Gelonghui, March 19 | CICC released a report stating that NIO lowered the monthly rental price of BaaS battery rental services, which is expected to expand user coverage. Under the BaaS model, NIO sells vehicles (excluding batteries) to users, and the battery asset management company Weineng buys batteries and provides rental services. It is believed that this BaaS price adjustment is based on a long-life battery strategy, which is expected to increase BaaS share by lowering the vehicle purchase threshold and bring momentum to sales. According to the bank, NIO and Ningde Times have officially signed a contract for the long-life battery business. The company is investing heavily in the charging and switching network, which is expected to enable vehicle sales. With the introduction of third party partners, the power exchange business model is expected to gradually be verified. The bank maintained its “outperforming the industry” rating, with a target price of HK$62.