以下文章来源于Counterpoint 咨询 ，作者Counterpoint Counterpoint 咨询 . Counterpoint Research 是一家专注于科技行业的全球性研究公司，在全球主要的市场有着强大的影响 力。我们致力于为合作伙伴提供准确、及时的市场数据，帮助他们做出明智的决策。 全球电动车市场正进入一个明显分化的阶段，全球电气化转型不再沿着单一方向推进。当中国正全 力推进电动汽车主导地位时，欧盟与美国则表现出犹豫甚至阶段性回撤，不仅放松排放监管要求， 也重新调整了原本支持电气化的相关政策。 电动车发展路径分化：中国迅猛增长，美国增速放缓 该政策调整源于包括大众、雷诺、奔驰、宝马、斯特兰蒂斯在内的主要车企，以及德国、意大利、 匈牙利、波兰等多个欧盟成员国的持续游说。相关利益方普遍对成本压力、供应链约束以及全球竞 争加剧表达担忧。政策灵活性有助于车企在不影响生产和投资节奏的前提下维持竞争力，但同时也 可能削弱欧盟在与快速扩张、成本效率更高的中国电动车制造商竞争中的长期优势。 中国电动汽车在乘用车整体销量中占比已突破 50%，这表明电动出行在中国已从政策驱动型普及迈 入市场驱动型可持续发展阶 ...

Core Viewpoint - Xiaomi's automotive division is facing significant public scrutiny and criticism, prompting the company to take legal action against accounts spreading negative commentary. However, the company believes that product performance will ultimately shift public perception [1][3]. Group 1: Legal Actions and Public Perception - Xiaomi has initiated lawsuits against various accounts that have been attacking its car owners, which has led to a noticeable decrease in negative comments on social media posts related to car ownership [1]. - The company recognizes that while legal actions are a defensive measure, a more effective strategy to change public opinion relies on the quality and performance of its products [3]. Group 2: Product Performance and Sales Data - Xiaomi's SU7 model has achieved the highest sales among vehicles priced over 200,000 yuan in the past 12 months, with a total of 247,000 units sold from January to November, and an expected annual total of around 260,000 units [4]. - The YU7 model has also performed well, ranking first in sales among mid-to-large SUVs for four consecutive months, with projected annual sales reaching approximately 150,000 units [5]. - The sales figures indicate that consumers are willing to purchase high-quality products, reinforcing the confidence of Xiaomi's leadership in the automotive market [6].

Core Viewpoint - The article highlights the significant growth and transformation of the Chinese electric vehicle (EV) industry over the past decade, focusing on the rise of new car manufacturers like Leap Motor, which has achieved remarkable sales and innovation milestones. Group 1: Industry Transformation - The Chinese EV market has evolved dramatically, with sales increasing from 331,000 units in 2015 to an estimated 16.4 million units in 2025, achieving a penetration rate of over 50% [1] - New car manufacturers have played a crucial role in this transition, with many brands emerging and some being eliminated as the market matures [1] - Leap Motor has emerged as a leader with nearly 600,000 annual deliveries, positioning itself among the top EV brands in China [4] Group 2: Leap Motor's Unique Approach - Leap Motor distinguishes itself through a "reverse internet celebrity" model, focusing on self-research and manufacturing of core components, achieving a self-research ratio of 65% in vehicle costs [2][12] - The company has seen rapid growth, increasing deliveries from 43,000 units in 2021 to nearly 600,000 units in 2023, with about 10% of sales coming from overseas markets [4] - Leap Motor's founder, Zhu Jiangming, emphasizes a product philosophy of "good but not expensive," aiming to provide high-quality vehicles at competitive prices [6][8] Group 3: Financial and Operational Strategy - Leap Motor's financial strategy is characterized by cautious investment, with fixed asset investments only reaching 7.17 billion yuan by mid-2023, significantly lower than traditional automakers [12] - The company has established a strong supply chain and manufacturing system, achieving over 70,000 vehicle deliveries in October and November 2023 alone [14] - Leap Motor's collaboration with Stellantis and China FAW has opened international markets, with over 800 sales and service points established globally [20] Group 4: Future Goals and Innovations - Leap Motor aims to achieve an annual sales target of 1 million vehicles by 2026, with long-term goals of reaching 4 million vehicles annually [24][26] - The company plans to diversify its product lineup with four major series (A, B, C, D) targeting various market segments, leveraging its self-research capabilities to reduce costs [26] - Increased R&D investment is expected to drive innovation, with 3.104 billion yuan allocated in the first three quarters of 2023 alone [28]

Core Insights - Leap Motor, celebrating its 10th anniversary, reported significant achievements for 2025, including nearly 600,000 annual sales and expansion into 35 overseas markets with over 800 stores [1] - The company's growth trajectory aligns with China's strategic transformation periods, showcasing a successful example of "bending the curve" in manufacturing [1] - Leap Motor's commitment to core technology independence has been evident since its inception, focusing on self-developed components to differentiate itself from competitors [2][3] Company Development - Leap Motor launched its first model, the S01, in 2017, which, despite low sales, served as a testing ground for its self-research capabilities [2] - The company transitioned to the high-value micro electric vehicle market with the T03 in 2020, achieving rapid sales growth and funding further research [3] - Leap Motor has built a robust engineering team of 6,000, with over 80% in R&D, achieving over 65% self-manufacturing of core vehicle components [3] Technological Advancements - Leap Motor has developed key technologies such as the "Lingxin 01" automotive-grade intelligent driving chip and an integrated battery chassis system, breaking foreign technology monopolies [3][4] - The company has achieved an 88% commonality rate in parts across its C series SUVs, significantly reducing R&D and manufacturing costs [3] - Advanced features previously exclusive to luxury vehicles are now standard in Leap Motor's models, promoting wider adoption of smart electric vehicles [4] Market Positioning - Leap Motor has strategically targeted the mainstream market (priced between 100,000 to 200,000 yuan), emphasizing cost-effectiveness over brand premium [6] - The company has achieved over 600,000 annual sales and 60,000 overseas deliveries by 2025, leading among new energy vehicle brands [6][8] - Leap Motor's unique approach of focusing on engineering capabilities rather than market trends has allowed it to navigate industry challenges successfully [6][7] Global Expansion - Leap Motor's global strategy includes partnerships with Stellantis to enhance its international presence, with over 800 overseas channels established [9][10] - The company showcased its models at international auto shows, gaining attention and interest from global automotive leaders [8][9] - Leap Motor plans to expand into South America, establishing a network of dealerships and local partnerships to facilitate market entry [10] Strategic Vision - Leap Motor's journey reflects the broader evolution of China's electric vehicle industry, emphasizing the importance of technological independence and long-term commitment [11][12] - The company maintains a cautious approach to its achievements, recognizing the need for continuous improvement to reach global competitiveness [12] - Leap Motor's story is a testament to the potential of Chinese manufacturing to excel on the global stage through innovation and strategic alignment with national goals [12]

Core Viewpoint - The article highlights the significant achievements of Leap Motor in its ten years of operation, emphasizing its ambitious goal of reaching annual sales of one million vehicles by 2026 and the importance of continuous innovation, quality, and global market expansion [6][9][13]. Group 1: Leap Motor's Achievements - Leap Motor celebrated its tenth anniversary, achieving nearly 600,000 vehicle sales in the past year and is expected to achieve annual profitability [6][8]. - The company has successfully implemented core technologies such as LEAP3.5 central domain control and 800V high-voltage platform, demonstrating its capability for rapid mass production [6][8]. - Leap Motor's B10, B01, Lafa5, and updated models C16, C11, and C10 have seen significant sales success, with the C10 reaching a monthly sales peak of 20,000 units [6][8]. Group 2: Global Expansion - Leap Motor has accelerated its global expansion, entering 35 overseas markets and establishing over 800 overseas stores, with annual overseas deliveries expected to exceed 60,000 units [7][8]. - The collaboration with Stellantis Group is yielding synergistic effects, positioning Leap Motor as a competitive player in the global market [7][8]. Group 3: Future Goals and Strategies - The company aims to enhance its capabilities in technology innovation, product quality, overseas market expansion, and organizational efficiency to meet its sales target of one million vehicles by 2026 [9][10]. - Leap Motor emphasizes the need for continuous innovation and maintaining high product quality to become a benchmark in the industry [9][10]. - The company recognizes the importance of adapting to global markets and enhancing user experience to build a strong reputation [9][10].

作为小鹏汽车海外业务新兴增长市场，今年前10个月，小鹏汽车在当地的纯电品牌累计销量跻身前六 强。"项目将于明年实现量产，旨在打造服务整个东盟右舵车市场的战略枢纽。"小鹏汽车相关人士表 示，本次推进海外本地化生产项目，小鹏汽车旨在与本地市场和消费者共同成长，提供更贴合当地消费 者习惯的高品质智能产品。 小鹏汽车拓展马来西亚市场是中国车企出海路径的缩影，包括比亚迪、长城、北汽、奇瑞等车企陆续杀 入马来西亚汽车市场，从车型出口到实现当地生产，中国汽车在马来西亚市场的投入持续升温。其中， 今年4月，Stellantis集团与零跑汽车宣布，双方将启动马来西亚本地化组装项目。据了解，该项目将基 于Stellantis集团现有的位于马来西亚吉打州的Gurun工厂展开，项目初始投资额为500万欧元，并计划于 今年底前启动首款零跑车型C10的本地化生产。 不同于借助合作伙伴本地化生产的零跑汽车，比亚迪则是选择在马来西亚建设组装工厂(CKD)在当地进 行制造生产，并将于明年正式投产。而早在2022年，比亚迪就在马来西亚当地推出ATTO 3车型，该车 国内版本为元PLUS。"马来西亚一直是比亚迪在东南亚最重要的市场之一。"比亚迪亚 ...

国土面积约33万平方公里的马来西亚，正聚集众多中国车企落地建厂。12月15日，小鹏汽车发布消息 称，已与马来西亚EPMB集团签约，启动其马来西亚本地化生产项目。这是继印尼、奥地利之后，小鹏 在全球布局的第三个本地化生产项目。小鹏在马来西亚本地化生产是中国新能源车企出海路径的缩影， 包括比亚迪、广汽、奇瑞等中国车企均奔赴马来西亚。近年来，国内汽车市场竞争越发激烈，海外市场 正成为增量"抓手"，从出行到技术再到本地化生产，中国车企正逐步在全球扩展市场。 多元化"切入" 随着"出海"加速，为何马来西亚成为中国汽车重点布局阵地？ 近年来，国内新能源汽车增速逐渐显现放缓趋势，车企开始寻找新的增量市场。反观，近年来东盟汽车 市场正处于爆发式增长阶段。其中，马来西亚市场表现尤为亮眼。 据统计，今年二季度，东盟的印度尼西亚、马来西亚、泰国、菲律宾、越南5个国家的汽车总销量约 70.71万辆。其中，马来西亚市场汽车销量反超印尼市场，首次摘得区域内汽车销冠。不仅是总销量， 新能源汽车在马来西亚市场的渗透率也逐步提升。据统计，去年，马来西亚纯电动车市场销量同比增长 超200%。有调查显示，随着汽油价格上涨和民众环保意识增强，已有约 ...

国土面积约33万平方公里的马来西亚，成为众多中国车企生产制造选择地。12月15日，小鹏汽车发布消 息称，已与马来西亚EPMB集团签约，正式启动其马来西亚本地化生产项目。这是继印尼、奥地利之 后，小鹏在全球布局的第三个本地化生产项目。小鹏在马来西亚本地化生产是中国新能源车企出海路径 的缩影，包括比亚迪、广汽、奇瑞等中国车企均奔赴马来西亚。近年来，国内汽车市场竞争越发激烈， 海外市场正成为增量"抓手"，从出行到技术再到本地化生产，中国车企正逐步在全球扩展市场。 多元形式"切入" 仅半年时间，小鹏汽车有三个海外本地化生产项目落地。 为何是马来西亚 随着"出海"加速，为何马来西亚成为中国汽车重点布局阵地？ 近年来，国内新能源汽车增速逐渐显现放缓趋势，车企开始寻找新的增量市场。反观，近年来东盟汽车 市场正处于爆发式增长阶段。其中，马来西亚市场表现尤为亮眼。 据统计，今年二季度，印度尼西亚、马来西亚、泰国、菲律宾、越南等东盟5个国家的汽车总销量约 70.71万辆。其中，马来西亚市场汽车销量反超印尼市场，首次摘得区域内汽车销冠。不仅是总销量， 新能源汽车在马来西亚市场的渗透率也逐步提升。据统计，去年，马来西亚纯电动车市场销 ...

乘联分会最新数据显示，11月国内新能源乘用车市场零售量为132.1万辆，同比增长4.2%，新能源市场零售渗透率达到59.3%。 | 電量(4) | | | | | HOG | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 零售 (母位: 万吨) | BEV | PHEV | EREV | NEV | HD | BEV | PHEV | EREV | NEV | | | संक्री | 播电 | 增程 | 음난 | (单位:万辆) | 纯电 | 摘电 | 增程 | 合计 | | 11月份 | 82.7 | 37.8 | 11.6 | 132.1 | 11月份 | 16.2 | 11.9 | 0.3 | 28.4 | | 10月份 | 81.0 | 36.0 | 11.2 | 128.2 | 10目份 | 14.9 | 8.3 | 0.6 | 23.8 | | 同期 | 75.7 | 38.9 | 12.1 | 126.7 | 同期 | 6.1 | 2.1 | 0.0 | 8.3 | | 同比 | 9.2% | - ...

产品力方面，示界06有一定亮点，如底盘调校由标致雪铁龙团队操刀，麋鹿测试75km/h的成绩媲美20万元级车型，但在智能化方面却表现平平。其配备的 8155芯片和L2级智驾，与银河E5全系激光雷达、零跑C10搭载的8295芯片相比，缺乏激光雷达和连续语音交互功能，竞争优势难以显现。 更让消费者对示界06提不起兴趣的，或许还在于其存在"换壳"的嫌疑。其外观与风神SKY EV01高度一致，仅更换了车标LOGO；内饰设计与风神L7相似， 主要区别也仅体现在方向盘车标LOGO上。虽然三款车同属东风自家产品，资源共享可节约成本，但在消费者眼中，这却是品牌缺乏诚意的表现，难以提起 消费者的兴趣。 作为示界背后的品牌，神龙汽车也一直被销量所困扰。2016年，其从巅峰时期的71万辆骤降至60万辆，此后连续8年持续下滑。2020年启动的"元+"计划 和"五心守护行动"虽带来短暂回暖，但未能扭转长期颓势。神龙汽车2023年销量同比下滑35.81%，2024年同比下降15%，2025年前10个月同比跌幅扩大至 24.9%。这种断崖式下跌的背后，是产品结构与市场需求的严重错位。当中国新能源汽车市场以年均40%增速狂奔时，神龙汽车新能源 ...