Core Insights - The retail market for narrow passenger vehicles in September is estimated to be around 2.15 million units, showing a year-on-year increase of 2.0% and a month-on-month increase of 6.5%, with new energy vehicle (NEV) retail expected to reach 1.25 million units, achieving a penetration rate of approximately 58.1% [1][3] - The new energy vehicle market continues to see stable pricing and increasing penetration rates, which supports the overall automotive market [3] Company Performance - **Leap Motor**: Delivered 66,657 units in September, a year-on-year increase of 97.4% and a month-on-month increase of 16.8%. The growth is attributed to strong product offerings like C10 and B01, with C10 accounting for 27.1% of deliveries [4][5] - **Xpeng Motors**: Reported 41,581 units delivered in September, up 94.7% year-on-year and 10.3% month-on-month. The company has expanded its charging network significantly, with over 2,590 self-operated stations and more than 14,000 charging piles [5][6] - **NIO**: Achieved 34,749 units delivered in September, reflecting a year-on-year increase of 64.1% and a month-on-month increase of 11.0%. New models like ES8 and ET9 were launched, enhancing the product lineup [6] - **Li Auto**: Delivered 33,951 units in September, a year-on-year decrease of 36.8% but a month-on-month increase of 19.0%. The company is focusing on expanding its charging network to maintain competitiveness [7] - **Zeekr**: Reported 18,257 units delivered in September, with a year-on-year decrease of 14.4% but a month-on-month increase of 3.6%. The new Zeekr 9X model was launched, featuring advanced technology [8] - **Xiaomi**: Delivered over 40,000 units in September, with the new SUV YU7 positioned as a competitive product in the market [8] Market Trends - The overall automotive market is experiencing growth, with stable pricing and increasing penetration of new energy vehicles, which is expected to continue supporting market dynamics [3] - The trend towards intelligent driving technology is accelerating, with companies like Xpeng and Huawei leading the charge in promoting and iterating on smart driving capabilities [9] - The automotive industry is witnessing a shift towards smart technology, which is becoming a critical competitive factor among manufacturers [10]