今年，大电池增程车凭借媲美纯电车的续航里程以及燃油车的补能效率，成为市场新的热点，智己 LS9、零跑D19、小鹏X9等纯电续航超过400公里的增程车相继发布。 蔚来是目前唯一一家只走"纯电+换电"路线的新能源车企。面对大电池增程车的这轮攻势，蔚来高级副 总裁、乐道汽车总裁沈斐不以为然，他在11月21日的2025广州车展上接受经济观察报等媒体采访时表 示：现在做大电池增程车，在逻辑上解释不通。 沈斐的判断首先基于电动汽车补能设施的状况——与五六年前相比，全国公共充电桩的数量增加了5至 10倍，充电已足够方便，这种情况下还堆电池容量，不是一个足够合理的选择。 乐道产品体验负责人俞斌认为，如今推出大电池增程车的车企，吃了"时间差"的亏。"做一个新平台新 产品，需要经过约三年时间才能出第一台车。2025年倒推三年是2022年，那时国内充换电设施还不完 善，增程确实解决了一些用户的顾虑，所以很多友商纷纷立项大电池增程车。但现在增程车的产品差 异，代表的是三年前大家对行业的判断，不是对今天的判断。"他对经济观察报等媒体说。 其次，沈斐觉得增程系统比较"鸡肋"。"有一个友商品牌在公开推文里讲，增程用户需要烧油的场景一 年可 ...

Core Insights - The golden era of pure electric large three-row SUVs has arrived, driven by technological breakthroughs and improved infrastructure, marking a fundamental shift in the market dynamics of the automotive industry [2] - The development of pure electric technology has addressed the core pain point of range anxiety, with the new ES8 capable of over 600 kilometers on a single charge, meeting daily usage needs [2] - The transition from range-extended to pure electric models is evident, with manufacturers previously focused on range-extended technology now launching pure electric products, indicating a consensus on the technological direction within the industry [2] Infrastructure and User Experience - NIO has established over 3,500 battery swap stations and more than 8,000 charging and battery swap stations, creating the world's largest intelligent electric vehicle battery swap network [3] - The user experience will significantly improve once the number of battery swap stations reaches 5,000 to 10,000, with the current network density in Guangdong providing unparalleled convenience compared to other energy replenishment methods [3] Industry Collaboration and Market Trends - NIO's network layout focuses on enhancing the private car user experience, differing from other companies, and 85% of the energy is made available for use by other brands, fostering a collaborative environment for industry development [4] - The Chinese smart electric vehicle industry has transitioned from policy-driven to market-driven, with a penetration rate of over 57% for new energy vehicles in October, indicating that they have become mainstream [4] - The upcoming adjustments to the new energy vehicle purchase tax policy are expected to have a limited impact, as the industry has developed deep market capabilities [4] - NIO will continue to invest in full-stack technology for smart electric vehicles, emphasizing the importance of succeeding in China as a pathway to success in other markets [4]

99秒完成换电，10分钟内找到站点——新能源车主的"里程焦虑"与"补能焦虑"正被一种全新的模式高效化解。11月20日，一场以"你好，青岛！"为主题的 宁德时代巧克力换电站六站联合开业仪式暨一汽红旗EQM5换电版首批车辆交付活动在青岛举行。 此举标志着宁德时代旗下全资子公司时代电服创新的"巧克力换电"模式正式落地青岛，为这座滨海城市的绿色出行按下了"加速键"，也预示着青岛在构建 高效、便捷新能源补能网络与零碳交通生态方面迈出了坚实一步。 六站齐发，构筑"10分钟换电圈"基石 活动现场，随着嘉宾共同启动，宁德时代巧克力换电站在青岛的首批六座站点同步正式投运。这六座站点的布局，充分考虑了对核心城区及重要交通节点 的覆盖，为后续网络扩展奠定了坚实基础。 与换电站网络建设同步推进的是换电车辆的规模化运营。在本次仪式上，一汽红旗向合作出行平台交付了首批EQM5换电版车辆。这批专为运营市场打造 的换电车型，将以其高耐久性、高可靠性以及快速的能源补给优势，服务于青岛市民的日常出行，成为岛城绿色交通的新生力量。 "换电模式精准解决了运营车辆对'效率'和'成本'的核心诉求。"到场的一位出行平台负责人表示，"短短两分钟不到的换电时 ...

Core Viewpoint - CATL is promoting a battery swapping model, transforming batteries from a product into a service, which is seen as a key innovation for exploring new growth opportunities in the industry [1] Group 1: Market Entry and Pricing Strategy - The Aion UT Super, a battery-swapping model launched by CATL in collaboration with JD and GAC, has a retail price of 89,900 yuan, with a rental version priced at 49,900 yuan, making it accessible to a broader consumer base [2][3] - The battery rental model, with a monthly fee of 399 yuan, aims to attract consumers who are hesitant about battery range and charging efficiency, particularly those transitioning from traditional fuel vehicles [2][3] Group 2: Competitive Landscape - CATL's entry into the market with a low-cost battery-swapping vehicle contrasts with competitors like NIO, which focuses on high-end models, indicating a strategic shift towards more affordable electric vehicles [2][3] - The Aion UT Super's battery price is 40,000 yuan, accounting for 80% of the vehicle's cost, which is significantly higher than the industry average for battery replacement costs [4][5] Group 3: Battery Technology and Performance - The Aion UT Super features CATL's "Chocolate" battery, which has an energy density of 160 Wh/kg and provides a range of 500 kilometers, meeting consumer demands for efficiency [4][5] - The battery's design includes safety features and a battery management system that enhances its lifecycle value by 40%, although it incurs higher initial costs [5] Group 4: Infrastructure Development - CATL plans to establish 1,000 battery swapping stations by the end of 2025, with a long-term goal of 30,000 stations, indicating a significant investment in infrastructure to support the battery-swapping model [7][9] - The high costs associated with building battery swapping stations are a barrier to entry for many competitors, with NIO and CATL being the primary players in this space [7][8] Group 5: Industry Standards and Collaboration - The industry faces challenges in standardizing battery swapping protocols, which is crucial for widespread adoption, as different manufacturers have varying specifications [8][9] - CATL and NIO have previously announced a strategic partnership to develop a unified battery swapping network, although the implementation of this collaboration is still in progress [8][9]

京东在汽车领域的布局由来已久，其业务覆盖销售、物流、仓储、配件供应链等多个环节，同时还在与 零部件和车品生产企业开展销售合作的基础上，搭建起"京东养车"线下服务网络。此次推出"国民好 车"，是京东将自身消费者洞察能力与汽车制造深度融合的首个量产成果。相比重资产投入造车，这种 轻资产入局的方式风险更低、效率更高，有助于其数字资产快速变现。若市场反响良好，该模式有望快 速复制至其他品牌车型。 从10月上旬京东高调宣布"造车"，到其001号"国民好车"在10月22日的拍卖中以7819.34万元的天价落 锤，再到11月5日京东、广汽集团、宁德时代联合打造的埃安UT super 1号车正式下线，直至11月9日晚 产品迎来正式上市——尽管最终竞拍者放弃支付尾款，这场由三方联袂演绎的"国民好车"大戏，已成功 吸引市场的广泛关注。 营销首站告捷，为京东、广汽集团、宁德时代的三方合作奠定了良好开局，而真正的考验还在于后续的 市场表现。在笔者看来，三方联手不仅意在卖车，更在于探索小型私家车的车电分离销售模式。一旦该 模式获得消费者认可，未来将有更多采用宁德时代巧克力电池的换电车型汇聚京东平台，构建出一个规 模可观的换电车型生态。 ...

"我们正在推动'车电分离'的换电模式，让电池从商品变为服务。"宁德时代董事长 曾毓群近日 在2025 世界动力电池大会 上说，将换电模式视作模式创新的代表，与技术突破 、场景拓展、零碳生态并列， 作为探索新增长空间的四个维度之一。 宁德时代（300750）电池使用量已经连续8年排名全球第一，今年很有可能将蝉联第一。作为行业"领头 羊"，宁德时代提及的"新增长空间"很快就成为业内关注的话题——从卖产品转向卖服务，换电模式是 宁德时代的"明牌"。 换电模式的另一主要玩家蔚来，其主品牌定位于高端智能，主力车型ES6采用电池租用方案的官方定价 为23万元。今年，蔚来也下探A0车型市场，子品牌萤火虫的电池租用方案售价仅7.98万元，不过整车销 售价格为11.98万元。 宁德时代以低门槛切入市场，大力推广换电模式的战略意图明显。在真锂研究院副总编于小龙看来，租 电版本搭配电池月租金的定价方案对于一台入门换电车而言，颇具吸引力。 埃安UT super由京东提供产品洞察。京东结合几十万份"国民好车"专项问卷调研判断，83%的用户期待 价格低于10万元，96%关注续航与补能效率。车身的低价，依赖于广汽埃安长沙智能生态工厂的制造 ...

宁德时代电池使用量已经连续8年排名全球第一，今年很有可能将蝉联第一。作为行业"领头羊"，宁德 时代提及的"新增长空间"很快就成为业内关注的话题——从卖产品转向卖服务，换电模式是宁德时代 的"明牌"。 作为这一模式创新的载体，宁德时代11月与京东、广汽合作推出的埃安UT super，将换电车型的租电版 本售价门槛降低至5万元以下。这款低车价、高电池价的A级车，折射出动力电池领军企业宁德时代的 雄心，但也隐含着这家万亿市值公司时下不得不面对的困局。 低价入局 11月9日，上述三方合作的换电车型埃安UT super正式上市，整车销售价格为8.99万元，租电版本售价仅 为4.99万元，一个月内下单电池月租金为399元。考虑到车辆登记价不含电池价，消费者选择租电版本 还可进一步减少购置税。 "如果要说突破，这是埃安UT super第一次把换电功能下放到同级别车型。"宁德时代巧克力换电相关负 责人在接受证券时报记者采访时表示。在宁德时代看来，目前市场上10万元以下新能源车占有率还有提 升空间，不少油车用户对电池的续航、补能等有疑虑，希望埃安UT super可以打动这部分消费者。 "我们正在推动'车电分离'的换电模式，让电 ...

Core Insights - Electric vehicles (EVs) are positioned as future super mobility terminals, with strategic significance comparable to consumer electronics and home appliances, and JD.com aims to be a key player in this market [2] - JD.com, in collaboration with GAC Aion and CATL, has launched the Aion UT Super, a battery-swapping model priced at 49,900 yuan, significantly undercutting competitors like BYD Dolphin and Geely Xingyuan [2][3] - The Aion UT Super targets the A0 market, previously dominated by competitors, by offering a value-for-money proposition to achieve rapid sales growth [3] Pricing Strategy - The Aion UT Super's pricing strategy is aggressive, with a starting price of 49,900 yuan, which is about half the price of leading models in the same category [3] - The vehicle offers enhanced features compared to its standard version, including an extended range of 80 kilometers, while the battery rental cost is significantly lower [3] - This pricing approach aims to establish market recognition quickly and create a competitive barrier through a "lower price, larger space" strategy [3] Business Model - JD.com’s entry into the EV market is characterized by a "light" business model, focusing on user demand insights and online sales channels, while GAC Aion handles manufacturing and CATL provides battery support [5][7] - The collaboration aims to create a replicable model for other platforms, potentially transforming the automotive industry into one driven by data and ecosystem collaboration [8] Battery Swapping Value - JD.com recognizes the value of battery swapping, a model popularized by NIO, and has partnered with CATL for its battery-swapping stations, which are designed for quick and efficient service [9][10] - The Aion UT Super is positioned to attract both B-end (business) and C-end (consumer) users, addressing the cost sensitivity and convenience needs of the market [10][14] - The expansion of battery-swapping stations is crucial for increasing consumer acceptance and convenience, with plans for significant growth in station numbers [12][14] Aftermarket Dynamics - The electric vehicle aftermarket is shifting from a decentralized model to one dominated by manufacturers, creating challenges for third-party service providers [15] - JD.com is enhancing its automotive service capabilities through partnerships with battery manufacturers, aiming to provide high-standard services for electric vehicle owners [16] - The integration of technical standards and service capabilities is essential for establishing a comprehensive maintenance ecosystem for electric vehicles [16]

Domestic News - The release of the group standard "Automotive Data Export Safety Assessment Method" fills a gap in the automotive industry's data export safety assessment, providing clear guidelines for companies going abroad [7] - The Ministry of Industry and Information Technology supports innovations in battery swapping models and vehicle-network interaction trials, emphasizing the broad prospects for the power battery industry [8] - Jiangsu Province has increased its automotive consumption subsidy to a maximum of 10,000 yuan, up from 8,000 yuan, to stimulate consumer demand [9] - Zhejiang Province aims to accelerate the construction of an artificial intelligence innovation development highland during the 14th Five-Year Plan period, targeting a core industry revenue of 1.2 trillion yuan [11] - Avita Technology signed a business cooperation framework agreement with the Chongqing branch of the Industrial and Commercial Bank of China to enhance financial services for the new energy vehicle ecosystem [12] - Beijing Automotive Group signed a strategic cooperation agreement with Beijing Rural Commercial Bank, securing a credit line of 50 billion yuan to support its development [13] - Leap Motor established a smart technology company focusing on AI and IoT business [14] - Chip Alliance Integrated released a new silicon carbide G2.0 technology platform aimed at high efficiency and power density for applications in new energy vehicles and AI data centers [15] International News - Japan's new car sales in October 2025 reached 395,189 units, a decline of 1.8% year-on-year, while cumulative sales for the first ten months increased by 4% compared to the previous year [16] - Vietnam's new car sales in October 2025 fell by 9% year-on-year to 31,844 units, continuing a downward trend [17] - The US and South Korea announced a trade agreement reducing tariffs on imported cars and parts from 25% to 15%, effective retroactively from November 1 [18] - Tesla's Supercharger network will be accessible to Volkswagen ID.4 and ID. Buzz owners in Canada starting November 18, allowing them to use Tesla's extensive charging infrastructure [19] Commercial Vehicles - Foton Motor launched the new generation micro truck Wonder Plus, offering multiple new energy power options, produced at its automated and digitalized manufacturing base [22] - Weichai's new generation light truck, the Blue Whale X7, was officially launched in South China, featuring advanced power systems and high-end design [23] - Shenzhen has stopped accepting applications for subsidies for the scrapping of non-operational national IV heavy trucks, with a significant number of pending applications [24] - Jiangxi Isuzu officially launched the RE-MAX pickup truck, with a starting price of 86,800 yuan, and introduced a new IP focused on transparency in vehicle development [26]

在"双碳"目标驱动下，新能源重卡发展成为交通领域绿色低碳转型的重要一环。不过，续航受限、充电 不便等因素仍制约着其规模化推广进程。基于此，今年以来，宁德时代、欣旺达等多家电池厂商瞄准行 业痛点推出重卡电池新品，聚焦充电效率提升展开技术攻坚。 在业内人士看来，在政策支持、技术优化、基础设施建设等多维度协同发力下，新能源重卡在中长途运 输领域的规模化、高效化发展运营有望加速驶入快车道。 ■■多家电池企业涉足 今年已有多家电池厂商通过深化与车企战略合作、发布新品等方式涉足新能源重卡赛道。10月，欣旺达 发布商用车超充电池、长寿命电池。4月，欣旺达动力举办"重卡专用动力电池发布会"，推出重卡专用 大容量超充电芯。 同样在10月，宁德时代在业绩说明会上表示，公司正在打造重卡换电生态，加速重卡的电动化。公司商 用动力电池出货快速增长、占比逐步提升，目前占总出货的比例约两成。据悉，宁德时代在换电重卡领 域深耕多年，并已天行重型商用车系列电池，包括超充版、长寿命版、长续航版以及高强度版。 5月，亿纬锂能发布8款开源电池产品，旨在以全场景解决方案覆盖商用车多样化应用需求。在重卡领 域，亿纬锂能推出不同规格电池产品，包括LF23 ...