 Hi, William. How are you doing? Good. Good. These are comfortable chairs, aren't they? They're really really good. I like these shoes. Yeah, also the shoes we're showing off. Yeah, that's good. Excellent. Let's dive straight in. Yeah, so the story of Neo, can you just tell where it all began? How did you grow so fast into into what you are today? Yeah, and Yeah, Neo, it means a new day. Yeah, and our Chinese name, Wei Lai, it means blues guy coming. Oh, really? So I found this company four years ago and at that time the pollution is very very heavy in China. Yeah, air pollution. So I decided to found this company. Yeah, exactly. So you were founded in 2014. Yeah, and then you did an IPO this year. Yeah, maybe we are the fattest auto company from startup to IPO. Exactly. Public company. Maybe. I think so. I really think so. Yes. And so at which stage are you are you with the company right now? How many cars are you producing? How many cars are you selling? We already produced the more than 10,000 cars. We delivered our first ES8 at the end of June and now in five months we already did it for more than 8,000 ES8. 8,000? Yeah, our first seven seats SUV. All right. Yes, it's a big car. Actually in that stage. That way? Yeah, hope you everyone can There's one that you can have a look at. Yes. That's excellent. What types of cars are you making? You mentioned an SUV. Yeah, but what are the other models just to get the basics out of it? We are in the year 2016 We launched our first Silver car in 2009. Yes. It's the fattest electric car in the world. Fastest electric car in the world. And the fattest autonomous driving car in the world. All right. And very, very fast. And last year we launched our first seven seats SUV. The size is as big as Q7. Okay, Q7. Yeah, it's a big SUV for family, maybe with two boys, three kids. Yeah. And very, very long to our second SUV. Actually next week. Next week? Yes. All right. Maybe we should have had a launch. Yes. Yeah, SUV. You know, in China SUV is quite popular. Yeah. Because the traffic is very, very heavy and the users, drivers, they want to use, they want a very big space. So that's the part of the user experience. Yeah, absolutely. User experience is something that we'll also dive deeper into in a bit. But still briefly on the basics of the business. So you're operating in China at the moment. Yeah. Are you in other markets as well? We are global startups. We founded this company in a different way. At first we are headquartered in Shanghai, but we found a team in Munich, in London, and in the second valley. So we have more than 1,000 people out of China. So global development, but the market focus in China first. Yeah. But in the future definitely we will enter the global market. Good. Yeah. So you mentioned user experience, and you're building the company very much around user experience in a very, with a very comprehensive approach. So just to kick it off, what is a good user experience to you? How would you describe it? The user experience is not only about the function experience, like the cars acceleration, speed, the power, and about the emotion experience. So I think it's if you want to redefine an industry, or redefine product, you must redefine the user experience of this industry. Just like smartphone, hardware, software, and service. Right. Combining all this. Yeah. Combine. That will be new products. And in all the industry, I think in the future, the user experience of a car, of a car, of a car brand should be include four parts. One is hardware, the car, and the service, and digital touch point and beyond the car. The life the car will bring to you. So these four parts will combine to be the future auto industry's user experience. So let's dive into two parts there, or two parts of user experience. One of them is the software layer, and the other part is the community. Community. That you want to build. Let's start with the software. How do you approach building new software, new features, new parts of user experience to the users of NIO? How do you approach it? There is three levels of innovation. One, the first level is the product, and the first level is the user experience. The third level, and the top level, is the way you build the company. So I talked about the user experience that we want to create. And on the top level, we want to be new community connected by the car. How to think about that? Every day, every day, there is more than 170,000 users. We use our app. 170,000? Yeah, even we just deliver more than 8,000 cars. But yeah, the APP users, the DAO is 20 times. And last year or near day, there is more than 100 million users watch our NIO day event. And we will begin our second NIO day next week. And there is lots of events in our community, like your great slash event, and lots of things. So yeah, we are very powerful to create a community. Our concept is to grow together and be better together. So share a joyful lifestyle. I have to ask you, so you have 20 times more users on the app than you have owning NIO vehicles. Yes. What do the rest of the people do with the app? Lots of things. They talk about the smart EV industry. They talk about what's their daily life. And what's the beautiful things they want to share. And lots of things, interesting. And I spend almost one hour per day to discuss with their communication with them. Interesting. So you mentioned also the EV industry. So how is it in China? What does the electric vehicle market look like? China market? Yes, China. The smart EV of China market is very, very, increased very, very fast. And last year, there were almost 70,000 EV sold out in China. 70,000? Yeah. And this year, the first nine months reached the number of last year. So increased very fast because the smart EV, the Chinese consumer will consider the smart EV very advanced technology. Very cool. And not only about environment friendly, but also more important part is very cool thing. It means high tech. It means auto driving. It means AI. It means software defined vehicle. So I think it's very cool. It's a very good time to start a new smart EV company in China. Are people using your vehicles with the autonomous mode in China today? Yeah. Out in the traffic? People are using the autonomous mode just regularly? Now? Yes, right now. Right now, we, all ESH, we provide ADAS, not autonomous driving now, but we provide level two ADAS function to our users. So in traffic mode or in the highway, you can, sometimes you can free your hands. Yeah. And it's because the traffic is very heavy in China. So if the traffic mode or highway mode, you can, depends on our ADAS, our ADAS function to free your, maybe free. Sometimes you get some free, yes. Exactly. So going back to the electric vehicle industry, there's a lot of infrastructure needed. To run a fleet of electric vehicles or to have mass market adoption. Yeah. So charging stations is one. Yeah. How many charging stations are there in China for electric vehicles? Public charging stations. At the end of last year, there is almost 170,000 charging stations. 170,000. Yeah, public charging stations. But, you know, it's not so hard to install home chargers in your home in China. And our ESH users, there are almost more than 70% of our ESH users. They can install home chargers. Okay. So this number is beyond my expectation. Yeah. Yeah. And we have lots of, lots of innovative solutions. And we try our best to install home chargers for our users. And they also provide one click to power. One click. One click to use your app. Yeah. And you just ask, so please charge my vehicle, my ESH. And then we send our people to take your car. Oh, okay. Yeah. And then charge it for you. And then they bring it back. Yeah. Okay. Yeah. That's like a food delivery service. Yeah. Yeah. And they also provide power mobile. It's a charging truck. Oh, so it's driving around in charging. Yeah. So if you find, if we find your ESH have no, have no energy and then we will send a car, mobile car, power mobile to you. Right. And they also provide power swap. It's a swap station. You can swap your whole battery pack in three minutes. Three minutes. In three minutes. And in last month, last month we installed, we finished the installation from Beijing to Shenzhen, the whole freeway, the whole highway. So there are more than about 18 swap stations. And then if you drive from Beijing to Shenzhen, you can depend on a swap station. Right. As fast as the traditional car. So three minutes and then go. And then go forward. So we must have some, this kind of innovation, the way to give our users the better experience. Yes. So talking about batteries and swapping batteries. Yeah. Yes. What do you see going on in the battery industry? What's the state of the arts? The battery technology. Yes. Yeah. I think the battery technology, lots of startups are focusing on developing a new technology for battery. I think even today's technology, battery technology, we can do much better than today. It's not only about the battery, but also this part I believe you have. Yeah. You have. Yeah. I think the most important thing is not only the technology of the battery. The technology of the battery will definitely develop. I think the key is that we really have to provide a better experience for our users. Just like today, our cell phone, smart phone, and compared to ten years ago, we also didn't have to progress in the battery technology. But we won't have this kind of anxiety that my phone will be out of battery. Why? Because you have a charger, it's very convenient for you to charge. So you won't have to sacrifice your cell phone to increase the thickness, it will be very difficult to look at. And then to make the battery life longer. So I think today, actually, everyone has a little anxiety. I feel like we have to increase the technology. The battery life has increased a lot. That's possible. The electric car can be upgraded. Actually, I don't think it's like this. Just like all of us now, the service of these one-on-one home appliances, the service of the charging station, we can give you a very good experience, and then you forget about the technology of the battery. We can still wait for it, but we don't need, we don't need to rely on the technology of the battery to make the battery life longer. All right. Please. Actually, I think the important thing is not about the battery technology development. The more important thing is the better charging experience. Just like the smart phones nowadays, people do not have anxieties about the smartphone batteries. But if you compare the battery technologies 10 years ago, actually there's no much advancement in the battery technology arena. But we do not have this anxiety. So we do not need to worry about the battery of the smartphones because we have the power bank to charge our smartphones. And we do not want to make our smartphones thick and ugly by adding more battery cells. For the battery technologies and the driving range, a lot of people think that these are the most important factors for the mass production or the mass adoption of the EVs. But it's not true because if we have a very good power services with over power mobile and power swap stations over home charging facilities, then we can provide very good user experience to the users. Then users do not need to worry about the battery technologies and we do not need to depend on the battery technologies. Yeah. What I want to say is forget the battery, forget the driving range. Just try. You will love smart EV more than your traditional car. So you're saying that it should not be seen as a barrier for electric vehicle adoption. Do you still see the current battery technology or let's say using the current battery technology but having swap stations as an intermediate step until we have actually more advanced battery technology? Is there significant advances that you have seen in the battery technology? Yeah, I think the barrier is not about technology. The barrier is the mindset of the people, of the users. So that's why I just, I won't say just try. Think about if you can install home chargers, the chargers in your home. And 99% of usage of the charging usage is better than the oil, the fuel gas station. You don't need to go to gas station. That's amazing. Who loves the gas station? Who wants to go to gas station? Think about that. So 99% of the daily usage, the usage experience will be better. But sometimes if you drive far away, maybe 400 kilometers, maybe 500 kilometers, you can depend on the new solution, such as a swap station, such as a mobile solution. So we should think about the mobile internet thinking. We can use mobile internet technology to build a totally new infrastructure system. Every car, every mobile phone, every infrastructure swap station, power swap, even charge station and service people are connected by a cloud service. Think about that. The efficiency will be very, very high. And the usage experience will be much, much better. So think different. Not follow the gas station, not just follow the words spoken by the traditional auto industries. Exactly. You know, as we just started, our time is up. This was it. It's better to leave a hunger for more. I guess. So thank you very much, William, for joining us today. Thank you. Thank you very much. Thank you. Thank you. Thanks.