" 用一次几乎没有退路的选择，实现一场「务实浪漫主义」的胜 利。 " 作者丨李雨晨 编辑丨 林觉民 2016年，大疆内部诞生了一个神秘项目，编号BR1609，意为这一年的第九个预研项目，这就是卓驭的前 身。 2024年9月27日，大疆车载事业部从大疆的天空之城总部搬出，正式更名卓驭。独立之时，卓驭CEO沈劭 劼的心里"预研"了分拆后的各种可能。 他坦言，"那一刻的心情，就像是《三体》里人类变成太空人类的过程。敌人太强大，内部资源不足，残 酷到人类有五艘船，但最终的资源只够两艘生存，必须得灭掉三艘，我的心境有点像这个样子。" 当时的卓驭，面对的是一个智驾"修罗场"。为了拿下客户，各家智驾Tier1使出浑身解数，用驻场培训、 算法白盒等方式，试图拿到几款销量不明的车型。 与拆分同步进行的是卓驭当时正在做的一轮融资。当时，卓驭融资15亿，但实际只到账了三分之一。上千 人的公司，账上的钱只够维持小几个月。 2025年的倒数第二个工作日，卓驭举办了为数不多的一次大型品牌活动，这也是其九年技术长征的阶段性 总结。 从2016年跨界切入智能驾驶，到2024年10月14日删库重炼、全面转型端到端的决绝，再到如今转向多元 移动 ...

关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大 事小事 ，看我们就够啦～ 今日新闻要点： 1、 红牛超跑将在今年发布； 商务部等9部门发文促进汽车绿色消费； 蔚来公司第100万辆新车下线； 不同于国内一些专注于极限运动的车企，红牛超跑没有加入"电门"，而是选择搭载 4.5升自吸V10发动机。红牛涉 足F1赛事多年，并拥有知名的红牛车队，有丰富的F1赛事经验背书，相信红牛的首款超跑也有希望一鸣惊人。 2、 商务部等9部门发文促进汽车绿色消费 1月5日， 商务部等9部门发布关于实施绿色消费推进行动的通知。其中提到，促进汽车绿色消费，支持消费者购买 新能源汽车。做强汽车产业链，挖掘二手车、汽车租赁、汽车改装、汽车共享等"后市场"潜力，探索盘活闲置车辆 增收，支持发展房车露营、汽车影院、自驾游等新型消费。 红牛超跑将在今年发布 1月5日，据外媒报道，红牛正式确认了RB17超跑的最终设计，新车计划在今年正式推向市场。 RB17诞生于红牛的F1技术体系，设计核心直指极限性能，RB17的产量被限定在50辆。官方尚未公布售价， ...

格隆汇1月2日｜昨日晚间，蔚来创始人、董事长、CEO李斌发布全员信。早些时候，蔚来公司公布了去 年12月及全年销量，去年12月蔚来公司交付新车48135台，创历史新高，全年共交付新车326028台，创 历史新高，同比增长46.9%。李斌在信中透露，2026年蔚来公司将有三款新车推向市场，他预计新品将 继续提升蔚来在高端大车市场的份额。据此前媒体报道，这三款新车或是蔚来ES9、ES7，以及乐道 L80。 ...

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]

Core Insights - BBA (BMW, Benz, Audi) is facing significant challenges in the electric vehicle (EV) market, with drastic declines in sales and profits, particularly in China [1][2][4] - The perception of BBA brands as outdated and less appealing compared to new entrants like Tesla and NIO is contributing to their struggles [2][4] - Price reductions have not effectively boosted sales and have instead harmed brand value, leading consumers to consider domestic alternatives [2][4] Sales Performance - BMW's net profit plummeted by 83.8%, Mercedes-Benz by 55.8%, and Audi by 37.5% [1] - In China, BMW's sales dropped by 15.5%, Mercedes-Benz by 14%, and Audi by 10.2% [1] - Electric vehicle sales for Mercedes-Benz fell by 31%, and Audi by 23.5%, while BMW saw an 18.5% increase in electric sales, though this was not enough to offset overall declines [1] Brand Perception - Consumers still view BBA as leaders in traditional fuel vehicles, while their electric offerings are seen as makeshift [2] - New energy brands are perceived as more innovative and appealing, leading to a shift in consumer loyalty [2][4] Product Issues - BBA's electric vehicles are primarily based on modified internal combustion platforms, leading to inherent design flaws [4] - Features that are standard in domestic competitors, such as air suspension and advanced driver assistance systems, are often optional in BBA vehicles, making them less competitive [4] - Technical issues, such as poor wiring and frequent motor failures, have raised doubts about BBA's engineering quality [4] Strategic Responses - BBA is attempting to adapt by accelerating localization and collaborating with tech companies for smart driving solutions [6] - Mercedes-Benz has revised its electrification goals, aiming for a maximum of 50% of its models to be new energy vehicles [6] - Audi is partnering with Huawei to enhance its intelligent driving systems [6] Market Outlook - The penetration rate of new energy vehicles in China is expected to exceed 50% by 2025, intensifying competition [6] - New energy brands are focusing on user experience and technology, while BBA must innovate to avoid marginalization [6][7]

Core Points - Xiaomi Automotive Technology Co., Ltd. has initiated a recall of 116,887 units of the SU7 standard version electric vehicles due to safety concerns related to the L2 highway navigation assistance feature [1][3] - The recall affects specific models produced between February 6, 2024, and August 30, 2025, with a total of 98,462 units of the XMA7000MBEVR2 and XMA7000MBEVR2 models, and 18,425 units of the BJ7000MBEVR2 model [1] - The company plans to address the safety issues through over-the-air (OTA) software updates and will notify affected vehicle owners via SMS and mobile apps [3] Market Impact - The initial success of the Xiaomi SU7 Ultra, which had a starting price of nearly 530,000 yuan and achieved 10,000 orders in three days, has shifted dramatically, with the second-hand market now reflecting a significant decline in demand [3][4] - Reports indicate that the resale value of the SU7 has dropped, with some vehicles losing up to 100,000 yuan in value within six months of purchase [4][6] - The second-hand market for the SU7 has become increasingly challenging, with dealers expressing reluctance to purchase due to fears of further depreciation [9][11] Consumer Sentiment - Consumers are exhibiting a growing sense of caution, with many preferring to wait for better deals or alternative options, particularly in light of the recent launch of the new YU7 model [12][15] - Concerns regarding the resale value and warranty transferability are influencing consumer decisions, as potential buyers question the continuity of benefits associated with the first owner [17] - The overall sentiment in the second-hand market reflects a stark contrast to the initial hype surrounding the SU7 series, highlighting the volatility of the electric vehicle market [6][12] Competitive Landscape - The competitive environment for electric vehicles is intensifying, particularly in the 300,000 yuan price segment, with competitors like Tesla and Hongmeng Intelligent posing significant challenges to Xiaomi's market position [13][15] - The introduction of new models by Xiaomi, such as the YU7, is further compressing the market space for the SU7 series, leading to increased consumer hesitation [15][17] - The overall market dynamics are shifting, with a focus on maintaining competitive pricing and ensuring consumer confidence in vehicle value retention [12][13]

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 - 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, while Leap Motor achieved the highest delivery volume in Q2 2023 [1][2][4]. Group 1: Delivery and Revenue 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 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 [2]. - Despite Leap Motor's delivery lead, its lower vehicle prices resulted in the lowest revenue among the four companies [2]. Group 2: Profitability and Margins - Li Auto maintained a gross margin above 20%, while the gross margins for NIO, Xpeng, and Leap Motor were 10.0%, 17.3%, and 13.6% respectively [3]. - Li Auto's net profit for Q2 2023 reached 1.1 billion, a 69.6% increase from the previous quarter, while Leap Motor also achieved profitability with a net profit of 160 million [4]. - NIO and Xpeng reported losses of 4.99 billion and 480 million respectively, although both companies narrowed their losses compared to previous quarters [4]. Group 3: R&D Investments - NIO's R&D expenses for Q2 2023 were 3 billion, while Xpeng's were 2.21 billion, a 50.4% year-on-year increase [5]. - Li Auto's R&D expenses were 2.81 billion, showing a quarter-on-quarter increase, while Leap Motor's R&D expenses were 1.09 billion, a 55.5% increase year-on-year [5]. Group 4: Future Guidance and Market Outlook - Li Auto provided a conservative Q3 guidance with expected deliveries of 90,000 to 95,000 units, a year-on-year decrease of 41.1% to 37.8% [7]. - In contrast, NIO projected deliveries of 87,000 to 91,000 units for Q3, while Xpeng expected a year-on-year delivery growth of 142.8% to 153.6% [8]. - Leap Motor raised its annual sales target, indicating confidence in its upcoming product launches [10]. Group 5: Product Launches and Competitive Landscape - Xpeng plans to launch several new models, including the new P7 and the X9, which is positioned in the 400,000 yuan price range [9]. - NIO is set to introduce three new large SUV models next year, while Leap Motor is also preparing to unveil new models, intensifying competition among the four manufacturers [11]. - The competitive dynamics are shifting as all four companies prepare to launch new products, potentially leading to increased market rivalry [11].

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].