汽车行业一周一刻钟，大事快评（W075）：欧洲汽车电动化进程或放缓；乐道L60最新情况

Investment Rating - The report maintains a "Positive" outlook on the automotive industry, indicating expectations for the sector to outperform the overall market performance [3][5]. Core Insights - The electric vehicle (EV) penetration rate in Europe is below expectations, with calls to delay emission reduction targets, suggesting a potential slowdown in the electricization process [3][5]. - The launch of the Le Dao L60 model, which targets the mainstream new energy market priced between 200,000 to 300,000 yuan, is anticipated to capture significant market share [3][6]. - The report highlights the profitability potential of the Le Dao L60 through targeted configurations and cost management, which may enhance overall vehicle profitability for the company [4][6]. Summary by Sections European Electric Vehicle Market - European new car sales fell by 18.3% in August, reaching a three-year low, with major markets like Germany, France, and Italy experiencing declines of 27.8%, 24.3%, and 13.4% respectively [3][5]. - Pure electric vehicle sales in Europe dropped by 43.9% year-on-year, marking four consecutive months of decline, while plug-in hybrid vehicle registrations decreased by 22.3% [3][5]. - The European Automobile Manufacturers Association (ACEA) has called for an urgent review of the 2025 emission regulations and the 2035 ban on new internal combustion engine vehicles to prevent significant penalties for manufacturers [3][5]. Le Dao L60 Model - The Le Dao L60 is set to launch on September 29, 2024, with a starting price of 206,900 yuan, directly competing with Tesla's Model Y [3][6]. - The model's battery-as-a-service (BaaS) pricing can drop to 149,900 yuan, making it competitive with joint venture vehicles like Toyota RAV4 and Volkswagen Tiguan [3][6]. - The report notes that the 200,000 to 300,000 yuan segment for new energy vehicles has expanded significantly, with sales figures increasing from 670,000 in 2021 to 1,540,000 in 2023 [3][6]. Profitability and Growth Potential - The Le Dao L60 is expected to create a profit margin due to cost-saving measures, such as omitting certain features and using a single Orin chip [4][6]. - The comprehensive cost of the Le Dao L60 is projected to be 10% lower than that of the Model Y, which may lead to increased sales for the company [4][6]. - The report anticipates that as sales increase, the overall gross margin for the company will improve, contributing to a reduction in losses [4][6].