Nio: Nio lost, ONVO missing, Nio still have a promising future?

Nio (NIO.N) released its Q4 2024 financial report before the US stock market opened and after the Hong Kong stock market closed on March 21, 2025, Beijing time. Let's take a detailed look:

1. Automotive revenue once again misses market expectations, with a decline in unit price exceeding market expectations: In terms of top-line total revenue, Nio missed market expectations this quarter, primarily due to automotive revenue, which was 17.5 billion yuan, falling short of market expectations by nearly 680 million yuan. The core reason remains the greater-than-expected decline in the selling price of vehicles.

This quarter, vehicle sales revenue saw a significant quarter-on-quarter decline, dropping from 270,000 yuan in the previous quarter to 240,000 yuan this quarter, while market expectations were around 250,000 yuan. Although there was a negative impact from the delivery structure this quarter (the proportion of the lowest-priced model, the EC6, increased), the market had already priced in this factor, yet the final results still fell short of expectations, reflecting a possible increase in actual promotional discount intensity.

2. Automotive gross margin barely meets expectations but still falls short of Nio's previous guidance: The automotive gross margin in Q4 barely met market expectations, with an actual vehicle sales gross margin of 13.1%. However, Nio's guidance from the previous quarter indicated that although the EC6 had a lower gross margin due to being in the early stages of ramp-up, it still had a single-digit positive gross margin. With supply chain optimization and economies of scale, Nio's vehicle sales gross margin was expected to reach 15% in Q4.

In reality, Nio's cost reduction efforts are still insufficient, reflecting fundamental issues in Nio's supply chain management.

3. Q1 2025 sales guidance is mediocre, and there is still no hope for Nio's sales to pick up: From the Q1 2025 guidance, the sales forecast is 41,000 to 43,000 units. Since January/February sales have been reported, the implied March sales are 13,900 to 15,900 units, representing only an increase of 753 to 2,753 units compared to February. However, based on Nio's weekly sales trends, Dolphin Research estimates that Nio's March sales will likely only align with the lower limit of the sales guidance, implying that Nio's sales are still not picking up, and the guidance is weak, with no signs of a sales surge at least in Q1.

4. Q1 2025 revenue guidance implies a unit price that barely meets expectations, but automotive gross margin is expected to continue declining quarter-on-quarter: The revenue guidance for Q1 is 12.37 billion to 12.86 billion yuan. Based on Dolphin Research's estimate of other business revenue of 2.25 billion yuan in Q1, the implied automotive sales unit price is 247,000 yuan, which is basically in line with market expectations, with the sales unit price barely meeting market expectations. However, Nio's guidance indicates that the automotive gross margin will continue to decline quarter-on-quarter in Q1, with weak sales and poor economies of scale.

5. Operating profit and net profit both fall short of market expectations, with losses continuing to widen: In terms of operating profit and bottom-line net profit, both also missed market expectations. The operating profit missed expectations due to continued high growth in sales and administrative expenses this quarter, which increased by 770 million yuan to 4.9 billion yuan, exceeding market expectations of 4.4 billion yuan. Given that Q4 sales barely exceeded the lower limit of guidance and vehicle selling prices are still declining, the market is not accepting these high growth sales and administrative expenses and continues to question Nio's most concerning cost control capabilities, in terms of bottom line net profit, the net profit for the fourth quarter was -7.1 billion, significantly lower than the market expectation of -5.8 billion. In addition to the disappointing operating profit mentioned above, this quarter also saw an additional -0.5 billion in non-recurring income and -0.17 billion in interest and investment income. Although these are not core business issues, they undoubtedly add to the woes of Nio, which is already facing massive losses. Let's take a closer look at the earnings call explanation.

Dolphin Research Perspective:

Overall, Nio has once again delivered disappointing results, and the guidance for the first quarter of 2025 is also quite mediocre, with flat sales and a continued decline in automotive gross margins;

Dolphin previously emphasized in the last quarter's Nio commentary "Feeling Discouraged Again! Ledo Can't Support Nio's 'Fractured' State" that the sales growth of Nio's main brand is weak, which is still due to the overall market's high-end pure electric brands struggling to escape the growth dilemma, as well as Nio's original strategy of setting high prices through material stacking and high R&D investment gradually losing effectiveness, especially in the context of intensified market competition and peers launching high-cost-performance products to seize market share (with model prices still declining). Relying solely on brand strength can no longer support high premiums.

Moreover, the Ledo L60, due to production capacity bottlenecks and its inherently low design gross margin, cannot significantly lower prices to compete with rivals, indicating fundamental issues in Nio's supply chain management and control.

Dolphin also previously mentioned in the in-depth article on Nio "Beneath the Luxury Exterior Lies a 'Lice', Is Nio Still Worth Loving?" that it has already dissected Nio's fundamental issues. Nio's high-end pure electric brand image, built through a capital-intensive model of "high-end services" and "battery swapping," along with the strategy of material stacking and high R&D investment (which is not very efficient), makes it difficult for Nio to make significant price adjustments to respond to intensifying market competition promptly. Additionally, it requires higher sales than similarly positioned high-end peers to dilute initial capital investments and release the leverage effect on expenses but fortunately, we have indeed seen Nio start to implement cost reduction and efficiency improvement measures, such as:

1) Implementing the CBU mechanism: Establishing clear ROI for each unit to measure the input-output ratio;

2) Strengthening supply chain management: Nio President Li Bin has begun to deepen participation in supply chain management, reducing costs by pressuring suppliers and moving towards platform-based cost reduction: standardizing smart hardware interfaces, reducing the cost of vehicle cables and connectors from 2000 yuan to 1000 yuan; significant results from self-developed components over the past two to three years, with the ET9 and 2025 models of the 5 and 6 series equipped with self-developed chips, reducing the chip cost per vehicle by about 10,000 yuan. There is also a professional cost control team that requires approval for quotes exceeding cost estimates by 7.5%. The material list cost has already decreased by 10% in 2024, with continued progress in 2025.

At the same time, products are moving towards platformization to enhance universality, such as a unified structure for seats shared by two brands, reducing seat material costs by 10%;

3) Initiating layoffs, beginning to see signs of cost control: In Q4 2024, personnel reductions will involve departments such as UR Fellow, with an optimization ratio of about 10% (50% in Shenzhen). The new sales leader Yang Bo has formed a cross-functional task force to eliminate 14 types of redundant functional positions.

In the first quarter, SG&A expenses are not expected to decrease significantly due to the sales off-season and LeDao still expanding sales and service networks to enhance sales capabilities. However, some actions have already been taken, such as improving team efficiency, streamlining non-frontline sales functions, and integrating some sales functions of Nio and ONVO brands, leveraging the Nio network to sell Firefly brand products.

This year, R&D investment Non-GAAP guidance is 3 billion yuan per quarter, which is the same as in 2024 and has not continued to increase significantly, which is also a good sign.

4) Although continuing to insist on battery swapping, efforts are made to leverage battery swapping partner resources: In 2024, the "Charging Partner Program" will be launched, inviting partners to co-build battery swap stations and networks. This year, in the "County Power Enhancement Plan," most stations are jointly sponsored or constructed by both parties, making the CapEx investment for battery swap stations relatively controllable.

Previously, Nio's sales target for 2025 was 440,000 units, with an expected contribution of 220,000 units from the LeDao brand, including an estimated annual delivery of 180,000 units for the LeDao L60 SUV (which currently seems impossible based on the sales situation), and a 10% year-on-year growth in Nio's main brand sales to 223,000 units.

Currently, the market expects Nio's sales to be 370,000 units, with an implied 2025 car sales P/S multiple of 0.8 times. Although it seems to be undervalued compared to other new forces, if no fundamental results from Nio's reforms are seen, the market's expected sales of 370,000 units will still be very difficult to achieve.

Dolphin Research's sales forecast for Nio is more conservative; unless significant results from Nio's reforms are observed, Dolphin Research can only take a wait-and-see approach. However, Dolphin Research currently estimates sales of 300,000 units in 2025, with an implied 2025 car sales P/S multiple of around 1 time, which is not particularly undervaluedNio expects the results of the aforementioned reforms to begin reflecting in the company's financial statements in the second quarter, coinciding with the launch of the 5566 facelift in the second quarter. This is also when Nio predicts a turning point in its operations. Dolphin Research anticipates that the potential sales rebound following the 5566 launch, along with the effects of cost reduction and efficiency improvement beginning to show in the second quarter's financial statements, may lead to a valuation turning point. However, sustainability remains in doubt, and time is running out for Nio in this new energy-elimination race.

The following is a detailed analysis:

1. Automotive revenue once again misses market expectations, while the gross margin of the vehicle sales business barely meets expectations but falls short of Nio's guidance.

As the most critical indicator during each earnings release, let's first look at Nio's vehicle sales profitability.

Due to the low-priced LeDao L60 being delivered at the end of September this quarter, and the fourth quarter being a complete delivery season, the market expected the average selling price of vehicles to show a downward trend (down from 270,000 yuan in the third quarter to 250,000 yuan).

However, the actual average selling price in the fourth quarter was only 240,000 yuan, missing market expectations by nearly 10,000 yuan and decreasing by nearly 30,000 yuan quarter-on-quarter! Although this quarter faced negative drag from the delivery structure (the proportion of the lowest-priced LeDao L60 in Nio's model lineup increased), the market had already priced in this factor, yet it still fell short of expectations, reflecting a possible increase in actual promotional discount intensity.

In terms of core vehicle sales gross margin, the fourth quarter gross margin was 13.1%, barely aligning with the market expectation of 13.2%, but still below Nio's guidance of around 15% for this quarter's automotive business gross margin from the last earnings call.

From the perspective of unit economics:

1) The average price per vehicle for Nio in the fourth quarter was 240,000 yuan, with model structure impact and potential increase in actual discounts causing the average price per vehicle to continue declining:

a. Model structure impact: The fourth quarter was a complete delivery season for the LeDao L60 (priced at 206,900 - 255,900 yuan), which is the lowest-priced product in Nio's lineup. Its proportion increased from 1.3% in the previous quarter to 36.8% this quarter, which lowered the average selling price.

b. Potential increase in actual vehicle sales discounts this quarter:

Although Nio has not officially adjusted vehicle prices, it has still provided discounts ranging from 6,000 to 24,000 yuan for display models ET5, EC6, and ES6 (depending on the number of days the display models have been in inventory), and discounts of 8,000 to 32,000 yuan for display models ES8, ES7, EC7, and ET7.

Additionally, in December, Nio increased other promotional offers: for high-volume models like ET5/ET5T/ES6/EC6, a 5,000 yuan repurchase subsidy was provided, and the BaaS plan was upgraded from "pay for four, get one free" (up to 12 times free) in November to "pay for three, get one free" (up to 15 times free) in December.

They also launched limited-time financing options: car purchases could enjoy a down payment starting at 0% (five-year installments with two years interest-free). Therefore, the increase in actual vehicle sales discounts has also dragged down the average selling price, reflecting a decline in the attractiveness of Nio's main brand models. As analyzed in Dolphin Research's last quarterly report on Nio, high-end pure electric brands are still struggling to escape the growth dilemma.

Data Source: Jielan Road

2) The cost per vehicle in the fourth quarter is 209,000 yuan, and the cost reduction effort is still insufficient

The cost per vehicle in the fourth quarter is 209,000 yuan, although it has decreased by 25,000 yuan compared to the previous quarter, the cost reduction effort is still below market expectations. This is because Nio's guidance last quarter, although optimistic due to being in the early stages of ramp-up with lower gross margins, still indicated a single-digit positive gross margin. Additionally, with supply chain optimization and economies of scale, Nio's vehicle gross margin in the fourth quarter could reach 15%.

However, in reality, Nio's cost reduction efforts are still insufficient, reflecting fundamental issues in Nio's supply chain management.

3) Gross margin per vehicle is still declining month-on-month

The vehicle price has decreased by 30,000 yuan month-on-month, while the cost reduction per vehicle is 25,000 yuan. As a result, the gross margin per vehicle has declined from 35,000 yuan in the previous quarter to 31,000 yuan in the current quarter, leading to an automotive gross margin of 13.1%, barely in line with market expectations but below Nio's previous guidance.

II. The guidance for the first quarter of 2025 is mediocre, and there is still no hope for Nio's sales to pick up

1) The sales guidance for the first quarter of 2025 is 41,000 to 43,000 units, which is mediocre

From the guidance for the first quarter of 2025, the sales guidance is 41,000 to 43,000 units. Since the sales for January and February have been released, the implied sales for March are 13,900 to 15,900 units, which is only an increase of 753 to 2,753 units compared to February. However, considering Nio's weekly sales trend, the main brand's weekly sales have severely declined from a peak of 6,500 units per week to currently only around 2,000 units per week.

Similarly, the sales task for the Le Dao brand has also declined significantly due to the high cost-performance ratio of the refreshed XPeng G6 and the impact of the refreshed Model Y launch. Currently, Le Dao's latest weekly sales have dropped to around 1,200 units per week. Based on the current sales trend, Dolphin Research estimates that Nio's sales in March will barely reach the lower limit of the sales guidance, indicating that Nio's sales are still not picking up, and the guidance is weak.

Reflecting on when Le Dao was just launched, the management had previously guided that the delivery target for March this year would be around 20,000 units. However, based on the current sales trend, Le Dao's sales in March are expected to be only 5,000 units, which is far from the management's previous guidance.

Dolphin Research believes that the failure of the Le Dao brand is mainly influenced by the following core factors, rather than superficial issues such as low brand awareness, insufficient maturity of the sales team, and coverage of sales outlets:

① Capacity Bottleneck: When Le Dao was just launched, it had the potential to become a popular model due to the "brand sinking" momentum of the Nio main brand. Especially since Le Dao introduced the unique BAAS model (separation of vehicle and battery + high synergy with Nio's battery swap), it faced a capacity bottleneck right after its launch, causing users to abandon their vehicle purchases due to waiting especially last year, users were concerned about the sustainability of the national subsidy plan for automobiles in the fourth quarter of this year, which still stems from insufficient supply chain preparation, missing the best sales window.

② Market competition will significantly increase in early 2025, and model prices will continue to decline, while the starting price of LeDao remains significantly higher than its competitors:

From the current competitors of LeDao, the facelifted Model Y was launched in the first quarter, along with the facelifted XPeng G6 & G9. The facelifted G6 offers great value for money (CNY 175,600 - 198,800) and has undergone significant changes, making it the most direct competitor to LeDao. Currently, LeDao has not reduced its prices and is insufficiently responsive to market competition, which reflects Nio's supply chain management issues (BOM costs are difficult to reduce). LeDao's model design gross margin is only between 10%-15%, making it difficult to effectively lower prices in response to competitive pressure as user demand for high-value products continues to rise this year.

2) The revenue guidance implies a unit price expectation that barely meets market expectations, but the gross margin from car sales will continue to decline month-on-month.

The revenue guidance for the first quarter is CNY 12.37 billion - 12.86 billion. According to Dolphin Research's estimate of other business income of CNY 2.25 billion in the first quarter, the implied unit price of car sales is CNY 247,000, which is basically in line with market expectations, with the sales unit price barely meeting market expectations.

However, Nio retracted some discounts in March (such as canceling the repurchase discount and full payment purchase options), while reducing the time for exhibition car purchase discounts and increasing battery swap subsidies (possibly government subsidies). With the proportion of LeDao L60 still increasing month-on-month in January-February this year, the final revenue expectation implies that the unit price of cars has increased by CNY 7,000 compared to the fourth quarter, barely meeting market expectations. However, Nio's guidance indicates that the gross margin for cars in the first quarter will continue to decline month-on-month, with sluggish sales in the first quarter and poor scale effects.

Data source: Jielan Road

Looking at Nio's overall situation:

Fourth, Nio's revenue is below expectations, and the overall gross margin exceeds expectations in the case of other business gross margins turning positive, but the power service has not yet achieved a reduction in losses, mainly due to the unsustainable contribution from the technical service business. Nio's overall revenue in the fourth quarter was 19.7 billion, lower than the market expectation of 20.1 billion, mainly due to a significant decline in the average selling price of vehicles compared to the previous quarter, which was below market expectations.

In this quarter, other business revenue was 2.23 billion, slightly exceeding market expectations of 1.97 billion, mainly because ① revenue from technology research and development services increased (the main contributor, with 220 million recognized in technology services revenue); ② an increase in used car sales due to the continued growth in vehicle ownership, as well as increased sales of parts and components, and revenue from vehicle after-sales services.

The overall gross margin for this quarter was 11.7%, slightly exceeding the market expectation of 11%. The automotive gross margin barely met market expectations this quarter due to cost reductions, while the overall gross margin exceeding expectations was driven by the positive gross margin from other businesses, which had a gross margin of 1.1% this quarter, significantly exceeding the market expectation of -9.1%.

Nio's other businesses are mainly divided into three parts: ① after-sales services, ② power services, ③ technology service revenue to supply chain partners and related parties. Dolphin Research believes that the positive gross margin from other businesses is mainly due to:

In the fourth quarter, 220 million was recognized from technology research and development service revenue from supply chain partners and related parties, but this is based on non-recurring revenue related to service rhythm, which lacks sustainability.

In terms of power services, which the market is most concerned about, losses have not significantly narrowed as they are still vigorously expanding and building networks, which is actually below expectations.

5. The three expenses are still growing high, and the market will not accept the underwhelming performance this quarter

This quarter, the three expenses reached nearly 8.5 billion, continuing to grow by 1.1 billion compared to the previous quarter, with the largest increase still being in sales expenses. Specifically:

1) Research and development expenses this quarter were 3.64 billion, basically in line with market expectations

Research and development expenses this quarter were 3.64 billion, an increase of 300 million compared to the previous quarter, mainly used for the development of new models (ET9, sub-brand Firefly, etc.), while also addressing shortcomings in intelligent driving. However, the efficiency of research and development is noticeably low, leading to resource waste, and the progress in intelligent driving is still significantly lagging behind other new forces like XPeng and Li Auto.

Fortunately, Nio still guides that by 2025, the quarterly Non-GAAP research and development expenses will be around 3 billion, maintaining the intensity of 2024. This year, they will implement the CBU mechanism, focusing on high-return projects, and optimizing the approval process to make research and development investments more reasonable and efficient. Dolphin Research can only observe the specific research and development results as they come, but it is a good sign that Nio is controlling research and development expenses.

2) Sales and administrative expenses this quarter were 4.88 billion, exceeding market expectations by 470 million. With sales below expectations and no signs of a turnaround, the market will not accept the high increase in sales and administrative expenses.

Although Nio had previously communicated that due to the launch and delivery of the L60, sales and administrative expenses would continue to increase, mainly due to the construction of the sales network and preparation expenses for sales, sales, and administrative expenses still increased by 700,000 compared to the previous quarter, reaching 4.88 billion, exceeding market expectations of 4.4 billionThe selling and administrative expenses for this quarter were mainly used for:

Due to the launch of the Ledo L60, as the Ledo L60 and Nio's main brand use different channels, there is a need to continue increasing sales personnel and store deployment (approximately 100+ stores were opened in the third quarter, and it is expected that more than 100 Ledo stores will be added in the fourth quarter);

Increased marketing activities, but still failed to translate into sales growth in the fourth quarter, with sales barely reaching the lower limit of guidance. With sales falling short of expectations and no signs of a turnaround, the market will not accept the high increase in selling and administrative expenses, which still reflects the declining competitiveness of both Nio's main brand and Ledo's models.

In terms of operating profit and bottom-line net profit, the market expectations were also missed. The operating profit missed expectations due to the continued high increase in selling and administrative expenses this quarter, which increased by 770 million to 4.9 billion this quarter, exceeding the market expectation of 4.4 billion. With fourth-quarter sales barely exceeding the lower limit of guidance and the selling price of vehicles still declining, the market is not buying into this high increase in selling and administrative expenses and continues to question Nio's most concerning cost control ability.

Similarly, in terms of bottom-line net profit, the net profit for the fourth quarter was -7.1 billion, significantly lower than the market expectation of -5.8 billion. In addition to the aforementioned disappointing operating profit, this quarter also included -500 million in non-recurring income and -170 million in interest and investment income. Although not part of the core business, this undoubtedly adds to the woes of Nio, which is already facing huge losses. A detailed explanation will be provided in the earnings call.

For more in-depth research and follow-up comments on Nio by Dolphin Research, please click:

Financial Report:

On November 20, 2024, the financial report interpretation "Feeling Discouraged Again! Ledo Can't Support Nio's 'Fracture'"

On September 5, 2024, the financial report interpretation " Nio: Rarely Not Collapsing, Can Ledo Support the Future? "September 6, 2024, Conference Call Minutes: Expected Lido L60 December delivery volume to exceed 10,000, with fourth-quarter gross margin reaching 15% ****

June 7, 2024, Financial Report Interpretation: Sales rebound but stock price collapses, how can Nio save itself? ****

June 7, 2024, Conference Call Minutes: Expected fourth-quarter vehicle sales gross margin to return to double digits ****

March 15, 2024, Financial Report Interpretation: Another huge loss! Can Nio only rely on Middle Eastern investors to survive? ****

March 6, 2024, Conference Call Minutes: Still maintaining an annual gross margin of 15%-18%, hoping monthly deliveries will quickly return to 20,000 units ****On December 5, 2023, Financial Report Interpretation: Repeated "Bounce" Life and Death Line, How Does Nio Save Its Reputation?

On December 6, 2023, Conference Call Minutes: Continue to Increase Investment in Sales Network and Personnel (Nio 3Q Conference Call Minutes)

On August 29, 2023, Financial Report Interpretation: Nio: A Quarterly Loss of 6 Billion? Don't Panic, Hope Isn't Far Away

On August 29, 2023, Conference Call Minutes: Achieved Low Double-Digit Gross Margin in Q3, Gross Margin Increased to 15% in Q4 (Nio Minutes)

On June 9, 2023, Financial Report Interpretation: Nio: Reflection is More Important than Selling Cars

On June 9, 2023, Conference Call Minutes: Nio Minutes: ES6 Over 10,000 Units in July, Gross Margin Returns to Double Digits in the Second Half of the Year

On March 2, 2023, Financial Report Interpretation: [Many Ideas, Poor Execution, How Much Trust Can Nio Still Burn?](https://longportapp.com/zh-CN/topics/4330691?app_id=longbridge&channel=t4330691&invite-code=276530)

March 2, 2023, Conference Call Minutes “Nio: Gross margin can reach 18-20% by the end of the year, lithium prices are expected to drop to 200,000”

On November 11, 2022, Financial Report Interpretation “Nio: When pricing is pessimistic enough, how much damage can a collapse in the answer sheet cause?”

On November 11, 2022, Conference Call Minutes “Nio: Break-even in Q4 next year, long-term stable gross margin of 20-25% is not a problem”

On September 7, 2022, Financial Report Interpretation “Don't be scared by the huge losses, Nio is approaching better days”

On September 7, 2022, Conference Call Minutes “Capacity is the bottleneck, sales in Q4 set a record every month”

On June 29, 2022, Hotspot Commentary “This short-selling report on Nio could be more heartfelt”

On June 16, 2022, New Car Release Minutes “Rapid release, rapid delivery, Nio has hope in the second half of the year”

On June 9, 2022, Q4 Financial Report Interpretation [“Nio remains soft, can confidence only rely on new cars?”](https://longbridgeapp.com/topics/2779100?channel=t2779100&invite-code=276530)

On June 9, 2022, the fourth quarter earnings call “The gross margin will be worse in the fourth quarter, Nio's turnaround depends on the second half of the year”

On March 25, 2022, review of the 2021 fourth-quarter report “Nio: Under pressure, is the future a continued night or the dawn?”

On March 35, 2021, minutes of the 2021 fourth quarter report meeting “2022 is a year of comprehensive acceleration for Nio”

On November 10, 2021, review of the 2021 third-quarter report “Nio: After the 'ankle chop', will there be a deep squat jump in the first half of next year?”

On November 10, 2021, minutes of the 2021 third-quarter report meeting “Nio: No need to overly worry about the temporary delivery slowdown and pressure on gross margin (minutes)”

On August 12, 2021, review of the 2021 second quarter report “Goodbye to the explosive period, what will Nio rely on for the future?”

On August 15, 2021, an update on the 2021 second quarter report “Nio: High valuation vs low delivery, beware of the 'future' in front of you”

Research

On June 13, 2023, Nio's hot topic was “Nio: Finally doing subtraction”

On December 21, 2021, Nio NIO DAY research “The 'explosive model' ET5 debuts, Nio wants to reignite the 'future'”

In-depth

**In-depth on September 25, 2024 [“Is there still love for Nio under the luxurious exterior?”](https://longportapp.cn/zh-CN/topics/24093180?channel=t24093180&invite-code=4NOXYT&app_id=longbridge&utm_source=longbridge_app_share&locale=zh-CN) 》

On June 9, 2021, Three Idiots Comparative Study - Part One: New Forces in Car Manufacturing (Part 1): Choosing the Right People, Doing the Right Things, and Reviewing the People and Events of New Forces

On June 23, 2021, Three Idiots Comparative Study - Part Two: New Forces in Car Manufacturing (Part 2): As Market Enthusiasm Diminishes, What Will the Three Idiots Rely on to Solidify Their Position?

On June 30, 2021, Three Idiots Comparative Study - Part Three: New Forces in Car Manufacturing (Part 3): Doubling in Fifty Days, Can the Three Idiots Continue to Charge Forward?

Risk Disclosure and Statement of This Article: Dolphin Research Disclaimer and General Disclosure