Among all the new energy vehicle companies in China, "NIO-Xpeng-Li Auto" can be regarded as a symbol of an era, because these three are representatives of new auto manufacturing forces, and they were established at around the same time, all engaging in cross-border auto manufacturing.

At the same time, they have a good relationship with each other, and the cars they make are also very distinctive. They have successively listed in the United States and Hong Kong, so they have always been called "NIO-Xpeng-Li Auto" by people.

However, after so many years of development, these three companies are vastly different from what they used to be, and many people say that it is no longer appropriate to call them "NIO-Xpeng-Li Auto" because the gaps are too large.

In the past, people called them "NIO-Xpeng-Li Auto" because NIO was the eldest brother, Xpeng the second eldest, and Li Auto the youngest. But now, Li Auto has become the eldest brother, while NIO and Xpeng seem to have fallen behind.

Recently, all three companies have released their data for the first half of 2024, and we can compare them to see the differences.

First, let's talk about Li Auto. In the first half of the year, its revenue was 57.31 billion yuan, with a cumulative delivery of 188,981 vehicles, a profit of 1.7 billion yuan, and a gross margin of 19.5%.

Next, let's look at NIO. In the first half of the year, its revenue was 27.4 billion yuan, with a cumulative delivery of 87,426 vehicles, a loss of 10.2 billion yuan, and a gross margin of 9.7%.

Xpeng's revenue in the first half of the year was 14.7 billion yuan, with a cumulative delivery of 52,028 vehicles, a loss of 2.7 billion yuan, and a gross margin of 14%.

The total revenue, sales volume, and profit of NIO and Xpeng are not as much as that of Li Auto. In terms of market value, Li Auto is currently valued at $19.1 billion, NIO at $11.6 billion, and Xpeng at $8.5 billion. The combined market value of NIO and Xpeng is roughly equivalent to that of Li Auto.

Therefore, at least based on the current situation, the three companies of NIO-Xpeng-Li Auto are no longer the same as before, and there seems to be a difference in their hierarchy.

However, to be honest, NIO-Xpeng-Li Auto are also under great pressure now. One thing they have in common is that as competition intensifies, all three are starting to move towards the lower end of the market, hoping to rely on low-end products to support sales.

Li Auto has launched the cheapest L6, which has already accounted for half of its sales. Xpeng has introduced the MONA sub-brand, which is cheaper than its previous models. NIO has launched the Ledo brand, which is also cheaper than NIO's main lineup.

In addition, among the new auto manufacturing forces, NIO-Xpeng-Li Auto still have high cash reserves. As shown in the figure above, Li Auto has 97.3 billion yuan, NIO has 41.6 billion yuan, and Xpeng has 37.33 billion yuan, more than NIO and ZEEKR.

So at least for now, the three brothers don't have to worry about money and can develop steadily. As for Li Auto, there is even less to worry about since it has already achieved profitability. So, how will the three brothers perform in the future? Will they continue to be "NIO-Xpeng-Li Auto," or will the gaps widen further, making it impossible for them to be listed in parallel?