In the new energy market arena, a brand once universally questioned is now playing a surprisingly good hand.

In July 2026, Deepal Automobiles delivered an impressive semi-annual performance report: January–June global cumulative sales reached 164,000 units, a year-on-year increase of 14.6%. Among them, June single-month sales were 33,600 units, exceeding 30,000 units for four consecutive months. Overseas market first-half cumulative exports were 35,800 units, a year-on-year increase of 141%.

However, just a few months ago, Deepal was far from this scene.

Q1 2026, Deepal sales year-on-year declined by over 17%, January deliveries dropped month-on-month, February didn't even directly publish total series sales. Full-year 2025 sales settled at 333,100 units, although the adjusted target was completed, but built on the basis of the annual target actively being downward-adjusted from an initial 500,000 units to 360,000 units — this is the third consecutive year Deepal failed to complete the originally set annual target.

More troublesome than sales is the profit dilemma: By end of October 2025, Deepal cumulative loss was as high as 13.53 billion RMB, asset-liability ratio reached 114.3%, and it has been insolvent for consecutive years. At that time, Deepal was regarded by outsiders as one of the brands most likely to fail in new energy "fierce competition".

However, from being viewed negatively to consecutive monthly sales exceeding 30,000, what did Deepal rely on to complete this "comeback"?

The most direct answer is hidden in the product structure. Deepal S05, L06, S07 three main models constitute a stable "sales triangle", rather than relying on a single blockbuster. Deepal S05 is the absolute "sales leader" — June global sales 18,400 units, year-on-year growth 78.86%, cumulative sales already over 240,000 units. Deepal L06 staged a "V-shaped turnaround", from a January low of only 1,656 units, to June climbing to 7,977 units, exceeding 5,000 units for four consecutive months, winning the 130,000–200,000 RMB new energy medium-sized car quarterly sales champion. Deepal S07 remained steady, June sales 6,994 units.

But the formation of product structure is just the appearance. What truly supports this matrix to run is the clear logic Deepal has on technology inclusiveness, its official summary being, "Not competing on price, competing on technology, bringing high-tech to a more suitable price interval." Such as L06's magnetorheological suspension and LiDAR, S05's 3C super charging and full series standard L2+ intelligent driving, S07's Huawei Qiankun intelligent driving solution. These technologies taken alone are not fresh, but concentrated on 150,000 RMB tier models, almost impossible to find a second at the same price level.

It is worth mentioning, behind this is not relying on "loss-making" to hold up, but a verified supply chain logic: Deepal uses scale to exchange for cost, uses cost to exchange for configuration, uses configuration to exchange for sales — then sales feedback scale, forming a positive cycle.

Additionally, the explosion in overseas markets provides another growth logic. Domestic new energy market growth rate has dropped to single digits, stock characteristics are becoming more obvious, which means every incremental unit must come from competitor shares. Based on this, Deepal extends the battlefield outward, its first half overseas sales 35,800 units, year-on-year growth 141%, business covers over 100 countries and regions, Thailand factory and five KD workshops have been put into operation. Overseas is not only a sales supplement, but also a kind of risk hedging: When domestic price wars fight to the extreme, the overseas market gross margin space and brand premium ability provide Deepal with larger maneuvering room.

But under the halo of sales numbers, some deeper questions are equally unavoidable.

First is profit. By end of October 2025, Deepal cumulative loss 13.53 billion RMB, asset-liability ratio 114.3% — the situation of selling one losing one although is narrowing, but the distance from real self-sustaining is still there. Standing at 30,000 units for four consecutive months just touched the "threshold" of break-even, crossing this threshold requires continuous stable scale output, rather than several months of volume push.

Second is the moat. Deepal current competitive advantage is using supply chain integration to put high-end configuration down to 150,000 RMB tier, its essence is a kind of "efficiency advantage", rather than "technology generation gap". Efficiency advantage can be imitated, chased, even surpassed. When competitors also put LiDAR, magnetorheological suspension to this price level, what is Deepal's next differentiation weapon?

Additionally, there is overseas market uncertainty. 35,800 units half-year export is only a beginning. Overseas growth depends on local capacity, channel network, and brand cognition continuous investment, any link's delay may change the growth curve's slope. At the same time, overseas market policy risk, local opponent counterattack, brand cognition long accumulation, are variables Deepal must face.

Six months ago, Deepal was still questioned whether it could survive; six months later, it gave the answer with 164,000 units performance. But this answer is just phased. Profit realization, thickness of technology barrier, overseas expansion variables — these three exam questions, Deepal has not finally submitted answers yet.

And this, is exactly the core exam question of the new energy industry's second half: First half, competed on whether can make the car out, sell out; second half, competes on whether can sustain profit, whether can build brand, whether can stand firm on global market. Now, Deepal's first half report is not bad, and the second half's curtain, has just been pulled open.