Core Viewpoint - Li Auto has announced plans to sue the self-media account "25 Degree Exam Room" for spreading misleading information about its vehicle performance, which the company claims has severely damaged its reputation and disrupted fair market competition [1] Group 1: Legal Action - The legal department of Li Auto has identified multiple self-media accounts that are allegedly creating and disseminating false conclusions about vehicle performance for improper traffic gain [1] - The company has gathered evidence and intends to pursue legal action against the responsible parties to hold them accountable for their actions [1] Group 2: Specific Incident - On September 16, the self-media account "25 Degree Exam Room" published a video titled "Li Auto is not ideal, how much is the range of the ideal i8 with the lowest drag coefficient," which allegedly misrepresented the vehicle's performance through selective editing and omission of improper testing procedures [1] - This video is claimed to have maliciously defamed the ideal i8, leading to significant reputational harm for Li Auto [1] Group 3: Industry Context - The announcement references a notice regarding the special rectification of online chaos in the automotive industry, which emphasizes the crackdown on "false or non-standard evaluations" [1] - Li Auto's actions align with industry efforts to maintain fair competition and protect consumer interests from misleading information [1]

理想汽车指出，此类内容已超出正常评价范畴，严重损害企业产品声誉，扰乱市场公平竞争秩序。公司 强调，《关于开展汽车行业网络乱象专项整治行动的通知》中明确要求重点打击"虚假或不规范测评"行 为。 目前，理想汽车表示已全面完成证据固定工作，并将依法对相关责任主体提起诉讼，坚决追究其法律责 任。 凤凰网科技讯 9月23日，理想汽车法务部官方发布声明称，近日发现多家自媒体账号以"评测"为名蓄意 制造并传播与事实严重不符的车辆性能结论，涉嫌恶意造谣及误导消费者。 其中，自媒体账号"25度考场"于9月16日在微博、微信视频号、B站等平台发布的题为《理想不理想， 拥有最低风阻的理想18续航多少》的视频，被指存在隐瞒不当操作、剪裁测试过程等行为，制造虚假性 能结论并对车辆进行恶意贬损。 ...

Summary of Key Points from the Conference Call Industry and Company Involved - The discussion revolves around the **carbon-ceramic brake disc** technology in the **electric vehicle (EV)** industry, specifically focusing on **Li Auto** and its collaboration with **Jinbo Technology** [1][2][5][18]. Core Insights and Arguments - **Application of Carbon-Ceramic Brake Discs**: Li Auto plans to implement carbon-ceramic brake discs in its high-end L series models starting in **2026**, aiming for **20%** of these models to feature this technology by **2027**. This shift is driven by the need for weight reduction and improved braking performance, potentially increasing the vehicle's range by **10-20 km** and reducing the braking distance to approximately **36 meters** [1][5][17]. - **Weight Reduction Benefits**: Carbon-ceramic brake discs can reduce weight by about **50%** compared to traditional cast iron discs. Although there are no national subsidies, local governments provide research and development subsidies for companies adopting lightweight materials, typically around **10%** of the lightweight component cost [1][3]. - **Cost and Supplier Dynamics**: The cost of domestic carbon-ceramic brake discs has decreased to around **20,000 yuan** per set, significantly lower than international counterparts. Jinbo Technology, the main supplier, boasts a production capacity of **4 million discs per year** and offers products that are **two-thirds cheaper** than similar foreign products [1][9][8]. - **Technological Maturity and Market Trust**: The introduction of carbon-ceramic brake discs in models like the **Xiaomi Su Qi** has marked a significant advancement in domestic technology, enhancing market trust and prompting other EV manufacturers to upgrade their configurations [1][6][7]. - **R&D and Supplier Selection Process**: Li Auto's selection of Jinbo Technology was based on its cost control, process optimization, and service responsiveness. The collaboration began in **2023**, with a focus on material stability and cost management [2][18]. Other Important but Potentially Overlooked Content - **Impact on Braking Performance**: The use of carbon-ceramic brake discs not only improves the vehicle's range but also enhances braking performance, with a more stable friction coefficient and better initial braking force, leading to a smoother driving experience [4][6]. - **Government Support for R&D**: Local government initiatives, such as the **New Energy Vehicle Industry Development Special Fund**, are crucial in supporting R&D efforts, allowing companies like Li Auto to secure additional resources for technology advancement [2][14]. - **Competitive Landscape**: While domestic suppliers are making strides in hardware development, they still lag behind established companies like Brembo in software development and overall project experience. This gap presents both a challenge and an opportunity for growth in the domestic market [11][10]. - **Future Market Trends**: The market for carbon-ceramic brake discs is expected to grow, particularly in the EV sector, as manufacturers seek to enhance vehicle performance and efficiency while reducing costs [6][7]. - **Collaboration with Established Brands**: Li Auto's partnership with Brembo focuses on developing comprehensive braking solutions, although Brembo does not provide hardware due to increasing competition from domestic manufacturers [10][12]. This summary encapsulates the key points discussed in the conference call, highlighting the strategic direction of Li Auto in the context of the evolving EV market and the implications of adopting carbon-ceramic brake technology.

Key Points Summary of the Conference Call Company Overview - The conference call discusses the performance and strategic direction of **Nexteer Automotive** in the context of the automotive industry, particularly focusing on steering technologies and electric power steering (EPS) systems. Core Insights and Arguments - **New Product Launch**: Nexteer plans to begin mass production of new products in the first half of 2026, which is among the company's top ten key projects. The production volume is expected to be flexible, depending on technological reliability and regulatory environment. The unit value is projected to be at least 3,000 yuan [2][6] - **Market Dynamics**: The advancement of steer-by-wire technology is progressing rapidly in North America and Europe, with significant developments from T Company and other major automakers like Volkswagen, Mercedes-Benz, Stellantis, and Toyota. However, due to a slowdown in electrification, many projects are delayed by at least two years. In the short term, large-scale commercialization is primarily focused on the Chinese market [2][10] - **Strategic Partnerships**: Nexteer has become a strategic supplier for several Chinese automakers, including Geely, Great Wall, Chery, GAC, BYD, and new energy vehicle companies like Li Auto, Xpeng, and Xiaomi. The new energy vehicle companies are moving faster than traditional manufacturers, indicating continued opportunities in the existing customer base [2][11] - **Product Solutions**: To address price competition in the Chinese market for C-EPS, Nexteer offers various product solutions, including brushed and brushless motor EPS, as well as high-output versions of C-EPS. The company maintains an advantage in the high-end R-EPS sector and is expanding into DPEPS, having secured orders from four domestic clients [2][12] Additional Important Content - **Cost Management**: Nexteer has achieved a 20% cost reduction through modular design and autonomous motor production, with plans to gradually expand this initiative from the Chinese market to the Asia-Pacific and Western markets [4][16] - **Revenue Growth**: The revenue increase in 2025 is expected to primarily come from DP EPS, although overall growth will still rely on C EPS and R EPS. Strong customer growth was noted in the first half of the year, particularly with BYD and Xiaomi [4][15] - **Market Performance**: The North American market is expected to perform better than anticipated in the second half of the year, driven by improved production efficiency and demand. The European market is also projected to enhance profitability through operational improvements [17][19] - **Future Orders**: Nexteer anticipates securing its first EMB order from a traditional Chinese OEM by the end of 2025 or early 2026, with ongoing efforts to establish a foothold in overseas markets [23] - **Technological Advancements**: The rear-wheel steering technology is rapidly commercializing in China, with expectations of a demand for approximately 1 million units in the coming years. This technology is gaining traction among overseas clients due to effective cost control [25][26] This summary encapsulates the key points discussed in the conference call, highlighting Nexteer's strategic initiatives, market dynamics, and future outlook in the automotive industry.

"不是在参加活动，就是在去参加活动的路上。" 这几天，和身边的同行们聊起出差的话题，绝大部分人都认为9月的新车密集发布，让人身心俱疲。而作为一名汽车媒体人，我同样感受到今年"金九银 十"这般行业的疯狂。 据不完全统计，9月上半个月的15天里，就有近20款新车上市，它们覆盖10万～50万元价格区间，涵盖新能源与燃油动力，车型包括轿车、SUV及旅行 车。其中，多款插电混动车型的集中亮相，更是反映出市场对这一技术路线车型的旺盛需求。 而到了9月下旬，上述新车扎堆上市的盛况不仅丝毫未减，反而更胜一筹。有媒体列出的新车上市表格显示，9月最后一周，有超过30款新车即将迎来预售 或上市。各大品牌似乎达成了某种默契，将积压已久的新品一股脑地抛向市场。 | m 22 星期一 东风本田 | 小改款 | 东风本田CR-V 全球30年荣耀款 上市 25 星期四 长安 | | 中期改款 | 新款长安CS55 Plus 上市 | | --- | --- | --- | --- | --- | --- | | 22 星期一 埃安 | 小改款 | AION RT 焕新款 上市 | 25 星期四 欧拉 | 全新车型 | 欧拉5 亮相 | | ...

Domestic News - The Ministry of Industry and Information Technology and four other departments have issued a plan for the steel industry, targeting an average annual growth of around 4% in value added over the next two years, focusing on quality upgrades in major steel-consuming industries such as automotive and machinery [2] - In August, the retail sales of new energy passenger vehicles increased by 7.5% year-on-year, with a penetration rate of 55.2%, indicating a steady growth in the consumption market [3] - The State Administration for Market Regulation has revised and published national standards for urban public transport and car rental services, which will take effect on November 1, emphasizing the verification of rental operators and vehicles [4] - Since the beginning of the 14th Five-Year Plan, the cumulative insurance coverage for motor vehicles has exceeded 1.6 billion instances, marking a 40% increase compared to the previous five-year period [5] International News - In the first 20 days of September, South Korea's automobile export value increased by 14.9% year-on-year, reaching $3.42 billion, despite an overall export decline due to new U.S. tariff policies [6] - Belgium's exports of passenger cars to the U.S. plummeted by 45% from May to July, contributing to a trade deficit of €2.2 billion with the U.S. during this period [7] - Porsche announced a significant adjustment to its electric platform development timeline, extending the market lifecycle of existing internal combustion engine models while introducing new models [8] Company News - China FAW Group Corporation is in the public announcement period for its acquisition of a stake in Shenzhen Zhuoyu Technology Co., which specializes in advanced driver-assistance systems (ADAS) [9] - Geely Automobile issued 24,000 ordinary shares due to the exercise of stock options under its plan adopted in April 2023 [10] - Li Xiang, CEO of Li Auto, clarified that there is no model named "Li Xiang i7," addressing public inquiries about the vehicle [11] - CATL signed a strategic cooperation agreement with the People's Government of Milin City, focusing on new energy projects and zero-carbon industries [12] - WeRide partnered with Grab to launch the Ai.R autonomous driving service in Singapore, marking the first such service in residential areas [13]

Core Viewpoint - The success of the MEGA model, achieving monthly sales of over 3,000 units, highlights the importance of product strength despite initial controversies regarding its pricing and appearance [1]. Group 1: Customer Traffic and Sales Performance - In a third-tier city, the local delivery center experiences daily foot traffic of over 200 customers, with weekends seeing around 500 [2]. - Last month, the store sold 86 vehicles, with 4 MEGA units delivered, indicating a steady demand [3]. Group 2: Customer Demographics and Preferences - The majority of MEGA buyers are families, particularly those with two children, making up 70% of the customer base [5]. - Customers are generally well-informed and come specifically to purchase the MEGA, often without needing extensive sales pitches [5][7]. Group 3: Competitive Landscape - MEGA customers rarely mention competitors, indicating a strong brand loyalty and direct interest in the MEGA model [10]. - While some competitors like GL8 and D9 are occasionally referenced, they are not the primary focus for MEGA buyers [10]. Group 4: Vehicle Configuration and Pricing - The MEGA is available in two versions, Home and Intelligent Renewal, with no significant issues regarding sellability of configurations [12]. - The pricing strategy includes a down payment starting at ¥15.98 million, with various financing options available [13]. Group 5: Customer Feedback - Customers have praised the intelligent driving assistance system, especially after the introduction of VLA [17]. - Positive feedback also includes spaciousness, comfort, and the convenience of the charging network [19][20]. Group 6: Maintenance Costs - Routine maintenance costs are relatively low, averaging around ¥300 for standard services [22]. Group 7: Customer Sentiment - Customers are encouraged to purchase vehicles they genuinely like, rather than succumbing to external opinions [24].

Group 1 - The three major US stock indices collectively rose, with the Dow Jones up 0.14%, the Nasdaq up 0.7%, and the S&P 500 up 0.44% [1] - Major technology stocks saw significant gains, with Oracle rising over 6%, Apple increasing over 4%, and Nvidia climbing nearly 4% [1] - Popular Chinese concept stocks mostly declined, with NIO down over 6%, JD.com down over 3%, and Miniso down over 2% [1] Group 2 - Century Internet rose over 4%, and iQIYI increased over 3% [1] - Amazon and Meta both fell by more than 1% [1] - Li Auto and Bilibili also experienced declines of over 1% [1]

NO.1 李想：没有理想i7这个车型 9月22日，理想汽车董事长李想通过微博发文称，"看到大家都在讨论理想i6的体验超预期，很多朋友就 来问我关于理想i7的情况。我统一回复一下：没有'理想i7'这个车型，请大家不要等了"。据悉，理想i6 纯电SUV将于9月26日正式上市。 点评：理想汽车澄清无i7车型计划，聚焦即将上市的i6纯电SUV，此举有助于明确市场预期，避免产品 线混淆引发的观望情绪。对新能源汽车板块而言，头部企业精准布局有望强化市场对技术迭代与细分市 场策略的关注。整体看，该回应体现了车企对市场沟通的重视，或提振投资者对行业理性竞争的信心， 间接稳定板块估值预期。 NO.2 市场监管总局修订发布两项国家标准 9月22日消息，市场监管总局修订发布《城市公共汽电车客运服务规范》和《汽车租赁服务规范》两项 国家标准，两项标准将于11月1日实施。新版《城市公共汽电车客运服务规范》在运营安全方面，增加 了新能源车辆设施设备使用和维护的相关要求，强化与城市公共汽电车车载终端、驾驶区防护隔离设施 相关技术标准的衔接。新版《汽车租赁服务规范》国家标准增加了对汽车租赁网络平台的相关要求，并 采用技术手段防止入驻经营者恶 ...

Group 1 - The Nasdaq China Golden Dragon Index fell by 0.96% on September 23 [1] - Most popular Chinese concept stocks experienced declines, with NIO dropping over 6%, JD.com down over 3%, and Miniso down over 2% [1] - Ideal Automotive and Bilibili both saw declines of over 1% [1] Group 2 - Century Internet rose by over 4%, and iQIYI increased by over 3% [1]