经销商集体维权，40万车主面临无法联网、蓝牙钥匙失效风险，巨亏183亿元的哪吒汽车或“全面崩盘”

Core Viewpoint - The crisis faced by Nezha Auto reflects systemic risks in new energy vehicle companies, stemming from technical flaws and financial instability [2][5][8]. Group 1: Technical Issues - Nezha Auto's recent "digital paralysis" crisis involved widespread failures in vehicle connectivity, including issues with the car machine system, Bluetooth keys, and navigation [2][3]. - The root cause of the connectivity issues is attributed to outdated communication modules relying on 3G technology and a weak server system lacking disaster recovery [5][6]. - The failure of smart features has led to increased driving risks, with some customers feeling deceived by the promised smart functionalities that have become non-functional [4][6]. Group 2: Customer Trust and Market Reaction - The company's silence on resolving the connectivity issues has eroded consumer trust, leading to a significant drop in daily active users of the Nezha app and a surge in complaints on social media [6][8]. - Over 20 dealerships have protested against the company for unpaid vehicle deliveries and rebates, indicating a potential collapse in the sales network [6][8]. - The second-hand market has reacted negatively, with prices for Nezha models plummeting, reflecting a loss of market confidence [7][8]. Group 3: Financial and Strategic Challenges - Nezha Auto's sales have drastically declined from 152,000 units in 2022 to an expected 64,500 units in 2024, with a staggering 97.76% drop in January 2025 deliveries [8][9]. - The company has accumulated losses of 18.3 billion yuan over three years, with cash reserves dwindling to 2.837 billion yuan against short-term debts of 4.317 billion yuan, indicating a critical cash flow crisis [9][10]. - A strategic shift towards higher-priced models has failed, with new offerings underperforming and the brand's image remaining tied to low-cost ride-hailing services [9][10]. Group 4: Industry Context - The challenges faced by Nezha Auto are indicative of broader adjustments within the new energy vehicle industry, as it transitions from rapid growth to a more rational development phase [11]. - The competitive landscape is intensifying, with established players like Tesla and BYD reshaping market dynamics, necessitating a shift in focus for new entrants towards sustainable business models and comprehensive service offerings [11].