Key developments in the new energy vehicle market this week:
NIO Delivers 140,000th Third-Generation ES8
Gasgoo Munich-On August 21 that NIO founder, chairman, and CEO Li Bin announced at the Chengdu Auto Show that the company had delivered its 140,000th third-generation ES8. It took just 335 days to go from the first unit to the 140,000th, setting a new delivery record for high-end pure electric vehicles in China.
Exactly one year ago, at the ES8 product launch in Chengdu, Li predicted that the model would usher in the electric era for large SUVs.
Image source: Weibo @Li Bin
In a Weibo post, Li stated that NIO has remained committed to in-house R&D since its inception, continuously investing in pure electric technology and charging and swapping infrastructure. "We have encountered many challenges and made some errors along the way, but we have never wavered in our commitment to our technological path," he wrote.
As the world's first smart electric vehicle to undergo three generational iterations, the ES8 is not only the pioneer of the large three-row electric SUV market but also a leader in technological and experiential innovation. Li emphasized that for users, the ES8 is more than just a vehicle; it is a trusted partner for business, family, and personal enjoyment.
Gasgoo Comment: The third-generation ES8's performance not only sets a new delivery record for high-end electric vehicles, but also signals that the electric era for large SUVs has arrived.
Xiaomi's Auto Business Revenue Hits 23.9 Billion Yuan in Q2
Gasgoo Munich-On August 18 that Xiaomi Corporation (HK01810) released its financial results for the second quarter of 2026. Quarterly revenue hit 108.9 billion yuan, surpassing the 100-billion mark again, while adjusted net profit came in at 6.2 billion yuan, improving sequentially. R&D investment reached 9.2 billion yuan, an 18.9% year-on-year increase.
Revenue from the innovative business segment, which includes smart electric vehicles and AI, climbed 17.1% year-on-year to 24.9 billion yuan. Of this, smart electric vehicle revenue stood at 23.9 billion yuan.
Xiaomi Corporation partner and president Lu Weibing stated that in the second quarter of 2026, Xiaomi’s revenue returned to the 100-billion-yuan range, with both income and profit improving sequentially. Last year's successful launch of the Xuanjie O1 chip has seen cumulative shipments exceed one million units across three terminals, achieving large-scale validation for a flagship chip. A new generation of Xiaomi Xuanjie chips is set to be released soon.
Lu also noted that as the group’s business structure continues to optimize, the share of automotive and AIoT businesses is steadily rising. Despite rising memory costs, Xiaomi’s smartphone business remains firmly in the top three globally, with solid fundamentals.
With the launch of the Xiaomi Pengcheng vehicle serving as a critical milestone, the group is confident in its outlook and expects strong performance in the second half of 2026.
Gasgoo Comment: Transitioning from a "single hit product" strategy to a "product matrix" strategy, the sales volume of the Pengcheng extended-range series in the second half will be the key test to determine if Xiaomi’s automotive business can balance scale with profitability.
Leapmotor Enters Argentina Market, Leveraging Stellantis Network for Sales and Service
Gasgoo Munich-Leapmotor recently launched two global models, the B10 and C10, in Argentina, both available as extended-range versions. This move marks a new phase in the brand's expansion across South America.
Image source: Leapmotor
Given the state of local charging infrastructure in Argentina, Leapmotor has chosen extended-range technology as its entry point. The strategy aims to address consumer range anxiety and reduce reliance on charging facilities.
On sales and service, Leapmotor is leveraging its strategic partnership with Stellantis to share the latter's localized operational resources in Argentina. The initial phase includes 12 sales outlets and 20 dedicated after-sales centers covering major cities. These sales points combine Stellantis’s existing channels with Leapmotor-exclusive spaces to offer test drives and localized financial solutions.
Beyond the 20 exclusive outlets offering specialized EV services, the after-sales system taps into over 300 Stellantis brand service centers for basic maintenance and emergency roadside assistance. Parts supply will be managed by Mopar, Stellantis's original parts brand, which will distribute components via local warehouses to shorten repair wait times.
Gasgoo Comment: By leveraging Stellantis’s channels, Leapmotor has used an "asset-light" model to quickly enter the Argentine market—a pragmatic step in its globalization strategy.
Wan Gang: Pure Electric and Plug-in Hybrid Market Share Expected to Reach 70:30; No Overcapacity Issue
Gasgoo Munich-Wan Gang, honorary president of the China Association for Science and Technology, recently provided a comprehensive overview of the development path, technological roadmap, and controversial industry issues regarding new energy vehicles.
Regarding technology, Wan Gang stated clearly that pure electric vehicles are the long-term direction. He expects the market share split between pure electric vehicles and plug-in hybrids (including extended-range vehicles) to settle roughly between 65:35 and 70:30, with the two forming a complementary relationship.
Addressing overseas accusations of "overcapacity" in China's NEV sector, Wan Gang strongly contested the claim. He argued that overcapacity should be measured by actual market demand. Currently, China owns about 260 vehicles per 1,000 people—a figure far lower than Japan, Europe, and the United States, with a gap that is many times larger. He stated clearly that the root of these overseas doubts is the competitive pressure resulting from China's growing industrial strength.
Wan Gang also noted that the intense rivalry within the industry reflects a lack of fundamentals in market service and user cultivation among some companies.
Gasgoo Comment: As the elimination round intensifies, this assessment helps stabilize morale, but automakers must still remain vigilant against the risks of structural capacity mismatches.
CATL's Zeng Yuqun: Non-Zero-Carbon Batteries Will Be Eliminated in the Future
Gasgoo Munich-On August 17 that CATL held a core operations carbon neutrality conference in Ningde, Fujian. The company announced that it had achieved carbon neutrality in its core operations by the end of 2025 and disclosed, for the first time, its action plan for achieving value chain carbon neutrality by 2035.
Zeng Yuqun, Image source: CATL
Why is it essential to achieve carbon neutrality? At the conference, CATL Chairman and CEO Zeng Yuqun provided the answer in his speech.
"Achieving carbon neutrality is not just CATL's mission; in the process, we have built up our carbon-neutral capabilities and identified huge market opportunities," Zeng said. "Pursuing carbon neutrality isn't just about charity or corporate responsibility—it's also a market opportunity. Therefore, carbon neutrality is a mission, but even more so, it is a capability."
Zeng went further in his speech, emphasizing: "I believe that in the future, batteries that are not carbon-neutral will be eliminated!"
As early as June of this year, CATL established "Time Zero Carbon" in Xiamen to coordinate the global implementation of its zero-carbon technologies and businesses.
Gasgoo Comment: The race for carbon neutrality in the battery industry has begun. This is not just about corporate responsibility; it is a strategic move to define the rules of global competition for the next generation.
