Core Viewpoint - The performance of new energy vehicles (NEVs) in January was weak, with varying delivery numbers among major manufacturers, indicating potential challenges in the market [4]. Group 1: January NEV Performance - Li Auto's delivery volume decreased by 7.5% year-on-year and 37.5% month-on-month to 27,668 units [4] - NIO's delivery volume increased by 96.1% year-on-year but decreased by 43.5% month-on-month to 27,182 units, with the NIO brand up by 162.8% year-on-year [4] - Xpeng's delivery volume fell by 34.1% year-on-year and 46.6% month-on-month to 20,011 units [4] Group 2: New Model Launches - BYD announced new long-range versions of its models on January 7, 2026, to enhance product competitiveness [5] - Xpeng officially launched several new models on January 8, 2026, focusing on cost-effectiveness and intelligence [5] - Aito's M7 extended-range version was launched on January 13, 2026, and Leado's L60 model was launched on January 16, 2026 [5] Group 3: Purchase Incentives - Tesla is offering various financial incentives and reduced delivery times for its Model 3 and Model Y vehicles [6] - Li Auto has shortened delivery times for several models and extended purchase subsidies into February [6] - NIO and Xpeng have also adjusted delivery times and introduced low-interest financing options across their vehicle ranges [6][7] Group 4: AI Transformation and Material Cost Pressures - New energy vehicle companies are actively transitioning towards AI, with plans for humanoid robot production lines [8] - The prices of upstream materials such as copper, aluminum, and lithium carbonate have been rising since the end of 2025, which may pressure vehicle gross margins [8]

Market Overview - The three major U.S. stock indices opened mixed on February 3, with the Nasdaq up 0.36%, the Dow Jones up 0.22%, and the S&P 500 up 0.20% [1]. Index Performance - Dow Jones Industrial Average is at 49,515.08, up by 107.42 points, representing a 0.22% increase [2]. - Nasdaq Index stands at 23,676.02, up by 83.91 points, reflecting a 0.36% rise [2]. - S&P 500 is at 6,990.31, increasing by 13.87 points, which is a 0.20% gain [2]. Sector Performance - Mining stocks surged, with Coeur Mining rising over 8% and Pan American Silver increasing more than 6% [2]. - Storage sector showed strength, with Western Digital up over 4% and SanDisk up over 5% [3]. - Technology stocks mostly rose, with Intel increasing over 4% and Google rising more than 1% [4]. Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.40%, with notable declines in stocks such as Bilibili, Alibaba, and NetEase, each down over 2%, and Baidu and JD down over 1%. However, Xpeng Motors rose over 2% [4]. Notable Declines - PayPal experienced a significant drop, falling over 18% [5].

2月3日，晚点Auto报道称，小鹏汽车在组织架构上进行重要调整，将原有的自动驾驶中心与智能座舱中心合并，成立新的通用智能中心。该部门由原自动 驾驶业务负责人刘先明主导，直接向公司董事长兼CEO何小鹏汇报。 此次组织整合发生在小鹏汽车明确宣布向"物理人工智能（AI）公司"转型的战略背景下。 1月8日，小鹏汽车在2026全球新品发布会上推出了四款新款车型，其Ultra及Ultra SE版本将搭载公司自研的第二代VLA（物理世界大模型）。该模型被定 义为行业首个实现L4初阶能力的跨领域模型，计划于第一季度向用户推送，旨在统一驱动汽车、Robotaxi、机器人及飞行汽车等多种智能终端。同时，其 智能座舱采用的"图灵"芯片则用于驱动VLM大模型。 此次组织整合发生在小鹏汽车明确宣布向"物理人工智能（AI）公司"转型的战略背景下。 1月8日，小鹏汽车在2026全球新品发布会上推出了四款新款车型，其Ultra及Ultra SE版本将搭载公司自研的第二代VLA（物理世界大模型）。该模型被定 义为行业首个实现L4初阶能力的跨领域模型，计划于第一季度向用户推送，旨在统一驱动汽车、Robotaxi、机器人及飞行汽车等多种智能终端。 ...

据经济观察报-经济观察网 2026年1月，新势力车企销量格局发生显著变化。问界汽车、小米汽车和零 跑汽车以3万辆至4万辆的交付量，形成了新的"第一梯队"。具体来看，问界汽车1月交付约4万辆，同比 增长83%；小米汽车1月交付超3.9万辆，去年同期为超2万辆；零跑汽车1月全系交付达3.21万辆，同比 增长27%。与此同时，理想汽车、蔚来汽车和小鹏汽车1月销量在2万辆到3万辆之间，变为"第二梯 队"。蔚来1月交付新车2.72万辆，同比增长96.1%；理想汽车交付2.77万辆，同比下滑7.55%；小鹏汽车 交付2万辆，同比下滑34.07%。问界、小米与蔚来同比增幅显著。 ...

进入2026年1月后，新能源汽车购置税开始减半征收，车企购 置税兜底政策也随之结束。另外，1月各地具体的购车补贴细 则尚未全部出台，导致消费者存在观望情绪，影响了车市终端 销售情况。 作者：王帅国 封图：图虫创意 2月1日，各家车企相继发布了1月销量。从整体上看，汽车行业实现2026年"开门红"，大多数车 企1月销量同比取得正增长，但这一同比增长是由于2025年春节在1月，去年同期的新车销售基数 较低。 环比数据上，大多数车企1月销量下滑明显，主要原因在于2025年12月新能源汽车还享受购置税 全额减免政策，同时车企为年底冲量，在12月出台了许多其他优惠政策。进入2026年1月后，新 能源汽车购置税开始减半征收，车企购置税兜底政策也随之结束。另外，1月各地具体的购车补贴 细则尚未全部出台，导致消费者存在观望情绪，影响了车市终端销售情况。 广汽集团1月销量为11.66万辆，同比增长18.47%，环比下滑37.79%。其中自主品牌销量超4.9 万辆，同比增长87.58%；海外销量同比增长68.59%。分品牌来看，昊铂+埃安销量2.16万辆， 同比大增171.63%；传祺品牌销量2.77万辆，同比增长51.06%； ...

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 原自动驾驶一号位刘先明担任整合后的负责人。 文 丨 李安琪 编辑 丨 龚方毅 对 AI 的无限憧憬正在改变汽车公司的组织方式。定位 "面向全球的具身智能公司" 的小鹏汽 车，是最新一例。 我们独家获悉，近日小鹏汽车将两个智能化一级部门 —— 自动驾驶中心、智能座舱中心 —— 合并为通用智能中心。新部门由原自动驾驶负责人刘先明主导，直接向董事长、CEO 何小鹏汇 报。 有接近小鹏的知情人士告诉我们，通用智能中心是一个面向汽车 + 机器人的全新 AI 组织，将 围绕基座模型、Infra 底座、平台化交付、产品和项目质量等圈层结构设立相关二级组织。新部 门的 AI 技术中台底座，后续将同时为智能驾驶、智能座舱、机器人等应用层提供支撑。 调 整 前 ， 刘 先 明 与 智 能 座 舱 中 心 负 责 人 魏 斌 均 直 接 向 何 小 鹏 汇 报 。 刘 先 明 曾 在 Facebook （ 现 Meta）、通用汽车旗下的自动驾驶公司 Cruise 任职，从事机器学习与计算机视觉领域的前 ...

Core Insights - The incident of the robot falling during its public demonstration has paradoxically increased public confidence in its authenticity, as it contrasts with its previously flawless performance [4][6] - The fall is seen as a part of the iterative process of technological development, with the company framing it as a natural step in the learning curve of robotics [4][6] Group 1: Incident and Public Reaction - The robot "IRON" fell during its first offline public walking demonstration, which was dramatically perceived as a "large-scale social death scene" [1] - Prior to the fall, IRON had impressed audiences with its graceful movements, leading to skepticism about its authenticity [4] - The CEO of the company, He Xiaopeng, used social media to liken the fall to a child learning to walk, suggesting that setbacks are part of the growth process [4][6] Group 2: Strategic Context and Technological Development - The fall of IRON occurred at a critical juncture in the company's strategic transformation towards becoming a "global embodied intelligence company" [6] - The company has divided its business into four main lines: smart electric vehicles, autonomous taxis, flying cars, and humanoid robots, all sharing the same AI technology framework [6][8] - The humanoid robot IRON features 82 degrees of freedom and 22 degrees of freedom in its hands for dexterous operations, powered by three self-developed Turing AI chips with a total computing power of 2250 TOPS [6][8] Group 3: Industry Trends and Competitive Landscape - The elevation of humanoid robots to a strategic level alongside automobiles reflects the company's belief that AI will be a dominant technology in the coming decades [8] - The company aims for humanoid robots to be its "third growth curve," with plans for mass production by the end of the year [8] - Over 20 automotive companies, including Tesla, Xiaomi, and BYD, are entering the humanoid robot sector, seeking technological spillover and new growth opportunities [8]

Industry Information - By 2028, Yunnan aims for its non-ferrous metal industry output to exceed 600 billion yuan, with new energy battery and phosphorus industries becoming new trillion-level industries [13] - As of January 2025, the number of new energy vehicles in China reached 43.97 million, accounting for 12.01% of total vehicles, with pure electric vehicles making up 68.74% of new energy vehicles [7] - Global production of lithium manganese phosphate is expected to reach 70,000 tons by 2026, up from 28,500 tons last year, reflecting a growth of 206.5% [8] - The global sales of pure electric vehicles are projected to exceed 12.1 million units by 2025, with BYD expected to surpass Tesla in sales [10] - The total number of electric vehicle charging facilities in China reached 20.09 million by the end of 2025, marking a 49.7% year-on-year increase [18] Policy Information - The Ministry of Transport announced that over 10,000 charging guns will be added in service areas in 2026, enhancing the convenience of charging for new energy vehicles [15] - A new mandatory national standard for automotive steering systems will be implemented starting July 1, 2026, which will clarify safety boundaries for new technologies [24] - Jiangsu Nanjing has launched a plan to build smart energy application scenarios, focusing on energy integration and digital transformation [25] Company Information - Li Auto's MEGA has achieved 30,000 deliveries [39] - Xiaopeng Motors has launched 1,000 mobile charging stations to assist with vehicle-to-vehicle charging during the Spring Festival [40] - NIO has opened its first national dealership in Hungary, marking a significant milestone in its European expansion [41] - BYD has signed an agreement to build an electric vehicle battery factory in Vietnam with a total investment of 130 million USD [41]

作者丨彭鑫 编辑丨安安 2月1日，多家新势力车企陆续公布1月交付数据。 鸿蒙智行和零跑1月分别交付57915台和32059台；蔚来和岚图均实现同比大幅增长，分别同比增长96.1%和31%。 理想和小鹏则同比、环比双双下滑：前者1月交付新车27668台，同比下滑7.6%，环比下滑37.5%；后者1月交付新车20011台，同比下滑34.1%，环比下滑 46.7%。 | 品牌名称 | 2026年1月交付量 (辆) | 同家 | | --- | --- | --- | | 鸿蒙智行 | 57915 | 65.6 | | 小米 | 39000+ | | | 零跑 | 32059 | 279 | | 理想 | 27668 | -7.6 | | 高来 | 27182 | 96.1 | | 小鹏 | 20011 | -34. | | 岚圏 | 10515 | 319 | 制图：财经网汽车 乘联分会发布的数据显示，2026年1月1日至18日，国内乘用车零售67.9万辆，同比下跌28%，环比下跌37%。其中，新能源乘用车出现罕见大幅下滑，零售 销售为31.2万辆，同比下跌16%，环比腰斩，降幅达52%，新能源汽车渗透率从去年12 ...

Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, indicating an expectation of total returns exceeding the relevant industry over the next 12 months [8]. Core Insights - The automotive market in January 2026 experienced a seasonal downturn, with a notable decline in demand due to the impact of subsidy policies and adjustments in purchase tax. Most new energy vehicle manufacturers saw a significant month-on-month sales drop of 43.9% [3][4]. - Despite the overall weak performance in the first quarter of 2026, the continuation of the vehicle replacement policy is expected to support market recovery as local subsidy details are finalized [4]. - Companies to watch include: - Xpeng Motors (9868 HK/XPEV US) with new models launching and increasing overseas production [4]. - Geely Automobile (175 HK) focusing on internal resource integration post-privatization of Zeekr [4]. - BYD (1211 HK) benefiting from increased overseas production capacity and high growth in international sales [4]. Summary by Relevant Sections Sales Performance - BYD's January sales were 205,518 units, down 30.7% year-on-year and 50.4% month-on-month. However, exports surged by 43.3% to 100,009 units, with overseas sales accounting for 47.6% of total sales [6][7]. - NIO delivered 27,182 vehicles in January, a 96.1% year-on-year increase but a 43.5% month-on-month decline. The introduction of new financing options is expected to ease purchasing barriers [6][7]. - Xpeng delivered 20,011 vehicles, down 34.1% year-on-year and 46.6% month-on-month, with the new X9 model showing significant growth [6][7]. - Li Auto's deliveries were 27,668 units, reflecting a slight decline due to product cycle impacts [6][7]. - Xiaomi's deliveries exceeded 39,000 units, marking a 95% year-on-year increase [6][7]. Company Ratings and Price Targets - The report includes various companies with their respective ratings and target prices, indicating potential upside: - BYD (1211 HK) with a target price of 133.00, representing a 36.06% upside [8]. - NIO (9866 HK) with a target price of 62.75, indicating a 62.48% upside [8]. - Xpeng (9868 HK) with a target price of 134.69, suggesting an 87.98% upside [8].