<ul><li>新加坡主权财富基金 GIC 对蔚来汽车提起诉讼的催化剂是 2022 年 6 月发布的一份做空报告，该报告随后被驳斥。</li><li>本案本月早些时候在美国法院暂时中止，等待先前集体诉讼的解决。</li></ul><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/a886181ffe27214068820fe0487f6146?x-oss-process=style/lg" alt="" width="1200" height="668" original-src="https://pub.pbkrs.com/uploads/2025/a886181ffe27214068820fe0487f6146"/></figure><p>(蔚来汽车标志。图片来源：CnEVPost)</p><p>新加坡主权财富基金 GIC Private Limited 已对蔚来汽车（NYSE: NIO）提起诉讼，涉及该中国电动车制造商的收入确认实践的争议。</p><p>中国媒体财新首次报道了这起于 8 月提起的诉讼，重点关注蔚来与其电池资产运营商 Mirattery 的关系以及公司的收入确认方法。</p><p>GIC 指控蔚来通过 Mirattery（与包括宁德时代（HKG: 3750）在内的合作伙伴共同成立）可能误导投资者，导致 GIC 遭受损失。</p><p>加入 CnEVPost 的 Telegram 或 Google News</p><p>本案本月早些时候在美国法院暂时中止，等待先前集体诉讼的结果。在该集体诉讼解决之前，蔚来没有义务对投诉作出回应。</p><p>蔚来的法律部门正在处理 GIC 的诉讼，CnEVPost 了解到。</p><p>GIC 在 2020 年 8 月至 2022 年 7 月期间累计持有约 5445 万股蔚来 ADS。在此期间，蔚来的股价经历了显著的波动。</p><p>蔚来 ADS 在 2020 年经历了史诗般的上涨，全年上涨超过十倍，并在 2021 年 1 月 11 日达到 66.99 美元的历史最高点。</p><p>在达到峰值后，蔚来经历了长期下滑，目前交易价格低于 7 美元。</p><p>GIC 对蔚来提起诉讼的触发因素是 2022 年 6 月美国做空机构 Grizzly Research 发布的一份做空报告，正如昨天的财新报道所提到的。</p><p>在 2022 年 6 月 28 日的报告中，Grizzly 声称蔚来在玩类似于 Valeant 的会计游戏，以夸大收入和提高利润率。</p><p>做空者怀疑蔚来可能利用一个未合并的关联公司 Mirattery 来夸大收入和盈利能力，将其与 Philidor-Valeant 关系进行比较。</p><p>蔚来随后进行了内部审查，得出这些指控毫无根据的结论。多位华尔街分析师在当时的研究报告中也驳斥了 Grizzly 的主张。</p><p>GIC 的指控与 Grizzly 的立场相呼应，认为蔚在向 Mirattery 销售电池时，不能立即确认全部电池销售收入，依据其 BaaS（电池即服务）模式。</p><p>新加坡主权财富基金认为，如果蔚来采用其认为合规的分期确认方法，其报告的业绩将大幅降低，使其股价在 2021 年初不太可能飙升至历史高点。</p><p>Mirattery 于 2020 年 8 月 18 日成立，是宁德时代、蔚来、国泰君安和湖北科技投资的合资企业。</p><p>在 2020 年 8 月，蔚来推出了 BaaS 电池租赁服务，Mirattery 作为这些租赁电池资产的管理者。</p><p>在 Grizzly Research 于 2022 年 6 月发布做空报告后，蔚来在 2022 年 8 月和 9 月分别面临两起基于该报告的集体诉讼，分别由 Saye 和 Bohonok 提起。</p><p>2022 年 12 月 14 日，美国纽约南区法院合并了这两起诉讼，并指定了主原告。2023 年 7 月，蔚来提交了驳回诉讼的动议，法院尚未对此作出裁决。</p><p>关于 GIC 为何等待三年才对蔚来提起诉讼，财新援引一位投资者的消息称，GIC 的账面损失可能构成重大事件，此次诉讼代表了机构问责程序的延迟启动。</p><p>GIC 有责任采取行动，以证明其已尽职尽责地保护其受托资产，该消息人士表示。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/4175f7d5c936f80bef77ff6095487f0c?x-oss-process=style/lg" alt="" width="800" height="449" original-src="https://pub.pbkrs.com/uploads/2025/4175f7d5c936f80bef77ff6095487f0c"/></figure><p>Mirattery 表示其一位创始股东在 C 轮融资中增持股份。</p><p>Mirattery 表示其一位创始股东湖北科技投资在其 C 轮融资中增加了投资。</p>

蔚来汽车

蔚来-SW

<p>新加坡主权财富基金 GIC 已对蔚来汽车提起诉讼，指控该电动车制造商通过其电池资产运营商 Mirattery 误导投资者，夸大收入。该诉讼源于 2022 年 6 月发布的一份做空报告，声称蔚来的收入确认做法具有误导性。GIC 累计持有约 5445 万股蔚来 ADS，认为蔚来的股价飙升是基于夸大的业绩指标。目前该案件在美国法院暂时搁置，等待对蔚来的先前集体诉讼的裁决</p>

<blockquote>
<ul>
<li>The catalyst for GIC's lawsuit against Nio was a short-selling report released in June 2022, which has since been refuted.</li>
<li>The case was temporarily stayed in a US court earlier this month pending resolution of a prior class action lawsuit.</li>
</ul>
</blockquote>
<div class="lb-trans"><ul>
<li>新加坡主权财富基金 GIC 对蔚来汽车提起诉讼的催化剂是 2022 年 6 月发布的一份做空报告，该报告随后被驳斥。</li>
<li>本案本月早些时候在美国法院暂时中止，等待先前集体诉讼的解决。</li>
</ul>
</div><p><img src="https://imageproxy.pbkrs.com/https://i0.wp.com/img.cnevpost.com/2025/10/16103205/2025101602320545.jpg/query-cmVzaXplPTEyMDAsNjY4JnNzbD0x" alt="" original-src="https://i0.wp.com/img.cnevpost.com/2025/10/16103205/2025101602320545.jpg?resize=1200%2C668&amp;ssl=1"/></p>
<p>(Nio logo. Image credit: CnEVPost)</p>
<div class="lb-trans"><p>(蔚来汽车标志。图片来源：CnEVPost)</p>
</div><p>Singapore sovereign wealth fund GIC Private Limited has sued Nio Inc (NYSE: NIO) over disputes regarding the Chinese electric vehicle (EV) maker's revenue recognition practices.</p>
<div class="lb-trans"><p>新加坡主权财富基金 GIC Private Limited 已对蔚来汽车（NYSE: NIO）提起诉讼，涉及该中国电动车制造商的收入确认实践的争议。</p>
</div><p>Chinese media outlet Caixin first reported yesterday on this lawsuit filed in August, focusing on Nio's relationship with its battery asset operator Mirattery and the company's revenue recognition methods.</p>
<div class="lb-trans"><p>中国媒体财新首次报道了这起于 8 月提起的诉讼，重点关注蔚来与其电池资产运营商 Mirattery 的关系以及公司的收入确认方法。</p>
</div><p>GIC alleges Nio misled investors by potentially inflating revenue through Mirattery --established with partners including CATL (HKG: 3750) -- resulting in losses for GIC.</p>
<div class="lb-trans"><p>GIC 指控蔚来通过 Mirattery（与包括宁德时代（HKG: 3750）在内的合作伙伴共同成立）可能误导投资者，导致 GIC 遭受损失。</p>
</div><p>Join CnEVPost on  Telegram  or  Google News</p>
<div class="lb-trans"><p>加入 CnEVPost 的 Telegram 或 Google News</p>
</div><p>The case was temporarily stayed in a US court earlier this month pending the outcome of a prior class action lawsuit. Until that class action is resolved, Nio has no obligation to respond to the complaint.</p>
<div class="lb-trans"><p>本案本月早些时候在美国法院暂时中止，等待先前集体诉讼的结果。在该集体诉讼解决之前，蔚来没有义务对投诉作出回应。</p>
</div><p>Nio's legal department is handling GIC's lawsuit, CnEVPost has learned.</p>
<div class="lb-trans"><p>蔚来的法律部门正在处理 GIC 的诉讼，CnEVPost 了解到。</p>
</div><p>GIC accumulated about 54.45 million Nio ADS shares between August 2020 and July 2022. During this period, Nio's stock price experienced significant volatility.</p>
<div class="lb-trans"><p>GIC 在 2020 年 8 月至 2022 年 7 月期间累计持有约 5445 万股蔚来 ADS。在此期间，蔚来的股价经历了显著的波动。</p>
</div><p>Nio ADS experienced an epic surge throughout 2020, rising over tenfold the whole year and reaching an all-time high of $66.99 on January 11, 2021.</p>
<div class="lb-trans"><p>蔚来 ADS 在 2020 年经历了史诗般的上涨，全年上涨超过十倍，并在 2021 年 1 月 11 日达到 66.99 美元的历史最高点。</p>
</div><p>Following that peak, Nio experienced a prolonged decline and currently trades below $7.</p>
<div class="lb-trans"><p>在达到峰值后，蔚来经历了长期下滑，目前交易价格低于 7 美元。</p>
</div><p>The trigger for GIC's lawsuit against Nio was a short-selling report released in June 2022 by US short-seller Grizzly Research, as noted in yesterday's Caixin report.</p>
<div class="lb-trans"><p>GIC 对蔚来提起诉讼的触发因素是 2022 年 6 月美国做空机构 Grizzly Research 发布的一份做空报告，正如昨天的财新报道所提到的。</p>
</div><p>In its June 28, 2022 report, Grizzly claimed Nio was playing an accounting game similar to Valeant's to inflate revenue and boost profit margins.</p>
<div class="lb-trans"><p>在 2022 年 6 月 28 日的报告中，Grizzly 声称蔚来在玩类似于 Valeant 的会计游戏，以夸大收入和提高利润率。</p>
</div><p>The short seller suspected Nio likely used an unconsolidated affiliate, Mirattery, to exaggerate revenue and profitability, drawing parallels to the Philidor-Valeant relationship.</p>
<div class="lb-trans"><p>做空者怀疑蔚来可能利用一个未合并的关联公司 Mirattery 来夸大收入和盈利能力，将其与 Philidor-Valeant 关系进行比较。</p>
</div><p>Nio subsequently conducted an internal review concluding these allegations were unfounded. Multiple Wall Street analysts also refuted Grizzly's claims in their research notes at the time.</p>
<div class="lb-trans"><p>蔚来随后进行了内部审查，得出这些指控毫无根据的结论。多位华尔街分析师在当时的研究报告中也驳斥了 Grizzly 的主张。</p>
</div><p>GIC's allegations echo Grizzly's stance, contending that Nio cannot recognize full battery sales revenue upfront when selling batteries to Mirattery under its BaaS (Battery as a Service) model.</p>
<div class="lb-trans"><p>GIC 的指控与 Grizzly 的立场相呼应，认为蔚在向 Mirattery 销售电池时，不能立即确认全部电池销售收入，依据其 BaaS（电池即服务）模式。</p>
</div><p>The Singapore sovereign wealth fund contends that had Nio adopted what it considers compliant installment recognition methods, its reported performance would have been significantly diminished, making it unlikely for its stock price to surge to historic highs in early 2021.</p>
<div class="lb-trans"><p>新加坡主权财富基金认为，如果蔚来采用其认为合规的分期确认方法，其报告的业绩将大幅降低，使其股价在 2021 年初不太可能飙升至历史高点。</p>
</div><p>Mirattery was established on August 18, 2020, as a joint venture between CATL, Nio, Guotai Junan, and Hubei Science Technology Investment.</p>
<div class="lb-trans"><p>Mirattery 于 2020 年 8 月 18 日成立，是宁德时代、蔚来、国泰君安和湖北科技投资的合资企业。</p>
</div><p>In August 2020, Nio launched its BaaS battery rental service, with Mirattery serving as the manager of these leased battery assets.</p>
<div class="lb-trans"><p>在 2020 年 8 月，蔚来推出了 BaaS 电池租赁服务，Mirattery 作为这些租赁电池资产的管理者。</p>
</div><p>Following Grizzly Research's short-selling report in June 2022, Nio faced two class action lawsuits in August and September 2022 based on the report, filed by Saye and Bohonok respectively.</p>
<div class="lb-trans"><p>在 Grizzly Research 于 2022 年 6 月发布做空报告后，蔚来在 2022 年 8 月和 9 月分别面临两起基于该报告的集体诉讼，分别由 Saye 和 Bohonok 提起。</p>
</div><p>On December 14, 2022, the Southern District of New York in the US consolidated the two lawsuits and designated lead plaintiffs. In July 2023, Nio filed a motion to dismiss the lawsuits, which the court has yet to rule on.</p>
<div class="lb-trans"><p>2022 年 12 月 14 日，美国纽约南区法院合并了这两起诉讼，并指定了主原告。2023 年 7 月，蔚来提交了驳回诉讼的动议，法院尚未对此作出裁决。</p>
</div><p>Regarding why GIC waited three years to sue Nio, Caixin cited an investor source stating that GIC's book losses may have constituted a material event, with the lawsuit representing a delayed initiation of institutional accountability procedures.</p>
<div class="lb-trans"><p>关于 GIC 为何等待三年才对蔚来提起诉讼，财新援引一位投资者的消息称，GIC 的账面损失可能构成重大事件，此次诉讼代表了机构问责程序的延迟启动。</p>
</div><p>GIC has an obligation to take action to demonstrate it has diligently safeguarded its fiduciary assets, the source said.</p>
<div class="lb-trans"><p>GIC 有责任采取行动，以证明其已尽职尽责地保护其受托资产，该消息人士表示。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://i0.wp.com/img.cnevpost.com/2025/07/21200620/2025072112061923.jpg/query-Zml0PTgwMCw0NDkmc3NsPTE" alt="" original-src="https://i0.wp.com/img.cnevpost.com/2025/07/21200620/2025072112061923.jpg?fit=800%2C449&amp;ssl=1"/></p>
<p>Mirattery says 1 of its founding shareholders upped stakes in Series C financing</p>
<div class="lb-trans"><p>Mirattery 表示其一位创始股东在 C 轮融资中增持股份。</p>
</div><p>Mirattery said one of its founding shareholders, Hubei Science Technology Investment, has increased bet in its Series C round of financing.</p>
<div class="lb-trans"><p>Mirattery 表示其一位创始股东湖北科技投资在其 C 轮融资中增加了投资。</p>
</div>

Singapore sovereign wealth fund GIC sues Nio over losses from three years ago

- 新加坡主权财富基金 GIC 起诉 Nio，因其收入确认方法存在争议。  
- GIC 指控 Nio 通过 Mirattery 夸大收入，导致其投资损失。  
- 此案在美国法院暂时搁置，待先前集体诉讼结果。  

新加坡主权财富基金 GIC 因三年前的损失起诉蔚来汽车