<p><strong>蔚来汽车</strong>(NIO 2.96%) 正在取得巨大的进展。这家中国汽车制造商预计今年将销售惊人的 450,000 辆，销售量是去年的两倍多。如此爆炸性的增长，投资者可能会想知道是否是时候投资这家汽车制造商了。</p>
<p>尽管蔚来在电动车竞赛中快速前进，但它在本土市场面临激烈的竞争，并且必须应对全球地缘政治紧张局势的复杂环境。股票价格低于 5 美元——周一上午 9:30 东部时间为 4.47 美元——现在是买入的时机吗？让我们探讨一下未来的商业和投资机会。</p>
<h2>蔚来汽车的销售增长表现出色</h2>
<p>蔚来汽车持续增加其车辆交付量并扩大市场份额。去年，公司实现了 221,970 辆的创纪录交付，同比增长 39%。最近报告的第二季度销售量为 72,056 辆，同比增长 26%。</p>
<p>蔚来汽车业务的一个独特之处在于其电池即服务（BaaS）产品，这解决了许多电动车（EV）驾驶者的一个共同担忧：充电时间。通过其电池更换技术，蔚来可以在指定地点在 3 到 5 分钟内将耗尽的电池更换为充满电的电池。</p>
<p>通过这一系统，客户在购买车辆时支付的前期成本较低，而是随着时间的推移支付费用，这为蔚来提供了稳定的经常性收入。中国投资银行西部证券的分析师认为，蔚来这一业务板块可能在 2026 年实现盈亏平衡。</p>
<h2>它面临一些严重的逆风</h2>
<p>电动车市场竞争激烈，尤其是在中国，蔚来在这种环境中面临重大挑战。分析师指出，中国的电池电动车领域竞争 “激烈”。这种激烈的竞争最终影响了蔚来增加销售量、维持有利定价和实现盈利的能力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU3NTcvbmlvLWVzOC1sYXJnZXIucG5nJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU3NTcvbmlvLWVzOC1sYXJnZXIucG5nJnc9NzAw"/></p>
<p>图片来源：蔚来汽车。</p>
<p>在第一季度，收入未达到预期，未能满足公司的指导。下降主要归因于售价降低和增加促销活动以清理旧款蔚来车型的库存，以及来自 Onvo 品牌的销售比例较高，该品牌针对 “主流家庭市场”，最终影响了其利润率。</p>
<p>制造商还面临几项地缘政治逆风。例如，去年，欧盟委员会对来自中国的电池电动车（BEV）征收关税，自 2024 年 10 月 30 日起生效，为期五年。此决定是由于对惠及中国电动车制造商的巨额政府补贴的担忧。此外，前美国总统乔·拜登对中国电动车提高了 100% 的关税，而现任总统唐纳德·特朗普则宣布对从中国进口的商品征收额外关税。</p>
<h2>蔚来汽车的成本削减努力</h2>
<p>蔚来汽车的另一个批评点在于其不断增加的亏损。自成立以来，由于其资本密集型的商业模式，该公司一直难以实现盈利，这需要在研发、生产能力扩张以及建立电力和服务网络方面进行大量投资。</p>
<p>去年，蔚来报告净亏损为 224.02 亿元人民币（约合 30 亿美元）。在今年第一季度，公司亏损增加至 67.5 亿元人民币（约合 9.3 亿美元），同比增长 30%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d1bfef8c26ba75e16fdff92ed8ba1986.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d1bfef8c26ba75e16fdff92ed8ba1986.png"/></p>
<p>NIO 收入（TTM）数据来源于 YCharts</p>
<p>公司正在采取措施改善盈利能力。在第一季度，其车辆利润率从去年同期的 9.2% 上升至 10.2%。蔚来已采取措施通过减少支出来控制成本，包括重组和提高研发、供应链以及销售和服务的效率。</p>
<p><strong>高盛</strong> 已将这家汽车制造商的评级上调至中性，称赞公司的成本削减努力，并预计未来三年利润水平将改善 4%-10%。展望未来，蔚来首席执行官李斌对在 2025 年第四季度实现盈利持乐观态度，这得益于成本削减和重组举措。公司还预计销售将翻倍至 450,000 辆，但高盛分析师估计销售可能接近 337,000 辆。</p>
<h2>蔚来股票值得购买吗？</h2>
<p>蔚来在中国经历了显著的增长，交付量和收入不断上升。公司独特的电池即服务产品使其与竞争对手区分开来。然而，它在中国面临激烈的竞争以及来自地缘政治贸易紧张局势的逆风。</p>
<p>目前，股票的市销率为 0.95。对其长期潜力持乐观态度并愿意忽视地缘政治紧张局势和激烈竞争的投资者，可能会考虑在这个价格买入股票。</p>
<p>不过，其持续的亏损和对外部经济和政治压力的脆弱性是股票的逆风。在做出购买决定之前，我会关注其效率的改善，以及它在中国市场份额增长和改善盈利能力的迹象。在此之前，大多数投资者最好寻找其他投资机会。</p>

蔚来汽车

蔚来-SW

<p>蔚来汽车（NIO）预计今年将销售 45 万辆，销售量是去年的两倍多。尽管实现了增长，蔚来在中国电动车市场面临激烈的竞争和地缘政治挑战，包括关税。该公司去年报告净亏损约 30 亿美元，2023 年第一季度亏损 9.3 亿美元。然而，蔚来的车辆毛利率有所改善，高盛提升了其评级，预计到 2025 年第四季度将实现盈利。目前，股票价格低于 5 美元，对于愿意忽视风险的投资者来说，可能是一个潜在的买入机会</p>

<p><strong>Nio</strong>(NIO 2.96%) is making huge strides. The Chinese automaker projects it will sell a staggering 450,000 units this year, more than double its sales from last year. With such explosive growth, investors may be wondering if it's time to get on board and invest in the automaker.</p>
<div class="lb-trans"><p><strong>蔚来汽车</strong>(NIO 2.96%) 正在取得巨大的进展。这家中国汽车制造商预计今年将销售惊人的 450,000 辆，销售量是去年的两倍多。如此爆炸性的增长，投资者可能会想知道是否是时候投资这家汽车制造商了。</p>
</div><p>While Nio is charging ahead in the electric vehicle race, it faces fierce competition in its home market and has to navigate the complex landscape of global geopolitical tensions. With the stock priced under $5 -- $4.47 at 9:30 a.m. ET on Monday -- is now the time to buy? Let's explore the business and investment opportunity ahead.</p>
<div class="lb-trans"><p>尽管蔚来在电动车竞赛中快速前进，但它在本土市场面临激烈的竞争，并且必须应对全球地缘政治紧张局势的复杂环境。股票价格低于 5 美元——周一上午 9:30 东部时间为 4.47 美元——现在是买入的时机吗？让我们探讨一下未来的商业和投资机会。</p>
</div><h2>Nio's sales growth has been excellent</h2>
<div class="lb-trans"><h2>蔚来汽车的销售增长表现出色</h2>
</div><p>Nio continues to increase its vehicle deliveries and expand its market presence. Last year, the company achieved record deliveries of 221,970 vehicles, representing a 39% increase over the previous year. It recently reported sales of 72,056 units in the second quarter, representing a 26% increase from the same period last year.</p>
<div class="lb-trans"><p>蔚来汽车持续增加其车辆交付量并扩大市场份额。去年，公司实现了 221,970 辆的创纪录交付，同比增长 39%。最近报告的第二季度销售量为 72,056 辆，同比增长 26%。</p>
</div><p>A unique aspect of Nio's business is its battery-as-a-service offering, which addresses a common concern for many electric vehicle (EV) drivers: charging time. With its battery swapping technology, at designated locations, Nio can replace a depleted battery with a fully charged one in just 3 to 5 minutes.</p>
<div class="lb-trans"><p>蔚来汽车业务的一个独特之处在于其电池即服务（BaaS）产品，这解决了许多电动车（EV）驾驶者的一个共同担忧：充电时间。通过其电池更换技术，蔚来可以在指定地点在 3 到 5 分钟内将耗尽的电池更换为充满电的电池。</p>
</div><p>With this system, customers pay less upfront cost when purchasing a vehicle, instead paying a fee over time, which provides Nio with a steady stream of recurring income. Analysts at Western Securities, a Chinese investment bank, believe that this segment of Nio's business could break even by 2026.</p>
<div class="lb-trans"><p>通过这一系统，客户在购买车辆时支付的前期成本较低，而是随着时间的推移支付费用，这为蔚来提供了稳定的经常性收入。中国投资银行西部证券的分析师认为，蔚来这一业务板块可能在 2026 年实现盈亏平衡。</p>
</div><h2>It faces some serious headwinds</h2>
<div class="lb-trans"><h2>它面临一些严重的逆风</h2>
</div><p>The electric vehicle market is highly competitive, particularly in China, and Nio faces significant challenges in this environment. Analysts have noted that competition in China's battery electric vehicle sector is &#34;fierce.&#34; This intense competition ultimately impacts Nio's ability to increase sales volume, maintain favorable pricing, and achieve profitability.</p>
<div class="lb-trans"><p>电动车市场竞争激烈，尤其是在中国，蔚来在这种环境中面临重大挑战。分析师指出，中国的电池电动车领域竞争 “激烈”。这种激烈的竞争最终影响了蔚来增加销售量、维持有利定价和实现盈利的能力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU3NTcvbmlvLWVzOC1sYXJnZXIucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825757%2Fnio-es8-larger.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nio.</p>
<div class="lb-trans"><p>图片来源：蔚来汽车。</p>
</div><p>In the first quarter, revenue fell short of estimates and missed the company's guidance. The decline was primarily attributed to lower selling prices and increased promotions aimed at clearing out the inventory of older Nio models, as well as a higher proportion of sales from the Onvo brand, which targets the &#34;mainstream family market, ultimately impacting its profit margins.</p>
<div class="lb-trans"><p>在第一季度，收入未达到预期，未能满足公司的指导。下降主要归因于售价降低和增加促销活动以清理旧款蔚来车型的库存，以及来自 Onvo 品牌的销售比例较高，该品牌针对 “主流家庭市场”，最终影响了其利润率。</p>
</div><p>The manufacturer also faces several geopolitical headwinds. For instance, last year, the European Commission imposed duties on imports of battery electric vehicles (BEVs) from China, effective Oct. 30, 2024, for a period of five years. This decision was driven by concerns over substantial government subsidies that benefit Chinese EV makers. Additionally, former U.S. President Joe Biden raised tariffs on Chinese EVs to 100%, while current President Donald Trump announced additional tariffs on goods imported from China.</p>
<div class="lb-trans"><p>制造商还面临几项地缘政治逆风。例如，去年，欧盟委员会对来自中国的电池电动车（BEV）征收关税，自 2024 年 10 月 30 日起生效，为期五年。此决定是由于对惠及中国电动车制造商的巨额政府补贴的担忧。此外，前美国总统乔·拜登对中国电动车提高了 100% 的关税，而现任总统唐纳德·特朗普则宣布对从中国进口的商品征收额外关税。</p>
</div><h2>Nio's cost-cutting efforts</h2>
<div class="lb-trans"><h2>蔚来汽车的成本削减努力</h2>
</div><p>Another criticism of Nio lies in its growing losses. Since its inception, the company has consistently struggled to turn a profit due to its capital-intensive business model, which requires substantial investments in research and development, expansion of production capacity, and the establishment of its power and service networks.</p>
<div class="lb-trans"><p>蔚来汽车的另一个批评点在于其不断增加的亏损。自成立以来，由于其资本密集型的商业模式，该公司一直难以实现盈利，这需要在研发、生产能力扩张以及建立电力和服务网络方面进行大量投资。</p>
</div><p>Last year, Nio reported a net loss of RMB 22,402 million (approximately $3 billion). In the first quarter of this year, the company's losses increased to RMB 6,750 million (approximately $930 million), representing a 30% rise compared to the same quarter last year.</p>
<div class="lb-trans"><p>去年，蔚来报告净亏损为 224.02 亿元人民币（约合 30 亿美元）。在今年第一季度，公司亏损增加至 67.5 亿元人民币（约合 9.3 亿美元），同比增长 30%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d1bfef8c26ba75e16fdff92ed8ba1986.png" alt="" original-src="https://media.ycharts.com/charts/d1bfef8c26ba75e16fdff92ed8ba1986.png"/></p>
<p>NIO Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>NIO 收入（TTM）数据来源于 YCharts</p>
</div><p>The company is taking steps to improve profitability. In the first quarter, its vehicle margin increased to 10.2%, up from 9.2% in the same period a year earlier. Nio has taken steps to control costs by reducing spending, including restructuring and improving efficiency across research and development, the supply chain, and sales and services.</p>
<div class="lb-trans"><p>公司正在采取措施改善盈利能力。在第一季度，其车辆利润率从去年同期的 9.2% 上升至 10.2%。蔚来已采取措施通过减少支出来控制成本，包括重组和提高研发、供应链以及销售和服务的效率。</p>
</div><p><strong>Goldman Sachs</strong> has upgraded the automaker to a neutral rating, citing the company's cost reduction efforts, and anticipates a 4%-10% improvement in profit levels over the next three years. Looking ahead, Nio CEO William Bin Li is optimistic about achieving profitability by the fourth quarter of 2025, thanks to the cost-cutting and restructuring initiatives. The company also projects doubling sales to 450,000, but Goldman analysts estimate sales could be closer to 337,000.</p>
<div class="lb-trans"><p><strong>高盛</strong> 已将这家汽车制造商的评级上调至中性，称赞公司的成本削减努力，并预计未来三年利润水平将改善 4%-10%。展望未来，蔚来首席执行官李斌对在 2025 年第四季度实现盈利持乐观态度，这得益于成本削减和重组举措。公司还预计销售将翻倍至 450,000 辆，但高盛分析师估计销售可能接近 337,000 辆。</p>
</div><h2>Is Nio stock a buy?</h2>
<div class="lb-trans"><h2>蔚来股票值得购买吗？</h2>
</div><p>Nio is experiencing significant growth in China, with increasing deliveries and rising revenue. The company has a unique battery-as-a-service offering that differentiates it from competitors. However, it faces stiff competition in China along with headwinds from geopolitical trade tensions.</p>
<div class="lb-trans"><p>蔚来在中国经历了显著的增长，交付量和收入不断上升。公司独特的电池即服务产品使其与竞争对手区分开来。然而，它在中国面临激烈的竞争以及来自地缘政治贸易紧张局势的逆风。</p>
</div><p>The stock is currently trading at a 0.95 price-to-sales ratio. Investors who are optimistic about its long-term potential and willing to overlook geopolitical tensions and fierce competition may want to consider buying the stock at that price.</p>
<div class="lb-trans"><p>目前，股票的市销率为 0.95。对其长期潜力持乐观态度并愿意忽视地缘政治紧张局势和激烈竞争的投资者，可能会考虑在这个价格买入股票。</p>
</div><p>That said, its ongoing unprofitability and vulnerability to external economic and political pressures are headwinds for the stock. Before making a purchase, I'd look for improvements in its efficiency, along with signs that it is capturing a growing market share in China and improving its bottom line. Until then, most investors are best off looking elsewhere.</p>
<div class="lb-trans"><p>不过，其持续的亏损和对外部经济和政治压力的脆弱性是股票的逆风。在做出购买决定之前，我会关注其效率的改善，以及它在中国市场份额增长和改善盈利能力的迹象。在此之前，大多数投资者最好寻找其他投资机会。</p>
</div>

Should You Buy Nio Stock While It's Below $5?

- Nio 预计今年销售 450,000 辆，较去年增长超过一倍。  
- 该公司面临激烈竞争及地缘政治压力，第一季度亏损加剧。  
- 尽管有增长潜力，投资者需关注其盈利能力和市场份额改善。  

蔚来汽车的股票低于 5 美元时，你是否应该购买？