汽车琰究·2025-11-04 14:53Core Viewpoint - The article highlights the stable performance of the new energy vehicle market in October 2025, with significant growth in delivery volumes for several key players, indicating a strong demand and increasing market penetration of new energy vehicles [2][3]. Group 1: Market Overview - In October 2025, the retail market for narrow passenger vehicles is estimated at approximately 2.2 million units, a year-on-year decrease of 2.6% and a month-on-month decrease of 2.0%. The new energy vehicle retail volume is expected to reach 1.32 million units, with a penetration rate of around 60.0% [3]. - The combined delivery of six new energy vehicle companies (excluding Xiaomi) reached 232,903 units in October, representing a year-on-year increase of 16.7% and a month-on-month increase of 3.8% [3]. Group 2: Company Performance - Leap Motor: Delivered 70,289 units in October, a year-on-year increase of 84.1% and a month-on-month increase of 5.4%. The growth is attributed to strong sales of models C10 and B01, with the C10 accounting for 23.4% of total deliveries [4]. - Xpeng Motors: Delivered 42,013 units in October, a year-on-year increase of 75.7% and a month-on-month increase of 1.0%. The MONA M03 model contributed significantly to the sales [5]. - NIO: Delivered 40,397 units in October, a year-on-year increase of 92.6% and a month-on-month increase of 16.3%. The delivery of the ET5T and ES6 models played a key role in this growth [6]. - Li Auto: Delivered 31,767 units in October, a year-on-year decrease of 38.2% and a month-on-month decrease of 6.4%. The company is expected to recover as new electric models are introduced [6]. - Aion: Delivered 27,014 units in October, a year-on-year decrease of 32.6% and a month-on-month decrease of 7.2% [6]. - Zeekr: Delivered 21,423 units in October, a year-on-year decrease of 14.5% but a month-on-month increase of 17.3% [6]. Group 3: Technological Advancements - The article discusses the acceleration of end-to-end technology applications in intelligent driving, with a focus on achieving equality in smart driving capabilities. Companies like Xpeng and those associated with Huawei are leading the charge in this area [8]. - The article predicts that advancements in intelligent driving technology will lower hardware barriers and expand applications in the mainstream market, particularly for vehicles priced under 200,000 yuan [8]. Group 4: Investment Recommendations - The article recommends focusing on companies with strong intelligent driving capabilities and those that are well-positioned in the new energy vehicle market, including Geely, Xpeng, Li Auto, BYD, and Xiaomi [9][10].