Core Viewpoint - The senior vice president of Leap Motor, Cao Li, clarified that the company will not adopt Huawei's Qian Kun autonomous driving system, emphasizing that Leap Motor is committed to self-research and development while still open to collaborations with other companies [1][2] Group 1 - Cao Li stated that Leap Motor has invested significantly in autonomous driving development over the years and will launch its own advanced autonomous driving technology [1] - The media misinterpreted Cao Li's comments, suggesting that Leap Motor is distancing itself from Huawei, which he denied [1] - Leap Motor respects Huawei as a benchmark for China's technological self-reliance and sees it as a learning example [2] Group 2 - Leap Motor and Huawei previously signed a cooperation agreement on March 15, 2024, to develop native applications for the Leap Motor app based on HarmonyOS NEXT [2] - The partnership aims to enhance collaboration in the Harmony ecosystem, technical complementarity, and commercial success [2]

Core Viewpoint - Leap Motor has received significant attention since the release of D19, emphasizing its commitment to core technology and independent research and development [2] Group 1: Company Strategy - Leap Motor's senior vice president, Cao Li, clarified that the company has never stated a position of not collaborating with Huawei, countering media misinterpretations [2] - The company maintains that its strategy of full-domain independent research and development does not conflict with partnerships with other leading enterprises [2] Group 2: Industry Context - Leap Motor regards Huawei as a benchmark for China's technological self-reliance and expresses respect for the company [2]

Core Viewpoint - Leap Motor has clarified that it never stated "different paths with Huawei" and respects Huawei as a benchmark for China's technological self-reliance [2] Group 1: Product Launch - Leap Motor launched its new D series product, the D19, which is positioned as a large SUV with both pure electric and range-extended power options, expected to be priced between 250,000 to 300,000 yuan [4] - The D19 marks Leap Motor's entry into the market for electric vehicles priced above 200,000 yuan, aiming to compete in the high-end segment [6] Group 2: Sales and Market Position - The main sales models for Leap Motor remain the more affordable C10, C11, C16, and B01, with the B01 starting at under 90,000 yuan and the top configurations of C11 and C16 priced below 190,000 yuan [6] - Leap Motor's chairman, Zhu Jiangming, emphasized that all products, including the D19, are priced competitively [6] Group 3: Technology and Features - The D19 range-extended version features CTC battery technology with an 80.3 kWh battery, providing a pure electric range of 500 km; the pure electric version utilizes a full-stack 1000V architecture and includes advanced features such as three motors and dual high-performance chips [8] - Leap Motor will not use Huawei's Qian Kun intelligent driving system in the D19, opting instead to deploy its own advanced driving technology developed over several years [8]

Core Viewpoint - The company emphasizes its commitment to independent research and development of core technologies, clarifying that this does not conflict with collaborations with other companies, including Huawei [2] Group 1 - The company has received significant attention since the launch of the D19 model [2] - The senior vice president clarified that there was a misunderstanding by some media regarding the company's stance on collaboration with Huawei [2] - The company respects Huawei as a benchmark for technological self-reliance and strength in China [2]

Core Viewpoint - The senior vice president of Leapmotor, Cao Li, denied making a statement that suggested a divergence from Huawei, emphasizing the company's commitment to independent research and development in technology [1] Company Summary - Leapmotor has received significant attention since the release of its D19 model, with Cao Li clarifying the company's technology strategy during a recent communication event [1] - The company maintains a focus on high configuration and high-quality products, asserting that its independent research and development approach does not conflict with collaborations with other leading enterprises [1] - Leapmotor respects Huawei as a benchmark for China's technological self-reliance and innovation, viewing it as a model to learn from [1] Industry Summary - The advancement of China's new energy industry is attributed to the collective efforts of all practitioners in the field, highlighting the importance of collaboration and mutual respect among companies [1] - Cao Li called for a fact-based discourse to foster an objective, rational, and healthy public opinion environment within the industry [1]

Core Viewpoint - The rise of domestic large SUVs, particularly the Zeekr 9X, is reshaping consumer preferences, as buyers seek more affordable alternatives to luxury models like the Rolls-Royce Cullinan, leading to increased sales and interest in the segment [1][3][5]. Market Trends - The domestic large SUV market is becoming increasingly competitive, with multiple brands launching models over 5.2 meters in length, indicating a shift from niche to mainstream [3][5]. - In the first seven months of 2025, China's SUV market saw retail sales of 6.294 million units, a year-on-year increase of 13.1%, with mid-to-large SUVs growing by 8.6% [5]. Consumer Behavior - There is a noticeable trend of consumers shifting from high-end imported vehicles to domestic full-size SUVs, driven by the appeal of larger space and practical features at lower prices [5][9]. - Many consumers, previously inclined towards luxury brands, are now considering domestic options due to their competitive pricing and features [7][9]. Product Features - The Zeekr 9X is priced between 465,900 and 599,900 yuan, offering advanced technologies typically found in luxury vehicles, such as a closed dual-chamber air suspension system [6][9]. - Other models like the Leap D19 and Haval H5 are pushing the boundaries of affordability, with prices as low as 150,000 yuan while offering substantial features [6][9]. Marketing Strategies - Domestic brands are positioning their vehicles as "alternatives" to luxury models, leveraging design similarities to attract attention and enhance brand image [10][19]. - The strategy of mimicking successful luxury designs while incorporating unique brand elements is seen as a way to reduce market acceptance risks [10][11]. Challenges Ahead - Despite the growing interest, the market for these "alternatives" remains limited, and brands are primarily focused on capturing high-end users to elevate their market presence [9][19]. - The perception of luxury and social status associated with traditional high-end brands poses a challenge for domestic manufacturers to overcome [18][19].

Group 1 - Zhejiang Lingqi Zhikong Co., Ltd. was established on October 28, with a registered capital of 200 million yuan [1] - The legal representative of the company is Cao Li [1] - The business scope includes manufacturing and research of automotive parts and components, as well as research on electric motors and their control systems [1] Group 2 - The company is wholly owned by Leap Motor Co., Ltd. [1]

Core Viewpoint - Zhejiang Lingqi Zhikong Co., Ltd. has been established with a registered capital of 200 million yuan, focusing on the manufacturing and R&D of automotive parts and electric motor control systems, and is fully owned by Leap Motor [1] Company Summary - The legal representative of Zhejiang Lingqi Zhikong Co., Ltd. is Cao Li [1] - The company is involved in the manufacturing and R&D of automotive components and electric motor control systems [1] Industry Summary - The establishment of this company indicates a growing focus on automotive parts manufacturing and electric motor technology within the industry [1]

Group 1 - Changan Automobile's 4S store caught fire in Anhui, with no information on the cause available from customer service [2] - Former CEO of Stellantis, Carlos Tavares, speculated that Tesla may not exist in 10 years, citing competition from BYD and high valuation concerns, while Elon Musk dismissed Tavares's comments [2] - Toyota reported a 2.8% year-on-year increase in global sales for September, with total production reaching 1,036,106 vehicles, a 9.1% increase [2] - Leap Motor announced the pre-sale of its electric compact car Lafa5, set to begin on November 7, with a maximum range of 605 kilometers and plans for delivery in mid-2026 [2]

Overall Market - The overall market for passenger vehicles in China includes ICE (Internal Combustion Engine), BEV (Battery Electric Vehicle), and PHEV (Plug-in Hybrid Electric Vehicle) [4] - In the first nine months of 2025, the total production and sales of vehicles reached approximately 17 million units, with a significant increase in the share of new energy vehicles (NEVs) [5][9] - The market share of NEVs in the overall market has been steadily increasing, reaching 52.1% by September 2025 [8][13] Submarket Analysis - The new energy vehicle market is segmented into cars, MPVs, and SUVs, with significant growth observed across all categories [4][27] - In the first nine months of 2025, NEV sales reached approximately 8.87 million units, showing a year-on-year growth of 24.4% [10][27] - The penetration rate of NEVs in the overall market is projected to continue rising, indicating a shift in consumer preference towards electric vehicles [10][13] Export Market - The export market for vehicles, including both complete vehicles and CKD (Completely Knocked Down) kits, has shown robust growth, with NEVs accounting for a growing share of exports [14][18] - In 2025, the export volume of NEVs is expected to reach approximately 3.99 million units, reflecting a significant increase compared to previous years [14][18] - The penetration rate of NEVs in the export market has also improved, reaching 40.7% in the first nine months of 2025 [20] Manufacturer Performance - BYD remains the leading manufacturer in the NEV segment, with wholesale sales of 3.22 million units in the first nine months of 2025, representing a market share of 30.8% [22][23] - Other notable manufacturers include Geely and Changan, with significant year-on-year growth in both wholesale and retail sales [22][23] - Tesla's performance has shown a decline in wholesale sales, indicating increased competition in the NEV market [22][23] Vehicle Type Segmentation - The retail sales of different vehicle types (sedans, MPVs, SUVs) indicate a strong preference for SUVs in the NEV category, with sales reaching 1.13 million units in the first nine months of 2025 [26][27] - The overall market for fuel vehicles has seen a decline, with a notable drop in sales across all categories, while NEVs continue to gain traction [26][27] - The growth in NEV sales is accompanied by a decline in traditional fuel vehicle sales, highlighting a significant market shift [26][27]