Core Viewpoint - The range-extended electric vehicle (REEV) market is experiencing significant growth, with numerous new entrants and a notable increase in sales over the past few years, positioning REEVs as a transitional model in the shift towards full electrification [1] Group 1: Market Dynamics - In November, the REEV market welcomed several new players, including models like the Zhiji LS9, Yipai 007+, Aion i60, and XPeng X9, with a total of 12 new REEV models launched in the last three months [1] - Sales of REEVs have surged over the past four years, with year-on-year growth rates of 218% in 2021, 130% in 2022, 154% in 2023, and 70.9% projected for 2024 [1] - Li Auto has emerged as a leading player in the REEV market, capturing up to 60% of the market share at one point [1] Group 2: Technological Perspective - The technology behind REEVs does not involve particularly advanced breakthroughs in powertrain technology, but it effectively addresses the range anxiety associated with pure electric vehicles [1] - REEVs are viewed as a transitional solution in the early stages of electrification, helping to expand market share in northern regions [1]

Group 1 - The market for range-extended vehicles (REVs) is experiencing a surge in new entrants, with 12 new models launched in the last three months alone [1] - Sales of REVs have shown significant growth over the past four years, with year-on-year increases of 218%, 130%, 154%, and 70.9% from 2021 to 2024 [1] - Despite the growth, the market share of REVs has been declining since June, with a 1.9% year-on-year drop in wholesale sales in October, totaling 121,000 units [1] Group 2 - The number of new REVs expected to launch in 2025 is projected to exceed 30, compared to 19 in 2024, but the average sales per model have decreased from nearly 30,000 in 2024 to approximately 9,000 this year [2] - Industry competition is intensifying as companies seek to capture market share, with Li Auto's market share being eroded by other manufacturers [2] - Key players are focusing on enhancing battery capacity and efficiency, with models like the Zhiji LS9 featuring a 66 kWh battery and the Xiaopeng X9 equipped with a 63.3 kWh fast-charging lithium iron phosphate battery [2] Group 3 - The competition in the REV market is not just about technology but also about identifying unique selling points and timing for market entry [3] - There is a trend of increasing advertised range for REVs, indicating a competitive "involution" in the sector [3] - Future growth opportunities may lie in REVs priced below 200,000 yuan with a range exceeding 200 kilometers, particularly in the 100,000 to 150,000 yuan segment [3]