Zhi Tong Cai Jing·2025-05-07 23:40Group 1: Market Trends and Insights - The report from Everbright Securities highlights the importance of monitoring changes in terminal discounts for car manufacturers post-holiday, with a focus on the theme of intelligence in vehicles [1] - The domestic sales outlook for 2025 remains optimistic, driven by trade-in incentives, suggesting continued attention to order volumes and terminal discount changes [1] - The synergy between intelligent driving and robotics is expected to continue to develop, favoring companies with strong self-research capabilities in driving algorithms and chips, as well as those extending into the robotics supply chain [1] Group 2: Sales Performance of New Energy Vehicles - In April, the performance of the car market was stable, with new model launches and ongoing terminal discounts boosting sales for new energy vehicle manufacturers [2] - Xiaopeng's delivery volume increased by 273.1% year-on-year and 5.5% month-on-month to 35,045 units, benefiting from the launch of updated models [2] - Li Auto's delivery volume rose by 31.6% year-on-year but decreased by 7.5% month-on-month to 33,939 units, while NIO's delivery volume increased by 53.0% year-on-year and 58.9% month-on-month to 23,900 units, with terminal discounts playing a significant role [2] Group 3: New Model Launches - Xiaopeng launched new models including the G6 and G9 in March and April, with the P7+ flagship version also being released [3] - Li Auto introduced several new versions of its models in April, including the L6 and MEGA series [3] - NIO officially launched the Firefly model on April 19, contributing to the stable sales outlook for new energy vehicles [3] Group 4: Consumer Incentives and Delivery Timelines - Tesla's domestic Model 3 delivery cycle remains at 1-3 weeks, with extended financing offers and discounts available until June 30 [4] - Li Auto's L6 model is expected to start deliveries in May, with various limited-time purchase incentives available [5] - NIO's delivery cycles for various models are generally under 4 weeks, with ongoing financial incentives for customers [5] Group 5: Competitive Landscape - Xiaomi reported over 28,000 deliveries in April, with reduced delivery timelines for its SU7 models [6] - Huawei's AITO brand launched the M8 model, achieving over 60,000 pre-orders within 13 days of its release [6]