Core Insights - The Chengdu Auto Show 2025 officially opened on August 29, showcasing the latest delivery data from Leda Auto, which reached a record high in August [1] Delivery Data Summary - Leda Auto's delivery volume has shown a fluctuating upward trend from September last year to August this year, starting with 832 vehicles in September last year and gradually increasing [1] - There was a slight decline at the beginning of this year, with February deliveries at 4,049 vehicles, but the numbers began to recover from March onwards [1] - In July, Leda Auto delivered 5,976 vehicles, followed by significant growth in August [1] Notable Events - Actor Guo Tao, along with his wife and daughter, appeared at the Leda exhibition booth, highlighting the brand's visibility [1] - NIO co-founder Qin Lihong presented the 10,000th Leda L90 vehicle to Guo Tao's family at the event [1]

Core Viewpoint - Nomura analysts predict that BYD's delivery volume this year may range between 5 million to 5.2 million vehicles [1] Group 1 - The potential delivery volume for BYD is estimated to be between 5 million and 5.2 million vehicles for the year [1] - The company may introduce new models or upgrade existing ones, which could provide some bottom-up opportunities for BYD [1]

Core Viewpoint - Leap Motor achieved a significant milestone in July 2023, with total deliveries surpassing 50,000 units for the first time, reaching 50,129 units, maintaining a top-three position in monthly sales within the domestic market [1] Delivery Performance - The July delivery volume increased by 4% month-on-month and over 126% year-on-year [1] - Leap Motor has expanded its overseas channels to over 600, covering more than 30 international markets including Europe, the Middle East, Africa, and Asia-Pacific [1] - From January to June 2025, Leap Motor exported 20,375 units to overseas markets [1] Product Highlights - The Leap Motor C10 is the main product, with 26 variants launched, achieving over 10,000 units sold for three consecutive months [1] - The pure electric version of the C10 features an 800V high-voltage silicon carbide platform, with a CLTC range of 605 km and fast charging from 30% to 80% in 16 minutes [1] - The extended-range version offers a comprehensive range of 1,190 km, with a pure electric range of 210 km and a low fuel consumption of 5.1L/100km [1] - The C10 utilizes a front MacPherson and rear five-link independent suspension system, along with an advanced braking and steering system [1] Resale Value - According to the "2025 Half-Year China Automotive Resale Value Research Report," the Leap Motor C10 ranks second in the resale value list for pure electric mid-size SUVs, only behind the Tesla Model Y [1]

Core Viewpoint - The delivery performance of Li Auto's models in June 2025 is disappointing, particularly for the L series, which saw a significant decline in deliveries compared to May 2025, while the MEGA model experienced a substantial increase [2][6]. Delivery Data Summary - Estimated deliveries for June 2025 are as follows: - L6: 16,389 - L7: 8,250 - L8: 4,360 - L9: 4,968 - L789: 17,578 - MEGA: 2,312 - Compared to May 2025, the month-on-month changes are: - L6: -12.74% - L7: -17.63% - L8: -17.92% - L9: -13.65% - L789: -16.62% - MEGA: +132.6% [1][2]. Delivery Calculation Methodology - The delivery data for June 2025 was estimated based on the assumption that the average insurance figures for June 1-30 would be consistent with those from June 2-8. The estimated total insurance figures were then used to derive the delivery-to-insurance ratio, which was applied to calculate the estimated deliveries for each model [3]. Historical Context - The L series underwent a model change in March 2024, with the L789 model not surpassing the March 2024 delivery levels until September 2024. The L series only exceeded March 2024 levels again in December 2024 [4]. Yearly Comparison - In April 2024, L789 deliveries decreased by 14.3% compared to March 2024, while the L series saw a similar decline of approximately 14.8% in June 2025 compared to May 2025 [5]. Future Delivery Projections - A pessimistic estimate for L series deliveries in the second half of 2025 suggests monthly deliveries of 33,185, 36,095, 39,452, 34,792, 42,437, and 38,392, totaling 224,352 for the second half and 422,478 for the entire year [6]. Guidance and Performance Analysis - Li Auto provided a Q2 2025 delivery guidance lower limit of 123,000 units, with a June 2025 lower limit of 35,000 units. The company has a history of providing 19 delivery guidance updates, with only 4 aligning with the initial guidance on reporting day [6][7]. Reasons for Decline - Potential reasons for the decline in deliveries include: 1. Stricter commission policies implemented at the end of May and early June, which may have negatively impacted short-term sales but could be beneficial in the long term [8]. 2. Cancellation of high-interest and high-commission incentives. 3. Some potential customers are waiting for new models like YU7 and i8, particularly affecting L6 sales [8]. 4. Lack of clear division of responsibilities within the sales and product teams, leading to ineffective value communication [8]. 5. Recent changes in sales operations aimed at focusing on value delivery have not been effectively implemented [10]. Management and Sales Dynamics - Effective management at the store level is crucial for sales success, as store managers play a key role in guiding sales teams. The current sales pressure has led to a focus on short-term results rather than long-term value delivery [9][11]. Organizational Challenges - The recent organizational changes have not yet resolved the underlying issues of value communication and management clarity, which are essential for improving sales performance [12][13].

Core Viewpoint - UBS maintains a "sell" rating on Tesla with a target price of $215, anticipating a decline in Q2 delivery numbers compared to the previous year [1] Group 1: Delivery Expectations - Tesla is expected to announce Q2 2025 delivery data on July 2, with an estimated delivery volume of approximately 366,000 units, representing an 18% year-over-year decline and a 9% quarter-over-quarter increase, but still falling 10% short of market expectations [1]

Group 1 - The core viewpoint of the article highlights Xiaomi's plans for the delivery of the Xiaomi SU7, with a target of over 28,000 units by May 2025, and preparations for mass production of the Xiaomi Yu7 expected in July [2] - The article discusses a perceived response from Lei Jun to comments made by Yu Chengdong, which has sparked significant discussion on social media platforms [3] - Yu Chengdong's remarks at the Future Automotive Pioneer Conference suggest that despite the quality and performance of their products, they struggle to compete with a certain company that has strong brand and traffic capabilities, which is interpreted as a reference to Xiaomi [5]