小鹏Mona M03

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降价近7万!还有车型补贴5万,购车潮来了
21世纪经济报道· 2025-10-10 07:46
这一销售高峰与9月以来的"新车潮"密切相关。 据21世纪经济报道记者不完全统计,仅9月22 日至28日,国内车市就有18款新车上市或亮相,包括理想i6、问界M7、尚界H5等多款车型。 多款新车的集中发布直接带动了门店客流与订单量的攀升。一位鸿蒙智行销售人员透露,以新 款智界R7为例,假期期间订车仍需等待4至6周才能交付。 (鸿蒙智行一批新车正等待交付 本报记者焦文娟/摄) 行业层面,"金九"成色初步显现。 乘联会数据显示,9月1日至27日,乘用车市场零售销量达 177.6万辆,环比增长12%。 记者丨 焦文娟 编辑丨包芳鸣 金珊 国庆中秋假期(下文简称:"双节"),车市热度延续。记者发现,有品牌车型价格一口气 下 调近7万元,还有部分车型补贴高达5万元。 10月8日晚间,鸿蒙智行公布假期大定数据,9月30日至10月7日累计大定突破4.85万辆。 一是明确从2026年1月1日起,新能源汽车购置税将"免征"改为"减半征收" ,这意味着消费者 购车成本将最高增加1.5万元。 二是国家层面的"以旧换新"补贴政策在部分省份已于9月提前 结束。 一位经销商人士分析称,这种"错过就不再"的预期,促使大量观望中的消费者选择 ...
新车潮遇上政策礼,引爆“双节”购车热
2 1 Shi Ji Jing Ji Bao Dao· 2025-10-09 10:25
(原标题:新车潮遇上政策礼,引爆"双节"购车热) 国庆中秋假期(下文简称:"双节"),车市热度延续。10月8日晚间,鸿蒙智行公布假期大定数据,9月30日至10月7日累计大定突破4.85万辆。 这一销售高峰与9月以来的"新车潮"密切相关。据21世纪经济报道记者不完全统计,仅9月22日至28日,国内车市就有18款新车上市或亮相,包括 理想i6、问界M7、尚界H5等多款车型。多款新车的集中发布直接带动了门店客流与订单量的攀升。一位鸿蒙智行销售人员透露,以新款智界R7 为例,假期期间订车仍需等待4至6周才能交付。 (鸿蒙智行一批新车正等待交付 本报记者焦文娟/摄) 21世纪经济报道记者 焦文娟 行业层面,"金九"成色初步显现。乘联会数据显示,9月1日至27日,乘用车市场零售销量达177.6万辆,环比增长12%。 新车密集上市之外,各地限时优惠政策的推出也进一步刺激了消费。部分主机厂与经销商推出了涵盖现金补贴、置换补贴、定金抵扣、金融政 策、限时特价及积分等多种形式的优惠,力度从千元至万元不等,燃油车市场更普遍采用"一口价"模式拉动销量。 政策窗口期催生购车潮 假期车市的升温,主要受两项全国性政策调整推动。 一是明确从 ...
小鹏汽车-W(09868.HK)2025年8月销量点评:P7上市产品矩阵完善 研发能力充分验证
Ge Long Hui· 2025-09-10 11:02
Group 1 - In August 2025, XPeng Motors delivered 37,709 vehicles, representing a year-on-year increase of 169% and a month-on-month increase of 3% [1][2] - The launch of the new XPeng P7 model contributed to sales growth, with over 15,000 units sold in August. The new P7 variants were priced between 219,800 and 301,800 CNY [2] - The company has expanded its product matrix, enhancing its sales potential with models like the XPeng Mona M03, P7+, G6, and G7 [2] Group 2 - XPeng's AI system, XNGP, achieved an 85% monthly active user penetration rate in August, indicating strong user engagement [2] - A strategic partnership with Volkswagen Group was established to develop advanced electronic and electrical architectures, enhancing XPeng's technological capabilities [2] - The company is positioned to maintain its AI leadership, with ongoing iterations of its Turing chip and AI model capabilities [2] Group 3 - XPeng Motors is expanding its global market presence, successfully entering new markets in the UK, Italy, and Ireland, covering 46 countries and regions [3] - The new XPeng G6 was launched in Thailand, further accelerating the company's global expansion efforts [3] - Sales projections for XPeng Motors from 2025 to 2027 are estimated at 524,000, 786,000, and 966,000 vehicles, with corresponding revenues of 97.76 billion, 158.1 billion, and 197.07 billion CNY [3]
小鹏:毛利率创新高,能否展翅变 “大鹏”?
3 6 Ke· 2025-08-20 06:15
Core Viewpoint - Xiaopeng Motors (XPEV.US) reported strong Q2 2025 financial results, achieving a record high gross margin of 14.3% for vehicle sales, significantly exceeding market expectations of 11.4% [1][4][20]. Financial Performance - Total revenue for Q2 2025 was 18.3 billion yuan, slightly below market expectations of 18.6 billion yuan, primarily due to a decline in other income [1][4][20]. - Vehicle sales revenue remained in line with expectations, while adjusted operating loss was 840 million yuan, better than the anticipated loss of 910 million yuan [1][27]. Gross Margin and Cost Structure - The increase in vehicle gross margin was attributed to a higher proportion of high-priced models and continued cost reductions in the supply chain [5][10][14]. - The average selling price of vehicles rose to 164,000 yuan, up from 153,000 yuan in the previous quarter, driven by an improved model mix [10][11]. - The average cost per vehicle was 140,000 yuan, benefiting from economies of scale and effective cost control measures [13]. R&D and Operational Efficiency - R&D expenses reached 2.2 billion yuan, slightly above market expectations, reflecting ongoing investments in smart technology [24]. - Selling and administrative expenses were 2.17 billion yuan, in line with expectations, influenced by the launch of new models and increased commissions [25]. Sales Guidance and Market Outlook - For Q3 2025, Xiaopeng's sales guidance is set at 113,000 to 118,000 vehicles, slightly below market expectations of 119,000 vehicles [6][17]. - The anticipated launch of the new P7 model in August is a key factor for future sales performance, with pricing being a critical determinant of its success [7][17]. Future Product Launches - The new P7 is expected to be priced between 250,000 to 300,000 yuan, focusing on high-end positioning rather than volume sales [7][19]. - Upcoming models, including the G9 and X9 with extended range capabilities, are anticipated to enhance Xiaopeng's market presence and profitability [8][19].
无预售价的豪赌:小鹏全新P7的产品力突围战
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-11 11:00
Core Insights - Xiaopeng Motors is launching its new flagship model P7 to target the high-end market after several years of competition in the electric vehicle sector [1][4] - The P7 has achieved over 10,000 pre-orders in just 6 minutes and 37 seconds, indicating strong consumer interest in the 200,000 to 300,000 yuan price range [1][4] Group 1: Historical Context and Market Position - The P7 has been a flagship model for Xiaopeng since its debut, contributing 56.6% of the company's sales in its first year and helping achieve revenue of 5.844 billion yuan in 2020 [2][4] - The competitive landscape has intensified with the introduction of models like BYD's Seal and Tesla's Model 3, which have pressured P7's market position [2][3] Group 2: Product Strategy and Market Response - Xiaopeng's previous models faced challenges, such as the G9's confusing SKU setup and the G6's delivery delays, leading to a significant net loss of 2.34 billion yuan in Q1 2023 [3][4] - The new P7i aims to restore market confidence with advanced features and technology, but the P7 series saw a decline in sales in the first half of 2024 [3][4] Group 3: Pricing and Market Strategy - The new P7 will adopt a "no pre-price" strategy, emphasizing product strength over traditional pricing models, which reflects a shift in Xiaopeng's market approach [4][10] - The upcoming P7+ will lower its starting price to 186,800 yuan to regain market share, while the Mona M03 will target the entry-level market with a starting price of 119,800 yuan [4][10] Group 4: Design and Technological Advancements - The new P7 focuses on a balance of aesthetics and technology, with a design that aims to convey emotional value and a shift towards a more visually appealing product [6][7] - Technological upgrades include enhanced smart features and battery performance, with the new model achieving a maximum power of 437 kW and a range of 820 km [8][9] Group 5: Future Challenges and Expectations - Xiaopeng faces challenges in pricing strategy, design acceptance, and the practical application of its advanced technology in real-world conditions [10] - The official pricing for the new P7 will be revealed at the end of August, which will be crucial for determining market acceptance and the success of Xiaopeng's strategy [10]
【汽车】7月新势力交付表现分化,理想i8/乐道L90相继上市——特斯拉与新势力7月销量跟踪报告(倪昱婧/邢萍)
光大证券研究· 2025-08-05 23:06
Core Viewpoint - The article highlights the performance of various electric vehicle manufacturers in July, noting a decline in deliveries for Li Auto and NIO, while XPeng achieved a record high in sales [3]. Group 1: Sales Performance - Li Auto's delivery volume decreased by 39.7% year-on-year and 15.3% month-on-month to 30,731 units [3] - XPeng's delivery volume increased by 229.4% year-on-year and 6.1% month-on-month to 36,717 units [3] - NIO's delivery volume increased by 2.5% year-on-year but decreased by 15.7% month-on-month to 21,017 units [3] Group 2: New Model Launches - Li Auto launched its second pure electric model, the i8, priced between 321,800 to 369,800 yuan, featuring the VLA driver model [4] - The L90 model from the LeDao brand was launched with a price range of 265,800 to 299,800 yuan, highlighting its spaciousness and family-friendly features [4] Group 3: Delivery Timelines and Policies - Tesla's delivery timelines for the domestic Model 3 and Model Y remain stable, with limited-time subsidies available until August 31 [5] - Li Auto's delivery timelines for the L6 remain at 1-3 weeks, while the L8 and L9 have extended timelines [5] - XPeng's delivery timelines for various models have shortened, indicating improved supply chain efficiency [5] Group 4: Industry Trends - The issuance of new smart connected vehicle operation licenses indicates a potential turning point for the commercialization of Robotaxi services [6] - The industry may shift from price competition to technology upgrades and cost reductions, influenced by the "anti-involution" strategy [6]
零跑汽车(9863.HK)跟踪点评:零跑B01正式上市 产品周期持续驱动
Ge Long Hui· 2025-07-31 02:50
Group 1 - The core viewpoint is that the launch of the Leap B01 electric sedan is expected to drive sales growth for the company, with a strong initial order performance of 10,132 units within 72 hours of its release [1][3] - The company maintains a "Buy" rating, projecting revenues of 648 billion, 935 billion, and 1,130 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 9 million, 31 million, and 64 million yuan [1] - The company uses a price-to-sales (PS) method for valuation, assigning a target price of 79.85 HKD for 2025 based on a PS ratio of 1.5 times [1] Group 2 - The Leap B01 is launched with six configurations priced between 89,800 and 119,800 yuan, showcasing a competitive edge in the A-class sedan market [2] - The B01 features advanced technology, including a 650km range version powered by CATL batteries and a laser radar version equipped with Qualcomm chips [2] - The vehicle's dimensions are 4770mm in length, 1880mm in width, and 1490mm in height, with a wheelbase of 2735mm and a high space utilization rate of 86% [2] Group 3 - The company achieved a record delivery of 48,000 vehicles in June, marking a year-on-year increase of 138% and a quarter-on-quarter increase of 7% [3] - The total delivery for the first half of 2025 reached 222,000 vehicles, representing a 156% year-on-year growth, making it the top-selling brand among new forces in the automotive industry [3] - The strong demand for the 650km range version, which accounted for 70% of the initial orders, indicates a positive market reception for the B01 [3]
何小鹏的AI帝国里,没有激光雷达
2 1 Shi Ji Jing Ji Bao Dao· 2025-06-18 15:56
Core Viewpoint - Xiaopeng Motors is advancing its AI capabilities by launching new vehicles equipped with self-developed Turing chips, emphasizing a shift to a pure vision approach without LiDAR technology [2][3][4]. Group 1: Vehicle Technology and Specifications - The new Xiaopeng G7 SUV features a Turing chip with an effective computing power equivalent to three NVIDIA Orin X chips, achieving over 2200 Tops, meeting the L3 autonomous driving threshold [2]. - The high-end version of the Xiaopeng Mona M03, launched recently, is equipped with two Orin-X chips, providing a computing power of 508 Tops, which Xiaopeng claims meets the L2 autonomous driving threshold [2]. - Xiaopeng's AI capabilities are based on a large foundation model with 720 billion parameters, which the company believes will enhance its autonomous driving technology [7][10]. Group 2: Shift from LiDAR to Pure Vision - Xiaopeng's leadership argues against the use of LiDAR, citing its limitations such as short range, interference, low frame rates, and poor penetration, opting instead for a pure vision solution [2][4][6]. - The company claims that removing LiDAR saves 20% of perception computing power, allowing for faster model responses and significantly improving safety levels in urban driving scenarios [10][12]. - Xiaopeng's AI Eagle Eye driving solution utilizes high-resolution cameras and advanced technologies to enhance perception capabilities, claiming to outperform human vision in various conditions [10][15]. Group 3: Industry Context and Competitive Landscape - The automotive industry is witnessing a trend where many brands are adopting LiDAR technology, especially after recent accidents, while Xiaopeng remains committed to its pure vision strategy [4][6]. - Xiaopeng's approach is seen as a challenge to the prevailing belief that additional sensors like LiDAR provide safety redundancy, with the company emphasizing computing power as the primary metric for evaluating autonomous driving capabilities [6][18]. - The competition between pure vision and LiDAR solutions is intensifying, with both sides continuously improving their technologies in response to industry demands and criticisms [29][30]. Group 4: Future Outlook and Strategic Intent - Xiaopeng aims to establish itself as a leader in the AI automotive space, with plans to achieve L3 autonomous driving in China by the end of the year and to introduce humanoid robots for industrial applications next year [17][35]. - The company believes that advancements in AI will allow for greater generalization and understanding of unknown scenarios, potentially leading to safer autonomous driving solutions [33][36]. - Xiaopeng's CEO has indicated that the debate over the superiority of pure vision versus LiDAR will conclude by 2027, suggesting confidence in the effectiveness of their technology [36].
情绪价值拉满的萤火虫,能否照亮蔚来的盈利之路?
2 1 Shi Ji Jing Ji Bao Dao· 2025-06-09 13:03
Core Insights - NIO's new brand "Firefly" has achieved a sales volume of 3,680 units in its first complete month of delivery, surpassing the combined sales of Mini and Smart electric vehicles in April [1][15] - The company aims to reach a monthly sales target of 50,000 units by Q4 2025, with Firefly expected to contribute 3,000 to 5,000 units [1][16] - The Firefly brand targets middle-class families and young consumers who prioritize emotional value and design over cost [2][4] Sales Performance - Firefly's sales in May exceeded those of Mini and Smart combined, indicating strong market acceptance [1][15] - The A0 segment, which includes Firefly, saw a significant year-on-year growth of 94% in wholesale sales in April 2025 [14] Market Positioning - Firefly is positioned as a premium small car, competing against models like BMW Mini, Mercedes Smart, and Volkswagen ID.3 [4][8] - The brand's unique design has garnered attention, transforming it into a "social media star" at events like the Shanghai Auto Show [1][2] User Demographics - Firefly's customers are primarily existing car owners looking for a second vehicle or young professionals seeking their first car [2][4] - The emotional value and distinctive design of Firefly appeal to consumers who are willing to pay a premium for these attributes [2][4] Product Features - Firefly features a user-friendly interface and advanced driving assistance systems, including a high-performance hardware setup [9] - The vehicle offers ample storage space, with a total capacity of 1,253 liters in the trunk and 92 liters in the front [9] Challenges and Concerns - Despite initial success, Firefly faces challenges in sales training and customer service, with reports of sales staff lacking product knowledge [12] - The vehicle's battery and lack of certain features, such as a heat pump air conditioning system, have raised concerns among potential buyers [13] Strategic Direction - NIO is integrating Firefly into its main operations to streamline resources and enhance profitability ahead of the Q4 2025 targets [16] - The brand's focus on emotional value may clash with the need for profitability, highlighting a tension between market positioning and financial sustainability [16]
【汽车】5月交付保持平稳,新势力有望再引领行业智驾新变革——特斯拉与新势力5月销量跟踪报告(倪昱婧)
光大证券研究· 2025-06-03 09:09
Core Viewpoint - The article discusses the stable performance of the automotive market in May, highlighting the delivery volumes of various electric vehicle manufacturers and the impact of new models and pricing strategies on market dynamics [2][5]. Group 1: Delivery Performance - Li Auto's delivery volume increased by 16.7% year-on-year and 20.4% month-on-month to 40,856 units [2] - Xpeng's delivery volume surged by 230.4% year-on-year but decreased by 4.3% month-on-month to 33,525 units [2] - NIO's delivery volume rose by 13.1% year-on-year but fell by 2.8% month-on-month to 23,231 units, with specific models like the L60 and Firefly showing notable performance [2] Group 2: New Model Launches - On May 28, Xpeng launched the Mona M03 with four new models, including the Max version, which features dual Orin chips and is priced below 150,000 yuan, achieving over 10,000 pre-orders within an hour [3] - On May 8, Li Auto released the upgraded L series, maintaining prices while upgrading chips from J5 to J6M and from dual Orin to Thor-U [3] Group 3: Purchase Incentives - Tesla maintains a delivery cycle of 1-3 weeks for the domestic Model 3 and 2-5 weeks for the upgraded Model Y, with ongoing financial incentives [4] - Li Auto's L series has a delivery cycle of 3-5 weeks, with the MEGA model's cycle reduced to 7-12 weeks [4] - NIO's various models have delivery cycles ranging from 2-5 weeks, with ongoing financial incentives [4] - Xpeng's delivery cycles for new models have also been shortened, indicating improved supply chain efficiency [4] Group 4: Market Dynamics and Price Wars - BYD has introduced up to 53,000 yuan in limited-time subsidies for 22 smart driving models, indicating a new round of price competition that may affect market sentiment [7] - Tesla plans to launch Robotaxi services in June, which could further stimulate the smart driving theme and benefit companies with advanced autonomous driving capabilities [7]