I observe this analyst Andy has been like yo-yo , he try to analyze And disect Nio to suit his agenda, sometimes he criticize and sometimes he praise, he really does not has a clear sense of conviction and  direction. He merely based his analysis on data which he always compare Apple to Durian. He is trained to look at figures which is nothing wrong and objective. But a company is more than number, it is about strategic deployment, it is about vision, it is about user experience, it is about execution. The analyst tends to look at the risk and pessimistic projected by figures. He conveniently forgotten that Nio also using powerful data to drive its business forward, he forget other competitors use dealership to grow business faster but Nio build its own direct network which is more costly initially but in long run, it is more cost saving and beneficial to users, there are so many strategic usiness points so crucial in the execution of such ultimate success which cannot be quantified in short terms number. Yes the competition is intense and may drive out any potential companies like Nio but the intrinsic value created in Nio infrastructure and leading technology may start to bear fruit in Onvo , Nio and firefly brands . This will be the pivotal moment and also Nio strong foundation in Sky OS and Chip will help them to lead in many fronts. Price may be overbought and consolidate but very soon it will reflect the fast improving financial position in coming quarter which will  reflect in a fair valuation. The author is smart enough to see this but seems ignore these fact for some reasons.