Core Viewpoint - In September, the sales of new energy vehicles reached approximately 1.25 million units, achieving a penetration rate of 58.1%, marking a historical high for the industry [1]. Group 1: Industry Performance - Most car manufacturers set delivery records in September, with significant year-on-year and month-on-month increases, benefiting from the traditional peak sales period [1]. - The new energy vehicle market is experiencing robust growth, with a notable increase in sales figures across various brands [1]. Group 2: Company-Specific Insights - BYD delivered 396,270 units in September, a 6.1% increase from August [2]. - Xiaomi's delivery exceeded 40,000 units for the first time, marking a significant milestone for the brand [2][3]. - Xiaomi currently has the highest number of outstanding orders among new energy vehicle brands, with an estimated backlog of at least 320,000 vehicles due to production capacity constraints [5][7]. - The company’s monthly new orders are approximately 60,000, suggesting a stable production capacity of around 60,000 units per month [9].

伴随重磅新车陆续发布完毕，新势力们到了比拼产能的关键赛点，是否能跨过交付难关，直接左右着新 势力今年的成绩单表现。蔚来CEO李斌此前在NIO Day后的采访环节透露，乐道L90的产能将在10月达 到1.5万台，而ES8将在12月达到这个数字。小鹏汽车CEO何小鹏曾在今年8月小鹏P7开卖时立下军令 状："P7的目标是同级轿车前三，小鹏实际上就是奔着前三去准备产能的。" 9月26日，目前理想汽车旗下最小的一款纯电车型理想i6正式上市。i6全系只有一款车型、一个价格， 售价24.98万元。10月31日前为首销期，新车于9月27日起开始交付。 三个月销量承压后，理想i6是理想背水一战的纯电产品。为此，理想拿出了满满的诚意。首销期内，理 想i6直减1万元，价格为23.98万元，还标配后驱、空悬、VLA和冰箱，续航为720km。 空间方面，理想i6长4.95米，轴距3米，远超特斯拉Model Y，后者长4.8米，轴距2.98米。但在价格上， 理想i6比Model Y便宜1.37万元。 在i6的发布上，理想采取了一种新型的发布方式——跳过小订阶段，直接上市发布，用户有7天的时间 决定是否锁单。一位理想内部的员工告诉21世纪 ...

Core Viewpoint - Xiaomi is facing backlash from car owners due to aggressive demands for payment of remaining balances before vehicle delivery, leading to a decline in customer trust and potential reputational damage [3][17][24]. Group 1: Customer Experience and Reactions - Multiple car owners reported being pressured to pay the remaining balance within seven days, despite the vehicles not being delivered yet, causing frustration and anger among customers [3][21]. - Affected customers expressed feelings of betrayal, stating that they were treated like "scalpers" despite being loyal fans of the brand [23][24]. - The situation has led to a significant decline in customer trust, with some long-time fans expressing disappointment and considering leaving the brand [24][28]. Group 2: Company Policies and Justifications - Xiaomi has implemented a policy requiring early payment in two specific scenarios: when a customer wishes to delay delivery or when there is a perceived high likelihood of the customer not picking up the vehicle [7][10]. - The company claims that these measures are necessary to prevent order cancellations and to manage production schedules effectively [7][10][25]. - Legal experts suggest that while Xiaomi's policies may be legally defensible, they could still face challenges regarding customer rights and obligations under consumer protection laws [9][24]. Group 3: Market Position and Competition - Despite the controversies, Xiaomi's vehicle delivery numbers have been impressive, with 311,700 units delivered within 15 months, significantly faster than competitors like NIO [3][25]. - However, the company is now facing increased competition from other brands, which may capitalize on Xiaomi's current challenges and customer dissatisfaction [25][28]. - The need for expanded production capacity is urgent, as delays in delivery could lead to further customer attrition and loss of market share [25][27].

Core Insights - Xiaomi has achieved significant milestones in its automotive venture, delivering 100,000 vehicles within the first seven and a half months and reaching 300,000 deliveries in just 15 months since launch [1][3][5] - The average selling price of Xiaomi vehicles is over 230,000, leading to revenue exceeding 70 billion within the first 15 months [3][5] - Xiaomi's market capitalization has surged from approximately 380 billion HKD to 1.5 trillion HKD, marking a nearly 300% increase and positioning it as the third-largest automaker globally, behind Tesla and Toyota [5] Delivery Milestones - Xiaomi's first batch of vehicle deliveries began on April 3, 2024, achieving 100,000 deliveries in 7.5 months [1] - The company reached 200,000 deliveries in just 4 months, achieving this milestone by March 2025 [1] - The latest report indicates that Xiaomi delivered 300,000 vehicles within 15 months, with the last 100,000 deliveries also taking only 4 months [3] Financial Performance - The average price of Xiaomi vehicles is reported to be over 230,000, leading to total revenue exceeding 700 billion within the first 15 months [3] - The company's market capitalization has increased significantly, from 380 billion HKD to 1.5 trillion HKD, reflecting a growth of 1.1 trillion HKD [5] Market Position - Xiaomi is now the third-largest automaker in the world, surpassing competitors like BYD, Ferrari, and Porsche [5] - The company has launched a new SUV model, YU7, which is reportedly more popular than its predecessor, SU7, indicating potential for increased revenue [7] Production Capacity Challenges - The main limitation for Xiaomi's automotive growth is production capacity, which is more complex to scale compared to smartphone production [9] - Initial conservative delivery targets for 2025 were set at 350,000 vehicles, which now appear too low given current demand [9] - Customers are experiencing long wait times, with some waiting over a year for vehicle delivery, highlighting the urgent need for Xiaomi to address production capacity issues [9]