XPeng Rebrands as "Group," Li Auto Launches $1B Buyback, Xiaomi Auto Hits Over $14B in Annual Revenue

This week saw a flurry of developments in the new energy vehicle (NEV) market: XPeng announced it will rebrand as "XPeng Group" effective April 1, 2026, signaling its transformation into a diversified technology enterprise. Li Auto launched a share repurchase program worth up to $1 billion and is accelerating its investment in embodied intelligence technologies, with R&D spending for 2025 reaching RMB 11.3 billion. Xiaomi Group’s 2025 financial report revealed that its automotive business generated over RMB 100 billion in revenue for the first time—specifically RMB 106.1 billion—and delivered more than 410,000 vehicles throughout the year; its new SU7 model garnered over 30,000 pre-orders within three days of launch. Additionally, Leapmotor established a thermal management company to strengthen its self-reliance in core components. Meanwhile, Sony Honda Mobility, the joint venture between Sony and Honda, is considering pausing its AFEELA electric vehicle project, reflecting intensifying industry consolidation.