● 龚梦泽 熊永红 7月11日，在乐道L90产品技术发布会后，蔚来创始人、董事长兼CEO李斌，蔚来联合创始人、总裁秦 力洪，蔚来高级副总裁、乐道汽车总裁沈斐一同接受了媒体群访。李斌表示，支撑乐道L90盈利性的首 要驱动力，来自蔚来在技术和规模效应驱动下的降本能力，"乐道的考核目标是实现经营利润，而非仅 仅追求销量。" 看好纯电路线 对当前市场热议的增程式技术路线，李斌表示："随着增程车电池越做越大，车内的油箱一年可能只用 一两次，用户每天实际上是在背着几百公斤的无效重量行驶在道路上。"在他看来，这不仅不符合经济 效益，也偏离了环保初衷。 据李斌介绍，支撑L90盈利性的首要驱动力，来自蔚来在技术和规模效应驱动下的降本能力。L90全系 搭载900V高压架构，这不仅提升了效能，也显著降低了线束用量。同时，通过应用蔚来自研的SiC功率 模块、高度集成化的热管理模块等关键技术整合设计，在保障性能的同时有效地降低了整车物料成本。 电池租赁模式成为另一关键环节。该模式通过将车电分离，一次性拉低了用户的购车门槛。蔚来通过长 期运营电池资产，在电池生命周期内实现价值最大化，创造增量收益。此外，与蔚来品牌平台共享驱动 电机，座椅 ...

松下控股2024年冻结了继堪萨斯工厂之后的美国第三个生产基地的计划。第3工厂曾考虑将 俄克拉何马州等作为候选地。电池业务受到了市场停滞不前的影响，原定2030年度实现逾3 万亿日元营业收入的目标的达成时期也将推迟。 围绕纯电动汽车电池，受市场失速影响，各家企业正在调整生产计划。在日本国内，日产汽 车放弃在北九州市建设电池工厂，丰田也决定推迟在福冈县规划的工厂建设。 松下控股在美国堪萨斯州的电池工厂（照片为2024年6月） 松下要调整在美国堪萨斯州新建的EV电池工厂的生产计划，该工厂是继内华达州工厂之后的美国第2座 大规模电池工厂，原本力争2026年度末实现约30吉瓦时产能的满负荷生产，但这一计划将推迟。主要客 户美国特斯拉销售低迷…… 日本经济新闻（中文版：日经中文网）7月11日获悉，松下控股公司（HD）要调整在美国堪 萨斯州新建的纯电动汽车（EV）电池工厂的生产计划。原本力争2026年度末实现约30吉瓦 时产能的满负荷生产，但这一计划将推迟。作为主要客户的美国特斯拉销售低迷，而且美国 总统特朗普对纯电动汽车的普及持消极态度。松下因市场环境前景不透明而变更计划。 堪萨斯工厂投资约40亿美元，由松下的电池子公司 ...

交银国际研究 消息快报 蔚来汽车 (9866 HK) L90 预售价超预期，重申关注边际改善迎来的反弹机会 2025 年 7 月 10 日，蔚来子品牌乐道旗下第二款车型——乐道 L90 正式开启预 售。乐道 L90 定位家庭纯电大三排 SUV，具備高性价比、出色的空间表现、强 劲的动力性能以及丰富的智能化配置。乐道 L90 整车购买预售价为 27.99 万元 （人民币，下同）起超预期，采用电池租用服务（BaaS）后更是低至 19.39 万 元起，结合首发 2,000 元订金抵扣 5,000 元车价的优惠，实际 BaaS 预售价仅为 19.09 万元。这一价格在同级别车型中无疑具有极大的竞争力。 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com ~ 陈庆 angus.chan@bocomgroup.com (86) 21 6065 3601 李柳晓, PhD, CFA joyce.li@bocomgroup.com (86) 21 6065 3601 汽车 2025 年 ...

Core Viewpoint - The design of the Li Auto i8, which resembles an MPV, has sparked internal debate, but the focus remains on user value rather than appearance. The priority is to enhance passenger comfort and safety while optimizing aerodynamics and range [1]. Group 1: SUV Evolution - SUVs have evolved from off-road vehicles to urban-centric models, prioritizing comfort, space, and fuel efficiency over traditional off-road capabilities [6][7]. - The original purpose of SUVs was to cater to the needs of urban driving, leading to a shift in design that often sacrifices true sport utility for aesthetic appeal [6][7]. - The term "Sport Utility Vehicle" has become somewhat misleading, as many modern SUVs lack genuine sport characteristics, focusing instead on utility [7]. Group 2: Electric Vehicle Impact - In the era of electric vehicles, the design and performance of SUVs have improved, with lower centers of gravity enhancing handling and acceleration [9]. - The introduction of models like the Tesla Model X and Model Y has redefined SUV design, making them more practical and sporty compared to traditional SUVs [10][11]. - The i8 is positioned to follow this trend, emphasizing a blend of sportiness and utility that aligns with consumer expectations in the electric vehicle market [12]. Group 3: Consumer Perspective - Consumers should focus on their needs rather than the classification of the vehicle as an SUV or MPV, emphasizing the importance of practicality, aesthetics, and technology in their purchasing decisions [12]. - The automotive industry is experiencing a shift in design and functionality due to the transition to electric vehicles, which may initially seem unfamiliar but can become appealing over time [12][13]. - Future consumers are likely to appreciate the innovative designs of vehicles like the i8, recognizing their timelessness and relevance in the evolving market [14].

Core Viewpoint - The release of the Li Auto i8 is positioned as a product that redefines the pure electric SUV segment, emphasizing enhanced space utilization and user comfort [1][2]. Group 1: Product Features - The Li Auto i8 utilizes a pure electric architecture that eliminates traditional components like engines and fuel tanks, allowing for increased cabin space, which is crucial for family vehicles [1]. - The design of the i8 aims to significantly improve headroom, legroom, and visibility for passengers in the third row, while also minimizing drag to enhance range and ensuring safety through a robust passive safety structure [2]. Group 2: Market Context - The introduction of the i8 follows the success of the Li Auto L9, which has diversified the SUV market in China, providing consumers with more options across different price segments [2]. - The company encourages rational discussions about new designs and technologies, highlighting the importance of user value over aesthetic debates [2]. Group 3: Brand Philosophy - The company emphasizes a unique design philosophy that aims to create a vehicle that appeals to a wide audience, acknowledging that opinions on design will vary [7].

Group 1 - Toyota's new car sales in China from January to June increased by 6.8% year-on-year, reaching 837,700 units, marking the first time in four years that it surpassed the previous year's performance in the same period [1] - The combined new car sales of Honda and Nissan in China decreased by double digits, with a total decline of 7% to 1.43 million units compared to the same period [1] - Japanese automakers are lagging in the EV and PHV sectors in China, with sales down 40% compared to the recent peak in 2021 [1] Group 2 - FAW Toyota, a joint venture with China's First Automobile Group, saw a sales increase of 16.3% to 377,800 units, while GAC Toyota, in partnership with Guangzhou Automobile Group, grew by 0.6% to 364,200 units [2] - Lexus, the luxury brand, experienced a 1.3% increase in sales, reaching 85,600 units [2] - Honda's new car sales in China from January to June fell by 24.2% to 315,152 units, with the Accord and CR-V remaining strong but other models underperforming [2] Group 3 - Nissan's sales decreased by 17.6% to 279,546 units, with both Honda and Nissan losing market share to Chinese manufacturers [3] - In June alone, Toyota's sales grew by 3.7% to 157,700 units, while Honda's sales dropped by 15.2% to 58,468 units, and Nissan's sales increased by 1.9% to 53,843 units [3]

Group 1 - BMW plans to reintroduce range-extended technology with the iX5 in 2026, expecting a combined range of 1000 km, and will apply this technology to the sixth generation iX3 and seventh generation iX7 models [2][4] - GAC Toyota announced plans to produce range-extended models, including versions of the Highlander and Sienna, while SAIC Volkswagen has introduced the ID.ERA concept car as its first range-extended model [2][5] - The market for range-extended vehicles is experiencing significant growth, with a nearly 50% year-on-year increase in sales, while plug-in hybrid vehicles are showing signs of slowing growth [3][4] Group 2 - The sales of range-extended vehicles have surged, with a reported 111% year-on-year growth in 2023 and an expected 167% increase in 2024, contrasting with the single-digit growth of pure electric and plug-in hybrid vehicles [12][18] - The shift towards range-extended technology is driven by changing consumer preferences, with buyers favoring vehicles that offer both electric and fuel options for flexibility [10][14] - Range-extended vehicles are perceived to have better performance and user experience compared to plug-in hybrids, as they are fully driven by electric motors and alleviate concerns about range anxiety [8][9] Group 3 - The automotive industry is witnessing a strategic pivot towards range-extended technology, with companies like Ideal, Leap Motor, and Aito achieving significant sales growth in this segment [5][13] - The simplicity of range-extended vehicle structures helps reduce manufacturing costs and vehicle weight, enhancing their appeal in the market [9][14] - The introduction of solid-state batteries is anticipated to further enhance the performance and appeal of range-extended vehicles, potentially revolutionizing the market [17][18]

Core Viewpoint - The article discusses the different design philosophies between electric vehicles (EVs) and traditional internal combustion engine (ICE) vehicles, emphasizing that there is no absolute right or wrong in these choices, but they lead to different commercial outcomes in the short, medium, and long term [1]. Group 1: Design Philosophy - The design of Xiaomi's SU7 and YU7 has received positive feedback for its aesthetics, which closely resemble those of traditional ICE vehicles [2]. - Xiaomi prioritizes aesthetics in its design philosophy, aiming for mainstream consumers to find the vehicles visually appealing at first glance [1][2]. - The criticism of Li Auto's MEGA design led to adjustments in the appearance of its i8 and i6 models, indicating a shift towards more conventional aesthetics [1]. Group 2: Financial Performance - Xiaomi has shown strong financial performance over the past 15 months, while Li Auto's financial results have not met earlier expectations, leading to dissatisfaction regarding its design choices [2]. - Public sentiment towards a company's design and decisions often correlates with its financial performance; positive results lead to praise, while negative results lead to criticism [2]. Group 3: Competitive Landscape - Tesla's first-generation EV design has set a standard in the industry for the past decade, focusing on low drag, good handling, low energy consumption, and long range [2][3]. - Li Auto has built upon Tesla's design principles, potentially leading the industry for the next 5-10 years due to the significant user value of its design approach [3]. Group 4: Technical Aspects - Li Auto has not surpassed Tesla in low drag, handling, energy efficiency, or range, as these aspects are largely dictated by physical laws and design choices [4]. - Xiaomi's SU7 MAX is designed to match Tesla's Model 3 Performance in handling, indicating its capability to achieve similar performance levels [5]. - Li Auto's approach to charging infrastructure and design after removing the engine is seen as a competitive advantage, focusing on user experience with fast charging capabilities [5][6]. Group 5: User Value Considerations - Li Auto prioritizes internal space over front trunk space, believing that maximizing internal space will provide greater user value, especially with the future of autonomous driving [6]. - The design choices made by Li Auto reflect a belief that internal space will be more valuable than aesthetic considerations derived from traditional vehicle designs [6].

Core Viewpoint - The launch of the Ledo L90, priced under 300,000 yuan, marks a significant product strength demonstration following the brand's transformation [2][4]. Product Overview - The Ledo L90 is the second model from the Ledo brand and the first after its transformation, aimed at increasing delivery volumes [4]. - The Ledo L90 is a large three-row pure electric SUV, priced significantly lower than competitors, which typically start at over 400,000 yuan [4]. - The vehicle features a spacious design that addresses common issues faced by traditional large SUVs, such as limited luggage space [6]. Safety Features - The Ledo L90 recently underwent a unique crash test, demonstrating its safety capabilities under challenging conditions [7]. - The vehicle's safety performance was confirmed by experts, showcasing a robust structure and excellent occupant protection, particularly for third-row passengers [8]. - Key safety highlights include a high-strength front structure, top-tier materials, and the largest side air curtain protection in its class [8]. Internal Reforms and Delivery Performance - Recent internal reforms have begun to show positive results, with a significant increase in delivery volumes [9]. - Since the adjustments, the workforce has been reduced by 40%, yet delivery volumes increased by over 40% month-on-month in May [10]. - Monthly delivery figures have shown fluctuations, with a cumulative total of 52,600 vehicles delivered by the end of June [11][15]. Management Changes - Leadership changes were made in early April, with a new president appointed to enhance operational efficiency [12]. - The management is now more involved in Ledo's operations, allowing for better resource allocation from the parent company [14].

在轻型汽车方面，比亚迪将本田的N-BOX视为目标。N-BOX在包括普通车在内的日本国内新车销量上 连续3年位居首位。特点是方便上下车的滑动门和较高的车身高度。目前的轻型纯电动汽车只有日产汽 车的"Sakura（樱花）"和三菱汽车的"eK Cross EV"，但这2款车型都不支持滑动门。本田正在开发纯电 动的轻型乘用车，东福寺社长希望率先投放在日本市场畅销的轻型汽车的纯电动车，抢占市场。 比亚迪在中国投放的小型小型纯电动汽车（REUTERS） 比亚迪将于2026年下半年在日本上市该国特有的"轻型汽车"的纯电动车。比亚迪日本法人的社长东福寺 厚树接受采访时说"（车身）正在参考本田的N-BOX等进行开发"。比亚迪希望比日本企业先推出轻型 纯电动汽车，抢占市场…… 中国纯电动汽车（EV）大企业比亚迪（BYD）将于2026年下半年在日本推出"轻型汽车"（日本国内独 有的汽车规格，指符合排量在660cc以下等条件的小型车辆）。比亚迪日本法人的社长东福寺厚树在接 受日本经济新闻采访时，针对轻型纯电动汽车的车身表示，"正在参考本田的N-BOX等进行开发"。将 比日本企业先推出畅销的轻型纯电动汽车，扩大销售。 比亚迪日本法人的 ...