$NIO(NIO.US)Nio's decline is due to fundamental issues, and this wave of increase is entirely due to the market's recognition of the low-price strategy of the Ledo L90, and it has indeed started to move volume like XPeng. But unlike XPeng, XPeng has integrated the industrial chain and reduced prices on the premise of ensuring profits. Ledo, on the other hand, is completely losing money to make noise, with great cash flow pressure, and can only finance in the capital market through the "positive" of increased sales, using the financing to continue to struggle. This financial report continues to show losses, which also makes the last wave of capital that had illusions about Nio despair and cut losses to leave. Nio's model has fallen into a death spiral, with high prices and no sales, low prices not covering costs, and it will never be profitable. The new energy vehicle industry has long passed the chaotic period, with fierce competition and a lack of imagination, and it will accelerate integration in the next two years. It just confirms that joke, Nio has no future.