Xin Lang Zheng Quan·2025-07-03 09:59Core Viewpoint - The sales performance of major new energy vehicle manufacturers in June and the first half of the year shows a mixed trend, with more than half maintaining positive growth, while Li Auto and Zeekr experienced declines in both month-on-month and year-on-year sales [1][4]. Sales Performance Summary - In June, Li Auto sold 36,279 units, with year-on-year and month-on-month declines of 24.1% and 11.2% respectively, marking the largest drop among major new energy vehicle manufacturers [2][4]. - Other manufacturers like Leap Motor, Xiaopeng, and NIO reported positive growth in June sales, with Leap Motor achieving a year-on-year increase of 138.6% [2]. - Cumulatively, Li Auto's sales for the first half of the year reached 203,900 units, reflecting a year-on-year growth of only 7.9% [2][4]. Financial Performance Summary - Li Auto's gross margin has been declining, with a reported gross margin of 20.51% in Q1 2024, down from 20.53% in 2023, while competitors like Seres reported higher margins of 26.15% and 27.62% [6][10]. - Despite lowering its 2025 sales target from 700,000 to 640,000 units, Li Auto's completion rate for the annual target remains below one-third after the first half of the year [4][6]. Challenges and Risks - Li Auto's reliance on hybrid technology and "platform sharing" design has led to a lack of focus on core competitive advantages, which may hinder long-term growth [8][10]. - The launch of the MEGA electric vehicle has faced challenges, with sales remaining below expectations and controversies surrounding its energy consumption figures [12][13]. - The upcoming i-series models, including the i8, may face internal competition with existing models, potentially affecting overall sales performance [14].