Having reviewed the accomplishments of new automakers over the past 24 years, let's now shift our focus to the performance of new power automakers. It's been a while since we last discussed their sales figures.

01 Zeekr

Zeekr delivered 27,190 vehicles in December 2024, setting a new record.

For the full year 2024, Zeekr delivered 222,123 vehicles, up from 118,685 in 2023.

While it fell short of its preset sales target of 230,000 vehicles for the year, the gap was minimal, marking an impressive performance.

The most significant event for Zeekr in 2024 was the completion of its integration with Lynk & Co.

Technically, Zeekr originated from Lynk & Co., but their eventual merger was somewhat unexpected.

However, for Zeekr, this marks a fresh start.

Although the two brands have merged into a new group, the dual-brand strategy of Lynk & Co. and Zeekr within the Zeekr Technology Group remains intact. Both brands operate independently in customer-facing operations but share resources in middle and backend operations, such as after-sales system construction, channel development, public relations resources, digitalization, and IT.

Following the integration, the Zeekr brand continues to expand upwards, while the Lynk & Co. brand, as a premium automotive brand, aims to further expand its market share.

With the integration of Zeekr and Lynk & Co., the goal is to surpass one million vehicles sold by 2026, with a compound annual growth rate of 40%.

For 2025, Zeekr has set a sales target of 320,000 vehicles, representing a growth rate of approximately 45.5% from the current 220,000 vehicles.

We are focusing solely on Zeekr here, not Lynk & Co.

With an expanding product line, Zeekr now covers a range of models including sedans, SUVs, and MPVs, priced from over ten thousand to seven to eight hundred thousand yuan. The entire system architecture has been completed.

In 2025, Zeekr has ambitious plans. At the product level, Zeekr will launch three new models throughout the year, introduced in the second, third, and fourth quarters respectively. In the second quarter, a shooting brake based on the Zeekr 007 architecture will be unveiled. In the third quarter, a full-size flagship SUV will be released, followed by a mid-to-large luxury SUV in the fourth quarter. Both SUVs will be available in both pure electric and extended-range hybrid versions.

At the technological level, Zeekr will introduce its super extended-range hybrid system, a new powertrain that combines the advantages of pure electric, plug-in hybrid, and extended-range technologies, ensuring balanced high-speed energy consumption and driving range while providing a pure electric driving experience.

I am curious to see how much incremental sales Zeekr will achieve with the adoption of extended-range technology. However, considering that this technology won't be available for mass production until the third quarter, pure electric products will still dominate in the first half of next year.

02 AION

In December, GAC AION delivered 46,851 vehicles, with a total sales volume of approximately 410,000 vehicles in 2024, down from last year's sales of over 480,000 vehicles. GAC AION had set a sales target of 700,000 vehicles for 2024, which was clearly overly ambitious. The decline in sales is attributed to GAC AION's over-reliance on the B-end market. When the B-end market was lucrative, GAC AION mistook market benefits for its own strength. Additionally, this over-reliance on the B-end market has prevented GAC AION from continuously producing high-value products and has solidified the brand image among users, impacting its brand upgrading efforts.

However, the good news is that we can already see changes in GAC AION. AION is launching a series of highly cost-effective products, such as AION Tyrannosaurus and AION RT, which have performed well in sales. Next year, AION and Hyperion will also introduce extended-range models. For AION, the current product strategy is spot on, and it is hoped that AION can bring more competitive models and technologies.

03 IM Motors

IM Motors delivered a total of 65,505 vehicles in 2024, compared to 38,000 vehicles in 2023, representing a significant increase. However, there is still significant room for growth when compared to the industry as a whole. From a product perspective, IM Motors' dual 6-series models (L6 and LS6) have demonstrated strong product competitiveness and have become small hits for the brand. This is because, amidst industry competition, IM Motors has found its own technological high ground (such as the Gecko digital chassis and end-to-end mapless autonomous driving technology). This year, the application of quasi-solid-state batteries will be a major industry hotspot, and IM Motors has already secured a position in this area. It is essential to capitalize on this first-mover advantage and conduct corresponding marketing and promotional activities.

Moreover, against the backdrop of the capital winter, IM Motors raised 9.4 billion yuan in funding at the end of 2024, demonstrating the capital market's firm confidence in the company's long-term development potential and broad prospects. This funding will be used for research and development in core technologies such as digital intelligent chassis, steer-by-wire, and autonomous driving, as well as to accelerate the launch of new products. This year, IM Motors will introduce a total of four new products, including two pure electric vehicles and two extended-range vehicles (though there may actually be only two new vehicles corresponding to the two powertrain options). As the industry enters a fierce competitive phase, IM Motors needs to comprehensively enhance its capabilities in product definition, research and development, manufacturing, supply chain management, marketing, and after-sales services, and strive to meet industry benchmarks. Only in this way can it stand out in the critical battle in 2025.

04 Lunar New Energy

In December 2024, Lunar New Energy delivered 12,136 new vehicles, marking the fourth consecutive month with sales exceeding 10,000 units. Notably, the single model, the all-new Lunar New Energy Dreamer, achieved sales of over 10,000 units, demonstrating its impressive product strength. From January to December, Lunar New Energy delivered a total of 85,697 vehicles, falling short of its initial sales target of 100,000 units set at the beginning of 2024. Currently, Lunar New Energy offers four models: Lunar Free, Lunar Dreamer, Lunar Chaser, and Lunar Zhiyin, completing its product lineup spanning sedans, SUVs, and MPVs.

Lu Fang, CEO of Lunar New Energy, stated that the company will introduce more than four new or facelifted models in 2025 to improve its product lineup. For 2025, Lunar New Energy has set an annual sales target of 200,000 units, which translates to an average monthly sales volume of over 16,000 units. Currently, the all-new Lunar New Energy Dreamer is the most successful model launched by the company in 2024. This year's new product development can draw inspiration from this model to create more hit products.

05 AVATR

In December 2024, AVATR delivered 11,067 vehicles, with a total sales volume of 73,606 vehicles for the entire year. For AVATR, one of the most significant decisions this year was to introduce extended-range models. Following this move, AVATR's sales have increased against the trend, with sales reaching 4,537 units in September and exceeding 10,000 units in October, November, and December. AVATR has reached a turning point in its sales performance. Additionally, in 2024, AVATR deepened its cooperation with Huawei and CATL. With Huawei, AVATR not only became the second-largest shareholder of Huawei's AITO brand but also entered a new phase of cooperation, deepening collaboration in product development, marketing, and ecosystem services to create a new generation of models based on a new architecture. Although Huawei remains a supplier in essence, the depth of cooperation has increased, making it a "HI PLUS" model. With CATL, AVATR has embarked on a new "N PLUS" model, further deepening cooperation in areas such as priority application of new technologies, joint development of new projects, and joint promotion of brands, which means that many new technologies will be first applied to AVATR models, such as CATL's Pan Shi chassis.

Moreover, AVATR successfully completed a Series C funding round of over 11 billion yuan, with significant capital increases from existing shareholders and strong support from state-owned capital, as well as active participation from market-oriented investors. This influx of funds will support AVATR in accelerating the research and design of subsequent models, brand building, and overseas expansion. In 2025, AVATR will unveil refreshed versions of the AVATR 07 and AVATR 12, and the AVATR 06 will also be introduced to users in the first half of the year. As a more affordable model, the AVATR 06 is expected to bring new imagination and incremental sales to AVATR. Of course, the most crucial factors are its price and configuration. In 2025, AVATR aims to achieve an annual sales target of 220,000 units with these four models (06/07/11/12, pure electric/extended-range).

Additionally, AVATR has simultaneously initiated preparations for its IPO and plans to list in 2026.

AVATR is moving quickly, and its competitors need to step up their pace.

06 Denza

In December 2024, Denza delivered 36,577 vehicles, with a total delivery of 243,894 vehicles for the entire year. Although it did not meet the previously set target of 280,000 vehicles, its performance was still noteworthy.

On December 30, 2024, Denza reached another milestone with the official rollout of its 400,000th vehicle. Achieving this milestone in just 29 months, Denza set a new record for the fastest growth in the same-level market.

Currently, Denza has established core technological labels of "Denza Super Extended Range on the left and Huawei Kunpeng Intelligence on the right" and continues to promote electric and intelligent equality through technological advancements.

Denza's deep cooperation with Huawei has made the Denza S07 and L07 the first models priced under 200,000 yuan to feature Huawei's autonomous driving technology, breaking the high price barrier for high-level autonomous driving for the first time.

In the future, Denza will leverage its self-research advantages and collaborate with Huawei to equip all its models with L2.5+ autonomous driving systems by 2025, further promoting intelligent equality.

Currently, Denza has formed a product matrix comprising five models: SL03, G318, S07, L07, and S05.

In 2025, Denza will introduce two new products, with the S09 already making its debut. As a large six-seater SUV designed for the entire family, the S09 will be equipped with the latest Denza Super Extended Range technology and high-level autonomous driving capabilities among the industry's top tier.

Simultaneously, Denza will accelerate its global layout by developing more global models and launching more global products. It is expected to cover 81 countries by 2025 with overseas sales reaching 100,000 units.

Facing the upcoming year of 2025, Denza has set a global sales target of 500,000 units, with an expected 400,000 units in the domestic market and 100,000 units in overseas markets.

This sales target poses a significant challenge for Denza.

07 Denza

To be honest, my interest in Denza began a long time ago. Denza's performance in 2024 was not impressive. With 15,059 vehicles delivered in December and a total sales volume of 126,035 vehicles for the entire year, it failed to meet its previous sales target of 200,000 units and even fell short of its 2023 sales (127,840 units). In 2024, although Denza's product line became more diverse, it mainly relied on the Denza D9 to drive sales (out of the 120,000+ sales, over 100,000 were from the Denza D9). The launch of the Z9 somewhat reversed the declining trend but was not enough.

In the MPV segment, although the Denza D9 remained the annual sales champion in the entire MPV market in 2024, its position was not as stable as before. Sales figures provide the best evidence. In 2023, the D9 sold nearly 120,000 units (119,182 units), while in 2024, sales dropped to just over 100,000 units. The core reason for this decline is Denza's arrogance and underestimation of the market. First, Denza believed that its success in the MPV segment could be directly replicated in SUV models (N7 and N8), resulting in high prices and low configurations. However, it waited until the model refresh to reduce prices, delaying its market response and failing to recover sales even after product upgrades. This was a significant mistake in Denza's development.

Second, Denza thought it had firmly secured the top spot in the MPV market by overtaking its elder brother. Typically, in March 2024, the so-called upgrades to the 2024 Denza D9 were mostly insignificant configuration changes. Subsequently, competitors introduced more competitive products, beginning to seize market share. In contrast, the D9's advantages were no longer as significant. A typical example is the Lunar New Energy Dreamer, which now achieves monthly sales of over 10,000 units. It was not until the launch of the 2025 Denza D9 at the end of 2024 that we saw the introduction of more new technologies, though the advantages over

I must emphasize that Denza's product strategy is flawed, as it seems to have underestimated the cutthroat competition within the domestic automotive market. Nevertheless, Denza undeniably possesses a robust technological foundation, highlighted by its advanced E-Platform 3.0 and sophisticated autonomous driving system, "Tian Shen Zhi Yan".