继月销突破5万辆后，零跑又打算搞个大新闻。 最近，博主@孙少军在直播中透露，零跑汽车正与华为进行合作洽谈，旗下车型有望搭载华为ADS辅助驾驶系统。孙少军还透露"选择与华为合作的品牌数 量超出预期"，而另一位博主@Blood旌旗则指出华为ADS业务正在"疯狂扩张"，未来几个月将有更多重磅合作公布。 对以"半价理想"闻名、靠极致性价比打开市场的零跑而言，此次接触华为乾崑智驾ADS系统，不仅是对技术升级的渴望，同时也暴露了零跑的"小心思"：它 不想光卖性价比车型了，它想往高端走，卖更贵的车！ 若这场合作落地，零跑将同时拥有"理想"的移动客厅+华为的智能生态，这或将彻底改写零跑的增长剧本。 理想平替不可持续，高端化是零跑的必走之路 零跑的崛起堪称中国新能源汽车市场的一则教科书案例。 2025年7月，它以单月交付超5万辆的成绩，连续第五个月稳居新势力销量榜首。支撑这一成绩的，是一套被创始人朱江明称为"全域自研"的制造体系，以及 被外界称为"摸着理想过河"的战略定位。 不过，总"摸着理想过河"也不是个事。中低端线能带来销量，但利润始终有限。想追求更健康的毛利率，就需要做单价更高的产品，这几乎是每个性价比品 牌发展的必然路 ...

Core Insights - The June delivery data reveals strong performance from multiple automotive companies, with several exceeding 30,000 units delivered in a single month, indicating a robust mid-year assessment for the industry [1][2][4] Group 1: Company Performance - Homomotion delivered 52,747 units in June, setting a new monthly and daily sales record, with the AITO brand being a significant contributor [4] - Leap Motor achieved 48,006 units in June, marking a year-on-year growth of 138%, and has maintained a leading position in the new energy vehicle sector for three consecutive months [4][6] - Xpeng Motors delivered 34,611 units in June, showing a remarkable year-on-year increase of 224%, and has consistently delivered over 30,000 units for eight months [4][9] - Ideal Auto's June deliveries fell to 36,279 units, a decline of 24.06% year-on-year, attributed to market conditions and increased competition [6][9] - Deep Blue delivered 29,893 units in June, reflecting a year-on-year growth of 79% [6] Group 2: Cumulative Deliveries and Targets - For the first half of the year, Leap Motor and Ideal Auto both surpassed 200,000 cumulative deliveries, with totals of 221,664 and 203,938 units respectively [2][7] - Xpeng Motors has delivered 197,189 units in the first half, achieving 52% of its annual target of 380,000 units [9] - Homomotion's cumulative deliveries reached 206,200 units, but its annual target completion rate is only about 20.6% [7] - Deep Blue's annual sales target completion rate stands at 36%, while Ideal Auto's is approximately 32% [7] Group 3: Market Trends and Expectations - The automotive market is experiencing strong retail performance, driven by promotional activities and seasonal demand, particularly following the end of the college entrance examination [3][6] - The overall market sentiment is positive, with expectations for continued growth in vehicle sales during the summer months due to increased consumer demand [3][6]

Group 1: Xiaomi Automotive - In May 2025, Xiaomi delivered over 28,000 units of its SU7 model and is preparing for mass production of the YU7, expected to start in July 2025 [2][4] - The SU7 series has achieved cumulative deliveries of 258,000 units since its launch, with 75,869 units delivered in Q1 2025, reflecting a quarter-on-quarter growth of 8.9% [5] - The YU7 has received significant interest, with user inquiries three times higher than those for the SU7 at the same stage, indicating strong market potential [6] Group 2: Li Auto - Li Auto reported 40,856 vehicle deliveries in May 2025, a year-on-year increase of 16.7%, bringing total deliveries to 1,301,531 units [6] - The company achieved revenue of 25.93 billion yuan in Q1 2025, a 1.1% increase year-on-year, with a net profit of 646.6 million yuan, up 9.4% [6] - Li Auto plans to launch two new electric SUVs in the second half of the year, with the first model, Li i8, set to debut in July [7] Group 3: XPeng Motors - XPeng delivered 33,525 vehicles in May 2025, marking a 230% year-on-year increase, and has maintained over 30,000 deliveries for seven consecutive months [7] - The company reported a revenue of 15.81 billion yuan in Q1 2025, a 141.5% increase year-on-year, with total deliveries reaching 94,008 units, a 330.8% increase [8] - XPeng is expanding into European markets, having entered Italy and Poland, and aims to accelerate its global market presence [8] Group 4: Leap Motor - Leap Motor achieved a record monthly delivery of 45,067 vehicles in May 2025, representing a year-on-year growth of over 148% [9] - The company reported revenue of 10.02 billion yuan in Q1 2025, a 187.1% increase year-on-year, driven by a 162.1% increase in sales [9] - Leap Motor is focusing on overseas markets, with plans for local assembly in Malaysia by the end of 2025 and aims for localized manufacturing in Europe by 2026 [10] Group 5: Avita - Avita sold 12,767 vehicles in May 2025, a 179% year-on-year increase, achieving over 50,000 cumulative sales from January to May 2025 [10] - The brand has successfully entered markets such as Thailand and the UAE, with plans to expand to 50 countries by 2025 and enter Europe in 2026 [10]

Core Viewpoint - Leap Motor has reported its best-ever first-quarter performance, with significant growth in sales and revenue, indicating strong market demand and effective operational strategies [2][4]. Financial Performance - In Q1 2025, Leap Motor achieved a sales volume of 87,600 units, representing a year-on-year increase of 162% [4]. - Revenue for the same period exceeded 10 billion RMB, reaching 10.02 billion RMB, a year-on-year growth of 187.1% [2][4]. - The gross margin reached a historical high of 14.9%, compared to -1.4% in Q1 2024 and 13.3% in Q4 2024, reflecting improvements in scale effects, cost management, and product mix optimization [4][5]. Market Expansion - Leap Motor has expanded its presence to 23 international markets, including Europe, the Middle East, Africa, Asia-Pacific, and South America, with over 550 sales and service outlets [2][7]. - The company aims to accelerate its global expansion, with plans to introduce three new models (B10, B01, B05) in 2025 to cater to diverse global customer needs [3][7]. Product Performance - The C series has been a standout performer, accounting for 77.5% of total sales in Q1 2025, with 67,800 units delivered [5]. - The B10 model, launched in April 2025, has already seen over 10,000 units delivered by the announcement date [5]. Strategic Partnerships and Production - Leap Motor is collaborating with Stellantis Group to localize production in Malaysia, with plans to start producing the C10 model by the end of 2025 and to establish manufacturing in Europe by 2026 [7][8]. - The company is focusing on maintaining a balance between market penetration and profitability, with an emphasis on long-term growth rather than immediate high profits [8]. Sales and Distribution Strategy - The company aims to exceed 1,000 sales outlets by the end of 2025, having nearly 800 currently, and is implementing a pixel model and online systems to enhance sales capabilities [9]. - Leap Motor prioritizes dealer profitability in its channel management strategy, ensuring a competitive edge in the industry [9].

Core Viewpoint - Leap Motor has reported its best quarterly performance since its establishment, with significant revenue growth driven by increased sales and optimized product mix [2][4]. Financial Performance - In Q1 2025, Leap Motor's revenue reached 10.02 billion RMB, a year-on-year increase of 187.1% [2]. - The company sold 87,552 vehicles in Q1 2025, marking the fastest year-on-year growth among new energy vehicle brands [4]. - The gross margin for Q1 2025 was 14.9%, the highest in the company's history [4]. Sales and Delivery - The C series accounted for 67,812 units delivered in Q1 2025, representing 77.5% of total sales, an increase of 5.7 percentage points from the same period in 2024 [4]. - As of April 9, 2025, Leap Motor achieved cumulative deliveries exceeding 700,000 vehicles [4]. Strategic Guidance - The company maintains its annual sales guidance of 500,000 to 600,000 vehicles and aims for a gross margin of 10% to 12%, targeting breakeven for the year [4]. Cash Position - As of March 31, 2025, Leap Motor had cash and cash equivalents totaling 25.7 billion RMB, providing a strong foundation for research and development [4]. Technological Advancements - Leap Motor launched the LEAP3.5 technology architecture, enhancing software and hardware integration for advanced driving assistance [5]. International Expansion - In Q1 2025, Leap Motor exported 7,546 vehicles, leading among new energy vehicle brands in export volume [5]. - The company has established over 500 overseas sales and service points, with significant growth in Europe and the Asia-Pacific region [5]. - Leap Motor plans to localize assembly in Malaysia by the end of 2025 and aims for localized manufacturing in Europe by 2026 [5][6]. Market Confidence - Leap Motor's stock price has seen significant growth, with a market capitalization exceeding 90 billion RMB, approaching the 100 billion RMB mark [9]. - The founder and CEO, Zhu Jiangming, along with other stakeholders, has increased their holdings, demonstrating strong confidence in the company's future [9].

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。 低毛利下，极致降本。 文丨司雯雯 编辑丨冒诗阳 宋玮 新势力创业者中，零跑汽车朱江明也许才是最 " 疯狂 " 的那个。 况且，对手规模远超零跑。2023 年，比亚迪销量 302 万辆，是零跑的 21 倍。 差距悬殊，更常见的做法是打差异化。李斌、李想、何小鹏的共同判断是，先避开大众价位，理想 强调产品、蔚来看重服务、小鹏主打技术领先，这些都是传统车企不足的地方。 一位也在 10 万元造车的汽车人士一开始就判断，规模优势下，和比亚迪拼成本，"没有任何可能 赢，你便宜它更便宜"。 新势力中，只有朱江明这么选。 他认为有得打，"我们的成本控制不比比亚迪差"。比亚迪降价，那就跟牌，"我们今年不就在跟 吗？" 再降呢？"那就看看它能不能把别人打掉"。他不回避正面竞争。 比亚迪的成本优势，主要来自高度垂直整合的供应链。2023 年，瑞银证券拆解了一辆比亚迪海豹， 发现约 75% 的零部件都是自制。 朱江明认可比亚迪整体的成本控制，但觉得建太多产能，风险也随之增加。"它为什么要降价？它现 在的 ...