特斯拉及新势力：小鹏零跑新车亮眼，车企加码智驾与机器人

Investment Rating - Maintain "Buy" rating for the automotive sector [4] Core Insights - The automotive industry is experiencing intense competition, with Tesla's sales under pressure impacting its performance. However, the global new energy market is showing overall improvement, particularly in China due to policy subsidies and the introduction of new models [1][9][12] - New entrants like Xpeng, Li Auto, and Leap Motor are launching multiple new models targeting the 100,000 to 300,000 yuan market, leading to significant sales growth and improved profitability [2][28] - The trend towards intelligent driving and robotics is accelerating, with companies like Tesla and Xpeng making significant advancements in autonomous driving technology and robot production [3][26] Summary by Sections Tesla - Tesla's sales are under pressure, with Q1 2024 deliveries expected to be 179,000 units, a year-on-year decrease of 1.1%, while domestic deliveries are projected at 65,700 units, an increase of 9% [1][9] - The average selling price (ASP) for Q1 2024 is expected to be $42,000, down 7% year-on-year, with revenue projected at $97.7 billion, a slight increase of 1% [10][12] - The company is focusing on the launch of the refreshed Model Y and plans to introduce more affordable models, which may help boost sales in 2025 [10][12] New Entrants - New entrants like Xpeng, Li Auto, and Leap Motor are seeing substantial sales growth, with 2024 sales projections of 50,100 for Li Auto, 29,400 for Leap Motor, and 19,000 for Xpeng, reflecting year-on-year growth rates of 33%, 104%, and 34% respectively [2][30] - The profitability of these new entrants is improving due to economies of scale and cost reductions in the supply chain, with Xpeng reducing losses and Leap Motor achieving positive financial results [2][30] Intelligent Driving and Robotics - By April 2025, Tesla's Full Self-Driving (FSD) technology is expected to be implemented in millions of vehicles, with significant advancements in autonomous driving capabilities [3][26] - Companies are increasingly investing in robotics, with Tesla planning to produce 5,000 humanoid robots in 2025 and 50,000 in 2026, indicating a strong commitment to integrating robotics with automotive technology [3][26] Investment Recommendations - The report suggests focusing on the new vehicle cycle and emphasizes the potential of companies like Xpeng, Leap Motor, Xiaomi, Li Auto, and Tesla for investment opportunities [39]