To date, with the development of the domestic new energy vehicle market, although a large number of new car manufacturers have gone bankrupt, newer ones have emerged. In one sentence, it seems that new car manufacturers are emerging endlessly.

However, if one word were to describe the new car manufacturers, people would instinctively say 'NIO, Xpeng, and Li Auto.' Why is that?

The so-called 'NIO, Xpeng, and Li Auto' actually refers to NIO, Xpeng, and Li Auto, the three automakers. The reason why they can become representatives of the new car manufacturers is not only because they were established relatively early but also because they were the first among the new car manufacturers to go public.

This year marks the 10th anniversary of the establishment of NIO and Xpeng. In comparison, Li Auto has been around for a slightly shorter period and will turn 10 in 2025. A decade is neither too long nor too short. What exactly have 'NIO, Xpeng, and Li Auto' experienced in the past ten years?

Regarding this question, let's analyze the latest third-quarter financial report data of the three automakers.

As you might have guessed, in terms of operating revenue, Li Auto has left NIO and Xpeng far behind. The reason is simple: Li Auto not only has higher pricing but also higher sales. In the third quarter of this year, Li Auto's operating revenue was 42.87 billion yuan. NIO's operating revenue for the third quarter of this year was 18.67 billion yuan, while Xpeng's was 10.1 billion yuan.

The delivery volumes for Li Auto, NIO, and Xpeng during the same period were 152,831, 61,855, and 46,533 units, respectively.

From the above two sets of data, it is evident that in the two most critical indicators of financial reports—operating revenue and delivery volume—the combined performance of NIO and Xpeng is far inferior to that of Li Auto.

Conversely, in terms of research and development (R&D) and marketing expenses in the third quarter of this year, NIO had the highest expenditure. Its R&D expenses were 3.32 billion yuan, and marketing expenses were 4.11 billion yuan.

For comparison, during the same period, Li Auto's R&D expenses were 2.59 billion yuan, and marketing expenses were 3.36 billion yuan; Xpeng's R&D and marketing expenses were both 1.63 billion yuan.

Thus, the financial report data of 'NIO, Xpeng, and Li Auto' in the third quarter of this year shows that Li Auto earns more and spends less, NIO earns less but spends more, and Xpeng earns and spends the least.

As a result, in the third quarter of this year, Li Auto's net profit was 2.82 billion yuan, making it the only profitable automaker among 'NIO, Xpeng, and Li Auto.' Although NIO's revenue was higher than Xpeng's, due to its high expenditures, it still incurred a loss of 5.06 billion yuan. Conversely, Xpeng, with the lowest revenue, only lost 1.81 billion yuan.

In other words, NIO's loss amount is nearly three times that of Xpeng's, despite both being in the red.

Based on this, who do you think among 'NIO, Xpeng, and Li Auto' will make it to the end and who is most likely to be the first to fall?

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