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China’s ‘Tesla Killer’ Stumbles as EV Price War Takes Toll
NIO is among Chinese startups burning more cash to compete in world’s largest electric-vehicle market蔚来汽车是烧钱更多钱在全球最大的电动汽车市场竞争的中国初创企业之一
By Raffaele Huang 黄玲玲Follow
June 26, 2023 12:01 am ET美国东部时间 2023 年 6 月 26 日 上午 12：01
Electric-car startup NIO had resisted cutting prices until earlier this month, when it cut sticker prices for all models available in China by $4,200. PHOTO: CFOTO/ZUMA PRESS电动汽车初创公司蔚来汽车一直拒绝降价，直到本月早些时候，它将中国所有车型的标价下调了4，200美元。照片：Cfoto/ZUMA Press
SINGAPORE—Electric-car startup NIO NIO -0.36%decrease; red down pointing triangle was dubbed China’s “Tesla killer” when it unveiled a sport-utility vehicle in 2017 that offered a sleek design, large-screen panel and voice-command features—all at half the price of a Model X.新加坡 - 电动汽车初创公司NIONIO-0.36%在2017年推出一款运动型多功能车时被称为中国的“特斯拉杀手”，该车提供时尚的设计，大屏幕面板和语音命令功能 - 所有这些都是Model X的一半价格。
One of China’s most vaunted EV startups, NIO is now a symbol of the challenges many automakers face amid a cutthroat price war in the world’s largest electric-vehicle market. Its sales have slumped in recent months, prompting the carmaker to slash prices, cut back investment and commit to burning more cash.作为中国最受吹嘘的电动汽车初创公司之一，蔚来汽车现在是许多汽车制造商在全球最大电动汽车市场残酷的价格战中面临的挑战的象征。近几个月来，其销量下滑，促使该汽车制造商大幅降价，削减投资并承诺烧掉更多现金。
Chief Executive William Li said this month that New York Stock Exchange-listed NIO has to prudently manage liquidity risks as weak sales in the past two quarters weighed on its operating cash flow. 首席执行官威廉·李（William Li）本月表示，在纽约证券交易所上市的蔚来汽车必须谨慎管理流动性风险，因为过去两个季度的销售疲软拖累了其经营现金流。
An Abu Dhabi government-backed entity will invest around $740 million in NIO, the company said last week. Li said he expects sales to start rebounding in June as it recently launched a revamped SUV.该公司上周表示，阿布扎比政府支持的实体将向蔚来汽车投资约7.4亿美元。李说，他预计销量将在6月份开始反弹，因为它最近推出了一款经过改进的SUV。
NIO was slower than other automakers to cut prices, and its recent moves show how deeply the competition is hurting automakers’ bottom lines as well as rippling through supply chains. Some startups have been sidelined or killed after burning through cash in China’s crowded market, where the explosive growth of EV sales has slowed this year amid weak consumption and the end of nationwide subsidies for buyers.蔚来汽车降价的速度比其他汽车制造商慢，其最近的举动表明，竞争正在严重损害汽车制造商的底线，并在整个供应链中荡漾。一些初创公司在拥挤的中国市场烧钱后被边缘化或被扼杀，由于消费疲软和全国范围内对买家的补贴结束，今年电动汽车销量的爆炸性增长已经放缓。
Indebted WM Motor earlier this year suspended most of its production, laid off employees and closed stores after running out of cash. The company is backed by Tencent Holdings and HongShan, which was formerly Sequoia Capital China. Letin Auto, famous for its $4,000 electric hatchback, filed for bankruptcy in May after failing to get new funds.今年早些时候，负债累累的威马汽车（WM Motor）暂停了大部分生产，裁员并在现金耗尽后关闭了商店。该公司由腾讯控股和洪山支持，洪山的前身是红杉资本中国。以其4，000美元的电动掀背车而闻名的Letin Auto在未能获得新资金后于5月申请破产。
Chinese EV startup XPeng has reported falling sales since September. PHOTO: HECTOR RETAMAL/AGENCE FRANCE-PRESSE/GETTY IMAGES中国电动汽车初创公司小鹏汽车报告称，自9月以来销量下降。照片：赫克托·雷塔马尔/法新社/盖蒂图片社
XPeng, another popular U.S.-listed EV startup in China, has reported falling sales since September, despite offering more than 10% discounts on several vehicle models starting in January and launching a new model with more advanced self-driving capabilities. XPeng delivered almost 40% fewer cars so far this year than in the same period a year ago. 小鹏汽车（XPeng）是另一家在美国上市的电动汽车初创公司，该公司报告称，尽管从1月开始为几款车型提供超过10%的折扣，并推出了一款具有更先进自动驾驶功能的新车型，但该公司自9月以来的销量有所下降。与去年同期相比，小鹏今年迄今为止交付的汽车减少了近40%。
The company doesn’t have much time left to turn itself around as its net cash runs low while rivals catch up with its technology, according to a research note by analysts at CMB International, which downgraded the company’s stock in May.根据CMB International分析师的一份研究报告，该公司没有太多时间扭转局面，因为其净现金不足，而竞争对手则赶上了其技术，该公司在5月份下调了该公司的股票评级。
XPeng didn’t respond to requests for comment. 小鹏没有回应置评请求。
Monthly EV deliveries in China by companySource: the companies
NIOLi AutoXPengJan. 2022'2305,00010,00015,00020,00025,00030,000cars
Once the darlings of investors looking for the next Tesla, EV companies globally are grappling with tighter liquidity, operating problems and intensified competition. American companies including Rivian Automotive and Lucid Group are among those facing rougher times as their cash reserves shrink. 曾经是寻找下一个特斯拉的投资者的宠儿，全球电动汽车公司正在努力应对流动性收紧、运营问题和竞争加剧。包括Rivian Automotive和Lucid Group在内的美国公司正面临更艰难的时期，因为它们的现金储备萎缩。
China’s EV and hybrid-vehicle sales growth have slipped in recent quarters from the triple-digit percentages commonly seen in 2021 and much of 2022. Sales rose 41% in the first five months of this year compared with a year earlier, according to the China Passenger Car Association.最近几个季度，中国的电动汽车和混合动力汽车销量增长从 2021 年和 2022 年大部分时间常见的三位数百分比下滑。根据中国乘用车协会的数据，今年前五个月销售额同比增长41%。
“Not everyone can survive in the market,” said Joel Ying, an auto analyst at Nomura. Startups are more vulnerable than legacy carmakers, which typically have the gas-powered vehicle business as cash cows, he added.“不是每个人都能在市场上生存，”野村证券（Nomura）汽车分析师乔尔·英（Joel Ying）说。他补充说，初创公司比传统汽车制造商更容易受到攻击，传统汽车制造商通常将汽油动力汽车业务作为摇钱树。
Beijing is finalizing a package of stimulus measures to revive the country’s flagging economy and consumption, The Wall Street Journal has reported. China’s finance ministry last week extended the tax exemption on purchases of EVs and hybrids to the end of 2025.据《华尔街日报》报道，北京正在敲定一揽子刺激措施，以重振该国萎靡不振的经济和消费。中国财政部上周将购买电动汽车和混合动力车的免税期限延长至2025年底。
