特斯拉与新势力4月销量跟踪报告：新势力改款+新车相继发布，关注节后终端优惠变化

Investment Rating - The report maintains a "Buy" rating for the automotive sector, specifically recommending Xpeng Motors and Fuyao Glass, while suggesting to pay attention to Geely and BYD [4][24]. Core Insights - The automotive market showed stable performance in April, with new model launches and ongoing discounts boosting sales for new energy vehicle manufacturers. Xpeng's deliveries increased by 273.1% year-on-year and 5.5% month-on-month to 35,045 units, while Li Auto's deliveries rose by 31.6% year-on-year but fell by 7.5% month-on-month to 33,939 units. NIO's deliveries surged by 53.0% year-on-year and 58.9% month-on-month to 23,900 units [1][3]. - The report highlights the importance of terminal discounts and the impact of new model launches on sales stability. It notes that Xpeng launched several new models in March and April, while Li Auto and NIO also introduced new versions of their vehicles [1][2]. - The report emphasizes the potential for growth driven by trade-in programs and the ongoing trend towards smart driving and robotics in the automotive industry, suggesting that companies with strong self-research capabilities in smart driving algorithms and chips will benefit [3]. Summary by Sections Sales Performance - Xpeng delivered 35,045 units in April, marking a year-on-year increase of 273.1% and a month-on-month increase of 5.5% [1]. - Li Auto's deliveries reached 33,939 units, reflecting a year-on-year increase of 31.6% but a month-on-month decrease of 7.5% [1]. - NIO's deliveries totaled 23,900 units, with a year-on-year increase of 53.0% and a month-on-month increase of 58.9% [1]. New Model Launches - Xpeng launched new models including the G6 and G9 in March, and the X9 in April, with deliveries starting on April 23 [1]. - Li Auto introduced the L6 and MEGA Ultra in April, with the L6 expected to start deliveries in May [2]. - NIO's new model, the Firefly, was officially launched on April 19 [1]. Investment Recommendations - The report recommends buying shares of Xpeng Motors and Fuyao Glass, while suggesting to pay attention to Geely and BYD for potential investment opportunities [3][4].