Core Viewpoint - The new energy vehicle market is experiencing intense competition among emerging car manufacturers, with several companies achieving record sales in September, marking a significant milestone in their delivery capabilities [3][4]. Group 1: Sales Performance - Several new energy vehicle manufacturers, including Leap Motor, Zeekr, and NIO, have all surpassed 30,000 units in sales for September, indicating a strong market presence [3]. - Leap Motor achieved a remarkable delivery of 66,657 units in September, maintaining its lead among new energy vehicle companies for seven consecutive months [4]. - Xiaomi and Xpeng both crossed the 40,000 unit delivery mark in September, with Xpeng reporting a 95% year-on-year increase in deliveries [5]. Group 2: Milestones and Targets - Leap Motor celebrated the production of its one-millionth vehicle in September, becoming the second new energy vehicle manufacturer to join the "million club" after Li Auto [4]. - NIO aims to deliver 150,000 vehicles in Q4 to reach the one-million delivery milestone for the year, with a current total of 872,800 vehicles delivered [6]. - Li Auto, despite being the first to enter the "million club," faced a 36.8% year-on-year decline in September sales, delivering 33,951 units [7]. Group 3: Market Dynamics - Hongmeng Zhixing reported a total delivery of 52,916 units in September, with cumulative deliveries exceeding 950,000, while maintaining the highest average transaction price among new energy brands [8]. - Zeekr and Lynk & Co combined sales reached 51,519 units in September, but their annual target completion rate stands at only 54.24% [8]. - Lantu Motors delivered 15,224 units in September, reflecting a 12.73% month-on-month increase [9].

Core Viewpoint - In September, the sales of new energy vehicles (NEVs) in China saw a significant increase for many manufacturers, while BYD experienced a decline in monthly sales compared to the previous year, primarily due to a drop in plug-in hybrid vehicle sales [2][5][6]. Summary by Category BYD Performance - BYD's NEV sales in September were 396,270 units, a year-on-year decrease of 5.52% [5][6]. - The decline was mainly attributed to a 25.58% drop in plug-in hybrid vehicle sales, which totaled 188,000 units, while pure electric vehicle sales increased by 24.31% to 205,000 units [6][10]. - BYD's overseas sales have stagnated since reaching a peak in June, with September's figures only slightly above those of January and February [9][10]. Competitor Performance - Geely's NEV sales reached 165,201 units in September, marking an 81.27% increase year-on-year [5][12]. - Great Wall Motors achieved 45,961 units in NEV sales, a 52.55% increase year-on-year [5][11]. - New energy vehicle sales from emerging manufacturers like Leap Motor and Xiaomi also hit record highs, with Leap Motor delivering 66,670 units, a 97.40% increase [5][17]. Emerging Manufacturers - Leap Motor became the first among new car manufacturers to exceed 60,000 monthly deliveries, marking a significant milestone [15][17]. - Xiaopeng and Xiaomi both surpassed 40,000 units in September, indicating a rising threshold for new energy vehicle sales among emerging manufacturers [17][20]. - NIO's deliveries reached 34,700 units, a 64.06% increase year-on-year, while Li Auto's deliveries fell by 36.79% to 34,000 units [20][25]. Market Trends - The market is witnessing a shift towards pure electric vehicles, with NIO focusing on this technology route and expecting 2025 to be a pivotal year for the NEV market [24][25]. - Li Auto is transitioning to pure electric models, with new launches aimed at enhancing their market position [27].

10月1日，理想汽车公布了2025年9月交付数据。当月，理想汽车交付新车33951辆；今年第三季度，理 想汽车交付93211辆新车。截至2025年9月30日，理想汽车历史累计交付量为1431021辆。（每日经济新 闻，泽塔） xiaon 0 U 雷 军 A 4 ) 63 @每日经济新闻 6 @每日经济新闻 | | | 2025年9月部分新势力交付情况(单位:辆) | | | | | --- | --- | --- | --- | --- | --- | | 企业 | 本月交付 | 上月交付 | 同比增幅 | 环比增幅 | 今年累计交付 | | 零跑汽车 | 66657 | 57066 | 97.4% | 16.8% | 395516 | | 小鹏汽车 | 41581 | 37709 | 94.7% | 10.3% | 313196 | | 小米汽车 | >40000 | >30000 | . | . | >260000 | | 蔚来 | 34749 | 31305 | 64.1% | 11.0% | 201221 | | 理想汽车 | 33951 | | 26529 2 目 名 3 3529 | 19.0% ...

Core Insights - In September, multiple new energy vehicle brands reported significant delivery numbers, with Leap Motor leading the pack with a record-breaking delivery of 66,657 vehicles, marking a year-on-year increase of over 97% [1][2] - The overall performance of the new energy vehicle market in September met expectations, driven by various factors including seasonal demand and promotional activities [5][6] Company Performance - **Leap Motor**: Delivered 66,657 vehicles in September, a year-on-year increase of 97.4% and a cumulative delivery of 395,516 vehicles for the year, up 128.8% [2][3] - **Xpeng Motors**: Achieved a delivery of 41,581 vehicles in September, a year-on-year growth of approximately 95% and a cumulative total of 313,196 vehicles for the year, reflecting a 218% increase [2][3] - **Xiaomi Motors**: Reported over 40,000 vehicles delivered in September, with a total of over 260,000 vehicles delivered this year [2] - **NIO**: Delivered 34,749 vehicles in September, a 64% year-on-year increase, with a total of 201,221 vehicles delivered this year [2][3] - **Li Auto**: Delivered 33,951 vehicles in September, with a cumulative total of 1,431,021 vehicles since inception [3][4] - **Horizon Motors**: Reported a total delivery of 52,916 vehicles in September, with a cumulative total exceeding 950,000 vehicles [4] - **GAC Aion**: Estimated global sales of 28,000 vehicles in September, with significant progress in charging infrastructure [4] - **ZEEKR**: Achieved sales of 51,159 vehicles in September, marking a year-on-year increase of 8.5% [4] - **Lantu Motors**: Delivered 15,224 vehicles in September, a 52% year-on-year increase, with a total of 96,992 vehicles delivered this year [5] Market Trends - The overall retail market for narrow passenger vehicles in September is estimated at around 2.15 million units, reflecting a month-on-month growth of 6.5% and a year-on-year growth of 2.0%, with new energy vehicles accounting for approximately 1.25 million units and a penetration rate of 58.1% [5] - The new energy vehicle market is expected to enter a phase of rapid growth, supported by the launch of new models and increasing consumer interest [6]

Core Insights - The new energy vehicle (NEV) sector in China is experiencing significant growth, with several emerging automakers reporting record delivery numbers in September 2023 [1][3][4] Group 1: Delivery Performance - Leap Motor achieved a record monthly delivery of approximately 66,700 vehicles in September, marking a 97% year-on-year increase [3] - Xpeng Motors delivered around 41,600 vehicles in September, a 95% year-on-year increase and a 10% month-on-month increase [3] - Xiaomi Motors surpassed 40,000 deliveries in September, with total deliveries exceeding 100,000 units in Q3, outpacing both Li Auto and NIO [3][4] - NIO delivered approximately 34,700 vehicles in September, a 64% year-on-year increase, while Li Auto delivered 33,951 vehicles, reversing a three-month decline [4] Group 2: Quarterly Performance - In Q3, Leap Motor delivered 173,900 vehicles, Xpeng Motors delivered 116,000 vehicles, Xiaomi Motors delivered over 100,000 vehicles, Li Auto delivered 93,200 vehicles, and NIO delivered 87,100 vehicles [4] Group 3: Industry Trends and Policies - The automotive industry is witnessing a shift with new entrants like Chase Technology entering the market, indicating a dynamic competitive landscape [6] - Recent government policies aim to boost the automotive sector, targeting a total vehicle sales volume of approximately 32.3 million by 2025, with NEV sales projected to reach around 15.5 million [8] - The Ministry of Industry and Information Technology emphasizes the importance of international cooperation and support for both domestic and foreign enterprises in the automotive industry [8]

Core Insights - In September, multiple new energy vehicle brands reported significant delivery numbers, with Leap Motor leading the pack with a record-breaking delivery of 66,657 vehicles, marking a year-on-year increase of over 97% [1][2] - The overall performance of the new energy vehicle market in September met expectations, with a total retail market for narrow passenger cars estimated at around 2.15 million units, reflecting a month-on-month growth of 6.5% and a year-on-year growth of 2.0% [11] Company Performance - **Leap Motor**: Delivered 66,657 vehicles in September, achieving a year-on-year growth of 97.4% and a cumulative delivery of 395,516 vehicles for the year, up 128.8% [2][1] - **Xpeng Motors**: Reported 41,581 vehicle deliveries in September, a year-on-year increase of approximately 95% and a cumulative total of 313,196 vehicles for the year, up 218% [2][3] - **Xiaomi Motors**: Exceeded 40,000 vehicle deliveries in September, with a total of over 260,000 vehicles delivered this year [2][3] - **NIO**: Delivered 34,749 vehicles in September, a year-on-year increase of 64%, with a cumulative total of 872,785 vehicles delivered [6] - **Li Auto**: Reported 33,951 vehicle deliveries in September, with a cumulative total of 1,431,021 vehicles delivered [8] - **Zeekr Technology**: Achieved 51,159 vehicle deliveries in September, marking a year-on-year growth of 8.5% [9] - **Lantu Motors**: Delivered 15,224 vehicles in September, a year-on-year increase of 52% [9] Market Trends - The new energy vehicle market is experiencing a surge in demand, driven by seasonal factors such as back-to-school purchases and wedding-related vehicle needs, alongside promotional activities by dealers [11] - The penetration rate of new energy vehicles reached approximately 58.1% in September, indicating a strong market presence [11] - The upcoming product launches and new model deliveries are expected to further boost market growth, with the industry entering a new phase of rapid expansion [11]

Core Insights - Multiple automotive companies reported record delivery numbers for September, indicating strong growth in the electric vehicle market [1] Company Summaries - NIO delivered 34,749 vehicles in September, a year-on-year increase of 64%, marking a historical high [2] - XPeng Motors delivered 41,581 vehicles in September, a 95% year-on-year increase and a 10% month-on-month increase, with total deliveries for the first nine months of 2025 reaching 313,196 vehicles, up 218% [2] - Li Auto delivered 33,951 vehicles in September, with a total of 93,211 vehicles delivered in Q3 2025 [2] - Xiaomi's vehicle deliveries exceeded 40,000 for the first time, following two consecutive months of over 30,000 [2] - Leap Motor achieved a record delivery of 66,657 vehicles in September, a year-on-year increase of over 97% [2] - Hongmeng Zhixing delivered 52,916 vehicles in September, with new orders exceeding 110,000 [2] - Lantu delivered 15,224 vehicles in September, with a year-on-year increase of 85% for the first nine months [2] - BYD sold 396,300 new energy vehicles in September, a slight decrease from 419,400 in the same month last year, but cumulative sales for the year reached 3.26 million, up 18.64% [2] - Great Wall Motors sold 133,600 vehicles in September, a year-on-year increase of 23.29%, with new energy vehicle sales reaching 45,961, up 52.55% [2] - BAIC Group achieved total vehicle sales of 157,000 in September, a year-on-year increase of 1.3% [2] - GAC Aion sold 29,113 vehicles in September [2] - SAIC-GM's total sales reached 47,695 vehicles in September, with new energy vehicle sales increasing by 31% [2] - SAIC-GM-Wuling sold 155,600 vehicles in September, with new energy vehicle sales surpassing 100,000 for the first time this year [2] - FAW-Volkswagen sold 146,400 vehicles in September, with a year-on-year increase in fuel vehicle market share [2] - FAW-Toyota sold 71,031 vehicles in September, with a cumulative year-on-year increase of 9.3% for the first nine months [2]

Core Viewpoint - Multiple automotive companies reported record delivery data for September, indicating strong growth in the electric vehicle market [2]. Group 1: Company Deliveries - NIO delivered 34,749 vehicles in September, a year-on-year increase of 64%, marking a historical high [6]. - XPeng Motors delivered 41,581 vehicles in September, a year-on-year increase of 95% and a month-on-month increase of 10%, also achieving a historical high [6]. - Li Auto delivered 33,951 vehicles in September, with a total of 93,211 vehicles delivered in Q3 2025 [6]. - Xiaomi's vehicle deliveries exceeded 40,000 for the first time, following two consecutive months of over 30,000 [6]. - Leap Motor achieved a record delivery of 66,657 vehicles in September, a year-on-year increase of over 97% [6]. - Hongmeng Zhixing delivered 52,916 vehicles in September, with new orders exceeding 110,000 [6]. - Lantu delivered 15,224 vehicles in September, with a year-to-date growth of 85% [6]. - BYD sold 396,300 new energy vehicles in September, a slight decrease from 419,400 in the same month last year, but cumulative sales reached 3.26 million, up 18.64% year-on-year [6]. - Great Wall Motors sold 133,600 vehicles in September, a year-on-year increase of 23.29%, with new energy vehicle sales reaching 45,961, up 52.55% [6]. - BAIC Group achieved a total vehicle sales of 157,000 in September, a year-on-year increase of 1.3% [6]. - GAC Aion sold 29,113 vehicles in September [6]. - SAIC-GM sold 47,695 vehicles in September, with new energy vehicle sales increasing by 31% [6]. - SAIC-GM-Wuling sold 155,600 vehicles in September, with new energy sales surpassing 100,000 for the first time this year [6]. - FAW-Volkswagen sold 146,400 vehicles in September, with a year-on-year increase in fuel vehicle market share [6]. - FAW-Toyota sold 71,031 vehicles in September, with a cumulative year-to-date increase of 9.3% [6].

Core Insights - The new energy vehicle market is experiencing intense competition among seven key players, with each achieving sales of over 30,000 units in September [1] - The term "million club" is expected to be a significant focus in the latter half of the year, with several companies aiming to reach this milestone [1] - Leap Motor has become the second new energy vehicle company to reach the "million club" with its 1 millionth vehicle produced [1][4] Sales Performance - Leap Motor delivered 66,657 vehicles in September, maintaining its leading position among new energy vehicle companies for seven consecutive months [1][3] - NIO delivered 34,749 vehicles in September, with a year-to-date total of 872,800 vehicles, aiming for 150,000 deliveries in Q4 to reach the 1 million target [4] - Ideal Auto's September sales were 33,951 vehicles, showing a 19.01% month-over-month increase but a 36.8% year-over-year decline [5] Target Completion Rates - Leap Motor has achieved a cumulative delivery of 395,516 vehicles, with a completion rate of 68.19% against its adjusted target of 580,000 [2][3] - Xiaopeng Motors has delivered 313,196 vehicles year-to-date, achieving an 82.42% completion rate against its target of 380,000 [2][3] - Xiaomi's estimated deliveries are at least 257,926 vehicles, with a completion rate of 73.69% against its annual target of 350,000 [2][3] Competitive Landscape - Hongmeng Zhixing reported 52,916 vehicle deliveries in September, with total deliveries surpassing 950,000 [7] - Zeekr (part of Geely) sold 51,519 vehicles in September, with a year-to-date total of 385,072, achieving a completion rate of 54.24% against its target of 710,000 [7] - Other companies like Lantu and Avita have not disclosed their sales figures for September, while Deep Blue has lowered its annual target from 500,000 to 360,000 [7]

Group 1: Box Office and Consumer Behavior - The box office for the National Day holiday in 2025 exceeded 4 billion yuan [1] - The expected cross-regional flow of people during the holiday is over 330 million [1] - On the first day of the holiday, the national railway is expected to send 23 million passengers [1] Group 2: Automotive Industry Performance - BYD reported September sales of 396,300 new energy vehicles, a decrease from 419,400 units in the same month last year [1] - Great Wall Motors sold 133,600 new vehicles in September, with new energy models and overseas sales reaching new highs [1] - NIO delivered 34,749 new vehicles in September, setting a historical record [1] - Xiaomi's vehicle deliveries in September exceeded 40,000 units [1] - XPeng Motors delivered 41,581 new vehicles in September, achieving a historical high for single-month deliveries [1] - Li Auto delivered 33,951 new vehicles in September [1] - Leap Motor achieved total deliveries of 66,657 units in September, marking a new high [1]