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民生证券：8月车市平稳向上 新势力销量环比增长
智通财经网·2025-09-02 08:56

Core Insights - The retail market for narrow passenger vehicles in August is estimated at approximately 1.94 million units, showing a year-on-year growth of 2.0% and a month-on-month growth of 6.2%, with new energy vehicle (NEV) sales expected to reach 1.1 million units, achieving a penetration rate of around 56.7% [1] - Six sample new force car companies (excluding Xiaomi) delivered a total of 199,279 vehicles in August, representing a year-on-year increase of 20.0% and a month-on-month increase of 5.9% [1] - The market is experiencing a stabilization in pricing due to the reduction of terminal discounts and the arrival of new subsidy funds, which are expected to further release consumer potential [1] Group 1: New Force Companies Performance - Leap Motor delivered 57,066 vehicles in August, a year-on-year increase of 88.3% and a month-on-month increase of 13.8%, driven by strong product offerings in the under 200,000 yuan segment [2] - Xiaopeng Motors reported deliveries of 37,709 vehicles in August, a year-on-year increase of 168.7% and a month-on-month increase of 2.7%, with significant contributions from the MONA M03 model [3] - NIO delivered 31,305 vehicles in August, reflecting a year-on-year increase of 55.2% and a month-on-month increase of 15.9%, with the ET5T model being a key contributor [3] Group 2: Market Trends and Innovations - Li Auto delivered 28,529 vehicles in August, a year-on-year decrease of 40.7% and a month-on-month decrease of 7.2%, attributed to market price wars and a slowdown in the high-end market [4] - Zeekr delivered 17,626 vehicles in August, with a month-on-month increase of 3.8%, and is set to launch the Zeekr 9X, a luxury plug-in hybrid SUV [5] - Xiaomi reported over 30,000 vehicle deliveries in August, with the new YU7 SUV expected to be a competitive product in the 200,000 to 300,000 yuan price range [6] Group 3: Technological Advancements - The end-to-end technology is accelerating the application of intelligent driving, with companies like Xiaopeng and Huawei leading the charge in promoting intelligent driving capabilities [7] - The advancements in intelligent driving technology are expected to lower hardware barriers and expand applications in the mainstream market under 200,000 yuan, providing a competitive edge against joint venture brands [7]