大型SUV"9字辈"乱斗。 今年是大六座SUV的"大年"，这种热潮在蔚来体系两款车（乐道L90，蔚来新ES8）上市后体现得淋漓 尽致。这两款车均通过较低的定价收获了较高市场热度。 蔚来之后，近日，大六座SUV市场再次迎来一位"价格屠夫"。吉利银河M9近日公布了预售价，预售价 格区间为19.38万元~25.88万元，将大六座新能源SUV的入门门槛"卷"入了20万元以内。一般而言，新车 正式售价将低于预售价。 吉利汽车方面称，吉利银河M9预售24小时订单已超40000辆。 今年随着自主品牌纷纷攻向大型SUV市场，市场内玩家也激增。据不完全统计，今年上市的大型SUV车 型将高达十余款，其中"9字辈"车型颇多，吉利系就包括领克900、极氪9X、吉利星舰9、吉利银河M9， 除此之外还有乐道L90、腾势N9、深蓝S9、理想i9等。再加上已经是市场热销车型的问界M9和理想 L9，今年可谓是大型SUV的"9字辈"乱斗。 玩家增多的同时，相对于整个市场来看，大型SUV的市场规模却并不大。在过去一年中，大型SUV市场 的销量累计超33万辆，而其中销量前三的车型占据了超80%的市场份额，分别是问界M9、理想L9、问 界M8。 玩家 ...

7月29日，理想i8正式上市，但不到一周，理想调整配置，官宣将i8 MAX作为标准配置、全国统一售价 33.98万元，同时取消了Pro车型。 i系列和MEGA虽然都是纯电产品，从设计之初，就是两条不同的产品线，车头设计并不一样，但尾部 相似。为了避开MEGA舆论影响，理想去年5月对外官宣推迟纯电产品发布。同年7月，内部达成共识， 要对i系列做造型调整。 按照原定的产品计划，2024年三、四季度要进行SOP（Start Of Production，开始批量生产），i系列相关 的所有硬模、工厂、供应商准备，都已经进入准量产阶段了。临到SOP，却改外观，即使推迟一年发布 纯电新车，也是一个非常"冒险"的决策。 车辆的白车身是一体的，改尾部，意味着要调整白车身。而这进一步意味着原来为i8预备的白车身模具 都需要推倒重新做，包括车内外、下车体、后备箱以及相匹配的件。"改动量非常大，改动周期基本上 就是一年起了。"理想汽车第二产品线负责人张骁补充说道。 从1万台到136万台，从增程到纯电，这不是供应商第一次陪理想度过特殊时刻。 2022年，上海疫情防控期间，为了保证理想L9上激光雷达的供应，当时禾赛科技有近40位工程师自 ...

40万级SUV市场又迎来一匹黑马。 8月25日，问界M8纯电版正式上市，新车售价35.98万元起，共发售6个版本，包括问界M8纯电Max+五/ 六座长续航版、Max+五/四座四驱版、Ultra五/六座四驱版。华为常务董事、终端BG董事长余承东在上 市发布会现场透露，问界M8纯电版将于9月开始交付。 问界M8纯电版的发布，是对此前增程版市场热度的自然延伸。根据鸿蒙智行最新披露的数据，问界M8 纯电版上市2小时内大定突破7000辆。 对鸿蒙智行来说，问界M8纯电版的战略意义十分明确。它补齐了品牌在"40万级纯电SUV"这一重要细 分市场的产品空白，推动鸿蒙智行实现了从轿车到SUV、从增程到纯电的产品覆盖。 与此同时，问界M8纯电版也集中展现了华为在高压平台、超充体系和辅助驾驶等方面的最新技术成 果，为纯电市场设立了新的技术基准。 改变40万级市场的游戏规则 在当下的40万级SUV市场，问界M8增程版是该赛道的领头羊。根据易车统计的数据，今年7月，问界 M8的销量已经达到了2.2万辆，领先于同级车型奥迪Q5L、奔驰GLC和理想L9等车型。 但纯电赛道却呈现出截然不同的景象。 40万级纯电SUV市场仍处于群雄逐鹿的阶 ...

作为吉利银河达成百万销量里程碑后发布的首款旗舰力作，吉利银河M9基于GEA Evo原生架构打造， 在吉利全域AI的技术赋能下，拥有"旗舰美学、旗舰空间、旗舰安全"实力，以及"AI智能座舱、AI数字 底盘、AI辅助驾驶"AI科技。 空间方面，吉利银河M9车身尺寸为5205mm*1999mm*1800mm，轴距超3米，以5.2m²车内面积和88.3% 得房率打造"全家人的移动头等舱"。其中，"三进大宅，奢享六座"空间布局设计，真正实现三排平权。 安全方面，吉利银河M9采用"顶级安全"的高强度星甲笼式车身结构，720°全维安全守护全家出行。全 车9大安全气囊，具备双腔远端气囊与超长侧气帘。电池安全方面，新车搭载神盾插混专用电池，并在 行业内首批全系通过电池安全新国标认证，以"军工级"安全，打造神盾电池安全体系2.0，远超26年安 全新国标。 依托吉利汽车全域AI战略体系，吉利银河M9集AI智能座舱、AI数字底盘、AI辅助驾驶于一身。吉利银 河M9搭载更拟人、更聪明、更流畅的AI智能座舱。行业首搭银河Flyme Auto 2新一代智能座舱，配备目 前算力最高的高通8295P旗舰级芯片；将搭载全球首个可大规模上车的超拟 ...

图片来源：视觉中国 蔚来虽然销量明显增长，但整体亏损依然严重。2025年第一季度，蔚来净亏损高达67.5亿元，同比多亏 30.2%。尽管李斌设定了"今年四季度盈利"的目标，但距离这一目标只剩两个季度，时间已然紧迫，资 本市场是否会给予足够耐心，仍存在一定的变数。 小鹏同样需要证明其盈利能力。何小鹏在今年3月份的2024年度财报电话会上也首次明确提出公司将在 今年第四季度实现盈利。在8月19日的二季度财报电话会上，何小鹏再次强调从四季度开始公司将进入 盈利自我造血的全新阶段，并称"当下，做好公司的商业化能力，小鹏要'会省钱，更要会赚钱'。" 中国三大造车新势力在资本市场上正经历着一场残酷的分化。蔚来、小鹏股价节节攀升之际，昔日"王 者"理想却独自深陷下滑漩涡。这一反差预示着在新能源汽车竞争加剧之际，新势力阵营内部或许也将 开启新一轮的洗牌。 截至8月22日，过去一个月里，三家车企在港股市场表现悬殊：蔚来和小鹏均累计涨约25%，而理想则 累计跌约25%。先知先觉的资本市场，感受到了三家企业在产品策略、市场定位和竞争优势方面的变 化，尤其是理想当前所面临的困境。 在烧钱抢占市场的模式大行其道的新能源汽车行业，理想却 ...

Market Overview - The market is currently experiencing high customer traffic, with over 10 groups visiting daily, 80% of which are interested in the L90 model, indicating a significant shift in customer preference [2] - The L90 model is described as a "traffic magnet" for the dealership, leading to an unprecedented level of customer engagement [2] Sales Performance - The best-selling versions of the L90 are the Max and Ultra, each accounting for 50% of sales, while the Pro version has seen minimal interest due to its limited price difference and reduced comfort features [2] - Popular color combinations include a gold exterior with a black interior, and some configurations are available for immediate delivery [2] Financing Options - Financing options are readily available through the app, with a 0 down payment plan over 60 months at an annual interest rate of 2.59%, and a lower rate of 2.29% through the company's own financing [4] - Monthly payments for a loan of ¥299,800 amount to ¥5,569, with an effective annual interest rate of 4.35% [6] Customer Demographics - Buyers of the L90 tend to be older compared to those interested in the L60, with family-oriented customers frequently making purchasing decisions [10] - The customer base includes a diverse range of professions, from small business owners to mid-level government employees [10] Competitive Landscape - The main competitors identified are the Li Auto L9 and the Aito M9, although customers often mention the i8 as a significant alternative [12] - Some customers also consider the YL six-seat version, but space concerns lead them to explore other options like the Model X [13] Customer Feedback - Positive feedback highlights the L90's value for money and spaciousness as key selling points [18] - However, some customers express concerns about the perceived limitations in the vehicle's hardware capabilities and the interior's luxury compared to competitors like NIO and Li Auto [21]

Core Viewpoint - The article discusses the rapid evolution of range-extended electric vehicles (REEVs), highlighting the shift from smaller batteries with larger range extenders to larger batteries with smaller range extenders, driven by consumer demand and technological advancements [2][9][16]. Development of Range-Extended Technology - The development of range-extended technology has seen significant improvements, with pure electric range increasing from 120 km to 200 km over several years, and then to 400 km in just a couple of years [2][4]. - Battery pack capacities have also increased dramatically, from around 10 kWh to 50-60 kWh, showcasing impressive technological advancements [2][4]. Market Trends and Consumer Preferences - The market for range-extended vehicles has grown significantly, with many manufacturers who previously focused solely on pure electric vehicles now embracing range extenders due to their practicality and convenience [2][9]. - The average battery capacity of range-extended models has increased by approximately 20.54% from 2021 to 2023, indicating a trend towards larger batteries [4][5]. Competitive Landscape - The competition among manufacturers has intensified, with various models now offering pure electric ranges exceeding 300 km, reflecting a shift in consumer expectations [6][10]. - Major players like Ideal, Seres, and Lantu have upgraded their battery capacities significantly, with the average battery capacity reaching 43.77 kWh in 2023 [4][5]. Factors Driving the Shift to Larger Batteries - The decline in battery costs, which have dropped over 80% in the past decade, has enabled manufacturers to increase battery capacities economically [9]. - The proliferation of fast-charging infrastructure has supported the development of long-range models, making them more appealing to consumers [9][10]. Industry Perspectives on Battery Size - There are differing opinions within the industry regarding the necessity of larger batteries, with some arguing that they enhance the driving experience while others caution about increased costs and vehicle weight [3][12]. - The debate continues over whether the future of range-extended vehicles should focus on larger batteries or a balance between battery size and range extender efficiency [15][16]. Future Outlook - The consensus is that while range-extended vehicles are currently popular, the industry may eventually shift towards pure electric vehicles as battery technology matures and charging infrastructure improves [16][17]. - The ongoing competition and technological advancements suggest that the market for range-extended vehicles will continue to evolve, with potential for both large and small battery configurations depending on market demands and technological capabilities [17][18].

Core Insights - Li Auto (LI) opened with a 2.95% increase on August 15, reaching $24.45 per share, with a total market capitalization of $26.172 billion [1] - As of March 31, 2025, Li Auto reported total revenue of 25.927 billion RMB, reflecting a year-on-year growth of 1.14%, and a net profit attributable to shareholders of 650 million RMB, which is a 9.75% increase year-on-year [1] Company Overview - Li Auto is a leader in the Chinese electric vehicle market, focusing on the design, research, manufacturing, and sales of luxury smart electric vehicles [2] - The company's mission is to "create a mobile home, create a happy home," emphasizing innovation in products, technology, and business models to provide safe, convenient, and comfortable services for family users [2] - Li Auto is recognized as a pioneer in commercializing range-extended electric vehicles while also developing a pure electric platform [2] - The company began mass production in November 2019, with current models including the Li MEGA, Li L9, Li L8, Li L7, and Li L6, all aimed at expanding its product line and user base [2] Upcoming Events - Li Auto is scheduled to disclose its fiscal year 2025 mid-term report on August 27, with the actual disclosure date subject to company announcements [2]

Core Insights - The CEO of Li Auto, Li Xiang, explained the "low start, high rise" phenomenon of the new vehicle series, attributing it to the company's unique understanding of user needs and the "Think Different" philosophy [2] Group 1: Low Start - Li Auto's new models, from the Li ONE to the latest i8, have faced market skepticism upon release, which Li attributes to the brand's differentiated solutions [2] - The initial controversy surrounding new models is a result of the company's distinct approach to understanding user demands [2] Group 2: High Rise - Positive word-of-mouth has been a key driver for sales growth, as seen with the Li L9, which gained high Net Promoter Score (NPS) due to its space optimization and comfort [2] - Li emphasized that products effectively addressing user pain points lead to better experiences and, consequently, improved reputation [2] - For the i8, Li encouraged users to experience the vehicle deeply before forming opinions [2]

编者按：当BBA和雷克萨斯在豪华汽车市场不再强势，自主品牌新能源豪车强势崛起，单纯依靠品牌底蕴和机械素质又还能守住多少市场份额？燃油车 命运的齿轮早已开始转动，一场关乎万亿产业链的博弈将走向何方？ 随着电动化进程的深入，传统豪华燃油车也站在了新的十字路口。 官方数据显示，今年上半年，包括BBA在内的多个豪华品牌在华销量呈现下滑态势。中国汽车流通协会乘联分会的数据也表明，今年上半年我国进口汽 车尤其是进口豪车的数量也下滑明显。 在传统豪华品牌销量下滑的同时，新能源豪车开始后来居上，尤其是自主品牌旗下的豪华汽车正在抢占更多的市场份额。在销量榜中，30万元至40万元的 价格区间里，新能源豪华汽车正在占据更多席位。传统豪华油车的市场格局正被改写。 销量下滑 "这是近期少见的1月-6月巨大下滑。"这是乘联分会主席崔东树发表的关于进口汽车情况的文章中，对于今年上半年进口汽车数量的描述。 崔东树指出，今年6月我国进口汽车4.3万辆，同比下滑30%，环比5月下降9%。2025年1月-6月，我国进口汽车22万辆，同比下降32%。 回顾过去十年，进口汽车可谓大起大落。乘联分会的数据显示，2014年，我国进口汽车数量达到143万辆 ...