Zhong Guo Zhi Liang Xin Wen Wang·2026-01-15 03:32Core Insights - The competition in the Chinese new energy vehicle market is intensifying, with a clear shift from "price competition" to "value competition" among new car manufacturers [3] Group 1: Top Performers - Leap Motor achieved a remarkable delivery of 596,555 vehicles in 2025, marking a 103% year-on-year increase and exceeding its annual target of 500,000 vehicles with a completion rate of 119.3% [2][5] - Hongmeng Zhixing delivered 589,107 vehicles, a 32% increase year-on-year, but only reached 58.91% of its ambitious target of 1 million vehicles [5][7] - Xiaopeng Motors delivered 429,445 vehicles, achieving a 126% year-on-year growth and surpassing its target of 350,000 vehicles with a completion rate of 122.69% [9][10] Group 2: Emerging Players and Challenges - Xiaomi Motors entered the market with over 410,000 deliveries, achieving a completion rate of over 114% against its target of 350,000 vehicles, indicating a successful first full sales year [10][12] - Li Auto faced challenges with a total delivery of 406,343 vehicles, down 19% year-on-year, and only achieving 63% of its target of 640,000 vehicles [12][14] - Deep Blue delivered 333,117 vehicles, a 36.6% increase, but faced declining sales in the last two months of the year, highlighting transition pressures [16] Group 3: Diverse Growth Patterns - NIO achieved a record delivery of 326,028 vehicles, a 46.9% increase, with a completion rate of 74.1% against its target [18] - Zeekr delivered 224,000 vehicles, with a slight increase of 0.9%, but fell short of its target of 320,000 vehicles, indicating growth pressures in a competitive market [19][21] - Avita delivered over 120,000 vehicles, but only achieved 60% of its target, reflecting challenges in scaling amidst intense competition [25] Group 4: Market Dynamics and Future Outlook - The market is transitioning from rapid expansion to high-quality development, with brands needing to focus on technological capabilities and precise market positioning to succeed [27] - The implementation of new national subsidy policies in 2026 is expected to accelerate industry reshuffling, intensifying competition in the mainstream price segment [27]