作者丨彭鑫 编辑丨安安 10月1日，零跑汽车发布9月交付数据。9月全系交付再创新高，达66657台，同比增长超97%，月销量首 次突破6万台。 ...

Overall Analysis - The penetration rate of new energy vehicles has surpassed 60%, with total passenger car sales reaching 459,000 units, a week-on-week increase of 24.78%, and new energy vehicle sales at 272,000 units, a week-on-week increase of 22.86% [1] Brand Analysis - BYD has shown significant progress with the Fangcheng Leopard Ti 7, delivering nearly 1,300 units. Overall, BYD's Dynasty and Ocean series sold 64,670 units, with additional sales from other models [3] - NIO delivered 6,100 units this week and has recently increased capital to support fourth-quarter production capacity and battery swapping [6] - Li Auto delivered 8,000 units this week, with the Li L6 model showing strong performance [6] - Xpeng delivered 8,100 units, with a notable drop in new P7 deliveries but an increase in orders for P7+ and G7 models [6][7] - Xiaomi's deliveries approached 10,000 units, with the second-phase factory partially operational [9] Model Performance - The sales performance of various models from BYD, NIO, Li Auto, Xpeng, and Xiaomi has been detailed, showing fluctuations in weekly deliveries across different models [4][5][6][8][9] - Specific models like the BYD Qin PLUS DM-i and the Xpeng MONA M03 have shown varying sales figures, indicating competitive dynamics in the market [4][8] Market Trends - The overall market for new energy vehicles is experiencing growth, with brands like BYD and Xpeng leading in sales, while NIO and Li Auto are also making significant contributions [1][6][7] - The industry is witnessing a shift towards increased production capacity and efficiency, as seen in Xiaomi's factory expansion and NIO's capital increase [6][9]

Core Viewpoint - NIO's Q2 2025 financial report shows significant growth in vehicle deliveries and revenue, indicating a strong performance in the electric vehicle market [1][4]. Group 1: Q2 Financial Performance - In Q2 2025, NIO delivered 72,056 vehicles, representing a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [1]. - The revenue for Q2 2025 reached 19.01 billion yuan, marking a year-on-year growth of 9.0% and a quarter-on-quarter growth of 57.9% [1]. - The comprehensive gross margin for Q2 2025 was 10%, showing a significant improvement compared to previous quarters [1]. - NIO's cash reserves stood at 27.2 billion yuan at the end of Q2 2025 [1]. Group 2: Q3 Guidance - For Q3 2025, NIO has provided a delivery guidance of 87,000 to 91,000 vehicles, which translates to a year-on-year growth of 40.7% to 47.1% [1]. - The revenue guidance for Q3 2025 is projected to be between 21.81 billion yuan and 22.88 billion yuan, both figures representing historical highs for the company [1]. Group 3: August Delivery Performance - In August 2025, NIO delivered 31,305 vehicles, achieving a year-on-year increase of 55.2%, setting a new historical record [4]. - Cumulative vehicle deliveries reached 838,036 units, with the NIO brand accounting for 748,448 units [4]. - The L90 model from the Lada brand achieved a remarkable milestone by delivering 10,575 units in its first month, making it the fastest model in NIO's history to surpass 10,000 units [4].

Core Viewpoint - The electric vehicle market in China is experiencing significant growth, with various companies reporting record delivery numbers for August 2023, indicating a strong demand for electric vehicles and a competitive landscape among manufacturers [1][2][4]. Company Performance - Leap Motor achieved a delivery of 57,066 vehicles in August, marking a year-on-year increase of over 88% and a cumulative delivery of 328,859 vehicles from January to August, up 136.4% [1][4]. - XPeng Motors delivered 37,709 vehicles in August, a year-on-year increase of 168.7%, with a total of 271,615 vehicles delivered from January to August, reflecting a 330% growth [4][6]. - NIO delivered 31,305 vehicles in August, a 55.2% increase year-on-year, with cumulative deliveries reaching 838,036 vehicles [6][8]. - Xiaomi Motors surpassed 30,000 deliveries in August for the second time since its launch, and plans to expand its retail presence with new stores [6][8]. - Li Auto reported 28,529 deliveries in August, with a total of 1,397,070 vehicles delivered by the end of August 2023 [6][7]. Market Trends - The overall retail sales of narrow passenger vehicles in August were approximately 1.94 million units, reflecting a month-on-month increase of 6.2% and a year-on-year increase of 2.0% [10][11]. - The penetration rate of narrow new energy passenger vehicles is estimated to be 56.7%, indicating a growing acceptance of electric vehicles among consumers [10][11]. - The market is expected to perform better in September, traditionally a peak season, supported by government subsidies and a reduction in consumer hesitation [11].

Core Insights - In August, various new energy vehicle brands reported significant delivery numbers, with Leap Motor leading the pack with a record delivery of 57,066 vehicles, marking a year-on-year increase of over 88% [1][2] - The overall trend indicates a robust growth in the new energy vehicle sector, with several companies achieving record monthly deliveries and substantial year-to-date growth [1][5] Company Performance - Leap Motor delivered 57,066 vehicles in August, with a total of 328,859 vehicles delivered from January to August, reflecting a year-on-year growth of 136.4% [1][2] - Xpeng Motors followed closely with 37,709 vehicles delivered in August, a year-on-year increase of 168.7%, and a total of 271,615 vehicles delivered year-to-date, up 330% [2][5] - NIO delivered 31,305 vehicles in August, a 55.2% increase year-on-year, with cumulative deliveries reaching 838,036 vehicles [5][6] - Xiaomi Motors achieved over 30,000 deliveries in August, marking its second month surpassing this figure since starting deliveries [5] - Li Auto delivered 28,529 vehicles in August, with a total of 1,397,070 vehicles delivered to date [5][6] - Zeekr reported sales of 44,843 vehicles in August, a year-on-year increase of 11% [11] Market Trends - The overall retail sales of narrow passenger vehicles in August were approximately 1.94 million units, reflecting a month-on-month increase of 6.2% and a year-on-year increase of 2.0% [12] - The penetration rate of narrow new energy passenger vehicles reached 56.7%, with an estimated 1.1 million units sold [12] - The market is expected to perform better in September, driven by government subsidies and local purchase incentives, indicating a potential recovery in consumer sentiment [13]

Group 1 - In August, the company delivered 31,305 new vehicles, representing a year-on-year increase of 55.2%, setting a historical record [2] - Cumulative deliveries reached 838,036 vehicles, with the NIO brand accounting for 748,448 vehicles, the Ladao brand for 75,033 vehicles, and the Firefly brand for 14,555 vehicles [2] - The Ladao L90 model achieved a delivery of 10,575 units in its first month, marking the fastest sales of any model in the company's history [2] Group 2 - The new ES8 model is currently being showcased at the Chengdu Auto Show and nationwide stores, with a starting pre-sale price of 416,800 yuan, utilizing a BaaS battery rental model starting at 308,800 yuan [2] - From August 29 to October 12, the G318 Sichuan-Tibet battery swap route offers unlimited free battery swap services to all NIO and Ladao users, covering both electricity and service fees (excluding operational vehicles) [2]

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].