Di Yi Cai Jing·2025-11-19 08:22Core Insights - The recent performance of electric vehicle manufacturers, particularly Xiaopeng and Li Auto, has raised concerns in the market, leading to significant stock price declines following their earnings reports [1][2][4] - The automotive industry is expected to undergo changes due to the reintroduction of vehicle purchase tax for electric vehicles starting in 2026, which may affect consumer choices and market dynamics [5][6][7] Company Performance - Xiaopeng Motors reported a revenue of 20.38 billion yuan for Q3, a year-on-year increase of nearly 100%, but incurred a net loss of 380 million yuan, although this loss narrowed compared to previous periods [2][3] - Li Auto achieved a revenue of 19.45 billion yuan in Q3, nearly doubling year-on-year, with a net profit of 150 million yuan, but experienced an 8% decline in net profit compared to the previous quarter [2][3] - Geely's Q3 revenue reached 89.2 billion yuan, a 27% increase year-on-year, with a net profit of 3.82 billion yuan, up 59% year-on-year, and total sales of 761,000 units, a 43% increase [3] Market Dynamics - Xiaopeng's stock price fell by 10.47% to 85.85 HKD, marking a cumulative decline of over 20% since November 12, while Geely's stock fell by 1.16% to 17 HKD, resulting in a market capitalization of 172 billion HKD [2] - The average selling price of Xiaopeng vehicles decreased by 0.8 million yuan to 156,000 yuan, with a gross margin of 13.1%, slightly below market expectations [3] - The automotive sector is experiencing a weak performance overall, with concerns about declining sales data and the impact of upcoming policy changes on growth rates [4][6] Future Outlook - The reintroduction of the vehicle purchase tax in 2026 is expected to slow down the growth of the passenger vehicle market, potentially leading to increased promotional activities among electric vehicle manufacturers [6][7] - Analysts suggest that the automotive industry will see a differentiation among companies, with stronger competitors likely to emerge as the market adjusts to the new tax environment [6][7]