车企竞相押注的增程车，还是门好生意吗？

Core Viewpoint - The increase in the number of new players entering the range-extended electric vehicle (REEV) market is driven by significant sales growth in recent years, despite a recent decline in market share and average sales per model [3][4][5]. Group 1: Market Dynamics - In the past four years, REEV sales have surged, with year-on-year growth rates of 218%, 130%, 154%, and 70.9% from 2021 to 2024 [3]. - The number of new REEV models launched in 2025 is expected to exceed 30, compared to 19 in the same period of 2024 [5]. - Despite the increase in new models, the average sales per model have dropped from nearly 30,000 units in 2024 to approximately 9,000 units in 2025 [5]. Group 2: Competitive Landscape - The market share of leading REEV manufacturer Li Auto is being eroded by other competitors, indicating a highly competitive environment [5]. - Companies are focusing on enhancing battery capacity and efficiency, with models like the Zhiji LS9 featuring a 66 kWh battery and the Xiaopeng X9 equipped with a 63.3 kWh battery [5][6]. - The competition is characterized by a phenomenon of "involution," where brands are increasingly promoting higher range capabilities for their REEVs [6]. Group 3: Consumer Insights and Future Trends - The future of REEVs may hinge on their ability to address consumer concerns about range anxiety and the transition from traditional fuel vehicles [6]. - There is potential for growth in the segment of REEVs priced below 200,000 yuan with a range exceeding 200 kilometers, which could attract more consumers [6]. - The upcoming changes in tax incentives for plug-in hybrid vehicles may provide a competitive edge for REEVs if they can offer a pure electric range exceeding 100 kilometers [6].