NIO's October delivery data reveals significant growth momentum with 30.5% YoY increase to 20,976 vehicles. The company's dual-brand strategy is showing early success, with the premium NIO brand delivering 16,657 units and the new ONVO brand contributing 4,319 vehicles. The ONVO L60's production ramp-up and rapid expansion of sales network across 60 cities demonstrate strong execution of NIO's mass-market strategy. The growing infrastructure network, including 584 Power Swap Stations, strengthens NIO's competitive advantage in China's EV market. Year-to-date deliveries of 170,257 vehicles, up 35.1% YoY, indicate robust demand despite macro headwinds. However, investors should monitor the sustainability of growth rates and margin implications of the mass-market expansion through ONVO.