近期，有消息称理想将在2026年上半年关闭100家低效门店，同时当前理想常州工厂处于不饱和的工作状态，消息一出立马得到市场关注。 对于门店关闭的消息，理想选择辟谣，公司方面表示，近期网络上出现关于理想汽车出现批量闭店、裁员的舆情，均为不实信息。今年公司会针对少量能 效较低的商超门店关停，但不涉及批量关闭情况。 但对于当前工厂状态，理想并未进行说明。 一边是"关闭100家门店"的传闻发酵，一边是常州工厂产能冷热不均的现实困境，叠加销量同比下滑、产品战略摇摆的难题，这家车企正经历成立以来艰 难的转型阵痛。 清退低效门店 虽然理想辟谣了关店100家的说法，但其闭店的行为确在进行中。 曾凭借增程车型稳居新势力头部的理想汽车，陷入了前所未有的压力。 与之形成鲜明对比的是，生产纯电i6的三区开启双班倒模式，"人歇机器不歇"，日均产量稳定在700台以上；而同厂区生产i8的产线则因订单不足已停工， 且计划搬迁至北京顺义工厂。 这种产能失衡并非行业普遍现象，同在常州的比亚迪工厂，因出口订单充足，车间生产计划排满，工人多为单休，厂区门口烟火气十足，与理想工厂的冷 清形成强烈反差。 近日，《国际金融报》记者发现位于上海浦东陆家嘴中 ...

曾凭借增程车型稳居新势力头部的理想汽车，陷入了前所未有的压力。 近期，有消息称理想将在2026年上半年关闭100家低效门店，同时当前理想常州工厂处于不饱和的工作 状态，消息一出立马得到市场关注。 对于门店关闭的消息，理想选择辟谣，公司方面表示，近期网络上出现关于理想汽车出现批量闭店、裁 员的舆情，均为不实信息。今年公司会针对少量能效较低的商超门店关停，但不涉及批量关闭情况。 但对于当前工厂状态，理想并未进行说明。 一边是"关闭100家门店"的传闻发酵，一边是常州工厂产能冷热不均的现实困境，叠加销量同比下滑、 产品战略摇摆的难题，这家车企正经历成立以来艰难的转型阵痛。 虽然理想辟谣了关店100家的说法，但其闭店的行为确在进行中。 近日，《国际金融报》记者发现位于上海浦东陆家嘴中心的理想门店已经关闭。世纪汇购物中心理想门 店工作人员向《国际金融报》记者透露，前述理想汽车零售门店确实已于1月14日关门，两家门店距离 仅3公里。 据上述销售人员介绍，老佛爷门店关闭的直接原因是 "卖得不好"："虽然MEGA车型在这家店的销量算 不错，但和 i6、i8 这些主力车比差太多。"更关键的是区位缺陷——该门店周边居民密度低，且 ...

"尽管有7年低息政策，但如果买i6的话，我更推荐选择5年的购车方案。"1月26日，《每日经济新闻》记者走访车市时，北京地区一位理想汽车销售人员 这样说。 上述销售人员提及的"7年低息政策"，自2026年开年以来已成为新能源汽车市场竞争的焦点之一。进入1月后，特斯拉、小米汽车、理想汽车、小鹏汽车等 品牌纷纷推出或进一步强化了长达7年的低息购车金融方案，这一举措将传统汽车贷款周期普遍延长了2至3年。 得益于更长的贷款周期，消费者每月的还款额度得以大幅降低：小米汽车YU7月供低至2593元起；小鹏汽车全系月供低至1355元起；理想汽车月供低至 2578元起；特斯拉Model 3/Y/Y L月供低至1918元起。 有分析认为，在消费者仍持观望态度的市场环境下，车企面临着库存积压的压力。为刺激市场需求、提前锁定订单，车企纷纷采用贴息手段，这一举措旨 在抢占市场先机。然而，超长期低息方案的实际让利范围、成本分摊机制及对行业竞争秩序的潜在影响，仍需市场进一步验证。 "其实不用关注首付比例，因为每款车的售价不同，所要求的首付比例也不同，只要关注首付金额就行。"特斯拉的一位销售人员告诉《每日经济新闻》记 者，"比如选择A方案（ ...

导语：2026年，注定是理想汽车的关键一年。 "我们今天就放假了。" 1月15日傍晚时分，理想汽车常州基地二区门口，两位正在等出租车的生产线工人说出这句话时，声音不大，脸上也没什么表情。 "像这样清闲的日子有段时间了，上三休四。" 其中一个说着，另一个接上话茬，"刚开始觉着挺好，可计算工分的时候，就笑不出来了。老这么放，谁还笑得出来？" 他们口中的"上三休四"，在随后与二区多位一线工人的交谈中，成了高频词。而这种"清闲"却并非理想生产一线正式员工的专属待遇。 就在一天前，三个坐了二十多个小时火车从兰州来的大二学生，也体会到了相似的境遇。他们是来打寒假工的外包，满心想着多劳多得，结果上岗 第一天就被告知，常州理想基地二区的产线早就不是满负荷运行状态了，甚至还得经常"被放假"。 劳保服和劳保鞋的钱已经交了95元，路费也花了，可活却不多。三个年轻人蹲在厂区外头一合计，"干完今天，就跑路。" 一边是正式员工在为"工分"发愁，一边是外包工刚来就想"跑路"，理想汽车常州工厂的这番景象，显然是理想当下所面临的现实压力最直观的体 现。 i8要搬家，L7、L8产能闲置 刚下早班的王远（化名）在汽车制造行业干了整整十年，现在是三 ...

Core Viewpoint - Li Auto is experiencing a stark contrast in production at its Changzhou base, with significant declines in sales of its range-extended models while its pure electric models are seeing increased production and demand [2] Group 1: Production and Sales Performance - The production area for range-extended models L7 and L8 is quiet, with workers on a "three days on, four days off" schedule for nearly a month, leading to a sharp decline in income [2] - In contrast, the production line for the pure electric model i6 is operating at full capacity with a double shift, achieving a daily output of over 700 units [2] - In 2025, Li Auto's total sales volume dropped by 19% year-on-year, with retail sales of the L7 and L8 models plummeting by 66% and 79% respectively, losing market share to competitors like AITO and Leap Motor [2] Group 2: Financial Performance - Li Auto delivered a total of 406,300 vehicles in 2025, only achieving 63% of its revised sales target, and ended the third quarter with a net loss of 624 million yuan, marking the end of 11 consecutive profitable quarters [2] Group 3: Strategic Adjustments - In response to the declining performance, Li Auto has initiated a strategic adjustment, returning to a startup management model, focusing on range-extended and high-end markets, and streamlining the L series models [2] - The company plans to launch a new version of the L9 equipped with its self-developed M100 chip [2] - 2026 is identified as a critical year for the company to improve production line operations and fulfill salary commitments, with the success of this strategic transformation pending market validation [2]

Core Viewpoint - The restructuring of Li Auto's product lines aims to enhance decision-making efficiency and product consistency by shifting from a matrix organization to a more streamlined approach, with clear accountability for product lines [1][2]. Group 1: Product Line Adjustments - Li Auto will reorganize its product lines into two main categories: one led by "Old Tang" for MEGA, L9, L8, and L7, and another led by Li Xinyang for the i series and L6 [1]. - The transition from Huawei's IPD model to Toyota's CE model is intended to address issues of resource allocation and decision-making speed within the automotive industry [1][2]. - The i8 series will continue to be iterated upon and will not be discontinued, with a focus on adjusting models priced between 300,000 to 400,000 and potentially introducing a model above 500,000 [1]. Group 2: Leadership and Responsibility - There has been a significant imbalance in the responsibilities and powers of product line leaders, with the expectation that they will now have more authority to influence their respective product lines [2]. - The current restructuring does not appear to designate a single individual as the overall responsible party for value delivery across the brand, sales, and product departments [2]. - The division of responsibilities between Old Tang and Li Xinyang is seen as a move towards balancing their roles, with Old Tang focusing on higher-priced models and Li Xinyang on lower-priced models [5][7]. Group 3: Market Positioning and Strategy - The new product line structure reflects a strategic alignment with market demographics, where Old Tang is perceived to better understand older consumers and Li Xinyang is more attuned to younger buyers [4][6]. - The division aims to minimize internal competition while ensuring that both leaders have overlapping responsibilities that foster collaboration rather than conflict [7].

Core Insights - Zhang Xiao, the president of the second product line at Li Auto, is set to leave the company, raising concerns about the future planning of the mid-to-high-end product line [2][1] - Zhang has been with Li Auto since May 2016 and played a significant role in the product definition of key models such as Li ONE and L9 [1][2] - The company has structured its product lines based on price ranges, with Zhang responsible for the second product line covering models priced between 300,000 to 400,000 yuan [1] Company Structure - Li Auto has three main product lines: - The first product line, overseen by Tang Jing, targets models priced above 400,000 yuan (MEGA, L9) [1] - The second product line, managed by Zhang Xiao, includes key models like L8 and L7, and the upcoming i8 [1] - The third product line, led by Li Xinyang, focuses on models priced below 300,000 yuan (L6, i6) [1] Impact of Departure - Zhang's departure may impact the operational pace of the second product line, which is crucial for the company's mid-to-high-end offerings [2][1]

Core Insights - November wholesale vehicle sales reached 1.706 million units, a year-on-year increase of 18.5% and a month-on-month increase of 5.8%, with a penetration rate of 56.9%, up 1.6 percentage points from the previous month [1] - Retail sales in November totaled 1.321 million units, reflecting a year-on-year growth of 4.0% and a month-on-month growth of 3.0%, with a penetration rate of 59.4%, up 2.2 percentage points from the previous month [1] - Exports in November amounted to 284,000 units, showing a significant year-on-year increase of 255.0% and a month-on-month increase of 19.3%, with a penetration rate of 47.3%, up 3.1 percentage points from the previous month [1] Sales Data by Manufacturer - Tesla sold 86,700 units in November, including 13,600 units exported [3] - BYD's sales reached 474,900 units, with 128,100 units exported, including various models such as Qin DMI (15,700 units) and Dolphin (31,000 units) [3] - SAIC-GM-Wuling sold 107,800 units, with 12,500 units exported, including 53,600 units of Hongguang MINI [3] - NIO sold 36,300 units, with 6,000 units of ES6 [3] - Li Auto sold 33,200 units, with L9 contributing 2,200 units [3] - XPeng sold 36,700 units, with 5,100 units exported [3] - Leap Motor sold 70,300 units, with 7,200 units of C11 [3] - Chery sold 111,600 units, with 48,100 units exported [3] - GAC Aion sold 38,300 units, with 4,100 units exported [3] - Geely sold 187,800 units, with 15,600 units exported [3] - Volkswagen ID sold 4,800 units [3] - Great Wall sold 40,000 units, with 4,500 units exported [3] - SAIC Passenger Cars sold 42,000 units, with 10,800 units exported [3] - Changan sold 107,000 units, with 4,200 units exported [3] - AITO sold 51,700 units [3] - Xiaomi sold 46,200 units, with 12,500 units of Xiaomi SU7 [3]

Core Viewpoint - The article discusses the launch of Li Auto's AI glasses, Livis, amidst the company's financial struggles, highlighting the potential of the product to redefine user interaction and create new value beyond the automotive sector [3][28]. Group 1: Product Overview - Li Auto launched its first wearable device, the Livis AI glasses, priced at 1999 yuan, with a promotional price of 1699 yuan after subsidies [3]. - The Livis glasses weigh only 36 grams and feature ergonomic design for comfort, making them one of the most comfortable options in the market [7]. - The glasses are equipped with custom optical lenses from Zeiss, reducing 99% of reflective light and achieving a light transmittance of 92% [10]. - Key AI functionalities include a 12-megapixel camera, open-ear headphones, and deep integration with Li Auto vehicles, allowing users to control their cars with voice commands [11][14]. Group 2: Financial Performance - In Q3 2025, Li Auto reported a revenue of 27.36 billion yuan, a significant decline of 36.2% year-on-year, with a net loss of 624 million yuan [18][20]. - Vehicle sales revenue dropped to 25.87 billion yuan, down 37.4% year-on-year, and the vehicle gross margin fell to 15.5%, a decrease of over 5 percentage points [19][20]. - The company faced a 39% year-on-year drop in vehicle deliveries, with core models experiencing significant sales pressure [22]. Group 3: Market Challenges - Li Auto's market position is threatened by increasing competition, particularly as rivals quickly adopt similar features and technologies [25]. - The shift in consumer preference towards pure electric vehicles has diminished the advantages of Li Auto's extended-range technology [25]. - The company is navigating a challenging environment with declining sales across its product lines and increased competition from brands like Xiaomi and Aion [25][36]. Group 4: Strategic Direction - Li Auto is investing heavily in R&D, with plans to allocate 111 billion yuan in 2024, focusing significantly on artificial intelligence [30]. - The Livis glasses are positioned as a key component of Li Auto's strategy to expand into the "embodied intelligence" space, aiming to enhance user experience beyond automotive applications [32]. - The company recognizes the need to strengthen its core automotive business while exploring new technological avenues, indicating a dual focus on immediate market challenges and long-term innovation [36][38].

Domestic News - The manufacturing PMI for November is reported at 49.2%, showing a slight improvement of 0.2 percentage points from the previous month, although still below the critical point [2] - A seminar on the standardization of power battery recycling was held in Ningde, emphasizing the importance of establishing a standardized system to support the high-quality development of the new energy industry [3] - Li Auto has entered the Russian market, announcing the official prices for its L6, L7, and L9 series models, with starting prices ranging from approximately 62.6 million to 86.2 million RMB [4] - Xiaomi Auto opened 17 new stores in November, bringing the total to 441 stores across 131 cities, with plans to add 36 more stores in December [5] - The Tengshi brand announced its entry into the Brazilian market, showcasing two flagship models at the São Paulo International Motor Show, with pre-sale prices reaching up to 1 million Brazilian Reais [7] - Leidao's battery swap service has expanded to over 2,250 battery swap stations, enhancing user experience and competitiveness in the new energy vehicle market [8] - Leap Motor's new energy battery cell base in Wuyi has officially commenced construction, aiming for production by Q3 2026 [9] - Wuhu signed cooperation agreements with CATL to support the development of Chery into a world-class enterprise [10] International News - German Chancellor calls for the EU to allow the continued sale of fuel vehicles after 2035, emphasizing the need for a balance between competitiveness and climate protection [11][12] - Japan plans to invest an additional 20 billion USD in AI and semiconductor sectors, with a focus on securing future funding in regular budgets [13] - Hyundai and Kia announced a 1.2 trillion KRW investment to build a dedicated battery research facility, reinforcing their commitment to battery development for future mobility [14] - Toyota Europe will launch smart charging services for electric and plug-in hybrid vehicles in collaboration with energy suppliers across several European countries [15] Commercial Vehicles - China National Heavy Duty Truck Group upgraded its procurement agreement with Weichai, with a new upper limit of 21 billion RMB for 2026, reflecting a 29% increase from previous years [18] - Dongfeng Cummins Z13 engine won the "2025 Annual Recommended Fuel-Efficient Heavy Truck Power" award at a recent commercial vehicle event [19] - Ankai Bus showcased its pure electric buses at the 2025 Hainan Road Transport Annual Conference, highlighting their advanced technology and performance [20] - FAW Jiefang's Sichuan branch celebrated the production of its 20,000th vehicle of the year, marking significant improvements in production efficiency since its establishment [21]