Core Insights - NIO-SW (9866.HK) saw a 4.5% increase in early trading, reaching HKD 57.1 [1] - NIO announced a record delivery of 40,397 vehicles in October 2025, representing a year-on-year growth of 92.6% [1] - Year-to-date deliveries for 2025 reached 241,618 vehicles, showing a year-on-year increase of 41.9% [1] - The new ES8 model has surpassed 10,000 deliveries, with expectations for accelerated deliveries in November [1] - NIO's Vice President of Brand and Communication, Ma Lin, indicated a projected 70% increase in production capacity compared to October [1]

Core Insights - NIO delivered 40,397 new vehicles in October 2025, representing a year-on-year increase of 92.6% [1] - The breakdown of deliveries includes 17,143 vehicles from the NIO brand, 17,342 from the Ladao brand, and 5,912 from the Firefly brand [1] - Cumulatively, NIO has delivered a total of 913,182 new vehicles to date [1] Delivery Breakdown - NIO brand cumulative deliveries stand at 779,319 vehicles [1] - Ladao brand cumulative deliveries total 107,621 vehicles [1] - Firefly brand cumulative deliveries amount to 26,242 vehicles [1]

Core Insights - NIO reported a total delivery of 34,749 vehicles in September 2025, representing a year-on-year increase of 64% [1] - The breakdown of deliveries includes 13,728 vehicles from the NIO brand, 15,246 from the Ladao brand, and 5,775 from the Firefly brand [1] - Cumulatively, NIO has delivered 872,785 vehicles to date, with 762,176 from the NIO brand, 90,279 from the Ladao brand, and 20,330 from the Firefly brand [1] Delivery Performance - In September 2025, NIO's vehicle deliveries increased by 64% compared to the same month last year [1] - The NIO brand contributed 13,728 vehicles to the total deliveries, while the Ladao brand led with 15,246 vehicles [1] - The Firefly brand accounted for 5,775 vehicles delivered in the same month [1] Cumulative Deliveries - As of now, NIO has achieved a total of 872,785 vehicle deliveries since its inception [1] - The NIO brand's cumulative deliveries stand at 762,176 vehicles [1] - The Ladao brand has delivered a total of 90,279 vehicles, and the Firefly brand has delivered 20,330 vehicles [1]

Overall Analysis - The total delivery of passenger cars reached 524,000 units from August 25 to August 31, representing a month-on-month increase of 9.47%. New energy vehicles accounted for 289,000 units, with a month-on-month growth of 8.11%, resulting in a penetration rate of 55.21%. The overall delivery across brands showed significant improvement, with the top eight brands each delivering over 10,000 units, indicating a clear trend of end-of-month push for sales. The upcoming Chengdu Auto Show is expected to boost the new energy vehicle market in September with the introduction of new products [1]. Brand-Specific Analysis - **BYD**: The Ocean and Dynasty series delivered 69,400 units this week, with the two series accounting for 92.1% of total sales. The company has adjusted its annual sales target from 5.5 million to 4.6 million, indicating pressure to break through in higher-end segments. The delivery of the Haiyan 06 EV+DMI reached 6,700 units, an increase of nearly 1,000 units compared to the previous week [3][4][5]. - **Geely**: Total deliveries reached 37,000 units, the highest in the past five weeks. The Lynk & Co brand has improved its smart driving and cockpit capabilities, with the Lynk 900 model delivering 1,600 units. The Lynk 08 EM-P has maintained good sales since its launch, with weekly deliveries around 1,000 units [6][7]. - **Li Auto**: The company delivered 8,400 units this week, a significant increase of nearly 3,000 units compared to the previous week, driven by the ramp-up of i8 deliveries and increased sales of the MEGA model [8]. - **NIO**: The ET5T model saw deliveries of 1,280 units this week, while the ES6 and ET5 models also showed stable performance [9]. - **Xpeng**: The company delivered 8,400 units this week, with the new P7 model delivering 380 units in just four days, indicating a stable performance [10]. Market Trends - The penetration rate of new energy vehicles remains stable between 55% and 57%, while traditional fuel vehicles continue to struggle [1]. - The introduction of new models and upgrades from various brands is expected to enhance competition and drive sales in the upcoming months [6][7]. Supply Chain Insights - BYD is focusing on balancing performance and cost in its battery cell procurement strategy, while CATL is experiencing growth in the energy storage market, which is outpacing the growth in the power battery sector [13].

Core Insights - Domestic automakers in China reported record delivery numbers for August 2025, with several companies achieving significant year-on-year growth in electric vehicle sales [1][5][11][12][13][16][17][18][19][20] Group 1: BYD - BYD's electric vehicle sales reached 373,626 units in August 2025, a decrease from 373,100 units in the same month last year, but cumulative sales for the first eight months of 2025 increased by 23% to 2.864 million units [1] - In August, BYD exported a total of 80,813 electric vehicles [1] Group 2: Geely - Geely's total vehicle sales for August 2025 were 250,200 units, marking a 38% increase year-on-year [5] - Pure electric vehicle sales reached 93,400 units, up 98% year-on-year, while plug-in hybrid vehicle sales were 54,000 units, up 90% [5] - Geely's new energy vehicle sales exceeded 147,000 units in August, with cumulative sales surpassing one million units for the year [5] Group 3: SAIC Motor - SAIC Motor reported electric vehicle sales of 129,800 units in August 2025, a year-on-year increase of 49.89% [11] - The total vehicle production for August was 376,900 units, up 44.05% year-on-year, with cumulative production for the year reaching 2.8346 million units, a 22.58% increase [11] Group 4: Great Wall Motors - Great Wall Motors sold 115,600 vehicles in August 2025, a 22% increase year-on-year, with electric vehicle sales at 37,500 units [12] - Cumulative vehicle sales for the year are approximately 790,000 units, reflecting a 5.94% increase [12] Group 5: Leap Motor - Leap Motor delivered 57,066 vehicles in August 2025, achieving over 88% year-on-year growth [13] Group 6: NIO - NIO delivered 31,305 vehicles in August 2025, a 55.2% increase year-on-year, with cumulative deliveries reaching 838,000 units [13] - The August deliveries included 10,525 high-end smart electric vehicles and 16,434 family smart electric vehicles [13] Group 7: Xpeng Motors - Xpeng Motors delivered 37,709 smart electric vehicles in August 2025, a 169% year-on-year increase, setting a new monthly delivery record [16] - Cumulative deliveries for the first eight months of 2025 reached 271,615 units, up 252% from the previous year [16] Group 8: Li Auto - Li Auto delivered 28,529 new vehicles in August 2025, with a total cumulative delivery of 1,397,070 vehicles [17] - The CEO expressed confidence in achieving sales targets for new electric SUV models [17] Group 9: Xiaomi Auto - Xiaomi Auto continued to deliver over 30,000 vehicles in August 2025, with plans to expand its retail presence [18] Group 10: Lantu Motors - Lantu Motors delivered 13,505 vehicles in August 2025, marking a 119% year-on-year increase [19] Group 11: Harmony Auto - Harmony Auto reported total new vehicle deliveries of 44,579 in August 2025, with cumulative deliveries surpassing 900,000 units [20]

Core Insights - Li Auto announced updated delivery timelines for its Li i8 model, with first deliveries starting on August 20 and a target of over 8,000 units by the end of September [1] - The company aims to challenge a delivery goal of 10,000 units before the National Day holiday, indicating strong demand and production capabilities [1] - Following a price adjustment, the daily order volume for the Li i8 has significantly increased, with optimistic sales forecasts from analysts [2] Group 1 - Li Auto updated the expected delivery time for the Li i8 on its official platforms, allowing confirmed customers to check the latest delivery information via the app [1] - The first batch of Li i8 deliveries is set to begin on August 20, with a commitment to exceed 8,000 units by the end of September [1] - Customers have reported changes in their delivery timelines, with some seeing their expected delivery time reduced to as little as 1-3 weeks [1] Group 2 - The Li i8 was officially launched on July 29, receiving approximately 3,000-5,000 pre-orders within the first 24 hours [1] - Following a configuration adjustment and price reduction from 369,800 to 339,800 yuan, the daily order volume has seen a notable increase [2] - Goldman Sachs maintains a positive outlook, predicting monthly sales for the Li i8 could reach 6,000 units [2]

Group 1: Sales Performance - Hongmeng Zhixing achieved a total sales volume of 47,752 vehicles by July 2025, maintaining the top position among new force brands for 10 consecutive weeks, with a total transaction amount of 18.6 billion yuan in July [1] - Aito series delivered 40,753 vehicles in July, while the Aito S800 model surpassed 8,000 pre-orders within 50 days of its launch [3] - NIO delivered 21,017 vehicles in July 2025, with a year-to-date growth of 25.2%, totaling 806,731 vehicles delivered to date [5] - XPeng Motors reported a record monthly delivery of 36,717 vehicles in July, marking a year-on-year increase of 229% and a cumulative delivery of 233,906 vehicles in the first seven months of 2025 [7] - Xiaomi Motors announced a delivery volume exceeding 30,000 vehicles in July 2025 [11] - Leap Motor achieved a total delivery of 50,129 vehicles in July, representing a year-on-year growth of over 126% [13] - Zhiji Auto reported a delivery volume of 7,027 vehicles in July [15] - Zeekr Technology recorded sales of 44,200 vehicles in July, with a year-on-year growth of 20% and a month-on-month growth of 3% [16] Group 2: New Model Launches - SAIC Group announced the upcoming launch of the first model in collaboration with Huawei, the Shangjie H5, set to debut in September, featuring the HUAWEI ADS 4 driver assistance system [5]