一、i6的销量1.6万台，产能总算有了明显进步(叠加更换欣旺达)。i6此次产能爬坡有失水准。（建议还是和宁德搞好关系吧） 二、i8扔下了一颗重磅炸弹，已预计到了订单不乐观，但没想到12月仅销2700台。一共卖了2.3万台。（小订没有转化，实在 可惜） 三、L6近1.3万台，环比11月增长0.3万台。今年多亏L6撑住局面，价格给力，也说明产品力在线。（没有卖不出去的车，只 有卖不出去的价格） 四、L7、8、9一共近1.2万台，环比11月约增长0.23万台，基本盘还在。 五、mega有些小惊喜，环比11月增长了260台，确实没想到回升。但回到3000+的高光时刻，短期别想了， 半仙建了一个理想i6的车主及意向群欢迎扫码加入 总结:i8已推出三年免息，持续关注。期待上半年理想L系列的改款吧。 加入社群 比亚迪出海：发力东南亚 CATL ： 往期推荐 主机厂电芯采购：兼顾性能和成本 储能市场增长高于动力 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货 报告和精准人脉。 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删除 ...

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 Insights - Li Auto is undergoing significant changes due to operational challenges, including a projected delivery of 406,300 vehicles in 2025, which represents an 18.81% year-on-year decline from its target of 640,000 vehicles [2] - The company reported a 39% year-on-year drop in deliveries and a net loss of 624 million yuan in Q3 2025, influenced by the recall costs of the Li Auto MEGA [2] - Li Auto is shifting back to an entrepreneurial management model from a professional manager system to enhance agility in responding to market changes [4] Management Strategy - The entrepreneurial management model emphasizes innovation, agility, and rapid iteration, contrasting with the professional manager model that focuses on stability and control [3] - Li Auto's CEO, Li Xiang, believes that the professional manager model has led to slower decision-making and product iteration, making the company less responsive to competition [4] - The company aims to foster a culture of open dialogue and quick decision-making, moving away from hierarchical reporting structures [5] Product Line Adjustments - In early 2026, Li Auto will restructure its product lines from three to two, focusing on efficiency and market coverage [5] - The L series will return to a simplified SKU model to enhance product experience and supply chain efficiency, addressing previous customer complaints about product complexity [6] - The L series has faced declining sales due to internal competition and external market pressures, necessitating a revitalization strategy [7][8] Competitive Landscape - The L series is experiencing significant competition from both internal models and external brands, which has impacted its sales performance [8] - Analysts suggest that revitalizing the L series is crucial for Li Auto to overcome current market challenges and improve sales in 2026 [8]

Core Insights - The article highlights the contrasting fates of new energy vehicle manufacturers in China, with Leap Motor achieving significant sales success while Neta Auto faces bankruptcy [2] - The landscape of new car manufacturers has drastically changed since 2015, with only a few remaining competitive players in the market [2] Group 1: Leap Motor's Success - Leap Motor is projected to sell nearly 600,000 vehicles in 2025, marking a 103% year-on-year increase and securing the title of sales champion among new car manufacturers [3] - The company shifted its strategy to target the mainstream market, launching models like the T03 and C11, which contributed to its sales growth [3] - Leap Motor has formed strategic partnerships with Stellantis and FAW, enhancing its brand credibility and accelerating its international expansion [3] Group 2: Hongmeng Zhixing's Rise - Hongmeng Zhixing, formerly Huawei Smart Selection, has seen rapid growth, with total deliveries reaching 589,000 units in 2025, a 32% increase from the previous year [4][5] - The AITO Wenjie brand, particularly the Wenjie M7, has been a significant contributor to this growth, with 420,000 units delivered in 2025, accounting for 71% of total sales [5] Group 3: Xiaomi's Entry - Xiaomi, entering the automotive sector later than its competitors, achieved sales of 412,000 vehicles in 2025, surpassing its target and ranking fifth among new energy vehicle manufacturers [5] - Despite its success, Xiaomi has faced challenges, including negative publicity related to safety incidents and design issues [5] Group 4: The Decline of "Wei Xiao Li" - The trio of "Wei Xiao Li" (NIO, Li Auto, and Xpeng) has experienced a divergence in performance, with NIO's sales declining to 326,000 units in 2025, despite a 47% year-on-year increase [6][7] - Xpeng led the trio with sales of 429,000 units, a 126% increase, while Li Auto's sales fell by 19.6% to 405,900 units, marking a significant drop from its previous leadership position [7][8] Group 5: Industry Challenges and Failures - The article discusses the decline of many new energy vehicle manufacturers, categorizing them into three groups: those that failed before mass production, those that made strategic errors, and those that faced funding issues [9][10] - Notable failures include companies like LeEco and Byton, which struggled with financial sustainability and market competition [10] Group 6: Future Outlook - The article suggests that the next decade will be more challenging for remaining players, emphasizing the need for operational efficiency and cost control to survive in a competitive environment [10][11] - New entrants continue to emerge, indicating ongoing interest in the automotive sector despite the challenges faced by existing manufacturers [11]

Core Insights - The 2025 new energy vehicle market has shown a stark polarization, with new entrants like "Honglingmi" (Hongmeng Zhixing, Leap Motor, Xiaomi) rapidly gaining market share while established players like NIO and Li Auto struggle to maintain their positions [1][4] Group 1: Market Performance - Leap Motor achieved the highest sales among new forces with 596,600 units delivered in 2025, marking a 103% year-on-year growth and exceeding its annual sales target by 19% [2][4] - Hongmeng Zhixing followed closely with 589,100 units delivered, a 32% increase, although it did not meet its annual sales target [2][6] - Xiaomi delivered over 410,000 units, achieving a remarkable 299% growth and surpassing its sales target by 17% [2][5] - NIO and Li Auto faced challenges, with NIO delivering 326,000 units (47% of its target) and Li Auto delivering 406,300 units, a 19% decline from the previous year [2][10] Group 2: Strategic Developments - Leap Motor's success is attributed to its focus on in-house research and development, establishing 17 component factories and achieving a parts-sharing rate of 88% across its models, which helps maintain competitive pricing [5][6] - Xiaomi's strategy leverages its consumer electronics background, emphasizing user engagement and ecosystem integration, which has proven effective in rapidly building market presence [6][8] - Hongmeng Zhixing is diversifying its product range to reduce reliance on its flagship model, with new models achieving significant sales growth [6][8] Group 3: Challenges and Future Outlook - Leap Motor must prove its capabilities in the high-end market while addressing its shortcomings in smart technology investments [7][8] - Xiaomi faces potential backlash from its strong personal branding and must navigate user sentiment carefully following safety incidents [8] - The traditional leaders, NIO and Li Auto, are undergoing painful transformations, with NIO focusing on operational efficiency and product refinement, while Li Auto is struggling with declining sales and competition from new entrants [10][17] Group 4: Industry Dynamics - The market is witnessing a brutal elimination process, with companies like Neta facing bankruptcy and others like WM Motor and HiPhi attempting to revive their operations amid financial difficulties [19][20] - The competition is shifting towards a focus on systemic capabilities, where companies that can balance technology development, product iteration, and operational efficiency will thrive [24][25]

Group 1 - The supply of power batteries for automotive companies has eased, but the shortage of energy storage batteries persists, leading to price increases across the lithium battery industry [2] - Due to battery supply shortages, the delivery of several new energy vehicle models has been slow, affecting models like Li Auto's i6 and NIO's new ES8 [2] - From early December 2025, many manufacturers of lithium iron phosphate cathode materials have initiated price hikes, with increases of 2000 to 3000 yuan per ton, driven by demand for energy storage and rising costs of raw materials like lithium carbonate [2] - Dejia Energy announced a price increase of 15% for its battery products effective December 16, 2025, to ensure stable delivery and quality [2] Group 2 - Funeng Technology indicated on its investor interaction platform that the rise in lithium battery prices is a trend driven by increased raw material costs and expanding market demand [3]

小米创办人雷军今日转发小米YU7冬测视频并发文称，小米汽车非常重视冬季驾驶体验，冬季续航非常 出色，而且冰雪路面操控同样稳定安心。 小米创办人雷军今日转发小米YU7冬测视频并发文称，小米汽车非常重视冬季驾驶体验，冬季续航非常 出色，而且冰雪路面操控同样稳定安心。 雷军曾多次在微博宣传小米汽车冬季驾驶性能，曾直言小米是北方的车企，造车之初，就提出一个很高 的目标：要做纯电车冬季续航之王。 此前，汽车之家对小米YU7、理想i6、特斯拉Model Y三款热门新能源SUV进行了冬季续航达成率测 试。雷军转发了该冬测续航数据并表示，汽车之家冬季续航测试，小米YU7，续航里程和达成率双第 一。北京10度温度下，续航干到了687公里。 雷军曾多次在微博宣传小米汽车冬季驾驶性能，曾直言小米是北方的车企，造车之初，就提出一个很高 的目标：要做纯电车冬季续航之王。 此前，汽车之家对小米YU7、理想i6、特斯拉Model Y三款热门新能源SUV进行了冬季续航达成率测 试。雷军转发了该冬测续航数据并表示，汽车之家冬季续航测试，小米YU7，续航里程和达成率双第 一。北京10度温度下，续航干到了687公里。 责任编辑：王翔 责任编辑：王 ...

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]

Group 1: Demand Situation During New Year - Overall passenger car demand during the 2026 New Year holiday was relatively weak, with only a few brands like Geely Galaxy, Zeekr, and Tesla seeing some customer flow [1] - New energy vehicle orders saw a significant decline, with daily electric vehicle orders dropping by 30%-50% and gasoline vehicle orders down by 20%-30% [1] - The main reason for the decline was consumer reaction to the half-price vehicle purchase tax policy, with many customers from the previous year not quickly converting their orders [1] Group 2: Future Outlook - Many automakers have set significant growth targets for 2026, but with current weak orders, manufacturers are likely to implement promotional policies to ensure sales [2] - There is still demand for car purchases during the New Year, and combined with promotions from manufacturers and dealers, a gradual recovery is expected [2] Group 3: Price Outlook - The first quarter is expected to see downward pricing and inventory clearance, with current discounts being reasonable [3] - The single vehicle subsidy from the purchase tax policy is around 4%-5%, and as long as it does not lead to losses for manufacturers and dealers, it should comply with regulations [3] Group 4: Impact of Raw Material Price Increases - In January, automakers are focused on inventory digestion, and end consumers have not yet felt the impact of price increases [4] - Any potential price hikes are expected to occur after March, coinciding with the new car release cycle [4] Group 5: Annual Demand Outlook - The total domestic passenger car registration volume in 2026 is expected to decline slightly by 2%-3%, making it difficult to match 2025 levels [5] - Gasoline vehicle sales are projected to drop by 1.5-1.8 million units, creating additional space for new energy vehicles, which are expected to grow by 5%-10% [5] - The market share of plug-in hybrids is anticipated to increase from 20% to 25%, while pure electric vehicles are expected to maintain around 35% market share, with plug-in hybrids having a greater impact on conservative gasoline vehicle users [5]