交付破 10 万也救不了?蔚来 Q4 盈利前景扑朔迷离,核心问题在哪汽车

TMT观察网
Dec 06, 2025

“蔚来 Q4 还能盈利吗?” 随着 2025 年 Q4 进入尾声,这个问题成为新能源汽车行业和投资者关注的焦点。此前蔚来凭借 Q3 首次实现季度盈利,让市场看到了品牌盈利转正的希望,但进入 Q4 后,尽管交付量呈现回暖态势,多重潜在压力却让盈利前景变得扑朔迷离。从交付数据来看,蔚来 Q4 的表现不乏亮点。10 月交付量突破 3.5 万辆,11 月持续保持增长,环比增幅超 15%,多款改款车型和新...

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