经济观察网岚图梦想家2025年下半年以43191台的成绩蝉联高端MPV销量领先地位，全年销量达80248台，同比增长46%。同时，在杰兰路最新出炉的2025年 下半年新能源品牌健康度调研中，岚图梦想家以78.5分的净推荐值(NPS)夺魁，继2024年后再次获得MPV用户净推荐值第一，成为销量与口碑的"双冠王"。 理想MEGA 小鹏X9 极氪009 奔驰V级 威霆 别克至境世家 凭借领先的的技术实力与对用户痛点的针对性洞察，岚图梦想家不仅赢得市场对其成熟产品力的认可，更说明越来越多用户自发推荐，在高端MPV领域建 立起可靠的圈层基本盘。真正的口碑不止于"好用"，而是"值得推荐"。岚图梦想家均价超40万说明了，用户愿意为了可持续的"技术安心感"而长期价值投 资。 岚图梦想家始终坚持"技术为上"的长期主义，聚焦三电、底盘、安全核心领域，率先搭载800V智能超混技术，终结MPV的补能焦虑，凭借不断进化的智慧 底盘，解决MPV"大车难开"的痛点。岚图梦想家还与华为深度联手，率先搭载华为乾崑智能驾驶与鸿蒙座舱，实现智能体验与全维安全的科技跃迁。这一 切创新都紧密围绕用户的高频使用场景展开，最终让顶级技术回归服务于人，让顶 ...

近年来，我国新能源汽车产业迅速发展，产销量连续10年居全球首位。作为第一批造车"新势力"，零跑 汽车跑出了"加速度"。记者近日与零跑汽车创始人朱江明进行了面对面交流，探讨新能源汽车产业的热 点话题。 ——编者 "汽车产业周期长，要坚持做一个长跑者" 问：10年前，跨领域进入汽车产业创业，遇到最大的挑战是什么？ 答：我是从1992年开始创业的，那时候机会很多，胆子大的人相对少，第一次创业是大华股份，聚焦安 防领域，企业人员规模逐步从几个人发展到上万人，这一过程中我积累了很多经验。 跨领域进入汽车产业创业，遇到的挑战很多。首先是市场竞争激烈，企业要极具竞争力才可能生存；其 次，汽车产业是重资产产业；最后，汽车产业也是技术密集型产业，是涵盖了机械、电子、外观设计等 工业技术的综合体。 汽车产业周期长，要坚持做一个长跑者。我们公司的名字"零跑"有两层意思——第一，我原来并不懂 车，所以是"从零奔跑"，全身心地投入；第二，缘起于三个"零"：寓意希望实现新能源汽车零排放、零 拥堵、零碰撞。 问：有过被质疑、想放弃的时候吗？ 答：新能源汽车的发展曾经历比较坎坷的历程。2019年，新能源汽车行业冷了下来。这个时候，我们推 出 ...

Core Insights - The Chinese electric vehicle market is entering a critical phase of stock competition, with distinct performance differences among NIO, Xpeng, and Li Auto, reflecting a shift from single-dimensional competition to comprehensive strength comparison in the industry [1] NIO - NIO's multi-brand strategy has begun to yield results, achieving record delivery and revenue figures, with 87,071 vehicles delivered in Q3, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [3] - Q3 revenue reached 21.79 billion yuan, up 16.7% year-on-year and 14.7% quarter-on-quarter, with a significant improvement in profitability as automotive gross margin rose to 14.7%, the highest in three years [3][5] - Cost optimization has been a key factor in profitability improvement, with R&D expenses down 28% to 2.39 billion yuan, and cash reserves increased to 36.7 billion yuan, providing a solid foundation for future operations [5] - NIO aims for aggressive profitability targets, projecting Q4 deliveries of 120,000 to 125,000 vehicles, a year-on-year increase of 65.1% to 72.0%, and revenue of 32.76 billion to 34.04 billion yuan, a year-on-year increase of 66.3% to 72.8% [5] Xpeng - Xpeng experienced explosive growth in Q3, achieving record delivery of approximately 116,000 vehicles, a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4% [10] - Total revenue reached 20.38 billion yuan, up 101.8% year-on-year, with a gross margin of 20.1%, marking a significant milestone [10][12] - R&D expenses reached a historical high of 2.43 billion yuan, reflecting a long-term commitment to technology development, while Q4 delivery guidance indicates a cautious approach with expected deliveries of 125,000 to 132,000 vehicles [12][14] Li Auto - Li Auto ended a streak of 11 consecutive profitable quarters, with Q3 revenue down 36.2% to 27.4 billion yuan and a net loss of 624 million yuan, marking its first quarterly loss in three years [15][17] - Q3 delivery volume was approximately 93,200 vehicles, a year-on-year decline of 39.0%, primarily due to weak demand for range-extended vehicles and slow ramp-up of pure electric models [17] - Despite the challenges, Li Auto maintains a strong cash reserve of 98.9 billion yuan and plans to return to a startup management model to focus on user value and efficiency improvements [19][21] Industry Trends - The competition logic in the electric vehicle market has fundamentally changed, with a focus on technological innovation as the new core competitive advantage, moving away from reliance on single blockbuster models or price wars [21] - The year 2026 is anticipated to be pivotal for reshaping the landscape of new forces in the industry, with the success of NIO, Xpeng, and Li Auto hinging on their strategic execution and responsiveness to market changes [21]

Core Viewpoint - BYD is not only a leader in electric vehicle sales but also a pioneer in electric vehicle technology, significantly influencing the industry standards and practices [3][14]. Sales Performance - In November 2025, BYD sold over 480,000 vehicles, with overseas sales exceeding 130,000, both achieving new highs for the year [1]. - Cumulatively, BYD's sales from January to November 2025 surpassed 4.18 million units, solidifying its position in the global electric vehicle market and making the annual sales target of 4.6 million units highly attainable [1]. Technological Innovations - BYD has introduced several groundbreaking technologies in the electric vehicle sector, including: - Remote vehicle control features launched in 2011, which are now standard in many electric vehicles [3]. - Remote driving capabilities introduced in 2012, evolving to smartphone control [6]. - Bidirectional inverter technology (VtoL) first launched in 2013, now widely adopted across various brands [8]. - The DM-i super hybrid technology introduced in 2021, which has set new benchmarks for fuel efficiency in the industry [10]. - Blade battery technology introduced in 2020, enhancing battery safety standards [11]. - Megawatt fast charging technology launched in early 2023, prompting competitors to develop similar platforms [12]. Research and Development Commitment - Between 2011 and 2024, BYD has consistently prioritized R&D, with 13 out of 14 years seeing R&D expenditures exceed net profits, totaling over 210 billion yuan by 2024 [13]. - In 2019, despite a low net profit of 1.6 billion yuan, BYD invested 8.4 billion yuan in R&D, laying the groundwork for future innovations [13]. - In the first three quarters of this year, BYD led A-shares in R&D investment, reaching 43.75 billion yuan, a 31% increase year-on-year, significantly surpassing its net profit of 23.33 billion yuan [15]. Industry Influence - BYD's evolution from being underestimated a decade ago to becoming a central player in the electric vehicle market reflects its significant impact on competitors, who have shifted from skepticism to emulation of BYD's innovations [14]. - The company's substantial R&D investment is comparable to the combined R&D expenditures of major competitors like Geely, SAIC, and Chery during the same period [15].

Core Insights - Leapmotor officially launched the Lafa5 on November 27, positioning it as a "high-value sports sedan" with two range versions of 515km and 605km, and a price range of 92,800 to 116,800 yuan [1][2] Financial Performance - Leapmotor's Senior Vice President revealed that by Q3 2025, the company achieved a net profit of 150 million yuan and revenue of 19.45 billion yuan, nearly doubling year-on-year [2] - The company has maintained its position as the monthly sales champion among new force brands in China for eight consecutive months since March 2025, reaching its annual sales target of 500,000 units ahead of schedule, with 44,000 units sold overseas [2] Product Features - The Lafa5 features five models with a focus on high-quality materials and configurations, targeting Gen Z consumers with a balance of cost-effectiveness and premium quality [2][4] - The vehicle includes a low drag coefficient of 0.256, achieved through extensive aerodynamic optimizations [2][5] - Interior options include three distinct styles, advanced sound systems, and a spacious cabin with multiple storage solutions [4] Technology and Performance - The Lafa5 is equipped with a high-performance oil-cooled electric drive system, achieving 0-100 km/h acceleration in 6.4 seconds [5] - It supports a maximum range of 605km and features rapid charging capabilities, with 30-80% SOC charging in just 18 minutes [5] - The vehicle incorporates advanced safety features, including a high-strength steel structure and multiple safety technologies for battery management [7] Market Positioning - The launch of the Lafa5 fills a gap in the 100,000 yuan electric vehicle market, aiming to be a benchmark for high-value electric sedans [7] - The model is positioned as a strategic tool for Leapmotor to compete in the European market against established brands [7]

Core Insights - During the "14th Five-Year Plan" period, Hubei's technological innovation capabilities have significantly improved, with major breakthroughs in key core technologies, and several indicators ranking among the top in the country, solidifying its position as the leader in Central China [1] - Lantu Motors, a high-end new energy brand from Hubei, is leveraging technological innovation to empower industrial upgrades, becoming a crucial player in the province's efforts to build a modern industrial system [1] - The launch of the Lantu Dreamer Mountain River, priced at 709,000 yuan, showcases Wuhan's strength in automotive manufacturing and marks Hubei's leadership in the development of high-end new energy brands [1] Product Launch and Features - The Lantu Dreamer Mountain River redefines luxury by integrating traditional Chinese cultural elements with modern industrial design, breaking away from Western luxury paradigms [3] - The vehicle is designed with top-tier safety standards, featuring a comprehensive safety system that includes 29 high-precision sensors and the Huawei QianKun intelligent driving ADS 4, which has successfully prevented over 40,000 potential collisions [5] - The Dreamer Mountain River also boasts an 800V intelligent hybrid system and 5C ultra-fast charging technology, allowing for a 200 km range in just 10 minutes of charging [5] Market Positioning and Strategy - Lantu Motors presented its "Three Flagships" at the auto show, including the Lantu Taishan, Lantu Dreamer, and Lantu Zhaiguang L, showcasing a comprehensive product range across MPV, SUV, and sedan categories [6] - The Lantu Taishan, positioned as a "new era flagship SUV," achieved over 10,000 pre-orders within 21 minutes of its launch, highlighting its market appeal [8] - The Taishan features advanced intelligent configurations, superior driving experience, and exceptional battery performance, addressing user concerns about range anxiety [10] Industry Collaboration and Future Outlook - The success of Lantu's flagship models reflects a broader transformation in the Chinese automotive industry, emphasizing collaboration over competition and fostering a shared ecosystem among brands [11][13] - The industry is moving towards a model of open cooperation, with companies like Huawei and Lantu working together to enhance technology sharing and standardization, positioning Chinese brands for global competitiveness [13] - The collective advancement of the industry signifies a shift from following to leading, with a focus on integrating intelligent technology and cultural aesthetics to elevate the "Made in China" brand on the global stage [13]

Core Insights - The 23rd Guangzhou International Auto Show has commenced, showcasing significant products from Yangwang Auto, including the limited edition supercar U9 Xtreme, the luxury SUV U8L, and the flagship sedan U7 [1] - Yangwang Auto emphasizes its growth and technological advancements over the past three years, highlighting its commitment to user experience and innovation [1] Product Highlights - The U9X has achieved global records for speed and lap times, recently setting new lap records on four major domestic tracks [1] - The U7 has introduced a new color option "Galaxy Blue" and a new brand proposition "Free Control," reflecting the brand's focus on driving excellence and elegance [1] - The U8L has officially launched and begun deliveries, receiving positive recognition from the Chinese entrepreneur community [1] Brand Development - Over three years, Yangwang has established a comprehensive product lineup that includes supercars, flagship SUVs, and luxury sedans, maintaining a leading position in the global new energy vehicle sector [1] - The brand focuses on extreme technological innovation and user experience, aiming to meet the evolving travel needs of high-end users [1] - Yangwang promotes a philosophy of "growing together with users," fostering a unique deep connection between the brand and its customers [1]

Core Insights - During the 2025 Guangzhou Auto Show, Yangwang Motors showcased its supercar U9 Xtreme, luxury SUV U8L Ding Shi Edition, and flagship sedan U7, introducing a new color option "Galaxy Blue" and a new brand proposition "Free Control" [1] - The U9X achieved a record-breaking lap time of 6 minutes and 59 seconds at the Nürburgring, setting a new record for production electric vehicles, and reached a top speed of 496.22 km/h, establishing a new global speed record [1] - The U7 features a distributed drive system and a full active body control system, boasting 1,300 horsepower, and incorporates user feedback into its new product proposition [1] Product Testing and Features - The U8L Ding Shi Edition successfully passed extreme testing, including a tree impact test where it withstood multiple strikes from a 2-ton tree while maintaining structural integrity [2] - The U8L is equipped with a near-infrared night vision system that can reliably identify collision risks at a distance of 300 meters under extreme visibility conditions [2] - Notable business leaders from various well-known companies have become the first owners of the U8L Ding Shi Edition [2]

Core Insights - In October, China's new energy vehicle (NEV) sales reached 1.715 million units, a year-on-year increase of 20%, accounting for 51.6% of total vehicle sales, marking a significant milestone in the market [1] - The growth of NEVs is driven by both domestic and international markets, with pure electric vehicles (EVs) being the main growth engine [1] - Domestic sales of NEVs were 1.459 million units, up 12.1% year-on-year, with pure EV sales at 943,000 units, a 28% increase, contributing 77% of the domestic NEV sales growth [1] - Exports of NEVs reached 256,000 units, a staggering 99.9% increase, with plug-in hybrid electric vehicle (PHEV) exports growing 2.7 times [1] Domestic Market Performance - Pure electric vehicles are the core growth driver in the domestic market, with top-selling models including Geely Xingyuan, Wuling Hongguang Mini EV, BYD Seagull, Tesla Model Y, and Xiaomi SU7, all being pure electric [1] - The "old-for-new" policy has significantly supported NEV sales this year, but its effectiveness may diminish next year without increased support [2] - The gradual reduction of NEV purchase tax exemptions starting next year may lead to a demand pull-forward into Q4 of this year [2] Export Market Challenges - Chinese NEV manufacturers face increasing trade barriers and intense competition in international markets, particularly from established brands in Europe, the US, and Japan [3] - Existing brands hold over 60% market share in Africa, Europe, and South America, and over 85% in Oceania and North America, posing significant challenges for Chinese exports [3] Policy and Industry Development - The government needs to establish a stable policy framework to support NEV consumption, including clarifying the continuation of the "old-for-new" policy and ensuring effective implementation of tax exemptions [4] - The industry must focus on technological innovation and brand enhancement, particularly in electric and intelligent vehicle technologies [4] - Companies should leverage strategic opportunities to build brand recognition and engage in mergers and acquisitions to strengthen their global presence [4] Infrastructure and Regulatory Environment - Optimizing the domestic charging infrastructure and ensuring compliance with construction requirements for charging facilities in residential areas is crucial for sustainable NEV development [5] - The focus should shift from quantity growth to quality improvement, enhancing industry standards and market regulation [5] - Internationally, enhancing cooperation mechanisms can help address trade barriers and support companies in expanding their overseas markets [5]

Core Insights - The 32nd China Automotive Engineering Society Annual Conference and Exhibition was held in Chongqing, focusing on the theme of "Low Carbon Drives Change, Vehicle Energy Integration Innovation - Building a New Energy Vehicle Technology Ecological Chain" [2] - The forum gathered experts from academia and industry to discuss new technologies, models, and ecosystems for new energy vehicles, aiming to guide industry development in the context of global green transformation [2] Industry Trends - The development of new energy vehicles in China has shifted from policy-driven to market-driven, achieving over 50% market share in the domestic passenger car market [2] - The carbon neutrality strategy is expected to drive a transformation in the energy structure, with renewable energy potentially exceeding 60% by 2035 [2] - The integration of energy and technology is crucial, with a focus on five key new energy technology collaborations and breakthroughs in hydrogen, intelligence, and energy storage [2] Technological Advancements - Dongfeng Yipai Automotive Technology Company emphasized the need for plug-in hybrid vehicles to achieve a pure electric range of over 300 kilometers to meet urban and long-distance demands [3] - The Deep Blue Automotive's "Original Power" electric technology platform has achieved significant milestones, with over 1 million units sold from its first generation [3] - The focus on battery technology highlighted the importance of lithium iron phosphate batteries for their longevity, safety, and cost-effectiveness, with expectations for solid-state batteries to become mainstream by 2035 [4] Collaborative Efforts - A consensus was reached among 46 industry experts at the forum, opposing "involution" and advocating for technological innovation to ensure sustainable industry development [5][6] - Key collaborative efforts include enhancing automotive technology innovation capabilities, promoting demand-driven technology supply, and establishing a responsible technology communication environment [6]