新势力车企销量点评月报：新势力3月销量同比+82.9%，看好后续新品市场表现-2025-04-03

Investment Rating - The industry investment rating is "Recommended (Maintain)" [2] Core Viewpoints - In March 2025, the total sales of 10 new force car companies reached 245,000 units, representing a year-on-year increase of 82.9% and a month-on-month increase of 31.0%. Cumulatively, 621,000 units were sold from January to March, up 80.5% year-on-year [12][32] - The report highlights the strong performance of various new energy vehicle manufacturers, with significant sales growth driven by new product launches and improved delivery capabilities [5][32] Summary by Sections New Force Car Companies Total Sales - In March 2025, the total sales of new force car companies reached 245,000 units, with a year-on-year increase of 82.9% and a month-on-month increase of 31.0%. The cumulative sales from January to March were 621,000 units, up 80.5% year-on-year [12] Sales by Individual New Force Car Companies - Li Auto delivered 36,674 units in March, with a year-on-year increase of 26.5% and a month-on-month increase of 39.6%. Cumulatively, 93,000 units were delivered from January to March, up 15.5% year-on-year [13] - Xpeng Motors delivered 33,205 units in March, with a year-on-year increase of 267.9% and a month-on-month increase of 9.0%. Cumulatively, 94,000 units were delivered from January to March, up 330.8% year-on-year [17] - Leap Motor delivered 37,095 units in March, with a year-on-year increase of 154.7% and a month-on-month increase of 46.7%. Cumulatively, 88,000 units were delivered from January to March, up 162.1% year-on-year [20] - NIO delivered 15,039 units in March, with a year-on-year increase of 26.7% and a month-on-month increase of 14.0%. Cumulatively, 42,000 units were delivered from January to March, up 40.1% year-on-year [15] - Other companies such as BYD, Great Wall Motors, and Geely also showed strong sales performance, contributing to the overall growth of the industry [32] Investment Recommendations - The report maintains a "Recommended" rating for the industry, highlighting the continuous increase in delivery volumes and the gradual launch and delivery of new products by most companies. It suggests focusing on companies with competitive advantages in new product reserves, global expansion, and intelligent driving capabilities, including BYD, Great Wall Motors, Seres, Xpeng Motors, Li Auto, Leap Motor, Geely, and Changan Automobile [32][35]