<p><strong>蔚來汽車</strong>(NIO 2.96%) 正在取得巨大的進展。這家中國汽車製造商預計今年將銷售驚人的 450,000 輛，銷售量是去年的兩倍多。如此爆炸性的增長，投資者可能會想知道是否是時候投資這家汽車製造商了。</p>
<p>儘管蔚來在電動車競賽中快速前進，但它在本土市場面臨激烈的競爭，並且必須應對全球地緣政治緊張局勢的複雜環境。股票價格低於 5 美元——週一上午 9:30 東部時間為 4.47 美元——現在是買入的時機嗎？讓我們探討一下未來的商業和投資機會。</p>
<h2>蔚來汽車的銷售增長表現出色</h2>
<p>蔚來汽車持續增加其車輛交付量並擴大市場份額。去年，公司實現了 221,970 輛的創紀錄交付，同比增長 39%。最近報告的第二季度銷售量為 72,056 輛，同比增長 26%。</p>
<p>蔚來汽車業務的一個獨特之處在於其電池即服務（BaaS）產品，這解決了許多電動車（EV）駕駛者的一個共同擔憂：充電時間。通過其電池更換技術，蔚來可以在指定地點在 3 到 5 分鐘內將耗盡的電池更換為充滿電的電池。</p>
<p>通過這一系統，客户在購買車輛時支付的前期成本較低，而是隨着時間的推移支付費用，這為蔚來提供了穩定的經常性收入。中國投資銀行西部證券的分析師認為，蔚來這一業務板塊可能在 2026 年實現盈虧平衡。</p>
<h2>它面臨一些嚴重的逆風</h2>
<p>電動車市場競爭激烈，尤其是在中國，蔚來在這種環境中面臨重大挑戰。分析師指出，中國的電池電動車領域競爭 “激烈”。這種激烈的競爭最終影響了蔚來增加銷售量、維持有利定價和實現盈利的能力。</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>圖片來源：蔚來汽車。</p>
<p>在第一季度，收入未達到預期，未能滿足公司的指導。下降主要歸因於售價降低和增加促銷活動以清理舊款蔚來車型的庫存，以及來自 Onvo 品牌的銷售比例較高，該品牌針對 “主流家庭市場”，最終影響了其利潤率。</p>
<p>製造商還面臨幾項地緣政治逆風。例如，去年，歐盟委員會對來自中國的電池電動車（BEV）徵收關税，自 2024 年 10 月 30 日起生效，為期五年。此決定是由於對惠及中國電動車製造商的鉅額政府補貼的擔憂。此外，前美國總統喬·拜登對中國電動車提高了 100% 的關税，而現任總統唐納德·特朗普則宣佈對從中國進口的商品徵收額外關税。</p>
<h2>蔚來汽車的成本削減努力</h2>
<p>蔚來汽車的另一個批評點在於其不斷增加的虧損。自成立以來，由於其資本密集型的商業模式，該公司一直難以實現盈利，這需要在研發、生產能力擴張以及建立電力和服務網絡方面進行大量投資。</p>
<p>去年，蔚來報告淨虧損為 224.02 億元人民幣（約合 30 億美元）。在今年第一季度，公司虧損增加至 67.5 億元人民幣（約合 9.3 億美元），同比增長 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）數據來源於 YCharts</p>
<p>公司正在採取措施改善盈利能力。在第一季度，其車輛利潤率從去年同期的 9.2% 上升至 10.2%。蔚來已採取措施通過減少支出來控制成本，包括重組和提高研發、供應鏈以及銷售和服務的效率。</p>
<p><strong>高盛</strong> 已將這家汽車製造商的評級上調至中性，稱讚公司的成本削減努力，並預計未來三年利潤水平將改善 4%-10%。展望未來，蔚來首席執行官李斌對在 2025 年第四季度實現盈利持樂觀態度，這得益於成本削減和重組舉措。公司還預計銷售將翻倍至 450,000 輛，但高盛分析師估計銷售可能接近 337,000 輛。</p>
<h2>蔚來股票值得購買嗎？</h2>
<p>蔚來在中國經歷了顯著的增長，交付量和收入不斷上升。公司獨特的電池即服務產品使其與競爭對手區分開來。然而，它在中國面臨激烈的競爭以及來自地緣政治貿易緊張局勢的逆風。</p>
<p>目前，股票的市銷率為 0.95。對其長期潛力持樂觀態度並願意忽視地緣政治緊張局勢和激烈競爭的投資者，可能會考慮在這個價格買入股票。</p>
<p>不過，其持續的虧損和對外部經濟和政治壓力的脆弱性是股票的逆風。在做出購買決定之前，我會關注其效率的改善，以及它在中國市場份額增長和改善盈利能力的跡象。在此之前，大多數投資者最好尋找其他投資機會。</p>

蔚來汽車

蔚來-SW

<p>蔚來汽車（NIO）預計今年將銷售 45 萬輛，銷售量是去年的兩倍多。儘管實現了增長，蔚來在中國電動車市場面臨激烈的競爭和地緣政治挑戰，包括關税。該公司去年報告淨虧損約 30 億美元，2023 年第一季度虧損 9.3 億美元。然而，蔚來的車輛毛利率有所改善，高盛提升了其評級，預計到 2025 年第四季度將實現盈利。目前，股票價格低於 5 美元，對於願意忽視風險的投資者來説，可能是一個潛在的買入機會</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>蔚來汽車</strong>(NIO 2.96%) 正在取得巨大的進展。這家中國汽車製造商預計今年將銷售驚人的 450,000 輛，銷售量是去年的兩倍多。如此爆炸性的增長，投資者可能會想知道是否是時候投資這家汽車製造商了。</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>儘管蔚來在電動車競賽中快速前進，但它在本土市場面臨激烈的競爭，並且必須應對全球地緣政治緊張局勢的複雜環境。股票價格低於 5 美元——週一上午 9:30 東部時間為 4.47 美元——現在是買入的時機嗎？讓我們探討一下未來的商業和投資機會。</p>
</div><h2>Nio's sales growth has been excellent</h2>
<div class="lb-trans"><h2>蔚來汽車的銷售增長表現出色</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>蔚來汽車持續增加其車輛交付量並擴大市場份額。去年，公司實現了 221,970 輛的創紀錄交付，同比增長 39%。最近報告的第二季度銷售量為 72,056 輛，同比增長 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>蔚來汽車業務的一個獨特之處在於其電池即服務（BaaS）產品，這解決了許多電動車（EV）駕駛者的一個共同擔憂：充電時間。通過其電池更換技術，蔚來可以在指定地點在 3 到 5 分鐘內將耗盡的電池更換為充滿電的電池。</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>通過這一系統，客户在購買車輛時支付的前期成本較低，而是隨着時間的推移支付費用，這為蔚來提供了穩定的經常性收入。中國投資銀行西部證券的分析師認為，蔚來這一業務板塊可能在 2026 年實現盈虧平衡。</p>
</div><h2>It faces some serious headwinds</h2>
<div class="lb-trans"><h2>它面臨一些嚴重的逆風</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>電動車市場競爭激烈，尤其是在中國，蔚來在這種環境中面臨重大挑戰。分析師指出，中國的電池電動車領域競爭 “激烈”。這種激烈的競爭最終影響了蔚來增加銷售量、維持有利定價和實現盈利的能力。</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>圖片來源：蔚來汽車。</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，收入未達到預期，未能滿足公司的指導。下降主要歸因於售價降低和增加促銷活動以清理舊款蔚來車型的庫存，以及來自 Onvo 品牌的銷售比例較高，該品牌針對 “主流家庭市場”，最終影響了其利潤率。</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>製造商還面臨幾項地緣政治逆風。例如，去年，歐盟委員會對來自中國的電池電動車（BEV）徵收關税，自 2024 年 10 月 30 日起生效，為期五年。此決定是由於對惠及中國電動車製造商的鉅額政府補貼的擔憂。此外，前美國總統喬·拜登對中國電動車提高了 100% 的關税，而現任總統唐納德·特朗普則宣佈對從中國進口的商品徵收額外關税。</p>
</div><h2>Nio's cost-cutting efforts</h2>
<div class="lb-trans"><h2>蔚來汽車的成本削減努力</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>蔚來汽車的另一個批評點在於其不斷增加的虧損。自成立以來，由於其資本密集型的商業模式，該公司一直難以實現盈利，這需要在研發、生產能力擴張以及建立電力和服務網絡方面進行大量投資。</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，蔚來報告淨虧損為 224.02 億元人民幣（約合 30 億美元）。在今年第一季度，公司虧損增加至 67.5 億元人民幣（約合 9.3 億美元），同比增長 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）數據來源於 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>公司正在採取措施改善盈利能力。在第一季度，其車輛利潤率從去年同期的 9.2% 上升至 10.2%。蔚來已採取措施通過減少支出來控制成本，包括重組和提高研發、供應鏈以及銷售和服務的效率。</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> 已將這家汽車製造商的評級上調至中性，稱讚公司的成本削減努力，並預計未來三年利潤水平將改善 4%-10%。展望未來，蔚來首席執行官李斌對在 2025 年第四季度實現盈利持樂觀態度，這得益於成本削減和重組舉措。公司還預計銷售將翻倍至 450,000 輛，但高盛分析師估計銷售可能接近 337,000 輛。</p>
</div><h2>Is Nio stock a buy?</h2>
<div class="lb-trans"><h2>蔚來股票值得購買嗎？</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>蔚來在中國經歷了顯著的增長，交付量和收入不斷上升。公司獨特的電池即服務產品使其與競爭對手區分開來。然而，它在中國面臨激烈的競爭以及來自地緣政治貿易緊張局勢的逆風。</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，股票的市銷率為 0.95。對其長期潛力持樂觀態度並願意忽視地緣政治緊張局勢和激烈競爭的投資者，可能會考慮在這個價格買入股票。</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>不過，其持續的虧損和對外部經濟和政治壓力的脆弱性是股票的逆風。在做出購買決定之前，我會關注其效率的改善，以及它在中國市場份額增長和改善盈利能力的跡象。在此之前，大多數投資者最好尋找其他投資機會。</p>
</div>

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

- Nio 預計今年銷售 450,000 輛，較去年增長超過一倍。  
- 該公司面臨激烈競爭及地緣政治壓力，第一季度虧損加劇。  
- 儘管有增長潛力，投資者需關注其盈利能力和市場份額改善。  

蔚來汽車的股票低於 5 美元時，你是否應該購買？