Back then there were expectations, but now the new energy journey is more than halfway through. The final penetration rate is estimated to be 70-80%, and it's already over 50%. The major players are basically set, all competing fiercely with high R&D and marketing costs. Li Auto is essentially the ceiling for new energy sales, and its valuation is just so-so. Nio still has a chance—it all depends on whether its battery swap model can successfully break through!