以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 明年还有 M9 改款和新车 M9L，问界将从市场上、下两端扩展。 文 丨 曾兴 编辑 丨 龚方毅 我们获悉，问界 M6 计划于明年二季度上市，预计将主打 25 万元家用 SUV 市场。动力形式与 问界其他车型一致，将同时提供增程版和纯电版。一位接近赛力斯的人士表示，"问界 M6 不会 取代问界 M5，未来问界 M5 仍会继续迭代。" 今年 4 月改款的新车上市后，问界 M9 月销量连续过万，但并未超过去年同期，10 月销量回落至 8000 辆，同比减半。而从今年 5 月以来，问界 M9 的销量持续环比下滑。有投资人认为，"豪华车市 场增量空间有限，尊界 S800、极氪 9X 等都分走部分销量。" 而在 20 万元至 30 万元区间，问界的表现相对平淡。这一价格带是竞争最为激烈的细分市场之一，据 懂车帝数据，近三个月内有 18 款中大型 SUV 上市。除了新能源车扎堆，曾经主导这一市场的合资车 型、降价下沉的 30 万元级的传统燃油 SUV，都在加剧竞争。 问界 M7 曾是这一价格 ...

IT之家 11 月 22 日消息，科技媒体 Golem 昨日（11 月 21 日）发布博文，报道称全德汽车俱乐部（ADAC）发布 2026 年 TÜV 报告，在评估的 110 款车型 中，特斯拉 Model Y 以高达 17.3% 的缺陷率排名垫底，创下该车型十年来的最高缺陷记录。 报告详细指出了 Model Y 的三大高发问题领域：悬架系统、刹车盘以及车辆照明。此外，去年排名倒数的特 斯拉 Model 3 今年的表现同样"令人失望"，以 13.1% 的缺陷率位列倒数第三，其可靠性问题依然严峻。 Mini Cooper SE 以仅 3.5% 的缺陷率高居榜首，成为本次评估中最可靠的电动车型。奥迪 Q4 E-Tron 和菲亚特 500e 也表现优异，缺陷率分别为 4.0% 和 4.2%，位列前茅。大众汽车的 ID.3 和 ID.4/ID.5 车型则处于排名的 中游位置。 TÜV 报告进一步分析了电动汽车普遍存在的共性问题。报告指出，悬架和刹车系统是电动汽车的通病。TÜV 协会总经理约阿希姆・布勒博士解释，一方面，驱动电池的巨大重量对车辆的悬架系统造成了持续的高负 荷；另一方面，由于动能回收系统的广泛应用，传统刹 ...

Group 1: Apple iPhone Air 2 Delay - Apple has indefinitely postponed the release of the next-generation iPhone Air due to poor sales performance, with Foxconn dismantling most of the production lines while still hoping for a 2027 release [1][2] - The iPhone Air 2 was initially planned to launch in the fall alongside iPhone 18 Pro/Max and iPhone Fold, aiming to be lighter and equipped with a larger battery [2] - Although the project has been removed from the development schedule, some engineering teams and manufacturing partners continue to work on it, but no new release timeline has been provided, which is considered unprecedented [1][3] Group 2: Samsung SmartThings Update - Samsung has updated its iOS SmartThings app to support Siri shortcuts, enhancing the integration of Apple devices within its smart home ecosystem [4][5] - This update allows users to create personalized automation scenarios, such as "Good Morning" or "Leaving Home," which can be triggered via voice commands [5] Group 3: Xiaomi Automotive Sales - Xiaomi's automotive division reported retail sales of 48,654 vehicles in October, with the YU7 model selling 33,662 units, surpassing Tesla Model Y sales for the month [9][10] - The company aims to maintain a delivery volume exceeding 40,000 units by October 2025 [9] Group 4: Honor 400 Series Performance - Honor's 400 series has achieved global shipments exceeding 6 million units, with first-day sales up 195% compared to the 300 series and 138% compared to the 200 series [8][9] - The series has shown strong market performance, with overseas sales reaching 2-3 times that of its predecessor [9] Group 5: Warren Buffett's Philanthropic Actions - Warren Buffett has converted 1,800 shares of Class A stock into 2.7 million shares of Class B stock for donation to four family charitable foundations, valued at over $1.3 billion [10][11] - He announced that he will no longer write annual reports or speak extensively at shareholder meetings, indicating a shift in his engagement with the company [11] Group 6: NIO's Future Plans - NIO's CEO Li Bin confirmed that the Firefly model will have a larger battery pack in the future, expected to be at least 50% larger than the current version [14] - The Firefly model, launched in April, has already surpassed 20,000 units in deliveries within five months [14] Group 7: DJI Product Update - DJI is expected to release the Osmo Pocket 4 in December, a product that has not been updated for over two years [15][17] - The new camera may feature a 50-megapixel sensor and has entered beta testing, with some users currently evaluating its stability [17]

Group 1: Apple Market Performance - Apple entered the top five smartphone brands in India for the first time in Q3 2025, becoming the third-largest iPhone market globally [3][5] - The Indian smartphone market saw a 5% year-on-year increase in shipment volume and an 18% increase in shipment value, reaching a historical quarterly high [1][3] - The high-end smartphone segment (priced over 30,000 INR, approximately 339 USD) experienced a 29% year-on-year growth, driven by strong demand for flagship models from Apple and Samsung [3] Group 2: Cybersecurity Concerns - A new phishing scam targeting iPhone users has emerged, where scammers send fake notifications claiming lost devices have been found, aiming to steal personal account information [4][6] - The scam utilizes publicly available information from the "Find My" app, making the messages appear credible by including device details [4] Group 3: Product Developments - A redesigned MacBook Pro is expected to launch between late 2026 and early 2027, featuring an OLED touchscreen and M6 Pro/Max chips, marking the first major redesign since 2021 [5][6] - The new MacBook Pro will include significant upgrades such as a thinner design, potential 5G connectivity, and a larger "Dynamic Island" display cutout [5] Group 4: Semiconductor Supply Chain - The Dutch government is set to lift a control order on Nexperia, a semiconductor manufacturer, which will restore the supply of critical automotive chips [10][11] - This decision aims to ease trade tensions with China and stabilize the global semiconductor supply chain, following a previous halt in exports due to economic security concerns [11] Group 5: New Product Launches - Xiaomi launched a new 45W GaN charger priced at 54.9 CNY, which is compatible with Apple's fast charging and supports multiple fast charging protocols [12] - The charger is compact, utilizing gallium nitride technology, and is 47% smaller than conventional 45W chargers [12]

Core Viewpoint - A Tesla Model Y experienced a loss of control while driving on a highway in Hangzhou, leading to an accident, raising concerns about the vehicle's safety features and performance [1][3]. Group 1: Incident Details - The incident occurred on October 31, when the vehicle was traveling at approximately 100 km/h during an overtaking maneuver [3]. - The vehicle first collided with a guardrail at the front and then bounced back, hitting the guardrail again at the rear, resulting in damage to both the front and rear left sides [5]. - The driver, Mr. Wu, reported that he was not speeding, the tires were normal, and the road conditions were good at the time of the incident [5]. Group 2: Driver's Perspective - Mr. Wu, with 20 years of driving experience, believes he operated the vehicle correctly and suspects a mechanical issue, such as differential power output between the wheels, may have caused the loss of control [5]. - He noted that the vehicle's active safety system did not intervene during the incident and requested Tesla to provide data to clarify the accident details [5]. Group 3: Tesla's Response - Tesla stated that the vehicle did not have any issues and attributed the loss of control to Mr. Wu's significant steering input, which they claim led to instability [5]. - Mr. Wu disagrees with Tesla's conclusion and estimates the repair costs to be around 50,000 to 60,000 RMB, asserting that Tesla should be responsible if the accident is linked to a vehicle defect [5].

Core Insights - Xiaomi is establishing a new primary department, the Architecture Department, to focus on the next-generation technology architecture for smart electric vehicles, reporting directly to Lei Jun [1][3][19] - This strategic move is aimed at laying a solid foundation for future vehicle iterations, allowing for shared core technology advantages and reduced R&D costs [1][12][20] Group 1: Strategic Importance - The Architecture Department's establishment signifies a rare level of importance placed on technological foresight within the automotive industry, typically relegated to secondary departments [3][19] - By integrating R&D needs from the outset, Xiaomi aims to avoid high costs associated with extensive component redevelopment, as seen with the YU7 project [9][12] Group 2: Financial Position and Investment - Xiaomi has a substantial cash reserve of 108 billion yuan, enabling it to sustain high R&D investments without immediate profitability concerns [4][6] - Despite significant revenue growth of 230.3% year-on-year in Q2, with earnings reaching 20.6 billion yuan, the company still faces cumulative losses of 800 million yuan for the first half of the year [9][8] Group 3: Market Performance - Xiaomi's SU7 has surpassed BYD Han in sales, becoming the best-selling model in the mid-to-large sedan market, while the YU7 is closely competing with Tesla Model Y in the 300,000 yuan electric SUV segment [6][9] - The SU7 Ultra has set records in various performance categories, demonstrating the effectiveness of Xiaomi's investment in product capabilities [6][18] Group 4: Competitive Landscape - The automotive industry is experiencing a price war, with companies needing to focus on structural efficiency rather than merely reducing prices [13][21] - Competitors like BYD and GAC Toyota have successfully implemented platform architectures that significantly reduce production costs and enhance vehicle adaptability [14][16] Group 5: Future Challenges - Xiaomi's future vehicle models, including a new range of extended-range SUVs, will require a flexible architecture that meets diverse consumer needs, balancing performance with comfort [18][22] - The challenge lies in creating a unified technical foundation that can support various vehicle types while maintaining cost efficiency and market competitiveness [21][22]

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on technology-driven growth areas such as AI and robotics [4][5]. Core Insights - Tesla's Q3 2025 earnings report highlights autonomous driving and humanoid robots as key growth drivers, with plans for mass production of the Optimus robot starting in 2026 [5][9]. - The report emphasizes the importance of companies with strong performance support and relatively low valuations, recommending firms like Kobot, Xingyu, and Jifeng [5]. - The automotive industry is experiencing a significant shift towards technology, with a focus on AI, low-altitude economy, and the integration of traditional and new energy vehicles [5][6]. Industry Updates - In the week of September 29 to October 5, 2025, retail sales of passenger cars totaled 469,000 units, a month-on-month decrease of 27.85% but a year-on-year increase of 16.64% [5]. - Traditional energy vehicle sales were 234,000 units, down 16.43% month-on-month but up 6.70% year-on-year, while new energy vehicle sales were 235,000 units, down 36.49% month-on-month but up 28.49% year-on-year, achieving a penetration rate of 50.11% [5]. - The automotive industry index rose by 2.92% this week, underperforming the Shanghai Composite Index, which increased by 3.24% [21][24]. Market Conditions - The total transaction value in the automotive sector this week was 513.83 billion yuan, reflecting a 26.12% decrease compared to the previous week [5]. - The report notes that 231 stocks in the automotive sector rose, while 39 fell, with the largest gainers being Biao Bang Co., Aolian Electronics, and Qingdao Double Star [27]. Key Events - The report discusses the interpretation of the "15th Five-Year Plan" for the automotive industry, emphasizing high-quality development, green innovation, and high-level openness as key directions [6][8]. - Tesla's Q3 2025 report indicates a revenue of $28.1 billion, a year-on-year increase of 11.57%, with vehicle sales contributing significantly to this growth [9][10]. Investment Recommendations - The report suggests focusing on domestic leading manufacturers like NIO, Xiaomi, and Xpeng, as well as component companies with strong growth potential in robotics and overseas expansion capabilities [5][6]. - It highlights the importance of companies that can adapt to the ongoing reforms in state-owned enterprises, recommending attention to SAIC and Dongfeng [5].

Core Insights - Xiaomi is testing its new SUV in Xinjiang, which may be more significant than the Xiaomi YU7, indicating a strategic focus on the SUV market [1][3] - The new SUV is expected to exceed 5.2 meters in length and 1.8 meters in height, confirming its classification as a large SUV with range-extended hybrid technology [3][4] - Xiaomi's strategy aims to differentiate itself in the competitive high-end hybrid SUV market, facing established players like AITO and Li Auto [6][9] Market Positioning - Xiaomi's previous electric vehicles, SU7 and YU7, have successfully competed against Tesla's Model 3 and Model Y, with SU7 achieving monthly sales surpassing Model 3 [4][6] - The hybrid SUV market presents a different challenge, as it is crowded with established competitors that have already built strong brand recognition and customer loyalty [6][8] - The demand for pure electric vehicles is growing, with a significant market share shift away from hybrid models, indicating a potential challenge for Xiaomi's new SUV [15][16] Competitive Landscape - Competitors like AITO and Li Auto have established themselves with strong technology and customer appeal, making it difficult for new entrants like Xiaomi to gain traction [6][8] - Other brands are also innovating with unique features, such as Tengshi N9's exclusive technology and Lynk & Co 900's performance capabilities, intensifying competition [8][9] Consumer Preferences - The shift in consumer preference towards pure electric vehicles is driven by improved charging infrastructure and a better overall experience with electric models [18][19] - Family users are increasingly looking for vehicles that offer convenience and thoughtful design, which may be a key area for Xiaomi to focus on [14][23] Strategic Challenges - Xiaomi's new SUV must navigate three critical challenges: pricing strategy, differentiation from existing family-oriented SUVs, and ensuring competitive electric range and performance [24][27][28] - Setting a competitive price between 350,000 to 450,000 RMB could help Xiaomi avoid direct competition with premium models while appealing to mid-range consumers [24] - The SUV must also deliver superior electric range and noise, vibration, and harshness (NVH) performance to meet consumer expectations and stand out in the market [28]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][8]. Core Views - The launch of the Li i6 at a price of 249,800 yuan, with promotional benefits during the initial sales period, is expected to enhance the company's position in the home electric vehicle market [4][7]. - The i6's pricing and features are competitive compared to similar models like Xiaomi YU7 and Tesla Model Y, potentially opening new growth opportunities in the 200,000 to 300,000 yuan segment [7][9]. - Anticipation for the upcoming upgrades to the L series, which is currently under pressure, is noted, with expectations for improved product competitiveness [7][8]. - The company is projected to achieve net profits of 5 billion, 9.5 billion, and 13.4 billion yuan for the years 2025 to 2027, respectively [7]. Financial Summary - Revenue projections for the company are as follows: 123.85 billion yuan in 2023, 144.46 billion yuan in 2024, 127.79 billion yuan in 2025, 175.77 billion yuan in 2026, and 212.56 billion yuan in 2027, with a year-over-year growth rate of 173.5% in 2023 and a decline of 11.5% in 2025 [6][11]. - Net profit estimates are 11.7 billion yuan for 2023, 8.03 billion yuan for 2024, 4.99 billion yuan for 2025, 9.5 billion yuan for 2026, and 13.37 billion yuan for 2027, reflecting a significant increase in 2023 but a decline in the following years [6][11]. - The company's gross margin is projected to remain stable around 20% to 22% over the forecast period [6][12]. - The return on equity (ROE) is expected to decline to 6.6% in 2025 before recovering to 13.5% by 2027 [6][12].

Core Viewpoint - The launch of the Li Auto i6 has generated strong order performance, with over 20,000 pre-orders received shortly after its release, indicating a positive market reception for the vehicle's pricing and features [3][5]. Group 1: Product Features and Pricing - The Li Auto i6 is positioned as a mid-large five-seat SUV, built on an 800V high-voltage platform, offering both single-motor rear-wheel drive and dual-motor all-wheel drive options [5]. - The vehicle is equipped with an 87.3 kWh lithium iron phosphate battery, providing a pure electric range of 660 km and 720 km under CLTC conditions for the respective configurations [5]. - The official base price for the i6 is set at 249,800 yuan, slightly lower than the previously anticipated range of 250,000 to 300,000 yuan [5]. - The i6 includes features that enhance its competitiveness, such as a rear entertainment screen, air suspension, and electric doors, which are not available in lower-priced models [5]. Group 2: Market Response and Sales Performance - The i6's order model, which allows for a cooling-off period, has been positively received, with comparisons drawn to similar strategies used by other manufacturers like Xiaomi [6]. - Sales personnel reported high customer traffic and order volumes, with some stores experiencing significant demand that exceeded expectations [6][7]. - The company prepared for the high interest by ensuring that display vehicles were available at dealerships prior to the launch, facilitating immediate test drives after the release event [7].