Which company will ultimately win?



Li Auto net profit
2023: 11.81 billion yuan
2024: 8.045 billion yuan
2025: 1.139 billion yuan

NIO net profit
2023: -21.1 billion yuan
2024: -22.4 billion yuan
2025: Still unprofitable (full year did not turn positive)

XPeng net profit
2023: -10.38 billion yuan
2024: -5.79 billion yuan
2025: Still unprofitable (losses continue to narrow)
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