记者丨何煦阳 编辑丨张明艳 2025年新能源汽车市场收官，造车新势力的年度答卷上，写满了两极分化的残酷现实。 当"鸿零米"（鸿蒙智行、零跑、小米）以爆发式增速颠覆"蔚小理"旧格局之时，市场的另一端，曾经的 明星企业接连倒下，还有一些沉寂者则在绝境中试图吹响"复活"的号角。 有人在增量市场中高歌猛进，有人则在存量博弈里挣扎求生，行业洗牌下的生存与崛起之战，已然白热 化。 | | | 2025年造车新势力销量排行 | | | | --- | --- | --- | --- | --- | | 排名 品牌 | | 2025年交付量(万辆) | | 同比增长 年度销量目标完成率 | | 1 | 零跑 | 59.66 | 103% | 119% | | 2 | 鸿蒙智行 58.91 | | 32% | 59% | | 3 | 小鹏 | 42.94 | 126% | 113% | | 4 | 小米 | 41.00+ | 299% | 117% | | 5 | 理想 | 40.63 | -19% | 63% | | 6 | 蔚来 | 32.60 | 47% | : 74% | "鸿零米"高光之下，考验启幕 2025年造车新 ...

桐乡工厂已经停产超过14个月，销售网络严重萎缩，但在确定经营管理受托方和启动紧急融资计划后， 这家曾经的新势力销冠正为保住稀缺的造车资质进行最后一搏。 2025年12月18日，哪吒汽车母公司合众新能源汽车股份有限公司的管理人发布公告，正式确定了经营管 理受托方。这家机构将组建不少于50人的管理团队，全面接手公司的生产与日常运营。 与此同时，一项不超过1亿元人民币的紧急融资计划以"共益债"形式同步推出，用于支付水电费、核心 人员工资、设备维护等维持生存的必要开支。 01 危机爆发与司法介入 哪吒汽车的危机在2025年6月全面爆发。当时，公司被曝拖欠员工薪资及补偿金约4亿元，涉及员工超过 三千人。创始人方运舟在上海总部一度遭遇员工集体维权。 嘉兴市中级人民法院于6月12日正式裁定受理合众新能源的重整申请。这标志着哪吒汽车正式进入司法 重整程序，试图通过法律框架寻找生存机会。 今年3月，超过一百家供应商联合发布倡议，支持哪吒汽车化解债务并复工复产。倡议单位包括宁德时 代、国轩高科等动力电池及零部件头部企业，双方经过三轮磋商后，共同签署了债转股协议。 02 重整进程的关键节点 从2025年8月开始，哪吒汽车的重整工作 ...

近期，在二手车市场上，品牌倒下或企业破产的新能源汽车受到一些消费者尤其是年轻消费者的追捧，这些高性价比的"烂尾车"成为年轻玩家的"心 头好"。尽管这些"烂尾车"找到了接盘者，使其价值得以发挥，但潜在的安全隐患依然存在。有分析人士指出，新能源"烂尾车"重新走向市场是物尽其用 的市场行为，但其与燃油车在维修保养上存在一定区别，消费者需要更加谨慎，同时管理部门也应提供指导意见，降低"烂尾车"可能带来的风险。 性价比打动年轻消费者 "我不是在买车，我是在买一套移动的硬件组合。"关于为何选择购买新能源"烂尾车"，记者在走访时听到消费者的想法尤为简单和务实。 "即便车企倒闭，服务器关闭，车机系统失效，但只要电池未衰减，悬挂无异响，就已足够。智能驾驶不过是锦上添花，我真正需要的是一辆车。" "价格低廉是吸引年轻消费者购买"烂尾车"的根本原因。"这位车商坦言，高性价比是消费者愿意选择"烂尾车"的关键，过去二三十万元的新车，如今 五六万元即可购得，有效缓解了消费者的购车压力。"我只有10万元的预算，买新车绝对无法拥有如此高的配置，（烂尾车）非常划算。"一位消费者说。 一位刚被裁员的IT工程师坦言，在预算有限的情况下，选择硬件配 ...

Core Insights - Hozon Auto (合众新能源) is publicly recruiting investors for a benefit bond financing plan, aiming to raise up to 100 million RMB to support its core business operations and maintain its production capabilities [2][3] - The company is also seeking a management trustee to oversee its restructuring process, with specific requirements for the management team and operational staff [4][7] Financing and Debt Structure - The benefit bond financing will be used for essential operational expenses, maintenance of production equipment, and costs related to after-sales services [3] - The financing term is expected to last for 12 months, starting from the actual disbursement of funds [3] Management and Operational Strategy - The management trustee must utilize the company's production lines and assets to maintain its dual production qualifications, which require the production of at least 2,000 vehicles by 2026 [7] - The core management team must consist of at least 20 members with over 15 years of experience in mainstream domestic automotive manufacturing [4] Asset Overview - As of June 12, 2025, Hozon Auto's production assets include fixed assets, machinery, and intellectual property [7] - The company operates three production bases, with various models being produced at each location [8]

Core Viewpoint - The article discusses the emergence of a new second-hand car ecosystem in China, where young consumers are increasingly purchasing defunct electric vehicles from bankrupt companies, viewing them as cost-effective alternatives despite the risks associated with their lack of support and service [3][14][36]. Group 1: Market Dynamics - Many once-promising electric vehicle brands have collapsed, leaving behind vehicles that are now sold at steep discounts, often 30-70% off their original prices [8][19][21]. - Young consumers are willing to buy these "zombie cars," focusing on the core hardware rather than brand reputation or advanced features, as long as the essential components like batteries and chips are reliable [40][41]. - The market for these defunct vehicles is growing, with reports of young buyers traveling long distances to acquire them, indicating a shift in consumer behavior towards practicality over brand loyalty [19][40]. Group 2: Consumer Behavior - The new generation of car buyers, particularly those from the Z generation, prioritize hardware specifications and cost-effectiveness over brand prestige, leading to a fundamental shift in how cars are valued [36][37]. - Many young consumers are adapting these vehicles for basic transportation needs, often modifying them to enhance functionality while minimizing costs [33][34]. - The acceptance of outdated technology and the willingness to engage in DIY repairs reflect a pragmatic approach to car ownership among younger buyers [30][39]. Group 3: Industry Implications - The article highlights the potential for a significant reduction in the number of electric vehicle brands in China, with projections indicating that the number could drop from over 400 to around 40 by 2025 [54]. - The rapid technological advancements in the industry, such as the anticipated production of solid-state batteries by CATL, pose a risk of obsolescence for current "bargain" vehicles [54][55]. - The need for a structured aftermarket support system is emphasized, suggesting that the industry should establish a service fund to assist owners of defunct brands and standardize core components to lower repair costs [50][54].

Core Viewpoint - The article discusses the emergence of a new second-hand car ecosystem in China, where young consumers are increasingly purchasing defunct electric vehicles from bankrupt brands, focusing on hardware specifications rather than brand loyalty or after-sales service [12][18][24]. Group 1: Market Dynamics - Many cities have become graveyards for defunct electric vehicles, which were once seen as pioneers in smart technology but are now being sold at steep discounts, often between 30% to 70% off their original prices [14][18]. - Young consumers are capitalizing on these "zombie cars," viewing them as cost-effective options despite the risks associated with the lack of brand support and service [7][12][20]. Group 2: Consumer Behavior - The perception of value among younger consumers has shifted from brand prestige to practical hardware specifications, with many willing to accept the risks of purchasing vehicles from bankrupt companies as long as the core components remain functional [24][25]. - The trend reflects a broader change in consumer attitudes, where the focus is on the utility of the vehicle rather than its brand image or advanced features [20][22]. Group 3: Industry Outlook - The number of electric vehicle brands in China is expected to decline significantly, with projections indicating a reduction from over 400 brands in 2018 to around 40 by 2025, and potentially down to 19 by 2030 [38]. - As technology continues to evolve, older models may face obsolescence, raising concerns about the long-term viability of current purchases [38].

Core Insights - The article discusses the rise and fall of several new energy vehicle companies in China, particularly focusing on Neta, WM Motor, and HiPhi, highlighting their initial successes and subsequent failures due to strategic missteps and market competition. Group 1: Neta's Rise and Fall - Neta achieved remarkable success in 2022, selling 152,000 vehicles and becoming the top-selling new energy vehicle brand, leveraging its "high value for money" strategy with models like Neta V and Neta U [1][40]. - The Neta V, priced between 70,000 to 90,000 yuan, offered significant space and features compared to competitors, which were mostly microcars [4][10]. - However, Neta's reliance on low pricing and high volume led to low profit margins, and its sales strategy heavily depended on dealers, resulting in inflated sales figures that did not reflect actual consumer demand [41][40]. Group 2: Strategic Errors - Neta faced critical strategic errors in 2023, particularly during a price war initiated by Tesla, which led to a significant drop in sales, with a year-on-year decline of over 30% starting in June 2023 [42][46]. - Instead of adjusting prices to remain competitive, Neta launched a new model, the Neta S, at a higher price point, which failed to attract consumers in a highly competitive market [47][48]. - The company continued to pursue a "brand upgrade" strategy with the introduction of the Neta GT, which diverted resources from more viable projects and ultimately led to a decline in overall sales [50][55]. Group 3: WM Motor's Challenges - WM Motor, founded by industry veteran Shen Hui, initially gained traction with its EX5 model, but failed to establish a strong brand identity compared to competitors like NIO and Xpeng [14][60]. - The company struggled with quality issues, including multiple recalls and incidents of vehicle fires, which undermined its reputation for reliability [80][87]. - WM Motor's lack of a distinctive market position and reliance on traditional automotive strategies contributed to its decline, as it could not compete effectively against brands with clearer identities [88][62]. Group 4: HiPhi's Strategy and Market Position - HiPhi attempted to replicate Tesla's high-end strategy with its HiPhi X and HiPhi Z models, but faced challenges due to overlapping market segments and increased competition [28][32]. - The company invested heavily in marketing and infrastructure but failed to achieve significant sales, leading to financial difficulties and a lack of market presence [38][39]. - HiPhi's inability to adapt to the rapidly changing market dynamics and its reliance on a narrow product strategy ultimately led to its downfall [36][55]. Group 5: Market Dynamics and Conclusion - The article emphasizes that the new energy vehicle market in China is highly competitive, with companies needing to adapt quickly to changing consumer preferences and pricing pressures [44][45]. - The ability to secure funding and successfully navigate the IPO process has proven crucial for survival, as seen with companies like NIO and Xpeng, which managed to leverage market conditions to their advantage [92][93]. - In contrast, Neta, WM Motor, and HiPhi's failures highlight the importance of strategic flexibility and the risks of adhering to outdated business models in a fast-evolving industry [55][94].

Core Viewpoint - The article discusses the emerging trend of young consumers purchasing defunct electric vehicles at significantly reduced prices, highlighting a shift in perception towards the value of cars and the components that make them functional rather than brand loyalty [5][10][18]. Group 1: Market Dynamics - The market for defunct electric vehicles is evolving, with young consumers viewing these cars as opportunities to acquire high-performance vehicles at low prices, often disregarding the brand's viability [6][10]. - Vehicles like the Jiayue 07, originally priced at 229,900 yuan, are now being sold for as low as 148,000 yuan, indicating a drastic price drop and a shift in consumer interest towards value rather than brand reputation [8][13]. - The number of electric vehicle brands in China has drastically decreased from over 400 in 2018 to around 40 by 2025, with projections suggesting further consolidation in the coming years [24]. Group 2: Consumer Behavior - Young consumers are increasingly focused on the hardware and specifications of vehicles rather than the brand's longevity, often referring to their purchases as "hardware gambles" [9][15]. - The perception of cars has shifted from being a status symbol to a practical means of transportation, with consumers prioritizing essential functionalities over advanced features [18][19]. - The trend of modifying defunct vehicles for basic utility reflects a pragmatic approach to car ownership, where consumers are willing to forgo brand prestige for practical benefits [16][20]. Group 3: Industry Challenges - The article highlights the challenges faced by consumers of defunct electric vehicles, including the lack of parts and support from manufacturers, leading to the emergence of informal repair and parts markets [19][20]. - There is a call for the establishment of a "post-sale responsibility fund" to support consumers of defunct brands, indicating a need for systemic changes in the industry to protect consumers [20]. - The rapid technological advancements in the electric vehicle sector pose a risk for current defunct models becoming obsolete, as companies like CATL plan to produce solid-state batteries with significantly improved performance by 2027 [24].

Core Viewpoint - The article discusses the emergence of a new second-hand car ecosystem in China, where young consumers are increasingly purchasing defunct electric vehicles from bankrupt brands, focusing on hardware quality rather than brand reputation or advanced features [15][35][52]. Group 1: Market Dynamics - Many once-prominent electric vehicle brands have collapsed, leading to a surplus of their vehicles in the second-hand market, often sold at steep discounts [19][25]. - The price of certain models has plummeted, with examples like the HiPhi X dropping from 730,000 to 180,000 yuan, making them attractive to younger buyers [21]. - The article notes that by 2025, the number of Chinese electric vehicle brands is expected to decrease significantly, from over 400 in 2018 to around 40 [52]. Group 2: Consumer Behavior - Young consumers are prioritizing the core hardware of vehicles, such as batteries and chips, over brand loyalty or advanced technological features [38][35]. - The shift in consumer mindset reflects a broader trend where practicality and cost-effectiveness take precedence over brand prestige [24][30]. - Many buyers are willing to accept the risks associated with purchasing vehicles from defunct brands, as long as the essential components remain functional [29][36]. Group 3: Aftermarket and Support - The collapse of these brands has led to a rise in informal aftermarket support, with communities forming around shared knowledge for repairs and modifications [48][40]. - There is a growing market for third-party services that cater specifically to these defunct models, including insurance and parts sourcing [46][52]. - The article suggests the need for an industry-wide "after-sales responsibility fund" to support consumers of bankrupt brands [48]. Group 4: Future Outlook - The rapid technological advancements in the electric vehicle sector pose a risk that today's discounted models may become obsolete in the near future [53]. - The article highlights the potential for a significant number of current popular models to also face similar fates as the market continues to evolve [53].

Core Viewpoint - The article discusses the financial crisis faced by Nezha Automobile, highlighting the company's inability to maintain its promised services and the severe implications of its financial mismanagement [3][5][10]. Financial Situation - Nezha Automobile's parent company, Hozon New Energy, revealed at a creditors' meeting that it has only 15 million yuan in available funds while facing confirmed debts of 5.1 billion yuan and additional claims totaling approximately 26 billion yuan [7][9]. - Over 5,000 employees are owed a total of 460 million yuan in unpaid wages and compensation, leading to significant talent loss [8]. - The company has 9.3 billion yuan in accounts receivable, but recovery is challenging due to many partners being on the brink of bankruptcy [9][12]. Service Disruption - Starting September 10, 460,000 Nezha car owners experienced service disruptions, including offline navigation and malfunctioning Bluetooth, due to a service cut by Lenovo Communications over unpaid bills [4][5]. - The promise of "lifetime free data" has turned into a monthly fee of 5.9 yuan, which many owners now feel is a "ransom" [5]. Market Position and Sales Decline - Nezha's sales peaked in 2022 with 152,000 units sold, but the company has since faced a drastic decline, with sales plummeting by 97.76% to just 110 units in January 2025 [10][11]. - The company's strategy of focusing on low-end markets has eroded its brand value, making it difficult to compete in higher-end segments [11]. Potential for Recovery - Despite the challenges, there is a possibility for recovery through bankruptcy restructuring, with management indicating that they have resumed full salaries for remaining employees and are negotiating with suppliers to restore services [12]. - The existing customer base of 460,000 domestic and 25,000 overseas users is viewed as a potential asset for future investment opportunities [12].