In the first half of 2026, the performance of four new car manufacturers—NIO, Xpeng, Li Auto, and Leapmotor—differed significantly. The focus of industry competition shifted from competing in sales volume to focusing on profitability and efficiency. Among them, only Leapmotor achieved profitability, with revenue of 38.11 billion yuan and net profit attributable to the parent company of 210 million yuan, maintaining profitability for three consecutive half-years; NIO had revenue of 57.67 billion yuan, with losses narrowed to 1.22 billion yuan; Li Auto had revenue of 48.65 billion yuan, with losses increasing to 3.99 billion yuan; Xpeng had revenue of 32.78 billion yuan, with losses rising to 3.12 billion yuan. Due to rising raw material costs and changes in product structure, the gross profit margins of all four companies generally decreased, with单车 profit falling below 600 yuan. NIO’s sales expenses reached 7.922 billion yuan, while Xpeng’s R&D investment was 5.82 billion yuan, with both R&D and sales expenses remaining high. Additionally, NIO’s stock price fell by 4.02%, Li Auto faced the risk of accelerated capital consumption, and Leapmotor plans to launch new architecture products in September and expand into overseas markets.
The performance of four new car manufacturers – NIO, Xpeng, Li Auto, and Leapmotor – showed significant differences in the first half of the year, with only Leapmotor achieving profitability. Leapmotor reported revenue of 38.11 billion yuan and net profit attributable to the parent company of 210 million yuan, maintaining profitability for three consecutive semesters; NIO had revenue of 57.67 billion yuan but its loss narrowed to 1.22 billion yuan; Li Auto’s revenue was 48.65 billion yuan, with losses increasing to 3.99 billion yuan; Xpeng’s revenue was 32.78 billion yuan, with losses rising to 3.12 billion yuan. Due to rising raw material costs and changes in product structure, the gross profit margins of all four companies generally decreased, with单车 profit falling below 600 yuan. Research and development expenses remained high: NIO’s expenses reached 7.922 billion yuan, while Xpeng’s R&D expenditure was 5.82 billion yuan. NIO’s stock price dropped by 4.02%, Li Auto faced the risk of accelerated capital consumption, and Leapmotor plans to launch new architecture products in September and expand into overseas markets. Industry competition has shifted from competing in sales volume to competing in profitability and efficiency.