The era of solely judging the market value of new energy vehicle companies by sales volume has passed. Everyone is now focusing on who can truly achieve differentiation and survive in the endgame. Therefore, even the stock price of Xiaomi's automotive business unit might now be similar to that of Li Auto, and SERES has emerged as an independent player. In fact, the standards for what defines a 'new energy vehicle company' have been rewritten. Whether you're new or not, the most important thing is staying at the table.