每经AI快讯，12月1日，热门中概股开盘涨跌互现，纳斯达克中国金龙指数涨约0.5%，网易涨超4%，阿 里巴巴涨超2%，百度涨超1%，理想汽车、蔚来跌超2%，小鹏汽车跌超1%。 （文章来源：每日经济新闻） ...

Core Viewpoint - The new energy vehicle market is experiencing varied delivery performances among different manufacturers in November, with some companies showing growth while others face declines in delivery numbers [1][2]. Group 1: Delivery Performance - Leap Motor achieved a record delivery of 70,327 units in November, marking a 75.08% year-on-year increase and a slight 0.05% month-on-month growth, continuing its growth trend for nine consecutive months [2][3]. - Xpeng Motors delivered 36,728 units, reflecting an 18.88% year-on-year increase but a 12.58% month-on-month decline, marking its first monthly drop in six months [3][4]. - NIO delivered 36,275 units, a 76.31% year-on-year increase, but a 10.20% month-on-month decrease, with a strong performance from its new ES8 model expected to boost December deliveries [3][4]. - Li Auto's deliveries were 33,181 units, showing a 31.92% year-on-year decline, continuing a trend of six months of year-on-year decreases [4][5]. Group 2: Future Projections and Strategies - Leap Motor aims to achieve a sales target of 1 million units by 2026, having already completed its annual target of 500,000 units 45 days ahead of schedule [2][3]. - Xpeng Motors is expanding its overseas market presence, with a 95% year-on-year increase in overseas deliveries, totaling 39,773 units from January to November [3][4]. - NIO has set a quarterly delivery guidance of 120,000 to 125,000 units, indicating a need for over 43,000 units in December to meet its targets [4]. - Li Auto is focusing on enhancing its long-term competitiveness through organizational, product, and technological improvements, with a strategic goal to regain its leading position in range-extended products by 2026 [5].

智通财经APP获悉，周一，新能源车中概股普跌，理想汽车(LI.US)跌逾3%，小鹏汽车(XPEV.US)跌逾 2%。消息面上，11月，理想汽车交付新车3.3万辆。此前，理想汽车已将2025年销量目标从年初设定的 70万辆下调至64万辆。截至11月，理想汽车今年累计交付36.2万辆，年度目标恐难达成。小鹏汽车11月 交付新车36,728辆，同比增长19%，但环比下降12.58%。这也是小鹏近六个月来首次录得单月环比下 滑。 ...

Core Viewpoint - The sales performance of new energy vehicle manufacturers in November shows a significant divergence in market dynamics, with some brands achieving record highs while others experience declines in sales [3][10]. Sales Performance Summary - Leap Motor and Hongmeng Zhixing achieved record sales of 70,327 and 81,864 vehicles respectively, maintaining their positions as leaders in the new energy vehicle sector [3][11]. - Zeekr's sales reached 63,902 units, marking a 3.68% month-on-month increase, although this growth masked a decline in Lynk & Co's sales, which fell by 13.8% to 35,059 units [5][11]. - Xiaomi reported over 40,000 vehicle deliveries, but specific figures were not disclosed, making it difficult to assess performance changes [6]. - NIO and Xpeng both fell below the 40,000 unit mark, with Li Auto also entering the 30,000 unit range [7][8]. - Li Auto delivered 33,181 vehicles, a slight increase of 4.45% month-on-month, but a year-on-year decline of 31.92% [8]. - Xpeng's deliveries were 36,728 units, down 12.58% month-on-month but up 18.88% year-on-year, while NIO delivered 36,275 units, reflecting a 10.02% month-on-month decline but a 76.3% year-on-year increase [9]. Market Trends and Challenges - The overall market for passenger vehicles in China saw a decline, with retail sales dropping 11% year-on-year in November [10]. - The new energy vehicle sector is facing challenges due to the reduction of replacement subsidies, which has led to a noticeable decrease in demand [10]. - The sales progress of leading new energy vehicle manufacturers like Li Auto, Lantu, and Avita is currently below 60% of their annual targets, raising questions about their ability to meet Q4 delivery guidance [10].

Core Insights - In November, BYD led the electric vehicle market with sales of 480,200 units, while other companies like Hongmeng Zhixing, Zeekr, and Leap Motor also reported significant sales figures, indicating a competitive landscape in the Chinese EV market [1][3][10]. Group 1: Sales Performance - BYD's November production reached 474,175 units, with a cumulative production of 4,117,552 units for the year, reflecting a year-on-year increase of 7.29% [3][5]. - Hongmeng Zhixing achieved a record monthly delivery of 81,864 units, maintaining its position as the industry leader [3][10]. - Zeekr delivered 63,902 units in November, marking a 7.1% year-on-year increase [8][10]. - Leap Motor's sales reached 70,327 units, showing a growth of over 75% compared to the previous year [10][12]. - NIO's multi-brand strategy resulted in 36,275 units delivered, a 76.3% increase year-on-year [16][21]. - Ideal Auto delivered 33,181 units, with total orders for the i6 and i8 models exceeding 100,000 [21][25]. Group 2: Market Trends - The electric vehicle market is experiencing a clear segmentation, with over half of the companies achieving monthly deliveries exceeding 10,000 units, and leading companies widening their sales advantages [1][2]. - Xiaomi's automotive division reported over 40,000 units delivered in November, continuing its strong growth trajectory [13][15]. - The introduction of new models and delivery policies is prevalent, with companies like Zhiji and Lantu launching new vehicles and optimizing delivery options [2][33][34].

Core Insights - The sales data for November reveals a significant market differentiation among new energy vehicle manufacturers, with some brands achieving record sales while others decline sharply [1][8] Group 1: Sales Performance - Leap Motor continues to lead the new energy vehicle segment with 70,327 units delivered, marking nine consecutive months at the top [1] - Hongmeng Zhixing achieved a record high of 81,864 units sold in November, showcasing strong growth [1] - Zeekr's sales reached 63,902 units, reflecting a month-on-month increase of 3.68% [2] - NIO and Xpeng both fell below the 40,000 unit mark, with NIO delivering 36,275 units and Xpeng 36,728 units, indicating a downward trend [5][7] Group 2: Brand Analysis - The growth of Zeekr (34.64%) masks the decline of Lynk & Co, which saw a 13.8% drop in sales from October to November [3] - Ideal Auto delivered 33,181 units, showing a slight month-on-month increase of 4.45% but a year-on-year decline of 31.92% [6] - The performance of Li Auto, Lantu, and Avita indicates that they are currently below 60% of their sales targets for the fourth quarter [8] Group 3: Market Trends - The overall market for passenger vehicles in China saw a decline, with retail sales dropping 11% year-on-year in November [8] - The reduction in government subsidies since October has led to a noticeable decrease in demand across the industry [8] - The sales targets for the top three new energy vehicle manufacturers (Li Auto, Lantu, and Avita) are under scrutiny as they strive to meet their fourth-quarter delivery goals [8]

Core Insights - Li Auto is facing significant challenges with a notable decline in vehicle deliveries, with October figures showing a year-on-year drop of 38.25% and a month-on-month decrease of 6.43% [2] - The company has adjusted its warranty policy, now offering a 5-year or 100,000 km overall warranty and an 8-year or 160,000 km warranty for the three electric systems [2] - The decline in sales is attributed to the fading benefits of range-extended vehicles and setbacks in the pure electric vehicle segment [2][3] Sales Performance - In October, Li Auto delivered 31,767 vehicles, marking a 38.25% year-on-year decline and a 6.43% month-on-month decline, making it the only brand in the top tier to experience negative growth [2] - Cumulatively, the company delivered 328,900 vehicles in the first ten months of the year, reflecting a 16.36% year-on-year decline, with a completion rate of only 51.4% of its annual sales target [2] Product Challenges - The launch of the first pure electric MPV, Li MEGA, faced criticism due to its design and pricing, leading to a public relations crisis despite adjustments in configuration and price [2] - The first pure electric SUV, Li i8, also encountered issues, including a controversial incident during its launch event, resulting in a significant gap between actual sales (5,716 units in September) and the target of 8,000 to 10,000 units [3] - The second pure electric SUV, Li i6, received positive market feedback with over 70,000 orders, but production capacity constraints pose a challenge for timely delivery [3] Warranty Policy - Li Auto's product line manager stated that the company does not offer a lifetime warranty, emphasizing the impossibility of guaranteeing perpetual company existence [5]

Core Insights - Li Auto delivered 33,181 vehicles in November 2025, maintaining stable delivery scale, with a total cumulative delivery of 1,495,969 vehicles as of November 30, 2025, nearing the 1.5 million milestone [1] - The company achieved a significant breakthrough in the pure electric vehicle segment, with over 100,000 cumulative orders for the Li Auto i6 and i8 SUVs, indicating a notable increase in market recognition [1] - Li Auto has implemented a "dual supplier" model for battery supply to address production capacity issues, with expectations to increase monthly production capacity of the i6 to 20,000 units by early next year [1] - An upcoming OTA version 8.1 will enhance smart driving and in-car interaction experiences, introducing new features and improvements to optimize user experience [1] Company Development - Li Auto is focusing on building competitiveness for the next decade through organizational structure, product layout, and technological innovation, aiming for a transformation towards embodied intelligence in vehicles [2] - The company has established 544 retail centers across 157 cities and 556 after-sales service and authorized repair centers in 227 cities as of November 30, 2025, enhancing its service network [2] - Li Auto has deployed 3,614 supercharging stations and 20,027 charging piles nationwide, providing convenient charging solutions for users [2]

Core Insights - Li Auto announced the delivery of 33,181 vehicles in November 2025, highlighting the company's growth trajectory [1] - The company has implemented a "dual supplier" model for the battery supply of its Li Xiang i6 and i8 electric SUVs to address production capacity issues, ensuring consistent performance and quality across both suppliers [1] - Li Auto aims to increase the monthly production capacity of the Li Xiang i6 to 20,000 units by early next year [1] Company Strategy - The CEO emphasized the importance of accelerating learning and iteration across organizational structure, product layout, and technological innovation to build competitiveness for the next decade [1] - The company is focused on solidifying its technological foundation to transform vehicles into intelligent entities, aiming to provide users with warmer and smarter high-value services [1]

Core Viewpoint - Li Auto delivered 33,181 vehicles in November, indicating strong sales performance and growth in the electric vehicle market [1] Group 1: Company Performance - The total number of vehicles delivered by Li Auto in November reached 33,181 units, showcasing a robust demand for its products [1]