Core Viewpoint - The article highlights a significant divergence among China's three major new car manufacturers, with NIO and Xpeng experiencing stock price increases while Li Auto faces a substantial decline, indicating a potential reshuffling within the new energy vehicle sector as competition intensifies [2][3]. Group 1: Market Performance - As of August 22, NIO and Xpeng have seen stock price increases of approximately 25% over the past month, while Li Auto's stock has dropped by about 25% [2]. - In the second quarter of 2025, Li Auto reported a net profit of 1.1 billion yuan, a 52% year-on-year decline, and its gross margin fell from 21.8% to 19.5% [3]. - NIO's sales reached 7,183 units in the last week, surpassing Li Auto and marking a significant increase in market performance [3][4]. Group 2: Product Strategy and Competitive Landscape - NIO has launched a new ES8 model with a pre-sale price of 411,800 yuan, which, when combined with battery rental options, can be as low as 303,800 yuan, stimulating stock price increases [3][4]. - NIO's strategy includes a price reduction of 20,000 yuan on its 100kWh battery pack, addressing consumer concerns about range anxiety and directly challenging Li Auto's range advantage [4]. - Xpeng reported a revenue of 34 billion yuan for the first half of 2025, a 132% year-on-year increase, with a net loss of 1.142 billion yuan, which is a 56% reduction compared to the previous year [4]. Group 3: Strategic Challenges - Li Auto is facing intense competition, with its market share being eroded by rivals like NIO and Xpeng, as well as new entrants like Leap Motor, which has delivered 272,000 units in the first seven months of the year, a nearly 150% increase [5]. - Despite recent successes, both NIO and Xpeng are still grappling with significant losses, with NIO reporting a net loss of 6.75 billion yuan in the first quarter of 2025, a 30.2% increase in losses year-on-year [5][6]. - Li Auto's transition to pure electric vehicles is challenged by the underperformance of its i8 model, which saw a price drop shortly after launch, indicating weak demand [6]. Group 4: Industry Outlook - The article suggests that the differentiation among the three companies signals a maturation of the new energy vehicle market in China, moving away from initial hype to a focus on core technology, strategic determination, and operational efficiency [6][7].
昔日“王者”失速,新势力车企格局生变
财富FORTUNE·2025-08-23 13:03