换电路线的两大巨头抱团取暖。3月17日晚，蔚来与宁德时代签署战略合作协议。合作的重点有二：宁德时代向蔚来子公司蔚来能源提供不高于25亿元的 战略投资，以及蔚来旗下第三品牌萤火虫将兼容宁德时代的巧克力换电平台。前者对蔚来是雪中送炭，后者则是宁德时代换电业务落地的重要进展。 蔚来是"换电"概念最早的践行者，从2014年品牌创立之际就提出，到2018年建成首个换电站，再到现如今在全国范围内建成超过3000个换电站，换电一直 是其主推的核心竞争力之一。单次换电的时长从一开始的5分钟缩减到现在的3分钟，比需要至少十几分钟才能充满电的快充模式更为高效，在体验上也更 为流畅。 但是这个产品体验层面的优势也会带来沉重的财务负担。尽管从换电业务的运营来说，蔚来总裁秦力洪在2023年7月就宣布过换电业务实现盈利，但这个 盈利并未包含换电站的前期基建投资。按照蔚来2023年的财报，当年公司由包括充换电在内的整个"提供能源服务体系"所带来的收入是16.66亿元，如果 考虑到盈利刚达成，把全年利润率按照5%推算，利润还不到1亿元。而当年蔚来新建的换电站数量超过1000个，按照单站建设成本100万元来计算，换电 站的基建成本就要10亿元 ...

Core Viewpoint - NIO achieved record revenue of 65.73 billion in 2024, with a year-on-year growth of 18.2%, while adjusted net loss increased by 11.6% to 20.4732 billion [2][7] Financial Performance - In Q4 2024, NIO's total revenue reached 19.7034 billion, a year-on-year increase of 15.2% and a quarter-on-quarter increase of 5.5% [4][6] - The automotive sales revenue for Q4 2024 was 17.4756 billion, up 13.2% year-on-year and 4.7% quarter-on-quarter [4][6] - NIO delivered approximately 72,700 vehicles in Q4 2024, marking a historical high, with an automotive gross margin of 13.1%, up 1.2 percentage points from Q4 2023 [6][7] Cost Reduction Strategy - NIO plans aggressive cost reduction targets for 2025, focusing on technological advancements and operational efficiency to enhance profitability [7][8] - The company achieved a 10% reduction in overall vehicle BOM costs in 2024 and aims to continue this trend in 2025 [7][8] Future Outlook - NIO's Chairman Li Bin expressed confidence in achieving quarterly profitability in Q4 2025, with expected vehicle deliveries between 41,000 and 43,000 in Q1 2025, representing a year-on-year growth of approximately 36.4% to 43.1% [2][9] - The company plans to launch nine new models across its three brands (NIO, Ladao, Firefly) in 2025, with a sales target of 440,000 vehicles [9][10] Charging Infrastructure - NIO has established 3,167 battery swap stations and aims to expand its network further, with plans to cover over 2,300 county-level administrative regions by the end of 2024 [10][11]