在价格方面，ET9地平线特别版整车方式购买81.8万元起，电池租用方式购买售价71万元起，9月底正式 开启交付；全新ES8起售价40.68万元，相比8月预售时下调1万元，9月21日正式开启交付。 实际上，在全新ES8开启预售时，蔚来公布的预售价就已经较第二代蔚来ES8（上市时起售价52.8万 元）下调了11.12万元。彼时，李斌表示，全新ES8的预售定价会对原有用户产生一定影响。但如果蔚来 继续保持高价策略，将很难参与激烈的市场竞争。 蔚来正加快在纯电赛道的布局与投入。9月20日晚，蔚来汽车董事长李斌在2025蔚来日，正式发布ET9 地平线特别版和全新ES8两款车型。 不过，摆在蔚来面前的生存压力仍不容忽视。9月17日，公司宣布完成一笔11.6亿美元的融资，而这距 离其成功融资10亿美元的动作仅仅时隔一周。从发展历程来看，长期亏损使得蔚来对外部融资的依赖度 较高。财报显示，蔚来自2014年成立以来一直处于亏损状态，截至2025年9月，累计亏损已超过1300亿 元。除了上述两次融资之外，蔚来还曾在今年3月融资约36.8亿元，并于2023年先后两次获得阿布扎比 投资机构CYVN Holdings的战略投资等。 融 ...

Core Viewpoint - Li Auto's July sales data shows a significant year-on-year decline of 39.7%, indicating pressure on its extended-range series and a need for substantial upgrades to enhance product competitiveness [1] Sales Performance - In July 2023, Li Auto sold 30,731 vehicles, a decrease of 39.7% year-on-year [1] - Cumulative sales from January to July 2023 reached 235,000 units, down 2.2% year-on-year [1] Product Launch and Strategy - The company recently launched its second pure electric model, the i8, with three configurations priced at 321,800, 349,800, and 369,800 yuan [1] - The i8's pricing strategy is conservative, aligning closely with the L8 model, and lacks certain high-demand features that competitors offer [2] - The i8's delivery strategy may affect customer commitment, as there are no additional cash incentives for customers upgrading their orders [3] Competitive Landscape - The i8 faces competition from newly launched models such as the Aito M8 and the Leado L90, which may divert potential customers due to their pricing and features [3] - Despite the competitive pressure, the i8 boasts advantages like dual-motor all-wheel drive and superior battery capacity compared to some competitors [3] Future Outlook - Li Auto has demonstrated strong error correction capabilities, with past models improving significantly after initial underperformance [4] - The upcoming i6 model, set to launch in September 2025, targets a broader market segment and is expected to strengthen Li Auto's position in the 200,000 to 300,000 yuan price range [4] - The company has established a robust charging network with 3,000 supercharging stations across 31 provinces and 258 cities, leading the industry in self-built high-speed charging stations [4] Financial Projections - Adjustments to net profit forecasts for 2025-2027 are made to 7.7 billion, 12.1 billion, and 17 billion yuan, reflecting the anticipated sales pressure on the L series and lower-than-expected market feedback for the i8 [5] - Despite the downward revision in profit forecasts, the company's strong error correction ability and recent valuation adjustments support a "recommended" rating [5]