博泰车联于9月30日登陆港交所，成为港股市场首家聚焦智能座舱赛道的上市公司。公司专注于汽车智 能化核心赛道，是中国最早开发智能座舱解决方案的企业之一。与多数侧重硬件组装的同行不同，博泰 车联从起步便构建了"软件+硬件+云端服务"的一体化模式，这种差异化路径使其在行业竞争中迅速建 立技术壁垒。截至2024年12月31日，公司在国内智能座舱和网联服务解决方案供应商中注册发明专利数 量位居第一。 大模型方面，公司与商汤智能科技将联合部署高性能服务器，依托AIDC基础设施及自研AI推理与训练 芯片的算力支撑，结合博泰擎感大模型，从交互界面、主动关怀与安全、个性化互动、场景化智能等多 维度优化座舱体验。通过本地端侧模型（高效处理语音、图像及传感器数据）与云端大模型（提供海量 知识库与持续训练调优）的协同机制，融合沉浸式3D体验与舱驾融合安全中枢等优势，共同构建面向 下一代智能网联汽车的先进超算中心平台与解决方案，实现"芯云一体"能力与汽车产业需求的高效对 接。 人形机器人方面，公司与商汤智能科技将深度融合双方核心优势，共同探索人形机器人前沿领域。依托 商汤智能科技视觉感知算法，为人形机器人构建"大脑"与"视觉系统"；博 ...

特斯拉（NASDAQ: TSLA）周四公布了第三季度的交付数据，成绩确实不错，超出了市场预期。不 过这背后很可能是"透支"效应造成的——美国政府的7500美元购车税收抵免在9月底到期，很多消 费者赶在优惠截止前下单，把原本该在四季度的销量提前到三季度完成。因此，四季度的表现大概 率会明显走弱。 虽然三季度亮眼的交付数据会让特斯拉当季的利润和现金流看起来更好，但整体来看，特斯拉的汽 车业务并没有真正强起来。 三 季 度 交 付 创 纪 录 ， 但 市 场 反 应 平 淡 三季度特斯拉一共交付了49.7万辆车，创下公司历史新高，比分析师预期的44.8万辆高出约 11%。照理说这应该是个好消息，但股价反而下跌了1%到2%。原因可能有两个：一是好消息早就 被市场消化了，二是投资者担心四季度需求下滑。 此外，特斯拉在能源业务上也交出不错的成绩，三季度储能系统部署量达到12.5GWh，同样创下新 高。 三季度特斯拉生产了44.7万辆车，比去年同期少了一些。这可能是公司主动控制产量以去库存。此 前库存积压导致自由现金流表现不佳，适当压低产量、加快销售节奏，可以让现金流和财务报表都 好看一些。 特斯拉的能源业务（二季度约占总 ...

杨青表示，东风汽车正积极推动新能源、智能化跃迁，将与华为持续深化战略协同，共同面对产业变革与市场挑战。 而任正非则强调了一句话：汽车行业的根本是要把车造好，车的最高级别就是安全。 东风汽车董事长杨青赴深圳，与任正非、徐直军等华为高层会谈，双方围绕强化战略互信、深化战略合作、推进企业治理与运营机制创新等议题进行了深入 交流。 在东风后来的说明中，提及两家公司在"行业竞争态势"和"企业机制创新"等方面交换了意见。 这句话确实是直指现在行业问题的根源，汽车不是手机，汽车在路上跑关乎自己和别人的生命安全，由不得从业人员不重视。 安全是大事，不是小事。 华为成功的奥秘说穿了就是其核心价值观，"以客户为中心，以奋斗者为本"，华为长期投入研发也是为了能够持续为客户服务。 企业的根本就是产品，磨好豆腐就是把产品打磨好，给客户更好的体验。华为无论通信设备还是手机等产品，其理念都是一脉相承的。 对于汽车而言，现在竞争激烈，各个品牌都在各出奇招，竞争堪称到了白热化的程度。有的拼速度，有的拼颜色，有的拼装修……五花八门，乱七八糟。 这时候任总强调"安全"，确实是振聋发聩。毕竟人是坐在车皮里的，道路上不管是自己还是别人，其实都面临风险 ...

小鹏汽车董事长、CEO何小鹏 小鹏汽车董事长、CEO何小鹏出席论坛，并在"企业全球化新路径"环节发表主旨演讲。他指出，未来十年希望小鹏汽车销量占比一半来自于海外，收入超过 一半在全球。AI与大型硬件的组合会改变每个人的出行生活，是小鹏正在做的事情。 "5年前，我们是首批小鹏G3发运到欧洲。最初四年，我们的海外拓展节奏较为审慎，覆盖国家数量有限。具体而言，前两年仅进入1个国家，第三年拓展至 4个，第四年增至数个。到今年，我们现在已经进入到46个国家、200多家门店，我们今年可能到60个国家，它是一个先逐步探索到快速前进的过程。"何小 鹏指出，今年小鹏汽车在全球所有的纯电品牌销量是第6名。在欧洲10个主流市场，小鹏汽车的纯电是中国品牌的第四，增长速度非常快。 何小鹏还透露，小鹏汽车为新十年设立了明确目标：致力于成为一家"面向全球的AI汽车公司"。 凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局·新路径"为主题，汇聚全球政商学界精 英，共同洞察变局脉络、探寻发展新机。 ...

Core Viewpoint - Xiaopeng Motors is confident in achieving scale leadership and entering a new phase of self-sustaining profitability, supported by improving financial data, enhanced comprehensive capabilities, and significant progress in global strategy [2] Financial Performance - In Q2 2025, Xiaopeng Motors achieved total revenue of 18.27 billion yuan, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6% [7] - Vehicle sales revenue was 16.88 billion yuan, up 147.6% year-on-year and 17.5% quarter-on-quarter, driven by a significant increase in vehicle deliveries [7] - The company delivered over 103,000 vehicles in Q2, marking a historical high for quarterly deliveries [7] - The automotive gross margin reached 14.3%, an increase of 7.9 percentage points year-on-year, and the overall gross margin was 17.3%, a historical high [8] - Net loss narrowed to 480 million yuan, significantly reduced from 1.28 billion yuan year-on-year and 660 million yuan quarter-on-quarter [8] Market Strategy and Product Development - Xiaopeng Motors plans to launch multiple new models in 2025, aiming to capture market share in various segments [9] - The company emphasizes "emotional value" in its new models, reflecting a shift in consumer preferences towards design and personalization [9] - The new P7 model has generated significant consumer interest, with pre-order data surpassing previous models [10] - The company aims to achieve monthly deliveries exceeding 40,000 units starting in September 2025 [10] Future Outlook - Xiaopeng Motors is set to enter a critical product cycle in 2025, focusing on technological upgrades and expanding its market presence both domestically and internationally [11] - The company plans to mass-produce L4 autonomous vehicles by 2026 and initiate Robotaxi services in select regions [12][13] - The transition from hardware-defined to AI-defined vehicles is reshaping the automotive industry, with a focus on advanced AI algorithms and data efficiency [12] - Xiaopeng Motors aims to leverage its core technology and AI integration to become a leading global AI automotive company [13][14]

Core Insights - Xiaopeng Motors is confident in achieving scale leadership and entering a new phase of self-sustaining profitability, supported by improving financial data and enhanced commercial capabilities [1][6][10] - The company reported historic breakthroughs in financial and operational metrics in the first half of 2025, with a significant increase in delivery volume and gross margins [1][10][11] Financial Performance - In Q2 2025, Xiaopeng Motors achieved total revenue of 18.27 billion yuan, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6% [10] - Vehicle sales revenue was 16.88 billion yuan, up 147.6% year-on-year and 17.5% quarter-on-quarter, driven by a record delivery of over 103,000 vehicles in Q2 [11] - The gross margin for vehicles reached 14.3%, an increase of 7.9 percentage points year-on-year, while overall gross margin rose to 17.3%, marking a historic high [11] Market Strategy and Product Development - Xiaopeng Motors plans to launch multiple new models in 2025, aiming for monthly delivery volumes to exceed 40,000 units starting in September [12][15] - The company emphasizes "emotional value" in its new models, reflecting a shift in consumer preferences towards design and personalized features [14][15] - The upcoming launch of the Kunpeng Super Electric model X9 is expected to enhance the product lineup, featuring a pure electric range exceeding 450 kilometers [15] Technological Advancements - Xiaopeng Motors is transitioning towards becoming a global AI automotive company, with plans to mass-produce L4 autonomous vehicles by 2026 and initiate Robotaxi services [17][18] - The company aims to leverage its proprietary technology and AI capabilities to create a competitive edge in the evolving automotive landscape [18][19] Future Outlook - Over the next three years, Xiaopeng Motors intends to accelerate its market expansion both domestically and internationally, driven by innovative AI technology [16][19] - The company is focused on building a robust ecosystem that integrates advanced driving technologies and enhances user experience [18][19]

Core Viewpoint - The company achieved record performance in Q2 2025, with significant growth in delivery volume, revenue, and gross margin, indicating a strong market position and operational efficiency [1][8][23]. Financial Performance - Q2 2025 total revenue reached RMB 182.7 billion (USD 25.5 billion), a 125.3% increase year-on-year from RMB 81.1 billion [8]. - Automotive sales revenue was RMB 168.8 billion (USD 23.6 billion), up 147.6% year-on-year from RMB 68.2 billion [8]. - Q2 2025 gross margin improved to 17.3%, compared to 14.0% in Q2 2024, driven by cost reductions and product mix optimization [23]. Product Development and Launches - The G7 model launched in July 2025, featuring the self-developed Turing AI chip, achieved the highest sales in its class within four weeks [2]. - The upcoming P7 model is expected to be a top seller in the 200,000 RMB segment, with pre-sale orders exceeding previous models [3][19]. - The Kunpeng super electric platform will begin mass production in Q4 2025, integrating advanced technologies for enhanced performance [4]. Strategic Focus - The company aims to strengthen its four core capabilities: technological leadership, organizational strength, commercialization, and globalization [4]. - Emphasis on AI technology and design innovation is expected to enhance brand positioning and profitability [13][26]. Market Outlook - For Q3 2025, the company anticipates vehicle deliveries between 113,000 and 118,000 units, representing a year-on-year increase of approximately 142.8% to 153.6% [6]. - Total revenue is projected to be between RMB 196 billion and RMB 210 billion, reflecting a year-on-year increase of about 94.0% to 107.9% [7]. Research and Development - R&D expenses for Q2 2025 were RMB 22.1 billion (USD 3.1 billion), a 50.4% increase year-on-year, driven by product expansion and new technology development [9]. - The company plans to maintain a strong focus on R&D investments in AI, autonomous driving, and robotics [25]. Cost Management - The company reported a significant reduction in net losses, with Q2 2025 net loss at RMB 4.8 billion (USD 0.7 billion), down from RMB 12.8 billion in the same period last year [11]. - The improvement in vehicle gross margin is attributed to product mix optimization and economies of scale [21].

Core Viewpoint - The new Xiaopeng P7 has been launched with a focus on aesthetics and technology, marking a shift from the previous emphasis on technology alone, aiming to deliver an emotional value to users [2][3][13]. Design and Aesthetics - The design philosophy of the new Xiaopeng P7 is "Less Is More," emphasizing a lower, longer, and wider body structure [3][4]. - The vehicle's height is reduced to 1427mm, making it lower than competitors like the Panamera and Model S [3]. - The new P7 features a sleek exterior with a drag coefficient of 0.201Cd, enhancing its range by 90km [4][6]. Technology and Performance - The new P7 is equipped with three self-developed Turing chips and one Qualcomm Snapdragon 8295P chip, providing a total computing power of 2250 TOPS [8]. - It features a local VLA+VLM model for driving and cabin management, aiming for enhanced safety and intelligence [8][10]. - The vehicle supports 5C fast charging, with a peak charging power of 486kW, allowing for a 10%-80% charge in just 11.3 minutes [11]. Interior and User Experience - The interior is designed to provide "emotional value," featuring an "intelligent dynamic biomimetic cockpit" with advanced displays and touch controls [6][7]. - The AR-HUD and interactive screens enhance user engagement, allowing for unique features like sending emojis to cars ahead during traffic [6][7]. Market Positioning and Sales Strategy - The new P7 is positioned as a high-end model, potentially exceeding the pricing of previous models, targeting a niche market of tech-savvy consumers [15]. - Xiaopeng aims to achieve a sales target of 350,000 units this year, with a strong growth trajectory indicated by a 229% year-on-year increase in monthly sales [15].

Core Insights - The article discusses the evolution of Xiaopeng Motors and the launch of the new Xiaopeng P7, highlighting its technological advancements and market performance over the past five years [1][4][5]. Group 1: Historical Context and Market Position - Five years ago, the original Xiaopeng P7 was a leading smart electric vehicle, contributing to 60% of Xiaopeng's sales in 2021 and achieving the highest annual sales among new energy vehicle brands [1][3]. - In 2021, the Chinese new energy passenger vehicle market saw a nearly threefold increase in sales, surpassing 3.3 million units, with Xiaopeng selling 98,155 vehicles, becoming the top seller among new energy brands [3][4]. Group 2: Technological Advancements - The new Xiaopeng P7 features significant technological upgrades, including the integration of self-developed Turing AI chips and advanced driving assistance systems, marking a shift towards an "AI car company" model [1][4][9]. - The P7 is equipped with three Turing chips, achieving a total computing power of 2,250 TOPS, enhancing its autonomous driving capabilities [9]. Group 3: Design and Features - The design of the new P7 emphasizes emotional value and originality, with a sleek, low-profile appearance and innovative lighting features, aiming to attract a broader audience [5][7][8]. - New features include a "road rage relief" function and a three-axis interactive central control screen, enhancing user experience and emotional engagement [8][9]. Group 4: Market Performance and Expectations - The new P7 has already seen over 10,000 pre-orders within 6 minutes and 37 seconds of its launch, indicating strong market interest [2][11]. - Xiaopeng aims to position the P7 in the 250,000 to 350,000 RMB price range, with expectations to regain a top-three market position in the segment [11].

Core Viewpoint - The chairman and CEO of XPeng Motors, He Xiaopeng, emphasizes that high-performance chips are crucial for the future functionality and safety of vehicles in the AI era, a sentiment shared with Tesla [1] Group 1: Industry Insights - The automotive industry in China is expected to evolve into a robotics-centric sector over the next 10-20 years, with chips being the foundational element of this transformation [1] - He Xiaopeng believes that cars are products designed for a ten-year lifespan, making it essential to establish robust hardware foundations, such as computing chips, from the outset [1] Group 2: Market Trends - The past few decades have seen a slowdown in changes to fuel vehicles in terms of power and body design, while advancements in software and AI are accelerating [1] - The next decade is projected to witness a 100-fold growth in AI vehicles, similar to the growth experienced by new energy vehicles in the past decade, indicating that the industry is still in its early stages [1]