In the realm of domestic new energy vehicles, BYD undeniably stands out. As the world's leading player, it recorded sales exceeding 4.27 million units in 2024, leaving its competitors far behind.

Equally prominent is the trio of 'NIO-Xpeng-Li Auto'. As trailblazers in the domestic market, these brands each possess unique characteristics that have influenced numerous newcomers in their nascent stages.

Even today, many automotive companies continue to critique, emulate, and aspire to be like Li Auto.

For instance, Li Auto pioneered the concept of 'extended-range' vehicles, initially met with skepticism but now widely adopted. Similarly, NIO's battery swapping service, once criticized, now enjoys collaboration with numerous automakers. Xpeng's early focus on technology as a tech-oriented automaker has also been widely imitated.

It's evident that NIO, Xpeng, and Li Auto served as models for many automakers in their early days, and this influence persists even today.

The term 'NIO-Xpeng-Li Auto' originated from early performance rankings, reflecting a comprehensive evaluation based on sales, market value, influence, and more. However, over the years, this ranking has shifted.

Today, it's more accurate to refer to the trio as 'Li Auto-Xpeng-NIO'. Once the laggard, Li Auto has now emerged as the leader, while NIO, the former frontrunner, seems to have slipped to third place.

While December data is unavailable, the trend is evident from the past year's sales figures (excluding December). Li Auto consistently ranks first, with Xpeng surpassing NIO in the last two months.

In December alone, Xpeng sold 36,700 units compared to NIO's 31,100 units, a difference of over 5,000 units. Considering Xpeng's popular MOMA models, it will be challenging for NIO to overtake Xpeng anytime soon. As for Li Auto, it has already distanced itself significantly from both Xpeng and NIO.

From a market value perspective, Li Auto leads with approximately $25.5 billion, followed by Xpeng at $11 billion and NIO at $9.5 billion. Notably, Li Auto's market value exceeds the combined value of Xpeng and NIO by $5 billion, equivalent to half the market value of either competitor.

It's clear that Li Auto now leads the pack, with Xpeng and NIO in a closer race. For now, we can tentatively place Xpeng ahead of NIO. However, the competition remains fierce, and the ultimate victor is yet to be determined. The term 'Li Auto-Xpeng-NIO' is merely a temporary reflection of the current landscape.