车企集体“摸着理想过河”，结果都在2025年掉进了河里

Core Viewpoint - The market for range-extended electric vehicles (REEVs) is experiencing a significant decline in sales growth, contrasting sharply with the robust growth of pure electric vehicles (EVs) [5][9]. Group 1: Market Trends - From January to October 2025, the sales growth of domestic range-extended vehicles was only 5.7%, while pure electric vehicles saw a growth of 30.3% during the same period [5]. - Since June 2025, the range-extended vehicle market has experienced a continuous decline in sales for five consecutive months, a stark contrast to the previous years of rapid growth [5][9]. - Despite the declining sales, over 20 new range-extended models have been announced or are set to launch in 2025, indicating a supply surge amidst weak demand [5][9]. Group 2: Historical Context and Technological Evolution - The concept of range-extended vehicles is not new; it dates back to the early 1900s with the Lohner-Porsche Mixte, but it has historically struggled to find a viable market position due to technical and economic challenges [6]. - The success of the Li Auto ONE in 2019 marked a turning point, as it effectively addressed consumer pain points by offering a combination of features typically found in higher-priced vehicles while utilizing a cost-effective range-extended structure [6][7]. Group 3: Competitive Landscape - The period from 2019 to 2022 saw explosive growth in range-extended vehicle sales, driven by skyrocketing battery material costs, which made REEVs more economically attractive compared to pure EVs [9]. - The market dynamics shifted in 2025, with a notable decline in range-extended vehicle sales, while pure electric vehicles began to regain momentum, selling 10.89 million units with a growth of 24.2% [9][10]. - New entrants in the market are adopting a "REEV 2.0" strategy, featuring larger batteries and fuel tanks, which blurs the lines between REEVs and pure EVs [10][11]. Group 4: Future Outlook - The current state of the range-extended vehicle market suggests a potential shift towards niche applications rather than mainstream adoption, as the technology may still hold value in specific scenarios such as off-road or extreme conditions [15].