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。
The main lesson I learnt from working on these projects is that agents work best when you have approximate knowledge of many things with enough domain expertise to know what should and should not work. Opus 4.5 is good enough to let me finally do side projects where I know precisely what I want but not necessarily how to implement it. These specific projects aren’t the Next Big Thing™ that justifies the existence of an industry taking billions of dollars in venture capital, but they make my life better and since they are open-sourced, hopefully they make someone else’s life better. However, I still wanted to push agents to do more impactful things in an area that might be more worth it.
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