格隆汇2月1日｜比亚迪：1月新能源汽车销量210051辆，同比下降30.11%。 鸿蒙智行：1月交付57915台，同比增长65.6%。 问界汽车：1月交付40016辆，同比增长83%。 理想汽车：1月交付27668辆。 蔚来汽车：1月交付27182台，同比增长96.1% 小米汽车：1月交付超39000台。 零跑汽车：1月交付32059台，同比增长27%。 小鹏汽车：1月交付20011台。 岚图汽车：1月交付10515辆，同比增长31%。 极氪：1月交付23852台，同比增长99.7%。 ...

Core Viewpoint - The new energy vehicle companies, including Leap Motor, Li Auto, NIO, and Xpeng, reported their January delivery figures, showing year-on-year growth but a significant decline compared to December due to seasonal market weakness and the expiration of tax incentives [1]. Delivery Performance - Leap Motor delivered 32,059 vehicles in January, a year-on-year increase of 27.37% but a month-on-month decrease of 46.94%. The company is accelerating channel development, adding 85 new stores to reach a total of 1,068 nationwide [2]. - Li Auto's January deliveries reached 27,668 vehicles, up 7.55% year-on-year but down 37.47% month-on-month. The company faced production delays due to battery supply issues, affecting the delivery schedule of its i6 and i8 models [3]. - NIO delivered 27,182 vehicles in January, marking a 96.08% year-on-year increase but a 43.53% month-on-month decline. The company highlighted the high margins of its new ES8 model, which is expected to enhance overall sales and profitability [3]. - Xpeng's January deliveries totaled 20,011 vehicles, reflecting a 34.07% year-on-year decline and a 46.65% month-on-month drop. The company launched four new models in January and anticipates strong growth, particularly in overseas markets [5]. Market Insights - The decline in deliveries is attributed to the traditional off-peak season at the beginning of the year and the impact of the end of the vehicle purchase tax exemption, which had previously pulled forward some demand [1]. - Industry experts expect the automotive retail market to gradually recover as local vehicle replacement subsidy policies are implemented and pre-holiday purchasing demand is released [5]. Technological Advancements - Both Li Auto and NIO announced advancements in their smart technology offerings, indicating increased competition in the smart vehicle sector. Li Auto released an OTA update with 40 new features and 25 optimizations, while NIO introduced a new version of its NIO World Model [4].

北京商报讯（记者 刘晓梦）2月1日，小鹏汽车发布的数据显示，2026年1月共交付新车20011辆。 ...

小鹏汽车：2026年1月共交付新车20011台。 ...

新浪科技讯 2月1日下午消息，近日，有网友在社交平台晒出小鹏IRON人形机器人摔倒照片。 小鹏汽车副总裁于涛通过微博账号"托马斯电火车"表示，机器人IRON在深圳湾万象城给深圳市民尤其 是孩子们又来了一次真实行走，让大家真实感受未来。她走了很多次，其中一次她摔倒了，主持人感 慨"人生的道路上也要经历挫折"，这一摔也没人怀疑是真人扮演的了。 其后，小鹏汽车董事长、CEO何小鹏转发并表示："让我想起所有孩子学步的样子，跌倒后会站稳，下 一步就是开始奔跑，持续奔跑"。 新浪科技讯 2月1日下午消息，近日，有网友在社交平台晒出小鹏IRON人形机器人摔倒照片。 小鹏汽车副总裁于涛通过微博账号"托马斯电火车"表示，机器人IRON在深圳湾万象城给深圳市民尤其 是孩子们又来了一次真实行走，让大家真实感受未来。她走了很多次，其中一次她摔倒了，主持人感 慨"人生的道路上也要经历挫折"，这一摔也没人怀疑是真人扮演的了。 其后，小鹏汽车董事长、CEO何小鹏转发并表示："让我想起所有孩子学步的样子，跌倒后会站稳，下 一步就是开始奔跑，持续奔跑"。 责任编辑：常福强 责任编辑：常福强 ...

Group 1: Vehicle Deliveries and Environmental Impact - In January 2026, XPeng delivered a total of 20,011 vehicles, which is expected to reduce life-cycle greenhouse gas emissions by over 300,000 tons, equivalent to the carbon absorption of 4.94 million tree seedlings over 10 years [1]. Group 2: Global Expansion and Sales Network - XPeng launched the P7+ simultaneously across 36 countries, with its European launch at the 2026 Brussels Motor Show in January [2]. - As of December 31, 2025, XPeng has expanded its global presence to 60 countries and regions, with an overseas sales network of 380 physical stores, representing a year-over-year growth of over 150% [2]. - The worldwide sales and service network has grown to over 1,000 outlets [2]. Group 3: Company Overview - XPeng is a leading Chinese Smart EV company focused on designing, developing, manufacturing, and marketing Smart EVs for technology-savvy middle-class consumers [3]. - The company aims to become a trusted smart technology provider globally and develops in-house advanced driver-assistance systems and intelligent operating systems [3]. - XPeng is headquartered in Guangzhou, China, with additional offices in major cities including Beijing, Shanghai, Shenzhen, Silicon Valley, and San Diego [3].

【#小鹏回应机器人摔倒被嘲笑#：跌倒后会站稳，下一步开始奔跑】1月31日，小鹏机器人IRON在深圳 湾万象城开启首次线下首秀翻车，现场视频显示，小鹏机器人IRON行走过程中突然摔倒，随后被工作 人员抬离现场，被网友调侃为"大型社死现场"。#小鹏机器人假人疑云后再翻车#对此，小鹏汽车副总裁 @托马斯电火车 发文：今天机器人Iron在深圳湾万象城给深圳市民尤其是孩子们又来了一次真实行走， 让大家真实感受未来。她走了很多次，其中一次她摔倒了，主持人感慨"人生的道路上也要经历挫折"， 这一摔也没人怀疑是真人扮演的了。当然，她也受到了嘲笑，可以理解。这个嘲笑我也转给了机器人团 队的研发人员，我们会继续努力的。2月1日，@XP-何小鹏转发 让我想起所有孩子学步的样子，跌倒后 会站稳，下一步就是开始奔跑，持续奔跑。 转自：青蕉视频 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The penetration rate of domestic new energy passenger vehicles has reached 55%, and future sales growth is expected to slow down. However, the increase in battery capacity is anticipated to significantly impact demand, with a projected double-digit growth in battery demand for passenger vehicles by 2026 [2][4] - The domestic new energy passenger vehicle market has entered a consumption-driven growth phase since the end of 2020, with penetration rates increasing from around 10% to an expected 55% by the end of 2025. This growth is accompanied by a slowdown in sales growth due to a higher base [4][17] - The increase in battery capacity is expected to support the growth of battery installations, with single-vehicle battery capacity projected to rise from 52.8 kWh in April 2025 to 61.2 kWh by December 2025 for EVs, and from 23.3 kWh to 33.7 kWh for PHEVs during the same period [4][18] Summary by Sections Market Trends - The market for new energy passenger vehicles is projected to see a slight decline in total vehicle numbers, while new energy vehicles are expected to achieve small single-digit growth due to increased penetration rates. Battery capacity per vehicle is expected to increase by approximately 7%-8%, supporting a battery installation growth rate of around 12% [6][34] Policy and Economic Factors - Positive factors for battery capacity enhancement include changes in the old-for-new policy, which sets a subsidy cap at 8% of the vehicle price in 2026, and changes in purchase tax standards that require PHEVs to have a pure electric range of 100 kWh to qualify for tax exemptions [5][23] - The trend towards larger batteries in range-extended and plug-in hybrid vehicles is expected to continue, addressing consumer concerns about range anxiety and enhancing the perception of electric vehicles' convenience and cost-effectiveness [24] Product Development - Major manufacturers are launching new models with increased battery capacities. For instance, BYD and Geely are introducing models with capacities ranging from 20.79 kWh to 36.62 kWh for their 2026 versions [27][30] - The introduction of large-capacity EVs and PHEVs is expected to further enrich the market, with new models like the Wanjie M9 and NIO ES9 expected to have battery capacities around 100 kWh [31][33]

Group 1: Electric Vehicle Market Insights - In December 2025, the retail penetration rate of new energy vehicles (NEVs) reached 58.7%, with a year-on-year increase of 10.9% but a month-on-month decrease of 2.5 percentage points [2][6][14] - The retail sales of passenger vehicles in December 2025 were 2.27 million units, showing a year-on-year decline of 16% and a month-on-month increase of 14.7% [11][14] - BYD maintained a market share of 25% in the NEV sector, while Geely's market share decreased to 11% [22][6] Group 2: Global Market Performance - In December 2025, Southeast Asia's NEV penetration rate exceeded expectations, with a significant contribution from VinFast, leading to a month-on-month increase [3][35] - Chinese automakers exported 641,000 passenger vehicles in December 2025, with 245,000 being NEVs, resulting in a NEV penetration rate of 38.2% [3][7] - The market share of Chinese brands in Southeast Asia reached 14.7%, with a month-on-month increase of 0.8 percentage points [51][62] Group 3: Policy and Market Outlook - The old-for-new vehicle replacement policy is set to be implemented in January 2026, which is expected to stimulate demand in the passenger vehicle market [2][6] - The industry anticipates a recovery in passenger vehicle demand in Q1 2026, driven by the new policy and a shift in consumer sentiment [4][6] - The focus for domestic investments is on companies less sensitive to policy fluctuations, such as JAC Motors, and those expected to see growth in the high-end electric vehicle segment, including Geely and Great Wall Motors [4][6]

Investment Rating - The report maintains a positive outlook on the passenger car sector, particularly in the context of the new vehicle replacement policy and the resilience of exports [2][3]. Core Insights - The passenger car industry experienced a significant decline in retail sales in December 2025, with a year-on-year drop of 16% and a total retail volume of 227,000 units. The wholesale volume was 279,000 units, reflecting a decrease of 9.7% year-on-year [7][10]. - The penetration rate of new energy vehicles (NEVs) reached 58.7% in December 2025, showing a year-on-year increase of 10.9% [10][12]. - The report highlights the stability of the NEV market, with BYD holding a market share of 25% and Geely at 11% in December 2025 [16]. Electric Vehicle Data Tracking - The report indicates that the old-for-new vehicle replacement policy was implemented in January 2026, which is expected to stimulate demand in the passenger car market [2][3]. - In December 2025, the NEV wholesale volume was 156,300 units, with a year-on-year increase of 3.4% [12]. - The report notes a significant inventory reduction in the passenger car sector, with a total decrease of 69,000 units in December 2025, including 43,000 units of NEVs [13]. Globalization Data Tracking - The report tracks the performance of Chinese car manufacturers in international markets, noting that in December 2025, 641,000 passenger cars were exported, with 245,000 being NEVs, resulting in a penetration rate of 38.2% for NEVs [3][43]. - The report highlights the strong performance of BYD in exports, particularly in Southeast Asia, where the NEV penetration rate exceeded expectations [3][27]. - The market share of Chinese brands in various regions, including Southeast Asia and Europe, showed positive trends, with notable increases in the UK market [38][40].