Key Highlights: Record Deliveries: NIO delivered 61,855 vehicles in Q3, a YoY increase of 11.6% and a QoQ increase of 7.8%. This included 61,023 vehicles from the NIO brand and 832 vehicles from the new ONVO brand. Market Leadership: NIO holds a commanding market share of over 40% in the first three quarters of 2024 for BEVs priced over RMB 300,000 in China. Gross Margin Improvement: Vehicle gross margin rose to 13.1% in Q3 2024, compared to 11.0% in Q3 2023 and 12.2% in Q2 2024. This was attributed to cost optimization efforts and decreased material costs. Positive Free Cash Flow: Improved gross margins and sales volume expansion led to positive free cash flow for the quarter. Strategic Investments: NIO secured RMB 3.3 billion in strategic investment for NIO China, with an additional RMB 10 billion investment from NIO itself.