车不好卖，新势力开始讲新故事

Core Viewpoint - The internal turmoil at Li Auto is highlighted by a recent online meeting led by CEO Li Xiang, focusing on AI industry trends, which did not resonate well with employees amid declining sales and executive turnover [1][5][11] Group 1: Company Strategy and Performance - Li Auto's CEO emphasized that 2026 will be the last chance for companies to become leaders in AI, with Level 4 autonomous driving expected by 2028, and plans to enter the humanoid robot market [3][5] - Despite ambitious plans, the company faced a 19% year-on-year decline in deliveries, with a target of 406,300 units for 2025, which was not met [6][8] - The shift in focus towards pure electric and AI businesses has led to a neglect of the range-extended vehicle segment, with some showrooms no longer displaying L series vehicles [8][18] Group 2: Market Competition and Challenges - The competitive landscape in the electric vehicle market is intensifying, with brands like AITO and Xiaomi rapidly closing the gap with established players [11][15] - Li Auto's previous advantages in technology and product differentiation are diminishing, necessitating a new narrative to drive growth [13][18] - The company is undergoing significant internal adjustments, including restructuring its R&D and sales strategies to stabilize its market position and return to growth [8][19] Group 3: Future Outlook and Industry Trends - 2026 is seen as a critical year for Li Auto to prove its market viability and balance short-term survival with long-term aspirations [9][10] - The industry is witnessing a shift where new entrants like Li Auto and XPeng are diversifying into AI and robotics as a response to stagnating core automotive sales [11][18] - Traditional automakers are focusing on solidifying their core business while new entrants struggle to establish a sustainable growth model, highlighting the need for a balance between innovation and core competencies [16][19]