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 ...

时间来到2025年12月，新能源汽车的市场渗透率已经超过50%。激烈的市场竞争中，头部车企凭借技术、渠道与品牌优势，已包揽超70%的市场份额，将 大部分中小品牌挤压至生存边缘。 图/2025年1-10月新能源车渗透率趋势 来源/互联网 新能源观截图 然而，一些倒闭、停工停产的新造车品牌，竟然还没有放弃"活过来"的想法。 威马、极越陆续官宣新动态，或注册新公司，或开始走法律程序，重整旗鼓；更早之前，高合汽车也通过成立江苏高合公司、重启售后服务体系，在"复 活"之路上迈出实质性步伐。 但不容忽视的是，这些品牌在市场环境更宽松的早年，尚且未能站稳脚跟、跻身行业决赛圈；如今新能源汽车行业的产品迭代速度、技术革新高度已今非 昔比，无论是三电系统的升级、智能驾驶的突破，还是用户对服务体验的要求，都较此前形成代际差距。 在这样的背景下，这些"停摆品牌"想要成功"复活"，其难度之大，可想而知。 1. "死了"又想"活"的新造车品牌们 近期，"死了"又想"活"的新造车品牌们，可谓是动作频频。 天眼查App显示，11月27日，智马行（温州）新能源汽车销售有限责任公司成立，注册资本2亿人民币，经营范围包括新能源汽车整车销售、新能源 ...

威马汽车"复活"一事有了新进展。 近日，威马汽车"复活"消息不断，一家名为"智马行（温州）新能源汽车销售有限责任公司（下称智马 行）"的企业或成为威马复活后的新"躯壳"。 销售公司率先成立 2023年10月，威马科技集团申请破产重整，并于当年12月底，获得法院受理。次年1月初，法院指定北 京大成（上海）律师事务所与立信会计师事务所（特殊普通合伙）作为联合管理人。 直到今年1月，威马科技集团重整案债权人会议召开，审议并表决重整计划（草案）是议程之一。接盘 方浮出水面，根据重整计划（草案），当时仅剩深圳翔飞仍有投资意愿。 天眼查信息显示，智马行（温州）新能源汽车销售有限责任公司成立，该公司位于浙江省温州市，注册 资本为2亿人民币，经营范围涵盖新能源汽车整车销售、新能源汽车电附件销售、新能源汽车换电设施 销售、汽车销售等。 这是威马汽车破产后首次以独立法人形式布局渠道端。 股东信息显示，智马行（温州）新能源汽车销售有限责任公司由威马汽车制造温州有限公司全资持股。 后者于2016年5月成立，是威马汽车科技集团的全资子公司，法定代表人为威马创始人SHENHUI（沈 晖），注册资本为40.40亿人民币，实缴资本为9040 ...

不过，理想很丰满，现实或许就有些骨感了。目前新能源汽车市场竞争异常激烈，国内外众多品牌都在加速布局。未来，威马汽车能否真正"复活"，在市场 上占据一席之地，尚未可知，但前路必定难走，GPLP犀牛财经也将继续关注。 近日，天眼查APP信息显示，智马行（温州）新能源汽车销售有限责任公司正式成立，至此，威马离"复活"又进一步。 智马行（温州）新能源汽车销售有限责任公司法定代表人为刘彦明，注册资本高达2亿元，经营范围广泛，涵盖新能源汽车整车销售、新能源汽车电附件销 售、新能源汽车换电设施销售以及汽车销售等多个领域。从股东信息来看，该公司由威马汽车制造温州有限公司全资持股。 威马汽车作为中国较早的造车新势力之一，曾有过辉煌时刻。2018年，其首款SUV汽车EX5量产上市，后续又陆续推出W6、M7等车型，EX5和W6还分别荣 获"年度最佳新能源SUV"和"年度最佳智能电动SUV"称号，并且吸引了众多知名机构投资。然而，受资金链断裂、市场竞争加剧等多重因素影响，威马汽车 陷入经营困境，2023年10月无奈申请破产重整。 但威马汽车从未放弃自救，今年4月3日，上海市第三中级人民法院批准了威马汽车的重整计划。9月6日，威马汽车 ...

近期，威马汽车动作频频，引发行业对其"复活"的广泛关注。 天眼查App显示，11月27日，智马行（温州）新能源汽车销售有限责任公司成立，法定代表人为刘彦 明，注册资本2亿元人民币。公司经营范围包括新能源汽车整车销售、新能源汽车电附件销售、新能源 汽车换电设施销售、汽车销售等。股东信息显示，该公司由威马汽车制造温州有限公司全资持股。 但从2022年开始，威马汽车的资金链就出现了问题。之后为节省成本，威马汽车数次传出降薪、裁员、 停工停产等消息。2023年10月，威马汽车开始进行申请预重整、重整等程序，直到今年终于迎来重整投 资人。 今年9月6日，威马汽车重整投资人深圳翔飞汽车销售有限公司（以下简称深圳翔飞）通过威马汽车官微 发布《致供应商白皮书》（以下简称《白皮书》），公布对新公司的相关规划，计划未来5年向市场推 出10款以上的新产品，适配全球市场多样化需求。深圳翔飞表示，正在全力以赴推动威马EX5和E5车型 在温州基地快速恢复量产，初期预计投资10亿元用于设备升级、供应链恢复和产品开发等。 此外，《白皮书》还提到，新公司将在法院批准重整后按计划、按比例清偿供应商货款，同时新公司获 得了温州市政府的多项支持，包 ...

Core Viewpoint - The establishment of Zhima Xing (Wenzhou) New Energy Vehicle Sales Co., Ltd. marks a significant step in the market channel layout for WM Motor after its restructuring, accelerating the implementation of its "New WM" revival plan [2][5]. Group 1: Company Establishment - Zhima Xing has a registered capital of 200 million RMB and its business scope includes sales of new energy vehicles, electric vehicle accessories, and battery recycling [2][4]. - The company is wholly owned by WM Motor Manufacturing Wenzhou Co., Ltd., which is a subsidiary of WM Motor Technology Group, indicating that Zhima Xing will directly handle the sales functions for WM Motor's vehicle models [2][4]. Group 2: Restructuring and Investment - On September 6, WM Motor released a white paper stating that Shenzhen Xiangfei Automotive Sales Co., Ltd. has become the restructuring investor and new shareholder for WM Motor's four companies [5]. - The restructuring plan approved by the court on April 3, 2025, allows Xiangfei to take over the four companies and aims to quickly resume production of the EX5 and E5 models at the Wenzhou base [5][6]. Group 3: Development Plan - The "New WM" development plan outlines three phases: - Revival Phase (2025-2026) focuses on resuming production and market expansion, targeting annual production and sales of 10,000 units in 2025, with a goal of 20,000 units [6]. - Development Phase (2027-2028) aims for annual sales to increase from 250,000 to 400,000 units, while preparing for an IPO and advancing high-level assisted driving models [6]. - Leap Phase (2029-2030) targets an annual production of 1 million units and revenue of 120 billion RMB, aiming to establish a smart mobility ecosystem [6]. Group 4: Market Confidence - The establishment of Zhima Xing provides crucial support for the sales system of "New WM," while the clear development plan instills confidence in the industry and partners [6].

Core Viewpoint - WM Motor has signaled a potential revival with the re-launch of its "Xiao Wei" app and announcements of upcoming production plans, following a two-year production halt and a recent restructuring effort [1][2][3] Group 1: Company Developments - WM Motor announced the re-launch of its "Xiao Wei" app, which includes features like Bluetooth control and vehicle information synchronization, indicating progress in its revival efforts [1] - The company plans to hold a new car launch event by the end of November, alongside updates on its service network and channel strategies [2] - Following a court ruling, Shenzhen Xiangfei has been approved as the sole investor for WM Motor's restructuring, committing an initial investment of 1 billion yuan to restart production [3] Group 2: Historical Context - Established in 2015, WM Motor initially gained market traction with its EX5 model, achieving sales of over 22,000 units in 2020, but later struggled due to inadequate R&D and product iteration [2] - The company faced a "funding chain rupture" in October 2023, leading to a halt in production and a formal bankruptcy restructuring application [2][3] Group 3: Challenges Ahead - WM Motor faces significant challenges in regaining brand trust, as many former customers reported issues with after-sales service and vehicle maintenance during the two-year production halt [5] - The company must rebuild its supply chain and sales channels, which have been severely impacted, with only initial funding of 1 billion yuan available for this purpose [5] - WM Motor's R&D capabilities remain a concern, as it has historically relied on external partnerships for key technologies, which may hinder its competitiveness in a rapidly evolving market [5][6] - The competitive landscape for electric vehicles has intensified, with the top 10 manufacturers capturing nearly 80% of the market share, raising doubts about WM Motor's ability to carve out a niche [6]

Core Viewpoint - WM Motor has signaled a potential revival with the re-launch of its "Xiao Wei" app and announcements of upcoming production plans, raising market interest in its restructuring efforts [1][4][5] Group 1: Company Developments - WM Motor announced the re-launch of the "Xiao Wei" app, which includes features like Bluetooth control and vehicle information synchronization, indicating a step towards operational recovery [4][5] - The company plans to hold a new car launch event by the end of November, which may provide updates on its product and service network [5] - After a two-year production halt, WM Motor aims to restart production by 2025, with a target of producing 10,000 to 20,000 vehicles annually, focusing on optimized models like EX5 and E5 [2][7] Group 2: Challenges Ahead - The company faces significant challenges in regaining brand trust, as many former customers reported issues with after-sales service and vehicle maintenance during the production halt [8] - Rebuilding the supply chain and sales channels is critical, as the existing supplier network has been disrupted, and many physical stores have closed [9] - WM Motor's research and development capabilities remain a concern, as it has historically relied on external partnerships for key technologies, which may hinder its competitiveness in a rapidly evolving market [9] - The competitive landscape for electric vehicles has intensified, with the top 10 manufacturers capturing nearly 80% of the market share, posing a challenge for WM Motor to carve out a niche [9]

Core Viewpoint - WM Motor has announced the relaunch of its Xiaowei App, restoring key functionalities for users, which is seen as a positive development following the company's bankruptcy restructuring [2][7]. Company Background - Founded in 2015 by Shen Hui, WM Motor aimed to become a leader in the electric vehicle market, achieving significant financing of 35 billion yuan and launching its first model, the EX5, in 2018 [3][4]. - The EX5 gained market recognition, leading sales in its segment for 40 consecutive months and becoming the top-selling model among new energy vehicle startups in 2019 [3]. Financial Struggles - Despite initial success, WM Motor faced severe financial difficulties, with cumulative losses exceeding 17 billion yuan from 2019 to 2021, and cash reserves dwindling to 4.156 billion yuan by the end of 2021 [5][6]. - The company attempted to go public three times but failed, leading to a complete halt in operations and a bankruptcy restructuring application in October 2023 [6]. Restructuring and Future Plans - The Shanghai court approved WM Motor's restructuring plan, with Shenzhen Xiangfei Automotive Sales Co., Ltd. taking over the company's operations [7]. - The new plan outlines ambitious production goals, aiming to resume production of the EX5 and E5 by 2025, with a target of 1 million units and 120 billion yuan in revenue by 2030 [7][8]. Challenges Ahead - The initial investment of 1 billion yuan for the restructuring is considered insufficient for reviving an automotive manufacturer, especially in a capital-intensive industry [8]. - The competitive landscape has changed significantly, with new players capturing market share in the 100,000 to 150,000 yuan electric vehicle segment, making it difficult for WM Motor to regain its footing [9]. - Trust issues among existing customers pose a significant hurdle, as many are concerned about service and warranty commitments following the company's bankruptcy [9].

Core Insights - Weima Automobile has hinted at positive developments but has not disclosed specific details, leading to speculation among former employees and users regarding salary arrears and after-sales service issues [2] Group 1: Company Restructuring - On September 6, Weima Automobile published a white paper addressing suppliers, revealing that Shenzhen Xiangfei Automotive Sales Co., Ltd. has become the restructuring investor and new shareholder for Weima's four companies [4] - The court-approved restructuring plan aims for the rapid resumption of production for the EX5 and E5 models at the Wenzhou base, with Xiangfei acknowledging suppliers' concerns about historical debts and ongoing operational capabilities [4] Group 2: Future Production Plans - The white paper outlines a revival phase from 2025 to 2026, targeting the resumption of EX5/E5 production by September 2025, with annual production and sales of 10,000 units, aiming for 20,000 units [4] - The development phase from 2027 to 2028 anticipates an increase in annual sales from 250,000 to 400,000 units of high-level assisted driving models, with plans for an IPO [5] - The leap phase from 2029 to 2030 sets a production target of 1 million units and revenue of 120 billion, aiming to establish a smart mobility ecosystem and become an industry benchmark [5] Group 3: Investor Background - Shenzhen Xiangfei is associated with the Baoneng Group, which has previously attempted to enter the automotive sector but has faced challenges, including halted operations for acquired brands [5]