Core Insights - The overall sales performance of leading electric vehicle manufacturers such as Xiaopeng and NIO remains strong, with Xiaopeng achieving a monthly sales figure of 34,600 units in June, a year-on-year increase of 224%, while NIO's sales reached 24,900 units, up 17.5% year-on-year [1][2] - Despite the impressive sales figures, many models from these brands are struggling, with some achieving only single-digit monthly sales, indicating a disparity between popular and underperforming models within their product lines [3][11] Group 1: Sales Performance - Xiaopeng's monthly sales in June were 34,600 units, a 3.24% increase from May [2] - NIO's sales for June were 24,900 units, reflecting a 7.29% increase from May [2] - Avita's sales reached 10,200 units in June, marking a 117% year-on-year growth [1] Group 2: Underperforming Models - Models like Xiaopeng P7 and NIO EC7 have seen significant declines in sales, with the P7 selling only 82 units in May and the EC7 dropping to 94 units [5][7] - Other models, including NIO ES7 and Volkswagen ID.7 VIZZION, have recorded single-digit sales, indicating they are largely overlooked in the market [10][11] Group 3: Market Challenges - The presence of underperforming models is attributed to several factors, including misalignment with market trends and consumer preferences, as well as a lack of clear product differentiation [11][23] - The competitive landscape has intensified, leading to internal competition among similar models within the same brand, which can dilute sales [11][29] Group 4: Financial Implications - The financial strain on companies is evident, with NIO reporting a net loss of 22.6 billion yuan in 2024 and a continued loss of 6.75 billion yuan in Q1 2025 [23][26] - Xiaopeng also reported a net loss of 9.67 billion yuan in 2024, with Q1 2025 losses reaching 664 million yuan, highlighting the urgent need for cost reduction and profitability [26][28] Group 5: Strategic Recommendations - Companies are encouraged to consider eliminating underperforming models to optimize their product lines and focus resources on more promising vehicles [29][30] - Successful brands will need to balance the removal of these models with maintaining customer trust and providing adequate support for existing owners of discontinued models [29][30]

Core Viewpoint - Li Auto's vehicle deliveries have significantly declined, with June deliveries at 36,300 units, down 11% month-over-month and down 24% year-over-year, raising concerns about the company's performance and market position [1][2]. Group 1: Delivery Performance - In June, Li Auto delivered 36,300 vehicles, a decrease of 11% from May's 40,800 units, which had a year-over-year growth of 16.7% [1]. - For Q2, the total vehicle deliveries were 111,000, slightly lower than the 108,600 units delivered in the same period last year, indicating a decline of over 2,000 units [1]. Group 2: Market Competition - The competitive landscape is intensifying, with rivals like Seres and Leap Motor enhancing their range-extended technology, posing a threat to Li Auto's market share [3][4]. - Major competitors are planning significant financing through Hong Kong listings, which could increase pressure on Li Auto's operations and market share [4]. Group 3: Financial Performance - Li Auto's average net profit per vehicle has been declining, dropping from 17,800 yuan in Q1 2023 to below 7,000 yuan by Q1 2025, a cumulative decline of over 60% [4]. - Rising costs of raw materials, such as copper and aluminum, have added pressure on automotive companies, making it difficult to pass these costs onto consumers [4]. Group 4: Executive Actions - CEO Wang Xing has been reducing his stake in Li Auto, selling 5.737 million shares between June 10 and June 13, totaling over 600 million HKD, which has raised concerns among investors [6][7]. - Other executives, including the CFO and co-founder, have also sold shares, which may lead to investor apprehension regarding the company's future performance [7].

德意志银行：将理想汽车(LI.O)目标股价从148港元下调至145港元。 ...

Core Insights - The automotive market in China has shown significant changes in the first half of 2025, with various brands reporting their sales performance, indicating a competitive landscape shift [1][2]. Sales Performance - Five brands have doubled their sales, while five companies met their sales targets. Overall, the sales performance of 28 major automotive brands was positive, with only five companies reporting a year-on-year decline [2][5]. - Notable performers include BYD with 382,600 units sold in June, a 212% increase year-on-year, and a total of 2,146,000 units in the first half, reflecting a 33.04% growth [3][7]. - Geely's sales reached 236,000 units in June, a 42% increase year-on-year, with a total of over 1,409,200 units in the first half, marking a 47% growth [5]. Brand Highlights - New energy vehicle brands like Hongmeng Zhixing and Xiaopeng Motors have shown strong growth, with Hongmeng Zhixing reclaiming the monthly sales crown among new forces with 52,700 units delivered in June [6][7]. - Li Auto and NIO have faced challenges, with Li Auto achieving only about 30% of its annual sales target, while NIO's performance has been average despite maintaining a growth trend [8][9]. Market Trends - The market for economic models is leading, while high-end vehicle growth is slowing down. The sales of high-end new energy vehicles have not kept pace with the overall market growth due to fewer significant new releases [10][11]. - Analysts predict that the overall automotive market will see a growth of 4.7% in 2025, with new energy vehicle sales expected to reach 16.7 million units, a 30% increase year-on-year [11]. Future Outlook - The second half of 2025 is expected to benefit from policies promoting vehicle trade-ins and the anticipated end of the new energy vehicle purchase tax exemption, leading to higher sales expectations [11]. - Analysts remain optimistic about the high-end new energy vehicle market, citing unmet demand and a lack of quality supply in certain price segments [11].

Core Insights - The article provides a detailed analysis of the June sales or delivery volumes of various electric vehicle manufacturers, highlighting significant year-on-year and month-on-month changes in performance [1]. Group 1: Sales Performance - BYD achieved a sales volume of 382,585 units in June, reflecting a year-on-year increase of 11.98% and a month-on-month increase of 0.03%. The company has completed 39.02% of its annual sales target with a total of 2.146 million units sold in the first half of the year [1]. - Geely New Energy reported a remarkable year-on-year increase of 185.52% in June sales, totaling 122,367 units, although it experienced a month-on-month decline of 11.34%. The company has completed 48.35% of its annual target with 725,200 units sold [1]. - The sales volume for Hongmeng Zhixing was 52,747 units in June, marking a year-on-year increase of 14.32% and a month-on-month increase of 18.66%. The company has achieved 21% of its annual target with approximately 210,000 units sold [1]. - Li Auto's sales fell by 24.06% year-on-year in June, with a total of 36,279 units sold, and it has completed 31.86% of its annual target with 203,900 units [1]. - Xiaopeng Motors saw a significant year-on-year increase of 224.44% in June, with sales of 34,611 units, achieving 51.89% of its annual target with 197,200 units sold [1]. Group 2: Other Notable Performances - Aion's sales in June were 27,848 units, reflecting a year-on-year decline of 20.50%, with no annual target completion data provided [1]. - NIO reported sales of 24,925 units in June, a year-on-year increase of 17.52%, completing 25.95% of its annual target with 114,200 units sold [1]. - The sales volume for Avita was 10,153 units in June, showing a year-on-year increase of 116.85% but a month-on-month decline of 20.47%. The company has completed 26.36% of its annual target with approximately 58,000 units sold [1]. - Lantu's sales reached 10,053 units in June, with a year-on-year increase of 82.55% and 28.05% of its annual target completed with 56,100 units sold [1].

| | 157.52 | -3.17 | 13.47 | | --- | --- | --- | --- | | 长安汽车 | 155.21 | + -0.12 | 1.78 | | 雷诺 | 136.82 | + +3.55 | 47.39 | | JAC 江淮汽车 | 125.14 | 1 +0.63 | 5.73 | | 斯巴鲁 | 124.73 | + -0.77 | 17.06 | | 和泰汽车 | 107.42 | -4.01 | 19.28 | | 广汽集团 | 105.59 | + -0.42 | 1.04 | | 五十铃 | 91.08 | + +0.32 | 12.79 | | VinFast Auto | 83.38 | -0.23 | 3.56 | | Leapmotor | 82.91 | +1.56 | 7.1 | | 日产 NISSAN | 82.57 | + -0.51 | 2.36 | | 蔚来汽车 | 80.23 | + +1.83 | 3.51 | | FC) 福特奥托生 | 79.45 | 1 +0.79 | 2.26 | | Zeekr JI | 65.18 | + ...

7月1日，中国汽车流通协会发布的最新一期"中国汽车经销商库存预警指数调查"VIA（Vehicle Inventory Alert Index）显示，2025年6月中国汽车经销商库存预警指数为56.6%，同比下降5.7个百分点，环比上升 3.9个百分点。库存预警指数位于荣枯线之上，汽车流通行业景气度有所下降。 多家车企公布6月销量数据 比亚迪7月1日公布产销快报显示，6月新能源汽车销量382585辆，本年累计汽车销量215万辆；吉利汽车 6月汽车销量236036辆，同比增长42%。吉利汽车将全年销售目标上调11%，从271万辆上调至300万 辆。长城汽车6月销量为11.07万台，同比增长12.86%。 新势力方面，鸿蒙智行6月单月全系交付52747辆；零跑汽车6月全系交付48006台，同比增长超138%；6 月理想汽车交付新车36279辆；小鹏6月共交付新车34611台，同比增长224%；蔚来公司6月交付24925辆 汽车，同比增长17.5%。 雷军：小米YU7将开启限时改配，锁单用户可参与 6月中国汽车经销商库存预警指数为56.6%，同比下降5.7个百分点 广汽集团在互动平台表示，华望汽车作为广汽集团与华为战 ...

Key Points - NIO's CEO Li Bin revealed that a key partner abruptly exited the Chinese market, which posed a significant challenge to NIO's chip development. However, the team managed to overcome this obstacle and accelerated the project timeline by at least four months, successfully launching their self-developed 5nm automotive-grade chip, the Godji NX9031 [4][5] - Perfect World has initiated a crackdown on corruption, with multiple employees from its "Zhuxian" project team being investigated for collusion with suppliers and embezzlement. This follows a previous anti-corruption announcement made 11 months ago [9][10] - Baidu has appointed He Haijian as the new CFO, marking a new round of organizational adjustments aimed at enhancing operational efficiency and talent development [11] - Neta Auto is actively seeking investors and is open to project acquisitions and restructuring plans to recover from production halts that began in November 2024. The company has sold over 460,000 vehicles and retains a core team of over 400 employees [12][13] - Evergrande Auto announced indefinite suspension of its stock due to ongoing liquidity issues, with the release date for its 2024 financial report still uncertain. The company has been attempting to secure investments and sell assets to alleviate financial strain [13][14] - Luckin Coffee has opened its first stores in New York, marking its entry into the U.S. market, and has surpassed Starbucks in total revenue in China for the first time [18][20] - Meituan plans to build 1,200 "Raccoon Canteens" over the next three years to enhance food safety in the delivery sector, following a successful pilot program [18][21] - Tesla has made significant personnel changes, with Zhu Xiaotong taking over global manufacturing operations, while the company continues to focus on localizing its strategies in China [26][27] - Apple is facing internal challenges in its AI division, with key personnel departures and a potential shift towards outsourcing AI capabilities to competitors like OpenAI and Anthropic [28][33] - Amazon has deployed one million robots globally and introduced a new AI model, DeepFleet, aimed at improving logistics efficiency by 10% [35][36]

New Energy Vehicles Delivery Overview - BYD delivered 383,000 vehicles in June, a year-on-year increase of 11.98% [2] - NIO delivered 24,925 vehicles in June, a year-on-year increase of 17.5% [2] - Leap Motor delivered 48,000 vehicles, a year-on-year increase of 138.65% [2] - Li Auto delivered 36,000 vehicles, a year-on-year decrease of 24.06% [2] - Xpeng delivered 35,000 vehicles, a year-on-year increase of 224.44% [2] - Xiaomi delivered over 25,000 units, maintaining over 20,000 units for eight consecutive months [2] - Seres sold 46,086 new energy vehicles in June, a year-on-year increase of 4.44% [2] - Great Wall Motors sold 110,700 units in June, a year-on-year increase of 12.86% [2] - Zeekr sold 16,702 units, a year-on-year decrease of 17% [2] - Lynk & Co sold 26,310 units, a year-on-year increase of 8% [2] - GAC Aion sold 27,848 units in June [2] - Deep Blue delivered 29,893 vehicles in June, a year-on-year increase of 79% [2] - Avita sold 10,153 vehicles in June, a year-on-year increase of 117% [3] - Lantu delivered 10,053 vehicles in June, a year-on-year increase of 83% [3] Xiaomi's New Initiatives - Xiaomi launched youth apartments in Beijing and Nanjing with a monthly rent of 1,999 yuan, prioritizing fresh graduates [3] - Xiaomi's YU7 model received high demand, prompting other car manufacturers to offer compensation for customers who switch to their brands [6] Tesla Management Restructuring - Tesla adjusted its management structure, with Elon Musk taking over sales in Europe and North America, while Zhu Xiaotong oversees global manufacturing [6] NIO's Chip Development - NIO's self-developed 5nm automotive-grade chip, NX9031, has reached its design performance targets, marking a significant milestone in its chip development efforts [6] New Company Establishments - Chongqing Qianli Zhijia Technology Co., Ltd. was established with a registered capital of 10.5 million yuan, focusing on smart vehicle equipment and AI hardware [9] Investment and Financing Activities - Tianyan Pharmaceutical announced a strategic investment of up to $25 million from Sanofi to support the development of its SAFEbody® antibody projects [18] - Figma filed for an IPO in the US, seeking to trade under the ticker "FIG" [18] - Lingchuan Technology completed a multi-hundred million yuan Series A financing round to expand its AI chip development [18]

Group 1 - Major stock indices are approaching upper limits, but pressure remains manageable, suggesting a combination of medium to long-term strategies for investors [1][13] - The U.S. stock market showed mixed results with the Dow Jones up by 0.91% and the Nasdaq down by 0.82%, indicating volatility in large tech stocks [3][2] - The manufacturing PMI in the U.S. increased slightly from 48.5 to 49.0, indicating stabilization in manufacturing activity, although it remains in contraction territory [3] Group 2 - The Central Financial Committee emphasized the need for a unified national market, focusing on quality improvement and orderly competition among enterprises [4] - The domestic fuel prices for gasoline and diesel were raised, with an increase of 235 yuan and 225 yuan per ton respectively, impacting consumer costs [4] Group 3 - He Yuan Bio's IPO passed review, marking the first company to use the new fifth set of listing standards on the Sci-Tech Innovation Board, which aims to enhance inclusivity and adaptability in the market [5] - The U.S. Senate passed a comprehensive tax and spending bill, which may influence market dynamics and investor sentiment [6] Group 4 - Various electric vehicle manufacturers reported their June delivery figures, with significant year-on-year growth for companies like Xiaopeng Motors (224%) and Li Auto [7][8] - The overall performance of the new energy vehicle sector indicates a robust market with companies like BYD achieving sales of 382,600 units in June, up from 341,700 units the previous year [7] Group 5 - Jinlitai has been placed under delisting risk warning, with its stock name changed to "*ST Jin Tai," indicating potential financial distress [9] - Newland has established a subsidiary in the U.S. and obtained an MSB license, aiming to expand its global payment services [10] - Lakala announced plans for a share reduction by its major shareholder, Lenovo Holdings, which may affect market perception [11] - Baichuan Co.'s chairman is under investigation, but the company's operations remain normal, indicating potential governance risks [12]