Core Insights - The article discusses the resurgence of range-extended electric vehicle (REEV) technology among joint venture and luxury brands, highlighting its potential to influence their future product strategies [1][8][39] - Companies like SAIC Volkswagen and GAC Toyota are set to introduce new vehicles utilizing REEV technology, while BMW and Mercedes-Benz are also considering entering this market [2][7][27] - The article reflects on the initial skepticism surrounding REEV technology, particularly during the early days of Li Auto, and contrasts it with the current renewed interest from established brands [6][22][39] Group 1: Industry Trends - The adoption of REEV technology is seen as a strategic pivot for traditional and luxury brands, which previously focused on pure electric and hydrogen technologies [8][22] - GAC Toyota's decision to implement REEV in models like the next-generation Highlander and Sienna indicates a shift towards more family-oriented vehicles [10][12] - The article notes that GAC Toyota's diverse powertrain options, including hybrid and hydrogen, make their move into REEV somewhat unexpected [9][10] Group 2: Company Strategies - SAIC Volkswagen's "Joint Venture 2.0" strategy emphasizes a collaborative approach, integrating local technology and consumer insights into product development [18][20] - The article highlights that the success of GAC Toyota's recent models is linked to their willingness to empower local teams, suggesting that this approach could enhance their competitiveness in the domestic market [17][21] - BMW's exploration of REEV technology for models like the sixth-generation X5 reflects a broader trend among luxury brands to reconsider their technological strategies in response to market demands [27][29] Group 3: Consumer Insights - The article emphasizes that consumer preferences in China are shifting towards vehicles that offer low energy consumption, convenient refueling options, and extended range, rather than a strict adherence to specific technologies [27][39] - Li Auto's focus on creating a "mobile home" experience for users illustrates the importance of addressing practical consumer needs in the design of electric vehicles [35][39] - The discussion around REEV technology serves as a litmus test for how well traditional brands can adapt to the evolving expectations of Chinese consumers [37][39]

Group 1 - BMW plans to reintroduce range-extended technology with the iX5 in 2026, expecting a combined range of 1000 km, and will apply this technology to the sixth generation iX3 and seventh generation iX7 models [2][4] - GAC Toyota announced plans to produce range-extended models, including versions of the Highlander and Sienna, while SAIC Volkswagen has introduced the ID.ERA concept car as its first range-extended model [2][5] - The market for range-extended vehicles is experiencing significant growth, with a nearly 50% year-on-year increase in sales, while plug-in hybrid vehicles are showing signs of slowing growth [3][4] Group 2 - The sales of range-extended vehicles have surged, with a reported 111% year-on-year growth in 2023 and an expected 167% increase in 2024, contrasting with the single-digit growth of pure electric and plug-in hybrid vehicles [12][18] - The shift towards range-extended technology is driven by changing consumer preferences, with buyers favoring vehicles that offer both electric and fuel options for flexibility [10][14] - Range-extended vehicles are perceived to have better performance and user experience compared to plug-in hybrids, as they are fully driven by electric motors and alleviate concerns about range anxiety [8][9] Group 3 - The automotive industry is witnessing a strategic pivot towards range-extended technology, with companies like Ideal, Leap Motor, and Aito achieving significant sales growth in this segment [5][13] - The simplicity of range-extended vehicle structures helps reduce manufacturing costs and vehicle weight, enhancing their appeal in the market [9][14] - The introduction of solid-state batteries is anticipated to further enhance the performance and appeal of range-extended vehicles, potentially revolutionizing the market [17][18]

数据显示，赛力斯6月新能源汽车销量达46,086辆，1-6月累计销量172,108辆。其中，2025年1-6月问界 M9累计销量62,492辆，同比增长6.28%。稳中向好的销量趋势不仅归功于产品对市场的巨大吸引力，更 得益于赛力斯在技术领域的持续深耕，自去年全新一代赛力斯超级增程系统发布以来，其技术优势对产 品的赋能效应也正加速显现。 面对增程汽车这样一个充满潜力的蓝海市场，赛力斯的技术储备与市场洞察力正转化为实实在在的竞争 优势。未来，依托持续的技术迭代与产品布局，赛力斯有望在这片蓝海中继续领航，以硬核技术实力驱 动销量攀升，为全球用户提供更智能、更高效、更豪华的出行体验。正如赛力斯集团董事长（创始人） 张兴海所言，问界用户超过70万，可油可电的增程式汽车，让用户更有安全感。 OLDSRC="W020250703451901381725.jpeg" /> /> /> 去年10月，全新一代赛力斯超级增程系统正式发布，以"静谧无感、高集成、高效率"三大核心优势，成 为问界M8、问界M9 2025款等车型的技术心脏，更奠定了赛力斯在增程技术领域的领导者地位。 在能效方面，增程器的实际效率达到3.65kWh/L， ...

问界是理想公认的头号劲敌，包括在创始人李想自己的表述中，也说过华为的组织力太强，2022年三季度发布的M7直接把理想ONE打残，而理想之后又凭借极强 的组织调整和战斗能力进行了反击。 本篇重点回答前两个问题，正文如下： a. 蓝海赛道挖掘能力强： 30万元以上SUV正快速崛起 从30万以上市场的需求变迁来看，SUV快速崛起，基本占据了半壁江山，2023年SUV占30万以上整体乘用车销量比重达到52%（轿车仅占35%）。 SUV相比轿车，虽整体操控感和城市通勤经济性上有劣势， 但因为大空间以及基本都配备四驱系统，更能满足家庭用车（尤其是多孩家庭）和全场景的使用需 求，而30万以上车型的消费群体确实以家庭用车为主导（高收入中产家庭为主力），且增换购需求占据绝对主导地位（已婚有孩家庭在增换购用户占比超过 90%）。 所以，海豚君本篇报告将聚焦于几个投资者最关注的核心问题： 一、先发者 VS追随者，为什么赛力斯仍能成功破局？ 二、理想产品定义主导模式的优劣势在哪？ 三、与理想比，问界模式的含金量又如何？ 四、如何看待当下理想和赛力斯的投资价值？ 一、先发者和追随者的博弈，为什么赛力斯仍能成功破局？ 1）理想的先发优势 ...