2025 年 7 月初发布的乐道 L90，成为了蔚来这一年的分水岭。27.99 万元的预售价打破了外界对蔚来 定价体系的固有印象。预售发布会当日蔚来美股上涨 6.5%，成为这轮反弹的起点。 用侵略性的定价换取越级的竞争力，是蔚来过去不曾有过的做法。正式上市时，比市售二代 ES8 轴距 还长的乐道 L90 起售价进一步降至 26.58 万元，只比自家乐道 L60 的顶配贵了 1 万块钱，但车身尺 寸大两圈，有更丰富的配置和 "大三排" 的空间。 其 "成功" 在于托住了下落中的蔚来。 文 丨 魏冰 龚方毅 编辑 丨 龚方毅 凭借极高的性价比，L90 成功一个短暂的市场空档 —— 30 万元以内的纯电大六座 SUV。它首个完整 交付月数量即破万，占同期蔚来销量近三分之一，托住了急坠中的蔚来。 这也是蔚来第一次在主流价格区间交出具有竞争力的产品，进入了此前长期由增程和插混主导的大型 SUV 市场。这种定价策略随后延续到了第三代蔚来 ES8，它的起售价比上一代车型上市时低 12 万 元。上市不到两天，大定数量已经超过了蔚来年内产能上限。 L90 上市后，我们和乐道产品负责人俞斌以及乐道总裁沈斐分别长聊过产品和产品变化 ...

Core Insights - Li Auto's Q3 2025 financial report shows a revenue of 27.4 billion yuan for the quarter and 83.5 billion yuan for the first three quarters, with a strong focus on R&D investment, particularly in AI, which is expected to exceed 50% of the total R&D budget of 12 billion yuan for the year [1][11][14] - Despite intensified competition in the electric vehicle market above 200,000 yuan, Li Auto's new models, the i8 and i6, received over 100,000 orders, demonstrating the company's strong product definition capabilities [1][11] - The company's gross profit margin, excluding the impact of the MEGA recall costs, stands at 20.4%, indicating robust operational resilience amid fierce competition [1][3] Financial Performance - Li Auto's Q3 revenue reached 27.4 billion yuan, while the total revenue for the first three quarters was 83.5 billion yuan [1] - The company reported a cash reserve of 98.9 billion yuan, providing a solid financial foundation for future growth [1] - The gross profit margin for Q3, after adjusting for recall costs, was 20.4%, reflecting the company's ability to maintain profitability despite market challenges [1][3] Market Strategy - The shift from range-extended vehicles to a dual strategy of range-extended and pure electric vehicles is seen as a necessary transition for Li Auto, with the company focusing on product innovation to meet user needs [3][9] - Li Auto's initial success with the Li ONE model has positioned it as a leader in the new energy vehicle market, being the first new force car company to surpass 100 billion yuan in revenue and achieve profitability [7][9] - The company has strategically chosen to accelerate its growth by adopting a dual-line strategy, which has been in development since 2020, allowing it to capture new market opportunities [9][11] Innovation and Product Development - Li Auto's success is attributed to its focus on "product definition," aligning its offerings with the practical needs of family users, such as the introduction of four-zone voice control in the Li ONE [6][12] - The company has invested heavily in R&D, with Q3 2025 R&D expenses reaching 3 billion yuan, focusing on self-developed chips, intelligent operating systems, and advanced driver assistance systems [14][16] - The launch of the i8 and i6 models, equipped with innovative features like the new 5C lithium iron phosphate battery and self-developed silicon carbide electric drive system, has positioned Li Auto as a leader in the high-end pure electric market [11][14] Future Outlook - As the penetration rate of new energy vehicles exceeds 50%, the automotive market is entering a critical phase where competition will focus on technological endurance and innovation [12][16] - Li Auto's strategy for 2026 includes a stronger emphasis on product upgrades for range-extended vehicles and a concentrated approach to developing high-quality pure electric vehicles [14] - The company's comprehensive innovation system, which integrates user insights, technological advancements, and strategic iterations, is expected to sustain its competitive edge in the long term [16]

Core Viewpoint - Xiaomi's automotive journey has transformed from skepticism to success, establishing itself as a significant player in the electric vehicle market with the launch of the SU7 and YU7 series, challenging established competitors like Tesla [2][3][6]. Group 1: Product Definition - Xiaomi's approach to automotive manufacturing emphasizes product definition, focusing on understanding user needs and market demands, which has been a cornerstone of its success [8][9]. - The company aims to create vehicles that not only meet but exceed user expectations, with a strong emphasis on driving performance and user experience [12][14]. - Xiaomi's strategy includes extensive market research and user feedback, which has informed the design and functionality of its vehicles, ensuring they resonate with consumer preferences [22][23]. Group 2: Product Strength - Xiaomi's vehicles are designed to be competitive in terms of quality and performance, with a focus on high-end materials and advanced technology, aiming to capture significant market share in the electric vehicle sector [10][16]. - The company leverages its experience in consumer electronics to enhance its automotive offerings, ensuring that its vehicles are not only functional but also appealing to a broad audience [14][16]. - Xiaomi's marketing strategy is built on the foundation of strong product capabilities, which enhances brand recognition and consumer trust, allowing for a successful market entry [13][15]. Group 3: Consumer-Centric Approach - Xiaomi targets a younger demographic, particularly urban dwellers with disposable income, reflecting a shift in consumer behavior towards more personalized and lifestyle-oriented products [19][21]. - The company actively engages with users to gather feedback, which informs product iterations and improvements, demonstrating a commitment to meeting consumer needs [22][24]. - Xiaomi's vehicles offer customization options and modern design elements that appeal to younger consumers, positioning the brand as a trendy choice in the automotive market [20][24].

Core Viewpoint - NIO has adjusted the pricing strategy for the new ES8 model to remain competitive in the market, with a significant price reduction compared to the previous generation [3][4]. Pricing Strategy - The new ES8 is available in three versions, with a starting pre-sale price of 416,800 yuan for direct purchase and 308,800 yuan for battery rental, marking a decrease of 111,200 yuan from the previous generation's starting price of 528,000 yuan [3]. - The pricing strategy is aimed at addressing market competition and acknowledges potential impacts on existing customers [3][4]. Product Development and Mistakes - NIO's chairman admitted to a product definition error with the second-generation ES8, which led to a lack of competitive offerings in the 400,000 yuan high-end market segment [4][5]. - The new ES8 aims to correct this error by aligning its pricing and positioning more accurately within the market [5]. Order Volume and Market Response - Although specific order numbers are not disclosed, the new ES8 has reportedly surpassed the order volume of the recently launched L90 model within hours of its pre-sale announcement [4]. - The L90 model achieved over 4,000 deliveries within 10 days of its launch [4]. R&D Investment and Future Outlook - NIO has invested over 60 billion yuan in R&D since its inception, focusing on core technologies, key components, and vehicle development [7][9]. - The company aims to achieve profitability in the fourth quarter of this year, emphasizing the importance of competitive products and operational efficiency [7][9]. - NIO recognizes the need for continuous improvement and efficiency in its R&D processes to maximize the effectiveness of its investments [9].

Core Viewpoint - NIO's founder Li Bin addressed the frequent inquiries regarding the introduction of an MPV, emphasizing that the decision is not solely based on potential profitability but also on deeper considerations of market needs and personal values [1] Group 1: Market Insights - Li Bin highlighted the historical context of MPVs in China, noting that the Buick GL8 is a significant player in the domestic market, particularly for government and corporate use [1] - The recent launch of the L90, priced at 179,800, is strategically positioned just below the 180,000 threshold for government vehicles, suggesting a competitive edge against the GL8 [1] Group 2: Product Philosophy - The company is focused on understanding and meeting genuine consumer needs rather than adhering strictly to traditional vehicle classifications like MPV or SUV [1] - Li Bin expressed that the definition of a product should be based on its ability to fulfill customer requirements, indicating a flexible approach to vehicle design and categorization [1]

Core Viewpoint - The successful launch of the L90 model is crucial for NIO's strategic transformation and aims to restore market confidence while achieving profitability [3][11]. Pricing and Delivery - The L90 was launched at a starting price of 265,800 yuan, with immediate delivery starting the same evening [1][3]. - The pricing strategy was straightforward, with a focus on cost targets and market positioning, leading to a simplified decision-making process for consumers [7][8]. - The inclusion of standard features like a refrigerator and large sofa in all models enhances user confidence and improves supply chain efficiency [7][9]. Market Response and Sales Performance - The initial market response was overwhelmingly positive, with a significant increase in orders on the launch day, exceeding expectations [3][4]. - NIO's stock price rose over 5% following the L90 launch, indicating positive market sentiment [3]. Strategic Adjustments - NIO has shifted its strategy to prioritize immediate delivery post-launch, addressing previous issues with delayed deliveries of models like the ET5 and L60 [9][10]. - The company has implemented a "full staff operation" mechanism to enhance efficiency and accountability across all levels [10]. Future Plans - NIO plans to launch the new ES8 model in late August and a third model, a pure electric five-seat SUV, in the fourth quarter, aiming for differentiated market positioning [11].

Core Insights - The launch of the L90 marks a significant turning point for the company, aiming to revive the brand and help NIO navigate through its current challenges [1][6] - The initial market response has been overwhelmingly positive, with a notable increase in orders on the launch day, exceeding expectations [1][2] Pricing Strategy - The L90 was priced at a starting point of 265,800 yuan, which was perceived as a pleasant surprise by the market [3][4] - The pricing strategy was straightforward, focusing on cost targets and ensuring a simplified decision-making process for consumers by including essential features as standard [3][4] Product Features - The L90 features a large front trunk of 240 liters and a hidden rear trunk that can accommodate seven 24-inch suitcases, showcasing its practicality [5] - The vehicle's design emphasizes user value creation rather than just aesthetic appeal, based on extensive research involving 2,700 families [5][6] Delivery and Production Strategy - The company has adopted a "launch and deliver" approach, addressing past issues with delayed deliveries that affected previous models [6][7] - The goal is to ramp up production capacity significantly, with targets set for 5,000 units by October 2024 and 20,000 units by March 2025 [6][7] Organizational Changes - The company has implemented an "all-employee management" mechanism to enhance efficiency and accountability across all levels [8] - The recent surge in orders presents new challenges in sales and service, necessitating a focus on maintaining service quality amid potential staffing shortages [8] Brand Positioning - The differentiation between the two brands, Lado and NIO, is becoming clearer, with Lado targeting mainstream family needs while NIO aims at the high-end market [9]

Core Viewpoint - The discussion revolves around the suspension system of the MEGA and L9 models, highlighting the trade-offs between comfort and handling performance, with a focus on user preferences and product development strategies [1][2]. Group 1: Suspension System Insights - The current generation of dual-chamber dual-valve suspension is designed for SUVs with a sportier attribute, which is deemed unsuitable for the MEGA's extreme comfort positioning [2]. - The dual-valve suspension was mass-produced for the L9 ahead of the original schedule, indicating a proactive approach in product development [1]. - Feedback from key stakeholders, including the CEO, suggests that while the dual-valve suspension improves body roll control, it compromises the floating sensation that some users may prefer [1]. Group 2: Product Development and Team Dynamics - The product development team has demonstrated the ability to surpass individual contributions, with the CEO acknowledging the team's strength in creating products that can compete effectively in the market [2]. - Future product lines, such as i8/i6, may exhibit similar dynamics, although observation may be limited due to the communication style of the respective product line leaders [2].

以下文章来源于远川汽车评论 ，作者熊宇翔 彭苏平 去年6月，比亚迪董事长王传福在股东大会上陈述了自己的高端观： "我们不可能过度营销，也不可能通过巨大流量来谋求一时的发展，真正创造高端品牌还得靠产品力，产品 力的核心还是在于技术和创新。[1]" 近一年时间，比亚迪新技术易四方、易三方、云辇等齐出，创下一个个新的工业奇迹，将高端品牌仰望、 腾势、方程豹的新车型产品力武装到牙齿。 远川汽车评论 . 不止是汽车 不过，肉眼观测上技术含量爆表的比亚迪，过去一年时间在高端市场的表现，全然不如在20万以下市场那 般风卷残云： 仰望高开低走，百万级越野豪车U8上市四个月突破5000辆后销量迅速放缓，如今终端优惠已悄悄突破10万 元； 图源：懂车帝 腾势在MPV车型D9爆火之后一直苦苦寻觅第二增长点，看似量大管饱的N7、N8都未能担此大任，N7不得 不在改款时怒降8万改走性价比路线，而用上全新技术平台、斥巨资打造的Z9/Z9GT也没能一炮而红，眼下 寄望于刚刚上市的旗舰SUV N9。 方程豹首款车型豹5摸到了30万元的门板，去年不堪压力降了5万才保住销量，而最新发布的钛3更是向现实 低头，售价不到14万，重新回到了比亚迪的舒 ...