放下直营执念，新能源车企扎堆拥抱经销商

Core Insights - The operational costs of direct sales show significant financial strain for new energy vehicle companies, with annual costs for a single store reaching up to 5-6 million yuan, and a potential total investment of around 1 billion yuan for 200 stores [1][4][12] - The direct sales model, initially seen as a revolutionary approach, is shifting towards a mixed model of direct sales and dealerships due to increasing cost pressures and market competition [1][2][12] Group 1: Cost and Operational Challenges - The high operational costs in prime urban areas are forcing companies to reconsider their direct sales strategies, with some brands like Tesla and Xiaopeng transitioning to dealership models to share costs and expand market reach [1][2][5] - The average price of new energy vehicles is declining, with projections showing a drop from 184,000 yuan in 2023 to 169,000 yuan in 2025, which is squeezing profit margins further [4][8] - The automotive industry's sales profit margin fell to a record low of 4.4% in 2025, highlighting the unsustainable nature of the direct sales model under current market conditions [4][12] Group 2: Market Adaptation and Strategy Shifts - Companies like NIO and Zeekr are exploring more cost-effective channel strategies, with NIO testing a partnership model in lower-tier cities while Zeekr has shifted to a mixed model of direct sales and dealerships [5][6][11] - The shift towards dealership models is becoming widespread, with brands like Avita planning to convert 90% of their stores to a dealership system by 2024 [6][7] - The competition for market share is intensifying, particularly in lower-tier cities where sales growth is significantly higher than in first and second-tier cities, making these markets critical for future growth [9][10] Group 3: Channel Dynamics and Profitability - The transition to dealership models is reshaping the competitive landscape, as dealerships can offer lower prices and additional benefits, leading to a decline in foot traffic for direct sales stores [12][13] - Despite the advantages of dealership models, profitability remains a challenge, with only 42.9% of independent new energy vehicle dealerships reporting profits, while 34.4% are operating at a loss [12][13] - The high initial investment required for dealerships, including showroom renovations and training, poses a significant risk, especially if market performance does not meet expectations [13]