" 既意外，又不意外。 " 作者丨 马广宇 编辑丨 李雨晨 蔚来触底反弹来的如此干脆，出乎了很多人的意料 —— 仿佛一场蓄谋已久的暴风雨，雷霆般地洗掉了那 些重到化不开的质疑迷雾。 今年初， 市场还在用那些阶段性的片面数字不停地拷问蔚来；转眼间，蔚来已以一系列凌厉的战术转身、 技术突围与组织焕新，撕掉了旧标签。 速度之快，效率之高，效果之显著，不仅令整个行业侧目，更让诸多业内人士也倒吸一口凉气。 01 全新ES8的"饱和式交付" 12 月 18 日，蔚来全新 ES8 的交付正式突破 3 万台，创造了 40 万元以上纯电车型交付破三万的最快纪 录，并向着 4 万台迈进。 对蔚来而言，这份成绩来之不易。从年初的最具挑战财务报表，再到每个季度的盈利拷问，蔚来面临的质 疑从未停止，而这份质疑，也变成了李斌 " 内修武功 " ，不断反思和改变的核心动力。 巧合的是，蔚来今年 NIO Day 的主题是 " 生长 " ，也是对蔚来这一年最浓缩的概括，相较于此前遵循 " 算大账 " 的发展逻辑，这一年，李斌用 CBU 机制重塑了整个公司的体系架构，每个人都要对自己所负责 的事情经营结果负责，蔚来的 " 变与不变、急与不急 " ...

12月20日，第十三届轩辕年度盛典在北京举行。现场揭晓了2025年"中国年度汽车"等重要奖项。极氪 9X获"中国年度汽车"，问界M8、猛士M817、小鹏P7、理想i6等十款车型入选"年度十佳汽车"。 | 极量9X | 全新小鹏P7 | | --- | --- | | 尊界S800 | 全新MG4 | | 问界M8 | 吉利银河M9 | | 理想i6 | 刀但妹伊起版 | | 猛土M817 | 蔚来全新ES8 | 年度最佳设计 Good Design of the year 全新小鹏P7 猛士M817 firefly萤火虫 年度最佳设计师 Car Designer of the year 于 道 展览 ( ) 中 ( ) 中 ( ) 中 ) 中 ( ) 中 ) ( ) ( ) ) ( ) ( ) 中 ( ) ( ) ) ( ) ( ) ) ( ) ( ) ) ( ) ( ) ) ( ) ( ) ) ( ) ( ) ( ) ( ) ) ( ) ( ) ) ( ) ( ) ) ( ) ( ) ( ) ) ( ) ( ) ( ) ( ) ) 汇天联合创始人、副总裁 年度合资汽车 Good JV Car of the ...

2021年至2024年间，增程车销量曾实现218%、130%、154%、70.9%的惊人增长，这一耀眼的增长曲线 在2025年戛然而止。主流市场判断认为，从动力类型来看，增程式电动车正经历着从巅峰滑落的阵痛。 增程大三排SUV的增长乏力，一方面是类似理想、问界般主力品牌的周期性调整；另一方面，增程式技 术的市场红利主要是因为当时纯电动车续航不足、充电设施不完善，随着这两个痛点被解决，增程车的 过渡属性开始显现。 从产品竞争格局来看，今年新能源大三排SUV板块已经变得拥挤，明年更多老选手的换代、新选手的涌 入已经是大势所趋。 中汽协、乘联会零售量最新数据显示，2025年11月纯电大三排SUV销量46209台，插混销量40845台，增 程销量29902台，燃油销量22398台。 一些值得关注的新趋势显现。例如，纯电大三排SUV销量环比上升16%，创历史新高。继9月首次超过 增程、燃油、插混后，纯电大三排销量已连续三个月排名所有动力形式榜首。 统计来看，11月纯电大三排SUV销量在蔚来全新ES8、乐道L90、特斯拉ModelYL等车型推动下，较其 他动力形式的销量领先优势持续拉大。 今年下半年以来，蔚来李斌持续强调 ...

加入轩辕同学 ， 成就新汽车人! 设计 | 张 萌 作者 | 常 笑 编辑 | 黄 大 路 2025年12月20日，北京浮光礼堂星光汇聚，中国汽车产业年度贡献奖——第十三届轩辕年度盛典在此隆重启幕。 在全球汽车产业变革的关键时期，这场盛会既是对年度汽车产业成果的权威检阅，更将凝聚行业共识，为中国汽车的进阶之路指引新的方向。 作为由《汽车商业评论》与奥地利EFS联合发起、轩辕同学主办的权威奖项，轩辕奖自2013年创立以来，便以"推动中国汽车产业高质量、可持 续，有竞争力地发展"为初心，全程见证并深度参与了中国汽车产业从跟跑、并跑到领跑的壮阔征程。 当天下午两点， 轩辕奖执委会主任、评审团副主席、轩辕同学校长贾可博士 发表开场致辞，并指出："当下的汽车行业并不缺乏各类奖项评 选，真正稀缺的是能挣脱羁绊、坚守本心的独立评审精神。" 历经十三载风雨洗礼，"独立于商业、独立于权力、独立于关系"的三大准则早已深植于轩辕奖的评选基因。这不仅是轩辕奖坚守至今的立身之本， 更筑牢了中国汽车产业转型期权威评选的基石，为行业树立起"做长期而正确事情"的价值航向。 贾可博士进一步强调："站在百年变局的时代关口，轩辕奖不仅要推动中国汽 ...

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Core Insights - The competition landscape for China's new energy vehicle market is becoming clearer as various automakers disclose their sales data for November 2025, with a focus on efficiency and technological innovation reshaping the industry dynamics [1] Group 1: Sales Performance - Hongmeng Zhixing and Leap Motor both surpassed 70,000 units in deliveries, showcasing over 75% year-on-year growth, significantly widening the gap with traditional leading brands [3] - Hongmeng Zhixing achieved a record delivery of 81,864 vehicles in November, marking a 90% increase year-on-year, with the Aion brand being the main contributor [5] - Leap Motor delivered 70,327 vehicles, maintaining its position as the single brand champion in the new energy vehicle sector, with a 75% year-on-year increase [7] - Xiaomi Auto delivered over 40,000 vehicles, achieving a 100% year-on-year growth, and has exceeded its annual target of 350,000 vehicles [7] - Changan Qiyuan reported 46,909 vehicles delivered, with a 31% year-on-year increase, driven by strong product positioning [9] - NIO delivered 36,275 vehicles, reflecting a 76.3% year-on-year increase, with the ES8 model being a key contributor [10] - Ideal Auto's deliveries were 33,181 vehicles, showing a 31.92% year-on-year decline, attributed to market competition and product transition [12] - Deep Blue Auto delivered 33,060 vehicles, maintaining a steady performance despite market pressures [12] - Zeekr brand achieved 28,843 vehicles delivered, benefiting from improved production efficiency [13] - Lantu Auto reached a new high with 20,005 vehicles delivered, supported by product innovation and manufacturing capabilities [14] - Avita and Zhiji both set new sales records, with 14,057 and 13,577 vehicles delivered respectively, indicating their emergence as stable mainstream brands [16] Group 2: Market Trends and Outlook - The new energy vehicle market is expected to continue its growth in December 2025, driven by seasonal consumption peaks, tax incentives, and promotional activities from automakers [16] - The performance of different brand tiers is anticipated to show significant differentiation, influenced by the delivery rhythm of new models and promotional efforts [16]

Core Viewpoint - NIO's CEO Li Bin expressed confidence in achieving profitability in Q4 2025, supported by the company's recent Q3 financial report, indicating a significant reduction in losses and record-high revenue [2][4]. Financial Performance - NIO reported Q3 revenue of 21.79 billion yuan, a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7%, marking a historical high [2][3]. - The net loss for Q3 was 3.481 billion yuan, a substantial year-on-year reduction of 31.2%, while the adjusted net loss was 2.735 billion yuan, down 38% year-on-year [4]. - The gross margin for Q3 reached 13.9%, with vehicle gross margin at 14.7%, both representing the highest levels in nearly three years [2][4]. Sales and Deliveries - NIO delivered 87,100 vehicles in Q3, reflecting a year-on-year growth of 40.8% and a quarter-on-quarter growth of 20.8% [3]. - The increase in revenue was primarily driven by the rise in new vehicle deliveries, with automotive sales revenue reaching 19.2 billion yuan, up 15% year-on-year and 19% quarter-on-quarter [3]. Cash Flow and Cost Management - NIO achieved positive operating cash flow in Q3, indicating the company's ability to generate self-sustaining cash [3]. - Cash reserves increased to 36.7 billion yuan by the end of Q3, a nearly 10 billion yuan increase from the previous quarter [3]. - R&D expenses decreased by 28% year-on-year and 20.5% quarter-on-quarter, reflecting effective cost control measures [4]. Product Strategy and Market Trends - NIO plans to launch three new large vehicles next year, aiming to align product offerings with market trends and consumer preferences [5][6]. - The new ES8 model has seen strong sales, achieving 10,000 deliveries within 41 days of its launch, setting a new record in the over 400,000 yuan electric vehicle market [5]. - The company anticipates that the sales of large vehicles will significantly contribute to overall gross margin growth, with a target gross margin of around 20% by 2026 [6].

Group 1: Industry Insights - UBS predicts a slowdown in passenger car sales growth to -2% in 2026, with wholesale growth decreasing from 11% in 2025 to 3% in 2026, and NEV growth dropping from 28% to 15% [1] - The forecast indicates a shift from broad policy-driven growth to a phase relying more on internal competitiveness, influenced by the restoration of the new energy vehicle purchase tax and subsidy reductions [1] Group 2: Company Developments - NIO has delivered over 20,000 units of the new ES8 in 70 days, primarily to users upgrading from brands like Mercedes, BMW, Audi, Porsche, and Tesla, highlighting improved operational efficiency [2] - The sales performance of the ES8 is crucial for NIO to achieve its Q4 profitability targets, with the final month's sales being a key factor [2] Group 3: New Product Launches - Leap Motor officially launched the Lafa5, targeting the global market with a sporty design and advanced safety features, aiming to compete with models like the Volkswagen Golf GTI [3] - The Lafa5 represents Leap Motor's strategy to cater to young global consumers and marks a significant step in its European market entry [3] - The Xpeng ET5 was launched with a pricing strategy aimed at the 150,000 RMB market, offering advanced driving features and a commitment to free lifetime usage of its NOA function, which may disrupt the software payment model in the industry [4] - Xpeng's pricing strategy contrasts sharply with its overseas average price exceeding 400,000 RMB, presenting challenges in positioning within the domestic high-end market [4]

Core Insights - The November sales report reveals significant differentiation among automotive companies, with several brands achieving record deliveries and growth rates. Group 1: Major Players' Performance - Homologous Intelligent Mobility achieved a historical monthly delivery high of 81,900 units in November, an increase of 40,000 units year-on-year, with a 20% month-on-month growth [1][5][7] - Leap Motor continued to break monthly sales records, delivering 70,300 units in November, representing a year-on-year growth of over 75% and maintaining growth for nine consecutive months [1][9] - Xiaomi delivered over 40,000 units for the third consecutive month, with expectations to exceed 400,000 units for the entire year [1][15][18] - The "New Forces" (Xiaopeng, NIO, and Li Auto) all delivered over 30,000 units in November, with Xiaopeng at 36,728 units, NIO at 36,300 units, and Li Auto at 33,181 units [1][22][31] Group 2: Emerging Brands and Trends - The second tier of new forces saw significant growth, with Lantu surpassing 20,000 units for the first time, and both Zhiji and Avita achieving record sales of 13,600 and 14,100 units respectively [1][34][38] - BYD sold 480,200 units in November, exceeding production by 6,000 units, with cumulative sales for the year surpassing 4.18 million units [1][3] - Geely's monthly sales reached 310,000 units, a 24% year-on-year increase, with cumulative sales for the year at 2.79 million units [2][3] Group 3: Market Dynamics and Future Outlook - The automotive industry is entering a critical year-end sales period, with companies expected to ramp up promotions and new vehicle launches to secure annual rankings [4][40] - The competition is anticipated to intensify as companies respond to the impending expiration of national subsidies, leading to increased promotional activities [40]