Group 1 - The core viewpoint of the articles highlights the significant growth and achievements of Leap Motor, with July 2023 marking a record high in vehicle deliveries, reaching 50,129 units, a year-on-year increase of over 126% [1] - Leap Motor has entered the Fortune China 500 list for the first time, showcasing its strong development momentum [1] - The company exported 20,375 vehicles to overseas markets in the first half of the year, with notable performance in Germany, where it received recognition as the best new brand in the "2025 Dealer Satisfaction Report" [1] Group 2 - Leap Motor launched the new C11 model on July 10, starting at 149,800 yuan, featuring upgrades in design, cabin, range, driving assistance, and safety [1] - The B01 model was officially launched on July 23, starting at 89,800 yuan, targeting young consumers with features like laser radar and a long range of 650 km [1] - The "2023 China Automotive Resale Value Research Report" listed several Leap Motor models, including C16, C10, T03, and C01, indicating strong market performance [1] Group 3 - Leap Motor has established over 600 overseas stores, expanding into more than 30 international markets, including Europe, the Middle East, Africa, and Asia-Pacific [2] - In mainland China, Leap Motor operates 951 stores, including 319 Leap Centers, 491 Experience Centers, and 141 Service Centers [2] - The first S-level Leap Center in China, located in Chongqing, opened in July, integrating sales, delivery, and service [2]

Core Viewpoint - The article discusses the high resale value of the Xiaomi SU7, which is reported to be 88.91%, and contrasts it with Tesla's resale values, raising questions about the validity of the data and the marketing strategies employed by Xiaomi [2][6][23]. Group 1: Resale Value Analysis - The Xiaomi SU7's reported one-year resale value of 88.91% is the highest among all models in a recent report, which has sparked significant discussion and skepticism [2][6]. - Critics argue that the report lacks detailed statistical methods and does not differentiate between the various models of the SU7, leading to potential misinterpretation of the data [6][10]. - A detailed analysis of second-hand prices from various platforms shows significant discrepancies in resale values among different SU7 models, with the SU7 Max having a much lower resale rate of 80.7% [15][20]. Group 2: Market Dynamics - The high resale value of the Xiaomi SU7 is attributed to supply shortages rather than consumer perception of quality, contrasting with Tesla's resale values, which are based on established market reputation [26][30]. - Xiaomi's production capacity is currently unable to meet demand, resulting in long wait times for new orders, which contributes to the perceived high value of the SU7 [30][34]. - In contrast, the SU7 Ultra has seen a significant drop in resale value due to oversupply in the second-hand market, highlighting the impact of supply-demand dynamics on vehicle valuation [19][34]. Group 3: Comparison with Tesla - The article emphasizes that comparing Xiaomi SU7's resale value with Tesla's is misleading, as Tesla's high resale values are supported by consumer trust in product quality and performance over time [40]. - Tesla vehicles have demonstrated consistent performance and reliability, contributing to their strong resale values, while the Xiaomi SU7 has not yet undergone long-term market evaluation [35][40]. - The article concludes that Xiaomi's marketing strategy may be overly optimistic and not reflective of the actual market conditions for the SU7 [23][40].

Core Viewpoint - The report on the depreciation rates of Chinese automobiles aims to reflect the comprehensive strength of brands, including product power, recognition, and reputation, providing important data for future business operations such as repurchase, replacement, leasing, financing, and new car pricing [1][3]. Policy Direction - The penetration rate of L2 and above advanced driver-assistance systems in new energy passenger vehicles reached 55.3% in 2023 and is expected to rise to 57.3% in 2024, with a significant increase to 77.8% in the first four months of 2025. The new national standards will enhance safety levels for these systems [5]. Hot Events - Local governments are actively promoting automobile production and sales through action plans that include subsidies and a supportive policy environment. Adjustments in license plate policies in cities like Guangzhou are expected to stimulate automobile consumption [7]. Online Vehicle Supply Changes - There has been a slight decline in vehicle supply, with differing opinions among dealers regarding new car discounts affecting the second-hand car replacement transactions. Over-reliance on subsidies may overlook dealers' subjective willingness and capabilities [10]. Depreciation Rates by Level - Depreciation rates across all vehicle levels have decreased, with high-end models experiencing the most significant declines. The luxury mid-to-large segment has seen the largest drop, indicating ongoing price competition in the new car market [13]. Changes in the New Energy Vehicle Market - The range of new energy vehicles being promoted in rural areas has expanded to include mid-to-high-end models, with 124 models available. This initiative aims to provide consumers with greener and smarter experiences, supported by old car scrapping subsidies [16]. Depreciation Rates of Different Types of New Energy Vehicles - The recent price cuts led by BYD have impacted the second-hand market, with other brands following suit without considering the depreciation rates of used cars. The brand value of new energy vehicles is volatile, with frequent negative news and limited positive developments, leading to challenges in curbing depreciation [18].

Group 1 - The automotive industry is undergoing significant changes, with consumers facing tough choices between traditional fuel vehicles and electric vehicles, as well as considerations of safety and intelligence in luxury cars [1] - The essence of luxury is defined not by price but by consensus within a community, as demonstrated by the enduring success of the Mercedes-Benz E-Class, which has sold over 16 million units globally since its inception in 1947 [2] - The long-wheelbase E-Class features a dual body design that combines dynamism and elegance, with an increased wheelbase of 133 mm, providing over 10 exclusive luxury configurations for the rear seat, catering to business and family needs [2] Group 2 - The long-wheelbase E-Class offers a luxurious experience with features such as "Brilliant Starry Sky" digital headlights and a 360° surround ambient lighting system, enhancing the visual and auditory experience [3] - Safety is a top priority for Mercedes-Benz, with the long-wheelbase E-Class undergoing extensive crash simulations and real-world tests, including over 150 tests specifically for Chinese road conditions [4] - The vehicle is equipped with 13 safety airbags and utilizes advanced technologies like high-speed X-ray for crash testing, ensuring comprehensive safety measures [4] Group 3 - The long-wheelbase E-Class provides a versatile driving experience with options for both fuel and electric power, making it a comprehensive choice for comfort, economy, and performance [5] - It features a 48V ISG smart electric motor system and plug-in hybrid options, achieving a fuel consumption as low as 4.2L/100km, with a pure electric range of 106 km [6] - The vehicle is equipped with advanced technology, including the Qualcomm 8295 smart cockpit chip and 5G communication, enhancing the user experience with a fully upgraded voice assistant [6] Group 4 - The long-wheelbase E-Class maintains reliability and stability even after 10 years of use, simplifying the decision-making process for consumers [7]

Core Insights - Xiaomi's first SUV, the YU7, has been officially launched with a starting price of 253,500 yuan, leading to significant demand and pressure on the company's app servers [1] - The production capacity for the YU7 is planned to be between 120,000 to 150,000 units for this year, which is the maximum capacity for the first and second phases of the Beijing factory [1] - The YU7 is expected to have a larger market demand compared to the previous model, the SU7, due to its focus on family usage [7] Production and Sales - The YU7's production capacity is limited to 120,000-150,000 units for the year, while the first phase of the factory is designed for 150,000 units annually and the second phase for 300,000 units, expected to start production in the second half of the year [1] - The SU7 has been experiencing a supply shortage, with monthly production not exceeding 10,000 units, leading to a thriving secondary market where used SU7s are sold at prices 10,000-20,000 yuan above the official price [4][5] - Xiaomi's sales target for 2025 is set at 350,000 units, requiring an average monthly delivery of approximately 29,000 units, but the company has lagged behind this target in the first five months of the year [8] Market Dynamics - The secondary market for the SU7 has shown strong performance, with used models retaining high value, indicating a robust resale market [6][7] - The introduction of anti-speculation measures for the YU7 aims to deter scalpers, which could stabilize the market and ensure fair access for genuine buyers [7] - Despite challenges, Xiaomi's weekly new orders have remained stable, with figures around 5,000-7,000 per week, indicating ongoing demand [12] Competitive Landscape - The YU7 faces competition from models like the Tesla Model Y, XPeng G7, Li Auto i8, and NIO L9, which are expected to launch soon [14] - The market's response to the YU7 will be crucial for Xiaomi to regain momentum after recent setbacks, including issues with the SU7 Ultra model [10][12]

Core Insights - The report indicates a decline in the supply of used cars, prompting the industry to readjust growth expectations [1] - The impact of replacement subsidies on the used car market remains uncertain, with the duration of the current used car trend difficult to predict [1] - Ongoing price wars for new cars in May and June may suppress the activity in the used car market [1] - The introduction of new models is not leading to a quick influx of older models into the used car market, with actual transactions primarily involving older vehicles [1]

Core Viewpoint - The report on the depreciation rate of Chinese automobiles aims to reflect the comprehensive strength of brands, including product power, recognition, and reputation, providing important data for future business operations such as repurchase, replacement, leasing, and new car pricing [1][3]. Policy Direction - The recent policy aims to optimize the regulation of motor vehicle environments, addressing issues of fraud in the automotive sector and promoting fair competition, which is crucial in a highly competitive market [4][5]. Hot Events - The central bank's liquidity release is expected to stimulate automobile consumption by providing low-cost funding to automotive finance companies, enhancing their competitive edge over banks while also raising their risk management requirements [8]. Online Vehicle Supply Changes - The supply of used cars is showing signs of fatigue, leading the industry to readjust growth expectations. The ongoing price war for new cars may suppress the activity in the used car market, as older models are not quickly entering the market [11]. Depreciation Rate Overview - The overall depreciation rate is recovering, which helps combat industry internal competition. The price elasticity is significant in both low-end and high-end markets, while the mid-range market faces challenges due to intense competition [14]. New Energy Vehicle Market Changes - Successful case studies, such as those from Hunan Province, highlight the importance of local power systems in supporting charging infrastructure for new energy vehicles, potentially boosting economic activity in central and southern regions [18]. Different Types of New Energy Vehicle Depreciation Rates - The depreciation rate for new energy vehicles remains stable, but the trading volume is low, with 4S stores being the primary channel for used vehicle disposal. The market for used new energy vehicles is still developing, with many vehicles nearing obsolescence [20].

点 击 蓝 字 关 注 我 们 本文全文共 1090 字，阅读全文约需 3 分钟 2025年5月7日，中国汽车流通协会和精真估联合发布了《2025年4月中国汽车保值率研究报告》。通过保 值率研究旨在反映品牌的产品力、认知度、美誉度等综合实力，对未来开展回购、置换、租赁、金融、新 车定价参考等相关业务提供重要数据参考，从而降低业务风险，提升经营效率 。 通过保值率数据来关注过去市场环境、行业动向、企业发展和保值率之间的关系，同时在微观层面也 能反映该品牌的产品力、认知度、美誉度等综合实力。本榜单保值率价格数据采用良好车况下的二手车销 售价（B2C）进行计算 。 政策方向 地方政策支持置换更新 外牌车在上海非常普遍，这类消费者有真实的用车需求，也具备一定的消费潜力。本次补贴政策是对 国家"两新"政策的贯彻落实。《实施细则》首先有利于本地经销商的新车销售，其次有利于二手车的外迁 交易。文件的发布与上海车展时间相近，对2025年车市形成了确定的增量预期 。 热点事件 电动车安全标准提高 从用户角度来看，电池安全是头等大事。"不起火、不爆炸，烟气不对乘员造成伤害"是广大消费者的 真实需求，也是安全底线。从行业角度来看， ...

Core Viewpoint - The report on the depreciation rate of Chinese automobiles in February 2025 aims to reflect the comprehensive strength of brands, including product power, recognition, and reputation, providing important data for future business operations such as repurchase, replacement, leasing, financing, and new car pricing [1][2]. Policy Direction - The ongoing "trade war" between China and the U.S. has led to increased tariffs on imported large-displacement vehicles and pickups, resulting in higher prices that will be shared by dealers and consumers. The affected models include those with engine displacements over 2.5L, prompting multinational car manufacturers, especially luxury brands, to consider local production as a wise strategy. Consumers are increasingly leaning towards purchasing smaller displacement vehicles and electric cars [3]. Hot Events - The implementation of the National VI emission standards has faced controversies, including instances of "software cheating" by some companies and deficiencies in testing methods. The delay in emission testing for hybrid vehicles necessitates urgent improvements. While the national standard serves as a minimum requirement, some companies are accelerating the development of fuel vehicle technologies, with brands like Volkswagen making breakthroughs that could revitalize the fuel vehicle market. The Ministry of Ecology and Environment has announced plans to research and formulate National VII standards for light and heavy-duty vehicles [4]. Online Vehicle Supply Changes - The online and offline channels for vehicle sourcing are still in the process of integration, leading to a slow recovery in vehicle supply. As of February 2025, the used car market remains stagnant, with merchants lacking clear operational direction and insufficient financial support compared to the new car market. The absence of stimulating factors for consumer sentiment and product updates contributes to the lackluster market conditions [5]. New Car Price Trends - The decline in new car prices has encroached on the survival space of the used car market. The significantly low down payments have further lowered barriers for consumers, resulting in a notable decrease in demand for used cars. However, there remains a steady demand for high-quality mid-range and large SUVs, with the depreciation rates for these segments showing an increase [6]. Changes in the New Energy Vehicle Market - The rapid development of the new energy vehicle industry in China has positioned it ahead of overseas competitors, benefiting from a larger domestic market scale. The "New Energy Vehicles Going to the Countryside" initiative has transitioned from policy-driven to market-driven since 2020. The low operating costs of electric vehicles are a key factor for consumers. However, the current infrastructure for charging and battery swapping is inadequate, which hampers user experience. The recent notification outlines plans to support 75 pilot counties in improving charging infrastructure by 2025, which is essential for boosting sales and the second-hand market [7]. Different Types of New Energy Vehicle Depreciation Rates - The second-hand market for new energy vehicles is currently in a wait-and-see mode, with prices remaining stable during February, which coincided with the Spring Festival holiday. Benchmark companies like Tesla have begun promotional offers for older models, while new models are just being delivered. The market is still assessing price trends and the timing of new model launches, with overall depreciation rates remaining stable despite some manufacturers pushing for zero down payments and interest-free loans [8][9].