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].

Core Insights - The launch of the Li Auto i6, priced at 249,800 yuan, is seen as a critical move for the company after three months of declining sales, with a promotional price of 239,800 yuan during the initial sales period [1][2] - The i6 has garnered significant attention, with over 100,000 users expressing interest prior to its launch, indicating strong market demand [1][3] - The company aims to deliver 45,000 to 50,000 units of the i6 by the end of the year, with production ramping up in the coming months [2][5] Product Details - The i6 features a range of 720 km, a length of 4.95 meters, and a wheelbase of 3 meters, surpassing the Tesla Model Y in size while being 13,700 yuan cheaper [1][6] - The vehicle comes standard with rear-wheel drive, air suspension, VLA, and a refrigerator [1] Sales Strategy - Li Auto has adopted a new sales strategy by skipping the pre-order phase and allowing customers a 7-day window to decide on their purchase after the launch [1][4] - The company has set a target to sell 9,000 to 10,000 units of the i6 monthly after stabilizing its sales [5][10] Production Capacity - The production plan for the i6 includes 7,000 units available in September, with an increase to 13,000 units in October, and projections of 23,000 and 25,000 units in November and December, respectively [2][5] - The company is facing supply chain challenges but is actively seeking to increase production capacity [2][10] Market Positioning - The decision to focus on the i6 and i8 models reflects a strategic shift in response to market demand, with the company eliminating the i7 model to streamline its offerings [6][10] - The company aims to capture a larger market share in the electric vehicle segment by targeting a broader consumer base with the i6 and i8 [10]

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]