智通财经网·2025-05-02 08:08Core Viewpoint - The automotive market in April showed stable growth, with significant contributions from new energy vehicles and new model launches during the Shanghai Auto Show [1][3]. Market Overview - The total retail market size for narrow passenger cars in April is estimated at approximately 1.75 million units, representing a year-on-year increase of 14.4% but a month-on-month decrease of 9.8% [1][3]. - New energy vehicle retail sales are expected to reach 900,000 units, with a penetration rate of 51.4% [1][3]. New Energy Vehicle Performance - Six sample new force car companies (excluding Xiaomi) delivered a total of 175,951 vehicles in April, showing a year-on-year increase of 59.9% and a month-on-month increase of 2.6% [1][3]. Company-Specific Deliveries - Leap Motor: Delivered 41,039 units in April, up 173.5% year-on-year and 10.6% month-on-month [2][4]. - Xpeng: Delivered 35,045 units, a year-on-year increase of 273.1% and a month-on-month increase of 5.5% [2][6]. - Li Auto: Delivered 33,939 units, up 31.6% year-on-year but down 7.5% month-on-month [2][5]. - Aion: Delivered 28,301 units, a slight year-on-year increase of 0.7% but a month-on-month decrease of 17.0% [2]. - NIO: Delivered 23,900 units, up 53.0% year-on-year and 58.9% month-on-month [2][6]. - ZEEKR: Delivered 13,727 units, down 14.7% year-on-year and 11.0% month-on-month [2][7]. - Xiaomi: Delivered over 28,000 units, with a new SUV model expected to launch in mid-2025 [2][7]. New Model Launches - The Shanghai Auto Show is expected to boost the market with new model launches, providing new growth momentum for the new energy vehicle sector [1][3]. - Leap Motor's new B10 model features unique laser radar technology and has shown promising initial sales [4]. - Li Auto is launching new models, including the MEGAHome family edition and L6 smart version, which are expected to enhance its competitive edge [5]. - Xpeng's new model, the 2025 X9, was unveiled at the Shanghai Auto Show, targeting the mid-to-large MPV segment [6]. - NIO's new models, including the Firefly and L60, were also showcased at the event [6]. Technological Advancements - The automotive industry is witnessing a shift towards intelligent driving technologies, with companies like Xpeng and Huawei leading the charge in promoting and iterating these technologies [8]. - The advancement of intelligent driving capabilities is expected to lower hardware barriers and expand applications in the mainstream market [8]. Investment Recommendations - The report suggests a positive outlook for companies with strong intelligent driving capabilities and product cycles, recommending stocks such as BYD, Geely, Xpeng, and Li Auto [9].