Core Viewpoint - NIO's stock price increased by over 5% following the announcement of record vehicle deliveries in September, indicating strong market performance and investor confidence [1] Delivery Performance - In September, NIO delivered a total of 34,749 vehicles, marking a 64% year-on-year increase and setting a new monthly record [1] - Breakdown of deliveries: NIO brand delivered 13,728 vehicles, Ladao brand delivered 15,246 vehicles, and Firefly brand delivered 5,775 vehicles [1] - Cumulative deliveries reached 872,785 vehicles, with NIO brand at 762,176, Ladao brand at 90,279, and Firefly brand at 20,330 [1] Product Launches - The new ES8, a flagship SUV, was launched on September 20 during NIO Day 2025, with a starting price of 406,800 yuan and a battery-as-a-service (BaaS) option starting at 298,800 yuan [1] - The ES8 aims to lead the high-end large three-row SUV market into the pure electric era and has officially commenced nationwide deliveries [1] - The Ladao L90 has seen strong sales since its launch, with a total of 21,626 units delivered in two months, setting a record for the fastest delivery of pure electric large SUVs [1]

Core Insights - Li Auto reported a total delivery of 33,951 vehicles in September, with a year-on-year decline of 36.8% compared to 53,709 vehicles delivered in September 2024, marking a decrease of nearly 20,000 units [1] - The third quarter saw Li Auto deliver 93,211 vehicles, continuing a downward trend for the fourth consecutive month since June, although September's deliveries showed a 19% month-on-month increase from August's 28,529 vehicles due to the delivery of two new electric models, the i8 and i6 [1] - In contrast, Leap Motor led the market with a record delivery of 66,657 vehicles in September, achieving over 97% year-on-year growth, and a total of 395,516 vehicles delivered from January to September, reflecting a 128.8% increase [1] - Xpeng Motors delivered 41,581 vehicles in September, marking a year-on-year increase of approximately 95% and a month-on-month growth of 10%, with total deliveries reaching 313,196 vehicles for the year, up about 218% [1] - NIO reported 34,749 vehicle deliveries in September, a year-on-year increase of 64% and a month-on-month increase of 11%, setting a new historical high [1] - Xiaomi Auto also surpassed 40,000 vehicle deliveries in September, marking its first month of exceeding this threshold, following a previous milestone of over 30,000 deliveries in August [2] Company Performance - Li Auto's September deliveries: 33,951 vehicles, down 36.8% year-on-year [1] - Leap Motor's September deliveries: 66,657 vehicles, up over 97% year-on-year [1] - Xpeng Motors' September deliveries: 41,581 vehicles, up approximately 95% year-on-year [1] - NIO's September deliveries: 34,749 vehicles, up 64% year-on-year [1] - Xiaomi Auto's September deliveries: over 40,000 vehicles, first month exceeding this figure [2] Market Trends - Li Auto's deliveries show a recovery trend with a 19% month-on-month increase in September [1] - Leap Motor and Xpeng Motors demonstrate significant growth rates, indicating a competitive market landscape [1] - The overall performance of the electric vehicle sector remains strong, with multiple companies achieving record deliveries [1][2]

Core Insights - NIO Inc. delivered 34,749 new vehicles in September, representing a year-on-year increase of 64% [1] - Cumulative deliveries reached 872,785 vehicles, with the NIO brand accounting for 762,176 units [1] Delivery Breakdown - NIO brand delivered 13,728 vehicles in September [1] - The Ladao brand delivered 15,246 vehicles in September [1] - The Firefly brand delivered 5,775 vehicles in September [1] Milestones - The Ladao L90 achieved a cumulative delivery of 21,626 units in two months, setting a record for the fastest delivery of pure electric large SUVs [1] - The Firefly brand reached a historical high in September deliveries and celebrated the milestone of 20,000 cumulative deliveries, completing the second 10,000 deliveries in just 64 days [1]

Market Performance - The U.S. stock market indices have reached new highs for two consecutive days, with the Dow, Nasdaq, and S&P 500 all hitting record levels, and the Russell 2000 index also reaching its highest point since 2021 [1][3] - The recent surge in the market is attributed primarily to the Federal Reserve's interest rate cut of 25 basis points, with indications of potential further cuts later this year, which has boosted market confidence [3][4] Federal Reserve Policy - The shift in the Federal Reserve's focus from strictly monitoring inflation to prioritizing economic growth has been a key driver of the market rally, as traders interpret this as a signal for a more accommodative monetary policy [3][4] - Market expectations for another rate cut in October have risen significantly, with nearly a 90% probability now anticipated, encouraging more capital to flow into the market [4][5] Company Performance - Notable individual company performances include FedEx exceeding earnings expectations, ZTO Express receiving positive ratings due to rising delivery prices, and NIO forecasting new vehicle models for the upcoming year [5] - The overall market sentiment indicates that corporate earnings are supporting the rally, suggesting that as long as companies maintain their profitability, significant market corrections are unlikely [3][5] Investment Strategy - Long-term investment strategies should focus on the fundamental improvements of companies rather than short-term stock price fluctuations, emphasizing the importance of industry logic and market demand [5] - The dual drivers of the current market highs are identified as "accommodative policy and earnings support," highlighting the need for investors to consider the sustainability of the Federal Reserve's policies and the stability of corporate earnings [5]

Group 1 - In August, the company delivered 31,305 new vehicles, representing a year-on-year increase of 55.2%, setting a historical record [2] - Cumulative deliveries reached 838,036 vehicles, with the NIO brand accounting for 748,448 vehicles, the Ladao brand for 75,033 vehicles, and the Firefly brand for 14,555 vehicles [2] - The Ladao L90 model achieved a delivery of 10,575 units in its first month, marking the fastest sales of any model in the company's history [2] Group 2 - The new ES8 model is currently being showcased at the Chengdu Auto Show and nationwide stores, with a starting pre-sale price of 416,800 yuan, utilizing a BaaS battery rental model starting at 308,800 yuan [2] - From August 29 to October 12, the G318 Sichuan-Tibet battery swap route offers unlimited free battery swap services to all NIO and Ladao users, covering both electricity and service fees (excluding operational vehicles) [2]

Group 1 - The core point of the article is that NIO Inc. achieved a record high in vehicle deliveries in August 2025, with a total of 31,305 vehicles delivered, representing a year-on-year growth of 55.2% [1]

Group 1 - NIO delivered a total of 42,094 vehicles in the first quarter, generating revenue of 12.03 billion yuan, which represents a year-on-year growth of over 21% [1] - The gross margin for the vehicles was reported at 10.2% [1] - For the second quarter, NIO expects revenue to be between 19.51 billion and 20.07 billion yuan, with projected vehicle deliveries of 72,000 to 75,000 units [1]