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].

多家车企在本月交付量都"创历史新高"，而"百万俱乐部"将成为今年下半年的关键词。 零跑汽车9月交付达66657台，连续七个月来在新势力车企中处于稳稳的领跑位置。值得一提的是，零跑 汽车还在9月迎来了第100万台整车正式下线，成为继理想之后，第二家跻身"百万俱乐部" 的新势力造 车企业。 刚刚过去的"金九"，新势力车企的销售进入了七强混战时期。零跑、极氪、鸿蒙智行、小鹏、小米、蔚 来和理想的销量都达到了3万辆以上。 其中，零跑在9月已经完成了第100万辆整车的下线，蔚来如果能在Q4完成15万辆的目标，也有望在今 年进入到交付百万辆的规模新起点。鸿蒙智行也宣布，截至9月底全系累计交付突破95万辆。 15万辆的交付、16%~17%的整车毛利率和NON-GAAP口径盈利，将是整个蔚来公司Q4需要全力以赴的 目标。 蔚来公司（蔚来+乐道+萤火虫）本月交付新车34749辆，环比增长11%，同比增长64%。截至目前，蔚 来公司总交付量为87.28万辆。李斌曾在半年报时提出，希望Q4能做到15万辆的交付。如果目标达成， 也意味着蔚来今年将有望达到100万辆的目标。 在零跑之后，小米和小鹏两家也稳稳站上了4万辆的交付大关。 首 ...

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]

Group 1 - The U.S. federal government has entered a shutdown for the first time in nearly seven years, marking the 14th shutdown since 1980 [1] - The ADP employment report for September shows a decrease of 32,000 jobs, the largest decline since March 2023, falling short of the expected increase of 50,000 [1] - U.S. stock index futures are collectively down, with the Dow Jones futures down 0.29%, S&P 500 futures down 0.39%, and Nasdaq 100 futures down 0.45% [1] - European stock markets are up, with the FTSE 100 rising 0.65%, CAC 40 increasing by 0.38%, and DAX 30 up by 0.39% [1] - The U.S. Senate has rejected a bipartisan funding bill, leading to the government shutdown and affecting hundreds of thousands of federal employees [1] Group 2 - NIO delivered 34,749 new vehicles in September, a year-on-year increase of 64% [2] - XPeng Motors delivered 41,581 new vehicles in September, marking a 95% year-on-year growth [2] - Li Auto delivered 33,951 vehicles in September, with a total of 93,211 vehicles delivered in the third quarter [2] - BMW is recalling over 145,000 vehicles in the U.S. due to a potential fire risk from overheating engine starters [2] - ExxonMobil plans to implement a global layoff plan that will affect 15% of its workforce in Singapore by the end of 2027 [2] - Tesla has raised leasing prices for all its models in the U.S. following the expiration of a $7,500 tax credit aimed at promoting electric vehicle sales [2]

10月1日，比亚迪、小米汽车等车企相继发布9月份的交付数据。 比亚迪股份公告，9月新能源汽车总销量396,270辆，去年同期为419,426辆；本年累计销量3,260,146辆， 累计同比增长18.64%。 鸿蒙智行公布数据显示，9月全系共交付新车52916台，全系累计交付突破95万台。 长城汽车公布数据显示，9月销售新车13.36万辆，同比增长23.29%。 吉利汽车9月销量273,125辆，同比增长35%。 零跑汽车9月交付量达66,657辆，同比增长97.4%，环比增长16.81%，刷新了造车新势力的单月交付最高 纪录，并连续七个月领跑新势力交付榜。零跑汽车以"高性价比"策略聚焦主流市场，其中B系列和C系 列车型在10万~20万元市场区间表现尤为突出。 小鹏汽车9月交付新车41,581辆，同比增长94.74%，环比增长10.27%，单月交付量首次突破4万辆，并连 续11个月交付过3万；1~9月，累计交付313,196辆，同比增长217.77%。 蔚来汽车9月交付新车34,749辆，同比增长64.06%，连续两个月交付量突破3万辆。其中，蔚来品牌交付 新车13,728辆；乐道品牌交付新车15,246辆；f ...

Group 1 - XPeng, Xiaomi, and Nio reported record September deliveries, indicating strong performance in the electric vehicle market [1] - Li Auto released weak results, suggesting ongoing challenges despite the potential for new models [1] - BYD is expected to report results soon, having faced difficulties in the domestic market [1] Group 2 - The overall market sentiment is affected by the government shutdown, with Dow Jones futures falling [2] - Nvidia and CoreWeave are making bullish moves, contrasting with the general market decline [2]

Core Insights - Multiple electric vehicle brands in China reported significant delivery increases for September, with Leap Motor leading the way with a record-breaking delivery of 66,657 vehicles, marking a year-on-year growth of over 97% [1][3] - The overall performance of the electric vehicle market in September aligns with expectations, driven by seasonal demand and new product launches [11] Company Summaries - **Leap Motor**: Delivered 66,657 vehicles in September, a 97% year-on-year increase. Total deliveries from January to September reached 395,516 vehicles, up 128.8% [1][3] - **Xpeng Motors**: Achieved 41,581 deliveries in September, a 95% year-on-year increase and a 10% month-on-month increase. Total deliveries for the year reached 313,196 vehicles, up 218% [3][4] - **Xiaomi Motors**: Reported over 40,000 deliveries in September and opened 32 new stores, bringing the total to 402 across 119 cities [5] - **NIO**: Delivered 34,749 vehicles in September, a 64% year-on-year increase. Cumulative deliveries reached 872,785 vehicles [5][6] - **Li Auto**: Delivered 33,951 vehicles in September, with a total of 143,1021 cumulative deliveries. The company maintains a leading position in the SUV market above 200,000 yuan [6] - **Zeekr Technology**: Reported 51,159 vehicles sold in September, an 8.5% year-on-year increase, marking the seventh consecutive month of over 40,000 sales [7] - **Lantu Motors**: Delivered 15,224 vehicles in September, a 52% year-on-year increase, with total deliveries reaching 96,992 [7] - **IM Motors**: Announced 11,107 vehicles sold in September, an 81.8% month-on-month increase [7] Market Overview - The overall retail market for narrow passenger vehicles in September is estimated at around 2.15 million units, reflecting a 6.5% month-on-month increase and a 2.0% year-on-year increase. The retail sales of new energy vehicles are projected to reach approximately 1.25 million units, with a penetration rate of 58.1% [11]

Core Insights - The Chinese new energy vehicle (NEV) industry has shown remarkable growth in September, with multiple companies achieving record delivery numbers, indicating a strong performance during the peak sales season [1] Group 1: Company Performance - Leap Motor delivered over 60,000 vehicles in September, marking a year-on-year growth of over 97% and achieving a historic monthly sales milestone [24] - Xiaopeng Motors and Xiaomi both surpassed 40,000 deliveries in September, with Xiaopeng delivering 41,581 vehicles, a 95% year-on-year increase, and a total of 313,196 vehicles delivered from January to September, reflecting a 218% increase [2][4] - Li Auto delivered 33,951 vehicles in September, with a total of 93,211 vehicles delivered in Q3, maintaining a leading position in the SUV market priced above 200,000 yuan [8][9] - NIO delivered 34,749 vehicles in September, a 64% year-on-year increase, with cumulative deliveries reaching 872,785 vehicles [12][14] - Zeekr achieved sales of 51,159 vehicles in September, with a year-on-year growth of 8.5% and a month-on-month growth of 14.1% [27][29] - Lantu Motors delivered 15,224 vehicles in September, a 52% year-on-year increase, with a total of 96,992 vehicles delivered from January to September, reflecting an 85% increase [39][41] Group 2: Product Launches and Innovations - Li Auto launched the new five-seat SUV, Li i6, and signed a brand endorsement deal with celebrity Yi Yangqianxi, aiming to enhance brand positioning [11] - Leap Motor plans to unveil its flagship technology platform and the first flagship model, D19, in October, aiming to set a new standard in the luxury segment [24] - Lantu Motors is expanding its product matrix with the launch of the 2026 Lantu Dreamer, which received over 10,000 orders within 18 hours of its release [51] Group 3: Market Expansion and Globalization - Several Chinese automakers are accelerating their global expansion, with Zeekr entering over 60 international markets and Xiaopeng establishing its first European R&D center [52]

Core Viewpoint - The article discusses the emergence of a new market structure in the Chinese electric vehicle (EV) sector, highlighting the shift from the previously dominant "Wei Xiaoli" (Weilai, Xiaopeng, Li Auto) to a new group termed "BIG 6+1," which includes Tesla, Li Auto, Hongmeng Zhixing, Xiaomi, Xiaopeng, NIO, and Zero Run. This shift indicates a significant change in market dynamics as these companies collectively approach or surpass the sales of leading brand BYD, marking the beginning of a new competitive phase in the EV market [4][18]. Market Dynamics - By August 2025, the total insurance registrations of the seven new force car companies approached or briefly exceeded that of BYD, indicating a potential shift in market leadership [4][6]. - The "BIG 6+1" collectively accounted for a market share of approximately 15.25% in August 2025, with BYD holding a share of 13.97% [17]. Definition of New Forces - The term "new forces" in the automotive industry lacks a precise definition, but a simple distinction can be made based on whether a company has the qualification to produce fuel vehicles. Companies without this qualification can only produce pure electric or extended-range products [5][6]. Sales Rankings - In the August 2025 sales rankings, the top seven new force companies were Tesla (57,152 units, 2.81%), Zero Run (51,162 units, 2.52%), Hongmeng Zhixing (40,012 units, 1.97%), Xiaomi (36,396 units, 1.79%), Xiaopeng (34,691 units, 1.71%), NIO (16,434 units, 0.81%), and Li Auto (28,529 units, 1.40%) [6][7]. Product Offerings - The "BIG 6+1" companies have a limited number of main models, with most brands offering around seven models. Tesla, while having many variants, primarily sells three main models [9][8]. - The average selling prices of the brands vary, with Tesla at 29.67 million yuan, Li Auto at 34.90 million yuan, and Zero Run at 12.98 million yuan, indicating a diverse pricing strategy among the new forces [13][15]. Distribution Channels - The distribution network of "BIG 6+1" varies, with Zero Run and Hongmeng Zhixing having the most stores (around 942 and approximately 1,000 respectively), while Tesla and Xiaomi have around 300-400 stores [11][12]. Future Outlook - The article predicts that as the "BIG 6+1" solidifies its market position, it will significantly impact the overall EV market, potentially leading to a new phase of competition and market consolidation [18].

Group 1: Industry Overview - The automotive market in September is a critical period for sales, with over 30 brands launching more than 40 new models, intensifying competition [30][31] - The release of new models is driven by multiple factors, including the upcoming reduction of new energy vehicle purchase tax in 2026, prompting companies to compete for market share in the fourth quarter [32] - Government policies, such as personal consumption loan interest subsidies and local incentives, are influencing consumer purchasing behavior [33][34] Group 2: Company Performance - Xiaopeng Motors delivered 41,581 vehicles in September, marking a 95% year-on-year increase and a 10% month-on-month increase, with total deliveries for the year reaching 313,196 units, up 218% [2][5] - Leap Motor achieved a record delivery of 66,657 vehicles in September, the highest monthly delivery for any new energy vehicle brand in China [6][10] - Li Auto delivered 33,951 vehicles in September, a 19% increase from August, with total deliveries surpassing 1.43 million units [11][14] - NIO delivered 34,749 vehicles in September, a 64% year-on-year increase, with cumulative deliveries reaching 872,785 units [16][18] - Lantu Motors delivered 15,224 vehicles in September, a 52% year-on-year increase, with total deliveries for the year reaching 96,992 units [20][23] - Xiaomi Motors reported over 40,000 vehicle deliveries in September, marking its first month surpassing this threshold [24][26] - Zeekr Technology sold 51,159 vehicles in September, an 8.5% year-on-year increase, maintaining over 40,000 monthly sales for seven consecutive months [28][29]