Group 1 - The retail volume of passenger cars in China reached 12.728 million units in the first seven months of the year, representing a year-on-year increase of 10.1% [1] - In July, the retail volume of passenger cars was 1.826 million units, up 6.3% year-on-year, and 3% higher than the historical peak of 1.768 million units in July 2023 [1] - Domestic brands showed significant growth, with retail sales of 1.21 million units in July, a 14% increase year-on-year, and their market share rising to 65.9%, up 4 percentage points [1] Group 2 - The wholesale volume of passenger cars also reached a historical high in July, with 2.221 million units, a 13% year-on-year increase [2] - New energy vehicles (NEVs) were a key driver of growth, with wholesale sales of 1.181 million units in July, up 24.4% year-on-year, and retail sales of 987,000 units, a 12% increase [2] - The market share of new force brands in the NEV segment reached 21.4%, an increase of nearly 2 percentage points year-on-year [2] Group 3 - Inventory pressure in the car market is easing, with total inventory decreasing by 90,000 units in July, and the dealer inventory warning index at 57.2%, down 2.2% year-on-year [3] - The number of models with price reductions in July was 17, compared to 23 in the same month last year, indicating a stabilization in the price war [3] - The market outlook for August is optimistic, with new model launches expected to boost retail sales, and government subsidies supporting consumption policies [3]

Group 1 - The retail volume of passenger cars in China reached 12.728 million units in the first seven months of the year, representing a year-on-year increase of 10.1%. In July alone, retail volume was 1.826 million units, up 6.3% compared to the previous year [2] - Domestic brands showed the most significant growth, with retail volume reaching 1.21 million units in July, a 14% increase year-on-year, and market share rising to 65.9%, an increase of 4 percentage points [2] - The wholesale volume of passenger cars also hit a record high in July, reaching 2.221 million units, a 13% year-on-year increase [3] Group 2 - New energy vehicles (NEVs) have become a key driver of growth, with wholesale sales reaching 1.181 million units in July, a 24.4% increase year-on-year, and retail sales at 987,000 units, up 12% [3] - The market share of new force brands in the NEV segment reached 21.4%, an increase of nearly 2 percentage points year-on-year [3] - The inventory pressure in the car market is easing, with total inventory decreasing by 90,000 units in July, and the dealer inventory warning index dropping to 57.2%, down 2.2% year-on-year [4] Group 3 - The competitive pricing environment is stabilizing, with only 17 models seeing price reductions in July compared to 23 in the same month last year [4] - The upcoming release of new models in August is expected to further boost retail sales, supported by the third batch of national subsidies for trade-in policies [5]

Core Viewpoint - Zhejiang Lingshu Technology Co., Ltd. has been established with a registered capital of 100 million RMB, fully owned by Leap Motor Co., Ltd. [1] Company Summary - The legal representative of Zhejiang Lingshu Technology Co., Ltd. is Cao Li [1] - The registered capital of the company is 100 million RMB [1] - Leap Motor Co., Ltd. holds 100% ownership of Zhejiang Lingshu Technology Co., Ltd. [1] - The company is classified under the manufacturing industry, specifically in automobile manufacturing [1] Business Scope - The business scope includes technology services, development, consulting, exchange, transfer, and promotion [1] - Manufacturing and retailing of automotive parts and accessories are included in the business activities [1] - The company also engages in plastic products manufacturing and sales, general cargo storage services, supply chain management, and import-export activities [1]

人民财讯8月8日电，企查查APP显示，8月8日，浙江凌舒科技有限公司成立，法定代表人为曹力，注册 资本1亿元，经营范围涉及汽车零部件研发、普通货物仓储服务、供应链管理服务、货物进出口、技术 进出口等。企查查股权穿透显示，该公司由零跑汽车间接全资持股。 ...

Core Insights - In July, the overall performance of the new energy passenger vehicle industry was strong, with 19 manufacturers achieving monthly wholesale sales exceeding 10,000 units, an increase of 2 companies year-on-year and 1 company month-on-month [1] Summary by Category Sales Performance - The total wholesale sales of new energy passenger vehicles reached 92.1% in July, up from 91.3% in the previous month and 88.9% in the same month last year [1] Leading Manufacturers - The top manufacturers by sales volume included: - BYD Auto: 341,030 units - Geely Auto: 130,124 units - Changan Auto: 75,925 units - Tesla China: 67,886 units - Chery Auto: 62,107 units - SAIC-GM-Wuling: 59,580 units - Leap Motor: 50,129 units - Seres Auto: 41,676 units - Xpeng Motors: 36,717 units - Great Wall Motors: 34,593 units - Li Auto: 30,731 units - Xiaomi Auto: 30,452 units - Dongfeng Auto: 29,269 units - GAC Aion: 21,124 units - NIO: 21,017 units - FAW Bestune: 16,771 units - SAIC Passenger Cars: 14,870 units - FAW Hongqi: 12,033 units - Zhiji Auto: 11,861 units [1]

天眼查工商信息显示，8月8日，浙江凌舒科技有限公司成立，法定代表人为曹力，注册资本1亿人民 币，经营范围含汽车零部件及配件制造、汽车零部件研发、汽车零配件零售、汽车零配件批发、塑料制 品制造、塑料制品销售、普通货物仓储服务等。股东信息显示，该公司由零跑汽车有限公司全资持股。 ...

Core Viewpoint - The Chinese automotive market is expected to recover significantly by 2025, driven by favorable policies and improved market order, with passenger car retail growth projected at 6%, exports at 14%, and new energy vehicle wholesale growth at 27% [1][2]. Market Recovery and Growth - The China Automobile Dealers Association (CADA) has raised its 2025 automotive industry forecast due to positive trends in the first half of the year, including a 10.8% increase in total passenger car retail and a 33.3% increase in new energy vehicle retail from January to June [2][4]. - The forecast for 2025 includes a retail volume of 24.35 million passenger cars, an increase of 300,000 units from previous estimates, and a wholesale volume of 34.04 million units, reflecting an 8% year-on-year growth [1][2]. Market Order Improvement - The phenomenon of "involution" and irrational price competition has significantly decreased, with the number of discounted models rising from 50 in 2020-2022 to 147 in 2024, but only 106 in the first half of 2025, indicating a return to rational pricing [2][4]. - The automotive industry's profit margin reached 6.9% in June, a notable increase from 3.8% in June of the previous year, reflecting improved market conditions [4]. Sales Performance - In July, all nine traditional car manufacturers reported year-on-year sales growth, with BYD and SAIC Motor leading with monthly sales around 340,000 units [4][5]. - Geely Auto showed the fastest growth rate in July, with sales exceeding 237,000 units, marking a 58% increase year-on-year [5][6]. New Energy Vehicle Outlook - The forecast for new energy vehicle wholesale in 2025 is set at 15.48 million units, with a penetration rate of 56%, despite a slight decrease from previous estimates [6][8]. - In July, the wholesale volume of new energy vehicles reached 1.18 million units, a 25% increase year-on-year, with significant contributions from brands like Leap Motor and Xpeng Motors [7][8]. Export Growth - The forecast for passenger car exports in 2025 is 5.46 million units, reflecting a 14% increase, with a total increase of 160,000 units from earlier predictions [9]. - In the first half of 2025, China's automotive exports reached 3.083 million units, a 10.4% increase year-on-year, with passenger cars accounting for 84% of total automotive exports [9].

Core Viewpoint - Leap Motor has begun supplying its self-developed battery packs to commercial vehicle manufacturers, marking a significant shift in its component supply business and aiming to replicate BYD's successful model of selling both complete vehicles and components [4][12][10]. Group 1: Business Development - Leap Motor's subsidiary, Lingxiao Energy, has received orders from over five new energy commercial vehicle clients, indicating a new phase for its component supply business [5][12]. - The company aims to expand its self-research capabilities to all high-value components, beyond just the core three electric systems [8][9]. - Leap Motor's strategy includes forming partnerships with major clients like Stellantis and Hongqi to share R&D costs and develop new models [10][11]. Group 2: Market Analysis - The domestic commercial vehicle market is less saturated compared to the passenger vehicle market, presenting a significant growth opportunity for new energy commercial vehicles [14][18]. - In the first half of the year, the sales of new energy commercial vehicles reached 402,000 units, a year-on-year increase of 66.5%, indicating a strong growth trajectory [17]. - The penetration rate of new energy in the commercial vehicle market is currently below 20%, suggesting substantial room for future growth [18]. Group 3: Competitive Landscape - Compared to passenger vehicles, commercial vehicle users are more cost-sensitive, making Leap Motor's combination of battery cells from CATL and its own battery packs a more cost-effective solution [20]. - CATL has chosen to collaborate with Leap Motor for battery packs, despite its capability to sell complete battery solutions, indicating a strategic alliance to enhance market presence [25][26]. - Leap Motor's sales have surged, with a 156% year-on-year increase in vehicle deliveries in the first half of the year, highlighting its growing market share [29].

Domestic News - Xiaopeng Motors shifts its design philosophy to prioritize aesthetics, committing an annual investment of 2 billion yuan to enhance vehicle design [6] - NIO has launched 11 battery swap stations along the G318 Sichuan-Tibet line, with plans to establish a total of 15 stations [7] - Leap Motor has deepened its battery collaboration with CATL, supplying self-developed battery packs to over five new energy commercial vehicle clients [8] - Li Auto has opened 67 new supercharging stations across various provinces in China during the last week of July 2025 [9] - WeRide has increased its registered capital from 3 billion to 3.5 billion yuan, marking a 17% growth [10] - Huawei has published a patent for a vehicle platooning method aimed at enhancing the safety of intelligent driving [11] - Cao Cao Mobility is exploring the tokenization of real-world assets and stablecoin payments in collaboration with a licensed financial institution [12] - FAW Hongqi plans to launch its first flying car product by 2029, with a goal for commercial passenger flight by 2035 [13][14] International News - The UK automotive market saw a 5% year-on-year decline in new car registrations in July, although plug-in hybrid and electric vehicle registrations increased by 33% and 9.1%, respectively [14] - General Motors and Hyundai are collaborating to develop five new models targeting the Central and South American markets, with an expected annual sales of over 800,000 units [15] - Faurecia and EVE Energy have achieved the global mass production of a 12V lithium battery management system, set to launch in European luxury passenger vehicles [16] - BMW is set to globally debut its new generation model, the BMW iX3, at the 2025 Munich Auto Show [18] Commercial Vehicles - GAC's self-developed heavy-duty truck battery has successfully passed the stringent new national standard certification for electric vehicle batteries [19] - Remote's "Alcohol-Hydrogen + Electric" series solutions for new energy heavy-duty trucks were unveiled, promoting full-scenario applications in the industry [20] - Xiamen Golden Dragon's overseas bus sales reached nearly 6,000 units in the first half of 2025, marking a 60% increase year-on-year [21] - Suzhou Golden Dragon has delivered its L4 level autonomous driving bus for testing in Hangzhou, showcasing advancements in intelligent transportation [22]

Group 1 - The core point of the news is that Leapmotor is in talks with Huawei for potential collaboration, focusing on smart driving solutions, vehicle ecosystem, or supply chain technology [2] - Leapmotor has achieved significant sales growth, becoming the top-selling new car manufacturer in China, with July deliveries reaching a record high of 50,129 units, a year-on-year increase of over 126% [2] - The collaboration with Huawei could enhance Leapmotor's brand value, particularly in key technology areas such as smart cockpit and autonomous driving [2] Group 2 - Leapmotor adheres to a "fully self-research" strategy, with its smart driving system, Leapmotor Pilot, utilizing a "pure vision + millimeter-wave radar" perception solution, emphasizing cost-effectiveness by avoiding high-cost lidar [3] - The Leapmotor Pilot system has reached version 3.0, featuring core functions such as ACC, LCC, ALC, APA, highway NOA, and city NAC, with some models offering optional lidar [3] - Leapmotor's smart driving features primarily address existing issues but still lag behind leading manufacturers like Huawei, as it heavily relies on high-precision maps and cannot achieve map-free autonomous driving [3]