6月6日盘中，蔚来汽车（09866.HK）股价出现大幅下跌，跌幅达5.09%，引发市场关注。
蔚来股价下跌的主要原因可能与其最新公布的财报有关。根据蔚来公布的2025年第一季度财报，公司净亏损达68.91亿元人民币，同比扩大。尽管收入总额同比增长21.5%，但高额亏损仍然引发了投资者对公司盈利能力的担忧。招银国际在最新研报中指出，蔚来管理层的收支平衡假设可能不切实际，公司在换电、销售通路及其他项目上的投入较多，需要较高的销售量才能达到收支平衡。
此外，整体汽车行业的竞争加剧也可能对蔚来造成压力。多家券商报告指出，下半年汽车市场竞争可能进一步加剧。在这一背景下，蔚来等新势力车企面临的挑战可能更大。值得注意的是，当日港股市场上多数新能源汽车股均出现不同程度下跌，反映出投资者对整个行业的谨慎情绪。
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