The first quarter report cards are gradually appearing, intensifying the differentiation of new forces in car manufacturing.

In the first quarter of 2025, China's new energy vehicle industry saw increasing differentiation, with the financial data of leading new forces reflecting divergent strategic effectiveness. In the first quarter of this year, Xiaopeng Motors topped the new energy sales charts with a delivery volume of 94,000 vehicles, expecting revenue to be between 15.19 billion and 15.7 billion yuan, a year-on-year increase of 132% to 139.8%; facing slowing growth and profitability pressures, NIO delivered 92,900 vehicles in the first quarter, a 15.5% increase year-on-year, but expected revenue to be between 23.4 billion and 24.7 billion yuan, a year-on-year decrease of 3.5% to 8.7%. In comparison, Lixiang Motors, focusing on the market of 100,000 to 200,000 yuan, emerged with 87,600 vehicles delivered and a gross profit margin of 14.9%; while NIO, wavering between high-end and scale, only delivered 27,300 vehicles under the main brand, with expected total first-quarter revenue between 12.367 billion and 12.859 billion yuan. At the same time, there is also differentiation in the capital market's response. According to incomplete statistics from China Securities Journal, as of 2025, Xiaopeng's Hong Kong stock price has increased by 66.2%, with a market value of 147.6 billion Hong Kong dollars; Ideal's stock price has risen by 18.1%, while NIO's has fallen by 12.2%, with a total market value of less than 70 billion Hong Kong dollars.