以下文章来源于字母榜 ，作者朱晓宇 字母榜 . 让未来不止于大 本文来自微信公众号： 字母榜 ，作者：朱晓宇，题图来自：视觉中国 过去二十年，德系三强"宝马、奔驰、奥迪"凭借品牌口碑和进口身份，走进中国市场，成为消费者心 中豪华和身份的代名词。不过，随着中国本土新能源品牌的快速崛起，BBA在由低到高的三大主力 细分市场中，前两个级别的市场份额正逐步流失。 在入门级豪华轿车市场，代表车型"34C" （宝马3系、奥迪A4L、奔驰C级） 的终端价格已明显下探 至20万元区间。例如，2025款的奔驰C260L运动版指导价为35.68万元，北京4s店的裸车价格降至25 万元，在此基础上还能叠加2.5万元的报废补贴。 尽管如此，价格让步并未有效提振销量。2025年上半年，奔驰C级与奥迪A4L销量同比分别下降16% 和27%，仅宝马3系实现小幅增长。与此同时，20万至30万元价格区间内新能源车型的销量占比，已 从去年同期的60%提升至63.3%，进一步挤压传统豪华入门车的市场空间。 宝马在财报中直言，中国市场中低端车型竞争激烈。上半年，宝马的走量车型X3/X4、i3/i4的交付量 分别同比下滑了24.6%和70.8%。走量 ...

以下文章来源于字母榜 ，作者朱晓宇 字母榜 . 让未来不止于大 作者： 朱晓宇 今年三季度，宝马在华销量为14.71万辆，同比下降0.4%。而奔驰第三季度在华汽车销量12.51万 辆 同比降27%。 中大型豪华轿车"56E"市场（宝马5系、奥迪A6L、奔驰E级），同样出现以价换量的趋势。其中宝 马5系降幅最为显著，入门款从43.99万元下调至约26万元，降幅达40%；奥迪A6L与奔驰E级也分 别出现约14万和15万元的终端优惠。 中高端车型价格失守，对BBA的财务表现造成了直接冲击。2025年上半年，奔驰净利润同比暴跌 55.8%，奥迪净利润下滑37.5%，宝马净利润也下降了29%。 至此，由低到高的三大阵营中，仅剩超豪华"78S"市场（宝马7系、奥迪A8L、奔驰S级）尚未被全 面撼动。 然而，从2023年底开始，国产新能源又开始瞄准超豪华车的腹地。先是比亚迪推出仰望U8系列， 豪华版售价高达109.8万元；之后蔚来发布行政旗舰轿车ET9，直接对标78S；去年华为也开始参 与其中，发布了鸿蒙智行旗下最贵的一款行政级旗舰轿车尊界S800，同样对标BBA的超豪华轿 车。 来源：字母榜 -------------- ...

9月29日，2025合肥国际新能源汽车大会在滨湖国际会展中心开幕。大会以"徽动全球一路向前"为主题，汇聚全球行业精英与创 新成果，成为展现中国新能源汽车产业实力、推动国际合作的重要窗口。 本次大会由合肥市人民政府联合安徽省发展改革委、工信厅等多部门主办，采用"1+1+N"模式，涵盖主会场大会、全域车展及 20余场特色活动，展览总面积超20万平方米。开幕式上，院士专家、车企领袖齐聚一堂，围绕智能网联、AI芯片、供应链协同 等前沿议题展开研讨，为产业高质量发展建言献策。 转自：新华网 立足"国际一流新能源汽车之都"建设目标，大会凸显务实合作导向。产业链供需对接会现场，88家高端供应链企业与主机厂达 成合作意向，一批智能驾驶、车规级芯片项目签约落地，助力破解"整零比偏低"的发展瓶颈。同步启动的亿元消费券补贴与"商 文旅融合"活动，更实现产业发展与民生消费的双向赋能。 作为上半年新能源汽车产量居全国首位的城市，合肥正以大会为纽带加速全球布局。数据显示，今年1至7月，合肥新能源汽车 出口54.5亿元，同比增长57.6%。江汽集团建立了8家海外子公司，中高端轻卡累计17年位居行业出口第一。蔚来秉承"生而全 球"的发展理念 ...

Core Viewpoint - The article provides a comprehensive overview of upcoming vehicle models from various manufacturers, detailing their specifications, market segments, and expected launch dates. Group 1: Upcoming Vehicle Models - Changan Automobile will launch the Deep Blue S07 on September 19, 2025, positioned as a B SUV with a price range of 156,900 to 173,900 CNY [12]. - GAC Passenger Vehicle is set to release the GAC Trumpchi Xiangwang S9 on September 19, 2025, classified as a C SUV, with prices ranging from 229,900 to 259,900 CNY [20]. - Jiangling Ford will introduce the Ford Lema on September 19, 2025, categorized as a B SUV, with a price range of 386,600 to 436,600 CNY [28]. - NIO will launch the ES8 on September 20, 2025, a D SUV priced between 406,800 and 446,800 CNY [36]. - NIO's ET9 will also debut on September 20, 2025, classified as a D NB with a price of 818,000 CNY [44]. - Avita Technology will release the Avita 07 on September 20, 2025, a B SUV with prices from 219,900 to 279,900 CNY [52]. - Chery New Energy will launch the iCAR V23 on September 21, 2025, an A SUV priced between 122,800 and 174,800 CNY [60]. - Geely Automobile will introduce the Lotus ELETRE on September 21, 2025, a C SUV with a price range of 558,000 to 863,000 CNY [68]. - Geely will also launch the Lotus EMEYA on September 21, 2025, a D NB priced between 538,000 and 873,000 CNY [76]. - Dongfeng Honda will release the CR-V on September 22, 2025, an A SUV with prices ranging from 185,900 to 239,900 CNY [84]. - SAIC General Motors will launch the Buick GL8 on September 22, 2025, a C MPV priced between 309,900 and 369,900 CNY [91]. - GAC Aion will introduce the Aion RT on September 22, 2025, an A NB with prices from 99,800 to 123,800 CNY [96]. - SAIC General Motors will also release the Cadillac XT5 on September 23, 2025, a B SUV priced between 379,900 and 459,900 CNY [103]. - GAC Toyota will launch the Fenglanda on September 23, 2025, an A SUV with prices ranging from 132,800 to 172,800 CNY [114]. - GAC Toyota will also release the Sienna on September 23, 2025, a C MPV priced between 299,800 and 393,800 CNY [130]. - GAC Toyota will introduce the Camry on September 23, 2025, a B NB priced at 191,800 CNY [138]. - Geely will launch the Starry on September 23, 2025, an A NB with prices ranging from 98,700 to 138,700 CNY [145]. - Geely will also release the Xingyue L on September 23, 2025, an A SUV priced between 158,700 and 179,700 CNY [151]. Group 2: Specifications and Features - The Deep Blue S07 features a pure electric engine with a maximum power of 200 kW and a range of 550 km [12]. - The GAC Trumpchi Xiangwang S9 is equipped with a 1.5T plug-in hybrid engine, offering a maximum power of 118 kW and an electric range of 252 km [20]. - The Ford Lema has a 2.3T engine with a maximum power of 202 kW and a torque of 429 N·m [28]. - The NIO ES8 offers a maximum power of 520 kW and a torque of 700 N·m, with a battery capacity of 102 kWh and a range of 635 km [36]. - The Avita 07 features a pure electric engine with a maximum power of 252 kW and a range of 610 km [52]. - The iCAR V23 has a maximum power of 185 kW and offers a range of 550 km [60]. - The Lotus ELETRE features a maximum power of 450 kW and a range of 650 km [68]. - The CR-V offers a 1.5T engine with a maximum power of 174 kW and a torque of 350 N·m [84]. - The Buick GL8 has a 2.0T engine with a maximum power of 174 kW and a torque of 350 N·m [91]. - The Aion RT features a pure electric engine with a maximum power of 150 kW and a range of 650 km [96].

Core Viewpoint - The traditional luxury car giants BBA (Benz, BMW, Audi) are launching a counterattack in 2025 against the backdrop of the global electric vehicle wave, focusing on technological innovation and localization strategies to reclaim market share and redefine luxury [1][5]. Group 1: Technological Advancements - Audi's collaboration with Huawei has led to significant improvements in intelligent driving capabilities, with the Q6L e-tron featuring Huawei's smart driving system and the A5L fuel vehicle incorporating Huawei's ADS 2.0 [2]. - BMW is integrating the HarmonyOS ecosystem to enhance AI voice interaction, making its smart cockpit more attuned to Chinese users [2]. - Mercedes-Benz is partnering with local autonomous driving company Momenta to accelerate the commercialization of advanced driving technologies [2]. - BMW's sixth-generation cylindrical battery will have a 20% increase in energy density and is set to be produced in Shenyang by 2026; Mercedes-Benz is developing solid-state batteries with an expected 80% increase in range; Audi's PPE platform supports 800V fast charging, allowing for a 370 km charge in just 10 minutes [2]. Group 2: Product Strategy - Mercedes-Benz has launched the pure electric CLA with L2++ autonomous driving and an 800V platform targeting the 500,000 yuan market, while the ultra-luxury "pure electric G-Class" is priced at 2.17 million yuan [3]. - BMW is discontinuing inefficient fuel vehicles like the 1 Series to focus resources on electrification, with new generation models integrating AI and smart voice interaction set to be trial-produced in Shenyang by 2026 [3]. - Audi is expanding its market presence through partnerships to establish 10 lightweight outlets, resulting in a 40% increase in order volume, and the A5L Sportback with Huawei's smart driving is priced at 235,900 yuan [3]. Group 3: Localization Strategy - China, as the largest automotive market, is the core battleground for BBA's counterattack, with increased R&D investments and localized strategies [4]. - Mercedes-Benz's Shanghai R&D center focuses on developing the MB.OS system tailored for the Chinese market; BMW's local team leads the digital experience for new generation models; Audi's "oil-electric co-prosperity" strategy integrates its century-old manufacturing heritage with Huawei's smart technology [4]. Group 4: Market Dynamics - Despite initial successes, the competition remains fierce, with new entrants like Li Auto and NIO challenging traditional luxury brands through intelligent features and competitive pricing [5]. - BBA's counterattack is characterized by a blend of traditional manufacturing and emerging technologies, with collaborations yielding strong synergies [5]. - The parallel strategy of fuel and electric vehicles allows BBA to maintain market presence while exploring future opportunities, indicating a potential pivotal moment in reshaping the luxury car industry [5]. Group 5: Future Outlook - The luxury car market may enter a new era of "new and old integration," where traditional giants innovate while new players grow, collectively shaping the industry's future [6].

Core Insights - J.D. Power and Tongji University's HVR Lab conducted a study on smart cockpits, highlighting the rapid development of AI technology and its impact on vehicle interaction systems [1] - The average score for luxury automotive smart cockpits was 620, with some models excelling in first-word response and complex command recognition [1] - Mainstream automakers' large model functionalities are widespread but lack brand differentiation, as most vehicles perform similarly in basic command recognition and simple scenario responses [1] Group 1 - The study identified significant technical differences in the underlying architecture of "wake-free interaction," with luxury brands relying on preset keyword matching, leading to unintended wake-ups [2] - New entrants in the market utilize innovative algorithms combining voiceprint recognition and contextual analysis to filter out background noise and improve command accuracy [2] - Current large models struggle with complex command recognition, vague demand understanding, and cross-domain collaboration, exposing weaknesses in multi-modal coordination and dynamic intent correction [2] Group 2 - The interaction paradigm is shifting from "passive tools" to "active cognitive partners," with leading brands moving towards proactive service capabilities [3] - Examples of proactive features include reminders based on user habits and automatic adjustments based on passenger needs, although many models still operate on a passive response basis [3] - Future developments in vehicle interaction will focus on enhancing proactive service capabilities and seamless cross-device functionality, which will be key indicators of user experience quality [3] Group 3 - The study on smart cockpits is divided into three phases: luxury, mainstream, and economy, with updated evaluation dimensions and methods [4] - An innovation index scoring model (out of 1000) was employed, consisting of HMI performance index and AI performance index, each contributing 50% to the overall score [4] - The scoring model integrates user satisfaction scores and applies scientific weight distribution to ensure comprehensive and accurate assessments [4]

Core Viewpoint - NIO reported significant growth in Q2 2023, with a 71.2% increase in deliveries to 72,000 vehicles, a 57.9% rise in revenue to 19.01 billion yuan, and a 26% reduction in net loss to 4.9948 billion yuan [1] Delivery and Sales Structure - The majority of Q2 deliveries came from the NIO brand, with 47,100 vehicles delivered, while the Lada brand contributed 17,100 vehicles, and the Firefly brand delivered 7,612 vehicles since its launch on April 29 [2] - The launch of the Lada L90 in August has created a second growth curve for NIO, with Lada brand deliveries increasing by 174.8% to 16,400 vehicles, contributing to an overall delivery increase of nearly 50% to 31,300 vehicles [3] Production Capacity and Strategy - NIO plans to increase the production capacity of the Lada L90 to an average of 15,000 vehicles per month by October and to 25,000 vehicles per month by Q4, while the new ES8 is expected to reach a capacity of 15,000 vehicles per month by December [4] - The success of the Lada L90 is attributed to improved systematic capabilities and product adjustments, leading to a delay in the launch of the Lada L80 to next year [5][6] Pricing and Profitability - Despite the increase in delivery volume, NIO's average selling price decreased by 12,000 yuan to 224,000 yuan, reflecting a strategic balance between maintaining brand positioning and increasing sales [8] - NIO aims for Q4 profitability, targeting monthly deliveries of 50,000 vehicles and a gross margin of 17%-18%, with total revenue expected to reach approximately 30 billion yuan [9][10] Cost Management - R&D expenses decreased to 3.007 billion yuan in Q2, accounting for 15.82% of revenue, while sales, general, and administrative expenses also fell to 3.965 billion yuan, representing 20.87% of revenue [11][12] - NIO's cost control measures include halting certain projects and restructuring teams to enhance efficiency, which has led to improved sales performance despite a reduction in workforce [12][16] Global Expansion and Market Strategy - NIO has learned from its global expansion efforts, adjusting its strategy to rely more on local partners and focusing on lower-priced models for international markets [23][24] - The company recognizes the importance of establishing a robust system for its brands, particularly in the context of the Lada brand's recovery under new leadership [19] Future Product Plans - NIO plans to complete its SUV product lineup next year, with no immediate plans for major model updates for existing vehicles [20] - The new ES8 is positioned as a key model for future pricing and technology strategies, serving as a benchmark for other products [21]

Financial Data and Key Metrics Changes - Total revenues reached RMB 19 billion, an increase of 9% year over year and 57.9% quarter over quarter [18] - Vehicle sales were RMB 16.1 billion, up 2.9% year over year and 62.3% quarter over quarter [18] - Overall gross margin improved to 10% from 9.7% in Q2 last year and 7.6% last quarter [20] - Net loss was RMB 5 billion, a decrease of 1% year over year and 22% quarter over quarter [22] Business Line Data and Key Metrics Changes - The company delivered 72,056 smart EVs, up 25.6% year over year [5] - Vehicle gross margin was 10.3%, compared to 12.2% in Q2 last year [19] - Other sales reached RMB 2.9 billion, growing by 62.6% year over year [19] Market Data and Key Metrics Changes - The launch of the Envoy L90 and the new ES8 significantly boosted market demand, with deliveries of 21,017 vehicles in July and 31,305 in August [6] - The company expects total deliveries in Q3 to range from 87,000 to 91,000, representing a growth of 40.7% to 47.1% year over year [6] Company Strategy and Development Direction - The company is focusing on enhancing operational efficiency and execution, leading to significant improvements in R&D and sales [17] - A multi-brand strategy is expected to drive sales growth and capture greater market shares across various segments [16] - The company aims for a vehicle gross margin of 16% to 17% in Q4 to achieve breakeven [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving substantial improvements in financial performance due to rising sales and improving gross margins [17] - The company is optimistic about the strong sales momentum of the new ES8 and L90 driving the transition towards full electrification in the large SUV market [15] Other Important Information - The company operates 176 NIO Houses and 416 NIO Spaces, along with 388 service centers and 68 delivery centers [12] - The battery swap network has provided over 84 million swaps to users, with 3,542 power swap stations worldwide [13] Q&A Session Summary Question: Capacity ramp-up pace and delivery target for ES8 and L90 - Management confirmed that they are working closely with supply chain partners to enhance production capacity, targeting 15,000 units per month for L90 by October and 150,000 units for ES8 by December [26] Question: Gross profit margin and breakeven expectations - Management expects Q4 vehicle gross margin to be around 16% to 17%, with a target of 20% for L90 and ES8 [31] Question: R&D and SG&A expenses guidance - R&D expenses are expected to be around RMB 2 billion per quarter for Q3 and Q4, with SG&A expenses targeted to be within 10% of sales revenue in Q4 [40] Question: New model pipeline for 2026 - Management confirmed plans for three large SUV models and no major upgrades for existing models in 2026 [68] Question: Impact of 100 kWh battery on financials - The introduction of the 100 kWh battery as a standard configuration is expected to have a positive impact on sales leads without major changes to vehicle margins [76] Question: Cost savings from self-developed chips - Management noted that cost savings from in-house developed chips are competitive but did not provide specific per-unit savings [80] Question: Internal cannibalization concerns - Management indicated that the pricing strategy for new models is positively impacting existing models, with increased order intake for L60 following the launch of L90 [84]

Core Viewpoint - The Chengdu Auto Show, traditionally a significant event in the southwest car market, is experiencing a decline in importance, particularly with the absence of luxury brands and a shift in consumer purchasing behavior [1][2][3]. Group 1: Attendance and Exhibitor Trends - The 2025 Chengdu Auto Show featured 120 brands and over 1,600 models, but more than 20 brands, primarily luxury ones, were absent, indicating a loss of interest from car manufacturers [1][2]. - Notable luxury brands such as Porsche, Rolls-Royce, and Lamborghini did not participate, marking a significant change from previous years when luxury cars were a highlight of the event [1][2]. Group 2: Market Dynamics - Chengdu has become a major consumer market, with a retail sales total exceeding 1 trillion yuan in 2023, and luxury goods sales growing over 100% annually [2]. - Despite the high demand for luxury cars, the sales of these vehicles have been declining, with luxury car retail volume dropping by 20% year-on-year in July 2025 [3][4]. Group 3: Shifts in Consumer Behavior - Consumers are increasingly favoring electric and new energy vehicles, leading to a competitive landscape where domestic brands are gaining traction in the luxury market [4][6]. - The traditional appeal of luxury brands is waning among younger consumers who prioritize technology and value over brand prestige [6][14]. Group 4: Economic Considerations - The costs associated with participating in auto shows, including venue rental and setup, are prompting many brands to reconsider their participation, focusing instead on cost-cutting measures [7][12]. - The perception of auto shows as a primary sales channel is diminishing, with consumers now preferring to gather information online and purchase directly from dealerships [12][14].

Core Viewpoint - NIO is aggressively pursuing profitability by implementing a low-price strategy across its vehicle lineup, including the new ES8 model, to boost sales and revenue amid financial challenges [2][3][4]. Pricing Strategy - NIO has reduced the pre-sale price of the new ES8 to 416,800 RMB, with a starting price of 308,800 RMB when using the BaaS battery rental scheme, marking a decrease of 81,200 RMB compared to the previous model [3][4]. - The pricing strategy aims to attract more customers and increase sales volume, which is crucial for the company's financial health [3][4]. Financial Performance - NIO's Q1 2025 financial report showed a revenue of 12.035 billion RMB, a year-on-year increase of 21%, with vehicle deliveries reaching 42,094 units, up over 40% [6][7]. - Despite revenue growth, NIO reported a net loss of 6.75 billion RMB, a 30.2% increase in losses compared to the previous year, indicating ongoing financial strain [6][9]. - As of March 31, 2025, NIO's current liabilities exceeded current assets, and shareholder equity was negative, highlighting a precarious financial position [11][10]. Sales Goals - NIO aims to achieve a monthly sales target of 50,000 units in Q4 2025, with 25,000 units from the NIO brand and 25,000 units from the new Lada brand [4][6]. - In July 2025, NIO delivered a total of 21,017 vehicles, falling short of the ambitious sales target [4]. Cost Management - NIO is undergoing significant cost-cutting measures, including reducing R&D expenses to 2-2.5 billion RMB while maintaining current R&D intensity [21][22]. - The company is also tightening marketing expenses and implementing stricter employee time tracking to enhance operational efficiency [23][21]. Market Position and Competition - The launch of the Lada L90 has positioned NIO competitively in the market, with a significant price advantage over similar models, leading to strong initial sales [27][26]. - The success of the Lada L90 is seen as a potential indicator for the new ES8's performance in the market [27][26].