The year 2025 has concluded, and emerging electric vehicle manufacturers are progressively disclosing their annual sales figures.
An analysis of 15 automakers reveals several key findings: First, among the "Wei Xiaoli" trio (NIO, XPeng, and Li Auto), only XPeng successfully met its annual target; NIO fell short of its annual goal, although its sales increased by nearly 50% year-over-year; Li Auto has "fallen behind," achieving only 58% of its annual target while experiencing an 18.8% decline in sales compared to the previous year, making it the only company among the Top 15 to report a year-over-year decrease.
Second, among other automakers, the Changan and Dongfeng groups both performed poorly. Changan's brands, Avatar and Deepal, failed to meet their targets, while Dongfeng's brands, Voyah and M Hero, reported modest sales.
Third, the highly anticipated Xiaomi Auto delivered approximately 410,000 vehicles for the full year, achieving 117% of its target.
Based on the 12 emerging automakers that disclosed annual targets (excluding Harmony Intelligent Driving, Aion, and M Hero, which did not publish goals), 8 companies failed to achieve their objectives, accounting for approximately 67% of the group.
Today, a company-wide letter from NIO's founder, Li Bin, candidly addressed the current state and future of the industry: "The competition in the smart electric vehicle sector has entered the final stage. The pace of technological upgrades and iterations will accelerate, and market competition will intensify. The more challenging the environment, the more essential it is to maintain strategic focus, avoid underestimating ourselves or deceiving ourselves, stay true to our original intentions, and concentrate on execution."
Among the "Wei Xiaoli" trio, Li Auto has fallen behind, becoming the only one to experience a year-over-year sales decline.
NIO initially projected a sales target for 2025 that would effectively "double its sales," totaling approximately 440,000 vehicles. However, by year-end, NIO sold only 326,000 cars. While this represents a significant 46.88% increase compared to the previous year, it still falls considerably short of the ambitious 440,000-unit goal.
In response, NIO's Founder, Chairman, and CEO Li Bin stated in his letter, "In 2025, we gradually emerged from the trough, and the company entered the third stage of its development, initiating a new cycle of rapid growth. However, we have no room for complacency. In 2026, we must continue to fortify our foundations and fight a steady battle, solidifying our base and accumulating strength for both the present and the longer term."
He believes that the competition in the smart electric vehicle industry has entered its final phase, with technological advancements accelerating and competitive pressures mounting. In such a harsh climate, maintaining strategic resolve, avoiding self-doubt or self-deception, staying true to the original mission, and focusing on action are paramount.
Li Auto's sales performance in 2025, however, encountered a "Waterloo." Reports indicate that Li Auto delivered 44,200 new vehicles in December, with a total of 109,200 deliveries for the fourth quarter. Full-year deliveries reached 406,300 units, an 18.81% decrease year-over-year. Compared to its initial target of 700,000 vehicles for the year, its achievement rate was a mere 58.05%.
Although Li Auto had previously staged downward revisions to its sales guidance, the company, which had surpassed the 500,000-unit mark last year, has now become the only emerging automaker to report a year-over-year sales decline, falling behind first within the "Wei Xiaoli" group.
Previously, Li Auto's Chairman Li Xiang noted that the transition to pure electric vehicles remains the core challenge, stating, "Cumulative orders for the pure electric SUV models i6 and i8 have exceeded 100,000 units, but battery supply constraints have hampered the production ramp-up, which has fallen short of expectations. The i6 has now adopted a 'dual-supplier' model, and monthly production capacity is expected to increase to 20,000 units by early 2026."
Changan's Two Brands See Their Annual Targets "Fail"
Beyond the shifting dynamics among the top three new players, the overall landscape of emerging EV makers has changed noticeably: Leapmotor achieved annual sales of 596,600 units, a 103.1% year-over-year increase, setting a new record for annual sales among emerging automakers; however, Changan Automobile's brands, Avatar and Deepal, both failed to meet their targets.
Commenting on the substantial annual results, Leapmotor's Chairman Zhu Jiangming said, "Looking ahead to 2026, we will aim for one million in sales. Regarding products, new models from the A-series and D-series will also be launched successively."
Regarding state-owned and central enterprise brands, Changan Automobile's Deepal and Avatar showed growth, but the results were less optimistic than anticipated. For instance, after Deepal lowered its annual target from 500,000 to 360,000 units, its full-year sales reached 333,100 vehicles, still falling short of the revised goal.
Nevertheless, in December, Deepal made new progress in autonomous driving. It secured a spot among China's first two L3 autonomous driving models approved for market entry by the Ministry of Industry and Information Technology and also completed a financing round of 6.122 billion yuan, which may accelerate its technological advancements. As for Avatar, its sales have hovered around 10,000 units monthly, with annual sales reaching 128,800 vehicles. Compared to the initial target of 220,000 units set at the year's start, the completion rate was less than 60%.
Additionally, Dongfeng Motor's brand Voyah also failed to meet its target as planned, selling 150,200 vehicles last year, achieving 75.1% of its annual goal.
Zhang Xiang, a guest professor at Huanghe Science and Technology College and Secretary-General of the International Association of Intelligent Transportation Technology, explained that the current environment of overcapacity, intense internal competition, and price wars makes it difficult for automakers to achieve their annual sales targets, which is a normal phenomenon. Regarding Li Auto falling behind, he attributed it primarily to the nascent stage of the new energy vehicle industry, where the market is unstable. Unlike the traditional fuel vehicle market, which stabilizes over time, the current phase is characterized by rapid changes and fierce competition, with products continuously being refined in this race.
