2025 Auto Market Review: NIO's New ES8 Launches with a Massive $100,000 Price Cut. How Long Can the Surging Demand for Three-Row SUVs Last?
In 2025, the SUV market was bustling. After its refresh, the Tesla Model Y still held the top spot in SUV sales from January to November this year. The Xiaomi YU7, which was launched in June, broke industry records. Just three minutes after its launch, the number of firm orders exceeded 200,000.
According to data from the Passenger Car Association, from January to November this year, the sales volume of SUVs exceeded 10.699 million, leading the sales among the three major categories of sedans, SUVs, and MPVs, with a year-on-year growth rate of 7.3%.
It's worth mentioning that according to data disclosed by Cui Dongshu, the secretary-general of the Passenger Car Association, in the SUV sales structure, the market share of six-seater SUVs has been steadily increasing, rising from 3% in 2021 to 6.5% in the first half of this year; the market share of seven-seater SUVs has remained stable at around 5%.
This means that the market share of large three-row SUVs is steadily advancing. The year 2025 has become a year of concentrated explosion for large three-row SUVs, with many high-profile models, especially large three-row SUVs from domestic brands, making their debuts one after another. Against this background, issues such as how to improve the comfort of the third row, how to set prices, and how to choose technical routes have become the focus of competition. Automobile manufacturers are also more cautious in their product definitions, price strategies, and configuration settings.
The Wenjie M8 was launched first in April, positioning itself between the Wenjie M7 and the Wenjie M9, offering 5-seater and 6-seater versions, and becoming a new bestseller for Wenjie. In July, the LeDao L90 was launched, sold through a battery rental model, bringing the starting price below 200,000 yuan. Almost at the same time, Li Auto targeted the pure-electric track and launched the Li i8. However, just seven days after its launch, the price and configuration were adjusted. In September, the new NIO ES8 was launched, with its price dropping by more than 100,000 yuan compared to the second-generation model. The Galaxy M9, which was also launched in the same month, brought the limited-time starting price of large three-row SUVs down to 173,800 yuan.
In addition, this year, many large three-row models such as the Tesla Model YL, Zeekr 9X, Denza N9, Denza N8L, Hyper HL, Lynk & Co 900, and IM LS90 flocked to the market, one after another, jointly driving the activity of this niche market.
Cui Dongshu is optimistic about the prospects of large three-row models. In an analysis in September this year, he pointed out that "the total number of multi-child families in China is expected to reach its peak in 2035, and large three-row models still have ten good years ahead."
You can buy a large three-row car for just over 170,000 yuan
In recent years, the market for large three-row SUVs has been booming.
GF Securities pointed out in a research report that the market scale of "5326" SUVs (referring to SUVs with a length of about 5 meters, a wheelbase of about 3 meters, a width of about 2 meters, and six or seven seats) has been continuously expanding. According to compulsory insurance data, the sales volume of "5326" SUV models in passenger cars (including imports, the same below) in 2024 was 511,000, a year-on-year increase of 34.2%. Since 2020, the overall market scale has shown a trend of rapid expansion.
Among external environmental factors, the increase in multi-child families has driven consumers' demand for "large cars." Cui Dongshu pointed out that the family structure in China is undergoing a fundamental transformation from "one-child" to "multi-child." This change has directly promoted the transformation of family travel needs from "functional satisfaction" to "comfort upgrade": traditional 5-seater cars cannot accommodate multiple generations (such as parents, couples, children, and the elderly), while the multi-seat flexibility (such as 2+2+3 layout and flat floor) of large three-row models (6-7 seats) has become a necessity.
In addition, large three-row SUVs also bring more substantial profit margins for automobile manufacturers. In the large three-row SUV market, Li Auto opened up a blue ocean for extended-range large SUVs with models such as the Li L9 in the early days; subsequently, Wenjie achieved a significant increase in sales with models such as the M9. The success of Li Auto and Wenjie has verified the growth potential of the large three-row SUV market, and both the Li L9 and the Wenjie M9 are high-end models priced above 400,000 yuan.
Under the influence of multiple factors, many new large three-row models have emerged this year. The fierce market competition has made the large three-row SUV market more segmented, and the price differences between different models have gradually widened.
The Zeekr 9X, which was jokingly called the "Cullinan of Hangzhou Bay" by netizens, was launched in September this year, targeting the high-end large three-row SUV market. The official retail price starts from 465,900 yuan to 599,900 yuan. Just 13 minutes after the new car was launched, the number of firm orders exceeded 10,000.
In the same month, the third-generation NIO ES8 was launched, with a very eye-catching price. The purchase price of the whole vehicle starts from 406,800 yuan, and the price using the BaaS battery rental model starts from 298,800 yuan. Its price has dropped significantly compared to the second-generation NIO ES8, whose official starting price at the time of launch was 528,000 yuan, with a difference of more than 100,000 yuan between the two starting prices.
Just two months ago, the LeDao L90, the second brand of NIO, brought the threshold of large three-row SUVs below 200,000 yuan with NIO's battery rental sales model. The LeDao L90 was launched on July 31. The starting price for purchasing the whole vehicle is 265,800 yuan, and if the BaaS battery rental model is used, the starting price drops to 179,800 yuan. As NIO's second brand, LeDao shoulders the expectation of high sales volume. The LeDao L90 has become the model with the fastest delivery of over 10,000 units in NIO's history.
In the more affordable large three-row SUV market, the pricing is also more aggressive. The starting price of the Deepal S09, which was launched in May this year, is 239,900 yuan. With limited-time benefits, it drops to 204,900 yuan. Deng Chenghao, the chairman of Deepal Automobile, said in a group interview after the Deepal S09 press conference: "We planned the large six-seater SUV very early, but the launch time was a bit late. Originally, the large six-seater was supposed to be the third model of the brand, but now it has been adjusted to the sixth model. If it had been the third model, it should have been launched in the first half of last year when the competition was not as fierce as it is now."
"We are very clear that we no longer have the pricing power in this market. So, how can we win in this red ocean market? We have to offer real value for money and let consumers choose the right product rather than the expensive one," Deng Chenghao said.
The Geely Galaxy M9, which was launched in September, further lowered the threshold of large three-row SUVs. The starting price is 193,800 yuan, and the limited-time guide price at the time of launch is 173,800 yuan. Its delivery exceeded 10,000 units in one month after its launch.
Looking at the current large three-row SUV market, the price range is clearly segmented. Models such as the Li L9, Wenjie M9, and Zeekr 9X are targeting the market above 400,000 yuan; models represented by the Lynk & Co 900 are targeting the mid-high-end market of 300,000 - 400,000 yuan; the Galaxy M9 and Deepal S09 are mainly targeting the 200,000-yuan market segment.
In terms of sales volume, according to data from Yiche, the sales volume of the Wenjie M8 and Wenjie M9 from January to November this year exceeded 100,000, ranking first and second in the sales of large SUVs; the Lynk & Co 900, Li L9, and LeDao L90 ranked third to fifth. In addition, from the monthly sales data, the Wenjie M8, Wenjie M9, LeDao L90, and NIO ES8 have all achieved monthly sales of 10,000 units this year; the Zeekr 9X is also rapidly increasing its sales volume, with sales exceeding 8,000 units in November, rising three places in the rankings.
How long can the popularity of large three-row SUVs last?
While large three-row SUVs are booming, the undercurrent of price competition and the debate on technical routes have also attracted attention.
GF Securities believes that "comprehensively considering the changes in the market demand and supply side of '5326' SUVs, we judge that the entire market will be fully electrified in the future, with PHEV as the main form and EV as the supplementary form for a certain period."
Cui Dongshu said that the "low product constraints" of large three-row models are their core competitiveness in the next 10 years. The upgrade of the electrified power system has completely solved the pain points of "insufficient power" and "high fuel consumption" of traditional fuel large three-row models: battery-swapping models meet consumers' needs for high-efficiency energy replenishment during travel; plug-in hybrids and extended-range models achieve a fuel consumption of less than 6L/100km in power-deficient conditions and a comprehensive range of over 1,000km, which not only meets the range requirements for long-distance travel but also reduces the usage cost; the 800V high-voltage platform supports ultra-fast charging, eliminating "range anxiety."
According to the latest data on retail sales from the China Association of Automobile Manufacturers and the Passenger Car Association, in November 2025, the sales volume of pure-electric large three-row SUVs was 46,209, the sales volume of plug-in hybrids was 40,845, the sales volume of extended-range models was 29,902, and the sales volume of fuel models was 22,398. The sales volume of pure-electric large three-row SUVs increased by 16% month-on-month, reaching a record high. After surpassing extended-range, fuel, and plug-in hybrid models for the first time in September, the sales volume of pure-electric large three-row SUVs has ranked first among all power forms for three consecutive months.
NIO, a representative of pure-electric vehicles, entered the market this year with the LeDao L90 and the new NIO ES8. Li Bin has repeatedly emphasized that the golden age of extended-range large three-row SUVs has passed, and the era of pure-electric large three-row SUVs has arrived.
NIO told Times Finance: "The technical advantages of pure-electric vehicles are fully reflected in the LeDao L90 and the new NIO ES8, such as the large front trunk. The front trunk has significantly changed users' car-using behavior. In China, cars are usually parked in reverse, and it can be quite difficult to open the rear trunk sometimes. Among more than 30,000 users of the LeDao L90, the frequency of using the front trunk is already similar to or even higher than that of the rear trunk." NIO believes that the pure-electric technical advantages and the swappable battery architecture of the L90 and ES8 have brought a very obvious improvement in user experience.
Source: Photo taken by Times Finance
In addition to NIO, Li Auto, which has achieved success with extended-range large three-row SUVs, is also making efforts in the pure-electric market.
At the end of July, the Li i8 was launched. However, just one week after its launch, Li Auto quickly adjusted the configuration and price. Only the Max version of the three versions of the whole series was retained, and the price was reduced from the original 349,800 yuan to 339,800 yuan. At the same time, many configurations such as the refrigerator became standard, achieving a price reduction and an increase in configuration. According to data from Yiche, after the launch of the Li i8, the monthly stable sales volume exceeded 5,000 units.
In addition to the high-profile entry of pure-electric large three-row SUVs, more competitors have entered the hybrid large three-row SUV market. The aforementioned Zeekr 9X, Lynk & Co 900, Denza N8L, and Denza N9 adopt the hybrid route, and the Hyper HL has launched models with two power forms: extended-range and pure-electric.
Li Auto, the defender of the hybrid large three-row SUV market, will make major upgrades to the Li L series, including the Li L8 and Li L9, next year. It is reported that the core of the major upgrades to the Li L series in 2026 is to calmly respond to market uncertainties with "certain technical upgrades, certain delivery schedules, and certain user values."
It can be predicted that the large three-row SUV market will still be very exciting next year. Not only next year, but Cui Dongshu also pointed out that the total number of multi-child families in China is expected to reach its peak in 2035, and large three-row models still have 10 good years ahead. Population policies are a slow variable, and their impact on the family structure will last for at least 20 years.
Cui Dongshu believes that the next 10 years for large three-row models are essentially the result of the combination of "upgraded family needs," "breakthroughs in product power," and "the trend of new energy vehicles." The diversification of Chinese families (multi-child and multi-generation), the "low constraints" of large three-row products (electrification and rich functions), and the "accelerated replacement" of new energy vehicles (replacement demand and growth in ownership) together constitute the underlying logic for their continuous growth. Even if the market fluctuates in the future, the position of large three-row models as the "optimal solution for family travel" will not easily change.
This article is from the WeChat official account "Times Finance APP" (ID: tf-app), author: He Qing, editor: Zhang Ze, published by 36Kr with authorization.