ZTO Express establishes a new logistics company in Guangzhou with a registered capital of 500 million yuan.
NIO delivered 37,000 vehicles in May, a year-on-year surge of 62%; XPeng slipped to 32,000 units with a slight decline; Li Auto slid to 33,000 units, a drop of nearly 20%. This set of data reveals more than just the monthly sales championship—it tears away the cozy veil of "growing together" in the "new forces" automakers, now being ruthlessly reshaped by the market’s differential algorithm.
Analysis
NIO delivered 37,000 vehicles in May, a year-on-year surge of 62%; XPeng slipped to 32,000 units with a slight decline; Li Auto slid to 33,000 units, a drop of nearly 20%. This set of data reveals more than just the monthly sales championship—it tears away the cozy veil of "growing together" in the "new forces" automakers, now being ruthlessly reshaped by the market’s differential algorithm.
William Li’s "smile curve" appears particularly glaring in May. When outsiders once worried NIO was sinking into an endless pit of services and R&D, it struck back with solid delivery numbers. But this growth is not universal sunshine. NIO’s rebound is more like a precise "surgical" victory—the new channels and pricing adjustment strategies took effect precisely, while also revealing the relative stability of its fundamentals. Meanwhile, Li Auto’s earlier remark, "Wanting too much leads to nothing but ‘daydreaming’," now sounds like a perfectly aimed boomerang. As the story of refrigerators, TVs, and large sofas gets retold, the market has expressed its initial fatigue. The MEGA controversy is merely the surface; the deeper issue is Li Auto’s strategic hesitation on the pure electric platform and its path dependency in product definition. Stepping out of the comfort zone of extended-range technology is far more difficult than imagined.
XPeng’s data reveals an even more complex predicament. The -4% year-on-year decline is particularly conspicuous against the backdrop of the booming overall new energy vehicle market. Its smart technology label seemingly hasn’t fully translated into purchasing power amid the price war. This may suggest that the "halo of intelligent driving" needs more robust and differentiated experiential implementation to penetrate the fog of consumer minds and convert into actual orders.
Interestingly, on the same day the automakers released their delivery data, Tianyancha showed that ZTO Express invested 500 million yuan in Guangzhou to establish a logistics company with a business scope including "computer system services." This is, of course, no coincidence. As leading logistics giants pour real money to deeply bind "logistics" with "systems," and as SF Express and JD Logistics have long heavily invested in smart warehousing and unmanned delivery, this track—often called a "tough job"—is quietly undergoing the most hardcore AI-driven transformation. The algorithm optimization, route planning, and automated decision-making here may sooner and more profoundly reshape the capillaries of the real economy than a flashy autonomous driving launch event.
Placing these two pieces of news side by side gives rise to an absurd sense of disconnection. On one side, the tech-glamoured new automakers struggle amid the tides of sales, their fates tightly bound to quarterly earnings reports and public sentiment. On the other, the seemingly traditional logistics giants are solidly injecting capital and technology into the lowest levels of the industrial chain, conducting a silent yet profoundly impactful "smart transformation." The former chases spotlights and valuations; the latter cultivates efficiency and competitive moats.
Perhaps the industry’s center of gravity is undergoing a subtle shift. When the story of making cars reaches its midpoint, the patience of capital and the market is tested, and "surviving" becomes more urgent than "overthrowing" anyone. Those who can truly integrate AI technology with specific industrial scenarios—such as logistics, manufacturing, and energy—addressing real pain points and fundamentally improving efficiency, might actually reveal more resilient value during this cyclical adjustment.
William Li’s running posture is admirable, but true long-termists perhaps also need to learn, when the tide temporarily recedes, to see clearly where the solid ground beneath their feet lies. And that 500 million yuan in registered capital invested in the logistics network is precisely another track being laid on this ground, leading toward the future.
Disclaimer: The above content is generated by AI and is for reference only.