Bei Jing Shang Bao·2026-01-07 08:37Core Viewpoint - The transition from rapid growth to high-quality development in the electric vehicle market is marked by a shift in technology choices and market dynamics, with a focus on user value as the ultimate goal [1][3]. Market Dynamics - The rise of range-extended and plug-in hybrid vehicles was a temporary solution due to inadequate charging infrastructure, but the market is now experiencing a structural change with the advent of pure electric vehicles, particularly in the large three-row SUV segment [3][4]. - In 2025, retail sales of range-extended vehicles fell by 7.7% year-on-year, marking four consecutive months of decline, while wholesale sales of pure electric vehicles reached 1.02 million units, a 31.6% increase year-on-year, accounting for 62.9% of the new energy vehicle market [4]. Company Strategy - The company has focused on two main areas over the past 11 years: continuous investment in pure electric technology research and development, and the enhancement of charging and battery swap infrastructure to make charging more convenient than refueling [5]. - The company has developed a comprehensive technology system with 12 core technologies, significantly reducing R&D costs per model, and has launched flagship models equipped with advanced technologies [5][6]. Infrastructure Development - As of November 2025, the company has established 3,662 battery swap stations globally, covering over 80% of users' residential or office locations within a 3-kilometer radius [6]. - The company has initiated the "Charging Partner" program and formed strategic partnerships to expand its charging and battery swap network, aiming to create the largest and most advanced battery swap service network globally [6]. Growth Metrics - In 2024, the company delivered 221,900 new vehicles, a 38.7% increase year-on-year, with December alone seeing a record delivery of over 30,000 vehicles [7]. - By the fourth quarter of 2025, the company achieved a historic high of 124,807 new vehicle deliveries, a 71.7% year-on-year increase, with all three brands reaching record quarterly deliveries [7]. Future Goals - The company aims to continue innovating in technology and infrastructure, with a target of exceeding 10,000 battery swap stations by 2030, and to maintain an annual growth rate of 40%-50% while expanding its market share in various segments [8].