2025年12月理想交付44246，其中增程24568，纯电19678。L6789分别为12676/6150/3010/2732，i6i8MEGA分别为15994/2745/939。 2025年12月2日 理想发布MindGPT-4ov技术报告 2025年12月3日 理想获100亿债务融资工具注册额度 2025年12月5日 微博1301万博主描述接理想商务 2025年12月6日 一位常年做GPU优化的人对理想能让Orin跑VLA很高评价 | | 总交付 | | 纯电 | L6 | IL7 | IL8 | Га | ાંઠિ | 18 | MEGA | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年12月 | 44246 | 24568 | 19678 | 12676 | 6150 | 3010 | 2732 | 15994 | 2745 | 039 | | 2025年11月 | 33181 | 18984 | 13427 | 9434 | 5212 | 2130 | 2208 | 6798 | 6719 | ...

Core Viewpoint - The article discusses the impact of the new electric vehicle (EV) purchase tax policy and subsidy changes in 2026, highlighting how these changes are prompting car manufacturers to increase promotions to attract buyers during the New Year period [3]. Group 1: Policy Changes - Starting in 2026, the EV purchase tax incentive has been reduced from full exemption to a 50% reduction (5% tax rate) [3][5]. - The "Two New" policy has shifted from fixed subsidies to a percentage-based subsidy based on vehicle price, although the maximum subsidy remains unchanged [3][5]. - The new purchase tax policy is expected to increase the cost of purchasing EVs, with the tax for a vehicle priced at 31.98 million yuan being approximately 14,200 yuan [11]. Group 2: Market Response - Car manufacturers are ramping up promotions to attract hesitant buyers, with many offering cash discounts and trade-in subsidies [5][6]. - For example, Xiaopeng Motors is offering a cash discount of 3,000 yuan and a trade-in subsidy of 3,000 yuan, totaling around 6,000 yuan in discounts [5]. - Li Auto has different discount policies for various models, with the L6 model seeing a price drop of 38,000 yuan [6]. Group 3: Consumer Behavior - There has been an increase in consumer inquiries and test drives during the New Year period, indicating heightened interest due to the policy changes [4][5]. - Many consumers are still in a wait-and-see mode, comparing different brands' promotions before making a purchase decision [6][8]. - Despite the increased costs from the new tax, many consumers are still purchasing vehicles, as seen in the sales performance of brands like NIO and Hongmeng Zhixing [8][11]. Group 4: Sales Performance - NIO's sales during the New Year period were robust, with reports of high foot traffic and test drive requests [7][8]. - In Guangzhou, a store sold over 10 units of the new Aion model in a single day, demonstrating strong demand despite the new tax [11]. - Overall, the article indicates that while the new tax has raised costs, many brands are successfully maintaining sales momentum through strategic promotions and consumer engagement [9][11].

Core Insights - The new policy for electric vehicle (EV) purchase tax has been implemented in 2026, reducing the previous full exemption to a 50% reduction, resulting in a 5% tax rate for consumers [2][4] - The subsidy policy has shifted from fixed amounts to a percentage of the vehicle price, although the maximum subsidy remains unchanged, leading to a decrease in support for lower-priced models [2][4] Group 1: Market Reactions - Car manufacturers and dealerships are increasing promotional efforts to attract hesitant buyers, aiming for a strong start to the 2026 market [2][3] - During the New Year holiday, there was a notable increase in customer inquiries and test drives, with sales staff working in larger numbers to accommodate demand [3][5] - Many dealerships are advertising their sales achievements to draw in more customers, with some offering cash discounts and trade-in subsidies [3][4] Group 2: Specific Company Strategies - Li Auto is offering varying discounts based on model, with significant reductions for popular models like the L6 and L7 [4] - NIO and other new energy brands are implementing "bottom line" measures to offset the increased purchase tax, such as cash subsidies and price reductions [6][7] - Tesla has not introduced any compensatory measures for the new tax policy but continues to see strong customer interest and sales [7] Group 3: Sales Performance - Some dealerships reported high sales volumes during the holiday, with one store selling over 10 new energy vehicles in a single day [8][9] - Despite the increased costs from the new tax, many brands are still experiencing robust sales, indicating strong market demand [8][9] - The introduction of new models and promotional strategies is expected to maintain consumer interest and sales momentum in the coming months [10][11]

Core Insights - Major automotive companies in China, including BYD, Changan Automobile, and Geely, reported significant sales growth for 2025, with a notable increase in overseas sales and milestones achieved by new energy vehicle manufacturers [1][2][5][7]. BYD - BYD's total sales for 2025 reached 4.6024 million units, a year-on-year increase of 7.73%, with pure electric vehicle sales growing nearly 28% and commercial vehicle sales increasing by approximately 162% [2]. - BYD's overseas exports of new energy vehicles totaled 133,200 units in December 2025, with annual overseas sales surpassing 1 million units, reflecting a 145% year-on-year growth [4]. - The total installed capacity of BYD's power batteries and energy storage batteries was approximately 285.634 GWh, marking a nearly 47% increase from the previous year [4]. Changan Automobile - Changan's total sales for 2025 reached 2.913 million units, a year-on-year growth of 8.54%, with self-owned brand sales increasing by 10.86% and new energy vehicle sales growing by about 50% [5]. BAIC Blue Valley - BAIC Blue Valley achieved significant production and sales growth, with total production reaching 206,300 units, a year-on-year increase of 127.17%, and total sales of 209,600 units, up 84.06% [6]. Geely Automobile - Geely's total vehicle sales for 2025 were 3.0246 million units, a 39% increase compared to the previous year, exceeding its annual sales target [7]. - Geely set a sales target of 3.45 million units for 2026, representing a growth of approximately 14% from 2025, with a new energy vehicle sales target of 2.22 million units, up 32% [7]. NIO - NIO reported a delivery of 48,100 units in December 2025, a year-on-year increase of 54.6%, with total deliveries for the year reaching 326,000 units, up 46.9% [8]. Li Auto - Li Auto delivered 44,200 new vehicles in December 2025, with a historical cumulative delivery surpassing 1.5 million units, expanding its market presence in Central Asia and Africa [9]. XPeng - XPeng delivered 37,500 smart electric vehicles in December 2025, with total annual deliveries of 429,400 units, reflecting a year-on-year growth of 126% [10]. - The company expanded its overseas market presence with 45,000 units delivered abroad, a 96% increase, and established 1,100 new charging stations, bringing the total to 3,000 [10].

Core Viewpoint - Li Auto (02015) reported a year-on-year decrease of 24.44% in new vehicle deliveries for December 2025, totaling 44,200 units, while the total deliveries for Q4 2025 reached 109,200 units [1] Group 1: Delivery Performance - As of December 31, 2025, Li Auto achieved a cumulative delivery milestone of 1.5402 million vehicles [1] - The company delivered 109,200 vehicles in the fourth quarter of 2025 [1] - The December 2025 delivery figure represents a significant decline compared to the previous year [1] Group 2: Market Expansion - Li Auto launched its models L9, L7, and L6 in Egypt, Kazakhstan, and Azerbaijan, marking its entry into the Central Asia, Caucasus, and African markets [1] - The company has established a total of 548 retail centers across 159 cities in China [1] Group 3: Infrastructure Development - Li Auto has set up 3,907 supercharging stations and 21,651 charging piles nationwide [1] - The company operates 561 after-sales service and authorized repair centers, covering 224 cities [1] Group 4: Product Launch - Li Auto officially released the Livis AI glasses, receiving positive user feedback [1]

Core Viewpoint - The new energy vehicle market in 2025 did not experience a significant year-end surge due to policy exhaustion and consumer hesitation, but several companies achieved substantial year-on-year growth in deliveries, with Leap Motor and Xpeng Motors doubling their delivery volumes, while NIO showed a recovery in the second half of the year with a 46.88% increase [1]. Group 1: Company Performance - Leap Motor delivered 60,423 vehicles in December 2025, a year-on-year increase of 42.11%, and achieved a total of 596,555 vehicles for the year, marking a 103.1% increase [2][3]. - NIO's December deliveries reached 48,135 vehicles, a record high for the month with a 54.59% year-on-year increase, and a total of 326,028 vehicles for the year, reflecting a 46.88% growth [5]. - Li Auto delivered 44,246 vehicles in December, with a total of 406,343 vehicles for the year, representing an 18.81% decline year-on-year, but it became the first new force brand to surpass 1.54 million cumulative deliveries [7]. - Xpeng Motors achieved total deliveries of 429,445 vehicles in 2025, a 125.94% increase, although December deliveries were 37,508, falling short of the fourth-quarter guidance [9]. Group 2: Strategic Developments - Leap Motor plans to target one million deliveries in 2026, with new models from the A and D series set to launch [3]. - NIO's ES8 model became a key contributor to sales, with a significant number of orders expected to offset potential performance dips in early 2026 [5]. - Li Auto is facing challenges in its pure electric transition, with supply chain issues affecting production capacity, but it is expanding into overseas markets to alleviate domestic competition [7]. - Xpeng Motors is set to launch seven new models with advanced configurations in 2026, aiming to significantly expand its market reach [9]. Group 3: Market Insights - The absence of a year-end surge in the automotive market was confirmed by industry analysts, and new government policies aimed at stimulating consumption are expected to stabilize the market in 2026 [11][12].

Core Viewpoint - The new energy vehicle market in 2025 did not experience a significant year-end surge, but several companies achieved substantial annual growth in deliveries, with Leap Motor and Xpeng Motors doubling their delivery volumes, while NIO saw a 46.88% year-on-year increase. Li Auto, however, struggled to regain its peak performance due to unmet expectations in its pure electric strategy [1]. Group 1: Company Performance - Leap Motor delivered 60,423 vehicles in December 2025, marking a year-on-year increase of 42.11%, and achieved a total of 596,555 deliveries for the year, a 103.1% increase, setting a new record for new energy vehicle sales [2][3]. - NIO's December deliveries reached 48,135 vehicles, a historical monthly high with a year-on-year growth of 54.59%. The total deliveries for 2025 amounted to 326,028 vehicles, reflecting a 46.88% increase [5]. - Li Auto delivered 44,246 vehicles in December, with a total of 406,343 for the year, representing an 18.81% decline. However, it became the first new energy brand to surpass 1.54 million cumulative deliveries [7]. - Xpeng Motors achieved 429,445 deliveries in 2025, a significant year-on-year increase of 125.94%, although December deliveries were 37,508, falling short of its quarterly guidance [9]. Group 2: Market Trends and Future Outlook - The absence of a year-end surge in the 2025 car market was confirmed by industry analysts, with government policies expected to stabilize the market in 2026 [11]. - Leap Motor aims to reach a delivery target of one million vehicles in 2026, with new models from the A and D series set to launch [3]. - NIO's ES8 model has become a key contributor to sales, with a significant number of orders expected to mitigate performance dips in early 2026 [5]. - Li Auto is focusing on expanding its overseas market presence to alleviate domestic competition pressures [7]. - Xpeng Motors plans to introduce seven new models with advanced configurations in 2026, aiming to significantly expand its market reach [9].

Core Viewpoint - Li Auto reported a year-on-year decrease of 24.44% in new vehicle deliveries for December 2025, with a total of 44,200 units delivered [1]. Group 1: Delivery Performance - In Q4 2025, Li Auto delivered a total of 109,200 vehicles [1]. - As of December 31, 2025, the cumulative delivery volume reached 1.5402 million vehicles [1]. - December 2025 marked a significant milestone as Li Auto surpassed the cumulative delivery of 1.5 million vehicles [1]. Group 2: Market Expansion - Li Auto launched three models, the Li L9, Li L7, and Li L6, in Egypt, Kazakhstan, and Azerbaijan, expanding its market presence across Central Asia, the Caucasus region, and Africa [1]. Group 3: Infrastructure Development - As of December 31, 2025, Li Auto operated 548 retail centers across 159 cities [1]. - The company had established 561 after-sales service and authorized repair centers, covering 224 cities [1]. - Li Auto has deployed 3,907 supercharging stations with a total of 21,651 charging piles nationwide [1]. Group 4: Product Launch - The company officially launched the Li AI glasses, Livis, which received positive user feedback [1].

Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 1 股東及潛在投資者於買賣本公司證券時，務請謹慎行事。 承董事會命 理想汽車 董事長 李想 自願公告 2025年12月交付更新資料 於2026年1月1日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本公 司」）（納斯達克：LI；香港交易所：2015）宣佈，2025年12月，理想汽車交付新車 44,246輛。2025年第四季度，理想汽車交付109,194輛。截至2025年12月31日， 理想汽車歷史累計交付量為1,540,215輛。 2025年12月，理想汽車跨過150萬輛累計交付量的里程碑；理想L9、理想L7及理 想L6三款車型同步登陸埃及、哈薩克斯坦和阿塞拜疆市場，開啟橫跨中亞、高加 索地區及非洲的市場佈局；此外，本公司正式發佈理想AI眼鏡Livis，收穫用戶積 極反饋。 截至202 ...

Core Insights - Li Auto delivered 44,246 vehicles in December 2025, with a total of 109,194 vehicles delivered in Q4 2025, and a cumulative delivery of 1,540,215 vehicles as of December 31, 2025 [2] Group 1: Business Milestones - Li Auto became the first new force brand in China to surpass 1.5 million cumulative deliveries [2] - The company launched its main models, Li L9, Li L7, and Li L6, in Egypt, Kazakhstan, and Azerbaijan, marking its expansion into key markets across Central Asia, the Caucasus, and Africa [2] - The company officially released the Livis AI glasses, receiving positive feedback from users due to its advanced technology and practical experience [2] Group 2: Future Outlook - The CEO expressed gratitude to users and partners, emphasizing a focus on value creation and enhancing user experience in 2026 [2] Group 3: Infrastructure Development - As of December 31, 2025, Li Auto had established 548 retail centers covering 159 cities, and 561 after-sales service and authorized repair centers covering 224 cities [2] - The company has deployed 3,907 Li Supercharging stations with a total of 21,651 charging piles across the country [2]