【小鹏汽车（XPEV.N）】1月销量承压，静待AI应用场景逐步兑现——跟踪报告（倪昱婧/邢萍）

Group 1 - The core viewpoint of the article highlights the challenges faced by XPeng Motors in January 2026, with a significant year-on-year decline in delivery volume due to policy changes and product transitions [4] - XPeng Motors reported a total delivery of 20,011 vehicles in January, reflecting a year-on-year decrease of 34.1% and a month-on-month decrease of 46.6% [4] - The company held a global product launch event on January 8, 2026, introducing four new models and outlining its brand strategy for 2026, which includes advancements in AI-driven products [5] Group 2 - The automotive industry is expected to face a dual challenge of declining sales and profits in 2026, driven by policy changes and rising material costs [6] - The overall retail sales of passenger vehicles in China are projected to slightly decline year-on-year, while the export of new energy vehicles is expected to maintain rapid growth [6] - The market is shifting from price competition to configuration competition, with a potential weakening of demand driven by trade-in programs and the impact of tax reductions on new energy vehicles [6]