雷军的「真性情」，从来都不是停留在口头上的标签。 1月3日的新年直播里，他没把小米YU7的全方位展示当成唯一重点，反而主动把「小字营销」「1300公里只充一次电」「关评论区」等全网热议的争议话 题，摆到台前直面回应。面对恶意谣言，他当场怒怼不留情；聊到「小字营销」，没有半分辩解，直接一句「这个毛病确实要改」，把坦诚二字写得明明白 白。 图源：微博@雷军 回顾刚刚过去的2025年，小米汽车在持续的市场质疑声中前行，正如雷军所言，「扑面而来的舆情让我们都有点儿懵」，但好在这份压力最终没有成为绊脚 石，还在业绩上交出了一份丰收答卷。 从年初设定30万辆的交付目标，到年中因市场表现超预期上调至35万辆，小米汽车最终以41万辆的实际交付量超额收官。核心车型的表现同样亮眼：小米 SU7在过去12个月（截至2025年11月）位列20万元以上轿车累计销量第一；上市才半年的小米YU7交付超15万辆，成为拉动销量增长的关键；小米SU7 Ultra 上市不足半年即达成万辆交付目标。 更具里程碑意义的是，小米Q3财报明确显示，智能电动汽车及AI等创新业务首次实现单季度盈利。 图源：微博@小米汽车 这份销量、盈利双丰收的亮眼答卷，雷军 ...

转自：车评社 极石汽车是一个小众品牌，但是11月表现尚可，极石01在国内市场售出1452辆，在增程中大型SUV领域 排名第7，仅次于智界R7。更意味的是海外市场，极石ADAMAS一个月内就收获超2000张订单，咱们来 看看这款新车有哪些亮点？ 内饰的配色选择更加时髦，新增了星河紫配色可选，质感和高级感都是不错的。另外，冰箱彩电大沙发 也是一应俱全，前排配备15.7英寸中控屏和12.3英寸液晶仪表的组合，二排嗲有零重力座椅和娱乐屏 幕，电吸门在同价位也是比较高级的配置。 除了2+2+2的6座布局，新车还提供2+2+3的7座布局可选。安全性方面还配备了8个安全气囊，辅助驾驶 系统达到L2级别，支持广速域全场景AEB。 硬件能力也很到位，动力为1.5T增程器与电机组成的增程系统，双电机车型的综合最大功率为 350KW，动力电池容量为44.5kWh，CLTC纯电续航可达215km，并支持对外放电。底盘还配备了空气 悬架，调节行程可达140mm。 外观部分，极石ADAMAS基本延续了以往的风格，车身轮廓看起来相当硬朗，拥有较强的气场，方盒 子的造型甚至有些路虎发现4的味道。同时，新车的细节设计又更具科技感，包括：造型狭 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is transitioning from automotive manufacturing to AI technology, with significant growth expected in revenue and profit margins by 2026 [1][8] - The company plans to launch seven new models in 2026, focusing on both pure electric and extended-range vehicles, while expanding its global presence [8][41] - The Robotaxi segment is anticipated to reshape the Chinese transportation market, with commercial operations expected to accelerate in 2026 [8][50] Summary by Sections C-end Smart Vehicles - The company aims to build a "mass production capability" for multiple successful vehicle models, leveraging a platform-based technology approach [14][15] - The introduction of the X9 EREV model highlights the company's focus on long-range capabilities and efficient energy consumption [23][30] - The company has achieved significant growth in monthly deliveries, indicating a successful product strategy [20][41] B-end Robotaxi - The company is positioned to benefit from favorable policies and technological advancements in the Robotaxi market, with expectations for commercial operations to begin in 2026 [50] - The Robotaxi project is expected to leverage the company's AI capabilities and innovative business models to capture market share [8][50] Collaboration with Volkswagen - The partnership with Volkswagen has evolved from joint vehicle development to deeper collaboration on electronic architecture and AI technology [8][24] - The collaboration is expected to enhance the company's market position as a provider of intelligent technology solutions [8][24] Robotics and Flying Cars - The company is advancing its robotics initiatives, with plans for commercial applications of its IRON robot in various service scenarios by 2026 [8][24] - The flying car project is nearing production, with successful test flights and significant pre-orders indicating strong market interest [8][24]

Core Insights - The competitive landscape of new energy vehicle manufacturers in China is undergoing significant changes as Q3 2025 financial reports are released, with Xpeng Motors showing remarkable growth while NIO and Li Auto face challenges [1][2][3] Company Performance - **Xpeng Motors**: Achieved a revenue of 203.8 billion yuan, with a year-on-year growth of 101.8%. Despite a net loss of 3.8 billion yuan, this represents a 79% reduction in losses compared to the previous year. The company delivered 116,007 vehicles, marking a 149.3% increase year-on-year [4][6][8] - **NIO**: Reported a revenue of 217.9 billion yuan, with a year-on-year growth of 16.7%. The net loss was 34.8 billion yuan, a 31.2% reduction from the previous year. NIO delivered 87,701 vehicles, a 40.8% increase year-on-year [4][12][14] - **Li Auto**: Generated a revenue of 274 billion yuan, but experienced a 36.2% year-on-year decline. The company reported a net loss of 6.24 billion yuan, ending an 11-quarter streak of profitability. Vehicle deliveries fell by 39% to over 93,000 units [4][9][11] - **Leap Motor**: Achieved a revenue of 194.5 billion yuan, with a year-on-year growth of 97.2%. The company reported a net profit of 1.5 billion yuan, marking its second consecutive profitable quarter. Leap Motor delivered nearly 174,000 vehicles, a 101.8% increase year-on-year [4][15][16] Strategic Adjustments - The new energy vehicle market is shifting from growth to competition based on product, technology, and brand strength, as companies adapt their strategies to survive in a more competitive environment [3][16] - **Xpeng Motors**: Focused on improving operational efficiency and profitability, launching new models like the X9 Super Range Extender, which aims to address consumer pain points regarding range and charging speed [7][8] - **Li Auto**: Shifted focus towards AI integration in vehicles, moving away from traditional family-oriented branding to emphasize technological advancements [10][11] - **NIO**: Reduced operational costs and refocused on core automotive sales, moving away from previous explorations in other business areas [12][13] - **Leap Motor**: Adjusted its strategy to enter the range extender market and target the high-end SUV segment, while also attempting to elevate its brand image [15][16]

Core Insights - The competitive landscape of new energy vehicle manufacturers in China is undergoing significant changes as Q3 2025 financial reports are released, with companies like XPeng showing remarkable revenue growth while others struggle with losses [1][3]. Group 1: Company Performance - XPeng Motors reported a revenue increase of 101.8% year-on-year, achieving 20.38 billion yuan in revenue, despite a net loss of 0.38 billion yuan, which is a 79% reduction compared to the previous year [2][4]. - NIO's revenue reached 21.79 billion yuan, with a year-on-year growth of 16.7%, but it remains the largest loss-maker among new energy vehicle companies, recording a net loss of 3.48 billion yuan, a 31.2% reduction year-on-year [2][8]. - Li Auto experienced a revenue decline of 36.2% year-on-year, totaling 27.4 billion yuan, and reported a net loss of 0.624 billion yuan, ending an 11-quarter streak of profitability [2][6]. - Leap Motor achieved a revenue of 19.45 billion yuan, marking a 97.3% increase year-on-year, and reported a net profit of 0.15 billion yuan, marking its second consecutive profitable quarter [2][11]. Group 2: Strategic Adjustments - XPeng is shifting its strategy by embracing range-extended electric vehicles (REEVs) and enhancing its overseas market presence, with a significant increase in deliveries abroad [5][6]. - NIO is focusing on cost reduction and efficiency, cutting R&D expenses by 28% year-on-year, and is refocusing on its core automotive business after diversifying into various sectors [8][9]. - Li Auto is pivoting towards AI technology, aiming to transform its vehicles into smart terminals, while still facing challenges in its electric vehicle transition [7][10]. - Leap Motor is entering the REEV market and targeting the high-end SUV segment, attempting to elevate its brand image beyond its previous reputation for cost-effectiveness [11][12]. Group 3: Market Dynamics - The Chinese new energy vehicle market is transitioning from growth to competition for existing market share, with companies needing to enhance their product, technology, and brand capabilities to survive [3][12]. - The competitive landscape is characterized by companies learning from each other and adapting their strategies, leading to a blurring of previous market labels [2][3]. - The overall profitability of these companies will be crucial in determining their positions in the market as they approach the end of 2025, with a focus on product definition, technology implementation, cost control, and brand perception [12][13].

Core Viewpoint - The article discusses the challenges faced by Li Auto in the context of declining sales and the strategic pivot towards AI technology, emphasizing the need for a robust AI strategy to ensure long-term viability and competitiveness in the automotive market [5][13][24]. Financial Performance - Li Auto's Q3 financial results showed significant declines, with revenue at 27.4 billion yuan, a year-on-year decrease of 36.2%, and a net loss of 624 million yuan compared to a net profit of 2.8 billion yuan in the same period last year [5]. - The delivery volume for Q3 was 93,211 units, down nearly 39% year-on-year and over 16% quarter-on-quarter, contrasting with expected growth rates of over 20% and 40% for 2023 and 2024 respectively [5][8]. Strategic Shift to AI - The company is increasingly focusing on AI as a strategic pivot, moving away from its initial emphasis on range-extended vehicles, which are now facing market saturation and intense competition [7][19]. - Li Auto's leadership has made significant organizational changes to support the AI strategy, including restructuring teams and adopting new management practices to enhance efficiency and innovation [15][17]. Competitive Landscape - The automotive market is becoming more competitive, with new entrants and established players intensifying the race for market share, particularly in the AI and electric vehicle segments [9][11]. - Li Auto's market position is under pressure as competitors like Xpeng and NIO have surpassed its sales figures, highlighting the need for a compelling product offering and effective marketing strategies [11][12]. AI Development Focus - The company is concentrating its AI efforts on three main areas: the VLA system for assisted driving, the MindGPT model for intelligent cockpit features, and the underlying AI infrastructure [19][24]. - Li Auto's VLA system is positioned as a critical component of its AI strategy, aiming to create an AI that operates similarly to a human driver, although this development is expected to take time and may not yield immediate financial returns [19][22]. Investment in R&D - Li Auto plans to invest 12 billion yuan in R&D this year, with 5 billion yuan specifically allocated to AI, indicating a strong commitment to advancing its technological capabilities [24]. - The focus on "precise investment" rather than broad spending reflects the company's strategy to ensure that its resources are effectively utilized in developing competitive AI solutions [24].

Summary of Li Auto's Conference Call Company Overview - **Company**: Li Auto - **Industry**: Automotive, specifically electric vehicles (EVs) Key Points and Arguments Current Market Challenges - Li Auto faces significant competition from rivals such as Geely's Lynk & Co 900 and Zeekr 9X, leading to a decline in sales and stock price, particularly in the large six-seat SUV market [2][3] - Short-term challenges include insufficient battery supply for the Li L6 model due to constraints from CATL, resulting in low delivery numbers in October [2][4] - Long-term challenges arise from a diminishing reliance on range-extended vehicles and large six-seat SUVs, with increasing competition from models like the AITO M9 and Zeekr 9X, as well as potential new entrants like Xiaomi's Kunlun series E9 [2][4] Strategic Adjustments - To combat competition, Li Auto is updating its vehicle lineup to enhance features and cost-effectiveness, with the L9 series set to improve in space, configuration, chassis, and materials while maintaining stable pricing [2][5] - The company is moving away from its previous "platform sharing" strategy, which involved using similar designs to reduce costs, recognizing that this approach is insufficient against emerging competitors like Huawei and Xiaomi [2][6][10] - Organizational restructuring has been implemented, with CEO Li Xiang taking direct control of key decision-making areas to improve efficiency and responsiveness [2][7][10] Future Outlook - There is a high probability of a turnaround for Li Auto by 2026, although it is not guaranteed, as the company has begun strategic and organizational adjustments to enhance its market position [3][5] - The anticipated improvements in battery supply are expected to lead to increased delivery volumes, with projections of around 10,000 units for November and close to 20,000 units for December [4] - Li Auto aims to launch more differentiated new models in 2026, focusing on innovation and market appeal to strengthen its competitive edge [10] Competitive Landscape - The competitive landscape is intensifying, with established players like Huawei significantly improving their vehicle offerings over the past three and a half years, highlighting the need for Li Auto to accelerate its product updates and innovation [9][10] - The company recognizes the necessity to enhance its understanding of competitor features and address its weaknesses while reinforcing its strengths to achieve comprehensive improvements [10] Additional Important Insights - The decline in October deliveries, which were over 30% lower year-on-year, underscores the urgency for Li Auto to adapt to the rapidly changing market dynamics [3][4] - The shift in strategy towards more innovative and differentiated products is crucial for Li Auto to regain market share and improve its competitive positioning against both established and emerging rivals [5][10]

Core Viewpoint - Li Auto's third-quarter financial results showed significant declines in delivery volume, revenue, and profit, indicating challenges in maintaining growth and profitability in a competitive market [1][3][4]. Financial Performance - Revenue for the third quarter was 27.4 billion yuan, a year-on-year decrease of 36.2% [1]. - The company reported a net loss of 624 million yuan, compared to a net profit of 2.8 billion yuan in the same period last year [1]. - Delivery volume was 93,211 units, down nearly 39% year-on-year and over 16% quarter-on-quarter [1]. Market Position and Competition - Li Auto's sales have lagged behind competitors like Xpeng and NIO, with a notable decline in monthly sales since early this year [7][8]. - The company's market capitalization was recently surpassed by Xpeng, reflecting a decline in investor confidence [8]. - The competitive landscape is intensifying, with new entrants and established players increasing pressure on Li Auto's market share [4][9]. Strategic Shift to AI - Li Auto is pivoting towards AI technology as a strategic focus, moving away from its initial emphasis on range-extended vehicles [3][9]. - The company has made significant organizational changes to support its AI strategy, including restructuring teams and leadership roles [11][12]. - Investment in AI is projected to reach 50% of the total R&D budget, amounting to 12 billion yuan for the year, indicating a strong commitment to this area [17]. Product Development and Innovation - The recent updates to the L series have not been sufficient to reverse the downward trend in sales [5]. - Li Auto's AI initiatives include the development of the VLA system, which aims to enhance driving assistance capabilities [13][16]. - The company is also exploring new product offerings, such as AI glasses and smart speakers, to expand its technology ecosystem [12].

Core Viewpoint - The article discusses the launch of the new flagship SUV, the Zhiji LS9, highlighting its advanced features and competitive pricing in the market for large SUVs [2][58]. Product Features - The Zhiji LS9 is a nearly 5.3-meter long extended-range SUV with a price range of 322,800 to 352,800 yuan, offering a pure electric range of 320 to 402 km [2][38]. - It includes unique features such as factory-installed auxiliary lighting and a 10L water tank for outdoor use [8][10]. - The vehicle boasts a luxurious interior with advanced comfort features, including three zero-gravity seats and a massage function for the front and rear seats [17][23]. Interior and Comfort - The interior design is described as elegant and luxurious, featuring ambient lighting and high-quality materials [15][30]. - The LS9 is equipped with a high-end B&O sound system with 27 speakers and a maximum power of 3472W, providing an exceptional audio experience [32]. - The vehicle also includes advanced noise reduction technology, enhancing the overall driving experience [34]. Performance and Handling - The LS9 features a 1.5T range extender with a maximum power output of 490 kW, achieving 0-100 km/h in 4.9 seconds [38]. - It incorporates rare features such as steer-by-wire technology and rear-wheel steering, improving maneuverability and stability [40][43]. - The vehicle's suspension system is designed for quick height adjustment and reduced noise, although some minor bumps were noted during testing [44][52]. Market Positioning - The Zhiji LS9 is positioned as a competitive option in the large SUV market, with a focus on balancing cost control while maintaining high-quality features [58][59].

Core Insights - Xiaopeng Motors is set to launch its first super range-extended model, the Xiaopeng X9, which aims to address the diverse infrastructure and customer needs across different global regions [1][3] - The company is transitioning into a "dual-energy" product cycle, with plans to complete the overseas launch of its super electric vehicle by the second half of 2026 [1] Group 1 - The Xiaopeng X9 features a large battery of 63.3 kWh and a fuel tank of 60 liters, providing a comprehensive range of 1,602 kilometers for this seven-seater model [3] - CEO He Xiaopeng emphasized the necessity of adopting different technological routes to meet global user demands, especially in regions with inconvenient charging infrastructure [1][3] - The announcement of the super range-extended vehicle follows the company's previous commitment to a super range plan made last year [1]