1月1日晚间，蔚来创始人、董事长、CEO李斌发布全员信。信中称，2026年蔚来全年计划新增1000座换电站，年底换电站总数超过 4600座。 李斌在信中盘点了蔚来12月的交付成绩。在"蔚乐萤"三品牌协同发力下，蔚来12月份共交付新车48,135辆，同比增长54.6%。 换电模式意味着独特的技术护城河，也同时意味着大量的基础设施投入，这也是蔚来的盈利点迟迟未能到来的重要因素。李斌在信 中说，2025年，蔚来证明了坚持技术创新的长期价值，也证明了持续布局充换电网络的用户价值、商业价值与社会价值。 2025年，蔚来的换电站建设也迎来了一些关键的节点，比如7月份高速换电站突破了1000座，覆盖全国的高速换电网络连通全国550 个城市。蔚来能源的"加电合伙人"计划已与25个省市、地区的35家城投、交投在内的合作伙伴共建近200座充换电站。 李斌还在信中提到了2026年的残酷竞争。他说，智能电动汽车产业的竞争已经进入决赛阶段，技术升级迭代的节奏会越来越快，市 场竞争的压力会越来越大。 为了应对决赛圈竞争，他提出五点要求：第一，坚持技术创新，继续围绕智能电动汽车12项核心全栈技术坚决投入，确保技术领先 优势；第二，坚决投入 ...

12月28日晚，蔚来乐道汽车公布"电池翻倍"计划最新进展：截至12月27日，乐道已新增投放超过4409块 全新电池，总体进度完成55.11%。预计到2026年1月中旬，将实现新增超8000块电池包的目标，圆满完 成此前发布的"电池翻倍"计划。 乐道汽车表示，该计划完成后，全国换电网络中乐道电池数量将提升至原先的两倍以上，可充分满足春 运高峰期间的换电需求。 （文章来源：新华财经） 蔚来创始人、董事长李斌表示，目前各地城投、交投企业正进一步加强与蔚来在充换电网络布局与运营 方面的合作，"2024年8月，蔚来能源推出'加电合伙人'计划，迄今已与25个省市、地区的35家城投、交 投等伙伴合作共建近200座充换电站。" 据了解，蔚来汽车目前已在全国范围内布局8466座充换电站，其中高速换电网络覆盖超过550座城市， 高速公路平均每隔不到180公里即设有一座蔚来换电站。 此外，在12月22日至28日期间，蔚来能源（NIO Power）新增上线25座站桩。截至目前，蔚来能源已累 计建成换电站3654座，其中全国共有2302座换电站支持乐道汽车换电。 近期，蔚来持续加密补能网络布局。12月28日，蔚来与中国石化销售股份有限 ...

Group 1 - NIO's "Battery Doubling" plan has made significant progress, with over 4,409 new batteries deployed as of December 27, achieving 55.11% of the target [1] - The plan aims to increase the number of NIO batteries in the national battery swap network to more than double the current amount, ensuring sufficient capacity for peak demand during the Spring Festival [1] - NIO Power has added 25 new battery swap stations between December 22 and 28, bringing the total to 3,654 stations, with 2,302 supporting NIO's battery swaps [1] Group 2 - NIO has partnered with Sinopec to open its 292nd battery swap station, marking a new phase of large-scale collaboration [1] - The company has established partnerships with multiple energy firms, including Sinopec, PetroChina, and Shell, to enhance its charging and battery swap network [2] - By August 2024, NIO plans to launch the "Charging Partner" initiative, collaborating with 35 local investment and transportation companies to build nearly 200 charging and battery swap stations [2]

Group 1 - NIO and JAC established a joint venture in 2021, which is now set to be dissolved due to a resolution to disband the company [1][6] - The joint venture, Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd., had a registered capital of 510 million RMB and its insured employee count peaked at 4,620 in 2023, dropping to 104 in 2024 [4][6] - NIO's acquisition of manufacturing capabilities from JAC has allowed it to gain vehicle manufacturing qualifications, making the dissolution of the joint venture expected [6] Group 2 - NIO's cumulative losses have exceeded 100 billion RMB, with a net loss of 6.891 billion RMB in Q1 2024, raising concerns among shareholders and customers [7][9] - To improve efficiency, NIO has implemented a "Basic Operating Unit (CBU)" mechanism, resulting in a 40% reduction in frontline sales staff [7] - NIO's R&D investment has reached 60 billion RMB, with a projected 13.037 billion RMB for 2024, leading the competition in R&D spending [9] Group 3 - NIO delivered 24,925 vehicles in June 2024, a 17.5% year-on-year increase, but still falling short of CEO Li Bin's target of 10,000 monthly sales [9][10] - The upcoming launch of NIO's second brand, Lado's L90 model, is positioned as a large SUV with a starting price below 300,000 RMB, aimed at boosting sales [10]

Core Viewpoint - NIO emphasizes its commitment to technological innovation, with a cumulative R&D investment of 60 billion RMB, while maintaining a transparent financial approach regarding its losses and expenditures [2][3]. Group 1: Financial Performance - NIO reported a revenue of approximately 12.03 billion RMB for Q1 2025, representing a year-on-year growth of over 21% [2]. - The gross margin for vehicles was recorded at 10%, while the net loss attributable to shareholders was 6.891 billion RMB [2]. - Cumulative losses for NIO have exceeded 100 billion RMB, highlighting the significant financial challenges faced by the company [2]. Group 2: R&D and Strategic Focus - The majority of NIO's losses are attributed to R&D and the establishment of charging and battery swap networks, reflecting the company's strategic priorities [3]. - NIO is the only automotive company listed in three different markets, which underscores its unique position in the industry [3]. - The company has invested close to 60 billion RMB in R&D, yet its intangible assets are only valued at 4 million USD, indicating a high level of transparency in financial reporting [3].