very one sided view, the authors have missed the point about how to manage inventory of batteries when you don't know where your subscribers will need them.
if they had sold one battery for one subscriber there would be none available to swap out or upgrade. They don't show evidence of any thrd party battery either.
If you are growing the number of stations at over 25% a year you also need inventory to stock them....
But there is an odd synchronization with NIO fiscal quarters and not sure about the pricing either.