2026年1月6日，蔚来公司第100万台量产车下线，达成新的里程碑。早些时候，蔚来公布了2025年12月及全年销量，两项数据均创历史新高。 然而，就在这个公司重回高速增长，百万台里程碑时刻即将到来之时，1月1日，蔚来创始人、董事长、CEO李斌却发布了一封充满危机感的内部全员信。 他在这封题为《日拱一卒，久久为功》的信中表示："我们没有片刻放松的资格。2026年，我们要继续结硬寨，打呆仗，为当下和更长周期的发展夯实底 盘，积蓄力量。" 经过年初的调整，和下半年的爬坡，蔚来公司在年底交出了一份创纪录的答卷。2025年12月，蔚来公司交付新车48,135台，位列新势力第三，同比增长 54.6%；2025年第四季度，蔚来公司交付新车124,807台，同比增长71.7%；2025年全年，蔚来公司共交付新车326,028台，同比增长46.9%，三个数字均创 历史新高。 1月6日，蔚来公司第100万台量产车下线，蔚来跻身"百万台俱乐部"。 这些成绩意味着，蔚来彻底走出了2025年初的低谷，进入高速增长的第三阶段，同时挺进了"决赛圈"。"第三个增长周期，我们希望实现每年增长40- 50%，保持相对高速的稳定增长。"李斌在1月 ...

随着第四季度进入最后一个月，年度业绩冲刺的决战时刻已然到来。蔚来将冲刺的核心动能，明确地押 注于其旗舰车型——全新ES8之上。这款集蔚来最新智能、电动、舒适技术于一身的车型，自上市以来 便持续获得市场的高度认可。 根据公司最新信息，全新ES8的新增订单储备持续稳定增长，市场需求旺盛。这不仅是产品力的直接证 明，更反映了在高端纯电SUV市场，消费者对技术领先、体验卓越产品的渴求并未因市场大盘的波动而 减弱。为满足强劲的市场需求，全力冲刺年度目标，蔚来的供应链与生产体系已开足马力，12月，全新 ES8的生产与交付节奏将迎来全面、大幅度的加速。 蔚来公司正式公布最新月销量数据，11月蔚来交付新车36275台，同比增长76.3%。其中，蔚来品牌交 付新车18393台；乐道品牌交付新车11794台；firefly萤火虫品牌交付新车6088台。自今年8月以来，蔚来 公司交付量已连续四个月交付超过3万，firefly萤火虫品牌交付量连续四个月创新高。截至目前，蔚来公 司已累计交付新车949457台。其中，蔚来品牌累计交付新车797712台；乐道品牌累计交付新车119415 台；firefly萤火虫品牌累计交付新车32330 ...

Core Viewpoint - The company has shown significant growth in electric vehicle deliveries and financial performance, driven by new product launches and cost reduction strategies, positioning itself for continued expansion in the market [1][4][5]. Delivery and Sales Performance - In Q3, the company delivered 87,071 smart electric vehicles, a year-on-year increase of 40.8% [1]. - October deliveries reached 40,397 units, marking a 92.6% year-on-year growth and setting a new monthly delivery record for three consecutive months [1]. - Q4 delivery guidance is set at 120,000 to 125,000 units, representing a year-on-year increase of 65.1% to 72% [1]. Financial Performance - Total revenue for Q3 was 21.8 billion RMB, a year-on-year increase of 16.7% [4]. - Vehicle sales revenue was 19.2 billion RMB, up 15% year-on-year, while other sales reached 2.6 billion RMB, a 31.2% increase [4]. - The gross margin for vehicles improved to 14.7%, up from 13.1% year-on-year, attributed to reduced material costs [4][5]. Cost Management and Efficiency - The company achieved a non-GAAP operating loss of 3.5 billion RMB, a reduction of 32.8% year-on-year [5]. - R&D expenses decreased by 28% year-on-year to 2.4 billion RMB, reflecting organizational optimization [4][5]. - The company reported positive operating cash flow and free cash flow for the quarter, supported by an 11.6 billion USD equity financing completed in September [5]. Product Development and Technology - The company launched two new large three-row electric SUVs, ONVO L90 and the new ES8, which received strong market recognition [1]. - The introduction of the world's first world model (NWM) enhances the company's smart driving capabilities [2]. - Upcoming software updates, including COCONUT 2.1.0, aim to improve driving experiences with advanced models [2]. Market Strategy and Expansion - The company operates a comprehensive sales and service network with 172 NIO centers and 3,641 battery swap stations globally [3]. - The company is focusing on expanding its presence in international markets, with plans to introduce new models at competitive price points [16]. - The strategy includes a phased approach to market entry, prioritizing the Firefly brand for overseas expansion [16]. Future Outlook - The company aims for a gross margin of 20% by 2026, driven by high-margin models and cost control measures [10]. - Management expresses confidence in achieving quarterly breakeven in Q4 despite potential impacts from subsidy changes [6]. - The company plans to maintain R&D spending at approximately 2 billion RMB per quarter while ensuring long-term competitiveness [10].

Core Viewpoint - The article discusses the significant recovery and growth of NIO's sales, highlighting the company's strategic adjustments and market performance, while also addressing the challenges it faces in achieving sustainable profitability [4][7][16]. Group 1: Sales Performance - NIO's sales exceeded 10,000 units in the third week of October, with the NIO brand alone selling over 4,000 units, marking a substantial increase from just 1,470 units sold in early February [4][5]. - The company achieved a delivery volume of over 30,000 units in September, reflecting a steep upward trajectory in sales over the past 252 days [5][10]. - The launch of the new ES8 and the L90 model has significantly contributed to this sales surge, with the L90 achieving 21,626 deliveries in just two months [10][12]. Group 2: Strategic Adjustments - NIO's founder, Li Bin, emphasized the importance of increasing vehicle sales to achieve profitability, outlining specific actions to enhance marketing, supply chain efficiency, and timely delivery of software updates [9][10]. - The company has maintained a strong commitment to pure electric vehicle technology, distinguishing itself from competitors who have shifted towards hybrid models [10][11]. - NIO has built a robust charging and battery swap network, with 3,533 battery swap stations across 550 cities, which has alleviated user concerns about charging infrastructure [11][12]. Group 3: Industry Trends - The domestic electric vehicle market has seen a 46.1% year-on-year increase in sales for pure electric vehicles, while hybrid models have lagged behind with a 22.8% growth rate [12][14]. - Analysts predict a shift away from hybrid vehicles towards pure electric models, aligning with NIO's long-term strategy [14][16]. Group 4: Challenges Ahead - NIO faces significant delivery pressures, needing to ramp up production of the new ES8 to meet high demand, with a target of 15,000 units per month by December [16][19]. - The company must balance rapid sales growth with maintaining service quality, as increased delivery volumes could strain its customer service systems [19][23]. - There is a critical focus on ensuring that profitability is sustainable and not merely a short-term achievement, as highlighted by Li Bin's internal communications [19][20].

Core Insights - NIO has seen a significant increase in sales, with over 10,000 units sold in the third week of October, marking a recovery from earlier lows in February when sales were only 1,470 units [1][2][4] - The company aims to achieve profitability in Q4, with a focus on increasing vehicle sales rather than merely cutting costs [5][12] - NIO's commitment to pure electric vehicles has positioned it favorably in a market where hybrid models are losing traction [10][11] Sales Performance - NIO's sales have surged from 1,470 units in February to over 10,000 units in October, with a total of over 30,000 units delivered in September [2][4] - The launch of the large electric SUV, the L90, has been a turning point, achieving 21,626 deliveries in just two months [6][12] - The new ES8 model has also generated significant interest, with 150,000 test drives within ten days of its launch [6][12] Market Strategy - NIO's strategy includes enhancing marketing for key models, ensuring supply chain stability, and delivering high-quality software updates [5][6] - The company has built a robust charging and battery swap network, with 3,533 battery swap stations across 550 cities, alleviating consumer concerns about charging [7][9] Industry Trends - The domestic electric vehicle market has seen a 46.1% increase in sales year-to-date, with pure electric vehicles leading the growth [9][10] - Analysts predict a shift away from hybrid models towards pure electric vehicles, aligning with NIO's long-term strategy [10][11] Organizational Changes - NIO has implemented organizational reforms to enhance accountability and performance, requiring business units to be self-sustaining [11][12] - Sales personnel are now subject to performance evaluations, leading to improved sales capabilities and overall transaction volumes [11][12] Challenges Ahead - Despite positive trends, NIO faces challenges in meeting delivery targets, particularly for the new ES8, which requires a production capacity of 15,000 units per month [12][15] - The company must balance rapid sales growth with maintaining service quality and managing resource allocation across its three brands [12][17] - The sustainability of profitability remains a concern, with a focus on long-term growth rather than short-term gains [12][18]

Core Viewpoint - NIO is facing significant challenges in achieving profitability by Q4, with CEO Li Bin emphasizing the need for a combination of long-term strategy and short-term execution to overcome skepticism and achieve delivery and efficiency goals [3][10][12]. Group 1: Financial Performance - In Q2, NIO delivered 72,056 vehicles, a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2%, with revenue reaching 19.01 billion yuan, up 9.0% year-on-year and 57.9% quarter-on-quarter [6][9]. - The company aims for a monthly delivery of 50,000 vehicles in Q4, with a total quarterly target of 150,000 vehicles, requiring an average monthly production capacity of 56,000 vehicles across its three brands [10][11]. - NIO's gross margin is expected to recover to 16%-17% in Q4, with Q2 gross margin at 10.3% and non-vehicle business gross margin at approximately 8% [11][12]. Group 2: Strategic Initiatives - Li Bin has implemented a CBU (Core Business Unit) mechanism to ensure that each R&D project has clear investment return expectations and undergoes evaluation upon completion, enhancing short-term operational awareness while maintaining long-term goals [7][12]. - The company is focusing on product competitiveness, emphasizing the importance of technology routes, product planning, and product definition to adapt to market demands [12][13]. Group 3: Market Trends and Product Strategy - The electric vehicle market is at a turning point, with pure electric vehicle sales increasing by 24.5% year-on-year, while range-extended vehicles saw an 11.4% decline, indicating a shift in consumer preference [13]. - NIO's multi-brand strategy aims to cater to a broader customer base, with NIO positioned as a high-end technology brand, Lido focusing on family users, and Firefly targeting high-end small cars [13][14]. Group 4: Organizational Changes and Challenges - NIO has undergone significant organizational changes to improve efficiency, with a focus on enhancing R&D and operational capabilities, which has led to faster product releases and improved delivery timelines [14][27]. - The company acknowledges the need for a cultural shift within the organization to adapt to external pressures and internal challenges, emphasizing the importance of collective effort in overcoming difficulties [27][28].

Core Viewpoint - The launch of the Li Auto i8 has not met market expectations, prompting the company to quickly adjust its product strategy and pricing to better align with user demands and market conditions [3][4][10]. Group 1: Market Dynamics and User Feedback - The i8's initial release faced challenges due to complex configuration options and pricing, leading to increased user choice costs and affecting conversion rates [3][4]. - Li Auto's CEO acknowledged that user feedback indicated a desire for more straightforward configurations and reasonable pricing, which led to a rapid adjustment in strategy [3][10]. - The competitive landscape for mid-sized electric SUVs has intensified, with price competition becoming fierce, making it difficult for Li Auto to maintain its market share without diluting its brand [4][5]. Group 2: Product Strategy and Financial Health - The i8 is positioned as a key model for Li Auto's entry into the pure electric vehicle market, requiring a balance between pricing, commercial viability, and maintaining the performance of existing models [6][10]. - Li Auto has demonstrated strong financial health, achieving profitability for ten consecutive quarters and maintaining a gross margin of 22% and a net margin of nearly 10% as of Q1 2023 [11][12]. - The company has a significant cash reserve of 53.2 billion yuan, providing it with the capacity to invest in product development and market expansion [11][12]. Group 3: Design and Consumer Preferences - The i8 features a unique design language that appeals to consumers seeking innovation in a market characterized by design homogenization [13][14]. - The vehicle's spacious interior and advanced features, such as high-level driver assistance systems, cater to family users, enhancing its attractiveness in the competitive landscape [14][21]. - Li Auto's focus on user-centric design and addressing consumer pain points has positioned the i8 as a strong contender in the mid-range electric SUV market [17][22]. Group 4: Industry Trends and Future Outlook - The automotive industry is shifting from price wars to a focus on product quality and differentiation, with companies needing to redefine their competitive strategies [18][19]. - As the market matures, there is a growing emphasis on sustainable growth and high-quality offerings, which may benefit companies like Li Auto that prioritize product innovation and user experience [18][19]. - The i8's pricing strategy and design are expected to expand its potential consumer base, reducing internal competition with other models in Li Auto's lineup [22].

Core Viewpoint - The CEO of NIO, Li Bin, emphasized the company's unwavering commitment to the pure electric vehicle (EV) route, stating that there has never been any doubt about this direction [1] Group 1: Company Strategy - NIO has consistently adhered to the pure electric vehicle strategy without any deviation [1] - Li Bin expressed that if given the chance to go back in time, he would still prioritize the pure electric route over the range-extended vehicle approach, despite acknowledging its potential profitability [1] Group 2: Leadership Insights - Li Bin recalled his initial impression of range-extended vehicles, indicating that he believed they would sell well, yet he remained committed to the pure electric vision [1]

Core Viewpoint - NIO's founder and CEO, Li Bin, emphasized the company's unwavering commitment to pure electric vehicles, stating that there has never been a doubt about this direction [1]. Group 1: Company Strategy - NIO has consistently adhered to a pure electric vehicle strategy without any intention of reverting to alternative methods [1]. - Li Bin acknowledged that while there was an opportunity to explore range-extended vehicles for profit, the ultimate goal remains focused on pure electric technology [1]. Group 2: Leadership Insights - Li Bin shared his initial impression of range-extended vehicles, indicating that he believed they could sell well, but he ultimately chose to stick with the pure electric route [1].

Core Viewpoint - NIO's CEO Li Bin emphasizes that the profitability of the L90 model is driven by cost reduction capabilities stemming from technological advancements and economies of scale, with a focus on achieving operational profit rather than merely increasing sales [1][2][3] Group 1: Product Strategy and Market Positioning - The L90 model is priced at 193,900 yuan under a battery rental model, raising questions about its profitability; however, Li Bin asserts that the model still maintains a gross margin at this price point [2] - The L90 features a 900V high-voltage architecture, which enhances efficiency and significantly reduces material costs through integrated design and proprietary technologies [2] - The L90 targets a market gap in the 300,000 yuan segment for six- and seven-seat pure electric SUVs, challenging the dominance of range-extended models with its spacious design and standard 85kWh battery [4] Group 2: Financial Performance and Profitability Goals - Li Bin has consistently highlighted the goal of achieving profitability, with expectations to reach this milestone by Q4 2025, contingent on sales of 50,000 vehicles per month and maintaining a gross margin of 17-18% [3][5] - NIO's financial reports indicate a positive trend, with Q4 2024 gross margin rising to 13%, suggesting that previous R&D investments are beginning to yield returns [3] - The company aims to reduce vehicle material costs by an additional 10% by 2025, supported by a dedicated team reporting directly to the CFO [5] Group 3: Infrastructure and Service Network - NIO has established over 1,000 battery swap stations across 550 cities, with peak service volumes exceeding 137,000 transactions per day, enhancing the efficiency and reliability of its energy service network [1][4] - The investment of over 18 billion yuan in building more than 3,000 battery swap stations is seen as a sustainable revenue source beyond vehicle sales [4]