Core Viewpoint - Li Auto reported a significant decline in vehicle deliveries and financial performance for Q3 2025, indicating challenges in the current market environment and potential impacts from the recent MEGA recall [2][3][5]. Financial Performance - Total revenue for Q3 2025 was 27.4 billion RMB (3.8 billion USD), a decrease of 36.2% year-over-year and 9.5% quarter-over-quarter [3][4]. - Vehicle sales revenue was 25.9 billion RMB (3.6 billion USD), down 37.4% year-over-year and 10.4% quarter-over-quarter, primarily affected by delivery volume despite some offset from improved average selling prices [3][4]. - Gross profit was 4.5 billion RMB (628 million USD), reflecting a 51.6% year-over-year decline and a 26.3% quarter-over-quarter decline [3][4]. - Net loss for the quarter was 624 million RMB (87.7 million USD), compared to a net profit of 2.8 billion RMB in the same quarter last year [4][5]. Delivery and Production - Total vehicle deliveries for Q3 2025 were 93,211 units, a 39.0% decrease year-over-year [2]. - In October 2025, the company delivered 31,767 vehicles, maintaining a stable delivery pace [2]. Market Expansion and Product Development - As of October 31, 2025, Li Auto had established 551 retail centers across 157 cities and 554 after-sales service centers in 225 cities [2]. - The company launched the new five-seat pure electric SUV, Li Auto i6, in September 2025, which features advanced technology and a starting price of 249,800 RMB [5]. - Li Auto opened its first overseas authorized retail center in Tashkent, Uzbekistan, in October 2025, marking a significant step in its global expansion strategy [5]. Recall and Safety Concerns - Li Auto announced a recall of 11,411 units of the MEGA 2024 model due to potential safety hazards related to coolant leakage, which could lead to battery thermal runaway under specific conditions [6].

Core Viewpoint - Xiaopeng Motors has initiated a recall of 47,490 units of its P7+ model due to potential steering system failures caused by faulty sensor wiring, highlighting safety concerns in the electric vehicle sector [1][4][5]. Group 1: Recall Details - The recall affects P7+ vehicles produced between August 20, 2024, and April 27, 2025, due to issues with the steering assist motor sensor wiring that may lead to steering failures [1]. - Xiaopeng Motors will replace the affected steering assemblies free of charge to eliminate safety risks [1]. - The recall plan was filed with the National Market Supervision Administration, and the process took time due to the need for a comprehensive solution and sufficient replacement parts [4][5]. Group 2: Industry Context - The recall reflects broader issues in the electric vehicle industry, where there has been a tendency to prioritize technology and performance over quality and safety [5]. - Compared to traditional automakers, new energy vehicle companies like Xiaopeng are under greater scrutiny during recalls, as they often utilize advanced technologies that can introduce new types of failures [9]. - Despite the higher attention on new energy vehicle recalls, traditional fuel vehicles still dominate in terms of recall numbers, with 375.16 million vehicles recalled in the first half of 2025 compared to 152.9 million for electric vehicles [9][10]. Group 3: Expert Opinions - Experts suggest that proactive recalls, like that of Xiaopeng, demonstrate corporate responsibility, contrasting with companies that conceal defects [5]. - The challenges faced by new energy vehicle companies include high costs and complex technologies, necessitating a robust after-sales service system to manage recalls effectively [10]. - Recommendations include establishing a dual-channel approach for user feedback and quality monitoring to enhance defect assessment and recall processes [10].

Group 1 - The core point of the news is that Xiaopeng Motors has initiated a recall of 47,490 units of its P7+ model due to potential steering system failures caused by a faulty sensor harness [1][2][3] - The recall will begin on September 15, and the company will replace the steering assembly for free to eliminate safety risks [1][3] - The recall process was delayed due to the need for a comprehensive plan and the time required to manufacture the new steering components [2][4] Group 2 - Some P7+ owners reported steering issues, including failures while driving at high speeds, raising safety concerns [3][4] - The recall has garnered significant media attention compared to other automakers, indicating a heightened public interest in new energy vehicle recalls [5][6] - Analysts suggest that new energy vehicles often incorporate advanced technologies, which can lead to unique issues that consumers may find concerning [6][8] Group 3 - The recall highlights the broader issue within the new energy vehicle industry, where there is often a focus on technology and performance at the expense of quality and safety [4][9] - Experts emphasize the importance of a robust after-sales service system for effective recall management, especially for companies that primarily sell online [9] - The proactive approach of Xiaopeng Motors in addressing the recall is seen as a responsible action compared to companies that may conceal defects [4][5]