Investment Rating - The industry rating is "Outperform the Market" [81] Core Insights - Tesla's global sales in Q2 reached 384,122 units, a 13% decline from 443,956 units in the same period last year, marking the second consecutive quarter of decline [3][12] - The decline is attributed to delays in the launch of more affordable models, controversies surrounding CEO Elon Musk's political stance, and a significant drop in sales in the US market [3][12] - Tesla faces increasing competition from new models launched by General Motors, Volkswagen, BMW, BYD, and Xiaomi, while exploring potential in autonomous driving software and humanoid robots [3][13] - Xiaopeng Motors launched the new AI smart family SUV, Xiaopeng G7, with three versions priced between 195,800 and 225,800 yuan, featuring advanced AI capabilities and a long range of 702 km [4][14][15] Market Performance - From June 30 to July 4, the automotive sector increased by 0.1%, underperforming the CSI 300 index, which rose by 1.5%, resulting in a 1.4 percentage point lag [18] - Year-to-date, the automotive sector has increased by 8.2%, ranking 8th among 31 sectors [18] Key Industry Data - In June, retail sales of passenger vehicles reached 2.032 million units, a 15% year-on-year increase, while new energy vehicle retail sales were 1.071 million units, up 25% year-on-year [6][34] - Wholesale sales for passenger vehicles in June totaled 2.473 million units, a 14% increase year-on-year, with new energy vehicle wholesale sales at 1.259 million units, up 28% year-on-year [6][35] New Vehicle Highlights - Xiaopeng G7 features a powerful AI chip configuration, achieving an effective computing power of 2,250 TOPS, making it the highest globally [14][15] - The G7 aims to redefine the market for smart electric SUVs with its advanced AI capabilities and long-range performance [15]

Core Insights - Ford's F-150 Lightning has surpassed Tesla's Cybertruck to become the best-selling electric pickup truck in the U.S. as of Q1 2025 [1][3] Sales Performance - In March 2025, Ford registered 2,598 units of the F-150 Lightning, while Tesla registered 2,170 units of the Cybertruck [3] - Total registrations for the F-150 Lightning in Q1 2025 reached 7,913 units, compared to 7,126 units for the Cybertruck [3] Market Position - The Cybertruck, which initially became the best-selling electric pickup truck after its 2023 launch, has now dropped to the ninth position in sales [3] - Despite the decline in Cybertruck sales, Tesla maintains a significant presence in the U.S. electric vehicle market with its Model S, 3, X, and Y [3] Competitive Landscape - Other electric pickup models are also gaining traction, with Chevrolet Silverado EV and GMC Sierra EV selling 2,383 and 1,249 units respectively in Q1 2025, while Rivian's R1T sold 1,727 units [3] - The competition in the electric pickup segment is expected to intensify with the introduction of new models from various manufacturers [3]