破纪录的开局，未来终于止血
L90 上市首月交付 10575 台，成为未来历史上销量破万最快的车型；
蔚来全新 ES8 也创造了40 万元以上纯电车型最快交付破 3 万的纪录。
The L90 delivered 10,575 units in its first month, becoming the fastest NIO model ever to surpass 10,000 deliveries.
Meanwhile, the new ES8 set a record as the quickest pure EV priced above RMB 400,000 to exceed 30,000 deliveries.
L90 + ES8，勾勒出一个“不一样的未来”
自去年 8 月乐道 L90 上市以来，未来的整体交付量已实现连续五个月增长。
L90 与 ES8 共同勾勒出一个不同以往的未来：更聚焦真实用户体验，而非参数竞赛。
Since the launch of the Onvo L90 last August, NIO has recorded five consecutive months of delivery growth.
Together, the L90 and ES8 signal a shift toward user-centric design rather than spec-driven competition.
大三排 SUV，终于对准了“真痛点”
两款车型都以解决大三排 SUV 的空间痛点为核心目标。
L90 精准切入主流家庭市场，6 座家庭用户将第三排舒适性视为核心刚需。
Both models focus on solving the long-standing pain points of large three-row SUVs.
The L90 targets mainstream families, especially six-seat users who prioritize third-row comfort.
ES8：守住高端，而不是向下内卷
蔚来 ES8 坚守高端家庭与商务精英市场。
李斌表示，其前后备箱容积比两辆竞品车型加起来还大。
The ES8 remains firmly positioned in the premium family and business segment.
According to William Li, its front and rear cargo space combined exceeds that of two competing models combined.
降价十多万，换来了“更低价格带”
在定价上，未来选择主动出击。
全新 ES8 相比上一代降价超过 10 万元，同时实现配置升级与租赁模式优化，让高端纯电进入更低价格区间。
NIO took an aggressive pricing approach.
The new ES8 is priced over RMB 100,000 lower than its predecessor, while offering better specs and flexible leasing—bringing premium EVs into a lower price band.
翻身仗之后，仍没有松口气的资格
尽管阶段性止血成功，李斌在 2026 年新年信中直言：
“我们没有片刻放松的资格。”
Despite the turnaround, William Li emphasized in his 2026 New Year letter:
“We cannot afford even a moment of complacency.”
车圈，已经进入决赛阶段
李斌认为，汽车行业的竞争已经进入“决赛阶段”，压力只会越来越大。
即便未来实现盈利，也只是第一步，真正的挑战在于能否把长期主义，落实为每一步的务实执行。
According to Li, the auto industry has entered its final stage of competition.
Even turning profitable would only be the first step—the real challenge lies in executing long-termism in practical, day-to-day operations.
小鹏：从 ICU 到顺风局
相比之下，小鹏 2025 年的开局显得顺畅许多。
2022 年，小鹏一度“躺进 ICU”，靠组织变革与引入前长城汽车总裁王凤英，才走出低谷。
XPeng’s 2025 started on a much smoother note.
Back in 2022, the company was near collapse, only recovering through deep restructuring and the appointment of former Great Wall executive Wang Fengying.
性价比智驾，成为破局武器
2024 年起，小鹏调整产品战略：
一方面推出 MONA M03、P7+ 等高性价比车型；
另一方面持续强化智能驾驶壁垒，成为首个明确向 AI 公司转型的车企。
Starting in 2024, XPeng shifted strategy by launching highly cost-effective models like the MONA M03 and P7+,
while doubling down on autonomous driving and repositioning itself as an AI-driven automaker.
赌对了，但代价正在显现
2025 年，小鹏全年交付 42.94 万辆，同比增长 126%。
但问题也逐渐暴露：低端热、高端冷。
In 2025, XPeng delivered 429,400 vehicles, up 126% year-on-year.
However, cracks emerged—strong low-end sales contrasted with weak high-end performance.
一款爆款，撑起了 40% 的销量
10–15 万级的 MONA M03 持续热销，单月销量稳定在 1.5 万辆左右，
为小鹏贡献了约 40% 的总销量。
The RMB 100,000–150,000 MONA M03 remained a bestseller, consistently selling around 15,000 units per month,
accounting for roughly 40% of XPeng’s total sales.
冲高受阻，不只是定价问题
G7 与新 P7 未能复制 MONA 的成功，看似是定位与定价问题，
但本质在于：性价比极致了，产品却没有极致起来。
The G7 and new P7 failed to replicate MONA’s success.
While pricing and positioning played a role, the deeper issue was that extreme value pricing was not matched by equally compelling product differentiation.
小鹏，仍需要重建高端叙事
讲完“10 万买高阶智驾”的故事后，小鹏需要构建清晰的技术分层体系，
让不同产品真正对应不同用户价值，才能重塑高端品牌形象。
After telling the story of “high-end ADAS at RMB 100,000,” XPeng now needs a layered technology strategy,
ensuring each product delivers a distinct value proposition to rebuild its premium image.
理想：最稳的人，反而最痛
相比仍在为盈利发愁的未来和小鹏，理想曾是“魏小李”中最稳健的一家。
但 2025 年，理想迎来了最剧烈的转型阵痛。
Li Auto, long considered the most stable among the trio, faced its toughest transformation in 2025.
Despite past success, the company entered a period of unprecedented strategic pain.
爆款，仍然是唯一答案
十年前，车市容错率高、资本慷慨、市场宽容；
今天，内卷到极致，讲好故事已远远不够。
A decade ago, the market was forgiving and capital was abundant.
Today, in an ultra-competitive environment, storytelling alone is no longer enough.
尾声：爆款，决定谁能留在牌桌上
一个爆款，能让车企留在牌桌上；
两个爆款，能让车企活得更好；
持续的爆款，才能让车企真正穿越周期。
One hit product keeps a company in the game.
Two hits allow it to thrive.
Only continuous blockbusters enable an automaker to survive the cycle.
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