"我觉得现实点来讲还是怎么能够多卖一点车，这个挑战比较大。乐道现在这两款车，不管是L60还是 L90，我觉得它们的综合产品力是相当强的。像L60这款车，在现在这么卷的市场里能够像它这样一直 稳步往上走的车型可能没几个，今年一季度经历了一轮低谷，后来慢慢从月销四千、五千、六千一步步 往上爬，能做到这一点的车型很少，乐道L90最近几个月连续过万，表现也很好。"谈及当下面临的最 大挑战，乐道汽车总裁沈斐坦言道。 "但乐道毕竟是一个成立才一年多的新品牌，整个销售队伍也是一个新队伍。我和内部是这么讲的，两 个最主要的问题，一是要不断让更多人知道我们乐道品牌，我们的理念、一些特色优势，包括有哪些 车，L60、L90的优势要传递出去。二是我们这样一个新团队，怎样不断提升凝聚力、战斗力、组织能 力。我觉得核心就这两个问题。"沈斐进一步补充道。 从使用频率上，沈斐也举例称："有一个友商品牌在公开的推文里就讲，增程用户需要烧油的场景一年 可能就三次，那么一年使用频率只有三次的情况下有没有必要花那么多的钱去带着一套增程系统？这对 用户来说其实不是很好的体验点，利用率特别低。现在有这么多的充电桩、换电站，咱们真正应该做的 是让用户选 ...

Core Insights - NIO reported a record high revenue of approximately 21.79 billion yuan for Q3 2025, marking a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1][2] - The net loss narrowed to 3.48 billion yuan, a reduction of 31.2% year-on-year and 30.3% quarter-on-quarter [1][2] - Cash reserves increased significantly to 36.7 billion yuan, with positive operating cash flow and free cash flow achieved [1] Financial Performance - Automotive sales revenue reached 19.22 billion yuan, up 15% year-on-year and 19% quarter-on-quarter [2][6] - Gross margin for automotive sales improved to 14.7%, compared to 13.1% in Q3 2024 and 10.3% in Q2 2025, reflecting a 440 basis points increase [2][6] - Total revenue for Q3 2025 was 21.79 billion yuan, with a gross profit of 3.02 billion yuan, resulting in a gross margin of 13.9% [2][6] Delivery and Production - NIO delivered approximately 87,071 vehicles in Q3 2025, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [4][5] - The company aims to deliver between 120,000 to 125,000 vehicles in Q4 2025, representing a year-on-year growth of 65.1% to 72% [2][3] Future Outlook - The company targets a gross margin of around 18% for Q4 2025, with the new ES8 model expected to exceed a 20% gross margin [4][7] - NIO's CEO expressed confidence in achieving profitability in Q4 2025 and aims for full-year profitability in 2026 [3][9] - The company plans to launch five new large vehicles in 2026, aligning product offerings with market trends [11][13] R&D and Operational Efficiency - R&D expenses for Q3 2025 were 2.39 billion yuan, down 28% year-on-year and 20.5% quarter-on-quarter [7][8] - The company is focused on enhancing operational efficiency and has seen improvements in Q3 2025 [8]

Core Viewpoint - NIO reported its Q3 2025 financial results, highlighting delivery growth, improved gross margins, and cautious guidance for Q4 due to subsidy reductions [1][2][3] Delivery Performance - In Q3 2025, NIO delivered 87,071 vehicles, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [1] - The latest guidance indicates total deliveries for Q4 will range between 120,000 to 125,000 vehicles, representing a year-on-year growth of 65.1% to 72% [1] Financial Results - NIO's revenue for Q3 2025 was 21.7939 billion yuan, up 16.7% year-on-year and 14.7% quarter-on-quarter [2] - The net loss narrowed to 3.4805 billion yuan, a decrease of 31.2% year-on-year and 30.3% quarter-on-quarter [2] - The overall gross margin was 13.9%, with vehicle gross margin at 14.7%, both reaching a three-year high [2] Management Insights - CEO Li Bin stated that operational efficiency in management, sales, and R&D will improve in Q4, aiming for the company's first Non-GAAP quarterly profit [3] - Li expressed optimism for a gross margin increase to 20% next year, supported by cost reductions in the supply chain and expense management [3] Product Strategy - NIO plans to launch three new large SUV models in 2026, including the ES9 and ES7, which are expected to enhance sales and gross margins [4] - The company has a commitment to mitigate the impact of tax policy changes on customers, particularly for the new ES8 model [4]

最后是使用频率问题，如果增程用户需要使用燃油动力的场景一年可能只有三次的情况下，车主有没有 必要多花不少钱去准备一套增程系统？这对用户来说其实不是很好的体验点。 蔚来旗下乐道品牌在广州车展亮相，新京报贝壳财经记者对蔚来高级副总裁、乐道汽车总裁沈斐和乐道 产品体验负责人、助理副总裁俞斌进行了采访，他们就产品节奏、换电体系优势、市场竞争策略等核心 问题进行了分享。 沈斐提到，原计划2025年上市的乐道L80因L90销量超预期，推迟至2026年一二季度发布。针对电池安 全、新能源车购置税兜底等用户关切，乐道承诺对2026年交付用户100%兜底购置税，并强调换电体系 的安全与补能优势。另外，沈斐认为，大电池增程技术存在"重量、成本、空间"三重短板，坚定主张走 纯电+换电路线。 "炮打"大电池增程三重短板 新京报贝壳财经记者：广州车展上多家车企发布了大电池增程车型，你们有压力吗？对这个趋势有什么 看法？ 沈斐：仅对于蔚来和乐道来说，我认为把纯电和换电做好，根本不用做增程，因为团队有换电网络的基 础。如果是另外一个品牌且没有换电网络基础，就只能选择不同的路径。大电池增程有三个问题，增程 器、油箱装在车上，首先就增加了重量 ...

乐道产品负责人俞斌则从"终局视角"解释称，今天市场上涌现的大电池增程车，其实是三年前车企决策的产物。那时电池昂贵、基建不足，增程是合理的过 渡；但站在2025年，全国公共充电桩已达600-1000万根，且用户一旦习惯了纯电的静谧体验就"再也回不去"了。 410 44 I I itta CS 2000 CC 200 CD CLE 作者 | 柴旭晨 编辑 | 周智宇 从莫文蔚"来了"，到古天乐"道了"，李斌打造的家庭品牌加大了造势力度。 11月21日广州车展，请来古天乐的乐道，为自家旗舰L90推出了"黑武士特别版"。在过去一年经历了"命运过山车"后，乐道终是找到了状态。L60与L90双车 并进，月销稳定在2万辆左右，乐道总算是担起了蔚来的走量重任。 然而，站在2025与2026的交界点，乐道总裁沈斐并不能就此轻松下来。"现实点来讲，还是在想怎么能够多卖一点车。"被问及目前最大挑战，沈斐对华尔街 见闻直言道。 乐道接下来要面对的挑战不少。首先，面对明年即将调整的新能源购置税政策、地方补贴的退坡，以及"大电池增程"竞品围攻，乐道下一步该如何落子？ 回溯来看，2025年的SUV市场出现了一个怪象：上市的大三排SUV普遍 ...

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 ...

11月21日，第二十三届广州国际汽车展览会（以下简称"2025广州车展"）如期而至。据广州国际车展官方披露，本届车展共有93台全球首发新车，创下历 史新高——过去两年分别为78台和59台。但进一步梳理可见，多数全球首发新车实际为改款车型，且以亮相而非上市为主。 相较于往年节奏，2025年广州车展的新车前瞻来的比过去晚了一些，核心原因一方面在于，众多车企已将旗下重磅新车的发布节点前置，提前于车展前完 成亮相；另一方面，部分车企有意保留参展阵容的神秘感，将关键信息留至最后。 吴迪/摄 例如岚图泰山、小鹏X9增程版、零跑Lafa5等车型，也都悉数避开了车展首日，选择在车展前后举办上市发布会。 具体来看，自主品牌占据本次车展新车主体，且核心竞争力集中于电动化技术与配置下沉。 鸿蒙智行新款享界S9于车展前夕同步完成上市，起售价未变化仍是30.98万起，但顶配车型售价下调了8万元，S9T版本重点优化智能座舱交互逻辑与后置 电机功率，CLTC工况续航提升至700km。 据不完全统计，本届车展上，搭载华为乾崑ADS 4.0的车型超过20款，采用宁德时代电池的有35款。 截至2025年10月底，华为乾崑已和14家车企达成合作， ...

Core Viewpoint - NIO has reported a revenue increase and a reduction in losses for Q2, indicating a potential recovery path despite ongoing challenges in achieving profitability in Q4 [1][2][7]. Financial Performance - Q2 total revenue reached 19.0087 billion yuan, a year-on-year increase of 9.0% and a quarter-on-quarter increase of 57.9% [1][8]. - Adjusted net loss for Q2 was 4.1267 billion yuan, a year-on-year reduction of 9.0% and a quarter-on-quarter reduction of 34.3% [1][8]. - Vehicle deliveries totaled 72,056 units, representing a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [8]. Profitability Goals - To achieve profitability in Q4, NIO needs to meet several conditions: average monthly deliveries exceeding 50,000 units, a gross margin of 16%-17%, R&D expenses around 2 billion yuan, and sales management expenses controlled at about 10% [2][6][9]. - NIO aims for Q3 delivery guidance between 87,000 and 91,000 units, with total revenue projected to reach between 21.812 billion and 22.876 billion yuan, reflecting a year-on-year growth of approximately 16.8% to 22.5% [8]. Strategic Focus - NIO is focusing on a dual strategy of maintaining its electric vehicle technology and expanding its multi-brand product planning, which is beginning to show synergistic effects [5][16]. - The company is also emphasizing user feedback in product development, adapting features based on customer preferences [5][18]. Market Positioning - NIO's gross margin for Q2 was 10.3%, with expectations to rise to 16%-17% in Q4 due to the sales of higher-margin models like the L90 and the new ES8 [10][12]. - The company is also addressing cost control measures, aiming to keep R&D expenses between 2 billion and 2.5 billion yuan per quarter and sales management expenses at 10% [12][20]. Leadership and Culture - NIO's CEO, Li Bin, emphasizes the importance of learning from past experiences and adapting to market demands, highlighting a shift in company culture towards being more responsive to user needs [21][22]. - The company is undergoing significant internal adjustments, with a focus on building a resilient organization capable of navigating challenges independently [21][23].

Core Viewpoint - NIO's Q2 2025 financial report reveals significant challenges, but the strong sales of the L90 and the pre-sale success of the new ES8 provide a glimmer of hope for the company's future [1][4]. Financial Performance - As of June 30, 2025, NIO's cash and cash equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB 27.2 billion [5]. - The company reported an operating loss of RMB 4.9089 billion for Q2 2025, with a net loss of RMB 4.9948 billion, and an adjusted net loss of RMB 4.1267 billion [7]. - Operating expenses included R&D costs of RMB 3.007 billion, down 6.6% year-over-year and 5.5% quarter-over-quarter, while selling, general, and administrative expenses rose 5.5% year-over-year but fell 9.9% quarter-over-quarter [8]. Delivery and Production Guidance - NIO delivered 72,056 vehicles in Q2 2025, marking a 25.6% year-over-year increase and a 71.2% quarter-over-quarter increase [10]. - For Q3, the delivery guidance is between 87,000 and 91,000 vehicles, representing a year-over-year growth of 40.7% to 47.1% [10]. - The company aims for a monthly delivery target of 50,000 vehicles in Q4, with total deliveries exceeding 150,000 for the quarter [10][11]. Gross Margin and Profitability - NIO's gross margin for Q2 2025 was 10.0%, an increase from 9.7% year-over-year and 7.6% quarter-over-quarter [14]. - The long-term goal is to achieve a 20% overall gross margin, with specific targets for different brands: 25% for NIO, over 15% for the Lido brand, and around 10% for the Firefly brand [14]. - The company expects to reach breakeven with a gross margin of 16%-17% by Q4 [14]. Future Product Plans - NIO plans to maintain quarterly R&D expenses between RMB 2 billion and 2.5 billion in 2026, significantly lower than previous levels [15]. - Upcoming product launches include the Lido L80 and two large SUVs, the ES9 and the five-seat SUV ES7, indicating a strategic shift in response to competitive pressures [15].

Core Viewpoint - The financial performance of the new energy vehicle manufacturers, particularly Li Auto, NIO, Xpeng, and Leap Motor, shows a competitive landscape with Li Auto leading in revenue and profitability despite a decline in delivery volume compared to Leap Motor, which achieved the highest delivery numbers in Q2 2023 [1][2][5]. Group 1: Financial Performance - In Q2 2023, the delivery volumes for the four companies were 72,056 for NIO, 103,181 for Xpeng, 111,074 for Li Auto, and 134,112 for Leap Motor, with Leap Motor being the delivery champion [2]. - Revenue figures for Q2 2023 were reported as follows: NIO at 19.01 billion, Xpeng at 18.27 billion, Li Auto at 30.246 billion, and Leap Motor at 14.23 billion, indicating Li Auto's significant lead in revenue [5][7]. - Li Auto maintained a gross margin above 20%, while the gross margins for the other companies were 10.0% for NIO, 17.3% for Xpeng, and 13.6% for Leap Motor [7][11]. Group 2: Profitability - Li Auto achieved a net profit of 1.1 billion in Q2 2023, marking a 69.6% increase from the previous quarter, while Leap Motor also reported a profit of 160 million [11]. - NIO and Xpeng continued to operate at a loss, with losses of 4.99 billion and 480 million respectively, although both companies reported a reduction in losses compared to previous quarters [11][12]. Group 3: R&D Investments - NIO's R&D expenses for Q2 2023 were 3 billion, while Xpeng's were 2.21 billion, reflecting a year-on-year increase of 50.4% [12]. - Li Auto's R&D expenses were 2.81 billion, showing a decrease compared to the previous year, while Leap Motor's R&D expenses were 1.09 billion, up 55.5% year-on-year [12]. Group 4: Future Outlook - Li Auto provided a Q3 delivery guidance of 90,000 to 95,000 units, indicating a year-on-year decline of 41.1% to 37.8%, along with expected revenue of 24.8 billion to 26.2 billion, a decrease of 42.1% to 38.8% [13]. - NIO projected Q3 deliveries of 87,000 to 91,000 units, with revenue expectations of 21.81 billion to 22.88 billion, both setting historical highs [13]. - Xpeng anticipated a year-on-year delivery growth of 142.8% to 153.6% and a revenue increase of 94.0% to 107.9% for Q3 [13].