Group 1 - The core viewpoint of the articles highlights the strong performance of new energy vehicle manufacturers in August, with significant sales increases for several companies [1][2][3] - Leap Motor leads the sales chart with over 57,000 units delivered in August, marking a year-on-year increase of over 88% [1] - Xiaopeng Motors achieved a record high of 37,700 units delivered in August, reflecting a year-on-year growth of 169% and a month-on-month increase of 3% [1][2] Group 2 - NIO's new models, the L90 and ES8, contributed to a sales rebound, with over 31,000 units delivered in August, a year-on-year increase of 55.2% [2] - The new L90 model became a key driver for NIO's sales, achieving over 10,000 deliveries in its first month [2] - Li Auto experienced a decline in sales, delivering approximately 28,500 units in August, while the MEGA model saw over 3,000 units delivered [2]

Core Viewpoint - The electric vehicle market in China is experiencing significant growth, with various companies reporting record delivery numbers for August 2023, indicating a strong demand for electric vehicles and a competitive landscape among manufacturers [1][2][4]. Company Performance - Leap Motor achieved a delivery of 57,066 vehicles in August, marking a year-on-year increase of over 88% and a cumulative delivery of 328,859 vehicles from January to August, up 136.4% [1][4]. - XPeng Motors delivered 37,709 vehicles in August, a year-on-year increase of 168.7%, with a total of 271,615 vehicles delivered from January to August, reflecting a 330% growth [4][6]. - NIO delivered 31,305 vehicles in August, a 55.2% increase year-on-year, with cumulative deliveries reaching 838,036 vehicles [6][8]. - Xiaomi Motors surpassed 30,000 deliveries in August for the second time since its launch, and plans to expand its retail presence with new stores [6][8]. - Li Auto reported 28,529 deliveries in August, with a total of 1,397,070 vehicles delivered by the end of August 2023 [6][7]. Market Trends - The overall retail sales of narrow passenger vehicles in August were approximately 1.94 million units, reflecting a month-on-month increase of 6.2% and a year-on-year increase of 2.0% [10][11]. - The penetration rate of narrow new energy passenger vehicles is estimated to be 56.7%, indicating a growing acceptance of electric vehicles among consumers [10][11]. - The market is expected to perform better in September, traditionally a peak season, supported by government subsidies and a reduction in consumer hesitation [11].

Core Insights - In August, various new energy vehicle brands reported significant delivery numbers, with Leap Motor leading the pack with a record delivery of 57,066 vehicles, marking a year-on-year increase of over 88% [1][2] - The overall trend indicates a robust growth in the new energy vehicle sector, with several companies achieving record monthly deliveries and substantial year-to-date growth [1][5] Company Performance - Leap Motor delivered 57,066 vehicles in August, with a total of 328,859 vehicles delivered from January to August, reflecting a year-on-year growth of 136.4% [1][2] - Xpeng Motors followed closely with 37,709 vehicles delivered in August, a year-on-year increase of 168.7%, and a total of 271,615 vehicles delivered year-to-date, up 330% [2][5] - NIO delivered 31,305 vehicles in August, a 55.2% increase year-on-year, with cumulative deliveries reaching 838,036 vehicles [5][6] - Xiaomi Motors achieved over 30,000 deliveries in August, marking its second month surpassing this figure since starting deliveries [5] - Li Auto delivered 28,529 vehicles in August, with a total of 1,397,070 vehicles delivered to date [5][6] - Zeekr reported sales of 44,843 vehicles in August, a year-on-year increase of 11% [11] Market Trends - The overall retail sales of narrow passenger vehicles in August were approximately 1.94 million units, reflecting a month-on-month increase of 6.2% and a year-on-year increase of 2.0% [12] - The penetration rate of narrow new energy passenger vehicles reached 56.7%, with an estimated 1.1 million units sold [12] - The market is expected to perform better in September, driven by government subsidies and local purchase incentives, indicating a potential recovery in consumer sentiment [13]

9月1日下午，蔚来公布8月销量：交付新车31305台，同比增长55.2%，创历史新高。 几乎同时，理想也公布8月销量：28529台。 现在，"订单爆了"这个梗估计不能继续玩下去了，因为乐道在另外一个男人手上，订单真爆了。 而他，就是沈斐。 01 去年乐道L60上市时，蔚来创始人李斌与乐道前总裁艾铁成有个名场面，"订单已经爆了"，但后续交付未达预期，成了广为流传的梗。 今日收盘，蔚来股价大涨4.64%，重返千亿市值。自7月7日至今，蔚来港股累计上涨近90%。 子品牌乐道是核心功臣，8月交付新车达16434台，占比超过一半。 这是自2022年11月以来，蔚来销量首次超越理想。 去年，乐道首款车型L60踩了不少坑。 上市初期产能爬坡太慢，大量L60订单无法在24年底完成交付，许多客户担心2025年没有国补，转而投向特斯拉ModelY、小鹏G6等竞品，订单流失严 重。 还有初期调子起得太高、员工购车争议、换电站数量稀少...... 新任总裁沈斐接手后，情况才有了明显转变。 L90发布会是他上任后首场独立主导发布会，整套操作成熟得不像是蔚来。 7月29日晚，理想i8发布会刚结束，乐道销售便对外放风，L90顶配价格不超过 ...

证券研究报告 2025Q2业绩综述： 国内/电动化承压，全球化/智能化可圈可点 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年9月1日 请务必阅读正文之后的免责声明部分 板块最新观点 ◼ 风险提示：贸易战升级进一步超出预期；全球经济复苏力度低于预期；L3-L4智能化技术创 新低于预期；全球新能源渗透率低于预期；地缘政治不确定性风险增大。 2 ◼ 当前时点汽车板块如何配置？我们认为汽车行业或又进入了新的十字路口阶段：汽车电动化 红利进入尾声，汽车智能化正在"黎明前黑暗"，机器人创新在产业0-1阶段。参考历史上 2011年/2018年汽车产业在新旧切换阶段，依然是能够去布局结构性行情。下半年我们总体 建议加大"红利风格"的配置权重。 （ ➢ 【红利&好格局主线】客车（宇通客车）/重卡（中国重汽A-H/潍柴动力）/两轮（春风动力 /隆鑫通用）/零部件（福耀玻璃+星宇股份+新泉股份+继峰股份）。 ➢ 【AI智能化主线】乘用车优选港股（小鹏汽车-W/理想汽车-W/小米集团-W）/A股（赛力 斯/上汽集团/比亚迪）；零部件优选（地平线机器人- ...

Group 1 - NIO delivered 31,305 vehicles in August, a year-on-year increase of 55.2%, marking a historical high and a 49% increase from the previous month [1] - The breakdown of deliveries includes 10,525 vehicles from the NIO brand, 16,434 from the Ladao brand, and 4,346 from the Firefly brand [1] - Cumulatively, NIO has delivered 838,036 vehicles, with 748,448 from the NIO brand, 75,033 from the Ladao brand, and 14,555 from the Firefly brand [1] - The Ladao L90 achieved 10,575 deliveries in its first month, making it the fastest model in NIO's history to surpass 10,000 units [1] Group 2 - The new ES8 was pre-sold on August 21, with a starting price of 416,800 yuan, utilizing a BaaS battery rental model with a lower starting price of 308,800 yuan [1] - The G318 Tibet charging route was officially completed on August 16, spanning 2,950 kilometers with 15 battery swap stations along the way [1] - From August 29 to October 12, the G318 route offers unlimited free battery swap services for all NIO and Ladao users, excluding operational vehicles [1] Group 3 - NIO Day 2025 is scheduled for late September in Hangzhou, with the theme "Grow with the Light," where the new ES8 will be officially launched [2]

小米汽车8月交付量持续超过30000台；理想汽车8月交付量28529辆，MEGA八交付量破3000。 蔚来公司8月交付新车31305台创历史新高，乐道L90首个完整交付月交付量破万 8月，蔚来公司交付新车31305台，同比增长55.2%，创历史新高。其中，蔚来品牌交付新车10,525台；乐道品牌交付新车16,434台；firefly萤火虫 品牌交付新车4,346台。 9月1日，各家车企8月销售成绩单陆续出炉。 小鹏汽车8月交付新车37709台，同比增长169%，连续第十个月交付量超过3万辆，下月目标冲刺4万大关；蔚来公司交付新车31305台，同比增长 55.2%，创历史新高；零跑汽车8月交付达57066台，同比增长超88%，再创历史新高。 截至目前，蔚来公司已累计交付新车838036台。其中，蔚来品牌累计交付新车748,448台；乐道品牌累计交付新车75033台；firefly萤火虫品牌累计 交付新车14555台。乐道L90上市首月交付10575台，是蔚来公司历史上销量破万最快的车型。 8月27日，全新小鹏P7正式上市，上市7分钟大定突破万台，创小鹏汽车新车上市最快破万纪录。全新小鹏P7市场热度持续攀升，上市 ...

乐道L90上市首月交付1.06万台，是蔚来公司历史上销量破万最快的车型。 北京商报讯（记者 蔺雨葳）9月1日，蔚来汽车发布公告称，2025年8月，蔚来公司交付新车3.13万台， 同比增长55.2%。其中，蔚来品牌交付新车1.05万台；乐道品牌交付新车1.64万台；firefly萤火虫品牌交 付新车4346台。截至目前，蔚来公司已累计交付新车83.8万台。 ...

据第一财经记者统计，这是自2022年10月以来，时隔34个月，蔚来月销首次超过理想。2022年10 月，蔚来销量为10059辆，理想销量为10052辆。 蔚来汽车9月1日晚间公告，公司2025年8月交付31305辆，同比增长55.2%；据理想汽车官博消息， 8月，理想汽车交付新车28529辆。 ...

Core Viewpoint - NIO announced a delivery of 31,305 vehicles in August 2025, representing a year-on-year increase of 55.2% [1] - Li Auto reported a delivery of 28,529 vehicles in August [1] - This marks the first time in 34 months that NIO's monthly sales have surpassed those of Li Auto since October 2022 [1] Company Performance - NIO's August 2025 delivery figures show a significant increase compared to previous months, indicating a strong recovery and growth trajectory [1] - Li Auto's delivery figures remain robust, but they have been outpaced by NIO for the first time in over two years [1] Historical Context - In October 2022, NIO's sales were 10,059 vehicles, while Li Auto's were slightly higher at 10,052 vehicles, highlighting the competitive landscape between the two companies [1]