Jing Ji Guan Cha Wang·2026-01-08 07:36Core Insights - The article highlights the contrasting fates of new energy vehicle manufacturers in China, with Leap Motor achieving significant sales success while Neta Auto faces bankruptcy [2] - The landscape of new car manufacturers has drastically changed since 2015, with only a few remaining competitive players in the market [2] Group 1: Leap Motor's Success - Leap Motor is projected to sell nearly 600,000 vehicles in 2025, marking a 103% year-on-year increase and securing the title of sales champion among new car manufacturers [3] - The company shifted its strategy to target the mainstream market, launching models like the T03 and C11, which contributed to its sales growth [3] - Leap Motor has formed strategic partnerships with Stellantis and FAW, enhancing its brand credibility and accelerating its international expansion [3] Group 2: Hongmeng Zhixing's Rise - Hongmeng Zhixing, formerly Huawei Smart Selection, has seen rapid growth, with total deliveries reaching 589,000 units in 2025, a 32% increase from the previous year [4][5] - The AITO Wenjie brand, particularly the Wenjie M7, has been a significant contributor to this growth, with 420,000 units delivered in 2025, accounting for 71% of total sales [5] Group 3: Xiaomi's Entry - Xiaomi, entering the automotive sector later than its competitors, achieved sales of 412,000 vehicles in 2025, surpassing its target and ranking fifth among new energy vehicle manufacturers [5] - Despite its success, Xiaomi has faced challenges, including negative publicity related to safety incidents and design issues [5] Group 4: The Decline of "Wei Xiao Li" - The trio of "Wei Xiao Li" (NIO, Li Auto, and Xpeng) has experienced a divergence in performance, with NIO's sales declining to 326,000 units in 2025, despite a 47% year-on-year increase [6][7] - Xpeng led the trio with sales of 429,000 units, a 126% increase, while Li Auto's sales fell by 19.6% to 405,900 units, marking a significant drop from its previous leadership position [7][8] Group 5: Industry Challenges and Failures - The article discusses the decline of many new energy vehicle manufacturers, categorizing them into three groups: those that failed before mass production, those that made strategic errors, and those that faced funding issues [9][10] - Notable failures include companies like LeEco and Byton, which struggled with financial sustainability and market competition [10] Group 6: Future Outlook - The article suggests that the next decade will be more challenging for remaining players, emphasizing the need for operational efficiency and cost control to survive in a competitive environment [10][11] - New entrants continue to emerge, indicating ongoing interest in the automotive sector despite the challenges faced by existing manufacturers [11]