新势力 | 11月：新能源渗透率提速 新势力销量向上【国联民生汽车 崔琰团队】

Core Viewpoint - The article highlights the performance of key new energy vehicle companies in November 2025, showcasing their delivery volumes and year-on-year growth rates, while also discussing the overall market trends and the impact of subsidy policies on consumer behavior [2][3][4][5][6][7]. Group 1: Delivery Performance - Leap Motor delivered 70,327 vehicles in November, a year-on-year increase of 75.1% and a slight month-on-month increase of 0.1% [3]. - Xpeng delivered 36,728 vehicles, reflecting an 18.9% year-on-year increase but a 12.6% decrease month-on-month [4]. - NIO delivered 36,275 vehicles, with a year-on-year growth of 76.3% and a month-on-month decline of 10.2% [5]. - Li Auto delivered 33,181 vehicles, showing a significant year-on-year decrease of 31.9% but a month-on-month increase of 4.5% [6]. - Zeekr delivered 28,843 vehicles, marking a 6.8% year-on-year increase and a notable month-on-month increase of 34.6% [7]. - Xiaomi reported deliveries exceeding 40,000 vehicles in November [7]. Group 2: Market Trends - The overall retail market for narrow passenger vehicles in November is estimated at approximately 2.25 million units, a year-on-year decrease of 8.7%, while the new energy vehicle retail is expected to reach 1.35 million units, achieving a penetration rate of 60% for the first time [2]. - The five sample new force car companies (excluding Xiaomi) collectively delivered 205,354 vehicles, representing a year-on-year increase of 22.7% [2]. Group 3: Competitive Landscape - Leap Motor's growth is attributed to strong product offerings like the C10 and B01, which are competitively priced under 200,000 yuan [3]. - Xpeng's new model, the X9 Super Range, launched in November, has set a record for pre-orders, indicating strong market interest [4]. - NIO's ES8 2026 model achieved a record delivery of over 20,000 units within 70 days of its launch, showcasing its market appeal [5]. - Li Auto is enhancing its charging network, which is expected to support its competitiveness as new electric products are introduced [6]. - Zeekr's new models, including the refreshed Zeekr 001 and 7X, are positioned to attract consumers in the mid to high-end market segments [7]. Group 4: Technological Advancements - The article notes that the advancement of intelligent driving technology is accelerating, with companies like Xpeng and Huawei leading the charge in promoting smart driving features [8]. - The article anticipates that advancements in intelligent driving technology will lower hardware barriers, allowing for broader application in the mainstream market [8]. - The emergence of autonomous driving capabilities is seen as a critical competitive factor for car manufacturers, with a focus on companies that are leading in smart technology [9]. Group 5: Component Industry Outlook - The article suggests a positive outlook for the new energy vehicle supply chain and smart electric growth, with low valuations in the component sector indicating potential for mid-term growth [10]. - Recommendations include focusing on intelligent driving components and the new force supply chain, highlighting specific companies within these sectors [11].