【#何小鹏谈渠道策略##小鹏将推进渠道下沉#】在今日的一场沟通会上，谈及今年的渠道规划，小鹏汽 车董事长、CEO何小鹏向《次世代车研所》等表示，过去小鹏的渠道主要集中在一线至三线城市，今年 会往更低线城市下沉，此外在区域方面会往北部扩张。（新浪科技）#何小鹏称小鹏机器人男女都有# ...

Core Insights - Tesla remains the top seller in the smart electric vehicle (AIEV) market but faces its largest sales decline in history, with a 8.6% drop in 2025, resulting in total sales of 1.636 million units [2][39] - In 2025, seven leading Chinese smart electric vehicle companies collectively achieved sales that are double that of Tesla, indicating a significant competitive challenge [2][40] - Despite the sales decline, Tesla's market capitalization remains robust at over 1 trillion RMB, significantly higher than the combined market value of its Chinese competitors [4][40] Tesla - In 2025, Tesla delivered approximately 1.636 million electric vehicles globally, with the Shanghai Gigafactory contributing 851,000 units, accounting for over 52% of total deliveries [10][46] - The company faces increasing pressure from rapidly rising Chinese competitors in the electric vehicle market, which is impacting its market share [10][47] - Tesla's innovation pace in key areas like autonomous driving and battery technology has slowed compared to previous years, while local competitors are catching up [10][47] Chinese Competitors - Leap Motor achieved sales of 597,000 units in 2025, surpassing its target of 500,000 units, marking a significant milestone in its growth trajectory [3][50] - Hongmeng Zhixing delivered 589,000 units, establishing a strong presence in both mainstream and high-end markets, with a notable average transaction price of 390,000 RMB [16][52] - Xpeng Motors reported a 126% year-on-year increase, delivering 429,000 units, exceeding its target of 380,000 units, although some new models underperformed [21][57] - Xiaomi Motors delivered over 410,000 units, significantly exceeding its target of 350,000 units, despite facing brand challenges [23][59] - Li Auto's sales fell to 406,000 units, down 18.8% from its target of 640,000 units, reflecting competitive pressures [26][62] - NIO delivered 326,000 units, achieving a 46.9% year-on-year growth, although it did not meet its target of 440,000 units [34][69] Market Dynamics - The combined sales of the seven leading Chinese smart electric vehicle companies indicate a growing competitive landscape that is beginning to challenge Tesla's dominance [2][40] - The market capitalization of Tesla remains a significant barrier for Chinese competitors, who have substantial growth potential but currently lack comparable valuations [4][42] - The ongoing strategic adjustments by Tesla and its competitors highlight the dynamic nature of the electric vehicle market, with companies striving to innovate and capture market share [8][44]

Group 1 - Geely Auto has obtained the L3 autonomous driving road test license in Hangzhou, covering an area of 9,224 square kilometers, including over 1,500 kilometers of dual-direction expressways, making it the largest in the country [2] - Faraday Future announced a cumulative production and sales target of 400,000 to 500,000 vehicles over the next five years, focusing on the FX Super One and FX 4 models, with a goal of achieving positive operating cash flow and a gross margin exceeding 20% [2] - XPeng Motors launched four new models, including the new XPeng G6 and G9, and plans to scale production of humanoid robots and flying cars, aiming for global deliveries of 429,000 vehicles by 2025, a 126% increase year-on-year [2] Group 2 - Chinese automotive brands are performing well in Ecuador, with a projected new car sales volume of 124,500 units in 2025, a 15% increase from the previous year, and BYD's sales expected to grow by 243.1% [3] - The report indicates that electric vehicle sales in Ecuador will reach 4,276 units in 2025, a 202% increase, with significant growth in hybrid vehicle sales from brands like Dongfeng and Great Wall [3]

Core Viewpoint - The article discusses the evolution of China's new car-making forces over the past decade, highlighting the contrasting fates of companies like Leap Motor and Neta Auto, and the emergence of new players like Xiaomi and Huawei's Hongmeng Zhixing [2][4]. Group 1: Market Dynamics - By 2025, Leap Motor is projected to achieve nearly 600,000 annual sales, becoming the sales champion among new car-making forces, while Neta Auto faces auctioning due to its decline [2]. - The number of new car-making enterprises has drastically reduced from over 60 in 2015 to only a few that still report sales [2]. - The new rankings for 2025 among new car-making enterprises include Leap Motor, Hongmeng Zhixing, Xiaopeng, Li Auto, Xiaomi, and NIO [2]. Group 2: Rise of New Players - Leap Motor's sales reached 597,000 units in 2025, a 103% increase year-on-year, marking its first time at the top of the sales chart [4]. - Hongmeng Zhixing, although not a traditional new car-making force, has seen rapid growth with its AITO brand, achieving 445,000 units in 2024 and 589,000 units in 2025, a 32% increase [5]. - Xiaomi, entering the market later, achieved 120,000 units in its first year of delivery and 412,000 units in 2025, surpassing NIO, which has been in the market for ten years [5]. Group 3: Challenges for Established Players - NIO, once a leader, saw its sales drop to 326,000 units in 2025, despite launching new brands and models to regain market share [8]. - Xiaopeng Motors sold 429,000 units in 2025, a 126% increase, but faced challenges with product positioning and market competition [9]. - Li Auto's sales fell to 405,900 units in 2025, a 19.6% decline, as it struggled to meet its annual target of 640,000 units [10]. Group 4: Industry Consolidation - Many once-prominent new car-making enterprises have disappeared, categorized into three groups: those that failed before mass production, those that made strategic errors, and those that faced funding issues [12][13][14]. - The industry has undergone a brutal elimination process, with only a few companies remaining competitive as they face increasing pressure from new entrants and established brands [14]. - The next decade is expected to be even more complex, testing the operational efficiency and competitive capabilities of the remaining players [15].

新浪科技讯 1月8日下午消息，在今日的一场沟通会上，小鹏汽车董事长、CEO何小鹏向《次世代车研 所》等表示，过去3年，AI变化太猛烈，小鹏探索AI也怀疑过AI ，过程非常艰难，期间也调整过组织转 型，算法逻辑推导等，浪费了很多钱和时间，但去年年底他感觉到震惊，因为基础做好后会看到很多可 能性和变化。 何小鹏表示，过去软件改变汽车的范畴有限，但是现在看到了新机会，AI+汽车将改变人们的出行方 式，改变很多生活逻辑。"以前的辅助驾驶都是L2，但是当所有场景、能力都走通之后，可能你真的不 想自己开车了。" 责任编辑：何俊熹 新浪科技讯 1月8日下午消息，在今日的一场沟通会上，小鹏汽车董事长、CEO何小鹏向《次世代车研 所》等表示，过去3年，AI变化太猛烈，小鹏探索AI也怀疑过AI ，过程非常艰难，期间也调整过组织转 型，算法逻辑推导等，浪费了很多钱和时间，但去年年底他感觉到震惊，因为基础做好后会看到很多可 能性和变化。 责任编辑：何俊熹 何小鹏表示，过去软件改变汽车的范畴有限，但是现在看到了新机会，AI+汽车将改变人们的出行方 式，改变很多生活逻辑。"以前的辅助驾驶都是L2，但是当所有场景、能力都走通之后，可能你真 ...

Core Viewpoint - XPeng Motors held its 2026 global product launch event on January 8, introducing four new models, including the 2026 XPeng P7+, G7 Super Extended Range, and upgraded versions of the 2026 G6 and G9 [1] Group 1: New Product Launch - The 2026 XPeng P7+ will be launched in Brussels, Belgium on January 9, and the XPeng manufacturing base will be open to the public [1] - All four new vehicles will feature XPeng's second-generation VLA (Vision-Language-Action) large model, which is the industry's first physical world model achieving L4-level initial capabilities [1] Group 2: Future Plans - In 2026, XPeng plans to implement physical AI and scale production, including the operation of Robotaxi (autonomous taxis), humanoid robots, and flying cars [1] Group 3: 2025 Performance Review - In 2025, XPeng achieved cumulative global deliveries of 429,000 units, a year-on-year increase of 126%, with overseas markets contributing 45,000 units, up 96%, ranking first among new force brands in 10 overseas countries from January to November [1] - XPeng is positioned in the top tier of global new energy brand sales, with nine global R&D centers and three localized production projects overseas [1] - The global charging network of XPeng covers 31 countries and regions, with over 2.66 million charging piles connected [1]

证券研究报告 乘用车全球化策略： 从全面扩张走向分市场/分主体的结构性出海 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199790 2026年1月8日 核心观点 全球总量和新能源渗透率预测：欧洲/拉美/东南亚市场仍贡献较多增量 2 中国车企全球市占率预测：可进入市场规模约2700万辆；出口潜力市场约908万辆 ◼ 回顾：复盘中国乘用车出口历程，2021年开始进入快速增长期，21-25年逐步从"外生供需条件（疫情/俄乌 冲突）驱动的被动扩张"向"以产品力与产业能力为核心的主动出海"过渡。2025年新能源车出口占整体出 口比例升至42%，比亚迪贡献出口主要增量。 ◼ 出口市场空间测算： 3 ———————————————————————————————— ➢ STEP1：二元过滤。对全球市场进行"可进入 / 不可进入"的过滤，核心判断依据包括三类：一是贸易壁垒， 重点考察是否存在整车进口禁令或实质性准入障碍；二是双边关系，评估是否存在明确的政治或贸易对立； 三是外生不确定性，综合考虑外交等级、贸易摩擦强度及国家安全敏感 ...

Core Insights - Xiaopeng Motors (XPEV.US) saw a pre-market increase of nearly 2%, reaching $20.27 per share [1] Group 1: New Product Launch - Xiaopeng Motors held its 2026 global product launch event, introducing four new vehicles: the new Xiaopeng G6 electric version, the new Xiaopeng G9 electric version, the Xiaopeng G7 range-extended version, and the Xiaopeng P7+ in both electric and range-extended versions [1] - The CEO of Xiaopeng Motors, He Xiaopeng, announced that all four new models will feature the company's second-generation VLA (Vision-Language-Action) large model, which is the industry's first physical world large model capable of achieving L4 level initial capabilities [1] Group 2: Future Developments - Xiaopeng Motors is set to implement physical AI and scale production this year, which includes the operation of Robotaxi services, mass production of humanoid robots, and flying cars [1]

1月8日，小鹏汽车自动驾驶产品高级总监@XP-Candice婷婷 发文介绍小鹏Robotaxi的进展：搭载小鹏第 二代VLA 的Robotaxi已经通过了第三方的场地测试，即将开始公开道路测试。 另外，何小鹏今天官宣了第二代VLA的推送计划：从今年3月开始，陆续推送到Ultra车型，Max车型也 会在今年内完成适配。 11 1 4 22 & 图 . 小鹏第二代 VLA 超大盲区 S 弯 防御性提前减速,安心过弯 S-curve with extended blind zone Presctive deceleration for assured co ® @XP-Candice婷婷 8 18 8 g 移 20 在 彩 . 29 . 25 搭载小鹏第二代 VLA 软件的 Robotaxi 日经计 试机构场地测试,即将开始公开道路测试 CD = r & @XP-Candice婷婷 1月8日，小鹏汽车自动驾驶产品高级总监@XP-Candice婷婷 发文介绍小鹏Robotaxi的进展：搭载小鹏第 二代VLA 的Robotaxi已经通过了第三方的场地测试，即将开始公开道路测试。 另外，何小鹏今天官宣了第二代VLA的推送 ...

Core Viewpoint - Several automotive companies have announced their sales targets for 2026, and an analysis of their 2025 performance reveals the potential challenges they may face in achieving these goals [3]. Group 1: Company Performance and Targets - Geely Automobile aims for a target of 3.45 million units in 2026, having achieved 3.0246 million units in 2025, exceeding its target of 3 million units with a completion rate of 100.8% [3] - BYD's actual sales in 2025 reached 4.6024 million units, surpassing its adjusted target of 4.6 million units, with a significant pure electric sales figure of 2.2567 million units, ranking first globally [5] - Leap Motor set a target of 1 million units for 2026, achieving 597,000 units in 2025, exceeding its target of 500,000 units with a completion rate of 119.3% [8] - Changan Automobile has a target of 3.3 million units for 2026, with 2025 sales of 2.913 million units, achieving a completion rate of 97.1% [12] - Chery Group aims for 3.2 million units in 2026, having sold 2.8064 million units in 2025, with a completion rate of 86.1% [15] - NIO targets between 456,000 and 489,000 units for 2026, with 2025 sales of 326,000 units, achieving a completion rate of 74.1% [20] Group 2: Challenges Faced by Companies - Geely faces challenges such as EU anti-subsidy investigations and changes in Brazil's tax policies affecting exports [3][4] - BYD needs to improve sales in the high-end market, particularly for its luxury models, and address rising overseas transportation costs, which increased by 47% [6][7] - Leap Motor must compete in the 100,000-150,000 yuan market against Geely and Changan, while its gross margin is only 12%, below the industry average of 15% [10] - Changan's challenges include competition in the new energy market with BYD and Tesla, and reliance on Middle Eastern and Southeast Asian markets for exports, which are subject to geopolitical risks [14] - Chery's domestic market faces low new energy penetration at 32%, necessitating a faster transition, while its exports are vulnerable to currency fluctuations and trade barriers [15] - Great Wall Motors has significantly reduced its target from 4 million to 1.8 million units, indicating a strategic contraction, and faces delays in its new energy transition [18][19] - NIO's sales target increase of 40-50% requires monthly sales of 38,000-41,000 units, while its average monthly sales in 2025 were only 27,000 units, alongside ongoing financial losses [22] Group 3: Industry Trends and Insights - The competition in the automotive market is intensifying, with many companies having gross margins below the industry average of 15%, limiting their operational flexibility [23] - The price volatility of lithium carbonate, a key component for batteries, is expected to negatively impact cost reduction efforts for automotive companies in 2026 [23] - The automotive industry is entering a phase of "technology-driven + globalization" competition, requiring companies to balance scale, profit, and technology to achieve their 2026 targets [25]