NIO's second brand name, "Ledo," is the first car to benchmark against Model Y. NIO's founder, chairman, and CEO Li Bin has revealed for the first time that NIO's second brand name is "Ledo.". It is reported that the BaaS cost of the Ledo brand will be lower than that of the NIO brand, and the BOM cost of the first model will be about 10% lower than that of the Tesla Model Y. NIO hopes to benchmark Tesla in the mainstream market through its second brand and plans to resume monthly sales of 20000 vehicles by 2024.