Recently, I wonder if you’ve had the feeling that new energy vehicle manufacturers seem to be doing quite well. There are a plethora of good news reports. Faced with these numerous reports and the figures that are often tens of thousands or even hundreds of thousands, how much substance is there really? And how should we view this matter?

According to a report from China Newsweek, achieving “monthly sales of over 10,000” is no longer considered a standard for a “blockbuster” in the current automotive circle.
In recent years, many vehicle manufacturers have become keen on creating momentum with “pre – order achievements”. With the arrival of the new car launch wave during the so – called “Golden September and Silver October”, various “good news reports” about large pre – orders have emerged in droves. Judging from the large pre – order data announced by vehicle manufacturers, it has become normal for the large pre – orders to exceed 10,000 within 24 hours of a new car’s launch. Some have even set a record of reaching 10,000 pre – orders within minutes. Consumers seem to be grabbing cars as if they were snapping up discounted cabbages in a supermarket.
Previously, an industry insider said, “Since the beginning of this year, the number of ‘small pre – orders’ in the Chinese passenger car market has exceeded 50 million, and 80% of these orders were completed within 72 hours of the new car’s release.” Data from the China Association of Automobile Manufacturers shows that from January to September 2025, the production and sales of passenger cars in China reached 21.241 million and 21.246 million units respectively, with year – on – year increases of 13.9% and 13.7% respectively.
Currently, the order data announced by vehicle manufacturers during the new car launch period mainly includes small pre – orders and large pre – orders. A small pre – order refers to consumers paying a small amount in advance to express their intention to purchase a car. The amount is usually between 2,000 yuan and 5,000 yuan, and in some cases, it is even less than 1,000 yuan. Small pre – orders are highly flexible, and consumers can refund the money at any time, with almost no binding force.
A large pre – order means that the car – buying process has entered the substantial stage. At this time, consumers have determined the vehicle model configuration, signed a formal car – buying contract, and paid a higher deposit. It is common for the large pre – order amount to be between 10,000 yuan and 20,000 yuan. Since vehicle manufacturers will arrange production and delivery according to large pre – orders, the large pre – order amount is usually non – refundable.

When “small pre – orders exceeding 10,000” has become a standard line in new car releases and marketing data has replaced actual sales as the focus of publicity, we have to ask: How much real substance is there in these glorious achievements?
Firstly, the data in the good news reports is vague, confusing small pre – orders and large pre – orders. When new energy vehicle manufacturers release good news reports, they often use the so – called small pre – order and large pre – order data to replace the most actual sales data. This approach largely confuses consumers’ perception. A small pre – order usually means that consumers pay a small deposit to express their purchase intention. At this stage, consumers can cancel the order relatively easily, and their actual purchase intention is not very strong. A large pre – order means that consumers pay a higher deposit, indicating a more determined purchase intention. However, even so, it does not necessarily mean that the transaction will be completed in the end.
Take a new energy vehicle manufacturer as an example. After the release of a new car, it quickly announced that it had received tens of thousands of small pre – orders, which immediately attracted wide attention in the market. However, the subsequent data on actual sales conversion was far lower than the number of small pre – orders. This is because many consumers at the small pre – order stage were just curious about the new model or followed the trend and were not really ready to buy. When the vehicle was approaching delivery and they needed to pay more money and go through various procedures, many consumers chose to give up. Although this approach of using small pre – order and large pre – order data to replace sales data can attract attention and increase brand popularity in the short term, it may damage consumers’ trust in the long run.

Secondly, data marketing has become prevalent, and meaningless involution has intensified. The competition in the new energy vehicle industry has reached a white – hot stage. Brands not only have to compete in terms of products and technologies but also have to compete for attention in the public opinion field and the capital market. The “sales list” at the beginning of each month has become a must – fight public opinion high – ground for vehicle manufacturers. Brands such as Li Auto, NIO, XPeng, AITO, and ZEEKR have all joined the “war report” ranks, forming an involution culture of “not publishing means losing”. Behind this involution is the continuous eagerness of the capital market for growth stories. Investors are more concerned about “growth rate” than “profit” and more about “market share” than “cash flow”. Therefore, vehicle manufacturers have to create the illusion of “blockbusters” to maintain their valuations. Even more, some dealers are given “order targets” by their headquarters and “brush orders” through internal employee purchases and orders from related parties to artificially create a prosperous scene. This digital competition to cater to the capital market not only consumes a large amount of marketing resources but may also lead to the misalignment of corporate strategies, shifting the focus from product refinement and cost control to “telling good stories”, which ultimately harms the development of the enterprise itself.
Thirdly, profit comes from sales, and only when the money is in the bag is it fundamental. For vehicle manufacturers, the ultimate profit must come from the actual sales of vehicles. This is what vehicle manufacturers really need to focus on. Although the number of pre – orders and orders can reflect the popularity of products to a certain extent, they cannot be directly converted into the actual income of the enterprise. Only when the vehicles are really sold and delivered to consumers can the vehicle manufacturers obtain the corresponding profit. Therefore, vehicle manufacturers should put more effort into improving product quality, optimizing after – sales service, etc., to meet consumers’ needs and win their trust and support. Only in this way can vehicle manufacturers remain invincible in the fierce market competition.

Fourthly, returning to the fundamentals, the digital game cannot last long. Although it may bring a certain amount of attention and sales growth in the short term, in the long run, this approach is not conducive to the sustainable development of the enterprise. On the contrary, if a vehicle manufacturer can always adhere to the principle of honest operation and win consumers’ word – of – mouth and trust with high – quality products and services, it will surely achieve more brilliant achievements in future development. Therefore, vehicle manufacturers should return to the most fundamental things to ensure their own development, such as strengthening technological R & D and innovation, improving product quality, and perfecting the after – sales service system. Only in this way can they truly achieve long – term and stable development and gain a foothold in the market.
This article is from the WeChat public account “Jianghan Vision Observation”, author: Jianghan. It is published by 36Kr with authorization.
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