2025年11月理想交付33181，其中增程18984，纯电14197。L6789分别为9434/5212/2130/2208，i6i8MEGA分别为6798/6719/680。 | 2025年11月14日 晚点说 | i6首销期毛利率约10% 详见 | 平替时代：一家车企、 | | --- | --- | --- | | 一个行业如何被自己的成功困住 | | | | | 总交付 | | 纯电 | L6 | IL7 | Г8 | La i6 | 18 | | MEGA | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年11月 | 33181 | 18984 | 14197 | 9434 | 5212 | 2130 | 2208 | 6798 | 6719 | 680 | | 2025年10月 | 31767 | 18340 | 13427 | 9680 | 4347 | 2183 | 2130 | 5775 | 5749 | 1903 | | 2025年9月 | 33951 | 24554 | 9397 | ...

Core Viewpoint - Leap Motor is advancing its battery project with the approval of the "Zhongling New Energy Power Battery Intelligent Manufacturing Base Project," indicating a strategic move to stabilize battery supply and anchor battery technology development [3][4]. Group 1: Project Details - The project is being constructed by Zhongling New Energy Technology (Zhejiang) Co., Ltd., with a total investment of 750 million yuan, including 11.565 million yuan for environmental protection [3]. - The planned production line will have an annual capacity of 33.6 GWh for power battery systems [3]. - Zhongling New Energy was established in August 2025, with a registered capital of 1 billion yuan, focusing on battery manufacturing and recycling [3]. Group 2: Financial Performance - In the first half of the year, Leap Motor achieved revenue of 24.25 billion yuan, a year-on-year increase of 174%, with a gross margin of 14.1%, up 13% [4]. - The company became the second new force in car manufacturing in China to achieve positive net profit in the first half of the year [4]. - Leap Motor delivered 221,664 new cars from January to June, leading the sales among new force brands, with a 155.7% increase compared to the same period in 2024 [4]. Group 3: Market Position and Strategy - Leap Motor's proactive approach in battery layout is essential to integrate resources and create cost advantages amid strong power demand [5]. - The company collaborates with multiple battery suppliers, including Guoxuan High-Tech and CATL, which helps stabilize the battery supply chain and mitigate risks associated with chip shortages [5]. - The trend of car manufacturers partnering with battery manufacturers is becoming a primary model for deepening cooperation in the lithium battery industry [6]. Group 4: Industry Trends - Similar to Leap Motor, Li Auto has also formed a joint venture with a battery manufacturer, indicating a shift towards self-research and development in battery technology [7]. - The collaboration between car manufacturers and battery factories is evolving from simple capacity and supply partnerships to more technical discussions, reflecting the increasing importance of technology and control for car manufacturers [8].

Core Viewpoint - The establishment of Shandong Li Xlang Auto Battery Co., Ltd. marks a significant step in the electric vehicle battery sector, with a focus on self-developed battery technology and infrastructure [1][2]. Company Overview - Shandong Li Xlang Auto Battery Co., Ltd. was founded with a registered capital of 300 million yuan, located in Zaozhuang City, Shandong Province [1][2]. - The company is involved in battery manufacturing, sales, new energy technology research and development, and the operation of electric vehicle charging infrastructure [1][2]. Shareholding Structure - The company is jointly owned by Xinwangda Power and Beijing Li Auto, each holding a 50% stake, with a total investment of 150 million yuan from each shareholder [3]. - This partnership emphasizes Li Auto's leadership in battery design, production processes, and material systems, indicating a strong focus on self-research and development [3]. Future Prospects - The self-developed battery products are expected to be integrated into mass-produced vehicles by 2026, showcasing the company's commitment to innovation in the electric vehicle market [3].

Core Viewpoint - The establishment of Shandong Ideal Automotive Battery Co., Ltd. marks a significant collaboration between Ideal Auto and Xiwanda Power, focusing on the production and sales of lithium-ion batteries for electric vehicles, with a registered capital of 300 million RMB [2][3]. Company Overview - Shandong Ideal Automotive Battery Co., Ltd. was officially established on October 13, with a registered capital of 300 million RMB, and its business scope includes battery manufacturing, sales, and research in emerging energy technologies [2]. - The joint venture is owned equally by Xiwanda Power and Beijing Ideal Auto, each holding a 50% stake [2]. Industry Context - The trend of car manufacturers partnering with battery manufacturers is not new, with several major collaborations established between leading automotive companies and battery producers from 2017 to 2023 [4]. - Future prospects indicate that more battery companies may form joint ventures with automotive manufacturers, including international collaborations [5]. Research and Development - Ideal Auto has taken a leading role in the design of battery products, processes, and materials in its collaboration with Xiwanda, referring to it as self-developed batteries [3]. - The R&D team for Ideal Battery consists of approximately 200 members, with regular project reviews conducted by Ideal Auto's president [3].

Core Insights - The article discusses the collaboration between Li Auto and Aisin Wanda, focusing on the establishment of a joint venture for battery production and the development of an open-source vehicle operating system called Star Ring OS [2][3][10]. Group 1: Joint Venture and Collaborations - Li Auto and Aisin Wanda have formed a joint venture named Shandong Li Xiang Auto Battery Co., Ltd., with a registered capital of 300 million yuan, where both companies hold a 50% stake [3][4]. - The joint venture aims to focus on battery manufacturing, sales, and the development of new energy technologies, including electric vehicle charging infrastructure [4][3]. - Aisin Wanda's involvement in the Star Ring OS project will enhance the integration of supply chain and vehicle capabilities, promoting a more open and sustainable automotive software ecosystem [2][10]. Group 2: Market Position and Performance - Aisin Wanda ranks among the top 10 domestic power battery manufacturers, with a reported battery installation volume of 10.21 GWh in the first seven months of 2025, reflecting a year-on-year growth of 40.2% [5][11]. - The company's revenue for the first half of 2025 reached 26.985 billion yuan, a 12.82% increase year-on-year, with the power segment showing a 22.63% growth in revenue [11]. - The battery project with Li Auto is seen as a significant step in Aisin Wanda's strategy, following a similar partnership with Geely, which also focused on battery production in Shandong [4][5]. Group 3: Industry Trends and Future Outlook - The establishment of the joint venture is expected to adjust the current supply chain dynamics in the battery industry, particularly for Li Auto, which currently sources batteries from multiple suppliers, including CATL and Aisin Wanda [8][10]. - The overall battery installation volume in China for the first seven months of 2025 reached 343.52 GWh, with Aisin Wanda's contribution being significant [5][9]. - The collaboration is anticipated to enhance the competitive landscape of the electric vehicle market, as Li Auto aims to introduce self-developed battery products by 2026 [2][10].

Group 1 - The core viewpoint of the article is that Li Auto and Xinwanda are establishing a joint venture to produce lithium-ion batteries for electric vehicles, with a 50:50 investment ratio [2] - The joint venture is named Shandong Li Auto Battery Co., Ltd., and it will focus on manufacturing Li Auto's self-developed battery products, which are expected to be available in vehicles by next year [3] - Li Auto's battery research and development team consists of approximately 200 members, and the company's president, Ma Donghui, closely monitors the project's progress, reviewing it every two weeks [3] Group 2 - Li Auto's known battery suppliers include CATL, Xinwanda, and Hive Energy, with several models of the L-series SUVs utilizing Xinwanda batteries [4] - The establishment of the battery joint venture with Xinwanda legitimizes Li Auto's self-developed battery, referred to as "Li Auto Battery," allowing for branding on the battery nameplate [4]

Group 1 - The core point of the article is the establishment of a joint venture between Li Auto and Aoxin Wanda, focusing on the production and sales of lithium-ion batteries for electric vehicles, with both companies holding a 50% stake [1][4] - The joint venture, named Shandong Li Auto Battery Co., Ltd., will produce Li Auto's self-developed battery products, which are expected to be integrated into vehicles by next year [1][2] - Li Auto's battery research team consists of approximately 200 members, and the company's president, Ma Donghui, closely monitors the progress of the self-developed battery project, reviewing it every two weeks [1][2] Group 2 - Li Auto is focusing on the development of 5C supercharging batteries, investing decisively in various research projects in collaboration with Aoxin Wanda [2] - Each research project is evaluated for costs before significant investments are made, indicating a strategic approach to battery development [2]

Core Viewpoint - Li Auto and A123 Systems have established a joint venture to produce lithium-ion batteries for electric vehicles, with both companies holding a 50% stake in the new entity, Shandong Li Auto Battery Co., Ltd, which is expected to start production next year [1][3][4]. Group 1: Joint Venture Details - The joint venture will focus on the production, manufacturing, and sales of lithium-ion batteries for electric vehicles [1][3]. - Li Auto's final controlling entity is Li Auto Inc., which specializes in the design, research, production, and sales of electric vehicles [3]. - A123 Systems, established in 2014, focuses on the research and manufacturing of new energy batteries [3]. Group 2: Investment and Development - Li Auto initially planned to invest 200 million yuan in A123 Systems but increased the investment to 400 million yuan at the suggestion of CEO Li Xiang [5]. - The battery research team at Li Auto consists of approximately 200 members, with a strong focus on self-developed battery projects, particularly the 5C supercharging battery [4][5]. - Li Auto has increased its procurement share from A123 Systems to 30% in 2023, indicating a growing reliance on this partnership [6]. Group 3: Strategic Partnerships - Li Auto has signed a five-year comprehensive strategic cooperation agreement with CATL, focusing on battery safety and ultra-fast charging technology [7][8]. - The partnership with CATL aims to enhance battery technology innovation and expand both companies' business globally [8][10]. - As of now, Li Auto has delivered over 1 million vehicles equipped with CATL batteries, with no reported thermal runaway incidents due to battery issues [10].

Core Viewpoint - The lithium battery industry chain is evolving alongside the competition among automotive companies, leading to a reshuffling of market shares and opportunities for both established and emerging players in the electric vehicle (EV) sector [6][7]. Group 1: Market Performance and Trends - From January to August, the top fifteen groups in the new energy vehicle (NEV) sector sold a total of 9.146 million units, representing a year-on-year growth of 39% and accounting for 95.1% of total NEV sales, an increase of 1.5 percentage points compared to the previous year [3]. - The market concentration among the top three NEV companies has increased, but there is a warning sign as their market share peaked at 54.9% in February and has been declining monthly since then [7][8]. - The market concentration of the top five NEV companies decreased from 66% last year to 63.7%, while the top ten's concentration fell from 85.6% to 83.3% [9]. Group 2: Battery Industry Dynamics - The cumulative installed capacity of power batteries in China reached 417.9 GWh from January to August, with a year-on-year growth of 43.1%. The top two, five, and ten battery manufacturers accounted for 65.4%, 81.8%, and 94.4% of the total installed capacity, respectively, with a slight decrease in market share compared to the previous year [5]. - BYD's sales from January to August reached 2.864 million units, a year-on-year increase of 23.1%, with significant export growth of 81,000 units, a 150% increase [8]. - The battery supplier to Geely, Jiyao Tongxing, entered the top ten in power battery installed capacity with 8.21 GWh, representing 1.97% of the market, an increase of 0.66 percentage points year-on-year [8]. Group 3: Emerging Competitors and Opportunities - New entrants like Leap Motor and Xiaopeng have shown remarkable growth, with sales increasing by 140.4% and 251.8% year-on-year, respectively [11]. - Leap Motor's cumulative deliveries reached 328,900 units, with a revenue of 24.249 billion yuan in the first half of the year, a 174% increase year-on-year, marking its first half-year profit [12]. - Non-leading battery manufacturers are finding opportunities in their ability to respond quickly and provide customized services, as seen with Guoxuan High-Tech's collaboration with Volkswagen [17]. Group 4: Commercial Vehicle Market Potential - The domestic sales of new energy commercial vehicles accounted for 23% of total commercial vehicle sales, a significant increase from 15.1% the previous year, indicating substantial growth potential in this segment [18][19]. - Companies like Yuanhang Jinkui and Ruipu Lanjun are capitalizing on the trend of electrification in commercial vehicles, with significant market shares in the heavy-duty truck battery sector [18].

Core Viewpoint - NIO is set to supply batteries to McLaren, utilizing its self-developed 4680 large cylindrical battery cells, with small-scale production expected to begin next year for use in McLaren's hybrid models [1][5]. Group 1: Partnership and Investment - CYVN Holdings, an Abu Dhabi government fund, completed its acquisition of McLaren and plans to integrate its UK operations, which includes managing McLaren's core business and its investments in electric vehicle startups [3]. - CYVN has invested a total of $3.3 billion (approximately 237.1 billion RMB) in NIO, becoming its largest shareholder with about 20.1% ownership [5]. - The partnership between NIO and McLaren is expected to benefit from CYVN's strategic investment, providing access to advanced technologies and expertise in electrification [5]. Group 2: Battery Development - The new 4680 cylindrical battery will be a novel project for NIO, with specifications similar to Tesla's solutions, and is expected to have a capacity of 10 kWh for McLaren's hybrid models [5]. - NIO's battery research department has seen a significant reduction in projects and personnel, with a 40% workforce cut, leading to the shelving of plans for self-developed battery cells for its flagship models [7][8]. - Despite the downsizing, NIO has not completely abandoned its self-developed battery initiatives, as evidenced by the launch of its first model under the Firefly brand equipped with its own battery pack [8].