The luxury NEV maker has now been profitable for two consecutive years, signaling more stable footing in a competitive market.

Huge investments have helped the two carmakers grab market share in the stronghold of Japanese rivals.

The lack of an ecosystem is a hindrance, but BYD, Sany, and others are expanding capacity.

Low EV profits obscure a broader push to expand globally, adapt to local demand, and build long-term positions abroad.

The latest EV is drawing fewer visitors and preorders than its predecessor, as expected in a more mature market.

Many domestic makers are receiving greater support following the changes, widening the disparity.

Higher-margin services adjacent to its car business boosted overall results.

NEV growth and an improved product mix supported the carmaker’s earnings, but profit expansion remained uneven.

AI and new EV models feature in the automaker’s plans to regain momentum in 2026.

The Chinese automaker has taken risk and acted fast in expanding beyond its home market.