新势力大洗牌！零跑销量翻倍夺冠，理想成唯一下滑车企

Core Insights - The performance of Li Auto has significantly declined, with a year-on-year sales drop of 18.81% in 2025, marking it as the only new energy vehicle company among the top players to experience a decrease in sales [1][2] - In contrast, other new energy vehicle manufacturers like Leap Motor and Xiaomi have shown substantial growth, with Leap Motor achieving a record annual sales increase of 103.1% [1][2] Group 1: Li Auto Performance - Li Auto delivered 44,246 vehicles in December 2025, totaling 109,194 for Q4, and reaching a cumulative delivery of 1,540,215 vehicles, becoming the first new energy brand to surpass 1.5 million deliveries [1] - The company set a sales target of 700,000 vehicles for 2025 but only achieved 406,300, representing a completion rate of 58.05% [1] - Li Auto's stock performance has also been poor, with a decline of approximately 36% in 2024 and an additional 31% drop in 2025 [2] Group 2: Competitor Performance - Leap Motor delivered 60,423 vehicles in December 2025, achieving a year-on-year growth of 42.11%, and a total of 596,555 vehicles for the year, marking a 103.1% increase [1] - NIO achieved a record monthly delivery of 48,135 vehicles in December 2025, with an annual total of 326,000 vehicles, reflecting a year-on-year growth of 46.9% [2] - Xpeng Motors reported annual deliveries of 429,445 vehicles, a significant increase of 125.94%, although its Q4 performance fell short of guidance with only 116,249 vehicles delivered [2] Group 3: Industry Challenges - Li Auto faces challenges in its transition to pure electric vehicles, with supply chain issues affecting production capacity, particularly for its i6 and i8 models [2] - The company has implemented a dual-supplier strategy to enhance battery supply and aims to increase monthly production capacity to 20,000 units by early 2026 [2] - As of December 31, 2025, Li Auto has established 548 retail centers and 561 service centers across China, along with 3,907 charging stations and 21,651 charging piles [2]