当年蔚来能长期在一哥的位置，原因是什么？肯定不仅仅是靠车卖的多，小鹏当年卖的比它更多。我认为最关键的是所有中国车企里，它画的饼最大。汽车+芯片+能 源，构成了蔚来的市梦率。这些年从高峰跌到谷底，也正是这些故事越来越让人看不到希望。 所以要回到一哥的位置，肯定也不仅仅是把车卖起来就好，还是需要让这个市梦率的组合再次成为可能。 从最近的观察来看，我认为不远了，可能在2026年就会发生。汽车+芯片+能源，详细说一说近期发生的变化是什么。 首先是芯片，蔚来和小鹏的芯片都已经上车，但有一个细节很多人都不清楚，当年在碰到Marvell撤出中国业务后，小鹏选择的是找另一家公司外包芯片的设计，而蔚 来是独立搭建了后端设计团队，并去台积电申请账号，一步步走到流片。这也就意味着蔚来现在其实是有跟地平线一样的整套芯片设计能力的，所以现在它的芯片才 能独立出来寻求融资，小鹏就完全没有这个可能。在烧掉了1000座换电站后，终于让这个饼画的圆了一些，等融资官宣以后就会喂到大家嘴边。 再说说汽车业务，蔚来汽车搞成现在这个鬼样子，最大的问题是什么？不是营销拉胯，不是组织能力不行。最根本的原因还是蔚来当年过于膨胀的心态下，定义出来 的二代产品 ...

July 28, 2025 08:23 AM GMT China Auto Dealers | Asia Pacific Morgan Stanley Asia Limited+ Real-time Feedback from Huawei Aito Dealers Positive on new M7: Our channel checks suggest Aito dealers are optimistic on the new M7, which is set to launch in September. That said, the dealers we talked to are not aggressive on 2025 sales volume, targeting only flattish volume growth despite the M7 launch and M8 ramp. For the new M9 and M8, dealers expect these new models will compete with the Li Auto i8 and the Onvo ...

来源：北京日报 转自：北京日报客户端 7月，有3家新势力车企销量突破3万辆，分别为小鹏汽车、理想汽车、小米汽车。此外，蔚来汽车在7月 保持了月超2万辆成绩。今年以来，该公司因巨额亏损、销量增长乏力受到质疑，进行了一系列降本增 效举措。7月，蔚来子品类乐道发布了大三排SUV车型L90，租电模式价格下探至17.98万元，受到市场 欢迎。业内预估，这款新车将有效提振蔚来销量，近期该公司股价也因此有所攀升。 进入8月，多家新势力车企陆续发布了7月销量成绩单，新势力格局再度生变。零跑汽车凭借性价比优势 市场销量持续走高，7月销量首破5万辆位居第一；鸿蒙智行紧随其后，7月销量超4.7万辆；小鹏汽车7 月销量超3.6万辆名列第三；近两年一直销量处于前列的理想汽车7月罕见地跌出前三。 牢牢把握性价比市场，零跑汽车自今年二季度开始销量发力，登顶销冠。7月，该品牌继续延续上升势 头，交付量为50129辆，同比增长126%，创月度交付历史新高。依靠问界的强势表现，7月鸿蒙智行全 系销量为47752辆，其中，问界月销量超4万辆，其他车型销量表现不佳。9月，华为与上汽合作的尚界 即将发布首款新车，预计将聚焦15万元左右市场，有望成为带 ...

Group 1: TAL Education (好未来教育) - The K12 education training business is performing steadily with a revenue of $580 million for Q1 FY2026, representing a 39% year-over-year increase. Adjusted operating profit reached $25 million, exceeding expectations [1] - The strong demand for small class tutoring and increased enrollment due to the expansion of teaching points are driving revenue growth. Sales of learning machines also showed healthy year-over-year growth, supported by the launch of new products [1] - For Q2 FY2026, the overall revenue growth is expected to be around 30%, maintaining the full-year revenue growth forecast at 28% with an adjusted operating profit margin projected to exceed 7%, doubling from FY2025 [1][2] Group 2: NIO Inc. (蔚来汽车) - The pricing strategy for the L90 model is aggressive, with the starting price set at RMB 265,800, which is lower than the previously announced pre-sale price. This pricing is expected to boost sales significantly [3] - The successful launch of the L90 model is anticipated to lead to stable monthly sales exceeding the market expectation of 5,000 units, paving the way for the upcoming L80 model [3][4] - Despite a 50% rebound from its low, NIO's 2025 price-to-sales ratio remains at 0.85, which is lower than its peers, indicating potential for continued stock price recovery [4]

Group 1 - The core viewpoint of the article emphasizes that a reversal from a difficult situation requires three conditions: extreme adversity, significant positive news, and a high-profile industry or company that attracts attention [1] Group 2 - NIO's current situation is widely recognized as a significant challenge, which is a consensus in the market [2] - The launch of the L90, a six-seater vehicle priced at 190,000 for BAAS and 270,000 for a buyout, is seen as a major positive development, showcasing strong product capabilities compared to competitors like the 2023 Xiaopeng G6 [2] - The electric vehicle sector inherently garners attention, and the L90 is being compared to the Li Auto i8 and the six-seater Model Y, which enhances its visibility and creates a buzz around the product [2]

以下文章来源于定焦One ，作者定焦One团队 内容转载自微信公众号 「 定 焦One 」 （dingjiaoone） 作者 | 金玙璠 编辑 | 魏佳 两年一度的上海车展，向来是车企的"必争之地"，更是我们观察车企动向、了解车市格局的绝佳 机会。 这届车展明显能闻到 格局重塑 的火药味——当七成展车变成新能源，特斯拉和兰博基尼、劳斯莱 斯等品牌集体缺席，车企争相邀请海外媒体时，这场车展早已不是简单的"新车秀"， 三个关键词 定焦One . 深度影响创新。 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 可以概括这场剧变： 燃油车时代加速落幕 ，中国车市重新洗牌，以及本土车企的"出海大冒险"。 但变化的细节远比这更耐人寻味，「定焦One」总结了本届车展的三大变化： 产品战：无论是混动还是纯电，SUV都成了核心战场。 36万平方米的展馆里，上百款新车中有43款全新车型， 半数是SUV。 其中新能源车占了七成 ， 混动和纯电车型比例是4:6。 有意思的是，混动和纯电战场，车企们都不约而同押注SUV。混动 ...