研发费用不足小鹏理想一半，零跑的高端局很难

Core Viewpoint - Leap Motor aims to position itself as the "Uniqlo of the automotive industry," offering high-spec vehicles at lower prices, with the launch of the D19 marking its entry into the high-end market [1][4]. Group 1: Product Features - The D19 is a full-size luxury SUV with a length exceeding 5.2 meters, a width of nearly 2 meters, and a wheelbase of over 3.1 meters, establishing its presence in the SUV segment [2]. - The D19 features six industry-first technologies, including an 80.3 kWh battery for the range-extended version and a 115 kWh battery for the pure electric version, enabling a CLTC range of over 500 kilometers and 700 kilometers respectively [3]. - The vehicle is equipped with Qualcomm's dual 8797 chips, providing a computing power of 1280 TOPS, enhancing its smart driving capabilities [3]. Group 2: Market Positioning - Leap Motor has achieved significant sales milestones, ranking first among new car manufacturers in monthly deliveries for seven consecutive months and achieving nearly 400,000 global deliveries in the first nine months of the year [5]. - The company emphasizes that its success is not solely based on low prices but on high cost-performance, quality, and design, allowing customers to receive higher specifications for the same budget [5]. Group 3: Competitive Landscape - The launch of the D19 signifies Leap Motor's formal challenge to competitors like Huawei and Li Auto in the high-end market, moving away from its previous focus on mid-range vehicles [7][8]. - The competitive pressure is heightened as rivals are also lowering prices, making it essential for Leap Motor to establish a strong high-end brand perception [8][9]. - Leap Motor's R&D expenditure of 18.9 billion yuan is significantly lower than that of competitors like Xpeng and Li Auto, indicating a potential challenge in keeping pace with technological advancements in smart driving and electric architecture [9].