造车新势力2025生死局：零跑交付59万辆成黑马，蔚小理加速转型

Core Viewpoint - The 2025 new energy vehicle market has shown a stark polarization, with emerging brands like "Honglingmi" (Hongmeng Zhixing, Leap Motor, Xiaomi) rapidly gaining market share while established players like NIO and Li Auto struggle to maintain their positions [1][4]. Group 1: Performance of New Energy Vehicle Brands - Leap Motor emerged as the biggest dark horse in 2025, achieving a delivery volume of 596,600 units, marking a 103% year-on-year growth and completing 1,119% of its annual sales target [2][4]. - Hongmeng Zhixing delivered 589,100 units, a 32% increase, while Xiaomi's deliveries exceeded 410,000 units, achieving a remarkable 299% growth [2][6]. - Li Auto and NIO faced challenges, with Li Auto's deliveries declining by 19% to 406,300 units, and NIO delivering 326,000 units, a 47% increase but still below expectations [2][12]. Group 2: Strategic Shifts and Challenges - Leap Motor's success is attributed to its focus on self-research and development, achieving a gross margin of 14%-15% while maintaining competitive pricing [5][4]. - Xiaomi's strategy leverages its consumer electronics background, achieving a high completion rate of 117% for its annual sales target, but faces challenges related to brand perception and safety concerns [6][7]. - Hongmeng Zhixing is working to diversify its brand portfolio beyond the AITO series, which accounted for over 70% of its sales, to reduce dependency on a single model [7][6]. Group 3: Transformation of Established Players - The former "big three" of new energy vehicles, NIO, Li Auto, and Xpeng, are undergoing significant transformations, with NIO and Li Auto failing to meet their sales targets [9][12]. - Xpeng has successfully pivoted to a more pragmatic approach, achieving 429,400 units sold in 2025, the only one among the three to meet its annual target [10][11]. - NIO has initiated a restructuring process to focus on core operations and has seen success with new models like the L90 and ES8, which have become popular in the market [11][12]. Group 4: Struggles of Other Brands - Neta Motors has faced severe challenges, leading to bankruptcy restructuring due to a lack of core technology and declining sales [15][16]. - WM Motor and HiPhi are also attempting to revive their operations, but face significant financial hurdles and market skepticism regarding their recovery plans [16][18]. - The overall landscape of new energy vehicles is marked by intense competition, with companies needing to balance technology development, product iteration, and operational efficiency to survive [19][20].