$NIO Inc(NIO.US) $XPeng(XPEV.US)$Li Auto(LI.US)

Bin is still very down-to-earth, the only CEO who explicitly stated in the earnings report that replacement subsidies and the phase-out of state subsidies would affect sales 🧐 and directly lowered guidance. Quoting the wisdom of Chairman Mao's poem to comfort everyone: "Too much complaint will break your heart, but take the long view and be broad-minded" to be a true investor who grows with the company.

Nio shareholders or new energy vehicle bridge friends should align these information gaps.

1. The new energy vehicle subsidy policies in many regions have been suspended, and replacement quotas are quickly exhausted. The new energy vehicle market cooled significantly in November, with even popular brands experiencing a cliff-like drop in sales. The possibility of the state subsidy resuming next year is over 90%, but policy loopholes (such as cross-regional invoicing to claim subsidies) will be tightened. This has led to non-essential consumers waiting until January next year for policy clarity, with only essential users placing orders during this period. The fuel vehicle market remains relatively stable, but the overall auto market is experiencing a winter test. 🧊

2. There are specialized trading companies in the industry that purchase these new energy vehicles in bulk to claim subsidies, register them domestically, and then export them overseas for significant profits (e.g., Southeast Asia or Russia) due to the lack of purchase tax. However, after the subsidy phase-out, sales in this segment have plummeted, affecting certain models and brands. 📉

3. In fact, the overall economic data for October released by Fengxian County was poor, typically taking one to two months to reflect in the market. This year's Double Eleven was quieter than usual in terms of promotions by major brands. ❤️‍🩹

Finally, some answers from Qianwen are attached as a supplement. The first quarter of next year may be the litmus test for new energy vehicle brands, exposing those who previously manipulated data. @Future Trader Pi Kanchuan Pi, I feel that Nio's team is the most cohesive and action-oriented group of guys. I hope we can also contribute our modest efforts to Nio in the future, and I hope Pi will continue to bring everyone together firmly 😛