对话何小鹏：打赢“翻身仗”之后，我依然“痛苦”

Core Insights - Xiaopeng Motors has shown significant growth in 2025, with cumulative vehicle deliveries reaching 391,937 units from January to November, marking a 156% year-on-year increase [1] - The company's Q3 revenue reached 20.38 billion yuan, surpassing 20 billion yuan for the first time in a single quarter, while net losses narrowed to 380 million yuan, a 78.9% reduction year-on-year [1] - CEO He Xiaopeng expressed ongoing challenges in transforming the company and emphasized the importance of collective responsibility and communication within the organization [1][3] Group 1: Financial Performance - Xiaopeng Motors delivered 391,937 vehicles in 2025, a 156% increase compared to the previous year [1] - Q3 revenue reached 20.38 billion yuan, marking a historical high for the company [1] - Net losses decreased to 380 million yuan, reflecting a 78.9% improvement year-on-year [1] Group 2: Strategic Vision and Challenges - He Xiaopeng articulated a new ten-year vision for the company, aiming to become a "global embodied intelligence company" [1] - The company is heavily investing in the VLA architecture for intelligent driving, with approximately 2 billion yuan already allocated for training the second-generation model [3] - He highlighted the need for a strategic approach to navigate the automotive industry's competitive landscape, which differs significantly from the internet sector [4][14] Group 3: Technological Innovations - The second-generation VLA architecture is seen as a significant advancement in intelligent driving technology, with expectations for it to address previously unsolvable issues by 2026-2027 [19] - The company is also focusing on the development of humanoid robots, with plans for mass production by the end of 2026 [34][39] - He emphasized the importance of integrating AI with physical manufacturing processes to create innovative products [38] Group 4: Organizational Development - Xiaopeng Motors is undergoing organizational upgrades to improve management efficiency, with a focus on transitioning from initial to higher-level management practices [45][47] - The company aims to enhance its organizational structure to better adapt to changes and challenges in the automotive industry [48] - He noted that effective management does not guarantee a strong organizational system, which is a long-term goal for the company [47]