never tells you is that NIO loses tens of million of dollars every month on this arrangement. Neither the billions in capex for the swap boxes nor the battery depreciation is factored in. The company apparently thought it could compensate with exponential increases in car sales & raise prices later, but it is not going to happen. Sales are falling and market share is plummeting — now less than 2% of the Chinese market.
NIO is in catastrophic failure. BAAS was textbook corporate incompetence, and NIO shareholders are paying the price.
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