作者 / 魏 微 编辑 / 黄大路 设计 / 土 豆 在北京很多地标商圈，比如老牌的世贸天阶、新晋网红非标商业体the box，相信不少人"偶遇"过MINI车主后备厢集市。 在车友会的组织下，车主将他们的"乡下人"（MINI COUNTRYMAN）、COOPER停放开来，打开后备厢，组成一个充满松弛与欢乐的小型跳蚤市场。 小车，天然就具有亲民、时尚和社交属性。曾经独属于油车车主的这份松弛和快乐，也正在向电车车主传递。 在上海，"smart车友会"会组织"城市漫游"活动，开着smart精灵 #1去外滩拍照 、去武康路喝咖啡；北京的"京蔚荧"车友会，也将firefly萤火虫的后备厢集 市，开到了通州七棵树，这里是北京最chill的街区之一。 但从2025年开始，一批真正具备"重塑市场格局"精品纯电小车，已正式驶入赛道，准备创造新的传奇。 smart #2 、ID.Polo，还有ID.Buzz 2025年9月，慕尼黑车展上，smart宣布推出纯电两门两座车型smart #2 。这意味着，最具smart精神的经典车型smart for 2即将"带电"重生。 燃油车时代，尽管小车在整体市场中的份额相对有限，但还是云集了 ...

乐道品牌方面，L90上市以来持续热销，两个月累计交付21,626台，创纯电大型SUV最快交付纪录，引领家庭大三 排SUV进入纯电时代。乐道L60周年之际迎来再进化，在能耗续航、智能座舱、舒适空间等方面进行优化，加量 不加价。 9月20日，以"生长 Grow with the Light"为主题的NIO Day 2025在杭州举办，全场景科技旗舰SUV全新ES8正式上 市。新车整车购买价格40.68万元起，采用BaaS电池租用方式购买售价29.88万元起，引领高端大三排SUV进入纯 电时代。目前，全新ES8已正式开启全国交付。 10月1日，蔚来汽车公布2025年9月交付数据，单月交付新车34,749台，同比增长64%，创历史新高。其中，蔚来 品牌交付13,728台，乐道品牌交付15,246台，firefly萤火虫品牌交付5,775台。至此，蔚来公司累计交付新车达 872,785台，细分来看，蔚来品牌累计交付762,176台，乐道品牌累计交付90,279台，firefly萤火虫品牌累计交付 20,330台。 firefly萤火虫品牌9月交付再创历史新高，并迎来第20,000台交付里程碑。继首个万台交付达成仅99天 ...

*极氪科技交付量包括极氪、领克品牌，其中极氪品牌18257辆，领克品牌32902辆。 15 2 - 臣 来源：车企官网 制图: 方舟 一图速览>> 11028 阿维塔) 6 *蔚来交付量包括蔚来、乐道、firefly萤火虫品牌，其中，蔚来品牌13728辆，乐道品牌15246辆， firefly萤火虫品牌5775辆。 ...

9月，蔚来公司(09866)交付新车34749台，同比增长64%。其中，蔚来品牌交付新车13728台；乐道品牌 交付新车15246台；firefly萤火虫品牌交付新车5775台。截至目前，蔚来公司已累计交付新车872785台。 其中，蔚来品牌累计交付新车762176台；乐道品牌累计交付新车90279台；firefly萤火虫品牌累计交付新 车20330台。 乐道L90上市以来，两个月累计交付21626台，创纯电大型SUV最快交付纪录，引领家庭大三排SUV进 入纯电时代。 firefly萤火虫9月交付再创历史新高，并迎来第20000台交付里程碑。继首个万台交付达成仅99天后，第 二个万台交付以64天的时间完成。 ...

乐道L90上市以来，两个月累计交付21626台，创纯电大型SUV最快交付纪录，引领家庭大三排SUV进 入纯电时代。 智通财经APP获悉，9月，蔚来公司(09866)交付新车34749台，同比增长64%。其中，蔚来品牌交付新车 13728台；乐道品牌交付新车15246台；firefly萤火虫品牌交付新车5775台。截至目前，蔚来公司已累计 交付新车872785台。其中，蔚来品牌累计交付新车762176台；乐道品牌累计交付新车90279台；firefly萤 火虫品牌累计交付新车20330台。 firefly萤火虫9月交付再创历史新高，并迎来第20000台交付里程碑。继首个万台交付达成仅99天后，第 二个万台交付以64天的时间完成。 ...

来源：蔚来汽车官方 2025年的开局，对蔚来而言并不轻松。销量承压、财务紧绷，资本市场和用户信心一度双双下滑，外界 甚至怀疑这家公司能否撑过又一个周期。与2019年的那次"至暗时刻"不同，这一次更像是一场"周期性 的再考试"——十年磨一剑的蔚来，能否用过去的投入和积累支撑起新的增长逻辑？ 也正因如此，2025年被视作蔚来必须交出答案的一年。过去十年，蔚来始终以长期主义和用户企业文化 自我定位，强调"慢就是快"，但在一个卷到极致的市场，慢的代价就是被边缘化。于是，摆在蔚来面前 的问题变得尖锐：坚持是否还能换来未来？投入是否真的能够转化为竞争力？ 答案，留在了9月20日的NIO Day。与其说这是一场新品发布，不如说是一份复盘报告、一份战略宣 言。主题"生长"看似温柔，却藏着一丝锋芒：它既回应了外界对蔚来能否重回增长的追问，也是在向资 本市场释放信号——这家公司并没有被击倒，而是正在完成"二次进化"。 所谓二次进化，不是单纯意义上的东山再起，而是一次更深层的自我更新。 从"讲故事"到"拼体系"，从"靠情怀"到"靠兑现"，蔚来正在经历一场角色转换。它不再是那个依赖叙事 拉动股价的新势力，而是要用技术积累、产品兑现和 ...

Core Viewpoint - NIO's financial performance is under pressure due to its battery swap model, which has led to significant losses, while the company anticipates a 13% revenue growth in Q2 2025 driven by increased vehicle deliveries and product diversification [1][20]. Revenue Growth - In 2024, NIO's total revenue is projected to reach 65.73 billion yuan, representing an 18.2% year-on-year increase, primarily due to a significant rise in delivery volumes and optimized product structure [1]. - NIO delivered 221,970 vehicles in 2024, marking a 38.7% increase compared to the previous year, which directly contributed to the growth in automotive sales revenue [1]. Product Diversification - NIO continues to expand its product line to cater to diverse consumer needs, covering various market segments from compact SUVs to luxury sedans, with price ranges from 300,000 to 800,000 yuan [4]. - Key models like ES6 and EC6 have gained widespread consumer recognition due to their performance, comfort, and advanced technology, significantly driving revenue growth [5]. Profitability Challenges - NIO is facing ongoing losses, with a projected net loss of 22.4 billion yuan in 2024, an increase of 8.1% year-on-year, equating to over 60 million yuan in daily losses [6]. - High research and development costs reached 13.037 billion yuan in 2024, primarily focused on core areas such as autonomous driving and battery technology, which are expected to enhance product competitiveness but are unlikely to yield short-term profitability [6]. - Selling, general, and administrative expenses rose to 15.74 billion yuan in 2024, a 22.2% increase, driven by significant investments in marketing, brand building, and sales channel expansion [6]. Battery Swap Network Costs - The construction and operation of NIO's battery swap network have incurred substantial costs, with losses from the battery swap business amounting to 3.12 billion yuan in 2024 [9]. - As of the end of 2024, NIO had established over 2,300 battery swap stations, but the average daily service frequency per station was only 32, while breakeven requires 50 services per day [9]. Market Position and Competition - In Q1 2025, NIO maintained a growth trajectory with 42,094 vehicle deliveries, a 40.1% year-on-year increase, although its industry ranking fell to eighth place amid fierce competition [10]. - The NIO brand delivered 27,313 vehicles in Q1 2025, while the newly launched brand, Lido, contributed 14,781 vehicles, indicating a growing market presence [11]. Future Product Launches - NIO's Lido brand flagship SUV, Lido L90, is set to launch in Q2 2025, with pricing starting at 265,800 yuan for the six-seat version [16]. - The Lido L80, expected to launch in Q4 2025, aims to compete in the family vehicle segment, while the third-generation ES8 will also debut in Q4 2025, featuring significant technological upgrades [17].

Group 1 - NIO reported Q2 2025 delivery of 72,056 vehicles, representing a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [1][3] - Q2 revenue reached 19.01 billion yuan, up 9.0% year-on-year and up 57.9% quarter-on-quarter [1][3] - The overall gross margin for Q2 was 10.0%, showing significant improvement quarter-on-quarter [1][3] - The cash reserve for Q2 stood at 27.2 billion yuan, with a quarter-on-quarter increase [1][3] - R&D investment in Q2 amounted to 3.01 billion yuan [1] Group 2 - Q3 delivery guidance is set between 87,000 and 91,000 vehicles, indicating a year-on-year growth of 40.7% to 47.1% [1][4] - Q3 revenue guidance is projected to be between 21.81 billion and 22.88 billion yuan, both figures representing historical highs [4] Group 3 - As of August 31, NIO has built a total of 3,539 battery swap stations and 4,755 charging stations globally [4] - The new ES8 model was pre-sold starting from 416,800 yuan, with a battery-as-a-service (BaaS) option starting from 308,800 yuan [5] - The new ES8 is positioned as a high-end, all-scenario technology flagship SUV [5] Group 4 - NIO Day 2025 is scheduled to be held in Hangzhou, with the theme "Grow with the Light" [16][17] - The event will mark the official launch of the new ES8 [16] Group 5 - NIO achieved a milestone with the production of its 800,000th vehicle on July 24, showcasing the company's technological advancements and product innovation [19] - The company completed its plan for 1,000 highway battery swap stations, establishing a network connecting major cities [21][22]

Core Insights - NIO reported its Q2 2025 financial results, showing significant growth in vehicle deliveries and revenue, with a year-on-year delivery increase of 25.6% and a quarter-on-quarter increase of 71.2% [1][4][5] - The company achieved a revenue of 19.01 billion yuan in Q2 2025, reflecting a year-on-year growth of 9.0% and a quarter-on-quarter growth of 57.9% [1][5] - NIO's gross margin improved to 10.0% in Q2, with other sales gross margin reaching a record high of 8.2% [1][5] - Cash reserves increased to 27.2 billion yuan, with a notable rise from the previous quarter [1][5] - For Q3 2025, NIO provided delivery guidance of 87,000 to 91,000 vehicles, indicating a year-on-year growth of 40.7% to 47.1%, and revenue guidance of 21.81 billion to 22.88 billion yuan, both setting historical highs [1][5][6] Delivery and Revenue Performance - Q2 2025 vehicle deliveries totaled 72,056 units, marking a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [4][5] - Q2 2025 revenue reached 19.01 billion yuan, with a year-on-year growth of 9.0% and a quarter-on-quarter growth of 57.9% [1][5] Profitability Metrics - The overall gross margin for Q2 2025 was reported at 10.0%, showing a significant improvement from previous quarters [1][5] - The other sales gross margin turned positive, achieving a record high of 8.2% [1][5] Cash Reserves and R&D Investment - NIO's cash reserves stood at 27.2 billion yuan, reflecting an increase from the previous quarter [1][5] - The company invested 3.01 billion yuan in research and development during Q2 2025 [1] Future Guidance - NIO's Q3 2025 delivery guidance is set between 87,000 and 91,000 vehicles, which represents a year-on-year growth of 40.7% to 47.1% [1][5] - Revenue guidance for Q3 2025 is projected to be between 21.81 billion and 22.88 billion yuan, both figures marking historical highs for the company [1][5][6]

Domestic News - Beijing is accelerating the expansion of hydrogen fuel vehicles and enhancing hydrogen energy infrastructure, including applications in bicycles and drones [2] - Chongqing has announced an adjustment to its 2025 vehicle replacement subsidy policy, allocating an additional 300 million yuan for the third quarter, with specific subsidy standards for new energy and fuel vehicles [3] - The "Thousand Counties and Ten Thousand Towns" new energy vehicle consumption season has been launched in Hubei, with 100 million yuan in consumer vouchers to stimulate local demand [4] - SAIC-GM has signed a cooperation agreement with Momenta to integrate advanced autonomous driving technology into its Buick models [5][6] - XPeng Motors has reached a strategic cooperation agreement with CITIC Bank, securing a credit line of 10 billion yuan to support its operations and development [7] - Beijing Benz's Yizhuang plant is set to produce the new all-electric CLA model, which will feature advanced driving assistance technologies and a range of 866 km [8] - Tesla has launched its first batch of V4 supercharging stations in Fujian, expanding its charging network to cover major cities [9] - NIO plans to expand into Singapore, Uzbekistan, and Costa Rica between 2025 and 2026, introducing new models in these markets [10] International News - In the Philippines, July car sales decreased by 2.6% year-on-year, with total sales for the first seven months showing a slight increase of over 1% [11] - Hyundai plans to establish an assembly plant in Algeria to enhance its presence in the Middle East and Africa [12] - Canada's zero-emission vehicle sales fell by 35.2% in June, while overall vehicle sales increased by 6.2% [13] - Maruti Suzuki is expanding its SUV lineup to address declining demand for small cars, with a new model set to launch soon [14] Commercial Vehicles - The new energy Chenglong cargo truck has been launched in Hangzhou, designed for logistics and cold chain transportation [16] - Isuzu aims to make South Africa a hub for truck production in Africa, increasing local component sourcing [17] - TuDatong and DeepWay have upgraded their strategic cooperation, enhancing the perception capabilities of DeepWay's new models with advanced lidar technology [18][19] - Ford plans to unveil a new electric pickup truck in 2027, promising competitive performance and lower total ownership costs compared to existing models [20]