特斯拉与新势力6月销量跟踪报告：2Q25特斯拉交付环比修复，小米YU7订单火爆引发新势力购车权益加码

Investment Rating - The report maintains a "Buy" rating for the automotive and auto parts industry, indicating an expected investment return exceeding 15% over the next 6-12 months [22]. Core Insights - In Q2 2025, Tesla's global delivery volume showed a quarter-on-quarter recovery, with a total of 384,000 vehicles delivered, reflecting a 14.1% increase from the previous quarter, despite a year-on-year decline of 13.5% [1]. - The report highlights the competitive landscape, noting that new entrants like Xiaomi are gaining traction, with the YU7 model receiving over 289,000 pre-orders within an hour of its launch [1]. - The introduction of Tesla's Robotaxi service and the potential impact of the U.S. electric vehicle tax credit termination are significant developments that could influence demand dynamics [2]. Summary by Sections Tesla's Performance - Tesla's Model 3 and Model Y deliveries increased by 15.4% quarter-on-quarter, totaling 374,000 units, despite a year-on-year decline of 11.5% [1]. - The delivery timelines for various Tesla models have been adjusted, with the Model 3 and Model Y long-range versions seeing a delivery period of 1-3 weeks [1]. New Entrants and Market Dynamics - New players like Li Auto and NIO are stabilizing their delivery volumes, with Li Auto delivering 36,279 units, down 24.1% year-on-year but down only 11.2% quarter-on-quarter [1]. - Xiaopeng Motors reported a significant year-on-year increase of 224.4% in deliveries, totaling 34,611 units [1]. Market Trends and Consumer Behavior - The report notes that consumer sentiment may be affected by the increasing purchase incentives from new entrants, potentially leading to a wait-and-see attitude among buyers [2]. - The introduction of various financing options and promotional offers by new entrants is expected to intensify competition in the market [1][2].