China

Higher utilization, reduced subsidy reliance, and improved efficiency lift margins as the company reports its first adjusted quarterly profit.

Adoption was strong during the campaign, but it remains unclear if user behavior will persist after incentives fade.

The brand’s AWE 2026 showcase points to robot vacuums as a central priority.

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.

Increased spending on supply chains and merchant support also weighed on its 2025 results.

Heavy reliance on Labubu and “The Monsters” franchise weighed on investor sentiment after the latest report.

The company leaned on cost reductions to deliver a full-year profit.