朱玉龙-YL

Sales in January were a bit chilly, and it seems that the battle reports at the beginning of the month were not easy to release.

GAC's estimated loss is so large, but we can still consider it optimistically. Traditional automotive groups (mainly joint ventures, each fighting their own battles) need time to switch from their original track to future economies of scale (platform-based group procurement). Many costs here need to be reduced, and new business methods are also required.

Voyah's description indicates that L3 will be available in the first half of the year and directly L3 in the second half. The turning point might be Q3 when L3 can be sold at scale.

Audi had a great year last year, returning to the ABB era

Comprehensive estimate from the Passenger Car Association: From December 1st to 31st, national passenger car manufacturers wholesaled 1.57 million new energy vehicles, a year-on-year increase of 4% and a month-on-month decrease of 8%. Tesla is approaching 100,000.

What do you all think? ​​​

Through the Aito M9, the value of product definition has been established, and it also provides a benchmark for how the subsequent 9 series should be done. It is indeed a benchmark product.

The latest data from the European Automobile Manufacturers' Association (ACEA) for the first 11 months of 2025 is out. Currently, the main destination for China's power battery exports is Europe, so the data here can be correlated. The demand for nearly 4 million units, including 2.27 million pure electric and 1.15 million plug-in hybrid vehicles from January to November, is mostly met by batteries imported from China, with only a small portion being locally sourced. The European automotive market shows a moderate recovery. The total new car registrations in the EU reached 9.86 million, a year-on-year increase of 1.4%. Including Norway, Switzerland, Iceland, and the UK, the total registrations in the broader European market were 12.099 million, up 1.9% year-on-year. From January to November 2025: ◎ Pure electric vehicle sales in the broader sense reached 2.276 million, up 27.4% year-on-year; ◎ Plug-in hybrid sales in the broader sense were 1.149 million, up 33.1% year-on-year. Battery Electric Vehicles (BEV): In the first 11 months of 2025, EU BEV registrations totaled 1.662 million, up 27.6% year-on-year, with market share rising to 16.9%. The broader European market (EU+EFTA+UK) saw 2.276 million BEV registrations, up 27.4% year-on-year. ◎ Germany led the market with 490,000 registrations, up 41.3% year-on-year. ◎ The UK registered 426,000 units, up 26.0% year-on-year. ◎ Spain saw the fastest growth, with 90,000 registrations, up 86.3% year-on-year. ◎ Norway, as a BEV leader, registered 138,000 units, up 34.2% year-on-year, with a penetration rate exceeding 90%. ◎ Eastern European countries like Poland (36,000 units, +140.3%) and Slovenia (6,000 units, +100.7%) doubled their growth rates, while Romania (7,000 units, -11.1%) and Estonia (1,000 units, -35.1%) declined. We can categorize them as: ◎ First part: Large and fast—Germany, the UK, Poland, Spain (Poland's 140.3% growth rate is the highest in Europe). ◎ Second part: Large and stable—France, Belgium, the Netherlands, Sweden (growth <10%, mature markets). Small markets are divided into small but explosive—Slovenia, Iceland, Slovakia (growth >80%, small size with high potential), and risk zones to avoid—Croatia, Estonia, Malta (sales <2,000 units + negative growth).

Assuming Tesla buys H200 in China to run data and tries to implement FSD, what do you think?

Ledo has been quite diligent recently. This year's Zhejiang TV New Year's Eve Gala is a joint effort between Ledo and the TV station. The launch and continued hot sales of the L90 this year have seen the Ledo brand steadily growing, with marketing collaborations and brand building constantly exploring new paths, all centered around users. This year's Ledo is very different from last year.

Porsche 4S store really ran away

In the three weeks of December 2025, the average daily sales ranged from 42,500 to 66,600 and then to 76,500, with an overall decent pace. Although retail sales from the 1st to the 21st were 1.30 million units, down 19% year-on-year, mainly due to the high base last year, which was similar to 2023. Everyone thinks that reducing the overdraft of demand for 2026 is also a good thing.

This wave of interior design is quite interesting. This product, which is full of brand names, also focuses on good materials and craftsmanship in its interior design, equipped with the configurations of a 9-series SUV for comfort. Leapmotor's overall strategy revolves around the cost-effective logic of manufacturing.

Tune in to Zhejiang TV for this year's New Year's Eve Gala (19:30 on December 31st). Ledao is also planning something special, starting with a joyful New Year's Eve celebration to kick off a wonderful new chapter in 2026!