6月底，搭载蔚来自研5nm车规工艺高阶智驾芯片「神玑NX9031」的旗舰轿车ET9，以及蔚来新ES6、EC6、ET5/ET5T系列车型，已全量接收 NT.Cedar/S"雪松"智驾系统的重大更新。这并非一次普通的OTA升级，其核心意义在于：蔚来自研硬件与自研软件首次实现了深度耦合，这也意味着中国 智能汽车产业在"芯片+操作系统+核心算法"的全栈技术链条上完成了关键闭环。 当竞争对手在"冰箱彩电"的舒适区贴身肉搏，当资本在价格战的泥潭中追逐短期回报，蔚来选择了一条截然不同的荆棘之路：将十年累计超600亿元 的研发投入和逾9900项全球专利，倾注于构建从芯片层、系统层到算法层的完整技术主权。某种程度上，这颗芯片可以说是蔚来十年造车路的缩影，这条 路径被广泛视为"难而正确"，甚至在许多车企只存在于规划蓝图之上时，蔚来已率先打开未来的大门。其背后隐藏的是巨大的投入、漫长的周期与无数质 疑、不被理解的孤独。 荆棘密布的自研长征 选择自研高端智能驾驶芯片，无异于闯入一个全球顶尖科技巨头盘踞的角斗场。 2019年，特斯拉依托其HW系列芯片构筑了深厚的先发优势，2025年，特斯拉HW4.0硬件于中国大陆上市，下一代的HW5. ...

与中高端市场销量分化的趋势相比，产品均价在20万元以下的 几个品牌，如零跑汽车、小鹏汽车、深蓝汽车等则实现了高速 增长。 作者：王帅国 封图：本报资料库 进入7月，多家车企陆续发布了2025年上半年交付成绩。整体来看，产品售价在30万元以上的中高端品牌，呈现销量增速分化状态，理想汽车、蔚来汽 车增速下滑，岚图汽车、方程豹汽车等由于基数较小，增速较快；产品均价在20万元到30万元之间的品牌亦有分化趋势，小米汽车增长迅速，极氪汽 车则略显乏力；产品均价在20万元以下的几个品牌，如零跑汽车、小鹏汽车、深蓝汽车等均实现了高速增长。 具体而言，在产品平均售价30万元以上的高端品牌中，问界汽车6月全系交付4.47万辆，同比增长4.45%。其中问界M9 2025款交付1.37万辆，问界M8 交付2.12万辆。 理想汽车6月交付新车3.63万辆，同比下降24.06%。上半年，理想汽车交付20.39万辆，同比增长7.91%。理想汽车董事长兼CEO李想近日表示："今年 是理想汽车充满机遇和挑战的一年，上半年我们完成了全系在售产品的智能焕新。下半年高压纯电产品将加速发力，家庭六座纯电SUV理想i8将于7月 上市，家庭五座纯电SUV ...

Group 1: Overall Market Trends - In July, multiple automotive companies reported their delivery results for the first half of 2025, showing a divergence in sales growth among mid-to-high-end brands priced above 300,000 yuan, with Li Auto and NIO experiencing a decline, while brands like Lantu and Fangchengbao saw rapid growth due to a smaller base [2] - Brands with an average price between 200,000 to 300,000 yuan also exhibited a mixed trend, with Xiaomi Auto growing rapidly, while Zeekr showed signs of weakness [2] - Brands priced below 200,000 yuan, such as Leap Motor, Xpeng, and Deep Blue, achieved significant growth [2] Group 2: High-End Brands Performance - Aion delivered 44,700 vehicles in June, a year-on-year increase of 4.45%, with the Aion M9 and M8 contributing significantly to the numbers [2] - Li Auto delivered 36,300 vehicles in June, a year-on-year decrease of 24.06%, but achieved a total of 203,900 vehicles in the first half, a growth of 7.91% [3] - NIO delivered 14,600 vehicles in June, a year-on-year increase of 17.52%, but saw a cumulative decline of 3.03% in the first half with 84,800 vehicles delivered [3] - Lantu achieved a monthly sales record of over 10,000 vehicles in June, with a year-on-year growth of 83%, totaling 56,100 vehicles in the first half, up 85% [4] Group 3: Mid-Range Brands Performance - Xiaomi Auto delivered over 25,000 vehicles in June, up from over 10,000 in the same month last year, with a total of over 150,000 vehicles delivered in the first half [5] - Zeekr's June sales were 16,700 vehicles, down 16.93%, with a total of 90,700 vehicles delivered in the first half, a growth of 3.27% [6] - Avita delivered 10,000 vehicles in June, marking a year-on-year increase of 117% [6] Group 4: Budget Brands Performance - Leap Motor delivered 48,000 vehicles in June, a year-on-year increase of over 138%, with a total of 221,700 vehicles delivered in the first half, up 155.68% [9] - Xpeng delivered 34,600 vehicles in June, a year-on-year increase of 224%, with a total of 197,200 vehicles delivered in the first half, a growth of 279% [8] - Deep Blue delivered 29,900 vehicles in June, a year-on-year increase of 79%, with a total of 143,200 vehicles delivered in the first half, up 70.81% [9]

2025 年 6 月 5 日 公司研究 1Q25 基本面承压，多维度寻求边际改善 ——蔚来（NIO.N）2025 年一季度业绩点评 要点 1Q25 基本面环比承压：1Q25 蔚来总收入同比+21.5%/环比-38.9%至 120.4 亿 元，毛利率同比+2.7pcts/环比-4.1pcts 至 7.6%，Non-GAAP 归母净亏损同比扩 大 28.2%/环比收窄 4.2%至 62.8 亿元。 2Q25E 毛利率有望修复,多维度降本有望逐步体现：1）1Q25 交付量同比+40.1%/ 环比-42.1%至 4.2 万辆，汽车业务收入同比+18.6%/环比-43.1%至 99.4 亿元 （ASP 同比-15.3%/环比-1.8%至 23.6 万元），汽车业务毛利率同比+1.0pcts/ 环比-2.9pcts 至 10.2%。2）1Q25 Non-gaap 研发费用率同比-2.6pcts/环比 +7.5pcts 至 24.2%，Non-GAAP SG&A 费用率同比+5.4pcts/环比+10.9pcts 至 35.0%（主要由于乐道品牌渠道+充换电网络建设）。3）1Q25 Non-GAAP 单车 亏损环比扩大至 ...

Core Viewpoint - NIO's CEO Li Bin expressed confidence that the company has reached its lowest point in Q1 and expects to enter a growth phase starting in Q2 [1][2] Financial Performance - In Q1, NIO delivered 42,000 vehicles, a year-on-year increase of 4.1%, with an average vehicle price of 286,000 CNY [1] - NIO reported a net loss of over 6.7 billion CNY in Q1, with cash reserves decreasing from 41.9 billion CNY in Q4 of the previous year to 26 billion CNY [2] - NIO's Q2 delivery guidance is set between 72,000 and 75,000 vehicles, representing a year-on-year growth of 25%-37% [2] Sales Strategy - NIO aims for a monthly sales target of 50,000 vehicles by Q4, with expectations of significant contributions from its brands NIO and Lada [6][10] - The company plans to enhance its sales strategy through a combination of "territorial warfare" (opening new stores) and "guerrilla warfare" (leveraging battery swap stations for vehicle demonstrations) [9] Product Development - NIO's four main models (ET5, ET5T, ES6, EC6) are expected to boost sales and improve gross margins, with ES6 projected to exceed a 20% gross margin [6][12] - The new generation ES8 is anticipated to be more competitive in the global market, with a focus on design and space [13] Cost Management - NIO plans to reduce R&D expenses from over 3 billion CNY per quarter to between 2-2.5 billion CNY by eliminating low ROI projects [14] - The company emphasizes controlling costs and improving operational efficiency as key components to achieving profitability [12][16] Market Competition - NIO faces intense competition from peers like Xiaomi, Li Auto, and Xpeng, all of which are also targeting profitability in the near future [8][11] - The competitive landscape is expected to become more challenging with the upcoming launches of new electric models from competitors [11]

关注 「电动车公社」 和我们一起重新思考汽车 以下是上周新能源圈的新闻： 新车上市： 一汽奔腾悦意07上市，售价9.98-12.99万元； 尊界S800上市，售价70.8-101.8万元起，上市48小时大定2100台； 新款小鹏MONA M03上市，售价11.98-13.98万元； 吉利雷达金刚EM-P&地平线EM-P上市，售价13.98-15.98万元； 新款宝骏悦也Plus上市，售价7.68-10.58万元； 新款捷途山海T1上市，售价13.49-17.99万元； 新款蔚来ET5/ET5T上市，售价29.8万元起； 广汽传祺向往M8上市，售价35.99-40.99万元； 公司动态： 蔚来世界模型NWM首个版本开启推送； 理想汽车发布2025年第一季度财报； 极氪与蔚来达成充电网络双向互联互通合作； 小米发布2025一季度财报，净利润首次突破百亿； 国内新闻： 中汽协发布红头文件，倡议反对价格战、内卷式竞争； 2025粤港澳大湾区车展开幕； 国际新闻 ： 韩国LG和三星SDI即将在美国增设电池产线； 马斯克从特朗普政府离职； 新车上市 1 、 一汽奔腾悦意07上市 售价9.98-12.99万元 5月26日， ...

以下文章来源于Auto有范儿 ，作者柴旭晨 另一边，蔚来的世界模型蓄势待发，全新的点到点辅助驾驶功能6月份就将全面推送。以外，蔚来的泊 车辅助也将伴随世界模型得到进一步提升，随心停、遥控泊入泊出、智能泊车的轨迹规划等都有升级。 与此同时，新双5还将凭借神玑芯片，获得与ET9同样的影像增强。 Auto有范儿 . 讲述独特的汽车故事。 作者柴旭晨 编辑王小娟 ES6/EC6换新后不久，最便宜、肩负走量的蔚来"5系"车型迎来大手笔焕新。 5月25日晚，李斌专门为2025款ET5/ET5T办了场两小时的发布会。蔚来"5系"配置、车机系统以及底盘 硬件等都得到了打磨和升级，全车多达500多处的变动，可以说是一次中期改款极限焕新。李斌直 言，"新车型的整车焕新率达到了45%，此次改款称得上是换代"。 新ET5/ET5T为了18.8英寸的W-HUD重构车头结构，为了神玑芯片重构智能域控结构，为了乘坐体验重 构座椅结构，同时也将自家旗舰ET9同款的调音算法下放，并且配备了更智能的NOMI3.0。 同时，新款ET5/ET5T进一步优化了车身重心，而且还改进了多处的车身衬套，前后悬架弹簧刚度以及 前后防倾杆。全新的CDC动态阻尼 ...

1、 新款蔚来ET5/ET5T上市 售价29.8万元起 5月25日， 新款蔚来ET5/ET5T上市，售价 29.8万元起，赠送5年免费换电等权益。 | THE NEW NIOET5T | 75kWh 整车购买方案 | 电池租用方案 | | | --- | --- | --- | --- | | NIOET5 | ¥298.000起 | ¥228,000起 电池月租728元起 | | | 限时锁单权益 | 5年免费换电. | 交流充放电套装免费选装" | 5年NOP+免费使用权* | | 总价值61,300元 | 即240张换电券 | 可限时置换为5.000元选装基金 | 点到点全域领航辅助驾驶 | | | 适享套装免费赠送" | | | | | 价值 9.500元,包含前排座椅通风、按摩、电动坐垫延长等 | | | | 限时额外购车补贴 | 6,000元换电车型专项补贴" | | | | | 可叠加享受各地汽车以旧换新补贴及各地消费补贴 *** | | | | 首任车主权益 | | 整车6年或15万公里质保 10年不限里程三电系统质保 6年免费车联网 (每月8G) 终身免费道路救救 | | | *即日起至20 ...

完整早报音频，请点击标题下方小耳机收听 【王健林再卖48座万达广场，腾讯等"熟人团"接盘】 5 月 25 日消息，时隔一年，太盟投资集团再次 出手。据国家市场监管总局近日披露的信息，太盟（珠海）管理咨询合伙企业（有限合伙）、高和丰 德（北京）企业管理服务有限公司、腾讯控股有限公司、北京市潘达商业管理有限公司、阳光人寿保 险股份有限公司直接或通过其各自关联方共同设立合营企业，并通过合营企业收购大连万达商业管理 集团股份有限公司直接或间接持有的 48 家目标公司的 100% 股权。根据列表，这 48 家目标公司分 别涉及北京、广州、成都、杭州、南京、武汉等多个一二线城市的万达广场项目。根据国家市场监管 总局 5 月 21 日发布的最新信息，该笔交易已被无条件批准。对于这一交易的具体金额等情况，公告 信息中并未透露。 ( 每日经济新闻 ) 【两辆车在充电站起火燃烧，蔚来回应：是被其他品牌车辆引燃】 近日有博主爆料称，苏州工业园区 某充电站多辆汽车起火，涉事车辆包括蔚来等品牌。 5 月 24 日晚，蔚来官方微信公众号"蔚来小喇 叭"发布情况说明： 5 月 24 日 17 时 40 分左右，一台蔚来 ES6 、一台蔚来 ...

Core Points - The 2025 NIO ET5/ET5T models were officially launched on May 25, with a starting price of 298,000 yuan [1] - New color options include "Far Sky Purple" and "Moonlight Silver" [1] - The vehicle features advanced cabin technology, including a 15.6-inch 3K resolution AMOLED horizontal central control screen, a 10.2-inch full LCD instrument panel, and an 18.8-inch W-HUD as standard [1] - Additional features include a streaming media rearview mirror and a shift-by-wire mechanism, along with support for Apple CarKey functionality [1]