2 1 Shi Ji Jing Ji Bao Dao·2025-07-31 10:29Core Insights - The article highlights the significant shift in the electric vehicle (EV) market, particularly the rise of Chinese brands like Xiaomi, which are increasingly challenging established players like Tesla [2][3][4][5][21]. Group 1: Market Dynamics - Xiaomi's entry into the automotive sector has led to a rapid increase in its market presence, with over 300,000 car owners within 15 months of launching the Xiaomi SU7 [2]. - Tesla's Model Y has been the global sales champion for two consecutive years, with a record 1.223 million units sold in 2023, surpassing the Toyota Corolla [2][4]. - Chinese brands are adapting to Tesla's presence and are now surpassing it in terms of configuration, experience, and pricing [2][4]. Group 2: Financial Performance - Tesla's Q2 2023 financial report showed a revenue of $22.496 billion, a 12% year-on-year decline, marking its largest quarterly drop since 2012 [3]. - The number of new vehicle deliveries for Tesla was 384,122, a decrease of approximately 13.5% compared to the same period last year, representing the largest single-quarter decline in history [3][4]. Group 3: Competitive Landscape - Domestic brands are launching multiple SUV models in 2024 to compete directly with the Model Y, yet the Model Y's sales remain strong [4][21]. - Xiaomi's SU7 has outsold Tesla's Model 3 for seven consecutive months since December of the previous year [4][19]. - The success of Xiaomi's YU7 model, which achieved over 240,000 pre-orders within 18 hours, indicates a strong market demand [4][19]. Group 4: Technological Advancements - Chinese manufacturers are increasingly focusing on technology-driven strategies, moving away from cost-driven models [15][21]. - The integration of advanced battery technology and electric drive systems has become a competitive advantage for Chinese brands, with companies like BYD leading in sales [10][11][21]. - Xiaomi's YU7 boasts a CLTC range of 835 km, the highest among mid-to-large electric SUVs, showcasing advancements in battery efficiency and vehicle design [12][19]. Group 5: Industry Evolution - The Chinese automotive industry has undergone a transformation from relying on foreign technology to developing its own capabilities, particularly in the EV sector [5][21]. - The introduction of Tesla to the Chinese market has catalyzed the growth of local suppliers and manufacturers, leading to a more competitive landscape [6][21]. - The overall production and sales of new energy vehicles in China have seen significant growth, with total production reaching 12.8 million units last year [24]. Group 6: Future Outlook - The article suggests that the Chinese automotive industry is on the verge of a "leapfrog" moment, potentially surpassing Tesla in the global market [25]. - Analysts predict that Tesla's market share in China will decline, with estimates suggesting it could drop to 4.8% by mid-2025 [23]. - The shift in consumer preferences and the rise of domestic brands indicate a changing landscape in the global automotive industry [22][25].