Core Viewpoint - NIO's Q2 2025 financial report reveals significant challenges, but the strong sales of the L90 and the pre-sale success of the new ES8 provide a glimmer of hope for the company's future [1][4]. Financial Performance - As of June 30, 2025, NIO's cash and cash equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB 27.2 billion [5]. - The company reported an operating loss of RMB 4.9089 billion for Q2 2025, with a net loss of RMB 4.9948 billion, and an adjusted net loss of RMB 4.1267 billion [7]. - Operating expenses included R&D costs of RMB 3.007 billion, down 6.6% year-over-year and 5.5% quarter-over-quarter, while selling, general, and administrative expenses rose 5.5% year-over-year but fell 9.9% quarter-over-quarter [8]. Delivery and Production Guidance - NIO delivered 72,056 vehicles in Q2 2025, marking a 25.6% year-over-year increase and a 71.2% quarter-over-quarter increase [10]. - For Q3, the delivery guidance is between 87,000 and 91,000 vehicles, representing a year-over-year growth of 40.7% to 47.1% [10]. - The company aims for a monthly delivery target of 50,000 vehicles in Q4, with total deliveries exceeding 150,000 for the quarter [10][11]. Gross Margin and Profitability - NIO's gross margin for Q2 2025 was 10.0%, an increase from 9.7% year-over-year and 7.6% quarter-over-quarter [14]. - The long-term goal is to achieve a 20% overall gross margin, with specific targets for different brands: 25% for NIO, over 15% for the Lido brand, and around 10% for the Firefly brand [14]. - The company expects to reach breakeven with a gross margin of 16%-17% by Q4 [14]. Future Product Plans - NIO plans to maintain quarterly R&D expenses between RMB 2 billion and 2.5 billion in 2026, significantly lower than previous levels [15]. - Upcoming product launches include the Lido L80 and two large SUVs, the ES9 and the five-seat SUV ES7, indicating a strategic shift in response to competitive pressures [15].

人民财讯9月1日电，据鸿蒙智行消息，8月，鸿蒙智行延续强劲的增长势能，8月交付新车44579辆，全 系累计交付突破90万辆。 ...

此外，演员郭涛携妻子和女儿一同现身乐道展台。蔚来汽车联合创始人秦力洪在现场向郭涛一家交付了 乐道L90第10000台车辆。 从去年9月至今年8月的交付数据来看，乐道汽车交付量整体呈波动上升趋势。去年9月交付832辆，随后 逐步爬升。今年年初略有回落，2月交付4,049辆，3月起逐步回升，7月交付5,976辆，8月实现显著增 长。 凤凰网科技讯 8月29日，2025成都车展正式开幕。乐道汽车公布最新交付数据，今年8月品牌交付量创 新高。 ...

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].

瑞银发布研报，重申对 特斯拉的"卖出"评级，目标价为215美元。瑞银预计特斯拉将于7月2日公布2025 年第二季度交付数据，Q2交付量约为36.6万辆，同比下降18%，环比增长9%，但仍比市场预期低10%。 ...

6月1日，雷军发布微博称，2025年5月小米su7交付量超28000台。我们正在全力为小米yu7大规模量 产做准备，预计7月份量产。此外，雷军还表示，刚学会一句莫言名言：诋毁，本身就是一种仰 望。 对此，不少网友解读为对余承东言论的隔空回应，相关话题冲上微博热搜。 来源：第一财经 端午送好礼 为感恩每一位关注与支持新华网财经的朋友，我们精心筹备了端午惊喜福利！ 参与方式超简单：关注新华网财经微信公众号，并在本篇文章下方的评论区留言。我 们将选取前两位留言的幸运儿，送上极具特色的「夏午唱游 蜀韵山河」端午风物礼 盒！先到先得哦！每位朋友仅可领取一份，可别错过啦～ 如果这次与福利擦肩也别遗憾！端午假期期间，我们将在每日的推送中持续派送礼 盒。快把我们设为星标，不错过每一份好运！ 「夏午唱游 蜀韵山河」端午礼盒 据《证券时报》此前报道，在本届未来汽车先行者大会上，余承东称："大家看到，从其他行业来的这 个公司只做一款车就卖爆了。虽然它的产品可能不是那么好，但卖得很爆"，余承东意有所指，"无论它 的质量，甚至它的智驾能力都很……"。 余承东说，正是因为这家企业有强大的品牌能力、流量能力，所以一个产品就能打爆。"我们做 ...