<blockquote>
<ul>
<li>蔚來汽車的股票今年上漲了 26%。本文回顧了推動價格波動的主要事件。</li>
<li>財報公告、融資事件和新車型發佈是影響蔚來汽車股價的最重要因素。</li>
</ul>
</blockquote>
<p><img src="https://imageproxy.pbkrs.com/https://cdn.cnevpost.com/wp-content/uploads/2025/12/2025123101511476.jpg?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://cdn.cnevpost.com/wp-content/uploads/2025/12/2025123101511476.jpg"/></p>
<p>（2024 年 4 月北京車展上蔚來汽車展位的蔚來標誌。圖片來源：CnEVPost）</p>
<p>在 2025 年最後一天結束之前，蔚來汽車（NYSE: NIO, HKG: 9866）在美國股市上全年上漲了 26%。</p>
<p>其股票在 2025 年經歷了顯著的波動，主要受到特定事件的驅動。</p>
<p>隨着 2025 年接近尾聲，CnEVPost 旨在在本文中回顧主要事件。</p>
<p>加入我們在 Telegram 或 Google News</p>
<p>總體而言，財報公告和融資事件是蔚來汽車股價波動的最重要驅動因素。</p>
<p>其次是新車型發佈，特別是與 Onvo L90 和第三代蔚來 ES8 相關的發展，這也顯著影響了蔚來汽車的股價波動。</p>
<p>在繼續閲讀之前，您可以通過下面的互動圖表快速查看這些主要事件及其對應的蔚來 ADR 價格。</p>
<p>蔚來美國股價 2025（NYSE: NIO）</p>
<p>收盤價 事件</p>
<p>2025 年第一季度相對平靜，因為這是中國春節假期期間，中國汽車市場通常進入淡季。</p>
<p>2 月 25 日，Onvo 發佈了其 L90 SUV（運動型多用途車）的第一張官方圖片，為該車型的發佈預熱。</p>
<p>儘管 L90 在圖片中被重重偽裝，但似乎激發了投資者的樂觀情緒，推動蔚來汽車的股票在次日上漲了 10.54%。</p>
<p>3 月 10 日，36Kr 報道蔚來內部推出了一種名為 CBU（單元業務）的管理機制，強調加強成本控制。根據報告，該系統預計將在第二季度全面實施。</p>
<p>這導致蔚來汽車的股價大幅上漲，3 月 11 日收盤上漲了 17.04%。蔚來隨後在財報電話會議中確認了該系統。</p>
<p>3 月 27 日，在幾天的股價下跌後，蔚來宣佈計劃發行新股融資，以資助研發並增強其資產負債表。這導致股價進一步下跌。</p>
<p>4 月 2 日，蔚來更換了子品牌 Onvo 的負責人，前蔚來動力負責人沈飛接替艾倫·艾作為新任 Onvo 總裁。</p>
<p>4 月 7 日，蔚來宣佈完成新股發行，共籌集了 40.3 億港元。</p>
<p>隨後，蔚來推出了幾款新車型：4 月 19 日，子品牌 Firefly 的第一款車型上市；5 月 16 日，更新版蔚來 ES6 和蔚來 EC6 發佈；5 月 25 日，更新版 ET5 和 ET5 Touring 發佈。</p>
<p>6 月 3 日，蔚第一季度財報顯示淨虧損同比增加 30%，並出現經營現金流出。公司指出流動負債超過流動資產。</p>
<p>儘管財報表現平平，蔚來汽車的股價在 6 月 4 日收盤上漲了 6.23%，而 6 月 3 日則基本持平。</p>
<p>7 月 10 日，Onvo 以具有競爭力的價格開始 L90 的預售，成為蔚來隨後多日股價上漲的關鍵驅動因素。</p>
<p>L90 的試駕於 7 月 23 日開始，該車型於 7 月 31 日正式發佈。</p>
<p>從 7 月 10 日到 7 月 31 日，蔚來汽車的股價上漲了 40%。</p>
<p>在 L90 之後，第三代 ES8 的相關發展成為推動蔚來汽車股價上漲的第二大因素。</p>
<p>8 月 21 日，蔚來發布了第三代 ES8，並以激進的定價開始預售。當天蔚來股價上漲了 9.27%，次日又上漲了 14.44%。</p>
<p>8 月 25 日，蔚來在香港上市的股票在持續的樂觀情緒中創下近一年來的新高。</p>
<p>9 月 2 日，蔚來發布了第二季度財報，顯示自 2023 年第四季度以來的最小淨虧損。此後，蔚來股價連續幾天下跌。</p>
<p>9 月 10 日，蔚來在新加坡交易的股票意外停牌，隨後公司宣佈計劃發行新股以籌集約 10 億美元。</p>
<p>其美國 ADR 在 9 月 10 日收盤下跌 8.92%，但隨後經歷了五個連續交易日的上漲，累計上漲 30%。這可能是由於投資者傾向於認為融資將有助於改善經營狀況。</p>
<p>9 月 20 日，蔚來正式推出第三代 ES8，價格較預售價格進一步降低，並承諾 2025 年年產能力達到 4 萬輛。</p>
<p>蔚來股價隨後略微下跌後反彈，於 10 月 2 日達到年內收盤高點 7.89 美元。</p>
<p>10 月 16 日，中國媒體財新報道蔚來被新加坡主權財富基金 GIC Private Limited 起訴。當天蔚來在美國市場開盤近跌 8%，但收盤時恢復了損失，微漲 0.15%。</p>
<p>蔚來股價似乎未受到訴訟的影響，在 10 月 16 日至 11 月 5 日期間累計上漲約 7%。</p>
<p>然而，在 11 月期間，蔚來股價穩步下跌，月跌幅約為 24%。由於此期間沒有關於蔚來的重大新聞，跌幅可能源於中國汽車市場整體疲軟，隨着中國的車輛置換補貼逐步退出。</p>
<p>11 月 25 日，蔚來發布了第三季度財報，顯示淨虧損減少 31%。財報發佈後，其股價連續幾天下跌，12 月大部分時間交易在 5 美元左右。</p>
<p>12 月 30 日，中國宣佈將在 2026 年繼續提供置換補貼。大多數在美國交易的中國汽車股票上漲，蔚來收盤上漲 3%，報 5.50 美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cdn.cnevpost.com/wp-content/uploads/2025/12/2025122904554761-768x432.jpg?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://cdn.cnevpost.com/wp-content/uploads/2025/12/2025122904554761-768x432.jpg"/></p>
<p>蔚來汽車在第三代 ES8 交付第 40,000 輛，距離第 30,000 輛里程碑僅 11 天</p>
<p>這距離第三代 ES8 發佈已過去 100 天，表明 12 月的交付量將達到約 20,000 輛。</p>

蔚來汽車

蔚來-SW

<p>蔚來汽車的股票在 2025 年上漲了 26%，受到財報公告、融資活動和新車發佈等關鍵事件的影響。重要時刻包括 Onvo L90 SUV 的發佈、成本控制新管理機制的引入，以及第三代 ES8 的推出。儘管經歷了一些波動，蔚來汽車的股票在積極進展後出現了顯著上漲，包括預售和競爭性定價策略。年末，蔚來汽車的股票達到了 7.89 美元的高點，反映出投資者在持續挑戰中仍然保持樂觀</p>

<blockquote>
<ul>
<li>Nio's stock has risen 26 percent this year. This article reviews the major events driving price movements.</li>
<li>Earnings announcements, financing events, and new vehicle launches were among the most significant factors influencing Nio's stock price.</li>
</ul>
</blockquote>
<div class="lb-trans"><blockquote>
<ul>
<li>蔚來汽車的股票今年上漲了 26%。本文回顧了推動價格波動的主要事件。</li>
<li>財報公告、融資事件和新車型發佈是影響蔚來汽車股價的最重要因素。</li>
</ul>
</blockquote>
</div><p><img src="https://imageproxy.pbkrs.com/https://cdn.cnevpost.com/wp-content/uploads/2025/12/2025123101511476.jpg" alt="" original-src="https://cdn.cnevpost.com/wp-content/uploads/2025/12/2025123101511476.jpg"/></p>
<p>(The Nio logo at the company's booth during the Beijing auto show in April 2024. Image credit: CnEVPost)</p>
<div class="lb-trans"><p>（2024 年 4 月北京車展上蔚來汽車展位的蔚來標誌。圖片來源：CnEVPost）</p>
</div><p>Before the final day of 2025 concluded, Nio Inc (NYSE: NIO, HKG: 9866) had gained 26 percent on the US stock market over the year.</p>
<div class="lb-trans"><p>在 2025 年最後一天結束之前，蔚來汽車（NYSE: NIO, HKG: 9866）在美國股市上全年上漲了 26%。</p>
</div><p>Its stock experienced significant volatility throughout 2025, largely driven by specific events.</p>
<div class="lb-trans"><p>其股票在 2025 年經歷了顯著的波動，主要受到特定事件的驅動。</p>
</div><p>As 2025 draws to a close, CnEVPost aims to recap the major events in this article.</p>
<div class="lb-trans"><p>隨着 2025 年接近尾聲，CnEVPost 旨在在本文中回顧主要事件。</p>
</div><p>Join us on  Telegram  or  Google News</p>
<div class="lb-trans"><p>加入我們在 Telegram 或 Google News</p>
</div><p>Overall, earnings announcements and financing events were the most significant drivers of Nio's stock price fluctuations.</p>
<div class="lb-trans"><p>總體而言，財報公告和融資事件是蔚來汽車股價波動的最重要驅動因素。</p>
</div><p>The next most influential factors were new model launches, particularly developments surrounding the Onvo L90 and third-generation Nio ES8, which also significantly impacted Nio's stock price movements.</p>
<div class="lb-trans"><p>其次是新車型發佈，特別是與 Onvo L90 和第三代蔚來 ES8 相關的發展，這也顯著影響了蔚來汽車的股價波動。</p>
</div><p>Before reading further, you can quickly view these major events and their corresponding Nio ADR prices via the interactive chart below.</p>
<div class="lb-trans"><p>在繼續閲讀之前，您可以通過下面的互動圖表快速查看這些主要事件及其對應的蔚來 ADR 價格。</p>
</div><p>Nio US stock price 2025 (NYSE: NIO)</p>
<div class="lb-trans"><p>蔚來美國股價 2025（NYSE: NIO）</p>
</div><p>Close Price  Event</p>
<div class="lb-trans"><p>收盤價 事件</p>
</div><p>The first quarter of 2025 was relatively quiet, as it was the period of the Chinese New Year holiday, when the Chinese auto market traditionally enters a slow season.</p>
<div class="lb-trans"><p>2025 年第一季度相對平靜，因為這是中國春節假期期間，中國汽車市場通常進入淡季。</p>
</div><p>On February 25, Onvo released the first official image of its L90 SUV (sport utility vehicle), initiating pre-launch buzz for the model.</p>
<div class="lb-trans"><p>2 月 25 日，Onvo 發佈了其 L90 SUV（運動型多用途車）的第一張官方圖片，為該車型的發佈預熱。</p>
</div><p>Despite the L90 being heavily camouflaged in the image, it seemed to spark investor optimism, driving Nio's stock up 10.54 percent the following day on the US market.</p>
<div class="lb-trans"><p>儘管 L90 在圖片中被重重偽裝，但似乎激發了投資者的樂觀情緒，推動蔚來汽車的股票在次日上漲了 10.54%。</p>
</div><p>On March 10, 36Kr reported that Nio had internally launched a management mechanism called the CBU (Cell Business Unit), emphasizing enhanced cost control. This system was expected to be fully implemented in the second quarter, per the report.</p>
<div class="lb-trans"><p>3 月 10 日，36Kr 報道蔚來內部推出了一種名為 CBU（單元業務）的管理機制，強調加強成本控制。根據報告，該系統預計將在第二季度全面實施。</p>
</div><p>This drove a significant surge in Nio's stock price, which closed up 17.04 percent on March 11. Nio subsequently confirmed this system during its earnings call.</p>
<div class="lb-trans"><p>這導致蔚來汽車的股價大幅上漲，3 月 11 日收盤上漲了 17.04%。蔚來隨後在財報電話會議中確認了該系統。</p>
</div><p>On March 27, amid several days of share price declines, Nio announced plans to issue new shares for financing to fund R&amp;D and strengthen its balance sheet. This led to further share price declines.</p>
<div class="lb-trans"><p>3 月 27 日，在幾天的股價下跌後，蔚來宣佈計劃發行新股融資，以資助研發並增強其資產負債表。這導致股價進一步下跌。</p>
</div><p>On April 2, Nio replaced the head of sub-brand Onvo, with Shen Fei, former head of Nio Power, succeeding Alan Ai as the new Onvo president.</p>
<div class="lb-trans"><p>4 月 2 日，蔚來更換了子品牌 Onvo 的負責人，前蔚來動力負責人沈飛接替艾倫·艾作為新任 Onvo 總裁。</p>
</div><p>On April 7, Nio announced the completion of its new share issuance, raising a total of HK$4.03 billion.</p>
<div class="lb-trans"><p>4 月 7 日，蔚來宣佈完成新股發行，共籌集了 40.3 億港元。</p>
</div><p>After that, Nio launched several new models: On April 19, the first model from its sub-brand Firefly went on sale; on May 16, the updated Nio ES6 and Nio EC6 were launched; on May 25, the updated ET5 and ET5 Touring were launched.</p>
<div class="lb-trans"><p>隨後，蔚來推出了幾款新車型：4 月 19 日，子品牌 Firefly 的第一款車型上市；5 月 16 日，更新版蔚來 ES6 和蔚來 EC6 發佈；5 月 25 日，更新版 ET5 和 ET5 Touring 發佈。</p>
</div><p>On June 3, Nio's first-quarter earnings report showed a 30 percent year-on-year increase in net loss and it had an operating cash outflow. The company flagged that current liabilities exceeded current assets.</p>
<div class="lb-trans"><p>6 月 3 日，蔚第一季度財報顯示淨虧損同比增加 30%，並出現經營現金流出。公司指出流動負債超過流動資產。</p>
</div><p>Despite the lackluster earnings, Nio's stock price closed up 6.23 percent on June 4, following a largely flat close on June 3.</p>
<div class="lb-trans"><p>儘管財報表現平平，蔚來汽車的股價在 6 月 4 日收盤上漲了 6.23%，而 6 月 3 日則基本持平。</p>
</div><p>On July 10, Onvo began pre-sales of the L90 at competitive pricing, becoming a key driver behind Nio's subsequent multi-day stock surge.</p>
<div class="lb-trans"><p>7 月 10 日，Onvo 以具有競爭力的價格開始 L90 的預售，成為蔚來隨後多日股價上漲的關鍵驅動因素。</p>
</div><p>Test drives for the L90 commenced on July 23, with the model officially launching on July 31.</p>
<div class="lb-trans"><p>L90 的試駕於 7 月 23 日開始，該車型於 7 月 31 日正式發佈。</p>
</div><p>From July 10 to July 31, Nio's stock price climbed 40 percent.</p>
<div class="lb-trans"><p>從 7 月 10 日到 7 月 31 日，蔚來汽車的股價上漲了 40%。</p>
</div><p>Following the L90, developments surrounding the third-generation ES8 became the second major driver propelling Nio's stock price higher.</p>
<div class="lb-trans"><p>在 L90 之後，第三代 ES8 的相關發展成為推動蔚來汽車股價上漲的第二大因素。</p>
</div><p>On August 21, Nio unveiled the third-generation ES8 and commenced pre-sales with aggressive pricing. Nio's stock price rose 9.27 percent that day and surged another 14.44 percent the following day.</p>
<div class="lb-trans"><p>8 月 21 日，蔚來發布了第三代 ES8，並以激進的定價開始預售。當天蔚來股價上漲了 9.27%，次日又上漲了 14.44%。</p>
</div><p>On August 25, Nio's Hong Kong-listed shares hit a nearly one-year high amid sustained optimism surrounding the third-generation ES8.</p>
<div class="lb-trans"><p>8 月 25 日，蔚來在香港上市的股票在持續的樂觀情緒中創下近一年來的新高。</p>
</div><p>On September 2, Nio released its second-quarter earnings report, showing the smallest net loss since the fourth quarter of 2023. Following this, Nio's stock price declined for several consecutive days.</p>
<div class="lb-trans"><p>9 月 2 日，蔚來發布了第二季度財報，顯示自 2023 年第四季度以來的最小淨虧損。此後，蔚來股價連續幾天下跌。</p>
</div><p>On September 10, Nio's Singapore-traded shares were unexpectedly halted, after which the company announced plans to issue new shares to raise about $1 billion.</p>
<div class="lb-trans"><p>9 月 10 日，蔚來在新加坡交易的股票意外停牌，隨後公司宣佈計劃發行新股以籌集約 10 億美元。</p>
</div><p>Its US ADRs closed down 8.92 percent on September 10 but then experienced five consecutive trading days of gains, accumulating a 30 percent increase. This may have been due to investors leaning toward the view that the financing would help improve operating conditions.</p>
<div class="lb-trans"><p>其美國 ADR 在 9 月 10 日收盤下跌 8.92%，但隨後經歷了五個連續交易日的上漲，累計上漲 30%。這可能是由於投資者傾向於認為融資將有助於改善經營狀況。</p>
</div><p>On September 20, Nio officially launched the third-generation ES8, with a price further reduced from the pre-sales price, and pledged an annual production capacity of 40,000 units in 2025.</p>
<div class="lb-trans"><p>9 月 20 日，蔚來正式推出第三代 ES8，價格較預售價格進一步降低，並承諾 2025 年年產能力達到 4 萬輛。</p>
</div><p>Nio's stock price subsequently dipped slightly before rebounding, reaching its year-to-date closing high of $7.89 on October 2.</p>
<div class="lb-trans"><p>蔚來股價隨後略微下跌後反彈，於 10 月 2 日達到年內收盤高點 7.89 美元。</p>
</div><p>On October 16, a report by Chinese media outlet Caixin highlighted that Nio was being sued by Singapore's sovereign wealth fund GIC Private Limited. Nio opened nearly 8 percent lower on the US market that day but recovered its losses by closing up 0.15 percent.</p>
<div class="lb-trans"><p>10 月 16 日，中國媒體財新報道蔚來被新加坡主權財富基金 GIC Private Limited 起訴。當天蔚來在美國市場開盤近跌 8%，但收盤時恢復了損失，微漲 0.15%。</p>
</div><p>Nio's stock price appeared largely unaffected by the lawsuit, accumulating a roughly 7 percent gain between October 16 and November 5.</p>
<div class="lb-trans"><p>蔚來股價似乎未受到訴訟的影響，在 10 月 16 日至 11 月 5 日期間累計上漲約 7%。</p>
</div><p>Throughout November, however, Nio's stock price declined steadily, falling about 24 percent for the month. With no major news regarding Nio during this period, the drop likely stemmed from broader weakness in China's auto market as China's vehicle trade-in subsidies gradually phased out.</p>
<div class="lb-trans"><p>然而，在 11 月期間，蔚來股價穩步下跌，月跌幅約為 24%。由於此期間沒有關於蔚來的重大新聞，跌幅可能源於中國汽車市場整體疲軟，隨着中國的車輛置換補貼逐步退出。</p>
</div><p>On November 25, Nio released its third-quarter earnings report, showing a 31 percent reduction in net losses. Its stock price declined for several days following the earnings release, then traded around $5 for most of December.</p>
<div class="lb-trans"><p>11 月 25 日，蔚來發布了第三季度財報，顯示淨虧損減少 31%。財報發佈後，其股價連續幾天下跌，12 月大部分時間交易在 5 美元左右。</p>
</div><p>On December 30, China announced it would continue offering trade-in subsidies in 2026. Most Chinese auto stocks traded in the US rose, with Nio closing up 3 percent at $5.50.</p>
<div class="lb-trans"><p>12 月 30 日，中國宣佈將在 2026 年繼續提供置換補貼。大多數在美國交易的中國汽車股票上漲，蔚來收盤上漲 3%，報 5.50 美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cdn.cnevpost.com/wp-content/uploads/2025/12/2025122904554761-768x432.jpg" alt="" original-src="https://cdn.cnevpost.com/wp-content/uploads/2025/12/2025122904554761-768x432.jpg"/></p>
<p>Nio hits 40,000th delivery of 3rd-gen ES8, 11 days after 30,000th milestone</p>
<div class="lb-trans"><p>蔚來汽車在第三代 ES8 交付第 40,000 輛，距離第 30,000 輛里程碑僅 11 天</p>
</div><p>This comes 100 days after the third-generation ES8's launch, indicating December deliveries will reach about 20,000 units.</p>
<div class="lb-trans"><p>這距離第三代 ES8 發佈已過去 100 天，表明 12 月的交付量將達到約 20,000 輛。</p>
</div>

Nio in 2025: A look back at key moments driving stock price changes

- Nio Inc 2025 年股價上漲 26%。  
- 主要因素包括財報發佈、融資事件和新車上市。  
- 三季度淨虧損減少 31%，市場走勢受背景影響。

2025 年蔚來汽車：回顧推動股價變化的關鍵時刻