近日，保时捷公布了全新纯电卡宴的内饰细节。新车在车内采用了大面积屏幕，并配备了"迄今为 止保时捷面积最大的显示区域"。 其中包括14.25英寸的全液晶仪表盘、可选的14.9英寸副驾娱乐屏，以及位于中控台的 12.25英寸 曲面OLED "Flow Display"，整合了大部分空调功能。车内仅保留少量实体按键，相比燃油版大 幅减少。 图片来源：保时捷 不同于Taycan的分体式中控屏，纯电卡宴将显示区域整合为一体，视觉效果类似巨型翻盖手机。 屏幕前方设有手托，方便操作屏幕下部与旁侧的按键。中控空调出风口则上移至仪表台顶部。 图片来源：保时捷 在舒适配置上，高配车型新增了前后车门扶手和中控台盖板加热功能。同时，全景玻璃车顶升级为 保时捷迄今最大面积，由九个分区组成，可独立调节透明度，并且前段仍能像传统天窗一样开启。 动力方面，顶配车型配备弹射模式，输出超过1073马力和1500N・m扭矩。 电池采用113kWh锂电池组，能量密度比Taycan提升7%，WLTP标准下续航超过600km。新车支 持400kW快充，电量从10%充至80%仅需约15分钟。同时，11kW无线充电板将于2026年率先 在欧洲推出。 底盘技 ...

乐道品牌方面，L90上市以来持续热销，两个月累计交付21,626台，创纯电大型SUV最快交付纪录，引领家庭大三 排SUV进入纯电时代。乐道L60周年之际迎来再进化，在能耗续航、智能座舱、舒适空间等方面进行优化，加量 不加价。 9月20日，以"生长 Grow with the Light"为主题的NIO Day 2025在杭州举办，全场景科技旗舰SUV全新ES8正式上 市。新车整车购买价格40.68万元起，采用BaaS电池租用方式购买售价29.88万元起，引领高端大三排SUV进入纯 电时代。目前，全新ES8已正式开启全国交付。 10月1日，蔚来汽车公布2025年9月交付数据，单月交付新车34,749台，同比增长64%，创历史新高。其中，蔚来 品牌交付13,728台，乐道品牌交付15,246台，firefly萤火虫品牌交付5,775台。至此，蔚来公司累计交付新车达 872,785台，细分来看，蔚来品牌累计交付762,176台，乐道品牌累计交付90,279台，firefly萤火虫品牌累计交付 20,330台。 firefly萤火虫品牌9月交付再创历史新高，并迎来第20,000台交付里程碑。继首个万台交付达成仅99天 ...

9月，蔚来公司(09866)交付新车34749台，同比增长64%。其中，蔚来品牌交付新车13728台；乐道品牌 交付新车15246台；firefly萤火虫品牌交付新车5775台。截至目前，蔚来公司已累计交付新车872785台。 其中，蔚来品牌累计交付新车762176台；乐道品牌累计交付新车90279台；firefly萤火虫品牌累计交付新 车20330台。 乐道L90上市以来，两个月累计交付21626台，创纯电大型SUV最快交付纪录，引领家庭大三排SUV进 入纯电时代。 firefly萤火虫9月交付再创历史新高，并迎来第20000台交付里程碑。继首个万台交付达成仅99天后，第 二个万台交付以64天的时间完成。 ...

导读：理想i6正是理想汽车当下面临压力的"速效药"。 （文 / 观察者网 周盛明 编辑 / 高莘） "……至于明星代言，我们是不会做的，我坚持认为车主是最好的代言人。"2024年，理想汽车创始人、 董事长兼CEO李想在社交媒体这样表示。 李想曾称不找代言人 社交媒体截图 而"反转"来得很快——在9月26日的理想i6发布会上，理想官宣易烊千玺成为其首位品牌代言人。 这位在Z世代年轻人中拥有极强号召力的明星也在宣传片中驾驶着理想i6，喊出了"理想，就是活成自己 喜欢的样子"这样的广告词。 理想汽车首位品牌代言人易烊千玺 理想汽车 在理想i6的宣传片、宣传海报中，年轻时尚、露营运动的年轻人取代了带娃的父母、出游的大家庭。而 理想i6的发布会也转换风格，李想短暂出现后便将介绍的舞台交给了团队中的年轻人。 这样的转变让人诧异。 回顾历史，从理想ONE开始，理想就以"创造移动的家"为Slogan。瞄准家庭用户，注重空间、注重舒适 性，理想汽车凭借准确的定位和产品定义创造了新势力中的销量奇迹。 回归到本次上市的理想i6——一个以擅长打造"奶爸车"的车企，懂不懂年轻人的心思？而再往下追问， 理想为何在此时瞄准年轻市场？ 理想 ...

恰逢品牌成立十周年，理想汽车在增程领域取得先发优势后，正在加速纯电市场布局。如果说理想 MEGA Home是对纯电MPV的重塑，i8是纯电动SUV系列的试水，那么i6则肩负着走量重任。 9月26日，理想汽车旗下五座SUV——理想i6正式上市，新车全国统一零售价24.98万元，并将于9月27 日起正式开启交付。同时，理想汽车打破以往不请代言人的规定，选择易烊千玺担任品牌首位代言人。 据官方透露，理想i6上市5分钟，已经取得大定破万辆的成绩。 "年轻，就应该去拥有和创造最好的产品。理想汽车要做一个这个世界上没有出现过的全新产品。"理想 汽车董事长兼CEO李想表示，我们希望打造一款五座纯电SUV，就像特斯拉Model Y和小米SU7一样， 是专为年轻人设计的产品，因此理想i6应运而生。 理想i6统一版本售价并不意外，而是理想汽车纯电路线实战校验后的精准落子。回溯两个月前，理想汽 车首款纯电SUV——理想i8上市，仅7天后便取消Pro、Max、Ultra三版本划分，统一售价并调整权益， 这一行业罕见操作的背后是"听劝"。 对于理想i6，李想怀揣着重构豪华车竞争格局的目标。他明确表示，奔驰GLC、宝马X3和奥迪Q5是传 ...

9月26日，理想汽车正式发布新形态五座SUV——理想i6。理想i6全国统一零售价24.98万元，并将于9月27日起正式开启交付。 鲨鱼形态原创设计，越级空间体验 作为新形态SUV，理想i6基于原生纯电架构，致力于用全新设计打破传统SUV造型局限性。理想i6采用一体式鲨鱼形态的原创设计，保证车身侧面简洁无 瑕的同时，带来行业领先的低风阻和低能耗表现。搭配原生双色车身、低窗线和车尾掀背造型设计，让理想i6兼具高级感与运动感。 理想i6车长宽高4950x1935x1655毫米，轴距3000毫米，通过低重心和短前后悬设计，打造超过3.3米超大车内纵向可用空间。理想i6拥有同级领先的座椅舒 适性，全车采用七层材质座椅，标配四座通风、五座加热和前排十点按摩，后排右侧配备皇后座椅。 舒适座椅与越级空间搭配8.8升智能冷暖双用冰箱、21.4英寸3K后舱娱乐屏、铂金音响、侧窗隐私帘等豪华配置，为用户提供多种空间模式。"单人床模 式"下，前排座椅躺倒直接与二排座椅连接，1.83米身高也能轻松平躺，不用床垫也能睡得舒服，搭配座椅加热与按摩功能，用户在车内就能够享受SPA级 按摩体验。"i人空间"功能下，车内侧窗隐私帘打开，同时用户 ...

Core Insights - The launch of the Li Auto i6 marks the company's entry into the mid-large electric SUV market, targeting a price range of 250,000 to 300,000 yuan [1][2] - The i6 features a compact exterior design with spacious interior dimensions, including a length of 4,950 mm, width of 1,935 mm, height of 1,655 mm, and a wheelbase of 3,000 mm [1] - The vehicle is built on an 800V high-voltage platform and offers both rear-wheel drive and all-wheel drive versions, with a new generation 87.3 kWh lithium iron phosphate battery [1] Design and Features - The i6 adopts a family design language with a shark-like front, star ring daytime running lights, and split headlights, enhancing its sporty appearance [1] - Interior features include a dual-screen setup, head-up display, Qualcomm 8295 chip, onboard refrigerator, and a 21-speaker sound system, balancing technology and comfort [1] - The vehicle supports ultra-fast charging, claiming a range of 500 km with just 10 minutes of charging [1] Market Positioning - The introduction of the i6 is seen as a strategic move for Li Auto to penetrate the mainstream electric SUV market, potentially becoming a new growth driver for the brand in the 250,000 yuan segment [2]

Investment Rating - The investment rating for Li Auto has been downgraded to NEUTRAL [2][14]. Core Insights - Li Auto's August sales were under pressure, with 28.5k units sold, down 7.2% month-over-month and 40.7% year-over-year. Cumulative sales from January to August reached 263.2k units, a decline of 8.6% year-over-year. The management emphasized that 2025 is the inaugural year for its pure-electric SUV portfolio, targeting a position within the top five in the premium EV segment [3][11]. - The company launched its first pure-electric SUV, the Li Auto i8, on July 29, and the five-seat i6 is expected to launch and begin deliveries by the end of September. Management aims for stabilized monthly sales of approximately 6k units for the i8 and 9-10k units for the i6, with a combined target of 18-20k units per month for the pure EV portfolio [3][12]. - Near-term sales pressure is attributed to model transitions and the ramp-up of pure electric vehicles, but improvements in deliveries are anticipated in late Q3 and Q4 as new models are released and sales policies are optimized [3][12]. Financial Performance Summary - Revenue forecasts for 2025, 2026, and 2027 have been revised to Rmb130 billion, Rmb168.6 billion, and Rmb203.9 billion, respectively, reflecting cuts of 23%, 25%, and 24%. Net profit attributable to shareholders is projected at Rmb6.4 billion, Rmb9.5 billion, and Rmb12.3 billion for the same years [4][14]. - The gross profit margin is expected to remain stable around 20%, with a projected return on equity (ROE) of 8.3% in 2025, increasing to 12.4% by 2027 [2][9]. Market Strategy and Product Development - Li Auto is focusing on reducing SKU complexity and returning to a single-product strategy reminiscent of the Li ONE and L9 era. The i8 has been streamlined to simplify consumer decision-making and supply chain management [4][13]. - The company is adopting a dual-track approach in autonomous driving chip development, relying on NVIDIA and Horizon solutions in the short term while investing significantly in its in-house M100 chip program for long-term competitiveness [5][13]. Valuation Metrics - The target price for Li Auto is set at HK$99.50, based on a price-to-sales (P/S) ratio of 1.5x for 2025, which corresponds to a price-to-earnings (P/E) ratio of 30.5x for the same year. This represents a 27% downgrade from the previous target price of HK$136.84 [2][14].

Core Insights - BYD's August sales stagnated, with a total of 373,626 units sold, reflecting a year-on-year growth of 0.15% and a month-on-month increase of 8.52% [2][4][6] - The competition among new energy vehicle manufacturers is intensifying, with companies like SAIC and Geely showing significant growth in their electric vehicle sales [6][10] BYD Performance - In August, BYD's total new energy vehicle sales were 373,626 units, with a cumulative total of 2,863,876 units for the year, marking a 23% year-on-year increase [4][6] - BYD's sales have plateaued since April, failing to exceed 380,000 units in the subsequent months [6] - The company's overseas sales peaked in June but have since declined, with August sales at 80,813 units [6] Competitor Analysis - SAIC's new energy vehicle sales reached 129,771 units in August, a year-on-year increase of 49.89% [8][10] - Geely's new energy vehicle sales were 147,400 units in August, showing a remarkable year-on-year growth of 95.20% [10][12] - New entrants like Leap Motor and Xpeng are also gaining traction, with Leap Motor delivering 57,100 units in August, a year-on-year increase of 88.31% [12][13] Trends in New Energy Vehicles - The trend is shifting towards pure electric vehicles, as indicated by the performance of companies like NIO and Xpeng, which have seen significant increases in their electric vehicle deliveries [5][19] - NIO's August deliveries reached 31,300 units, marking a year-on-year increase of 55.16% [14][19] - Xpeng's deliveries also hit a new high of 37,700 units in August, reflecting a year-on-year growth of 168.66% [14][15] Market Dynamics - The market is witnessing a clear shift from range-extended vehicles to pure electric models, as consumer preferences evolve and infrastructure improves [19][20] - Ideal Auto's deliveries fell to 28,500 units in August, a decline of 40.72% year-on-year, highlighting the challenges faced by companies focusing on range-extended models [20]

Core Viewpoint - BYD's August sales stagnated, while competitors like SAIC and Geely are rapidly increasing their electric vehicle sales, highlighting a shift towards pure electric models in the industry [2][6][8]. Sales Performance - In August, BYD's new energy vehicle sales reached 373,626 units, a year-on-year increase of 0.15% and a month-on-month increase of 8.52% [4][5]. - BYD's cumulative sales for the first eight months of 2025 were 2,863,876 units, reflecting a 23% year-on-year growth [4]. - In contrast, SAIC's new energy vehicle sales reached 129,771 units in August, up 49.89% year-on-year, while Geely's sales surged by 95.20% to 147,347 units [8][11]. New Energy Vehicle Trends - The new energy vehicle market is witnessing a clear trend towards pure electric models, as evidenced by the performance of companies like NIO and Xpeng [5][20]. - NIO's August deliveries reached 31,300 units, marking a 55.16% year-on-year increase, while Xpeng delivered 37,700 units, a 168.66% increase [17][20]. - Li Auto's deliveries fell below 30,000 units for the first time, indicating a shift in consumer preference towards pure electric vehicles [5][25]. Competitive Landscape - Leap Motor led the new car-making forces with 57,100 deliveries in August, reflecting an 88.31% year-on-year increase [15]. - Xpeng and NIO are also seeing significant growth, with both surpassing 30,000 deliveries in August, while Li Auto struggles to maintain its previous momentum [5][20]. - The competitive landscape is intensifying, with companies like Leap Motor and Xpeng focusing on international expansion and new model launches to capture market share [14][15]. Future Outlook - BYD's overseas sales peaked in June but have since declined, indicating potential challenges in maintaining growth in international markets [8]. - The industry is expected to continue evolving towards pure electric vehicles, with advancements in technology and infrastructure reducing consumer concerns about range anxiety [24].