NIO, which closed up 6.92% yesterday, continued to rise 2.64% in pre-market trading today, closing at $4.28. Morgan Stanley issued a research report stating that the Ledao L90 has superior interior space and configuration specifications, especially if the official price is lower than the pre-sale price, it is very competitive among models below RMB 300,000, so the bank expects that it will not be difficult for the L90 to exceed 5,000 units in monthly sales. The market may need to continue to observe store traffic and pre-orders in the next few weeks until the official delivery in August before it can take a more positive attitude towards the company; it will also need to see an improvement in L60 sales and the main NIO brand regaining sales momentum through more active promotions. The US stock target price is now $5.9 and an "overweight" rating.