2026年1月6日，新京报说理想汽车产品线组织将调整为两条产品线，第一产品线对MEGA、L9、 L8、L7产品负责，由老汤哥担任负责人。第二产品线对i系列和L6负责，由李昕旸担任负责人。 2026年1月4日，晚点说理想产品线大调整，从华为IPD模式转向丰田CE模式。 朱玉龙评论: 理想学习华为IPD，强调流程、阀点和委员会决策，把个人能力体系化复制，解决的是 规模化协同问题，却弱化了产品"第一责任人"的权威。矩阵组织强调横向制衡，但在汽车这种长周 期、重资产行业，容易拉长决策链条。 实践证明，在有限细分市场内拆分多条独立产品线，导致 资源分散、决策碎片化，弱化"流程优先"，强化"产品线整体负责制"，由少数经验丰富的负责 人，对产品从定义、研发到上市的全生命周期负责，提升决策效率和产品一致性。让产品线像"纵 向经营体"，打通商品企划、产品企划和资源调度，减少内耗。 2025年12月31日，晚点说i8序列将保留并持续迭代，不会停产，增程将重点调整30-40万产品，并精 简车型，可能还会有一款50万以上车型。 TOP2评论： 此前TOP2曾表示理想产品线负责人有比较严重的权责不对等问题，责任上要为对应产品线利润负 ...

理想汽车-W 分时图 日K线 周K线 月K线 65.05 -0.10 -0.15% 0.61% 0.41% 0.20% 0.00% 0.20% 0.41% 0.61% 64.75 64.88 65.02 65.15 65.28 65.42 65.55 09:30 10:30 12:00/13:00 14:00 16:10 0 6万 11万 17万 凤凰网科技讯12月24日，理想汽车核心管理团队传出变动消息，据晚点报道，理想汽车第二产品线总裁 张骁将于近期离职。作为理想汽车早期关键成员，张骁在公司内部任职已超过8年，他的离开将引发外 界对理想汽车中高端主力车型产品线后续规划的关注。 目前，理想汽车内部按照售价区间构建了三条主要产品线。其中，张骁负责的第二产品线主要覆盖30万 至40万元价格区间，旗下车型包括市场主力L8、L7以及规划中的i8。另外两条产品线分别为：由汤靖负 责的第一产品线，覆盖40万元以上车型(MEGA、L9)；以及由李昕旸负责的第三产品线，覆盖30万元以 下车型(L6、i6)。此次张骁的离职，或将对第二产品线的运营节奏产生一定影响。 资料显示，张骁于2016年5月加入理想汽车，此前曾在宝马MI ...

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目前L系列与i8/MEGA处于订单驱动交付的状态，i6处于产能驱动交付的状态。 另外观察理想与其他品牌各车型销量，有三个普遍性规律： 2025年12月1日理想官方说i6和i8累计订单突破10万辆，预计明年初，i6的月产能将稳步提升至两万 辆。 2025年11月14日晚点说i6快速锁单8万辆订单。详见《 平替时代：一家车企、一个行业如何被自己的 成功困住 》 截至2025年11月30日，i6累计交付约12977，i8累计交付约20396。 由于置换补贴提前结束，年底并没有出现通常会出现的订单更好的情况。春节前是自然淡月，26年2 月16日为除夕，法定假日将放到26年2月23日。 据观察，理想依然在非发布会期是不存在一个具体的人对价值传递进行总负责（发布会前后看起来对 单一车型是存在的），故合情推理对理想26年2月前的销量适合降低预期。 从第一性上分析，销量只取决于价值创造，价值传递，价值交付。这个模型虽然无法进行定量分析， 但是可以完备地把所有潜在影响因素纳入框架。 价值创造为不包含情绪价值的狭义产品力与情绪价值。 价值传递即为消费者认可的价值创造投影。 价值交付为狭义产品交付/售后/良品率/向往感认同感交付等 ...

首次亏损，销量预警 在连续盈利11个季度后，理想汽车在今年第三季度迎来了首次亏损，净亏损6.24亿元。 或许，连理想汽车创始人李想也没有想到，MEGA的失利成为了理想汽车陷入低谷的开端。 今年，延迟发布的纯电车型i8和i6，并没有让理想汽车在纯电市场一鸣惊人。位于江苏常州的理想汽车工厂不再像前两年一样开足马力，工厂附近 不再堵车，员工们拥有了更多假期。理想汽车甚至一度遭遇舆情压力，品牌形象受影响，最终这些都表现在不够理想的销量和财务数据上。 理想汽车希望通过组织架构调整来应对外界激烈竞争。据Tech星球不完全统计，今年其已经调整了6次组织架构，其中有3次涉及到销售体系。这 种频繁的调整目前尚未转化成销量，不少员工担心今年年终奖可能要泡汤。 面对销量下跌，理想汽车创始人李想最近给出了答案。在刚刚举办的雁栖湖闭门会议上，理想汽车第一次在内部与外部同时承认"效率慢了"，产 品节奏、组织节奏都难以匹配当前的竞争强度。 理想进入了新一轮内部调整的周期，希望以更敏捷的速度应对竞争。但竞争对手们也不会坐以待毙，等待理想的将是一场远比增程车型更难打的 战争。 理想汽车将此次亏损归因于三方面因素：纯电转型期的投入、MEGA召回 ...

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每经记者｜曾子建 每经编辑｜袁东 昨天，理想汽车-W（HK02015）股价回落2.8%，今天（12月10日）盘中继续破位，跌幅不算太大，但股价却已经创出2022年11月末以来近三年的新低。 2023年8月，理想汽车股价最高涨到过185.50港元，创下历史纪录，但到今天盘中的66.5港元，累计最大跌幅高达64%。而从最近两年的走势看，去年理想跌 了36%，今年跌幅又超过了29%。 再横向对比一下，蔚来2022年到2024年连跌了三年，但今年涨了11%；小鹏今年表现最好，年内涨幅超过了60%。此外，小米汽车的母公司小米集团，今年 股价波动很大，前期也一直在跌，但今年累计涨幅也达到20%。 其实回想三年前，理想汽车是"蔚小理"造车新势力中风头最盛的公司，凭借其在增程式赛道上的强势表现，理想也成为最早开始盈利的新能源公司之一。但 是，为什么最近两年，理想的走势太不"理想"了？ 其实，摆在明面上的业务数据，足以解释股价的下跌。三季报显示，理想汽车虽然第三季度营收达274亿元，继续保持领先，但同比却下降了36.2%。更关 键的是，净利润由去年同期盈利28亿元转为亏损6.24亿元，这也是近三年首次出现季度亏损。至于亏损的原 ...

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].

Core Insights - The recent Q3 2025 financial reports from Chinese automakers highlight the competitive landscape and strategic shifts within the industry, particularly among the leading new energy vehicle (NEV) companies NIO, Xpeng, and Li Auto [1][4] Financial Performance - Xpeng Motors reported a record revenue of 20.38 billion yuan, a year-on-year increase of 101.8%, and achieved a gross margin of 20.1%, surpassing NIO's 13.9% and Li Auto's 16.3% [2][3] - NIO's Q3 revenue reached 21.79 billion yuan, up 16.7% year-on-year, with a gross margin of 13.9%, but still faced a net loss of 3.48 billion yuan, the highest among the three [2][3] - Li Auto generated 27.4 billion yuan in revenue, a decline of 36.2% year-on-year, and reported a net loss of 624 million yuan, ending its streak of 11 consecutive profitable quarters [2][3] Strategic Adjustments - NIO is shifting its focus to core automotive operations, reducing investments in non-core businesses, and controlling sales and management expenses [4][5] - Xpeng is pursuing a strategy of "technology integration into the market," expanding into the range-extended vehicle market while maintaining its focus on smart driving [5] - Li Auto is transitioning from a "family-oriented" brand to an "AI-focused" strategy, aiming to build an "embodied intelligence" ecosystem [5] Competitive Landscape - The competition among NEV companies remains intense, with no clear leader emerging in profitability, as companies continue to vie for market share through cost-effectiveness and technological advancements [3][6] - New entrants like Leap Motor and Xiaomi are gaining traction, further intensifying the competitive environment [6] - The industry is evolving from a focus on product features to a comprehensive assessment of product definition, cost control, and brand strategy [6] Future Outlook - The immediate focus for NIO and Xpeng is achieving stable profitability, while Li Auto aims to recover from the MEGA recall incident and ramp up production of its electric models [7] - Long-term success will depend on technological advancements and the ability to adapt to global markets, with companies like Xpeng and NIO already expanding their international presence [7][8] - The NEV sector is entering a new phase of consolidation, where the ability to deliver on profitability promises and navigate technological changes will be crucial for survival [8]

另值得一提的是，12月2日，理想宣布与蔡司达成战略合作，发布一款智能眼镜产品。据介绍，12月3日 19：30，理想将召开AI眼镜Livis发布会。此前，李想认为智能眼镜是理想汽车最好的人工智能的一个 附件，希望理想的AI能力能够在理想汽车的用户生活中，有一个更全面的覆盖。 理想汽车-W(02015)跌近2%，截至发稿，跌1.71%，报69.1港元，成交额3.32亿港元。 消息面上，造车新势力日前公布11月交付情况。其中理想汽车11月份交付33181辆，同比下跌31.92%， 已连续6个月出现同比下降。招商证券国际近日研报指，理想汽车第三季度归母净亏损6.25亿元人民 币，为三年来首次，低于市场预期的盈利4.4亿元，主要受MEGA召回影响。若剔除该影响则基本符合 预期。该行预计未来四个月公司基本面缺乏强劲催化剂，下调评级至"中性"；H股目标价降至74港元。 ...