蔚来-SW 谈及电池安全，沈斐强调，换电体系是核心优势。"乐道用户90%补能依赖换电与家充，无需追求高风 险超充技术；换电站可通过智能检测识别电池毫米级刮伤，借助脉冲内检监测充放电特征，还能为电池 提供应力释放保养，若云端发现安全隐患，可在用户换电时拦截检测，甚至上门更换，安全性远超非换 电产品；且乐道电池均采用液冷技术，能适应全地域气候条件。" 近期，曾经聚焦纯电技术的小鹏汽车，高调推出首款超级增程车型；而靠增程式混动出圈的理想，却加 速投入纯电赛道的怀抱——中国新能源汽车市场正上演一场耐人寻味的"技术路线对调"。业内认为，在 纯电与增程"龙虎斗"下，造车新势力"技术对调"打破"路线围城"。 在"蔚小理"阵营中，没有出现"折返跑"的只有蔚来。 今年下半年以来，李斌在多个场合强调，用户从纯电技术带来的体验收益，已经大于因为加电不便带来 体验损失的拐点。基于此，近期越来越多的以大三排SUV为代表的纯电产品，销量开始跃升，增速远超 增程、插混和燃油大三排。 "用户的选择和市场数据已经显示出大三排SUV的纯电时代正在到来。"李斌认为。 关于纯电与大电池超级增程的先进性与取舍问题，沈斐在接受包括证券时报记者在内的采访 ...

Core Insights - Xiaopeng Motors reported Q3 2025 total revenue of 20.38 billion, a year-on-year increase of 101.8%, with total deliveries of approximately 116,000 units, up 149.3% year-on-year, and a gross margin of 20.1%, an increase of 4.8 percentage points year-on-year [1] Group 1: Robotics Business - Xiaopeng plans to achieve sales of over 1 million units for its humanoid robots by 2030, with the CEO believing that the market potential for robots is greater than that for cars [1] - The current generation of Xiaopeng's robots is the seventh, with plans for true mass production of the eighth generation [1] - The company aims to leverage synergies between automotive and robotics sectors, with plans to test robots in commercial scenarios by 2026 [2] Group 2: Cost and Pricing Strategy - The BOM cost of robots is expected to approach that of cars, with software costs constituting 50% of the robot's BOM compared to only 10% for cars [2] - Xiaopeng aims to price its robots competitively to achieve the vision of widespread household adoption [2] Group 3: Robotaxi Business - Xiaopeng's Robotaxi will not use high-precision maps or LiDAR, with plans to launch three Robotaxi models by 2026 and initiate trial operations in China [3] - The company plans to collaborate with various service providers in the Robotaxi industry chain, with a focus on technology operations and business models [2] Group 4: Future Projections - For Q4, Xiaopeng anticipates total deliveries between 125,000 and 132,000 units, a year-on-year increase of 36.6% to 44.3%, with expected revenue between 21.5 billion and 23 billion [3] - In Q1 of the following year, Xiaopeng will launch seven super extended-range models to capture market share in key segments [3]

小鹏人性机器人、Robotaxi仍是资本市场关注的焦点。 11月17日晚间，小鹏汽车（09868.HK）发布2025年第三季度财报，总营收为203.8亿元，同比增长 101.8%；总交付量约11.6万辆，同比增长149.3%；毛利率达20.1%，同比提升4.8个百分点。在当晚举行 的财报业绩会上，资本市场关注点仍聚焦小鹏人形机器人业务和Robotaxi等 AI领域业务。 聚焦Robotaxi业务，在监管许可的前提下，小鹏将先跑通Robotaxi的技术运营以及商业模型，再跟高德 等合作方展开合作。区别于其他自动驾驶厂商，小鹏将跟Robotaix产业链中不同环节的服务供应商合 作，各自扮演好不同的角色。比如：高德将聚焦流量入口、支付、运营服务环节，小鹏负责做好工具 箱、开放接口能力，以此快速推行全球化。 根据规划，有别于行业目前主流的Robotaxi技术路线，小鹏Robotaxi不使用高精地图和激光雷达，并且 计划在2026年推出三款Robotaxi车型，还将在中国开启Robotaxi试运营。 在即将到来的第四季度，小鹏汽车将迎来关键的盈亏平衡点，小鹏汽车预期总交付量达12.5万辆～13.2 万辆，同比增加36. ...