Zhou Hongyi outshines Lei Jun at auto show: Why IM Motors and Neta can't replicate Xiaomi's success｜Auto industry

New energy, autonomous driving, artificial intelligence, and chip technology are rapidly developing, and the automotive industry is undergoing unprecedented changes.

To keep up with the latest trends in the automotive industry and deeply analyze market dynamics, Zero State LT has launched the "Auto Circle" column. From a professional perspective, it focuses on the latest developments in the global automotive industry, new product releases, technological innovations, and market performance of major automakers. Through in-depth interpretation of the automotive industry, it reveals the underlying business logic and market patterns, as well as how they are reshaping the industry and influencing human mobility.

This is the second article in the series, focusing on the 2024 Beijing Auto Show. Zhou Hongyi demonstrated how to become a top influencer, playing the traffic game masterfully. Of course, this is limited to personal IP marketing. In terms of business marketing, Zhou Hongyi's 360 invested 1.9 billion yuan in the new energy brand Neta Auto. However, in terms of marketing, Neta is clearly not as savvy as Xiaomi, and there are even brands like IM Motors, which tried to ride Xiaomi's coattails but ended up backfiring. So the question arises: How can new energy vehicles truly win? Is any publicity, even negative, still good publicity?

If we're talking about the hottest figure at this year's Beijing Auto Show, if Zhou Hongyi claims second place, Lei Jun wouldn't dare claim first.

On April 26, 2024, the Beijing Auto Show opened. Amid the massive crowds, the scene that went viral was Zhou Hongyi, dressed in red, sitting on a car roof, earning him the nicknames "The Only Car Model on Day One of the 2024 Beijing Auto Show" and "The Oldest Car Model in Beijing Auto Show History."

▲Image: Zhou Hongyi at the auto show

Zhou Hongyi later responded that he had been practicing rock climbing to prove he wasn't a digital avatar.

Regardless, Zhou Hongyi successfully capitalized on this wave of massive attention. Prior to this, his announcement about selling his Maybach and switching to a new energy vehicle was questioned as a ploy to promote Neta Auto, the new energy brand he invested in. However, he claimed it was to praise China's new energy connected vehicles. Unfortunately, Neta Auto failed to leverage this attention. In fact, Zhou Hongyi had repeatedly urged Neta Auto's CEO Zhang Yong to learn from Lei Jun's marketing strategies. But not every new energy brand can replicate the instant success of Xiaomi's SU7. Some even face backlash for trying to ride the hype, like IM Motors.

In mid-April 2024, IM Motors' official Weibo account posted an open letter, stating that it had apologized to Xiaomi on April 9 but was subjected to organized online harassment and traffic bullying, disrupting normal business operations.

Reportedly, during the IM L6 launch on April 8, the product was almost entirely positioned against Xiaomi's SU7 in an attempt to divert attention. However, when comparing motor configurations, IM Motors mistakenly listed Xiaomi SU7 Max's SiC (silicon carbide) configuration as "front IGBT, rear SiC." Xiaomi responded with three counter-statements, and IM Motors issued three apologies.

Xiaomi fans, however, were unforgiving, flooding IM Motors' official livestreams, comment sections, and even dealer livestreams with criticism.

While some Xiaomi fans' insults and defamation were inappropriate, IM Motors largely brought this upon itself.

To grab attention, IM Motors not only deliberately compared itself to the industry's "top dog" but also adopted a "self-pity" mode, glorifying the "996" work culture. This inevitably shifted public focus from product competition to questioning IM Motors' values.

Given that the "black fame" strategy failed to boost IM L6 sales, IM Motors may face even tougher challenges as competition in the new energy market intensifies.

1. Strong Products, Weak Sales: IM Motors' Growing Anxiety

IM Motors' deliberate comparison with Xiaomi stems largely from years of low visibility and stagnant sales.

Official data shows that IM Motors was established in December 2020 as SAIC Motor's "Project No. 1," targeting the premium new energy vehicle market. In May 2022, IM Motors launched its first product, the "New King of Electric Driving" IM L7, positioned against BMW 5 Series, Mercedes-Benz E-Class, and Audi A6 (collectively known as "56E"), with prices ranging from 368,800 to 408,800 yuan.

Compared to its BBA counterparts, the IM L7 did have competitive advantages. For example, it featured the world's highest power-density direct oil-cooled motor at the time, delivering over twice the power output of comparable luxury fuel vehicles. It also boasted unique four-wheel steering and mixed tire widths, excelling in both power and handling.

Subsequently, IM Motors released the IM LS7 and IM LS6, both 延续了 IM L7 的高性能和科幻感产品策略。

▲Image: IM Motors Co-CEO Liu Tao

Despite strong product capabilities, IM Motors failed to dominate the new energy market.

Official data shows that in 2022, IM Motors sold only 5,000 vehicles. In early 2023, Co-CEO Liu Tao revealed an annual sales target of 45,000 units. Ultimately, IM Motors sold 38,000 vehicles in 2023—a year-on-year increase but still far behind emerging rivals like Nio, XPeng, and Li Auto, which routinely sell hundreds of thousands annually.

By 2024, as competition intensified, IM Motors' sales continued to decline. From January to March 2024, sales were 5,305, 2,000, and 2,696 units, respectively, totaling just 10,000 units for Q1—less than December 2023's 单月 sales alone.

IM Motors' 2024 sales target is 120,000–130,000 units, requiring monthly sales of 10,000–10,800. Clearly, current performance suggests even matching 2023's sales will be challenging.

2. IM Motors' Hustle for Hype Backfires

Vehicle sales are typically influenced by market, channels, and marketing. However, IM Motors' leadership attributes sluggish sales to low visibility, leading to relentless attempts to piggyback on 热门车型的热度—often with embarrassing outcomes.

In November 2022, a Tesla accident in Chaozhou caused 2 deaths and 3 injuries. Liu Tao commented on social media: "Technology and data shouldn't be tools for sophistry! Arrogance and 冷酷 won't build a great brand. Chinese users tolerate poor quality control, but 人命关天—how can they tolerate this?"

▲Source: IM Motors CEO Liu Tao's social media post

Soon after, automotive blogger "Liu Jiaoni" pointed out that Liu Tao had previously violated traffic laws while test-driving the IM L7, including illegal highway stops and lane changes without signals. Liu Tao eventually apologized and accepted penalties.

However, this didn’t stop IM Motors from 蹭热度营销. On June 14, 2023, Li Auto CEO Li Xiang posted a 舆情日报 showing that since February 11, 34,400 articles had compared IM LS7 to Li L7, primarily highlighting 后者's flaws.

▲Image: Li Auto CEO's 舆情 report

Despite the 水军 efforts, IM LS7 sold only 1,922 units in May 2023 versus Li L7's 11,119.

With 小米汽车's SU7 dominating headlines ahead of the IM L6 launch, IM Motors directly compared specs at its 发布会—only to misstate Xiaomi's motor tech and trigger a backlash. Three apologies later，米粉's wrath spilled into IM's 直播 and dealership channels.

The brand's emotional appeal—highlighting employees sacrificing family time for work—further alienated audiences, shifting scrutiny to its 价值观。

IM Motors' failed 蹭流量 attempt reveals a deeper desperation—one that may haunt it as competition grows fiercer.

3. How IM Motors Shot Itself in the Foot

Low visibility isn't IM Motors' only hurdle. Its product strategy and quality issues are equally culpable for its struggles.

Initially targeting the premium "56E" segment, IM underestimated 百年燃油车企's brand 溢价 and the trickle-down of 高端 tech in an increasingly 卷的新能源 market.

While the IM L7's specs once 领先， rivals like ZEEKR's new 001 (with lidar, 8295 chip, and 800V charging at 269,000 yuan) now outshine it—especially since the 2024 IM L7 lacks 800V charging despite its 299,900–419,900 yuan price tag.

This mirrors HiPhi's 困境. After failing to establish premium appeal, IM pivoted to mid-range pricing with the LS6 (214,900–276,900 yuan) and L6 (230,000–330,000 yuan 预售价). Though LS6 sales initially climbed to 9,878 by December 2023, they crashed in 2024 following widespread 车机故障 reports.

With safety concerns and the 小米 feud tarnishing its reputation, the IM L6's 10,000 预购 orders in 23 hours paled against SU7's 89,000 in 24 hours.

Years of 蹭热度 and product missteps have left IM Motors trapped in a vicious cycle—one where lost 口碑 may seal its fate in an unforgiving market.

Author｜Zhang Yao

Editor｜Hu Zhanjia

Operations｜Chen Jiahui

Producer｜Zero State LT (ID: LingTai_LT)