编辑 丨 龚方毅 我们独家获悉，乐道汽车正在开发一款轿车和一款 SUV，定位在 20 万级市场。接近项目的人 士告诉我们，轿车面向小家庭用户，同时兼顾商用场景。 这两款车型此前已有规划，去年初蔚来推行 CBU（基本经营单元）改革时一度暂停，去年 8 月底恢复开发。并且，乐道并不排除根据市场情况，在大众市场推出新车型。 针对上述信息，我们已向蔚来汽车进行求证，截至发稿对方暂无回复。 一款轿车，一款 SUV。 文 丨 魏冰 据我们了解，目前蔚来内部认为靠两三款车型把销量拉高并不现实，尤其是在竞争激烈的主流价格 带；而 ES8 这类高端车型销量往往有周期性，很难长期维持高位，因此趁当前势头尽快补齐乐道的产 品线，对蔚来格外紧迫。 接近蔚来的人士认为，乐道 L90 上市后的销量表现和全新 ES8 预售阶段的市场反馈，是上述两个项 目恢复的直接原因。 L90 于去年 7 月底上市，首月销量破万，蔚来公司当月销量同比增长 55.2%。全新 ES8 在 8 月下旬亮 相并开启预售，9 月 20 日 NIO Day 正式发布后，2025 年产能在两天内售罄。 乐道的成功对蔚来持续盈利非常重要。蔚来长期是一家费用极高的公司，即 ...

"任何你觉得 That's it （就这样了）的时候，很可能就会有新的技术出现。" 文 丨 郭瑞婵 编辑 丨 龚方毅 智驾行业每隔一段时间就会冒出一轮终局论。2023 年地平线 CEO 余凯说行业十年终局仍将是 L2+++；一年后行业更愿意谈 "决赛圈""淘汰赛"；去年判断变得更加具体，余凯说 "行业大局 3 年可 定"，Momenta CEO 曹旭东说 "智驾竞争将在 2026 年结束，国内只有三家胜出"。 文远知行 CEO 韩旭觉得，所谓 "终局论"，是因为跑在前面的人气喘吁吁，急着要比赛结束 —— 但比 赛不会因为领先者的意愿而结束 —— 自动驾驶技术还在快速迭代，几个头部公司都兵精粮足，有充 足的现金储备继续投入。"甚至连 '结束的开始' 都不是，现在只是 '开局的结束'。" 他对《晚点 Auto》说。 过去两年，文远知行确实成为了智驾量产排位赛里的新变量。去年 8 月发布了一段式端到端方案（用 一个模型把传感器数据输出为驾驶决策，不经过人写的规则），获得奇瑞、广汽的量产定点，被一家 智驾公司技术负责人评价为 "行业新晋黑马"。持续扩张的 Robotaxi 业务推动文远知行去年收入增长 90%、达到 ...

转机出现在 2021 年，Momenta 获得上汽集团旗下智己品牌前装量产订单，并在一年内完成 10 亿美 元融资，投资方豪华，包括上汽、丰田、戴姆勒、通用、博世等中外车企和供应商。同年，特斯拉向 部分北美车主推送 FSD Beta V9 和 V10 版本，使车辆具备自动转弯和换道、应对交通信号灯等导航 辅助驾驶功能，初步验证了用量产乘用车做自动驾驶的渐进式路线。 2022 年，Momenta 首款搭载 L2 级智驾方案的车型量产。此后，Momenta 又与奔驰、宝马、奥迪、 丰田、大众、通用、本田、比亚迪、奇瑞、东风日产等国内外车企达成智驾方案合作。 Momenta IPO 估值预期超千亿元。 文 丨 赵宇 编辑 丨 龚方毅 我们独家获悉，智能驾驶解决方案供应商 Momenta 已向港交所秘密递交招股书。多位知情人 士告诉我们，Momenta IPO 估值预期超千亿元，正积极推动上市相关进程，计划 2026 年内在 港交所挂牌。 按照目前制度安排，Momenta 还需要向中国证监会国际部备案并取得备案通知书，这也是中国企业在 港股上市聆讯的必要条件。港美股暂时还没有主业、规模接近 Momenta 的中国公司 ...

具身智能的竞争，本质是体系的竞争。 文 丨 程曼祺 以下文章来源于晚点LatePost ，作者晚点团队 晚点LatePost . 晚一点，好一点 这家公司也符合中国投资具身智能的一种典型审美——创始团队有量产经验；在被认为与具身关系密 切的自动驾驶战场，打过硬仗、打过胜仗；且核心成员之间磨合已久，分工默契。 至简创始人兼 CEO 贾鹏 1987 年出生，创业前是理想汽车智驾技术研发负责人。过去十几年里，他一 直是一位战斗着的工程师：2016 年初成为英伟达中国智驾团队一号员工，亲历产业拓荒；5 年后，加 入刚开始自研智驾的理想，后来带领团队逆袭。 半年融资 20 亿元人民币，创下最快具身智能独角兽记录后，至简动力创始人贾鹏首次亮相，接受 《晚点》深度访谈。 至简是当下中国具身投资热潮的一个代表：从 2025 年 7 月正式成立至今，已连续完成 5 轮融资，投 资方包括元璟资本、蓝驰创投、红杉中国等一线财务机构，并聚齐了腾讯、阿里两家大型互联网公 司。 至简的两位联创，则是贾鹏前上司、理想前 CTO 王凯，以及和贾鹏并肩战斗过五年的理想智驾前量 产负责人王佳佳。 "贾鹏、王凯、佳佳，是看着自动驾驶起来、下去，再 ...

Core Viewpoint - The article discusses Li Auto's strategic adjustments in response to a challenging market environment, focusing on organizational restructuring and sales channel management to enhance competitiveness and achieve a conservative sales growth target for 2026 [3][4]. Group 1: Market Environment and Sales Goals - Li Auto faces intense competition in the mid-to-high-end new energy vehicle market, with a decline in market share for range-extended models and a nascent position for pure electric products [3][4]. - The management has set a conservative sales target for 2026, aiming for over 20% year-on-year growth, while competitors like Leap Motor target a 76% increase [4]. - The year 2026 is significant as it marks the delivery of Li Auto's third-generation platform products and serves as a validation period for the organizational adjustments [4]. Group 2: Sales Channel Management - Li Auto is restructuring its sales channels by focusing on quality over quantity, concentrating sales personnel in high-traffic areas rather than spreading them thin across less frequented locations [5]. - The company has initiated a "store partner" program, empowering store managers with decision-making authority to enhance customer acquisition and team management, aiming to cultivate high-performing store managers with annual incomes exceeding one million yuan [5]. - Li Auto plans to improve its sales operations by the third quarter of this year, reflecting the effectiveness of these channel adjustments [5]. Group 3: R&D Organizational Restructuring - In January, Li Auto redefined its R&D structure based on the logic of embodied intelligence, marking a significant organizational upgrade [6]. - The new R&D framework is divided into four systems: organ system (chips, data sets, operating systems), brain system (perception, training), software body (system-level agents), and hardware body (energy, drive, control) [6]. - This restructuring aims to enhance departmental focus and efficiency, with improvements already noted in model training efficiency [6]. Group 4: Talent Management and Leadership Changes - Li Auto is experiencing a generational shift in management, with younger executives taking on key roles, supported by a foundation built by previous generations [7]. - CEO Li Xiang has returned to frontline responsibilities, directly overseeing talent management and strategic decisions [7]. Group 5: R&D Investment and Product Development - Despite revenue and profit declines, Li Auto plans to maintain R&D expenditures at around 12 billion yuan for 2026, with half allocated to AI-related projects [8]. - The company is preparing for a new product cycle with a "3+2 strategy" aimed at achieving over 20% sales growth, focusing on sales management, successful model transitions, and increasing pure electric vehicle sales [9]. - The new Li Auto L9 is positioned as a flagship model, featuring advanced technologies in perception and control systems, with a price point reflecting confidence in its competitive capabilities [10][11]. Group 6: Future Prospects and Challenges - The success of the new L9 and the ability to maintain growth in a competitive market will be critical indicators of the effectiveness of Li Auto's organizational changes [12].

为大模型而造。 文 丨 李安琪 编辑 丨 龚方毅 《晚点 Auto》独家获悉，智能驾驶解决方案提供商地平线正在筹备下一代智驾芯片征程 7 （J7）系列，最高性能版本 J7P 目标算力将大幅超越英伟达 Thor-X ，计划 2027 年量产。与当 前主力产品 J6 类似，J7 也会维持家族化产品形态。 与此同时，我们还获悉，地平线面向舱驾一体的新芯片产品名为 "星空"，支持座舱大模型本地 化，计划今年 4 月发布并在年内量产。 我们从接近地平线的人士处了解到，不同于研发 J6 系列时由芯片团队主导，J7 的产品规划更大程度 来自算法团队，由地平线副总裁兼首席架构师苏箐带领。此外，地平线还曾向智驾软件生态公司调研 算力需求。"从算法团队视角出发，能更好梳理算力需求，芯片设计思路会更清晰。" 算法团队主导芯片定义，是地平线从芯片供应商向整合方案商更靠拢的一步。与此同时，我们也从不 同信源处确认了定义地平线 J6 家族产品的芯片研发负责人陈鹏即将离职。 地平线 CEO 余凯去年 12 月预告征程 7 将采用地平线第四代 BPU 架构 "黎曼"（Riemann），希望通 向终极人工智能，也全面对标特斯拉 AI5 芯片。 ...

Core Viewpoint - OMOWAY aims to become the leading electric motorcycle brand in Indonesia by 2026 and expand to Southeast Asia by 2027 [2][8]. Company Overview - OMOWAY, founded by former Xiaopeng Motors co-founder He Tao and former VP Qiao Qingchun, focuses on manufacturing electric smart motorcycles [3][5]. - The company has recently secured tens of millions of dollars in Series A funding led by Monolith Capital, marking its third funding round in a year [3]. Product Development - OMOWAY showcased its first self-balancing electric motorcycle, OMO X, at a technology launch event in Singapore, along with its universal smart architecture (OMO-Robot) [5][11]. - OMO X is positioned in the top 20% price range of the Indonesian motorcycle market, which typically ranges from 8,000 to 20,000 yuan [7]. Market Potential - Indonesia is the third-largest motorcycle market globally, with annual sales exceeding 6 million units, dominated by Japanese brands like Honda and Yamaha [7]. - The penetration rate of electric motorcycles in Indonesia is expected to rise from approximately 5% in 2024 to 12% in 2025, indicating a growing market opportunity [7][8]. Competitive Strategy - OMOWAY is focusing on establishing exclusive dealerships that only sell its products, with over 20 dealers already signed, many of whom previously partnered with established brands [9]. - The self-balancing technology of OMO X, which includes multiple cameras for environmental perception, sets it apart from competitors [9]. Future Innovations - The company is also developing a two-wheeled robot, Mobility One, aimed at instant retail delivery, which can separate into two individual units for navigating narrow spaces [10][11]. - OMOWAY's technology architecture for OMO X and Mobility One is designed to facilitate smart driving capabilities, with a focus on delivery applications as a more feasible entry point for autonomous two-wheeled vehicles [11].

以下文章来源于晚点LatePost ，作者晚点团队 晚点LatePost . 晚一点，好一点 蔚来卖车第八年首次盈利。 文 丨 魏冰 司雯雯 编辑 丨 黄俊杰 成立第 12 年、卖车第 8 年，蔚来第一次盈利。2025 年四季度，蔚来和旗下品牌共交付了 12.5 万辆 车，超过理想、小鹏，接近小米汽车，最终经调整经营利润（Non-GAAP）12.51 亿元。业绩发布当 晚，蔚来股价在纽交所上涨超过 15%。 仅仅两年半前，蔚来一个季度还要亏损 60.7 亿元，平均每卖一辆车亏 25.8 万元，够买三辆比亚迪 秦。 根据我们访谈的十多位蔚来员工，省钱风暴在 2025 年密集到来，从几元一包的卫生纸、几百元一次 的活动报销，卷到各部门的盈亏表乃至整个车型研发体系。和省钱进展同样突出的，可能是蔚来曾经 怎么花钱。 规模决定成本,蔚来单车盈亏拆解 -- 换绿植，工程师千里送车 企业要省钱，第一个牺牲的通常是植物。在数百家醒目的 NIO House（牛屋）门店，曾经每周五会收 到新鲜的绿植， 先是数十元的蝴蝶兰 ，后来变成便宜好养活的绿球花，现在一些门店换成了假花。 蔚来办公室茶水间的桶装矿泉水变成了过滤自来水。工程师 ...

比亚迪 2025 年卖出了 460 万辆车，还是全球新能源车销量冠军。海外销量 105 万，是去年的 2.5 倍，它也保持着中国新能源销量第一，但也经历了销量爆发后挑战最多的一年。价格竞争的空间被收 窄，在中国这个全球新能源车需求最旺盛的市场，销量约 355 万辆。 比亚迪董事长王传福去年 11 月在股东会说，技术领先的惊艳度不够，低温充电速度慢等问题需要技 术突破来解决。 这次比亚迪想用基础设施换增长。 文 丨 司雯雯 编辑 丨 龚方毅 上周，比亚迪发布了闪充和第二代刀片电池，作为 2026 年最重要的技术。他们破例包下有 1.8 万个 座位的体育场，请了约 2000 名媒体、供应商和车主。王传福讲了 1.5 小时，发布会从原定的 2 小时 延至 3 小时。一位比亚迪人士说，这是王传福少有的超时。 和去年 3 月发布的兆瓦闪充相比，闪充技术的充电功率从 1 兆瓦提高到 1.5 兆瓦，配合第二代刀片电 池，缩短了充电时间：常温下 5 分钟从 10% 充到 70% ，9 分钟充到 97% ，极寒环境下，约 12 分钟 从 20% 电量充到 97% 。王传福称之为比亚迪在电动化领域实现新突破。 一位比亚迪人士说， ...

Core Viewpoint - The article emphasizes that Leap Motor's strategy focuses on cost leadership and scale expansion in a highly competitive automotive market, aiming for significant sales growth while maintaining low profit margins [2][3][8]. Group 1: Company Strategy - Leap Motor plans to sell 596,000 vehicles in 2025, achieving a doubling of sales for two consecutive years, with a target of 1 million vehicles in 2026 and 4 million vehicles annually within ten years [3][8]. - The company maintains a strong strategic focus, believing that the automotive industry will increasingly resemble consumer electronics, leading to price competition and cost efficiency [3][8]. - Leap Motor operates as a manufacturing company rather than an AI company, emphasizing self-research and development, large-scale integration, and extreme platformization [3][12]. Group 2: Cost Control and Innovation - Leap Motor has established 17 component factories and aims to self-manufacture 80% of high-value components, with a current self-manufacturing rate of 65% [12][18]. - The company focuses on cost control through design innovation, platform standardization, and localized supply chains, which significantly reduce production costs [11][12][13]. - Leap Motor's approach to differentiation involves innovative design solutions that competitors have not considered, such as integrating components to maximize space and efficiency [10][11]. Group 3: Market Position and Future Outlook - Leap Motor's sales strategy is to offer high-quality vehicles at competitive prices, with an average profit margin target of 15%, emphasizing that low margins are a strategic choice rather than a consequence [9][11]. - The company has not yet produced a blockbuster model but has multiple models achieving over 10,000 monthly sales, indicating a stable market presence [21][22]. - Leap Motor's collaboration with Stellantis and FAW is aimed at leveraging resources and enhancing competitiveness in a challenging market environment [19][21]. Group 4: Leadership and Company Culture - The founder of Leap Motor, Zhu Jiangming, emphasizes a disciplined approach to management, focusing on efficiency and innovation rather than high-risk strategies [17][32]. - The company fosters a culture of hard work and commitment, with a stable leadership team that has been with the company for many years, contributing to a unified vision [25][29]. - Leap Motor's operational philosophy prioritizes practical solutions and continuous improvement, with a strong emphasis on learning from both successes and failures [34][36].