特斯拉及新势力车企专题：特斯拉稳健增长，新势力经营改善，全面加码智能化

Investment Rating - The report maintains a strong bullish outlook on the electric vehicle and energy sectors, highlighting significant growth potential and technological advancements in the industry [10]. Core Insights - Tesla's Q3 performance shows robust growth with a revenue of $25.18 billion, a quarter-on-quarter increase of 8%, and a gross margin of 19.84%, exceeding expectations [31][38]. - New energy vehicle manufacturers are experiencing substantial sales growth, with companies like Li Auto and Xpeng achieving impressive quarter-on-quarter increases [14][59]. - The report anticipates a new model cycle in 2025, predicting Tesla's sales to grow by 20%-30% and new entrants aiming for even higher growth targets [3][14]. Summary by Sections Tesla - Q3 sales reached 463,000 units, a 6% increase year-on-year, with expectations of maintaining a stable sales volume of 1.8 million units for 2024 [25][26]. - The introduction of a new low-cost model priced under $30,000 is expected to drive sales growth in 2025 [55]. - Tesla's FSD (Full Self-Driving) technology is advancing, with the upcoming V13 version expected to enhance performance significantly [53]. NIO - NIO's Q3 revenue was 18.674 billion yuan, with a gross margin of 10.7%, and the company is set to launch new models to boost sales [4][59]. - The company aims to double its sales target for 2025, projecting deliveries of 440,000 units [59]. Xpeng - Xpeng reported a Q3 revenue of 10.1 billion yuan, with a gross margin of 15.2%, reflecting strong operational performance [5]. - The company is focusing on expanding its product lineup to enhance market competitiveness [17]. Li Auto - Li Auto's Q3 revenue was 42.9 billion yuan, with a gross margin of 21.5%, indicating strong profitability [9]. - The company is expected to continue its growth trajectory with new model launches planned for 2025 [17]. Zeekr - Zeekr's Q3 revenue met expectations, with a stable gross margin of 16% [10]. - The company is focusing on expanding its product offerings and improving operational efficiency [12]. Leap Motor - Leap Motor achieved significant sales growth in Q3, with a total of 84,000 units sold, marking an 89% increase year-on-year [6]. - The company is accelerating its global expansion strategy with new model launches [12].