【从汽车公司向全球化具身智能企业转型】 这次新品发布会虽然聚焦地面车型，但结合之前的战略规划就能发现，小鹏的雄心远不止于此。2026年 第二季度，飞行汽车"陆地航母"就要量产交付，目前已经收获了近4000台订单；人形机器人IRON也将 启动规模量产，60%的技术都复用自汽车业务。而海外市场方面，马来西亚本地化生产基地今年就要量 产，年产能5万辆，重点服务东盟右舵市场，欧洲还要再进入10个新国家，目标是2027年跻身全球新能 源出口前三。 说到底，何小鹏的赌局，赌的是小鹏的技术底气，更是2026年的发展成色。 从新品发布会的产品布局，到AI智驾的生死竞速，再到全球化和具身智能的多线布局，小鹏2026年的 路线已经非常清晰：以智驾技术为尖刀，以全价格带产品为载体，以全球化和具身智能为增量，最终实 现从"智能汽车制造商"到"全球AI汽车公司"的跨越。 距离赌约到期还有8个月，金门大桥会不会出现特 殊的"奔跑者"，硅谷能不能迎来中国风味食堂，其实都指向同一个问题——小鹏的技术路线能不能跑 通。 何小鹏敢把赌注压在刘先明身上，绝非盲目自信。要知道刘先明可是带着Cruise端到端研发经验加入小 鹏的，还主导了720亿参数 ...

点 击 蓝 字 关 注 我 们 本文全文共 1349 字，阅读全文约需 4 分钟 销量表现 01 乘用车市场整体表现 11月，乘用车市场销量为203.0万辆，同比下降16.1%，环比下降3.5%；新能源市场销量 约为121.9万辆，同比下降1.9%，环比上升2.5%。 11月，新能源市场的销量占总体乘用车销量的60.0%，较上月增加3.5%，相比去年同期 上涨8.7%。 新能源市场整体表现 新能源乘用车市场销量TOP10城市 11月，纯电动销量约77.0万辆，同比上涨2.3%，环比上涨0.8%；插电混动销量约44.9万 辆，同比下降8.5%，环比上涨5.5%。 2025年新能源累计销量1104.2万辆，累计同比上涨16.8%。 11月，TOP 10城市销量占比为27.2%，比上月(26.1%)增加1.1%；TOP 3城市分别是：上 海市、广州市、北京市。 分燃料类型看，TOP 10 城市除西安外销量均以纯电动居多；从产权归属看，以个人用户 居多。 本月TOP 10城市除成都市(59.8%)外新能源渗透率均超过60%，TOP3城市为：深圳市 (72.3%)、杭州市(70.4%)和上海市(69.9%)。 纯电动细 ...

东北证券发布研报称，首次覆盖，给予小鹏汽车-W(09868)"买入"评级，小鹏汽车2025年第三季度交付 量、营收与综合毛利率均创新高，公司通过推出"纯电+增程"双能策略及多款新车型开启强势产品周 期。同时，小鹏加速向"物理AI"转型，发布VLA 2.0大模型、前装量产Robotaxi及人形机器人IRON，推 动智能驾驶与具身智能技术的研发与商业化落地。 东北证券主要观点如下： 2025Q3交付量与综合毛利均创新高 在2025年科技日上，公司清晰地展示了其向"物理AI"公司转型的决心和具体路径。 核心技术VLA2.0：发布第二代视觉-语言-行动(VLA)大模型，通过砍掉语言转译环节，实现从视觉到动 作的直接映射，推理效率提升12倍。该模型在复杂小路场景的平均接管里程提升13倍。VLA 2.0计划于 2026Q1在Ultra车型上全量推送，并有望技术外溢至机器人等其他具身智能领域。 Robotaxi商业化：公司发布了中国首款全栈自研的前装量产Robotaxi，计划于2026年推出3款车型，并在 2026H2开始试运营。虽然在运营经验上与行业头部尚有差距，但凭借前装量产能力和创新的"全共享 +私享"商业模式，有望 ...

在2025年科技日上，公司清晰地展示了其向"物理AI"公司转型的决心和具体路径。 核心技术VLA2.0：发布第二代视觉-语言-行动(VLA)大模型，通过砍掉语言转译环节，实现从视觉到动 作的直接映射，推理效率提升12倍。该模型在复杂小路场景的平均接管里程提升13倍。VLA 2.0计划于 2026Q1在Ultra车型上全量推送，并有望技术外溢至机器人等其他具身智能领域。 Robotaxi商业化：公司发布了中国首款全栈自研的前装量产Robotaxi，计划于2026年推出3款车型，并在 2026H2开始试运营。虽然在运营经验上与行业头部尚有差距，但凭借前装量产能力和创新的"全共享 +私享"商业模式，有望在千亿级出行市场中占据一席之地。 智通财经APP获悉，东北证券发布研报称，首次覆盖，给予小鹏汽车-W(09868)"买入"评级，小鹏汽车 2025年第三季度交付量、营收与综合毛利率均创新高，公司通过推出"纯电+增程"双能策略及多款新车 型开启强势产品周期。同时，小鹏加速向"物理AI"转型，发布VLA 2.0大模型、前装量产Robotaxi及人 形机器人IRON，推动智能驾驶与具身智能技术的研发与商业化落地。 东北证券 ...

从汽车到机器人，从地面到低空，汽车产业链正在撑起智能新赛道。 广州黄埔，广汽高域的飞行汽车工厂灯火通明，多旋翼飞行汽车GOVY AirCab进入生产倒计时；数千 公里外的安徽芜湖，在奇瑞汽车墨甲机器人总部园区，120台黑白机器狗Argos整齐列队等待交付；在深 圳的小鹏实验室里，工程师正为全新一代人形机器人IRON做最后的细节调校…… 上海证券报记者在多地调研发现，2025年，从头部主机厂到零部件企业，汽车产业正在加速跨界，走 出"车"的边界。 "十五五"规划建议提出，前瞻布局未来产业。对此，业内专家表示，中国汽车产业链企业要在这场智能 化转型浪潮中脱颖而出，真正的机会在于跨越"剩下的15%"，通过接续发力具身智能、低空经济、商业 航天等重点领域，超前谋划具身智能等前沿赛道，实现发展动能的持续转换，迎来产业的"智融时代"。 汽车产业链撑起智能新赛道 12月8日，地平线发布两大具身智能开源模型。其中，具身智能小脑基础模型HoloMotion专注于运动智 能，旨在让机器人"学会像人一样行动"，具身智能大脑基础模型HoloBrain则赋予机器人拟人的空间感 知与细腻操作能力。 "如果说自动驾驶是快要'交卷'的考试， ...

何小鹏 图/21世纪经济报道 记者丨郭莎 编辑丨蒋韵 11月17日，小鹏汽车交出了一份靓丽的三季度财报。数据显示，2025年第三季度小鹏汽车营收203.8亿 元，首次实现单季度营收突破200亿元大关，较去年同期上升101.8%，环比增长11.5%。该公司销售规 模继续扩大，三季度汽车总交付量为11.6万辆，同比大幅增长149.3%。 今年以来，小鹏汽车的节节攀升有目共睹。在近期发布的《2025胡润百富榜》上，小鹏汽车董事长、 CEO何小鹏排名114位，财富达到480亿元，涨幅达到50%。在榜单上，同样来自广东的胜宏科技陈涛 与影石创新刘靖康也十分醒目，财富在今年都得到了大幅提升，上述三位企业家，身家合计超过千亿 元。 他们中，有人以技术破局，用一台全景相机打开全球市场；有人数十年深耕，在AI浪潮中成为关键环 节；有人跨界布局，从新能源车到飞行汽车再到机器人，不断拓展未来产业的边界。 而在个人叙事之外，更大的图景正在展开。这背后，正是广东在经历的新产业变局，同时，也是从"制 造大省"向"智造强省"的跃升。 11月5日，小鹏汽车全新一代人形机器人IRON以其高度拟真的外观和流畅的"猫步"动作，引发全网关 注，甚至 ...

记者丨郭莎 编辑丨蒋韵 11月17日，小鹏汽车交出了一份靓丽的三季度财报。数据显示，2025年第三季度小鹏汽车营收203.8亿元，首次实现单季度营收突破200亿元大 关，较去年同期上升101.8%，环比增长11.5%。该公司销售规模继续扩大，三季度汽车总交付量为11.6万辆，同比大幅增长149.3%。 今年以来，小鹏汽车的节节攀升有目共睹。 在近期发布的《2025胡润百富榜》上，小鹏汽车董事长、CEO何小鹏排名114位，财富达到480亿 元，涨幅达到50%。在榜单上，同样来自广东的胜宏科技陈涛与影石创新刘靖康也十分醒目，财富在今年都得到了大幅提升，上 述三位企业 家，身家合计超过千亿元。 他们中，有人以技术破局，用一台全景相机打开全球市场；有人数十年深耕，在AI浪潮中成为关键环节；有人跨界布局，从新能源车到飞行汽 车再到机器人，不断拓展未来产业的边界。 而在个人叙事之外，更大的图景正在展开。这背后， 正是广东在经历的新产业变局，同时，也是从"制造大省"向"智造强省"的跃升。 何小鹏 图/21世纪经济报道 榜单里的造富故事 富豪榜上一长串庞大的数字，不仅仅象征着身家和财富，更是一家企业从无到有、逐步壮大的传奇故 ...

Core Insights - The automotive industry is rapidly expanding beyond traditional vehicle manufacturing into new domains such as robotics and low-altitude aviation, driven by technological innovation and cross-industry collaboration [10][11][12] Group 1: Industry Trends - The automotive sector is witnessing a shift towards "intelligent integration," with companies exploring opportunities in embodied intelligence, low-altitude economy, and commercial aerospace [10][11] - The "14th Five-Year Plan" emphasizes the need for forward-looking strategies in emerging industries, indicating a significant transformation in the automotive landscape [10][11] - Companies like Chery and GAC are developing products such as the Argos robotic dog and GOVY AirCab flying car, showcasing the industry's commitment to innovation [10][11][12] Group 2: Technological Advancements - The Argos robotic dog features advanced capabilities, including 13 degrees of freedom and a maximum load of 5 kg, enabling it to navigate complex terrains and enhance safety management [11][12] - Horizon Robotics has captured a 9.4% market share in China's automotive intelligent driving chip market, indicating the growing importance of AI in the automotive sector [12] - The development of flying cars, such as the "陆地航母" by XPeng, represents a significant milestone in the integration of automotive and aerospace technologies [13][14] Group 3: Market Dynamics - The automotive industry's extensive supply chain and manufacturing capabilities are facilitating the transition into robotics and low-altitude aviation, creating new market opportunities [15][16] - The cost of key components, such as LiDAR, has significantly decreased due to automotive industry advancements, making them more accessible for robotics applications [19][20] - The emergence of new business models and investment strategies is reshaping the competitive landscape, with companies actively seeking to extend their industrial boundaries [21][22] Group 4: Future Outlook - The automotive industry is expected to evolve into a key player in the AI-driven economy, with companies increasingly emphasizing their AI capabilities [23][24] - The integration of vehicles into smart city ecosystems is anticipated to redefine the role of automobiles, transforming them into energy storage and computing units [27] - The future of the automotive sector is characterized by a focus on quality and global competitiveness, moving away from mere scale [26]

Core Insights - Xiaopeng Motors has become the third domestic company to obtain an L3 autonomous driving road test license in China, marking a significant step towards commercial application of L3 autonomous driving technology [2][3] Group 1: License Acquisition and Testing - On December 16, Xiaopeng Motors announced it has received an L3 autonomous driving road test license in Guangzhou, enabling regular L3 road testing on designated high-speed roads [2][3] - The L3 license allows vehicles to operate independently in specific environments, contrasting with L2, which requires constant driver supervision [3] - Xiaopeng Motors is now positioned alongside Changan and BYD, who have also received similar testing qualifications [3] Group 2: Technological Advancements - Xiaopeng Motors aims for L4 level autonomous driving, with plans to launch vehicles equipped with L4 capabilities by 2026 [4] - The second-generation VLA software, expected to be mass-produced in Q1 2026, will feature a novel architecture that eliminates the "language translation" step, allowing direct generation of action commands from visual signals [4] - From Q3 2025, Xiaopeng's Ultra models will incorporate three self-developed Turing AI chips, achieving a computing power of 2250 TOPS [4] Group 3: Competitive Landscape - The competition between Xiaopeng and Tesla is intensifying, with Xiaopeng's founder, He Xiaopeng, publicly challenging Tesla's FSD capabilities [5][6] - He Xiaopeng has acknowledged that while the first version of Xiaopeng's VLA does not fully match Tesla's FSD V14.2, the upcoming VLA 2.0 is expected to significantly improve performance [6] Group 4: Market Outlook - The next decade is anticipated to be pivotal for L3 autonomous vehicles, with expectations of broader L4 applications [7] - The penetration rate of advanced driver-assistance systems (ADAS) is projected to exceed 40% by 2026, driven by the increasing adoption of high-end domestic chips [7] - As of the first nine months of 2025, the penetration rate for L2++ and above advanced driving assistance systems reached 25.01% [7]

Core Insights - Xiaopeng Motors is experiencing a series of positive developments, including the introduction of a humanoid robot and record-high third-quarter financial results, aiming for profitability in the fourth quarter [1][3][4] - The company is transitioning from a pure automotive focus to a broader technology-driven approach, emphasizing AI and autonomous driving [3][30] Financial Performance - In Q3 2025, Xiaopeng Motors reported total revenue of 20.38 billion yuan, marking a year-on-year increase of 100% [4] - The company has set a delivery guidance of 125,000 to 132,000 units for Q4, indicating confidence in maintaining a monthly delivery level of 42,000 units [7] - The gross margin for Q3 reached a historic high of 20.1%, surpassing Tesla's 18%, although the automotive business gross margin remains at 13.1% [23][24] Product Strategy - Xiaopeng introduced its first super-extended range model, the X9, which achieved record pre-sale orders, particularly in northern regions [10][11] - The company plans to launch three extended range versions of existing electric models in Q1 2026, aiming to boost sales and profitability [12][14] - The extended range models are designed with a large battery and fuel tank to maximize user convenience and address regional sales challenges [17][20] Technological Advancements - Xiaopeng's R&D expenses have significantly increased, reaching 2.43 billion yuan in Q3, a 48.7% rise from the previous year, focusing on electronic architecture and AI technology [28] - The company is leveraging its technology sales, generating 2.33 billion yuan in revenue with a profit margin of 74.6%, primarily from collaborations with Volkswagen [25][27] - Xiaopeng's second-generation VLA model is expected to revolutionize its software capabilities, applicable across various intelligent hardware, including autonomous vehicles and humanoid robots [34][36] Future Outlook - The company is optimistic about achieving profitability in Q4, with a high probability of success, and anticipates improvements in automotive gross margins thereafter [30] - Xiaopeng's long-term vision includes significant growth in the humanoid robot market, projecting sales to exceed 1 million units by 2030 [36][40] - The competitive landscape in the automotive market is expected to intensify in 2026, prompting Xiaopeng to focus on technological advancements to secure its future [40]