具体来看，8月纯电动汽车批发销量同比增长38.5％，而狭义插混汽车仅增长5％，增程式汽车更是同比 下降9.5％。去年还势头正猛的插混汽车（含增程，下同）如今却已明显失速。 来源：中国汽车报 8月的新能源车市热闹非凡，新势力车企上演着集体冲高的戏码，自主汽车大集团的新能源板块突飞猛 进，主流合资车企则想要靠本土化新车的发布站稳脚跟。 中国汽车流通协会乘联分会日前公布的数据显示，8月，新能源乘用车市场零售110.1万辆，同比增长 7.5％，在国内总体乘用车零售中的渗透率达55.2％，较去年同期提升1.5个百分点，呈平稳增长之势。 然而，平静之下，暗藏汹涌。 纯电、插混销量及增速变化 图片作者： 张奕雯 纯电与插混增速拉开差距 插混汽车能否占据新能源汽车市场的半壁江山？面对2024年全年插混汽车高达83.3％的同比增速，今年 年初，行业上下对于插混汽车的发展都寄予厚望。中国电动汽车百人会副理事长兼秘书长张永伟此前预 测，插电混动和增程两个技术路线将成为新能源增量中的重要力量，2025年销量将超800万辆，同比增 长60％，在新能源市场中的比重将接近50％。 然而，进入2025年，插混汽车增速却持续下滑，给新能源汽车 ...

Core Insights - Chinese automotive companies have significantly increased their presence at the 2025 Munich Auto Show, showcasing a larger and more active participation compared to previous years, effectively becoming the focal point of the event [1][2][5] Group 1: Participation and Exhibits - The 2025 Munich Auto Show featured 748 exhibitors, with 116 from China, accounting for nearly one-third of all overseas exhibitors, marking a 40% increase from 2023 [2] - Major Chinese automotive brands such as BYD, Xpeng, Changan, and others presented new models and technologies, positioning themselves as key players rather than mere participants [2][3] - Notable exhibits included BYD's new vehicles and fast-charging technology, Xpeng's advanced models and robotics, and Changan's new concept car, highlighting the innovation and competitiveness of Chinese brands [2][3] Group 2: Strategic Shifts - Chinese automotive companies are transitioning from simple product exports to localized production and ecosystem development in Europe, with five companies announcing plans to build factories in Europe by 2025, involving over €20 billion in investments [3][5] - Collaborations with major European automakers like Volkswagen and Stellantis are facilitating faster adaptation to local market demands for companies like Xpeng [3][4] Group 3: Supply Chain and Technology - Chinese supply chain companies are emerging as key technology providers, particularly in battery and smart technology sectors, with firms like CATL showcasing advanced battery solutions that meet significant European demand [4][5] - Innovations in smart technology were highlighted by companies such as Horizon Robotics and Heisai Technology, which presented cutting-edge products and established partnerships with global automakers [4][5] Group 4: Future Outlook - The shift towards localized production and ecosystem development is expected to enhance the long-term competitiveness of Chinese automotive companies in the global market, moving from product output to ecosystem output [5][6] - The competitive landscape between Chinese and German automotive companies is evolving, with a focus on strategic collaboration and understanding user needs as key to success in the future [6]

一周财经大事记（2025年9月8日至2025年9月14日） 头条 六部门联手，严打汽车三大乱象！ 广汽岚图极氪等车企率先发声 多部门出手，剑指汽车网络乱象！ 极氪相关负责人向湾财社记者表示，六部门联手整治汽车行业网络乱象，无疑是为行业营造良好舆论环 境，护航整个行业规范、健康、良性发展的重大举措。 国产排面！泰国新总理就职仪式座驾， 为广州产新能源车 近日，泰国新任总理阿努廷·参威拉军在出席重要政府活动时，与家人共同乘坐广州产小鹏X9亮相，这 一画面引发广泛关注。祖籍广东的阿努廷与广州车企产品的"双向关联"，更成为热议焦点。 据了解，9月7日，在泰国国王正式授予阿努廷总理职位的"皇家任命"典礼上，完成宣誓仪式的阿努廷， 不仅与家人及联合政府核心成员合影，其身旁的小鹏X9也同步进入公众视野，成为典礼现场颇具辨识 度的"中国元素"。 9月10日，工业和信息化部、中央社会工作部、中央网信办、国家发展改革委、公安部、市场监管总局 等六部门近日联合印发《关于开展汽车行业网络乱象专项整治行动的通知》（以下简称《通知》），决 定在全国范围内开展为期3个月的汽车行业网络乱象专项整治行动。 从具体内容来看，本次《通知》将针对不 ...

今年8月19日晚在二季度业绩电话会上，小鹏汽车董事长及首席执行官何小鹏表示，今年四季度，小鹏 汽车将会推出首款鲲鹏超级电动车型小鹏X9，标志着正式开启"一车双能"的产品周期。鲲鹏超电版X9 的纯电续航超过450公里，综合续航超过1500公里，之后还将发布多款超级电动车型产品。到2026年下 半年，小鹏汽车将完成鲲鹏超级电动在海外市场的上市。 新京报贝壳财经讯（记者张冰）9月12日，新京报贝壳财经记者从小鹏汽车获悉，其首款增程SUV小鹏 G7超级增程纯电续航里程将达到430公里，预计将于2026年第一季度正式上市。 ...

当前，汽车产业正在慕尼黑上演一场精彩的"中德较量"。 北京时间9月8日，2025德国国际汽车及智慧出行博览会（以下简称慕尼黑车展）在慕尼黑开幕，主题 为"'动'悉一切"（It's All About Mobility），聚焦创新技术、基础设施解决方案、软件开发以及新兴出行 趋势等，彰显展会正由传统车展向综合性出行平台转型。 据车展主办方德国汽车工业协会（VDA）和慕尼黑展览中心的统计数据，世界各地共有748家展商前来 参展，其中57%来自德国以外的国家和地区。中国是除德国以外参展商数量最多的国家，几乎占了海外 参展商的三分之一，其中包括11家中国汽车制造商。 这是一届中德车企之间"火药味"最浓的慕尼黑车展。对德国车企来说，从宝马的新世代首款量产车型亮 相，到奔驰纯电GLC正式全球首发，德系豪华车企在主场正全面展示着其决战未来的技能。而中国车企 则用最具智感的产品，向欧洲市场宣告，其将深耕于此的决心。 公开数据显示，参加慕尼黑车展的中国企业数量已从2023年的70多家增加到今年的116家，涉及整车、 三电系统以及汽车智能化软硬件等领域。 尽管中国车企正在经历来自欧盟一系列对外政策的挑战，但它们并没有因此退缩，而 ...

申报信息显示，该车长5316mm、宽1988mm、高1785mm，轴距为3160mm。该车搭载中创新航的磷酸 铁锂蓄电池，驱动电机额定功率为110kW、峰值功率为 210kW，发动机最大净功率为110kW。 凤凰网科技讯 9月9日，小鹏汽车官方宣布，小鹏X9超级增程版来了，纯电续航将超过450公里，综合续 航将超过1600公里。搭载行业唯一全域800V高压平台+5C超充技术+452km大电池。官方海报还提到， 小鹏X9超级增程续航全球同级第一。 据凤凰网科技此前报道，8月8日，工信部发布第398批《道路机动车辆生产企业及产品公告》新产品公 示，小鹏X9增程版MPV出现在公示中，产品名称为"插电式增程混合动力多用途乘用车"。小鹏汽车董 事长何小鹏发文宣布，小鹏汽车首款超级电动车型小鹏X9将会在第四季度正式推出，该车定位七座 MPV。 此外，小鹏汽车也在微博官宣"小鹏X9超电，来了！"，投入超1000台测试车，花了超 800天时间，跑遍 全球20个国家，330个城市，累计测试里程超2000万公里。 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - In August 2025, the company delivered 37,709 vehicles, representing a year-on-year increase of 168.7% and a month-on-month increase of 2.7%. Cumulatively, from January to August 2025, the company delivered 272,000 vehicles, a year-on-year increase of 251.8% [2][4][8]. - The launch of new models, including the MONA M03 and P7+, is expected to drive sales growth. The company is anticipated to maintain strong sales momentum due to a robust new vehicle cycle and improvements in its marketing and distribution channels [2][8]. - The company is projected to achieve a revenue of 196-210 billion CNY in Q3 2025, reflecting a year-on-year growth of 94.0%-107.9%. The anticipated delivery volume for Q3 is between 113,000 and 118,000 vehicles, which is a year-on-year increase of 142.8%-153.6% [8]. Summary by Sections Sales Performance - In August 2025, the company achieved a record monthly delivery of 37,709 vehicles, with significant contributions from the MONA M03, which delivered over 15,000 units. The new P7 model launched on August 27, 2025, saw over 10,000 pre-orders within 7 minutes, setting a new record for the company [2][8]. Future Outlook - The company expects to continue its strong sales trajectory with multiple new models set to launch in the coming quarters. The G6 and G9 models have already gained significant market traction, and the company plans to introduce a new generation P7 in Q3 2025 [8]. Financial Projections - The company anticipates achieving a revenue of 928 billion CNY for the year 2025, with a price-to-sales ratio of 1.6X. The software revenue is expected to significantly improve financial performance as the company enters a new vehicle cycle [8].

Core Viewpoint - The article discusses the decline of the Toyota Alphard, once considered a "god car" in the Chinese market, highlighting the factors contributing to its reduced desirability and the rise of domestic competitors [4][14][61]. Group 1: Background of Toyota Alphard - The Toyota Alphard was initially designed for Japanese family users, not as a luxury business vehicle, and gained popularity in China due to its association with celebrities and high-profile users [12][22][30]. - The vehicle's price in Japan was approximately 500 million yen, equivalent to around 300,000 RMB, making it a popular choice among middle-class families [24]. - The introduction of the second generation in 2010 marked its transition to a luxury positioning, with prices starting at 600,000 to 700,000 RMB, leading to increased demand and subsequent price hikes by dealers [36][37]. Group 2: Market Dynamics and Price Trends - At its peak, the Alphard commanded a price increase of up to 300,000 RMB, reflecting its status as a high-demand vehicle with limited supply [20][21]. - Sales data indicates that from 2017 to 2021, the Alphard sold 85,000 units in China, maintaining its position as the top high-end MPV [45]. - However, after 2021, sales began to decline, and the once significant price increases have reduced to 20,000 to 30,000 RMB [14][46]. Group 3: Competition and Market Changes - The rise of domestic brands has significantly impacted the Alphard's market position, with competitors like the Denza D9 and Lantu Dreamer offering similar features at competitive prices [65][66]. - Toyota's own models, such as the Vellfire and Lexus LM300h, have also entered the market, further diluting the Alphard's exclusivity [52][56]. - The changing consumer preferences and the emergence of new domestic MPVs have led to a reevaluation of the Alphard's value proposition, as its unique selling points are increasingly matched or surpassed by competitors [61][67]. Group 4: Conclusion on Alphard's Status - The article concludes that while the Alphard was a groundbreaking product in the MPV segment, its inflated status was not sustainable, and the vehicle's decline was inevitable due to market evolution and increased competition [69][70][71].

Core Viewpoint - The financial performance of the new energy vehicle manufacturers, particularly Li Auto, NIO, Xpeng, and Leap Motor, shows a competitive landscape with Li Auto leading in revenue and profitability, while Leap Motor achieved the highest delivery volume in Q2 2023 [1][2][4]. Group 1: Delivery and Revenue Performance - In Q2 2023, the delivery volumes for the four companies were 72,056 for NIO, 103,181 for Xpeng, 111,074 for Li Auto, and 134,112 for Leap Motor, with Leap Motor being the delivery champion [2]. - Revenue figures for Q2 2023 were as follows: NIO at 19.01 billion, Xpeng at 18.27 billion, Li Auto at 30.246 billion, and Leap Motor at 14.23 billion, indicating Li Auto's significant lead in revenue [2]. - Despite Leap Motor's delivery lead, its lower vehicle prices resulted in the lowest revenue among the four companies [2]. Group 2: Profitability and Margins - Li Auto maintained a gross margin above 20%, while the gross margins for NIO, Xpeng, and Leap Motor were 10.0%, 17.3%, and 13.6% respectively [3]. - Li Auto's net profit for Q2 2023 reached 1.1 billion, a 69.6% increase from the previous quarter, while Leap Motor also achieved profitability with a net profit of 160 million [4]. - NIO and Xpeng reported losses of 4.99 billion and 480 million respectively, although both companies narrowed their losses compared to previous quarters [4]. Group 3: R&D Investments - NIO's R&D expenses for Q2 2023 were 3 billion, while Xpeng's were 2.21 billion, a 50.4% year-on-year increase [5]. - Li Auto's R&D expenses were 2.81 billion, showing a quarter-on-quarter increase, while Leap Motor's R&D expenses were 1.09 billion, a 55.5% increase year-on-year [5]. Group 4: Future Guidance and Market Outlook - Li Auto provided a conservative Q3 guidance with expected deliveries of 90,000 to 95,000 units, a year-on-year decrease of 41.1% to 37.8% [7]. - In contrast, NIO projected deliveries of 87,000 to 91,000 units for Q3, while Xpeng expected a year-on-year delivery growth of 142.8% to 153.6% [8]. - Leap Motor raised its annual sales target, indicating confidence in its upcoming product launches [10]. Group 5: Product Launches and Competitive Landscape - Xpeng plans to launch several new models, including the new P7 and the X9, which is positioned in the 400,000 yuan price range [9]. - NIO is set to introduce three new large SUV models next year, while Leap Motor is also preparing to unveil new models, intensifying competition among the four manufacturers [11]. - The competitive dynamics are shifting as all four companies prepare to launch new products, potentially leading to increased market rivalry [11].

Core Viewpoint - The financial performance of the new energy vehicle manufacturers, particularly Li Auto, NIO, Xpeng Motors, and Leap Motor, shows a competitive landscape with Li Auto leading in revenue and profitability despite a decline in delivery volume compared to Leap Motor, which achieved the highest delivery numbers in Q2 2023 [1][2][5]. Group 1: Financial Performance - In Q2 2023, the delivery volumes for the four companies were 72,056 for NIO, 103,181 for Xpeng Motors, 111,074 for Li Auto, and 134,112 for Leap Motor, with Leap Motor being the delivery champion [2]. - Revenue figures for Q2 2023 were reported as follows: NIO at 19.01 billion, Xpeng Motors at 18.27 billion, Li Auto at 30.246 billion, and Leap Motor at 14.23 billion, indicating Li Auto's significant lead in revenue [5][8]. - Li Auto maintained a gross margin above 20%, while the gross margins for the four companies were 10.0% for NIO, 17.3% for Xpeng Motors, 20.1% for Li Auto, and 13.6% for Leap Motor [8][11]. - Li Auto's net profit for Q2 reached 1.1 billion, a 69.6% increase from the previous quarter, while Leap Motor also achieved profitability with a net profit of 160 million [11]. Group 2: R&D Investments - NIO's R&D expenses for Q2 were 3 billion, Xpeng Motors at 2.21 billion (up 50.4% year-on-year), Li Auto at 2.81 billion, and Leap Motor at 1.09 billion (up 55.5% year-on-year) [12]. Group 3: Future Outlook - Li Auto projected Q3 delivery volumes between 90,000 and 95,000, a year-on-year decrease of 41.1% to 37.8%, with expected revenue between 24.8 billion and 26.2 billion, reflecting a decline of 42.1% to 38.8% [13]. - NIO expects Q3 deliveries of 87,000 to 91,000, with revenue projections of 21.81 billion to 22.88 billion, both setting historical highs [13]. - Xpeng Motors anticipates a year-on-year delivery increase of 142.8% to 153.6% and revenue growth of 94.0% to 107.9% [13]. - Leap Motor has raised its annual sales target, supported by the launch of multiple new models in the second half of the year [15].