当地时间1月6日，美股市场剧烈震荡。新能源汽车巨头美国特斯拉股价单日暴跌4.14%，报收432.96美元/股，总市值下跌至1.44万亿美元，市值一夜蒸发 662.3亿美元，折合人民币超4346亿元，接近于5个蔚来的总市值规模。 消息面上，据央视新闻，当地时间1月2日，特斯拉公布的数据显示，该公司2025年全球交付汽车163.6万辆，同比下降约8.6%，连续两年销量下滑。 这也是特斯拉有史以来首次在全年电动汽车销量上被中国汽车制造商比亚迪超越。 比亚迪发布的2025年12月产销快报显示，2025年全年比亚迪累计销量460.24万辆，同比增长7.73%。其中纯电车型全年累计225.67万辆，同比大增 27.86%。而具体到12月，比亚迪新能源汽车销量42万辆，同比下滑约18.2%；纯电车型12月销量19万辆。 细分市场上，根据德国联邦机动车管理局1月6日公布的数据，2025年12月，比亚迪在德国的新车注册量是特斯拉的两倍以上。以2025全年计，比亚迪在欧 洲最大的电动车市场德国的销量增长七倍，至23,306辆；而特斯拉的销量几乎腰斩，降至19,390辆。 而在欧洲第二大插电式汽车市场英国，比亚迪同样领先特斯拉。比 ...

"蔚来还活着，活着就有机会。" 在2026年1月6日的媒体沟通会上，蔚来创始人、董事长、CEO李斌在媒体群访中如是说。当天，蔚来第 100万辆纯电动汽车在合肥新桥工厂驶下生产线。这家成立了11年的公司，成为了继理想、小鹏、零跑 后，第四家迈入"百万俱乐部"的新势力车企，也是全球继特斯拉之后第二家达成百万纯电里程碑的汽车 品牌。 上述沟通会上，蔚来联合创始人秦力洪表示，过去N次被大家关注"还能够活多久"，在顺利地达到了量 产100万辆以后，希望外界能够更多地聚焦到蔚来怎么去进一步发展。 从几乎躺在ICU的2019年，到交出单季资不抵债财报的2025年，再到如今的百万里程碑，"活着"是蔚来 过去几年挥之不去的标签性话题。但当第100万辆车下线，蔚来是否真的可以宣布，自己已经彻底摆脱 了"生存困扰"？ 四季度盈利仍存悬念 2025年，四季度盈利成为蔚来全公司最聚焦的目标。 整个下半年，李斌在多个场合一直强调四季度盈利的信心。在1月6日的沟通会上，他再次回应称仍然有 信心。 李斌说，最终的财务数字还没出来，需要等最后的审计，但他还是有信心。从non-Gaap口径来看，蔚来 三季度亏27亿人民币，四季度和三季度比，全新 ...

图片来 源：智通财经 当地时间1月6日，美股市场剧烈震荡。新能源汽车巨头美国特斯拉股价单日暴跌4.14%，报收432.96美 元/股，总市值下跌至1.44万亿美元，市值一夜蒸发662.3亿美元，折合人民币超4346亿元，接近于5个蔚 来的总市值规模。 消息面上，据央视新闻，当地时间1月2日，特斯拉公布的数据显示，该公司2025年全球交付汽车163.6 万辆，同比下降约8.6%，连续两年销量下滑。 大和、德意志银行、高盛、巴克莱等20家机构参与了预估。而其实际第四季度交付41.82万辆，同比骤 降15.6%，不仅低于市场预期均值，更远低于彭博社预估的44万辆。 特斯拉发布的2025年三季度财报显示，公司营收为281亿美元，同比增长12%，创下同期历史新高。然 而，净利润为13.73亿美元，同比下降了37%，运营利润率仅5.8%，创近五年来最低，2024年同期还超 过10%。此外，经调整净利润为17.7亿美元，同比下滑29%。 而在欧洲第二大插电式汽车市场英国，比亚迪同样领先特斯拉。比亚迪在2025年9月超过特斯拉，并以 51,422辆的全年销量收官，高于特斯拉的45,513辆。 另据欧洲汽车制造商协会2025年 ...

【导读】多家车企冲上微博科技热搜，超额完成年度目标成关键词 中国基金报记者 邱德坤 2026年1月1日，微博科技热搜一度被车企霸榜，主要与车企交付量（销量）有关。 车企月度竞争仍是"你追我赶"的态势。2025年12月，蔚来、小米等车企的交付量（销量）均创新高，而 在此前多个月份是零跑等车企遥遥领先。 多家车企人士向记者表示，基于年底车企冲刺销量的需求，以及2026年新能源汽车购置税减半等政策变 化，大部分车企在2025年12月的销量会比较高。 对比全年交付量（销量），更能凸显汽车市场竞争的激烈。比亚迪、理想作为2024年的"大赢家"，2025 年的增长势头落后于吉利汽车、零跑、小米等车企。 多家车企掌门人在受访时表示，汽车行业就像是一场没有尽头的马拉松，一时的领先很正常，困难的是 持续能赢，或者退一步后要一直能在"牌桌"上。 2026年1月1日，蔚来、小米均登上微博科技热搜，主要是两家车企的交付量突出。 具体来看，蔚来2025年12月的交付量达4.81万辆，同比增长54.60%，再创单月交付量新高；2025年第四 季度的交付量达12.48万辆，同比增长71.70%。 来源：蔚来 此前，蔚来给出2025年第四季 ...

2021年至2024年间，增程车销量曾实现218%、130%、154%、70.9%的惊人增长，这一耀眼的增长曲线 在2025年戛然而止。主流市场判断认为，从动力类型来看，增程式电动车正经历着从巅峰滑落的阵痛。 增程大三排SUV的增长乏力，一方面是类似理想、问界般主力品牌的周期性调整；另一方面，增程式技 术的市场红利主要是因为当时纯电动车续航不足、充电设施不完善，随着这两个痛点被解决，增程车的 过渡属性开始显现。 从产品竞争格局来看，今年新能源大三排SUV板块已经变得拥挤，明年更多老选手的换代、新选手的涌 入已经是大势所趋。 中汽协、乘联会零售量最新数据显示，2025年11月纯电大三排SUV销量46209台，插混销量40845台，增 程销量29902台，燃油销量22398台。 一些值得关注的新趋势显现。例如，纯电大三排SUV销量环比上升16%，创历史新高。继9月首次超过 增程、燃油、插混后，纯电大三排销量已连续三个月排名所有动力形式榜首。 统计来看，11月纯电大三排SUV销量在蔚来全新ES8、乐道L90、特斯拉ModelYL等车型推动下，较其 他动力形式的销量领先优势持续拉大。 今年下半年以来，蔚来李斌持续强调 ...

Core Insights - Audi's Q6L e-tron, the first luxury mid-size SUV built on the PPE electric platform, has underperformed in sales since its launch in August, with only 1,000 units sold in September and less than 600 units in both October and November [2] Product Performance - The Q6L e-tron features a battery pack over 100 kWh from CATL and Huawei's ADS intelligent driving system, demonstrating strong safety performance in collision tests [2] - Despite these strengths, the sales figures do not reflect the vehicle's capabilities, indicating a disconnect between product quality and market performance [2][3] Market Positioning - Priced between 369,800 to 399,800 yuan, the Q6L e-tron competes in a highly saturated segment against local high-end models like NIO ET7 and Li Auto L7, as well as strong competitors like Tesla Model Y and AITO M7 [2] - Audi's brand premium from the combustion engine era has diminished in the electric vehicle market, partly due to a lack of technological differentiation [2][3] Competitive Landscape - The rise of domestic brands has shifted consumer preferences, with technology and luxury becoming more appealing than traditional German brands [4] - AITO, as a leading domestic luxury brand, has delivered 376,668 units in the first 11 months of the year, approaching the sales figures of traditional luxury brands [4] - NIO's sales have increased by 45.6% year-on-year, with an average selling price of 342,000 yuan, surpassing Audi and other traditional luxury brands [4] Strategic Considerations - Audi's declining sales of the Q6L e-tron reflect the broader challenge faced by traditional luxury brands in the face of aggressive competition from domestic electric vehicle manufacturers [5] - The company needs to find a suitable pace for electrification in the Chinese market and redefine its positioning and value proposition in the electric era [5]

Core Insights - Great Wall Motors' Ora brand has launched the new A-class pure electric SUV, Ora 5, with a retail price range of 99,800 to 133,800 yuan, and a limited-time trade-in price starting at 91,800 yuan [1] - The Ora brand, established in August 2018, targets female consumers and has previously achieved stable monthly sales of over 10,000 units in 2021, but has faced challenges due to rising battery costs and intense market competition [1] - The new Ora 5 marks a strategic shift for the brand, moving away from the "cat series" naming convention and focusing on a "brand + number" naming system, while also broadening its target audience beyond just female consumers [1] Market Positioning - The Ora 5 is the first SUV model for the Ora brand, entering the competitive A-class SUV market, which is favored by consumers [2] - In the first 11 months of this year, the market share for Chinese brand sedans, SUVs, and MPVs was 64%, 73.4%, and 68.6% respectively, indicating a strong preference for SUVs [2] - The Ora 5 will compete directly with popular models such as BYD Yuan UP, Galaxy E5, and BYD Song Pro DM, which dominated the sales rankings in the 80,000 to 120,000 yuan price range [2] Product Features - The Ora 5 is equipped with a 10.25-inch instrument panel and a 15.6-inch central control screen, featuring the Coffee OS vehicle system and DeepSeek model for advanced functionalities [3] - It includes the third-generation Coffee Pilot Ultra driving assistance system, enabling city navigation without relying on high-precision maps, which is a key selling point [3] - Although the initial launch is for the pure electric version, there are plans to introduce other powertrain options in the future, reflecting a shift from the brand's previous focus solely on electric vehicles [3]

每经记者｜曾子建 每经编辑｜袁东 昨天，理想汽车-W（HK02015）股价回落2.8%，今天（12月10日）盘中继续破位，跌幅不算太大，但股价却已经创出2022年11月末以来近三年的新低。 2023年8月，理想汽车股价最高涨到过185.50港元，创下历史纪录，但到今天盘中的66.5港元，累计最大跌幅高达64%。而从最近两年的走势看，去年理想跌 了36%，今年跌幅又超过了29%。 再横向对比一下，蔚来2022年到2024年连跌了三年，但今年涨了11%；小鹏今年表现最好，年内涨幅超过了60%。此外，小米汽车的母公司小米集团，今年 股价波动很大，前期也一直在跌，但今年累计涨幅也达到20%。 其实回想三年前，理想汽车是"蔚小理"造车新势力中风头最盛的公司，凭借其在增程式赛道上的强势表现，理想也成为最早开始盈利的新能源公司之一。但 是，为什么最近两年，理想的走势太不"理想"了？ 其实，摆在明面上的业务数据，足以解释股价的下跌。三季报显示，理想汽车虽然第三季度营收达274亿元，继续保持领先，但同比却下降了36.2%。更关 键的是，净利润由去年同期盈利28亿元转为亏损6.24亿元，这也是近三年首次出现季度亏损。至于亏损的原 ...

Core Insights - In November, several new energy vehicle companies reported their delivery data, with Leap Motor leading the sales with over 70,000 units delivered, followed by Xiaomi with over 40,000 units [1][4]. Delivery Performance - Leap Motor achieved a monthly delivery of 70,327 units, marking a year-on-year increase of over 75%, and has surpassed 500,000 cumulative sales for the year [4]. - Xiaomi's deliveries exceeded 40,000 units for the third consecutive month, with a total of over 500,000 units delivered since April 2024 [5]. - Xpeng and NIO both delivered over 30,000 units, with Xpeng at 36,728 units and NIO at 36,275 units, reflecting a year-on-year growth of 19% and 76.3% respectively [6][9]. - Li Auto's deliveries fell to 33,181 units, a year-on-year decline of 34.1%, attributed to product line adjustments and increased market competition [10]. Market Trends - The overall retail market for passenger vehicles in China saw a decline of 11% year-on-year in November, with a slight month-on-month decrease of 2% [3]. - The new energy vehicle market maintained growth, but the year-on-year growth rate slowed to 3% [3]. Historical Performance - Zeekr and Lantu both achieved significant milestones, with Zeekr delivering 28,843 units and Lantu surpassing 20,000 units for the first time, marking a historical high [11][12]. - Avita and Zhiji also set new records with deliveries of 14,057 and 13,577 units respectively, showing year-on-year increases of 21% and 35.7% [12]. Financial Performance - Xpeng reported a total revenue of 20.38 billion yuan for the third quarter, a year-on-year increase of 101.8%, with a gross margin of 20.1% [8]. - Leap Motor's financial performance improved significantly, with a revenue of 19.45 billion yuan for the third quarter, a 97.3% increase year-on-year [4].

Core Insights - Leapmotor has achieved significant milestones in 2025, including surpassing its annual sales target of 500,000 units ahead of schedule and continuously innovating its product lineup [1][3] - The launch of the Lafa5 model, a high-performance electric coupe, is positioned to capture the growing market segment of 100,000 to 150,000 yuan vehicles in China, which has an annual sales volume exceeding 4 million units [5][7] Group 1: Product Launch and Features - The Lafa5 was officially launched on November 27, with five models priced between 92,800 and 116,800 yuan, featuring a range of advanced technologies including a 605 km range and high-level autonomous driving capabilities [3][9] - The Lafa5 aims to set a benchmark in the 100,000 yuan electric coupe market, combining high performance and affordability, targeting the Z generation consumers [5][11] - The vehicle's design incorporates a "technology natural aesthetics" philosophy, featuring a wide body and sporty attributes, along with a luxurious interior that enhances user experience [7][9] Group 2: Market Position and Strategy - Leapmotor's strategy includes expanding its presence in the European market, where the Lafa5 will compete with established models like the Volkswagen Golf GTI and Renault Megane [7][11] - The company has set an ambitious sales target of 1 million units for 2026, building on its recent success and comprehensive product matrix [3][5] - The Lafa5 is positioned as a key product in Leapmotor's personalized strategy, showcasing the brand's capability to define global trends in the automotive industry [11]