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

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2][28]. Core Viewpoints - In March 2025, new energy vehicle companies achieved a total sales volume of 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 2025, marking an 80.5% year-on-year growth [10][28]. - The report highlights the strong performance of several new energy vehicle manufacturers, with significant sales increases driven by new product launches and enhanced global expansion strategies [28]. Summary by Sections New Energy Vehicle Sales - Ten new energy vehicle companies reported a total sales volume of 245,000 units in March 2025, with a year-on-year increase of 82.9% and a month-on-month increase of 31.0%. Year-to-date sales reached 621,000 units, up 80.5% year-on-year [10][28]. Individual Company Performance - 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%. The company plans to launch two new electric SUVs, i8 and i6, in July and October 2025, respectively [11][5]. - Xpeng Motors: Achieved 33,205 units delivered in March, reflecting a year-on-year increase of 267.9%. The company is focusing on global expansion and plans to launch the G7 model in April-May 2025 [15][5]. - Leap Motor: Delivered 37,095 units in March, with a year-on-year increase of 154.7%. The company has initiated pre-sales for the B10 model, which received 32,000 orders within 48 hours [18][5]. - NIO: Delivered 15,039 units in March, with a year-on-year increase of 26.7%. The company is undergoing internal reforms to enhance supply chain management [13][5]. - Geely and Changan: Both companies are also highlighted for their performance, with Changan's Deep Blue brand delivering 24,371 units in March, a year-on-year increase of 86.8% [19][5]. Investment Recommendations - The report suggests maintaining a "Recommended" rating for the industry, emphasizing companies with competitive advantages in new product offerings, global expansion, and intelligent driving capabilities. Specific companies to watch include BYD, Great Wall Motors, Seres, Xpeng Motors, Li Auto, Leap Motor, Geely, and Changan [28][31].