造车新势力最新“成绩单”出炉，零跑登顶！多家全年目标承压

Core Insights - In 2025, new energy vehicle manufacturers in China achieved significant delivery milestones, with a clear differentiation in competitive tiers among brands [2][5][8]. Delivery Performance - In December 2025, a total of 11 new energy vehicle manufacturers reported their delivery data, with Leap Motor leading at 596,555 units for the year, followed by Hongmeng Zhixing at 589,107 units and Xiaopeng Motors at 429,445 units [2][5]. - December saw a surge in deliveries, with over 60% of brands setting monthly records, indicating a strong end-of-year performance [3][4]. Competitive Landscape - The top tier of manufacturers (over 400,000 units) includes Leap Motor, Hongmeng Zhixing, and Xiaopeng Motors, showcasing a clear competitive hierarchy [5][6]. - Leap Motor's strategy of high cost-performance and a diverse product lineup contributed to its 103% year-on-year growth [5]. - Hongmeng Zhixing's high-end models accounted for over 15% of its sales, reflecting its strong position in the premium SUV market [5][6]. Target Achievement - Leap Motor exceeded its annual target of 500,000 units by 19.32%, setting a new goal of 1 million units for 2026 [8]. - Xiaopeng Motors also surpassed its target of 350,000 units, achieving 429,445 units, driven by strong sales of its MONAM03 and P7+ models [8]. - Xiaomi Motors completed its target with 41,000 units, achieving a completion rate of 117.14% [8]. Challenges Faced - NIO fell short of its target of 440,000 units, completing only 326,028 units, with increased competition in the high-end market [9]. - Li Auto adjusted its target down to 640,000 units but only delivered approximately 406,315 units, facing challenges from competitors [9]. - Hongmeng Zhixing faced the most significant pressure, completing only 58.91% of its ambitious target of 1 million units [9]. Policy Environment - The automotive industry in 2026 is expected to benefit from continued policy support focused on cost reduction and market upgrades, particularly for new energy vehicles [11][14]. - Key policies include subsidies for trade-ins and reduced vehicle purchase taxes, which are anticipated to enhance market penetration for new energy vehicles [12][13][14].