L60 and L90 products are decent, but Nio's financial situation is too dire. If it can't turn a profit in Q4, the debt and interest alone could crush Nio. I'm not sure about the gross margin of the L90, but a rough estimate suggests it won't be high, and there's no sign of the next high-volume model. The L90 needs to be a big hit with a decent gross margin to give Nio a ticket to survival; otherwise, it might even become Nio's last somewhat popular model.