每经AI快讯，1月12日，美股开盘，三大股指小幅低开，道指跌0.32%，纳指跌0.4%，标普500指数跌 0.45%。沃尔玛涨近2.5%，谷歌宣布与沃尔玛等大型零售商达成合作，计划将聊天机器人Gemini打造为 虚拟商家和助手。中概股逆势走强，阿里巴巴涨超4%，小摩建议逐步增持公司股票；百度涨3.5%，小 鹏涨近5%，小鹏汇天据悉以保密形式提交港股IPO申请，最早今年登陆港交所。 ...

沃尔玛涨近2.5%，谷歌宣布与沃尔玛等大型零售商达成合作，计划将聊天机器人Gemini打造为虚拟商 家和助手。 中概股逆势走强，阿里巴巴涨超4%，小摩建议逐步增持公司股票；百度涨3.5%，小鹏涨近5%，小鹏汇 天据悉以保密形式提交港股IPO申请，最早今年登陆港交所。 凤凰网财经讯 1月12日，美股三大股指小幅低开，道指跌0.32%，纳指跌0.4%，标普500指数跌0.45%。 ...

Core Viewpoint - Xpeng Motors has set an ambitious delivery target of 550,000 to 600,000 vehicles for the year 2026, representing a growth of approximately 28.1% to 39.7% compared to the 429,400 vehicles expected for 2025 [1] Group 1: Delivery Targets - The company aims for an average monthly delivery of 45,800 to 50,000 vehicles to meet its 2026 target [1] - In 2025, Xpeng's overseas deliveries are projected to reach 45,008 units, marking a year-on-year increase of 96% [1] Group 2: New Product Launches - Xpeng plans to launch four new SUV models this year: Xpeng G01, Xpeng G02, and two models from the Mona series, D02 and D03 [1] Group 3: Market Expansion - The CEO, He Xiaopeng, expressed confidence that 2026 will be a year of rapid growth for Xpeng, with expectations that overseas market growth will outpace domestic growth [1] - He anticipates that in the next three to ten years, Xpeng's overseas sales and collaborations could match or exceed the ratio of the Chinese market [1] Group 4: IPO Plans - Xpeng Motors has engaged banks to assist its flying car division in preparing for an IPO in Hong Kong, with JPMorgan and Morgan Stanley selected for this process [1] - The company has reportedly submitted a confidential listing application, with the IPO potentially occurring within this year [1]

Core Viewpoint - Xiaopeng Motors (XPEV.US) has set an ambitious delivery target of 550,000 to 600,000 vehicles for the year 2026, representing a growth of approximately 28.1% to 39.7% compared to the 429,400 vehicles expected for 2025 [1] Group 1: Delivery Targets - The company aims for an average monthly delivery of 45,800 to 50,000 vehicles to meet its 2026 target [1] - In 2025, Xiaopeng Motors expects to achieve overseas deliveries of 45,008 vehicles, marking a year-on-year increase of 96% [1] Group 2: Product Launches - Xiaopeng Motors plans to launch four new SUV models this year: Xiaopeng G01, Xiaopeng G02, and the D02 and D03 from the Mona series [1] Group 3: Market Outlook - The CEO, He Xiaopeng, expressed confidence in the company's performance for 2025 and anticipates that 2026 will be another year of rapid growth, particularly in overseas markets [1] - He expects that in the next three to ten years, Xiaopeng's overseas sales and collaborations will match or exceed those in the Chinese market at a ratio of 1:1 or higher [1] Group 4: IPO Plans - Xiaopeng Motors has engaged banks to assist its flying car division in preparing for an IPO in Hong Kong, with JPMorgan and Morgan Stanley selected for this process [1] - The company has reportedly submitted a confidential listing application, with the IPO potentially occurring as early as this year [1]

Investment Rating - The investment rating for the automotive industry is "Positive" and maintained [9] Core Insights - The wholesale sales of passenger vehicles in Q4 2025 are expected to be approximately 8.76 million units, a year-on-year decrease of 1% but a quarter-on-quarter increase of 14%. The profitability in Q4 may show differentiation compared to the same period last year, with expectations for a quarter-on-quarter improvement [2][5] - The revenue from automotive parts is anticipated to grow steadily quarter-on-quarter, but profitability may face pressure due to factors such as raw material costs and exchange rates [2][5] - The wholesale sales of heavy trucks are projected to be 314,000 units in Q4 2025, representing a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [2][5] - The overall sales of buses are expected to see a significant quarter-on-quarter increase during the peak season, with sales of large and medium buses reaching 44,000 units, a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [2][5] - The total sales of motorcycles are estimated to be around 4.73 million units in Q4 2025, reflecting a year-on-year increase of 11.0% but a quarter-on-quarter decrease of 6.2% [2][6] Summary by Sections Passenger Vehicles - Q4 2025 wholesale sales are expected to be about 8.76 million units, down 1% year-on-year but up 14% quarter-on-quarter. New energy vehicle sales are projected at 4.84 million units, up 13% year-on-year and 21% quarter-on-quarter [5] Automotive Parts - Revenue is expected to grow steadily quarter-on-quarter, but profitability may be pressured by raw material and exchange rate factors [5] Heavy Trucks - Q4 2025 wholesale sales are projected at 314,000 units, with a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [5] Buses - Large and medium bus sales are expected to reach 44,000 units in Q4 2025, with a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [5] Motorcycles - Total motorcycle sales are estimated at 4.73 million units in Q4 2025, reflecting an 11.0% year-on-year increase but a 6.2% quarter-on-quarter decrease [6]

Core Insights - The penetration rate of new energy vehicles (NEVs) in China has surpassed 50%, marking a significant shift in the automotive market dynamics, transitioning from a "policy-driven" to a "product-driven" model [1][10] - The year 2025 is seen as a pivotal moment for the Chinese automotive industry, with the market experiencing a fundamental transformation akin to a "Nokia moment" [1] - The competition is evolving from price wars to value wars, emphasizing technology and product quality over mere volume [11] Industry Overview - In 2025, China's automotive manufacturers are projected to achieve global sales of 27 million vehicles, securing the top position in the global new car sales rankings for the first time [2] - China has overtaken Japan to become the world's largest automobile exporter, with NEVs accounting for a significant portion of this growth [4] - The domestic market's NEV sales are nearing 60%, reflecting a structural change in consumer preferences [4] Sales and Market Penetration - By November 2025, the retail penetration rate of NEVs reached 53.6%, with projections for the full year estimating a rate of 54.0% [6] - The rapid increase in NEV penetration is attributed to a combination of policy support, technological advancements, infrastructure development, and market demand [7] Policy and Technological Developments - The exit of purchase subsidies in 2023 has been offset by continued tax exemptions and various local incentives, which have helped maintain consumer interest in NEVs [7] - 2025 is expected to be a year of technological breakthroughs in NEVs, with advancements in high-voltage platforms, solid-state batteries, and smart driving technologies [8] Infrastructure and Consumer Experience - The expansion of charging infrastructure is crucial for alleviating consumer concerns about range anxiety, with projections of 20 million charging stations by the end of 2025 [9] - The cost advantages of NEVs are becoming increasingly apparent, with electric vehicles offering significantly lower operating costs compared to traditional fuel vehicles [9] Competitive Landscape - The shift from price competition to value competition is reshaping the industry, with companies focusing on technological innovation and profitability [11] - Some companies, like Leap Motor, have emerged as strong competitors, achieving significant sales growth and profitability [13] Global Expansion - In 2025, China's automotive exports are expected to exceed 7 million units, with NEV exports alone projected to reach 2.315 million units, marking a 102.9% increase [21] - Chinese automakers are transitioning to a "global + local" model, emphasizing localized production and R&D to better penetrate international markets [22] Challenges and Future Outlook - Despite rapid growth, challenges such as trade protectionism and compliance costs remain significant hurdles for Chinese automakers in global markets [24] - The automotive industry is expected to continue evolving, with a focus on sustainable growth and value creation as it navigates the transition from a subsidy-driven to a market-driven environment [25]

Core Viewpoint - Xpeng Inc. is preparing for a potential stock market debut of its flying car business, indicating a strategic expansion into new technology sectors within the electric vehicle industry [1] Group 1: Company Developments - Xpeng Inc. is reportedly in the early stages of planning for the public offering of its flying car division, which represents a significant move for the company [1] - The flying car initiative aligns with Xpeng's broader strategy to innovate and diversify its product offerings beyond traditional electric vehicles [1] Group 2: Industry Implications - The potential debut of flying cars could position Xpeng as a leader in the emerging market for aerial mobility solutions, reflecting a growing trend in the electric vehicle sector towards advanced transportation technologies [1] - This development may attract investor interest and highlight the competitive landscape among electric vehicle manufacturers as they explore new avenues for growth [1]

格隆汇1月12日｜小鹏汽车(XPEV.US)盘前涨近3%，报20.6美元。消息面上，彭博援引知情人士透露， 小鹏汽车已聘请银行协助其飞行汽车部门"小鵬汇天"在香港进行首次公开募股(IPO)。知情人士透露， 小鹏汽车已选择摩根大通和摩根士丹利为其上市做准备。由于信息属于保密范畴，知情人士要求匿名。 他们还表示，小鹏汽车已秘密提交上市申请，最早可能在今年内完成。 ...

1月12日，港股汽车股持续疲弱，其中，吉利汽车、零跑汽车跌超3%，广汽集团跌2.8%，理想汽车、小 鹏汽车跌超2%，长城汽车、蔚来汽车、赛力斯、奇瑞汽车均有跌幅。（新浪财经） 作者丨彭鑫 编辑丨安安 ...

Core Viewpoint - The article highlights the performance of the Chinese automotive market in December 2025, noting a decline in retail sales for traditional vehicles while emphasizing growth in the new energy vehicle (NEV) sector and exports. The market is expected to transition into 2026 with a focus on new energy vehicles and a recovery in demand [4]. Sales Performance - In December 2025, the domestic narrow passenger car market retail sales reached 2.261 million units, a year-on-year decrease of 14.0% but a month-on-month increase of 1.6%. Cumulative sales for the year totaled 23.744 million units, reflecting a year-on-year growth of 3.8% [2]. - The wholesale sales ranking for December 2025 shows BYD leading with 414,784 units sold, followed by Geely and Chery with 236,817 and 234,736 units, respectively. Notably, BYD's sales decreased by 12.7% month-on-month and 18.6% year-on-year [5]. - For the entire year of 2025, BYD also topped the wholesale sales with 4.545 million units, marking a 6.9% increase year-on-year, while Geely's sales surged by 39.0% to 3.025 million units [6]. New Energy Vehicle Market - In December 2025, the NEV wholesale sales ranking was led by BYD with 414,784 units, despite a month-on-month decline of 12.7% and a year-on-year drop of 18.6%. Geely followed with 154,264 units, showing a year-on-year increase of 38.7% [9]. - The retail sales for NEVs in December 2025 also saw BYD at the forefront with 339,854 units sold, a month-on-month increase of 10.9% but a year-on-year decrease of 15.7% [13]. - For the full year, BYD maintained its dominance in the NEV sector with 3.485 million units sold, although this represented a year-on-year decline of 6.3% [14]. Market Trends and Future Outlook - The article notes that the end of the year typically sees a surge in vehicle purchases, but the depletion of subsidy funds across provinces has tempered this effect, leading to a more stable demand outlook heading into 2026 [4]. - The performance of various manufacturers indicates a competitive landscape, with traditional automakers facing challenges while NEV manufacturers like BYD and Geely continue to show resilience and growth potential [6][9].