2026.02. 01 作者 | 第一财经 葛慧 2月1日，蔚来推出2月限时金融购车方案。当月订购蔚来ET5、ET5T、ES6、EC6并成功锁单的用 户，可享限时7年84期金融购车方案，首付低至20%起，年化费率低至0.49%。 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 飞天茅台价格全线上涨 EST p s top p Readlines Nederlands Committee Lro a di 图 KWEICHOW MOUTAICO.LTD Alley 据不完全统计，目前已经有特斯拉、小鹏、理想、小米、吉利等9家车企推出了低息金融购车方案， 其中部分方案低至0首付。 微信编辑 | 雨林 ...

2月1日，蔚来推出2月限时金融购车方案。当月订购蔚来ET5、ET5T、ES6、EC6并成功锁单的用户，可 享限时7年84期金融购车方案，首付低至20%起，年化费率低至0.49%。据不完全统计，目前已经有特斯 拉，小鹏，理想，小米，吉利等9家车企推出了低息金融购车方案，其中部分方案低至0首付。 （文章来源：第一财经） ...

我怕除夕的鞭炮太响，我怕初一的祝福太多，所以在还有小一个月才过年的今天，脖子哥在这里给各位差友拜年啦。 预祝大伙在新的一年读书的高分上班的挣钱，饺子饺子饺饺子。 而在编辑部都在东摸西摸准备放假的同时，有不少车企也发布了自家在 2026 年的销量目标。 对比各家去年定下的目标和最后的达成率，有些选手今年可以说是依旧相当激进，干就完了。 有另一部分选手则是选择了激流勇退，明年过得差不多就得了。当然，也有一些你绝对想不到的品牌做出了一些你想不到的决定。 挺有意思，脖子哥这就带各位股东快速审阅一下。大家也能看看自己喜欢或者想买的品牌，在明年会是个啥状态。 那么首先第一个，处在风口浪尖的车企小米。前一阵在直播的时候，小米的老大雷军表示自家的汽车业务在 2026 年的目标，是一个 " 不高不低 " 的 55 万 辆。 对比小米去年 41 万台的交付量，这个数字好像确实不算离谱，增量 " 只有 "普通的 34% 。但不要忘了，小米在去年最初定下的全年目标可只有 30 万台， 已经非常夸张的超额完成目标了。 这一方面让刚上市没没多久的小米成了随处可见的爆款，也让一般需要好几年才能慢慢提高的新车产能变得十分吃紧。 去年年底的时 ...

Core Viewpoint - Tesla's stock price dropped 4.14% on January 6, resulting in a market value loss of $66.23 billion, attributed to disappointing sales figures for 2025 [1][2]. Group 1: Sales Performance - In 2025, Tesla's global deliveries reached 1.636 million units, a year-on-year decline of 8.6%, marking the first time it lost its title as the global leader in pure electric vehicle sales [3]. - In China, Tesla's sales for the first 11 months of 2025 were 531,900 units, down 7.37% from 574,200 units in the same period last year, while the domestic electric vehicle market continued to grow [5]. - Tesla's sales in China showed a pattern of "overall weakness with a short-term year-end rebound," indicating a struggle against increasing competition from local brands [4]. Group 2: Competitive Landscape - BYD's pure electric vehicle sales reached 2.2567 million units in 2025, a year-on-year increase of 27.86%, highlighting the competitive pressure on Tesla [5]. - Tesla's Shanghai Gigafactory contributed 52% of its global deliveries in 2025, but the demand in China was significantly affected by local brands [5]. - Local brands like Xiaomi and BYD are rapidly gaining market share through frequent product updates and better alignment with consumer preferences, contrasting with Tesla's slower product iteration [8]. Group 3: Product and Market Adaptation - Tesla's slower product updates and lack of localized adaptations are seen as core issues contributing to its declining sales [8]. - The absence of Tesla's Full Self-Driving (FSD) system in China, limited by regulatory constraints, further hampers its competitive edge [9]. - Analysts suggest that Tesla needs to accelerate localization efforts to transition from "Tesla China" to "China Tesla," emphasizing the importance of aligning with local market demands and consumer values [9].

Core Insights - The new energy vehicle (NEV) industry in 2025 has shown a clear division between leading brands and those lagging behind, with a notable performance from new entrants like Leap Motor, Hongmeng Zhixing, and Xiaopeng, which have solidified their positions in the first tier of the market [2][5][6] - Traditional automakers' second-generation brands, such as Deep Blue, Zhiji, and Avita, despite having strong backing, have struggled to compete and remain in the second tier [2][5] Market Performance - In 2025, the top three new car brands were Leap Motor (596,555 units, +103%), Hongmeng Zhixing (589,107 units, +32%), and Xiaopeng (429,445 units, +126%) [5][7] - Other notable brands included Xiaomi Auto (over 411,625 units), Li Auto (406,343 units), and Deep Blue (333,117 units) [5][7] - The bottom performers were Avita (128,772 units), Zhiji (81,000 units), and Deep Blue (150,169 units), with Zhiji being the only brand with sales below 100,000 units [6][7][8] Competitive Landscape - The NEV market is transitioning from growth to intensified competition, with a resurgence of price wars as seen with BMW's significant price cuts across multiple models [3][4][14] - The first-tier brands are primarily pure new car manufacturers, while many second-tier brands are traditional automakers' second-generation brands, which have shown promising growth rates despite lower overall sales [8][11] Future Outlook - The NEV market is expected to see slower growth in 2026, with predictions of only about 2% increase in sales, leading to a more competitive environment [14][15] - Brands like Lantu and Deep Blue are anticipated to perform well in 2026, with Lantu expected to expand its product lineup significantly and Deep Blue achieving high delivery rates [19][21] - Conversely, brands like Avita and Zeekr may face challenges in maintaining momentum due to market saturation and pricing pressures [22][25] Consumer Sentiment - Consumers show a preference for traditional automakers' NEV brands, citing concerns over the stability and reliability of newer entrants [26][27] - The backing of established manufacturers provides a sense of security for consumers, influencing their purchasing decisions [26][27]

Core Viewpoint - The article discusses the rising trend of young consumers opting for second-hand electric vehicles (EVs) over new cars, highlighting the significant market shift and the strategies employed by platforms like Guazi to capitalize on this trend [4][6][55]. Group 1: Market Trends - Young consumers are increasingly turning to second-hand cars, particularly EVs, as they seek better value for money [4][6]. - The total transaction volume of second-hand cars in China is projected to exceed 20 million units for the first time this year, with a year-on-year growth of 2.95% [6]. - Platforms like Guazi have recognized the opportunity in the second-hand EV market and are investing heavily in this sector [9]. Group 2: Marketing Strategies - Guazi's marketing tactics have effectively captured the attention of young consumers, with campaigns promoting second-hand Teslas at prices as low as 99,000 yuan [11][18]. - The company utilizes creative advertising methods, including integrating promotions into popular content, to reach potential buyers [12][20]. - The marketing strategy emphasizes the affordability and quality of second-hand EVs, appealing to consumers' desire for value [24][30]. Group 3: Buyer and Seller Dynamics - The second-hand EV market is characterized by a stark contrast between sellers experiencing significant depreciation and buyers finding opportunities for great deals [32][35]. - Sellers often face harsh realities regarding the depreciation of their vehicles, with many reporting that actual offers are significantly lower than expected [36][39]. - The rapid technological advancements in EVs contribute to quick depreciation, making it challenging for sellers to maintain value [39][41]. Group 4: Market Evolution - The emergence of second-hand EVs is reshaping the entire second-hand car market, attracting various players, including traditional platforms and car manufacturers [46][49]. - Trust and transparency have become critical factors in winning over consumers, with platforms offering guarantees and detailed inspections to alleviate buyer concerns [49][51]. - The second-hand EV market is still in its early stages regarding evaluation standards, indicating a need for improved practices to ensure fair assessments [51][55]. Group 5: Future Outlook - The growth of the second-hand EV market is seen as an inevitable trend that addresses the needs of both new car owners looking to trade in and young consumers seeking affordable transportation [55][56]. - For the market to mature, collaboration among platforms, sellers, and buyers is essential to foster a healthy buying environment [55][56].

Core Viewpoint - Tesla's Q4 2025 global deliveries fell short of expectations, primarily due to the cancellation of the IRA subsidy in the U.S. and other factors [2] Group 1: Tesla Performance - In Q4 2025, Tesla's global delivery volume decreased by 15.6% year-on-year and 15.9% quarter-on-quarter, totaling 418,000 vehicles, with Model 3 and Model Y deliveries down by 13.8% year-on-year and 15.5% quarter-on-quarter to 407,000 vehicles [2] Group 2: NIO and Other New Energy Vehicles - NIO regained the top position among new energy vehicle manufacturers in December, with a delivery volume of 48,135 vehicles, representing a year-on-year increase of 54.6% and a quarter-on-quarter increase of 32.7% [3] - Ideal's delivery volume decreased by 24.4% year-on-year but increased by 33.3% quarter-on-quarter to 44,246 vehicles [3] - Xiaopeng's delivery volume increased by 2.2% year-on-year and 2.1% quarter-on-quarter to 37,508 vehicles [3] Group 3: New Year Purchase Incentives - Tesla announced that the domestic Model 3 will be delivered in February 2026, with various financing policies extended [4] - Ideal's delivery cycles for several models have been adjusted, with cash subsidies available for January purchases [4] - NIO and Xiaopeng also introduced various delivery cycle adjustments and promotional offers for their vehicles [4][5] Group 4: Policy Updates - The Ministry of Commerce and other departments released the implementation details for the 2026 vehicle trade-in subsidy, extending the policy for another year and adjusting the subsidy method [6]

Core Insights - The delivery rankings of new car manufacturers have undergone significant changes in November, with a reshuffling of positions following the "golden September and silver October" period [1] Group 1: Delivery Rankings - Hongmeng Zhixing topped the delivery chart with 81,864 units, achieving a year-on-year growth of 90% and a month-on-month increase of 20% [2][3] - Leap Motor maintained its position as the "single brand champion" with 70,327 units delivered, marking its second consecutive month above 70,000 [4] - Xiaomi entered the top three with over 40,000 units, while BYD's Fangchengbao emerged as a dark horse with 37,405 units [5] Group 2: Competitive Landscape - In the second tier, brands like Xiaopeng (36,728 units) and NIO (36,275 units) are in close competition, with Ideal (33,181 units) and Deep Blue (33,060 units) also in the mix [5][21] - Zeekr accelerated its growth with 28,843 units, while Lantu broke the 20,000 mark for the first time [6] Group 3: Financial Performance and Market Challenges - Despite high delivery numbers, companies like Leap Motor face challenges in profitability, with a net profit of 150 million yuan in Q3, down 8% from the previous quarter [12][13] - Xiaomi's automotive division reported a 700 million yuan operating profit in Q3, making it the fastest to achieve profitability among new forces, yet its stock price has been under pressure due to negative publicity [14][15] - NIO's stock fell 20% in November after lowering its Q4 delivery guidance, indicating challenges in meeting profitability targets [24][30] Group 4: Strategic Adjustments - Xiaopeng is transitioning to a dual strategy of pure electric and range-extended vehicles, with plans to launch three new range-extended models in Q1 next year [19][20] - NIO is focusing on high-end models to improve overall gross margins, while also facing pressure to enhance profitability [22][26] - Ideal is adjusting its organizational structure and technology to address ongoing challenges, with a focus on ramping up production of its new electric model [28][30]

Core Viewpoint - The delivery rankings of new car manufacturers have undergone significant changes in November, with a reshuffling of positions following the "golden September and silver October" period, highlighting the competitive landscape in the electric vehicle market [4][6]. Group 1: Delivery Rankings - Hongmeng Zhixing topped the delivery chart with 81,864 vehicles delivered, a year-on-year increase of 90% and a month-on-month increase of 20%, becoming the "alliance leader" among new forces [5][10]. - Leap Motor maintained its position as the "single brand champion" with 70,327 vehicles delivered, indicating a strong competitive dynamic between the top two players [6][17]. - Xiaomi entered the third position with over 40,000 vehicles delivered, while BYD's Fangchengbao emerged as a dark horse with 37,405 vehicles, intensifying competition in the 30,000 to 40,000 vehicle range [7][19]. Group 2: Market Dynamics - The second tier of manufacturers is characterized by fierce competition, with brands like Xiaopeng and NIO facing challenges in maintaining their delivery volumes amid strategic adjustments and market pressures [24][26]. - NIO delivered 36,275 vehicles in November, a year-on-year increase of 76.3%, but faced stock price declines due to lowered fourth-quarter delivery guidance [28][29]. - Li Auto's deliveries reached 33,181 vehicles, showing signs of recovery, but the company still faces challenges in scaling production and maintaining profitability [32]. Group 3: Financial Performance and Market Sentiment - Xiaomi's automotive division reported a significant operating profit of 700 million yuan in Q3, making it the fastest profitable new force, despite facing negative market sentiment due to various controversies [20][21]. - Leap Motor's stock price fell by 9% in November, raising concerns about its ability to balance scale and profitability, especially in competitive price segments [17][18]. - The overall market sentiment reflects a growing scrutiny on profitability and sustainability, with companies needing to demonstrate not just sales growth but also healthy financial performance to meet investor expectations [36][37].

Core Insights - The November sales report reveals significant differentiation among automotive companies, with several brands achieving record deliveries and growth rates. Group 1: Major Players' Performance - Homologous Intelligent Mobility achieved a historical monthly delivery high of 81,900 units in November, an increase of 40,000 units year-on-year, with a 20% month-on-month growth [1][5][7] - Leap Motor continued to break monthly sales records, delivering 70,300 units in November, representing a year-on-year growth of over 75% and maintaining growth for nine consecutive months [1][9] - Xiaomi delivered over 40,000 units for the third consecutive month, with expectations to exceed 400,000 units for the entire year [1][15][18] - The "New Forces" (Xiaopeng, NIO, and Li Auto) all delivered over 30,000 units in November, with Xiaopeng at 36,728 units, NIO at 36,300 units, and Li Auto at 33,181 units [1][22][31] Group 2: Emerging Brands and Trends - The second tier of new forces saw significant growth, with Lantu surpassing 20,000 units for the first time, and both Zhiji and Avita achieving record sales of 13,600 and 14,100 units respectively [1][34][38] - BYD sold 480,200 units in November, exceeding production by 6,000 units, with cumulative sales for the year surpassing 4.18 million units [1][3] - Geely's monthly sales reached 310,000 units, a 24% year-on-year increase, with cumulative sales for the year at 2.79 million units [2][3] Group 3: Market Dynamics and Future Outlook - The automotive industry is entering a critical year-end sales period, with companies expected to ramp up promotions and new vehicle launches to secure annual rankings [4][40] - The competition is anticipated to intensify as companies respond to the impending expiration of national subsidies, leading to increased promotional activities [40]