◎记者 徐潇潇 2026年开年，特斯拉、蔚来、小米等车企发起"7年超低息"车贷竞赛。近期，东风日产推出"0首付，8年 贷"方案，让竞争愈发激烈。 从传统的1至5年期到如今的7至8年期，这场看似"普惠"的营销背后，是车企在新能源渗透率突破54%的 市场变局中的焦虑和突围。然而，当贷款期限超越产品换代周期，当车辆残值难抵未还贷款，在"低月 供"的诱惑之下，一系列隐忧也悄然浮现。 车贷期限"卷"到8年 他表示，传统车贷以车辆为抵押物，期限与车辆残值周期紧密挂钩。如今，"8年贷"已远超一般电动车 的主流换车周期。金融机构的风险模型正在从"资产覆盖风险"转向"用户信用风险"。 在深圳一家东风日产门店，销售人员对上海证券报记者表示："这款车的裸车价是12.99万元，加上购置 税、保险和上牌费，全部落地大概14万元。如果选择8年分期，总利息约27000元，加上裸车的车价，日 供55元左右；选择分期会有2000元政府补贴。" 目前，东风日产已将这一超长期金融方案扩展至全系车型，覆盖N6、N7、轩逸经典等主力车型，同样 支持96期0首付分期。其中，轩逸经典日供最低可至27元。上述销售人员介绍，合作的东风日产汽车金 融是正规持牌 ...

中新网2月10日电国家市场监督管理总局质量发展局网站显示，日前，上海蔚来汽车有限公司根据《缺陷汽车产品召回管理条例》和《缺陷汽车产品召回管 理条例实施办法》的要求，受委托向国家市场监督管理总局备案了召回计划。 自即日起，召回2018年3月16日至2023年1月16日期间生产的ES8、ES6和EC6纯电动汽车，共计246229辆。 图自国家市场监督管理总局质量发展局网站 本次召回范围内的部分车辆，由于软件问题，可能在特定条件下出现短时间的仪表及中控屏黑屏，期间无法为驾驶员提供必要的车辆信息及功能(如车速信 息、故障报警提示、除霜除雾功能等)，存在安全隐患。 上海蔚来汽车有限公司将通过远程升级(OTA)技术，免费为召回范围内的车辆升级软件至Aspen 3.5.6、Alder 2.1.0或更高版本，对于无法通过OTA技术升级的 车辆，将通过蔚来服务中心联系相关用户实施召回，以消除安全隐患。因部分车辆之前已升级优化后的软件，本次召回此部分车辆无需再次升级。 日前，浙江极氪智能科技有限公司也根据《缺陷汽车产品召回管理条例》和《缺陷汽车产品召回管理条例实施办法》的要求，受浙江吉利汽车有限公司委托 向国家市场监督管理总局备 ...

智通财经APP获悉，周二，蔚来(NIO.US)涨近2%，报4.985美元。据报道，蔚来内部2月9日下午召开了 一场全员会。蔚来创始人、董事长、CEO 李斌于会上表示，2025 年是蔚来不平凡的一年，团队实现 了"不可能的任务"。接下来要继续坚决在技术和产品研发方面坚决进行投入，同时提高研发效率；持续 布局充换电基础设施和销售服务网络的建设；持续推行围绕用户价值创造的全员经营组织变革，争取在 2026年实现Non-GAAP口径下全年盈利。 ...

Core Insights - NIO Inc. is showing signs of a turnaround with guidance for its first-ever quarterly adjusted operating profit in Q4 2025, expecting between 700 million and 1.2 billion yuan, a significant improvement from a 5.54 billion yuan loss in Q4 2024 [1][9] Group 1: Financial Performance - Q4 2025 deliveries reached a record 124,807 vehicles, representing a nearly 72% year-over-year increase, with all three brands achieving quarterly highs [3][10] - Vehicle margins improved to 14.7% in Q3 2025, up from 13.1% in Q3 2024, with a target to reach 20% this year [11] - Cumulative deliveries surpassed 1 million units, marking a significant scale milestone for the company [10] Group 2: Market Position and Strategy - NIO is expanding its market reach by launching the more affordable Onvo brand and the high-end Firefly brand, attracting new customers in a competitive EV market [2][9] - The company operates 3,790 battery swap stations globally and plans to add 1,000 more by the end of 2026, enhancing its competitive edge through its Battery-as-a-Service strategy [12] Group 3: Growth Initiatives - NIO is entering new markets, including Central Asia and plans to launch its Firefly sub-brand in Australia and New Zealand by late 2026, while also focusing on European expansion [13] - The latest software upgrades have been rolled out to over 460,000 vehicles, improving user experience and brand loyalty [13] Group 4: Valuation and Analyst Outlook - The stock is trading at a lower price-to-sales multiple compared to the broader industry, making it appear attractive for investment [14] - Analysts have set an average price target of $6.17 for NIO, indicating a potential upside of approximately 26% from current levels [16]

IT之家2月10日消息，昨日下午，蔚来内部召开了一场全员会。会上，蔚来创始人、董事长、CEO李斌表示，2025年是蔚来不平凡的一年，团队实现 了"不可能的任务"。 蔚来2月5日发布了其2025年四季度盈利预告，预计录得经调整经营利润7亿元至12亿元。 李斌表示，接下来要继续坚决在技术和产品研发方面坚决进行投入，同时提高研发效率；持续布局充换电基础设施和销售服务网络的建设；持续推 行围绕用户价值创造的全员经营组织变革，争取在2026年实现Non-GAAP口径下全年盈利。 IT之家注意到，蔚来汽车CEO李斌上个月发表新年首次内部讲话时也提到了类似观点。他表示接下来3至5年，蔚来汽车能够实现年均40%至50%的稳 定增长。 IT之家2月10日消息，昨日下午，蔚来内部召开了一场全员会。会上，蔚来创始人、董事长、CEO李斌表示，2025年是蔚来不平凡的一年，团队实现 了"不可能的任务"。 蔚来2月5日发布了其2025年四季度盈利预告，预计录得经调整经营利润7亿元至12亿元。 李斌表示，接下来要继续坚决在技术和产品研发方面坚决进行投入，同时提高研发效率；持续布局充换电基础设施和销售服务网络的建设；持续推 行围绕用户价值创 ...

IT之家注意到，蔚来汽车CEO李斌上个月发表新年首次内部讲话时也提到了类似观点。他表示接下来3 至5年，蔚来汽车能够实现年均40%至50%的稳定增长。 李斌还分享了对公司2025年的总结和对2026年的展望，并表彰过去一年的优秀项目。和往年相比，今年 的表彰增加了"特别贡献奖"，旨在表彰经营结果突出的团队和项目。全新ES8车型战队获得了全场唯一 的特等奖。乐道L90车型战队、Firefly萤火虫车型战队、自研芯片团队、供应链降本团队获得了一等 奖。基本经营单元（CBU）去年发挥了巨大作用，李斌要求接下来把CBU机制继续彻底跑通。"用车做 比方的话，去年我们只能算是做出了概念车，但我们还会持续推行，争取早一点到量产车，争取每年都 能够在经营水平上有进步。"李斌说道。 本文源自：IT之家 蔚来2月5日发布了其2025年四季度盈利预告，预计录得经调整经营利润7亿元至12亿元。 李斌表示，接下来要继续坚决在技术和产品研发方面进行投入，同时提高研发效率；持续布局充换电基 础设施和销售服务网络的建设；持续推行围绕用户价值创造的全员经营组织变革，争取在2026年实现 Non-GAAP口径下全年盈利。 昨日（9日）下午，蔚来 ...

2月9日下午，蔚来内部召开了一场全员会，会上，蔚来创始人、董事长、CEO李斌表示，接下来要继续 坚决在技术和产品研发方面坚决进行投入，同时提高研发效率；持续布局充换电基础设施和销售服务网 络的建设；持续推行围绕用户价值创造的全员经营组织变革，争取在2026年实现Non-GAAP口径下全年 盈利。（第一财经） ...

据国家市场监督管理总局网站消息，日前，上海蔚来汽车有限公司根据《缺陷汽车产品召回管理条例》和《缺陷汽车产 品召回管理条例实施办法》的要求，受委托向国家市场监督管理总局备案了召回计划。 上海蔚来汽车有限公司将通过远程升级(OTA)技术，免费为召回范围内的车辆升级软件至Aspen 3.5.6、Alder 2.1.0或更高 版本，对于无法通过OTA技术升级的车辆，将通过蔚来服务中心联系相关用户实施召回，以消除安全隐患。因部分车辆 之前已升级优化后的软件，本次召回此部分车辆无需再次升级。 召回编号S2026M0017I：自即日起，召回2018年3月16日至2023年1月16日期间生产的ES8、ES6和EC6纯电动汽车，共计 246229辆。 本次召回范围内的部分车辆，由于软件问题，可能在特定条件下出现短时间的仪表及中控屏黑屏，期间无法为驾驶员提 供必要的车辆信息及功能(如车速信息、故障报警提示、除霜除雾功能等)，存在安全隐患。 ...

Core Viewpoint - The article discusses the challenges and potential of the battery swapping model in the electric vehicle (EV) industry, highlighting the investments made by companies like NIO and CATL, and the financial viability of this model. Investment and Cost Analysis - NIO's first-generation battery swapping station cost approximately 3 million yuan, while the second generation costs between 1.5 to 2 million yuan, with over 1,100 second-generation stations expected by December 2025 [3] - The initial investment for a battery swapping station includes equipment costs of 1.5 million yuan, line costs of 200,000 yuan, and battery costs of 620,000 yuan, with operational costs including a monthly salary of 5,000 yuan and annual rent and maintenance of 100,000 yuan [7] Profitability and Financial Outlook - NIO aims to achieve profitability by the end of 2025, with a forecasted adjusted operating profit of 700 million to 1.2 billion yuan for Q4 2025, marking its first quarterly adjusted operating profit since inception [3] - Long-term projections suggest that the battery swapping model could yield a return rate of 5.5%, potentially becoming a stable cash cow for companies once it reaches a steady state [6] Market Dynamics and Competitive Landscape - CATL has ambitious plans to establish 1,000 battery swapping stations by 2025, with a long-term goal of 30,000 stations, which would cover over 20 million vehicles [5] - The battery swapping model is closely related to the concept of battery separation, which can lower vehicle purchase costs and enhance battery longevity through standardized management [10] Industry Concerns and Challenges - Concerns exist regarding the high costs of building and operating battery swapping stations compared to charging stations, which may deter some automakers from adopting this model [13] - The rapid development of battery technology poses a risk that companies may become locked into outdated models if they heavily invest in battery swapping infrastructure [13] - The lack of standardized battery sizes and interfaces across different automakers complicates the implementation of a universal battery swapping system [13] Consumer Perception and Adoption - Some consumers express reluctance to accept used batteries from swapping stations, and the cost of battery swapping can be comparable to traditional fuel costs, which may hinder adoption [14] - The emergence of ultra-fast charging technologies is narrowing the performance gap between charging and swapping, potentially reducing the perceived value of battery swapping [14] Competitive Positioning - The report indicates that BYD is gaining market share in the 50,000 to 150,000 yuan segment, increasing from 25% in 2019-2020 to an expected 56-57% in 2023-2024, creating competitive pressure on other automakers [15] - For companies without in-house battery production, adopting the battery swapping model may be a viable strategy to remain competitive in the lower-priced vehicle market [16]

Core Viewpoint - The report from JPMorgan indicates that the performance of the Chinese automotive market in 2023 will exhibit a mixed trend reminiscent of both 2018 and 2025, with overall passenger vehicle market growth expected to decline into negative territory, similar to 2018, while market volatility may increase due to new model releases and seasonal trends, akin to 2025 [1] Market Performance - The overall performance of the automotive industry is anticipated to be relatively weak due to the decline in market growth [1] - The potential for absolute or relative returns will depend on whether corporate earnings can exceed expectations, which is expected to be more challenging amid rising costs [1] Investment Recommendations - The preferred stocks identified by the firm are Geely Automobile (00175) and China National Heavy Duty Truck Group (03808) [1] - Companies such as BYD Company (01211), Leap Motor (09863), Xpeng Motors-W (09868), and NIO Inc. (09866, NIO.US) may present noteworthy investment opportunities in March or the second quarter of this year [1] - Conversely, the rating for Li Auto-W (02015) has been downgraded to "Reduce" [1]