In the 2025 automotive market, a fierce battle is raging among numerous contenders, pushing competition to unprecedented levels. In this gunpowder-less war, the performance of leading automakers has undoubtedly become the most captivating focus of the entire industry. Among them, XPENG Motors reports positive results across all core metrics; Xiaomi Auto achieves single-quarter profitability for the first time; Leapmotor transitions from net loss to net profit, leading the pack among new forces; and Zeekr Technology witnesses steady revenue growth coupled with narrowing losses.

XPENG's profitability threshold is now within reach. Data reveals that in the third quarter of this year, XPENG's automotive business revenue soared to 18.05 billion yuan, marking a 105.3% year-on-year increase. The net loss attributable to shareholders of the listed company shrank to 380 million yuan, a 79% year-on-year decrease. The automotive gross margin climbed to 13.1%, a 4.5% year-on-year rise. As of September 30, 2025, XPENG's cash and cash equivalents, restricted cash, short-term investments, and time deposits totaled a robust 48.33 billion yuan.

The surge in sales serves as the direct catalyst for XPENG's improved financial performance this time around. From July to September this year, XPENG delivered a cumulative total of 116,007 vehicles, a staggering 149.3% year-on-year increase, setting a new single-quarter sales record for the company. While the XPENG MONA M03 emerges as a sales pillar, models like the XPENG P7+, XPENG G7, and XPENG G6 are also gaining momentum. Additionally, the ongoing collaboration with Volkswagen continues to bolster XPENG's revenue stream. XPENG's service and other revenues in the third quarter reached 2.33 billion yuan, a 78.1% year-on-year increase.

From the current vantage point, XPENG is one step closer to realizing its goal of single-quarter profitability. Moreover, XPENG has embarked on a dual strategy of "pure electric + extended range," enhancing its market competitiveness and paving the way for rapid profitability.

Just one and a half years after commencing vehicle sales, Xiaomi Auto now stands financially self-sufficient. In the third quarter of this year, Xiaomi's intelligent electric vehicle and AI and other innovative business segments generated revenue of 29 billion yuan, a 199.2% year-on-year increase, setting a new historical high. Among this, revenue from intelligent electric vehicles reached 28.3 billion yuan, a 197.9% year-on-year surge, with the gross margin rising to 25.5%. More critically, this business segment achieved single-quarter operating profitability for the first time, with operating income reaching 700 million yuan.

The performance growth is primarily attributed to the two models, Xiaomi SU7 and Xiaomi YU7. In the third quarter of this year, Xiaomi Auto delivered a total of 108,796 vehicles, a 173.4% year-on-year increase, also setting a new historical high. Meanwhile, the average selling price per vehicle for Xiaomi Auto rose from 253,700 yuan to 260,100 yuan, continuously optimizing profitability. Xiaomi Chairman Lei Jun stated that before the 23rd of this month, Xiaomi Auto will achieve its annual delivery target of 350,000 vehicles, with an estimated total delivery exceeding 400,000 vehicles for the year.

However, beneath the spotlight, concerns linger. Currently, Xiaomi Auto finds itself embroiled in a public opinion maelstrom, with the safety and reliability of its doors, batteries, and intelligent driving assistance systems continuously sparking market debate. Additionally, media reports indicate that the construction progress of Xiaomi Auto's Phase II factory has been delayed, potentially postponing the planned production ramp-up in October. For Xiaomi Auto, resolving automotive safety public opinion, accelerating production ramp-up, and restoring consumer trust have become unavoidable challenges.

Leapmotor's third-quarter financial report boasts outstanding results, with multiple core indicators showcasing strong growth momentum. In the third quarter of this year, Leapmotor generated revenue of 19.45 billion yuan, a 97.3% year-on-year increase. Net profit attributable to shareholders reached 150 million yuan, transitioning from a loss to a profit compared to the same period last year. The gross margin reached 14.5%. As of September 30, 2025, Leapmotor's cash and cash equivalents, restricted cash, financial assets measured at fair value through profit or loss, and bank time deposits totaled 33.92 billion yuan.

From July to September 2025, Leapmotor delivered a total of 173,852 vehicles, a 101.8% year-on-year increase. Notably, leveraging the blockbuster effect of flagship models such as the C10 and C16, Leapmotor has already surpassed its annual target of 500,000 vehicles ahead of schedule.

However, despite Leapmotor's impressive financial results, the proportion of profit to revenue remains relatively low. In the third quarter of this year, the average selling price per vehicle for Leapmotor declined year-on-year to 112,000 yuan. Clearly, the high cost-performance route has limited the growth of Leapmotor's profitability. Next year, Leapmotor will intensively launch multiple models to the market, including the new flagship model Leapmotor D19. It is reported that the Leapmotor D19 may be priced at the 300,000 yuan level, and its market performance will be crucial for Leapmotor to break free from low pricing and accelerate profitability.

Zeekr Technology significantly enhances its profitability. Data shows that from July to September, Zeekr Technology's quarterly vehicle business revenue reached 26.527 billion yuan, a 7.3% year-on-year increase, primarily driven by increased sales from the launch of multiple facelifted and new models in the third quarter. The net loss was 307 million yuan, an 84.9% year-on-year decrease, with continued improvement in profit quality. The comprehensive gross margin was 19.2%, a 4% increase compared to last year, with gross profit reaching 6.046 billion yuan, a 37.1% year-on-year increase.

In the third quarter, Zeekr Technology delivered a total of 140,195 vehicles, a 12.5% year-on-year increase. The Zeekr brand delivered 52,860 vehicles; the Lynk & Co brand delivered 87,335 vehicles, with new energy models accounting for a high 72.4%, becoming the main driver of sales growth. Behind this, orders for new models such as the Zeekr 7X and Zeekr 009 have seen significant month-on-month increases, and the Lynk & Co 08 EM-P continues to sell well. Notably, the average selling price per vehicle for Zeekr Technology in the third quarter was approximately 189,000 yuan, a year-on-year increase of approximately 12,000 yuan. The combination of scale effects and an increased proportion of high-gross-margin models has narrowed the net loss per vehicle to 2,200 yuan.

However, it should also be noted that the average selling price per vehicle of 189,000 yuan is lower than that of Xiaomi and XPENG, and only higher than that of Leapmotor. Currently, Zeekr Technology finds itself in an awkward position of "high-end not being profitable and high-volume lacking advantage." On one hand, Zeekr has not formed a sufficient scale to support brand premium. On the other hand, Lynk & Co's sales are mostly dominated by EM-P hybrid models priced between 160,000 and 200,000 yuan, resulting in a slightly lower gross margin per vehicle. While the profit quality appears to have improved, attention should be paid to the "low base effect" of Zeekr Technology.

The financial report data indicates that the four emerging forces are demonstrating sustained positive development momentum. XPENG is continuously approaching its profitability threshold with rapid growth; Xiaomi achieves breakthrough progress in single-quarter operating profitability; Leapmotor maintains a stable trajectory, achieving profitability for two consecutive quarters; and Zeekr Technology's profitability shows significant improvement.

With just one month remaining until the end of this year, the final sales figures and overall financial reports of the major emerging forces will soon be released. Who will ultimately emerge victorious? The answer is expected to be revealed shortly.

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