Overall Analysis - The delivery volume of passenger cars is steadily recovering, with a total of 438,000 units delivered from August 11 to August 17, representing a 14.22% increase month-on-month. New energy vehicles accounted for 248,000 units, up from 219,000 units, marking a 12.94% increase, with a penetration rate of 56.6% [1] - The recovery in delivery volume is attributed to the resumption of production by companies like AITO after the summer break, and it is expected to continue rising with the upcoming peak sales months of September and October [1] Brand Analysis BYD - BYD delivered 65,000 units this week, the highest in nearly seven weeks, driven by price competition and internal market dynamics. However, challenges include product definition and competition from Geely [3] - Specific models like the Sea Lion 06 and Sea Leopard 06 are performing well, with deliveries of 5,800 and 5,600 units respectively. The Han L and Tang L models, however, are underperforming, with weekly deliveries below 1,000 units [3] Geely - Geely's deliveries reached 26,000 units this week, leveraging high configurations at low prices to capture market share from BYD. The Galaxy A7 model has seen rapid adoption, with 4,200 units delivered since its launch [5] - Other models like the Galaxy Starry 8 and Galaxy E5 are also performing well, indicating a strong competitive strategy against BYD [5] New Forces Li Auto - Li Auto delivered 5,600 units this week, maintaining stable sales. However, competition and public relations challenges have impacted performance. Future focus will be on the delivery of the i8 and the launch of the i6 [7] NIO - NIO's delivery of the L90 model reached 2,300 units, with expectations to hit 10,000 units soon. The company has also announced a price reduction for its 100 kWh battery, which may boost sales [8] Xpeng - Xpeng delivered 7,900 units this week, with a focus on new models like the P7 and the recently announced extended-range version of the X9. The company reported a gross margin of 17.3% for Q2 2025, driven by product mix optimization [9] AITO - AITO delivered 7,700 units this week, with production capacity gradually increasing post-summer break. Anticipation for the M7 model's major update is growing [11] Leap Motor - Leap Motor achieved over 10,000 deliveries this week and reported its first half-year net profit, becoming the second new force in China's automotive sector to achieve this milestone [12]

Core Viewpoint - Li Auto's stock experienced a decline of over 5% on August 6, following a significant year-on-year drop in vehicle deliveries for July, which fell by 39.74% to 30,731 units [1] Group 1: Vehicle Deliveries - In July, Li Auto delivered 30,731 new vehicles, marking a year-on-year decrease of 39.74% [1] Group 2: Product Launch and Controversy - Li Auto launched its first pure electric SUV, the Li Auto i8, on July 29, which faced controversy due to a crash test video showing a heavy truck failing to collide with the i8 [1] Group 3: Pricing and Configuration Adjustments - On August 5, Li Auto announced a unified configuration adjustment for the i8, standardizing it to the i8 Max version and reducing its price from 349,800 yuan to 339,800 yuan [1]

Group 1 - The core viewpoint of the article highlights the performance of various new energy vehicle companies in July, with a focus on delivery volumes and year-on-year growth rates [2][3][4][6] - BYD's new energy vehicle sales reached 344,300 units in July, with a cumulative sales of 2,490,300 units for the year, reflecting a year-on-year growth of 27.35% [3] - Leap Motor achieved a significant milestone with over 50,000 vehicle deliveries in July, marking a year-on-year growth of over 126% [3][4] - Zeekr Technology reported sales of 44,193 units in July, showing a year-on-year increase of 19.7% [3] - Xiaomi's automotive deliveries exceeded 30,000 units in July, marking the first delivery month for its SUV model [4] - NIO's vehicle deliveries were 21,000 units in July, indicating a decline compared to previous months [4][6] - The total retail market for narrow passenger vehicles in July was estimated at around 1.85 million units, with new energy vehicle retail expected to reach 1.01 million units, achieving a penetration rate of approximately 54.6% [4] Group 2 - Xiaopeng Motors delivered 36,700 vehicles in July, achieving a year-on-year growth of 229% and setting a new monthly delivery record [6] - Li Auto's deliveries were 30,700 units in July, reflecting a month-on-month decline of 15% [6] - The article emphasizes the competitive landscape among new energy vehicle manufacturers, with Leap Motor, Xiaopeng, and Li Auto being key players in the market [2][3][6]

Core Insights - The new energy vehicle market in July saw significant growth, with several companies reporting impressive delivery numbers, particularly Leap Motor, which topped the delivery chart for the first time with over 50,000 units sold [1][3]. Delivery Performance - Leap Motor achieved a delivery of 50,129 units in July, marking a year-on-year increase of over 126% [1][2][3]. - Hongmeng Zhixing maintained a strong position with total sales of 47,752 units, reflecting a year-on-year growth of 8.3% [2][6]. - Xiaopeng Motors delivered 36,717 units, a remarkable year-on-year increase of 229% [1][2][6]. - Li Auto's deliveries fell to 30,731 units, showing a decline of approximately 40% year-on-year [1][7][8]. - Xiaomi reported over 30,000 units delivered, but specific figures were not disclosed [1][2]. - Deep Blue delivered 27,169 units, achieving a year-on-year growth of 62% [1][2]. - NIO's deliveries were around 21,017 units, with a modest year-on-year increase of 2.53% [1][2][11]. Market Dynamics - The growth in the car market in July was primarily driven by policies encouraging vehicle trade-ins and scrappage [2]. - Despite a strong market performance, there are concerns about potential demand exhaustion due to previous high sales in June [2]. Product Launches and Innovations - Leap Motor's success is attributed to new product launches, including the C11 and B01 models, which were introduced in July [3][6]. - Xiaopeng Motors also launched new models, including the G7 and the upcoming P7, contributing to its record delivery numbers [6]. Competitive Landscape - The competitive landscape is shifting, with traditional leaders like NIO experiencing a decline in their market position, now falling to the third tier [11][15]. - The launch of the L90 model by NIO is expected to improve its sales performance, as it has already generated significant interest [15][16].

Group 1: Delivery Performance - Li Auto delivered 30,731 vehicles in July [1] - Xpeng Motors delivered 36,717 smart electric vehicles in July, a year-on-year increase of 229% [1] - NIO delivered 21,017 new cars in July, with a year-to-date growth of 25.2% [1] - Leap Motor achieved 50,129 deliveries in July, with a year-on-year growth of over 126% [1] - BYD's new energy vehicle sales reached 344,300 units in July, compared to 342,400 units in the same period last year [1] - Hongmeng Zhixing's total sales in July reached 47,752 units, with 40,753 units from the Wenjie series [1] - Xiaomi Auto delivered over 30,000 units in July [1] - Zeekr and Lynk & Co brands delivered a total of 44,193 units in July, a year-on-year increase of 19.7% [1] - GAC Aion's sales in July were 26,557 units [1] - Avita's sales in July reached 10,062 units, a year-on-year increase of 178% [1] - Lantu delivered 12,135 units in July, a year-on-year growth of 102% [1]

Group 1 - In July 2025, Li Auto delivered 30,731 new vehicles, a 39.74% decrease compared to 51,000 vehicles delivered in July 2024 [1] - As of July 31, 2025, Li Auto's cumulative delivery volume reached 1,368,541 vehicles [1] Group 2 - Li Auto launched its first pure electric SUV, the Li Auto i8, on July 29, 2025, amidst controversy regarding crash test results [2] - Dongfeng Liuzhou Automobile Co., Ltd. responded to the crash test controversy, claiming that the test misled the public and significantly differed from real-world scenarios, reserving the right to pursue legal action [2]

另一家创单月交付量历史新高的小鹏汽车，该公司7月共交付新车36717台，同比增长229%，环比增长6%。小鹏汽车今年累计交付新车233906台，同比增长 270%。 造车新势力7月交付成绩单陆续出炉，小米汽车、零跑汽车和小鹏汽车等企业月销量创下历史新高。 8月1日，小米董事长兼CEO雷军在社交平台发文宣布，2025年7月，小米汽车交付量超过30000台。这是小米汽车首次月交付量突破3万台。此前数据显示， 小米汽车6月交付量超过25000台，5月交付量超过28000台。上市15个月，小米汽车累计交付已超过30万台。 小米第二款车小米YU7在7月份开启全国交付，该车上市后3分钟大定20万辆，18小时锁单24.8万辆，市场反响超过小米第一款车SU7。 零跑汽车7月全系交付50129台，同比增长超126%，这是零跑汽车月销量首次突破5万台。零跑汽车旗下B系列首款纯电轿车零跑B01于7月24日上市，售价 8.98万至11.98万元，不到一周时间，官方即宣布零跑B01第10000台整车量产下线。 此外，极氪科技7月销量44193台，同比增长19.7%，环比增长2.7%。其中，极氪品牌7月销量16977台，领克品牌7月销量 ...

Core Viewpoint - The performance of various new energy vehicle brands in May was generally strong, with significant year-on-year growth in delivery volumes for many companies, particularly BYD, which continues to lead the market [1][2]. Delivery Volume Summary - BYD delivered 382,476 vehicles in May, a 0.6% increase from April and a 14.1% increase year-on-year [2][5]. - Leap Motor achieved a delivery volume of 45,067 vehicles, marking a 9.8% month-on-month increase and a remarkable 148% year-on-year growth [2][6]. - Hongmeng Zhixing reported 44,454 vehicles delivered, with significant contributions from its various models [2][10]. - Li Auto delivered 40,856 vehicles, reflecting a 20.4% increase from April and a 16.7% increase year-on-year [2][15]. - Xpeng Motors delivered 33,525 vehicles, a decrease of 4.3% from April but a substantial 230% increase year-on-year [2][14]. - Aion delivered 26,777 vehicles, down 5.4% from April and a 33.2% decrease year-on-year [2][21]. - Deep Blue delivered 25,521 vehicles, a 26.7% increase from April and a 78% increase year-on-year [2][30]. - NIO delivered 23,231 vehicles, a 2.8% decrease from April but a 13.1% increase year-on-year [2][25]. - Zeekr delivered 18,908 vehicles, a 37.7% increase from April and a 1.6% increase year-on-year [2][34]. - Jidu delivered 12,767 vehicles, achieving a 179% year-on-year growth [2][38]. - Lantu delivered 10,022 vehicles, a 0% change from April but a 122% increase year-on-year [2][40]. - Extreme Fox delivered 13,509 vehicles, with a 200.2% year-on-year increase [2][41]. - iCAR delivered 5,899 vehicles, contributing to the overall growth in the market [2][44]. Market Dynamics - BYD's promotional strategy, including "one price + limited-time subsidies," has attracted consumer attention, with significant price reductions on various models [5]. - Leap Motor's new C10 model, priced between 122,800 to 142,800 yuan, features advanced technology such as laser radar and improved battery capacity, enhancing its market appeal [6]. - Hongmeng Zhixing's new model, the Zun Jie S800, launched at a price starting from 708,000 yuan, has seen strong initial demand [10]. - Xpeng's MONA M03 Max, priced at 129,800 yuan, offers competitive AI-assisted driving features, reshaping the market landscape [14]. - Li Auto's upcoming i8 model is set to launch in July, with significant pre-production testing already completed [15]. - Aion's limited-time pricing strategy aims to remain competitive amid market price reductions [21]. - Xiaomi's new YU7 model emphasizes performance and innovative design, targeting the mid-large SUV segment [22]. - NIO's software upgrades in its driving assistance systems aim to enhance user experience and safety [25]. - Deep Blue's new S09 model features advanced technology and competitive pricing, aiming to strengthen its market position [30]. - Zeekr's expansion plans include new vehicle launches to meet growing consumer demand [34].

Core Viewpoint - The competition among domestic new energy vehicle manufacturers is intensifying, with significant changes expected in June and July as companies launch new products and enhance their delivery capabilities [2][9][19]. Group 1: Sales Performance - BYD reported May sales of 382,500 units, a year-on-year increase of 15.27%, with cumulative sales from January to May reaching 1.7634 million units, up 38.70% [1]. - Leap Motor achieved a record delivery of 45,067 units in May, marking a year-on-year growth of 148.10% and a month-on-month increase of 9.82% [3][4]. - Ideal Auto delivered 40,856 units in May, reflecting a year-on-year increase of 16.70% and a month-on-month increase of 20.38% [3][5]. - Xiaopeng Motors delivered over 28,000 units in May, failing to surpass the 30,000-unit mark for the third consecutive month [2][9]. - NIO's May delivery was 22,231 units, showing a year-on-year growth of 13.08% [13]. Group 2: Competitive Landscape - The new energy vehicle market is expected to see heightened competition, with several companies launching new products in May and June [2][9]. - Leap Motor's delivery volume has consistently ranked first among new car manufacturers for three consecutive months [4]. - Xiaopeng Motors has maintained a monthly delivery of over 30,000 units for seven consecutive months, with a May delivery of 33,525 units, up 230.43% year-on-year [19]. Group 3: Strategic Developments - Leap Motor emphasizes self-research in core technologies to maintain cost and quality advantages, launching the 2026 C10 model at a starting price of 122,800 yuan [5]. - Ideal Auto is focusing on expanding its charging network and preparing for the launch of its first pure electric SUV, the Ideal i8, in July [12]. - NIO is undergoing significant changes, with its second brand, Lido, achieving a delivery of 6,281 units in May, a month-on-month increase of 42.8% [18].

Core Viewpoint - The electric vehicle market is experiencing significant shifts, with new players like Leap Motor and Xiaopeng leading in delivery volumes, while traditional high-end brands like Li Auto and NIO are relying on subsidies to maintain sales. The competition is intensifying, focusing on price, technology, and profitability as key factors for success in 2025 [3][13][45]. Group 1: Delivery Performance - Leap Motor achieved a delivery of 41,039 units in April, marking a 173% year-on-year increase, surpassing Xiaopeng (35,045 units) and Li Auto (33,939 units) [6][7]. - Xiaopeng's delivery volume increased by 2.7 times year-on-year, but it still lagged behind Leap Motor by 6,000 units [7][22]. - Li Auto's delivery of 33,939 units reflects a 32% year-on-year increase but a decline of 8% month-on-month, indicating challenges in maintaining its market position [29][30]. - NIO delivered 23,900 units, with a notable increase from its main brand, while its sub-brand, Ladao, struggled with lower sales [32][33]. Group 2: Market Dynamics - The market is divided into three segments: low-cost leaders (Leap Motor, Xiaopeng), high-end brands facing pressure (Li Auto, NIO), and cross-industry players (Xiaomi, Huawei) encountering challenges [13][14]. - Leap Motor's strategy focuses on high value for money, targeting younger consumers, while Xiaopeng emphasizes technology and features to compete in the mid-range market [15][25]. - Li Auto and NIO are using cash subsidies and financing policies to boost sales, but this approach raises concerns about their long-term viability in the high-end market [29][30][33]. Group 3: Future Outlook - Leap Motor aims for annual sales of 500,000 to 600,000 units by 2025, necessitating a monthly delivery of 41,000 to 50,000 units [20]. - Xiaopeng's profitability is projected for Q4 2025, but it faces challenges in optimizing its business model and ensuring technology reliability [25]. - NIO's strategy includes launching new models and enhancing its battery swap services, but it must achieve significant sales growth to meet its annual target of 440,000 units [35][36]. Group 4: Stock Market Reactions - Leap Motor's stock rose by 10.73% in April, reflecting investor confidence in its delivery performance [46]. - Xiaopeng and Li Auto saw declines in their stock prices, indicating market concerns about their growth and profitability strategies [46]. - NIO's stock increased by 8.64% due to strategic investments and potential growth in its battery swap business [46]. Group 5: Competitive Strategies - The competition is expected to intensify in three key areas: delivering popular models, ensuring profitability, and advancing technological capabilities [47][49]. - New models from various companies, including Xiaomi's YU7 and Li Auto's i8, are anticipated to play crucial roles in shaping market dynamics [47]. - The focus on safety and technology will be critical as companies navigate the rapidly evolving electric vehicle landscape [49].