2025年，零跑汽车以近60万辆的年销量，成为造车新势力销量"冠军"；而曾经风光无限的哪吒汽车，却正式走向拍卖台，任人挑选。这两家起步时间相近、 均主打性价比产品的新造车企业，在十年间走出了截然不同的命运轨迹，一个登顶巅峰，一个黯然谢幕。 "蔚小理"（蔚来、理想、小鹏）曾是造车新势力的开山鼻祖，一度占据着舆论焦点。但10年之间，镁光灯的焦点逐渐转移。到了2025年，零跑、鸿蒙智行和 小米等"黑马"吸引着越来越多的注意力。 零跑在2025年销售59.7万辆，同比增长103%，首次登顶销量"冠军"宝座。这家从安防业跨界而来的企业，前期并不被看好。2019年零跑推出首款电动轿跑车 型时，市场遇冷。随后，零跑转变战略，瞄准主流大众市场，推出微型车T03打开市场，后续又推出C11等车型，并加推增程式混动车型，凭借"半价理 想"的性价比优势，销量持续攀升。 同时，零跑获得Stellantis的投资与战略合作，品牌背书得以强化。2025年，借助与Stellantis集团的合作，零跑在海外发布新品，出海进程得到提速。此外， 零跑还与中国一汽达成战略合作并获得后者入股。不过，在走量的同时，如何实现品牌高度提升，成为零跑接下来面 ...

文｜新能源观 图/"创二代"母公司及其代表车型 进入2026年，新能源汽车市场将迈入增速放缓、存量竞争加剧的新阶段。尤其是开年宝马31款车型最高降30.1万元，特斯拉推出7年低息、5年0息的金融政 策，"价格战"硝烟再起。 | | 宝马各车型降价情况 | | | | | | --- | --- | --- | --- | --- | --- | | 车型播送 | 原建议零售价格 | 新建议零售价格 | 障价变额 | 障幅比例 | | | 7351 | 919,000 | 808,000 | 111,000 | 12,08% | T = | | 740Li 领先型 | 1,069,000 | 938,000 | 131,000 | 12 26% | | | 740Li 尊享型 | 1,269,000 | 1,128,000 | 141,000 | 11 11% | | | i7 eDrive50L 领先型 | 949,000 | 808,000 | 141,000 | 14.86% | | | i7 eDrive50L ■ | 1,169,000 | 988,000 | 181,000 | 15.49% | | ...

文｜新能源观 众所周知，车企盈利的左右手是"以量取胜"和"以质见长"，前者如比亚迪，后者如赛力斯。 2025年，比亚迪总共销售了460万辆，同比增长7.73%，销量基本盘海洋网和王朝网合计贡献了407.5万辆，占总销量的88%。赛力斯问界汽车2025年新车交 付总计突破42万辆，同比增长9.25%。 图/2025年比亚 迪销量 而从两家车企公布的最新一期财报来看，比亚迪2025年前三季度全球累计销量326万辆，同比增长18.64%；营收达5662.7亿元，同比增长13%；净利润为 233.33亿元，同比下降7.55%。 | 产品名称 | | | 产量 | | | | --- | --- | --- | --- | --- | --- | | | 本月 | 本月同比 | 本年累计 | 累计同比 | 本月 | | 新能源汽车 | 45, 453 | 21. 48% | 310, 084 | -3. 49% | 44, 678 | | 其中:赛力斯汽车 | 42, 459 | 16. 88% | 281, 822 | -5.44% | 41.249 | | 其他车型 | 3, 794 | -40. 29% | 35 ...

Core Viewpoint - Leap Motor aims to transition from a follower to a leader in the electric vehicle industry over the next decade, leveraging its technological advancements and product maturity to achieve sales targets exceeding 4 million units annually [2][3]. Company Overview - Leap Motor was established on December 24, 2015, and is positioned as a technology-driven smart electric vehicle company, launching its first mass-produced model, the Leap S01, in November 2017 [3]. - The company has developed a competitive in-house parts system and claims to have mastered all core technologies necessary for electric vehicle production [3]. Technological Development - Leap Motor emphasizes "full-domain self-research," covering 65% of the vehicle's cost with core technologies, and maintains a high proportion of R&D personnel, which was 90% during its startup phase and remains at 80% [3][4]. - The company has achieved significant breakthroughs in sales, with a projected delivery of 596,555 vehicles in 2025, representing a 103% year-on-year growth [4]. Market Positioning - Leap Motor is transitioning from being categorized as a new force in the automotive industry to aiming for global recognition as a world-class electric vehicle manufacturer [5]. - The D series, which includes flagship models priced between 250,000 to 300,000 yuan, is designed to compete with luxury vehicles priced between 500,000 to 1,000,000 yuan, while maintaining a cost-based pricing strategy [5]. Strategic Partnerships - China FAW Group has become a strategic shareholder in Leap Motor, marking a significant recognition of the company's achievements over the past decade [6]. - The partnership with Stellantis is expected to enhance Leap Motor's international presence and operational efficiency, with the company currently covering 35 countries and regions globally [7]. Future Outlook - Leap Motor aims to achieve its goal of becoming a world-class smart electric vehicle company, supported by its technological capabilities and strategic partnerships [7].

Core Viewpoint - The company aims to become a world-class smart electric vehicle manufacturer in the next decade, driven by technological innovation and global expansion [1][9]. Group 1: Company Overview - The founder and CEO, Zhu Jiangming, reflected on the company's ten-year journey in the automotive industry, emphasizing the importance of maintaining control by the founding team despite new investments [2]. - As of now, the company has delivered over 1.2 million vehicles, with an expected annual sales volume of nearly 600,000 units in 2025, positioning it as a leader among new automotive manufacturers [2]. Group 2: Historical Challenges - The company faced significant challenges in its early years, describing the past decade as "nine lives," indicating the difficulties encountered in achieving profitability and market acceptance [3]. - The initial market response to the first model, S01, was lukewarm, leading to financial and market pressures until the successful launch of the T03 model in 2020, which validated the company's strategy of offering high-value products [5]. Group 3: Product Development and Financial Milestones - The launch of the C11 model in September 2021 marked a significant turning point, offering strong product capabilities and achieving a notable market presence [6]. - In 2023, the company achieved a milestone by reaching a positive gross margin of 0.5%, indicating its first profitable year in vehicle manufacturing [6]. Group 4: Future Goals and Strategies - The company has set an ambitious target of achieving annual sales of 4 million vehicles in the next decade, supported by a clear strategy that includes expanding its product line and accelerating global operations [9][12]. - Plans include launching a full range of vehicles from A0 to D class over the next three years and establishing a presence in key international markets through partnerships and local operations [12]. Group 5: Challenges Ahead - The company will face intense competition in the mainstream market segment priced between 150,000 to 250,000 yuan, with new entrants like Huawei and Xiaomi [14]. - Global expansion will require adaptation to local regulations, consumer habits, and infrastructure, alongside the need to build multiple factories to support the production of 4 million vehicles [14].

7月10日，全新C11上市，该车型自2021年初次上市后已热销至今；7月24日，年轻人的高颜值智能轿车零跑B01正 式上市；9月8日，零跑全新个性化战略新品Lafa5在慕尼黑车展全球首秀，3款车型也相继亮相。8月18日，零跑发 布2025年上半年财报，首次实现半年度净利润转正；9月25日，迎来第100万辆整车下线的历史性时刻。 2025年，零跑保持强劲增长态势，全年累计交付达596555台，同比增长103%，展现出品牌实力与市场竞争力。刚 刚过去的12月，零跑全系交付达60423台，同比增长42%。 3月3日，零跑汽车与中国一汽正式达成战略合作，发挥各自在研发领域的技术积累，共同提升产品竞争力，使双 方实现全产业链资源协同；3月10日，在杭州小莲花举办了零跑LEAP 3.5技术暨B10预售发布会，向公众展示了在 智能座舱、辅助驾驶及三电领域的最新成果。 4月10日，零跑B系列第一款车型、全球智趣长续航SUV零跑B10正式上市；4月23日，零跑B01于上海国际车展迎 来全球首秀，其独特的设计语言引发全球媒体关注；6月11日，零跑正式登陆香港市场，全球第1500家门店开业， 渠道布局迈出关键一步。 回顾2025， ...

Core Viewpoint - Hangzhou is undergoing a transformation from a digital economy hub to a new manufacturing era, focusing on artificial intelligence and smart connected vehicles, with Leap Motor exemplifying this shift through its commitment to self-research and vertical integration [1][3][6]. Group 1: Industry Transformation - Hangzhou's transition is marked by a shift from an application-based ecosystem to a focus on foundational technology and innovation [4][5]. - The city aims to master the entire value chain from core chip computing power to terminal applications, indicating a move from rapid business model replication to tackling core technologies [6][10]. - Leap Motor's approach aligns with Hangzhou's strategy, emphasizing deep engagement in the foundational layers of electric vehicles, such as electronic architecture and battery technology [8][10]. Group 2: Leap Motor's Business Model - Leap Motor has restructured the traditional automotive business model by eliminating intermediaries and focusing on cost and value [18]. - The company achieves a 65% self-research and manufacturing ratio for core components, allowing it to maintain a healthy gross margin of 14% to 15% while passing cost advantages to consumers [10][18]. - The company's sales have seen significant growth, with cumulative sales surpassing 250,000 units, demonstrating the effectiveness of its self-research and cost pricing model [19]. Group 3: Engineering Culture and R&D - Leap Motor's engineering culture supports its self-research strategy, with a research team exceeding 6,000 members and substantial investments in R&D [22]. - The company has achieved rapid production scaling, reducing the time to produce its 100,000th vehicle to just 343 days, showcasing its operational efficiency [22][24]. - Leap Motor's commitment to R&D is reflected in its plans to increase investment to 4 to 5 billion yuan in the coming years [22]. Group 4: Global Expansion - Leap Motor is pursuing a global strategy through a partnership with Stellantis, which involves a 1.5 billion euro investment for a 20% stake, facilitating access to global markets [26]. - The company has established over 800 sales and service points across approximately 35 international markets, indicating a robust global presence [28]. - Leap Motor's European manufacturing base in Spain is set to begin production in 2026, marking a shift from a trade-based to an ecosystem-based global strategy [28]. Group 5: Entrepreneurial Spirit and Future Outlook - Leap Motor's founder, Zhu Jiangming, embodies the spirit of scientific entrepreneurship, recognized for his contributions to technology and innovation [12][14]. - The company aims to become a respected global automotive brand, reflecting Hangzhou's ambition in the new manufacturing era [16][29]. - Leap Motor's journey serves as a model for how to navigate complexity and achieve future success through a focus on core values and technological foundations [31].

Core Insights - Hangzhou is undergoing a transformation from a digital economy hub to a new manufacturing era, focusing on artificial intelligence and smart connected vehicles [1][3] - Leap Motor's development trajectory aligns with Hangzhou's industrial transformation, emphasizing self-research and vertical integration in manufacturing [3][6] Industry Transformation - Hangzhou's shift represents an evolution from application-based innovation to foundational restructuring in advanced manufacturing [4] - The city aims to control the entire value chain from core chip computing power to terminal applications, moving beyond rapid business model replication [4] Leap Motor's Strategy - Leap Motor has adopted a self-research approach since its inception, prioritizing core technologies such as battery and electric drive systems [6][8] - The company has achieved a 65% self-manufactured core component ratio in its vehicle BOM costs, leading to a 10% cost advantage over competitors [8][14] Recognition and Leadership - Leap Motor's founder, Zhu Jiangming, has been recognized as a "scientific entrepreneur," reflecting the city's shift towards valuing science and technology [9][11] - The company has received significant government investment, totaling over 9 billion yuan, highlighting the supportive role of local authorities in its growth [13] Financial Performance - Leap Motor's business model focuses on cost transparency and value redefinition, maintaining a healthy gross margin of 14%-15% while passing savings to consumers [14] - The company has seen rapid growth, achieving over 250,000 cumulative vehicle sales and aiming for 1 million by 2026 [15][17] Global Expansion - Leap Motor has formed a strategic partnership with Stellantis, securing a 15 billion euro investment for a 20% stake, facilitating global market access [18][20] - The establishment of over 800 sales and service points across 35 international markets demonstrates Leap Motor's extensive channel development [20] Cultural and Philosophical Underpinnings - The company's approach reflects Hangzhou's pragmatic and daring spirit, focusing on core technology and user needs [21][23] - Leap Motor's journey serves as a model for industrial transformation, showcasing a rational path towards future competitiveness [23]

风行星海序列正在加快填充其产品线。继首款车型中大型MPV星海V9于2024年6月上市后，中型轿车星海S7也随后推 出。此次预售的星海T5，作为序列首款SUV，完成了对家用市场三大品类的初步覆盖。 向上突破的道路并非坦途。星海V9与星海S7所处的MPV及中型轿车市场，竞争高度激烈，且消费者对品牌溢价能力 尤为看重。作为一个新生的新能源序列，风行星海在品牌影响力、用户认知度和营销声量上，与传统巨头及头部新势 力相比仍存差距。如何将产品力有效转化为市场份额，是东风风行面临的核心挑战。 星海T5的入局策略较为务实，其锚定15万元级纯电紧凑型SUV这一大众化的细分市场，主打"可靠的家庭出行伙伴"。 续航与能耗方面，星海T5搭载64.4kWh磷酸铁锂电池，CLTC综合续航里程为530公里，百公里电耗13.8kWh。这一续 航水平处于同级主流偏上的水平。空间与实用性方面，新车拥有2730mm的轴距，确保车内乘坐空间。后排座椅放倒 后可形成1214L的平整空间，强化了SUV的多功能属性。底盘与安全方面，新车全系标配前麦弗逊、后多连杆独立悬 架，这在同级中具有一定优势。安全方面标配AEB自动紧急制动，并采用了"铠甲电池3.0" ...

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]