腾势年度销售目标仅完成一半：D9/N9/Z9市场表现接连不及预期 王传福焦虑换帅未改品牌颓势

Core Viewpoint - In early 2026, various new automotive brands released their performance reports for 2025, with most top brands achieving year-on-year growth in sales or deliveries. However, many failed to meet their annual sales targets, with Tengshi being the most notable underperformer, achieving only 52.3% of its target [1][11]. Sales Performance - Tengshi delivered 157,000 vehicles in 2025, marking a year-on-year growth of 24.7%, but only fulfilling 52.3% of its annual sales target of 300,000 units [4][14]. - Among the new brands, only Leap Motor and Xiaopeng achieved significant sales growth, while others like Li Auto and Deep Blue also struggled to meet their targets [2][12]. Key Models and Market Challenges - The decline in sales was primarily attributed to the poor performance of the once-popular model D9, which saw a significant drop in sales after being surpassed by competitors like Lantu's new Dreamer model [4][17]. - Tengshi's new models, including the N9 and Z9, failed to replicate the initial success of the D9, with the N9's sales halving within five months of its launch and the Z9's monthly sales dropping below 500 units [8][20]. Management Concerns - BYD's chairman expressed concerns about Tengshi's future, leading to a change in brand leadership. Despite new marketing strategies, including celebrity endorsements, the brand's market performance did not improve significantly [10][22]. - The introduction of new models did not yield the expected results, with the N7 and N8 also underperforming in the market [4][20]. Competitive Landscape - The competitive environment intensified with Lantu's collaboration with CATL and Huawei, enhancing their product offerings and market position, further challenging Tengshi's sales [19]. - The overall market dynamics indicate a shift, with established brands like Toyota regaining their positions in the MPV segment, highlighting the challenges Tengshi faces in maintaining its market share [7][19].