Core Viewpoint - The new energy vehicle market in 2025 did not experience a significant year-end surge due to policy exhaustion and consumer hesitation, but several companies achieved substantial year-on-year growth in deliveries, with Leap Motor and Xpeng Motors doubling their delivery volumes, while NIO showed a recovery in the second half of the year with a 46.88% increase [1]. Group 1: Company Performance - Leap Motor delivered 60,423 vehicles in December 2025, a year-on-year increase of 42.11%, and achieved a total of 596,555 vehicles for the year, marking a 103.1% increase [2][3]. - NIO's December deliveries reached 48,135 vehicles, a record high for the month with a 54.59% year-on-year increase, and a total of 326,028 vehicles for the year, reflecting a 46.88% growth [5]. - Li Auto delivered 44,246 vehicles in December, with a total of 406,343 vehicles for the year, representing an 18.81% decline year-on-year, but it became the first new force brand to surpass 1.54 million cumulative deliveries [7]. - Xpeng Motors achieved total deliveries of 429,445 vehicles in 2025, a 125.94% increase, although December deliveries were 37,508, falling short of the fourth-quarter guidance [9]. Group 2: Strategic Developments - Leap Motor plans to target one million deliveries in 2026, with new models from the A and D series set to launch [3]. - NIO's ES8 model became a key contributor to sales, with a significant number of orders expected to offset potential performance dips in early 2026 [5]. - Li Auto is facing challenges in its pure electric transition, with supply chain issues affecting production capacity, but it is expanding into overseas markets to alleviate domestic competition [7]. - Xpeng Motors is set to launch seven new models with advanced configurations in 2026, aiming to significantly expand its market reach [9]. Group 3: Market Insights - The absence of a year-end surge in the automotive market was confirmed by industry analysts, and new government policies aimed at stimulating consumption are expected to stabilize the market in 2026 [11][12].

7月10日，全新C11上市，该车型自2021年初次上市后已热销至今；7月24日，年轻人的高颜值智能轿车零跑B01正 式上市；9月8日，零跑全新个性化战略新品Lafa5在慕尼黑车展全球首秀，3款车型也相继亮相。8月18日，零跑发 布2025年上半年财报，首次实现半年度净利润转正；9月25日，迎来第100万辆整车下线的历史性时刻。 2025年，零跑保持强劲增长态势，全年累计交付达596555台，同比增长103%，展现出品牌实力与市场竞争力。刚 刚过去的12月，零跑全系交付达60423台，同比增长42%。 3月3日，零跑汽车与中国一汽正式达成战略合作，发挥各自在研发领域的技术积累，共同提升产品竞争力，使双 方实现全产业链资源协同；3月10日，在杭州小莲花举办了零跑LEAP 3.5技术暨B10预售发布会，向公众展示了在 智能座舱、辅助驾驶及三电领域的最新成果。 4月10日，零跑B系列第一款车型、全球智趣长续航SUV零跑B10正式上市；4月23日，零跑B01于上海国际车展迎 来全球首秀，其独特的设计语言引发全球媒体关注；6月11日，零跑正式登陆香港市场，全球第1500家门店开业， 渠道布局迈出关键一步。 回顾2025， ...

乘用车近期终端需求跟踪及展望 20251229 摘要 2026 年汽车补贴政策预计总额维持 3,000 亿，汽车补贴约 1,000 亿， 以旧换新或要求旧车持有一年以上，以抑制套取补贴行为。预计新能源 车置换补贴 8%，燃油车 6%；新能源车报废补贴 12%，燃油车 10%（2025 年）。 预计 2025 年以旧换新更新量约 750 万台，补贴预算超 800 亿；2024 年约 370 万台，对应 350 亿。2025 年主要为置换补贴，2024 年为报 废补贴。单车平均补贴 2025 年约 11,500 元，2026 年预计持平。 消费者对以旧换新政策有较高预期，补贴金额约占乘用车平均成交价 10 万元的 7%。10 月下旬至 12 月期间，约 2/3 未成交用户等待 2026 年 新政策和更高额度国家支持。 2025 年政策下，20 万元以内汽车可享国家开票价近 8%补贴，影响消 费者购买决策，约 2/3 潜在客户明确表示等待 2026 年补贴更新，尤其 是置换补贴。 预计 2026 年 Q1 新能源汽车市场需求显著增长，新补贴政策或提前落 地，车企和渠道将促销清理库存，预计 1 月销量双位数增长，Q1 ...

当前新能源汽车市场呈现显著的"哑铃型"分化格局。高端市场凭借生态互联与顶尖智驾构建技术护城 河，通过差异化体验实现突破；入门市场则掀起"技术普惠"浪潮，以极致性价比重塑价值认知。与此同 时，智能驾驶竞争从硬件堆砌转向"AI大模型+责任兜底"的双轮驱动，用户信任成为决胜关键。这种两 极分化态势，正深刻重塑着行业竞争格局与未来发展方向。 | 创0 排名 | | | | | | --- | --- | --- | --- | --- | | 01 | Crie | 比亚迪 | 1.87 | -- | | 02 | ml | 小米汽车 | 1.80 | 4 1 | | 03 | SP | 幸田 | 1.61 | ▼ 1 | | 04 | B | 大众 | 1.59 | ▲3 | | 05 | (4) | 牵强 | 1.58 | -- | | 06 | 1 | 特斯拉 | 1.52 | 42 | | 07 | LD | 零跑汽车 | 1.42 | NEW | | 08 | ■理想 | 理想汽车 | 1.42 | ▲ 3 | | 09 | | 意瑞 | 1.38 | ▲ 1 | | 10 | | 日产 | 1.30 | ...

Core Viewpoint - Leap Motor has transformed from a struggling startup to a leading player in the new energy vehicle market, achieving significant growth in sales and profitability through a cost-effective strategy and self-research capabilities [5][15][50]. Financial Performance - In Q3 2024, Leap Motor reported revenue of 32.16 billion RMB, a 92.1% increase from 2023, with a gross profit of 2.69 billion RMB, marking a 3,248.4% increase [7]. - The company achieved a net profit of 1.5 billion RMB in Q3 2024, marking its continuous quarterly profitability [7]. - The gross margin reached 14.5%, a significant increase from 8.1% in the previous year [31]. Sales and Delivery Growth - Leap Motor delivered over 170,000 vehicles, a 101.8% increase compared to the same period in 2024, making it the top-selling brand among new energy vehicle startups in China [6]. - The company aims to reach an annual sales target of 1 million vehicles by 2026, following a successful sales strategy that has led to rapid growth [10][44]. Product Strategy and Market Positioning - Leap Motor has focused on a cost-effective pricing strategy, allowing it to offer competitive products while maintaining healthy profit margins [8][50]. - The introduction of models like the C11 and the new Lafa5 has allowed Leap Motor to penetrate both the mainstream and high-end markets, showcasing its versatility [12][13][26]. - The company emphasizes self-research and development, with 65% of its core components being self-manufactured, which aids in cost control and product quality [8][38]. Future Outlook and Challenges - Leap Motor is expanding its production capacity and aims to enhance its supply chain efficiency, which is crucial for sustaining its growth trajectory [29][31]. - The company faces challenges from market competition and changing policies, such as the potential return of purchase tax and subsidy reductions, which could impact its pricing strategy [44][49]. - Leap Motor is committed to balancing cost-effective pricing with maintaining a healthy profit margin, ensuring long-term sustainability [50].

Core Viewpoint - The article highlights the performance of key new energy vehicle companies in November 2025, showcasing their delivery volumes and year-on-year growth rates, while also discussing the overall market trends and the impact of subsidy policies on consumer behavior [2][3][4][5][6][7]. Group 1: Delivery Performance - Leap Motor delivered 70,327 vehicles in November, a year-on-year increase of 75.1% and a slight month-on-month increase of 0.1% [3]. - Xpeng delivered 36,728 vehicles, reflecting an 18.9% year-on-year increase but a 12.6% decrease month-on-month [4]. - NIO delivered 36,275 vehicles, with a year-on-year growth of 76.3% and a month-on-month decline of 10.2% [5]. - Li Auto delivered 33,181 vehicles, showing a significant year-on-year decrease of 31.9% but a month-on-month increase of 4.5% [6]. - Zeekr delivered 28,843 vehicles, marking a 6.8% year-on-year increase and a notable month-on-month increase of 34.6% [7]. - Xiaomi reported deliveries exceeding 40,000 vehicles in November [7]. Group 2: Market Trends - The overall retail market for narrow passenger vehicles in November is estimated at approximately 2.25 million units, a year-on-year decrease of 8.7%, while the new energy vehicle retail is expected to reach 1.35 million units, achieving a penetration rate of 60% for the first time [2]. - The five sample new force car companies (excluding Xiaomi) collectively delivered 205,354 vehicles, representing a year-on-year increase of 22.7% [2]. Group 3: Competitive Landscape - Leap Motor's growth is attributed to strong product offerings like the C10 and B01, which are competitively priced under 200,000 yuan [3]. - Xpeng's new model, the X9 Super Range, launched in November, has set a record for pre-orders, indicating strong market interest [4]. - NIO's ES8 2026 model achieved a record delivery of over 20,000 units within 70 days of its launch, showcasing its market appeal [5]. - Li Auto is enhancing its charging network, which is expected to support its competitiveness as new electric products are introduced [6]. - Zeekr's new models, including the refreshed Zeekr 001 and 7X, are positioned to attract consumers in the mid to high-end market segments [7]. Group 4: Technological Advancements - The article notes that the advancement of intelligent driving technology is accelerating, with companies like Xpeng and Huawei leading the charge in promoting smart driving features [8]. - The article anticipates that advancements in intelligent driving technology will lower hardware barriers, allowing for broader application in the mainstream market [8]. - The emergence of autonomous driving capabilities is seen as a critical competitive factor for car manufacturers, with a focus on companies that are leading in smart technology [9]. Group 5: Component Industry Outlook - The article suggests a positive outlook for the new energy vehicle supply chain and smart electric growth, with low valuations in the component sector indicating potential for mid-term growth [10]. - Recommendations include focusing on intelligent driving components and the new force supply chain, highlighting specific companies within these sectors [11].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a potential upside of over 15% relative to the benchmark index [7]. Core Insights - The penetration rate of new energy vehicles (NEVs) is accelerating, with a projected retail market size of approximately 2.25 million units in November, reflecting a year-on-year decline of 8.7% but a significant increase in NEV sales, expected to reach 1.35 million units, achieving a penetration rate of 60% for the first time [4][3]. - The report highlights the resilience of new energy vehicle sales, with key players showing varied performance. Leap Motor leads with a 75.1% year-on-year increase, while Li Auto experienced a decline of 31.9% [3][5][9]. Summary by Company Leap Motor - In November, Leap Motor delivered 70,327 vehicles, a year-on-year increase of 75.1% and a slight month-on-month increase of 0.1%. The growth is attributed to strong sales of models C10 and B01, with the company expected to continue its upward trajectory as new models are launched [5][14]. Xpeng Motors - Xpeng Motors reported 36,728 deliveries in November, marking an 18.9% increase year-on-year but a 12.6% decrease month-on-month. The company has expanded its charging network significantly, with over 2,840 self-operated stations and approximately 16,000 charging piles [6][14]. NIO - NIO delivered 36,275 vehicles in November, reflecting a 76.3% year-on-year increase but a 10.2% month-on-month decline. The report notes the strong performance of models ES8 and ET5T [6][14]. Li Auto - Li Auto's November deliveries totaled 33,181 units, down 31.9% year-on-year but up 4.5% month-on-month. The company is expanding its charging network, which is expected to enhance competitiveness as new electric models are introduced [9][14]. Zeekr - Zeekr delivered 28,843 vehicles in November, a 6.8% year-on-year increase and a significant month-on-month increase of 34.6%. The report highlights the successful launch of new models, contributing to sales growth [10][14]. Xiaomi - Xiaomi reported over 40,000 vehicle deliveries in November. The new SUV YU7 has been well-received, with significant pre-order numbers indicating strong market interest [11][14]. Industry Trends - The report emphasizes the ongoing shift towards intelligent driving technologies, with companies like Xpeng and Huawei leading the charge. The expectation is that advancements in smart driving will lower hardware costs and expand market access, particularly in the sub-200,000 yuan segment [11][12]. - The report suggests that the new energy vehicle supply chain and smart electric growth are expected to strengthen, with a focus on intelligent driving and new energy vehicle components [12].

Group 1 - The core viewpoint of the article highlights the strong performance of various electric vehicle manufacturers in November, showcasing significant sales growth and market competition as the year comes to a close [1][7][8]. Group 2 - BYD sold 474,921 passenger vehicles in November, with a total of over 4.18 million units sold in the first 11 months of the year, maintaining a leading position in the new energy sector [2][7]. - Geely's November sales reached 310,428 units, with 187,798 units being new energy vehicles, marking a continuous growth trend for nine months [8][13]. - SAIC-GM-Wuling achieved 161,726 total sales in November, with 118,726 units being new energy vehicles, driven by the popularity of the Hongguang MINI EV family [14][16]. - Chery sold 255,809 vehicles in November, with 110,017 being new energy vehicles, indicating a strong commitment to the new energy market [18][20]. - Hongmeng Zhixing delivered 81,864 units in November, benefiting from strong demand for its models and technological advancements [21][23]. - Leap Motor delivered 70,327 units in November, with a focus on self-research and a diverse product line [25]. - Great Wall Motors sold 133,216 vehicles in November, with 40,113 being new energy vehicles, showing significant growth in the new energy segment [26][29]. - Xiaomi's sales exceeded 40,000 units in November, with expectations for further growth as production capacity improves [30][32]. - XPeng Motors delivered 36,728 units in November, with a year-to-date growth of 156% [34]. - NIO delivered 36,275 units in November, with notable performance from its various brands [38]. - Li Auto delivered 33,181 units in November, facing competitive pressures but maintaining a positive outlook [40]. - Deep Blue Automotive achieved 33,060 global deliveries in November, with strong performance from its S05 model [42]. - BAIC New Energy sold 32,328 units in November, with a focus on increasing its annual sales [43][46]. - Lantu Automotive delivered 20,005 units in November, marking a significant milestone for the brand [47][48]. - Bestune sold 19,520 vehicles in November, with a strong focus on appealing to younger consumers [49][51]. - Avita achieved a record high of 14,057 units in November, reflecting significant progress and future market potential [52]. - Zhiji Automotive delivered 13,577 units in November, expanding its product offerings while maintaining a focus on electric vehicles [55]. - Jishi Automotive saw a steady increase in sales, particularly in international markets, indicating a successful product strategy [57].

大家好，我是深蓝的销售顾问，今天跟大家分享一下刚上市的L06。 这个月每天有多少客户来看车？ 我们 是 中部 一个五线 的 小城市，受到上个月省补改为摇号的影响，进店量 相比之前下降了 3 、 4成 。 之前 工作日 进店 是 6-7组 ，周末15-16组， 现在 降到了 平时 3-4组，周末10组出头。不过好在 11 月18号L06 的 正式上市， 拉起 了一波热度，进店 数量有所回升，尤其是通过网络留资的 多了起 来。 现在买车都有什么权益？ 现在订车可以享受厂家2000元现金优惠，他品3000 元、 本品5000 元 的置换补贴 。 另外还限时 赠送 紫色车漆，磁流变悬架和科技舒享包（电动尾门 、 256色氛围灯），以及 城区智驾包（说是限时免费，大概率会一直送），11月30号24点前下订还可以赠送大疆pocket 3。 最畅销的是什么配置/颜色？ 目前客户选择最多的配置是560 Ultra+， 颜色最多的是今年最流行的 紫色外观搭配紫色内饰，占比达到了60%。 现车 有4台 560 Ultra 、 2台 Ultra+ 。11月21号才开始交付，目前还不清楚具体 的 提车时间，看官网是0-6周。 通过交 ...

Group 1 - China FAW's investment in Leap Motor is nearing completion, with an expected initial stake of around 5%, indicating a significant step towards a strategic partnership [2] - Earlier rumors suggested a 10% stake, which was denied by China FAW, but recent developments have reignited interest in the potential collaboration [2] - Leap Motor has clarified that previous rumors of a full acquisition by China FAW were false, emphasizing the importance of the current investment discussions [2] Group 2 - Leap Motor reported impressive sales figures, achieving over 500,000 cumulative vehicle sales by 2025, ahead of its annual target, and aims to reach a new goal of one million units by 2026 [3] - In October, Leap Motor's delivery volume reached a record high of 70,289 units, representing a year-on-year increase of over 84%, with consistent month-on-month growth throughout the year [3] - The company has been actively enhancing user experience through OTA updates for multiple vehicle models, indicating a commitment to product improvement [3] Group 3 - Leap Motor's Q3 2025 financial report revealed a significant structural improvement in profitability, with revenues of 19.45 billion yuan, a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [4] - The net profit attributable to shareholders reached 150 million yuan, marking a substantial turnaround from a loss of 690 million yuan in the same period of 2024 [4] - The gross margin improved to 14.5% in Q3 2025, up from 8.1% in Q3 2024 and 13.6% in Q2 2025, highlighting the company's strengths in supply chain management and production optimization [4]