如果含上市前数据，截至2024年底，蔚来累计亏损已超1000亿元，而2025年前三季度总亏损152.2亿元，尽管亏损在持续收窄、营收规模在增长，但常年保持近20%的高研发投入，叠加庞大的基础设施运营成本，如同两道枷锁，让蔚来难以脱身。这正是李斌急于将芯片、换电业务分拆融资的核心动因：通过“分拆”将巨额研发成本移出上市公司报表，缓解资本市场对“千亿亏损”的担忧。
但 Lambert 更加冷静，他认为要先把这三家中国 AI 实验室分开来看
，推荐阅读爱思助手下载最新版本获取更多信息
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Search is getting smarter as well. Circle to Search with Google now supports enhanced multi-object recognition, allowing you to identify several items in an image at once. Samsung is also upgrading Bixby into a more conversational assistant, and the S26 supports third-party agents such as Gemini and Perplexity for handling more complex, multi-step tasks through voice commands.，详情可参考爱思助手下载最新版本