曾执着于纯电或增程"单行道"的车企，如今正纷纷转向多元技术路线。 日前，小鹏宣布进军增程市场，计划今年四季度推出G9、X9旗舰车型，并将技术下放至15万元级 MONA系列；广汽方面日前也明确表态，要抓住增程和混动市场的机会；而作为增程车型的最早开拓 者，理想汽车继续发力纯电市场，本月将推出第二款纯电车型i8；小米汽车预计在2026年推出增程车 型，多张代号"昆仑"的全新增程SUV谍照已然流出。 这些曾经在电动化初期执着于单一路线的企业，如今纷纷迈出了多元化的脚步。这种集体性的战略转 向，不仅是企业对市场需求的敏锐回应，更标志着汽车电动化已走过非此即彼的初级阶段，进入"多元 协同"的新发展周期。 路线之争落幕 纯电、插混各有其位 在汽车电动化的进程中，关于"终局"技术路线的讨论曾长期存在分歧。 此前，行业内普遍在两种极端判断间摇摆：一部分观点认为，终局阶段将是纯电车型的天下，插混（包 括增程）仅是过渡性产物；另一部分则坚持，插混技术更贴合当下能源结构与使用场景，可能成为终局 的主流。这种"非此即彼"的争论，与车企早期的单一路线选择相互呼应，有的执着于纯电赛道，有的则 深耕插混领域。 清华大学汽车系博士张抗抗分析 ...

Core Insights - The Chinese electric vehicle (EV) industry is experiencing increased differentiation among leading players, with varying strategic outcomes reflected in their financial results [1] Group 1: Company Performance - Xiaopeng Motors achieved the highest delivery volume among new forces with 94,000 units, projecting revenue between 15.19 billion to 15.7 billion yuan, a year-on-year increase of 132% to 139.8% [1] - Li Auto delivered 92,900 vehicles, a 15.5% year-on-year increase, but expects revenue to decline by 3.5% to 8.7%, totaling between 23.4 billion to 24.7 billion yuan [1][5] - Leap Motor reported a delivery volume of 87,552 units, a 162% increase, with revenue of 10.02 billion yuan, up 187.1%, and a gross margin of 14.9% [2] - NIO's main brand delivered only 27,300 units, with projected revenue between 12.367 billion to 12.859 billion yuan, reflecting a year-on-year growth of 24.8% to 29.8% [4] Group 2: Market Reactions - Xiaopeng's stock price surged by 66.2% since the beginning of 2025, reaching a market capitalization of 147.6 billion HKD [1] - Li Auto's stock increased by 18.1%, while NIO's stock fell by 12.2%, with its market capitalization dropping below 70 billion HKD [1] Group 3: Industry Trends - The EV industry is undergoing a transformation driven by capital and technology, leading to a restructured competitive landscape where leading companies are consolidating resources and innovating [6] - Traditional automakers are leveraging their advantages to incubate new forces, with companies like Zhiji and Zeekr focusing on advanced technologies and cost efficiencies [7] - The industry is shifting from scale expansion to efficiency competition, with a focus on resource concentration and capital flowing towards companies with technological depth and cost control capabilities [7]