2 models of business:

$NIO Inc.(NIO)$ : goes heavily into building out infrastructure(charging stations, battery swapping ) and updating models along with improving technology..

$Li Auto(LI)$ : Not even a pure play EV maker. No investment in infrastructure. No upgrading models with the required factory retooling. They are just producing and pushing their one winning model.

At some point Li and even $Tesla Motors(TSLA)$ are going to have to retool and invest more in infrastructure.

If battery swapping is adopted as the industry standard it is game over. NIO automatically moves to the top of the mountain.

For sure NIO has to start producing volume. They have gone heavily into infrastructure and upgrades. We will see if their model plays out.