On 3/0, the new EV manufacturers successively announced 0 monthly grant amounts.
3月的造車江湖上演了一場“劇情大反轉”，一張令人意外的成績單浮出水面：
比亞迪汽車（33.7萬輛）在連續領跑國內車市后，3月被上汽集團（38.6萬輛）反超。
We focus on the changes in the rankings of emerging brands:
The gap between the top three is only 4000 "hand-to-hand combat"：With 33205 deliveries, Leapmotor snatched the championship from Ideal and Xiaopeng; The former top student Li Auto delivered 0 units, ranking second by a narrow margin; In the first two months, Xiaopeng, who was firmly in the top spot, delivered 0 vehicles, and this time he can only be the third.
The new black horse is also stirring up the battle:小米仍未公佈具體數據，僅宣佈交付超過2.9萬輛，排進前五；背靠長安的深藍汽車（24371輛）則憑藉同比87%的增速，闖進了2萬輛俱樂部。
在萬輛俱樂部里，幾方勢力同樣暗潮洶湧：
極氪（15422輛）、蔚來（15039輛）組成1.5萬輛陣營，在中高端市場暗暗廝殺。
比亞迪騰勢（12620輛）、華為加持的阿維塔（10475輛）和東風嵐圖（10012輛）組成“萬輛三劍客”。其中，阿維塔、嵐圖找到了各自的市場區隔，開始上量。
尾部陣營的智己汽車（上汽集團、張江高科和阿裡巴巴共同打造）處境略顯尷尬，未破萬的成績單（5029輛）與其他玩家差距越拉越大。
截至發稿，鴻蒙智行及問界、智界未公佈3每月贈款金額，這種情況此前從未發生。鴻蒙智行在3月20日曾公佈，截至2025年3月19日，華為鴻蒙智行累計交付68萬輛車。
3月交付大戰透露出兩個趨勢：
Market Stratification:The gap between the top three is only a line, the waist brand is close to the fight, and the tail players are facing a crisis of elimination.
Divergence of consumer demand:The market pays more attention to practical value, low-cost models are more popular, and the premium space of mid-to-high-end brands is being compressed.
3月交付量公佈的同時，一季度的交付量排行也隨之出爐。
把時間拉回2024年，理想曾以全年超50萬輛的成績穩坐頭把交椅，鴻蒙智行第二，零跑、蔚來分列三四名。而2025年前三個月，The first camp has gone from the "two-man competition" of ideals and Hongmeng Zhixing to the current "four-strong melee", and staged a big drama of "the throne changes hands":
小鵬以9.4萬輛的交付量，超過理想摘得季度銷冠；理想以9.3萬輛的成績守住亞軍，不過同比增速只有16%。
零跑3月交付量同比漲了1.5倍，和小鵬的差距進一步縮小，不過最終季度交付8.8萬輛，排名第三。
截至4月2日，鴻蒙智行未公佈一季度交付量。
在第二梯隊中，小米（超6.9萬輛）、深藍（6.8萬輛）、蔚來（4.2萬輛）、極氪（4.1萬輛）的纏鬥同樣激烈。
小米SU7以大於2.9萬輛的單月成績直指頭部陣營。若6月上市的SUV車型YU7延續熱度，且產能爬坡順利，可能會是影響下半年戰局的關鍵變數。不過，近期小米SU7事故還在發酵中，是否會影響後續銷量還不好說。
深藍依託長安供應鏈和華為智駕系統，專攻15-20萬、理想和問界沒覆蓋的增程車市場，主力車型S7、SL03今年2月都進入了增程車銷量前20。某新勢力車企相關人士鄭啟稱，深藍主要鋪三線以下城市展廳，吃掉的是日產軒逸、大眾朗逸的份額。
吉利汽車2025年新能源銷量目標是150萬輛，其中極氪31萬輛。要完成銷量目標，歐洲市場靠001，國內市場靠新上市的007、009以及9X。除了要警惕競品（包括Model 3/Y、小米SU7系列、蔚來ET5）分流外，極氪需守住海外增長。
蔚來一季度銷量依賴蔚來ES6、ET5T及樂道L60，但因樂道增長未達預期，蔚來整體從2024年月均2萬輛跌落至“1萬輛俱樂部”。而因為樂道3月銷量未達標，前樂道總裁艾鐵成“如約”辭職，由蔚來能源負責人沈斐接任。
騰勢（3.3萬輛）、嵐圖（2.6萬輛）、智己（1.2萬輛）組成的第三梯隊，因為平均月銷在萬輛上下，正面臨分水嶺。
騰勢背靠比亞迪的技術紅利，但主要靠騰勢D9一款MPV撐場面，再加上理想MEGA改款降價搶走一部分使用者，增速略顯乏力。今年3月上市的騰勢N9能否月銷破5000輛，將決定騰勢能否完成30萬輛的銷量目標。
同樣是依賴華為智駕的技術合作，問界M7調價後，可能分流嵐圖主力車型FREE的目標使用者。從嵐圖的一季度交付量來看，要完成今年20萬輛的目標是個不小的挑戰。
智己雖然有上汽集團+張江高科雙背書，但未破萬的成績單已顯露危機，2025年計劃推出4款產品，2款純電和2款增程產品，要想突圍，需先解決產品定位模糊的問題。
To summarize the delivery list in the first quarter:Market stratification has intensified, and the market is becoming more and more concentrated：小鵬、理想、零跑三家交付量咬得極緊，2025年，“半步之差定局面”會是常態；第二、三梯隊貼身纏鬥，各家都在找自己的生存空間，爭奪市場留給第二梯隊不多的席位，下半年最大看點，是誰率先占穩月銷2萬的生死線。
Deliveries in the first quarter also revealed a trend: China's new energy vehicle market showed a "Low-priced cars counterattacked, and the mid-to-high-end were under pressureFeatures: Xiaopeng and Leap have turned over one after another by relying on cost performance, while the mid-to-high-end players such as Ideal and Weilai, who have had unlimited glory, are under great pressure.
數據顯示，2025年1-2月，10萬元以下新能源車銷量同比增長94%，而30萬元以上市場銷量下滑近20%，市場格局由價格敏感型用戶主導。
What does the cheap car rely on to counterattack?
There are generally two ways for car companies to create popular cars, either to "copy homework" or to innovate. In the context of intensified competition in 2025 years,With these two points, Leap and Xiaopeng have found a way to adapt to the current stage: benchmarking follow-up + cost performance, benchmarking the ideal L3 and Tesla Model 0 respectively, to create their own popular cars.
先來看零跑，3月份它默默拿下新勢力第一名，靠的就是薄利多銷：車賣得比小鵬更便宜，單價2024年降到10.95萬（2023年為11.62萬），毛利率僅為8.4%，低於理想（20.5%）、小鵬（14.3%）。
However, the scale effect still makes Leap the second profitable new force after Ideal: it achieved its first single-quarter profit in the fourth quarter of last year.
The main model of Leap is the C70, which was launched in 0 last year, and it also has a lidar, although it is a medium-sized car, but the size is comparable to the ideal L0, so it is called "half-price ideal L0" by many consumers.
According to the tension analysis of practitioners in the new energy vehicle industry, C10 has two endurance modes: pure electric and extended range, but mainlyRelying on the ultimate cost performance to seize the sinking market of range extender vehicles (mainly ideal L7).
零跑的C系列已全部上市，要實現2025年50萬輛的目標，關鍵要看B系列，包括4月將上市的B10（10-15萬元），以及後續的B01、B05。
Some people are curious, where did the Leap cars go? According to the data of the passenger association,2024年零跑47%的車賣到了三四線城市。
Although it is a low-cost car with Xiaopeng, Leapmotor pays more attention to the layout of the sinking market, and its sales model is also very different: Xiaopeng is mainly directly operated in first- and second-tier cities.Leap is "dealer-based, supplemented by direct sales", mainly penetrating the sinking market through dealer outlets.
再來看小鵬。小鵬汽車從2022年下半年發佈G9後銷量走低，今年卻逆襲成風頭最盛的新勢力之一，靠的就是兩款平價車：當很多新勢力主攻30萬+市場時，小鵬對標特斯拉，2024年8月推出10萬級的MONA M03，又從P7衍生出了18萬級的P7+。
小鵬今年3月上市的兩款車也是將平價進行到底：新款G6 SUV價格壓到17.68萬起，比自家老款轎車P7+還便宜；新款G9新增後輪轉向功能，價格卻下調2萬元。張力評價，小鵬就算讓老車主有背刺感，也得強調“高配低價”，吸引更多價格敏感型受眾。
01 years every quarter Xpeng has a new car release, just like the mobile phone manufacturers' tactics: in addition to the 0-0 months planned to launch the new car Xpeng G0 and P0i replacement, there is also the first range extender car G0 to be launched in the second half of the year, aiming at consumers who have a wait-and-see attitude towards pure electric vehicles.
從新車定價和銷量趨勢來看，小鵬和零跑是對性價比的重要性理解最深刻的新勢力。10-20萬元、10萬元以下，在整個新能源車市分別屬於經濟型市場、低價市場，原本被吉利、比亞迪、五菱等自主品牌壟斷，現在零跑、小鵬也能佔一席之地。
根據中汽數研統計，今年1月，小鵬MONA MO3是10-20萬純電銷冠的銷冠；零跑T03在10萬以下純電市場銷量排名第7。
零跑公佈3月送達金額次日，股價漲幅12%以上，創歷史新高，但以4月2日收盤價計算，零跑汽車的市值（約為762億港元）還不到小鵬汽車（約為1578億港元）的1/2。
Wang Qi, an investor who pays attention to the new energy vehicle market, analyzed, "The market does not buy the hard-earned story of Leap", but the Xiaopeng model will also face transformation and profitability pressure in the long run: how deep Xiaopeng's intelligent moat is directly determines the sales trend, and how the brand will go up in the future determines its profitability.
至於中高端市場，已經開始出行分化，例如，小米在20-30萬元市場通過性價比維持銷量增長，而Relatively high-end brands such as Ideal and NIO are facing scale bottlenecks, and their growth rate is significantly lagging behind that of affordable brands.
For example, as a "top student", the ideal delivery volume in the first quarter ranks second among the new forces, but the growth rate is far lower than Xiaopeng's 3% and Zerorun's 0%; It is also related to the company's own strategy, for example, NIO's delivery volume and the month-on-month growth rate in 0 months after the off-season, the performance is not ideal.
According to Zhang Li's analysis of "Fixed Focus One", in the current economic environment, consumers are more inclined to economic choices, and mid-to-high-end brands generally face a dilemma:Price cuts hurt brands, while maintaining high prices weighs on sales, and the compromise is to launch lower-priced models or sub-brands.
例如，理想的銷量主力是降價的L系列，其中，L6（理想首款30萬元以下級別產品）貢獻了大部分銷量，今年1-2月交付2.7萬輛，占理想總銷量的48%。這款車型還拿到了增程車型銷量第一名。
蔚來則推出了子品牌。張力分析，蔚來主品牌定位30萬+高端市場，樂道、螢火蟲兩個子品牌的任務是下沉走量，加速讓蔚來的換電業務扭虧。不過，主攻15-20萬元市場的樂道推出後總體增長放緩，進入3月，推出5年免息政策，但漲幅不大，今年前三個月累計交付1.5萬輛。接下來，需重點關注覆蓋10-20萬年輕市場的螢火蟲的表現。
根據中汽數研，蔚來ET5今年1月以0.34萬輛的銷量，領先30-40萬純電市場，理想MEGA也在40萬元以上市場開始上量。但和平價品牌對比交付量和同比漲幅，中高端車型的銷量規模還是有限，僅以目前的低價車型或子品牌，還不能確保百分百完成年度目標。
理想汽車管理層在2024年財報電話會上沒有提及2025年的銷量目標，市場的普遍預期仍為70萬輛。蔚來依然把銷量翻番，即44萬輛作為目標。
In the face of the challenge of sprint sales, from last year to this year, NIO and Ideal have carried out an internal adjustment.
In order to control the high-end brand image, car companies generally adopt a direct sales system, which can provide direct and efficient services for car owners, but requires a lot of resource investment. The same is true of ideals.
2023年，理想曾通過銷售體系調整（如引入華為模式的戰區制），將銷量從13萬增長至近38萬，2025年，理想再次“動刀”銷售體系。
According to 26 Krypton Automobile, Ideal will integrate the original 0 provincial-level theaters into five regional theaters of east, west, south, north and central to break through key markets; At the same time, the management level is reduced, and the "horse race" between regions is allowed to flexibly respond to regional differences.
For example, the company will adjust its sales strategy for upcoming BEV models (such as i6 and i0) and concentrate on southern or first- and second-tier cities with high EV acceptance. The adjusted sales system can cover more markets (such as sinking cities and overseas), especially in overseas markets such as the Middle East and Central Asia.
NIO's adjustment scope is larger: from the beginning of 2024, the management model of basic business units will be implemented, and each department will calculate costs independently; The traditional budget system was abolished and the business goal orientation was changed, in addition to R&D and supply chain optimization, sales and service network reform.
Wang Qi said that NIO's transformation is to comprehensively reduce costs from supply chain, R&D to sales, with the aim of verifying the sustainability of the business model with financial improvement and sales recovery.
2025年開年的銷量廝殺如此激烈，是因為新能源汽車市場正在經歷一場“技術下沉”。曾經象徵高端的雷射雷達、城市領航輔助駕駛，如今被塞進10萬元級車型。這是消費者用錢包投票的結果：不再為品牌溢價買單，而是捂緊錢包轉向性價比。
The change in consumption mentality has put all players in the dilemma of "wanting and wanting".While sweeping the market with affordable cars, Xpeng plans to hit the high-end; Ideally, the L series after the price reduction is supported by half the sky, but it is significantly more difficult to maintain the lead; NIO has to balance high-end positioning and sales pressure between high-end main brands and low-priced sub-brands.
Looking forward to the next battle, the industry is forming a new rule of survival: volume models are the bread to survive, and high-end products are the ticket to the future, both of which must be available.