Zhi Tong Cai Jing·2025-10-01 08:40Core Insights - NIO delivered 34,749 new vehicles in September 2025, marking a 64% year-on-year increase, with cumulative deliveries reaching 872,785 units [1] - The company's success is attributed to its deep understanding of the smart electric vehicle industry and a commitment to long-term investment in technology, product planning, and user demand adjustments [1][2] - NIO's high R&D investment, exceeding 60 billion yuan over ten years, has begun to yield significant returns in 2025, particularly with the introduction of its "new three key components" for smart electric vehicles [2] Group 1: Delivery and Market Performance - NIO's brands delivered 13,728 units under the NIO brand, 15,246 units under the Ladao brand, and 5,775 units under the Firefly brand in September 2025 [1] - The successful launch of the Ladao L90 and the new ES8 has significantly impacted the large three-row SUV market, demonstrating strong market demand and product acceptance [4][5] - The Ladao L90 achieved over 10,000 deliveries in its first month and surpassed 20,000 units in 60 days, indicating its strong market appeal [4] Group 2: Technological Advancements - NIO's R&D efforts have led to the development of the world's first mass-produced 5nm smart driving chip, the "Shenji NX9031," which enhances computational power and positions NIO favorably in the smart driving technology landscape [2] - The integration of self-developed hardware and software has improved user experience and safety in smart driving, contributing to NIO's competitive edge [2] Group 3: Infrastructure and User Experience - NIO has established over 8,200 battery swap stations across China, significantly enhancing user convenience and alleviating range anxiety for electric vehicle users [3] - The successful implementation of a comprehensive energy replenishment network has become a strong sales driver and brand moat for NIO, facilitating rapid market acceptance of new products [3] Group 4: Future Growth and Market Trends - NIO is entering a new growth cycle, with expectations of increased production capacity for the Ladao L90 and new ES8, aiming for a monthly production of 25,000 units by Q4 [5][7] - The market for large three-row electric SUVs is evolving, with NIO's dual flagship models indicating a shift towards electric vehicles in a segment traditionally dominated by fuel and range-extended vehicles [6][7]