新势力车企销量点评月报：新势力10月交付量同比+66%，月销2万辆成“及格线”

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1]. Core Insights - In October, new energy vehicle companies achieved a total sales volume of 309,000 units, representing a year-on-year increase of 66% and a month-on-month increase of 11.6%. Cumulatively, 2.115 million units have been sold year-to-date, reflecting a year-on-year growth of 58.9% [5][16]. - The report highlights the strong performance of several key players, including Li Auto, which delivered 51,443 units in October, marking a year-on-year increase of 27.26% [6][9]. - The report emphasizes the ongoing market momentum supported by vehicle replacement subsidies, which have contributed to sustained sales growth across the sector [16]. Summary by Sections 1. Total Sales of New Energy Vehicle Companies - A total of 11 new energy vehicle companies reported October sales of 309,000 units, with a year-on-year increase of 66% and a month-on-month increase of 11.6% [5]. 2. Sales by Individual Companies - Li Auto: Delivered 51,443 units in October, with a year-on-year increase of 27.26% and a cumulative delivery of 393,000 units year-to-date, up 38.2% [6][9]. - Horizon Smart Mobility: Achieved 41,643 units in October, with a year-on-year increase of 227.9% [8][9]. - NIO: Delivered 20,976 units in October, maintaining over 20,000 units for six consecutive months, with a cumulative delivery of 170,000 units year-to-date, up 35.1% [9][10]. - Xpeng Motors: Delivered 23,917 units in October, with a year-on-year increase of 19.6% [10]. - Leap Motor: Achieved 38,177 units in October, with a year-on-year increase of 109.7% [11]. - Changan Automobile (Deep Blue): Delivered 27,862 units in October, with a year-on-year increase of 79.6% [13]. - Avita: Delivered 10,056 units in October, marking a year-on-year increase of 256% [13]. 3. Investment Recommendations - The report suggests focusing on companies with high-level intelligent vehicle offerings such as Changan Automobile, Seres, and Jianghuai Automobile, as well as those expanding into overseas markets like BYD and Great Wall Motors [16].