手握奔驰设计与吉利技术两张王牌，smart 在中国市场意外"失灵"了。 我们了解到，由于精灵 3 号、5 号销量失利，smart 已在今年年中大幅下调了今年的销量目标。作为补救策略， smart 会把下一款全新车型做得"更奔驰"。 转型路上的 smart 放弃了小车，但没有放弃可玩性。它希望在新能源市场做出一批不依靠小尺寸，依然能延续品牌理念的产品。定位或许没有问题，但其 跨公司的协作模式，在尤其考验敏捷迭代、快速响应能力的中国新能源市场，很难击中目标。 01.smart 驶入慢车道 今年第四季度，smart 将推出插混版本的精灵 5 号，与它的纯电版一样，新车在吉利湖州长兴工厂生产。按计划，这款车会在 9 月底前后量产（SOP）。 这是 smart 品牌的首款插混车型，也是一次迫不得已的补课。其赖以转型的纯电战略正遭遇挑战。2022 年至 2024 年，smart 一直保持每年一款纯电新车的 产品节奏，历年分别推出了精灵 1 号、3 号和 5 号。 燃油车时代的 smart 是奔驰旗下著名的精品小车品牌，但到了新能源市场，smart 变大了。原因有两点，受限于电池体积，纯电车很难在做小的同时，保 证优质的性 ...

Economic Growth - Chengdu's GDP growth rate for the first half of 2023 was 5.8%, outperforming the provincial average and maintaining its position among the top cities in China [6][7][9] - The city's GDP total is significantly higher than the second-largest city in the province, Mianyang, by nearly 1 trillion yuan [7][9] Consumption and Retail - Chengdu achieved a social retail sales total of 1 trillion yuan in 2023, making it the sixth city in China to reach this milestone, ranking fifth among the seven trillion-level consumption cities [11][12] - The city's retail sales growth rate for the first half of 2023 was 6.1%, the highest among the major consumption cities [11][12] Industrial Performance - Chengdu's industrial output value increased by 7.8% in the first half of 2023, ranking first among the top ten cities in China [14][15] - The city has seen significant growth in the new energy vehicle sector, with production increasing by 352.2% in the first half of 2023 [15][16] Future Investments - Chengdu announced a future industry fund exceeding 100 billion yuan, focusing on high-tech sectors such as humanoid robots and flying cars [17][18] - The city is also investing in the development of eight new county-level cities to support urbanization and economic growth [18][19]

Investment Rating - The report does not explicitly state an investment rating for the automotive industry Core Insights - The automotive industry is experiencing significant growth, with Chinese brand passenger cars selling 9.27 million units in the first half of 2025, a year-on-year increase of 25% [15] - New energy vehicle sales are expected to stabilize due to government policies aimed at improving product quality and optimizing supply chain processes [11] - Recent trends indicate a shift towards smart driving technologies, with various companies receiving funding to enhance their capabilities in this area [31][30] Information Dispatch - **Weekly Sales Rankings**: In the third week of July, the top three new energy vehicle brands by sales were BYD (51,400 units, +5.3%), Wuling (12,700 units, +14.4%), and Tesla (9,900 units, -19.5%) [9] - **New Car Releases**: Several new models were launched, including BYD's Hai Si 06 EV and DM-i, and the Wuling Zhi Guang EV [10] - **Policy and Hot Events**: Guangdong and Anhui provinces are taking steps to regulate competition in the new energy vehicle sector, promoting quality management and industry self-discipline [11] Technology Dynamics - **Chip Development**: MediaTek's C-X1 cockpit chip is gaining traction among luxury car manufacturers in China, expected to see large-scale shipments in 2026 [18] - **Battery Innovations**: Honeycomb Energy's second-generation Dragon Scale battery pack has been launched, featuring a capacity of 65 kWh and supporting 5C fast charging [20] Lithium Battery Insights - The price of battery-grade lithium carbonate has surged to 72,940 yuan per ton as of July 25, 2025, reflecting a significant increase of 9.4% from the previous week [22][23] - The report highlights fluctuations in the prices of various lithium battery materials, with lithium iron phosphate prices rising by 7.22% [23] Investment and Financing Events - **Zero One Automotive**: Completed a 500 million yuan Series A financing round to advance its autonomous driving technology [30] - **Weikensi Technology**: Secured Series A funding to accelerate the development of its drive-by-wire chassis [31] - **Jinmao Smart Transportation**: Raised several hundred million yuan in Series A financing to support its zero-carbon transportation solutions [32]

Industry Information - The Ministry of Transport reports that the coverage rate of charging piles in highway service areas has reached 98.4%, with an average daily traffic of new energy vehicles accounting for about 20% [7] - Hunan province has made significant progress in building high-power charging facilities, with 4,693 public fast charging piles constructed in the first half of the year, achieving 93.8% of the annual target [7] - Toyota's subsidiary plans to invest 3.7 billion yuan to build a factory in Dalian, which will produce batteries for pure electric vehicles [8] - Honeycomb Energy plans to trial production of semi-solid batteries in Q4 of this year, with mass supply expected by 2027 [8] - The automotive industry is seeing a rise in electric vehicle exports, with Guangzhou exporting 90,000 vehicles in the first half of the year, a year-on-year increase of 28.4% [15] - In Norway, electric vehicles account for 97% of new car sales, with Chinese brands holding a market share of 12.3% [15] - The first international standard in the field of photovoltaic direct current has been released, which will guide the development of distributed photovoltaic systems [36] Policy Information - The Ministry of Transport has implemented measures to enhance the management of "smart driving" systems, emphasizing that they are not fully autonomous and will strengthen regulations to prevent false advertising by car manufacturers [13][14] - The Ministry of Science and Technology has published ethical guidelines for the research and development of automated driving technologies to mitigate ethical risks [35] - Guangdong and Anhui provinces are implementing measures to promote healthy competition in the automotive industry, encouraging companies to focus on quality and innovation rather than price wars [34] Company Information - BYD has produced its 13 millionth new energy vehicle, with the model being the Yangwang U7 [6] - NIO has announced the completion of its 10000th delivery of its pure electric vehicle, the Firefly [6] - Xpeng Motors has launched its first overseas manufacturing base, with the first locally produced X9 delivered in Indonesia [6] - Tesla has delivered over 8 million electric vehicles globally, with its Shanghai Gigafactory supporting market expansion [6] - Xiaomi is developing a home DC charging pile with a power output exceeding 7kW [6] - Li Auto has achieved cumulative deliveries of over 300,000 units for its L6 model [6]

New Car Launches - iCAR V23 retro version kit launched with a price of 28,800 yuan, featuring 18 components for customization [3][4][6] - Lynk & Co Z20 430km version launched with a price range of 109,900 to 118,900 yuan, offering a new entry-level option [10][15] - Leapmotor B01 launched with a price range of 89,800 to 119,800 yuan, featuring advanced technology and multiple battery options [16][22] - New Galaxy E5 launched with a price range of 109,800 to 145,800 yuan, offering enhanced battery capacity and features [24][33] - BYD Sea Lion 06 launched with a price range of 139,800 to 163,800 yuan, targeting the mainstream family SUV market [34][48] - Aito M8 pure electric version pre-sale starting at 378,000 yuan, featuring a 100kWh battery and high performance [49][54] - Audi Q6 e-tron pre-sale starting at 353,000 yuan, featuring advanced technology and luxury design [55][62] Company Dynamics - Great Wall Motors reported record high sales, revenue, and net profit for Q2, with a sales volume of 313,000 units, a 10.07% year-on-year increase [73][74][76] - Tesla introduced an 8,000 yuan insurance subsidy for Model 3 to celebrate reaching 3 million global sales [77][79] - General Motors reported a decline in overall performance for Q2, with a total sales volume of 974,000 units, down 6.3% year-on-year [89][90][93] - Tesla's Q2 financial report showed significant declines in revenue and profit, with total automotive revenues down 16% year-on-year [94][95][96] International News - Tesla opened its first Supercharger restaurant in California, featuring a unique design and a capacity to serve 2,500 customers daily [99][100][102]

Core Viewpoint - The article provides an overview of new vehicle models set to launch in July 2025, detailing specifications, pricing, and market segments for various manufacturers, highlighting the competitive landscape in the automotive industry. Group 1: Beijing Off-road Vehicle - Manufacturer: Beijing Off-road Vehicle - Model: BJ40 - Launch Date: July 19, 2025 - Market Segment: A SUV - Engineering Change Scale: MCE1 - MSRP Range: 149,900 - 159,900 CNY - Engine/Transmission: Diesel 2.0T / TIP8, Gasoline 2.0T / TIP8 - Dimensions: 4,790 mm (L) x 1,940 mm (W) x 1,929 mm (H) - Wheelbase: 2,760 mm - Power/Torque: Diesel 120 kW / 400 N·m, Gasoline 180 kW / 395 N·m [6][5][3] Group 2: SAIC-GM-Wuling - Manufacturer: SAIC-GM-Wuling - Model: Wuling Xingchi - Launch Date: July 22, 2025 - Market Segment: AO SUV - Engineering Change Scale: MCE1 - MSRP Range: 56,800 - 71,800 CNY - Engine/Transmission: 1.5L / 6MT, 1.5L / CVT - Dimensions: 4,350 mm (L) x 1,750 mm (W) x 1,610 mm (H) - Wheelbase: 2,550 mm - Power: 73 kW / 143 N·m [14][13][11] Group 3: Geely Automobile - Manufacturer: Geely Automobile - Model: Lynk & Co Z20 - Launch Date: July 22, 2025 - Market Segment: A SUV - Engineering Change Scale: NM - MSRP Range: 109,900 - 121,900 CNY - Engine/Transmission: Pure Electric / EVT - Dimensions: 4,460 mm (L) x 1,845 mm (W) x 1,573 mm (H) - Wheelbase: 2,755 mm - Power/Torque: 175 kW / 300 N·m - Battery Capacity: 51.2 kWh - Electric Range: 430 km (CLTC) [22][21][19] Group 4: Geely Galaxy - Manufacturer: Geely Automobile - Model: Galaxy E5 - Launch Date: July 24, 2025 - Market Segment: A SUV - Engineering Change Scale: MCE1 - MSRP Range: 109,800 - 145,800 CNY - Engine/Transmission: Pure Electric / EVT - Dimensions: 4,615 mm (L) x 1,901 mm (W) x 1,670 mm (H) - Wheelbase: 2,750 mm - Power: 160 kW / 320 N·m - Battery Capacity: 60.22 / 68.39 kWh - Electric Range: 530 / 610 km (CLTC) [30][29][27] Group 5: Leap Motor - Manufacturer: Leap Motor - Model: B01 - Launch Date: July 24, 2025 - Market Segment: A NB - Engineering Change Scale: NP - MSRP Range: 89,800 - 119,800 CNY - Engine/Transmission: Pure Electric / EVT - Dimensions: 4,770 mm (L) x 1,880 mm (W) x 1,490 mm (H) - Wheelbase: 2,735 mm - Power/Torque: 100 kW / 175 N·m, 132 kW / 175 N·m - Battery Capacity: 43.9 / 56.2 / 67.1 kWh - Electric Range: 430 / 550 / 650 km (CLTC) [38][37][35] Group 6: BYD - Manufacturer: BYD - Model: Sea Lion 06 New Energy - Launch Date: July 24, 2025 - Market Segment: B SUV - Engineering Change Scale: NP - MSRP Range: 139,800 - 163,800 CNY - Engine/Transmission: Plug-in Hybrid 1.5L / E-CVT, Pure Electric / EVT - Dimensions: 4,810 mm (L) x 1,920 mm (W) x 1,675 mm (H) - Wheelbase: 2,820 mm - Power/Torque: Plug-in: 74 kW / 126 N·m (engine), 160 kW / 260 N·m (motor) - Battery Capacity: Plug-in: 18.3 / 26.6 kWh, Pure Electric: 65.28 / 78.72 kWh - Electric Range: Plug-in: 121 / 170 km (CLTC), Pure Electric: 520 / 605 km (CLTC) [46][45][43]

Core Insights - Lynk & Co has achieved cumulative deliveries exceeding 1.5 million units, indicating a positive sales trend [1] - By May 2025, the weighted average transaction price of Lynk & Co's full product range is expected to reach 189,000 yuan, surpassing mainstream joint venture brands [1] - In the first half of 2025, Lynk & Co's three-year resale value rate reached 54.58%, with nine models ranking in the top ten, including Lynk & Co 03, 07, and 09, which topped their respective market segments [1] Product Performance - The Lynk & Co Z20 recently received a five-star safety rating from Euro NCAP, ranking first globally among SUVs in 2025 [1] - Since its launch in April, the Lynk & Co 900 has received a positive market response, maintaining a top three position in the large SUV segment for eight consecutive weeks and ranking second in sales among full-size high-end hybrid SUVs in June [1] - The first mid-to-large plug-in hybrid sedan, Lynk & Co 10 EM-P, is set to officially launch by the end of the third quarter [1] Competitive Achievements - Lynk & Co has been committed to promoting the development of motorsport in China, with its team achieving seven world championships in the TCR World Touring Car Series over six years by 2024 [1]

Core Viewpoint - The article discusses the purchasing experience of a consumer who bought the Xiaopeng MONA M03 MAX, highlighting the decision-making process, comparisons with competitors, and the overall satisfaction with the vehicle [1][20]. Purchase Experience - The vehicle was purchased for 139,800 yuan, with a total out-of-pocket cost of just over 100,000 yuan after considering trade-in and subsidies [2][9]. - The consumer initially planned to finance the vehicle but switched to a full payment due to complications with social security approval [1][2]. Competitor Comparison - The consumer compared several electric vehicle models, including Lynk & Co Z20, Smart EQ, and Volkswagen ID.3, focusing on factors like size, driving experience, and features [4][5][7]. - The decision to choose the Xiaopeng MONA was influenced by its superior features and upgrades compared to competitors, particularly in terms of driving assistance and battery range [18][20]. Delivery and Service Experience - The delivery process was smooth, with the vehicle ready for pickup shortly after the order was placed, and the consumer received thorough explanations of the vehicle's features [11][13]. - The consumer noted that they were among the first to receive the new model, which added to the positive experience [11][13]. Vehicle Performance and Features - The Xiaopeng MONA is praised for its intelligent driving assistance, low energy consumption, and overall value compared to competitors [18][20]. - Some drawbacks were mentioned, such as the rear seating comfort and the design of the vehicle's rear [19][20]. Summary of Decision-Making - The final decision to purchase the Xiaopeng MONA was based on a comprehensive evaluation of various models, with a focus on suitability for the primary user, which in this case was the consumer's spouse [20][21].

Core Viewpoint - Chengdu Longquanyi District is experiencing significant economic growth, driven by industrial output, investment, and international trade, showcasing a sustainable development model through a "chain" thinking approach [1][12][17]. Economic Performance - From January to May 2025, the industrial added value in Longquanyi District increased by 18.3% year-on-year, while fixed asset investment grew by 2.3% [1]. - The total retail sales of consumer goods reached 15.84 billion yuan, marking a 7.7% increase [1]. - The foreign trade import and export total was 9.11 billion yuan, reflecting a 36.99% year-on-year growth [1][14]. Automotive Industry Growth - The automotive sector in Longquanyi District reported an operating income of 76.07 billion yuan, with a year-on-year growth of 16% and a production-sales rate of 103.7% [2]. - The Lynk & Co Z20 model debuted in Europe, priced at approximately 270,000 yuan, indicating strong international demand [5]. - The district has established a resilient automotive ecosystem, housing major manufacturers like FAW-Volkswagen and Volvo, and over 500 advanced auto parts suppliers [6]. Technological Innovation - High-tech manufacturing revenue in Longquanyi District reached 4.85 billion yuan, up 13% year-on-year, supported by over 500 high-tech enterprises [8]. - The Kunpeng drone company has successfully exported drones to Norway and the UAE, demonstrating the district's capability in high-tech exports [8]. - Chengdu Fangda Carbon's fourth-generation graphite products have begun mass production, showcasing advancements in domestic technology [9]. Strategic Development Initiatives - Longquanyi District is focusing on future industries, with projects in electric vehicles, high-end equipment, and low-altitude economy, aligning with national strategic emerging industries [10]. - The district's government is actively promoting international market access for local products through trade fairs and policy support [6][12]. Market Dynamics - The district's foreign trade has diversified, with significant growth in exports to ASEAN and Russia, indicating a strategic shift in market focus [14][15]. - The retail market is also thriving, with a 7.7% increase in consumer goods sales, driven by various promotional activities and events [15]. Sustainable Development Model - Longquanyi District's "chain" thinking integrates technology, products, markets, and capital, fostering a sustainable high-quality development model [17].

Core Insights - In May, China's new energy vehicle (NEV) sales reached 1.307 million units, accounting for 48.7% of total vehicle sales, with domestic NEV passenger car sales at 1.03 million units, representing 54.7% of domestic passenger car sales [1][4] - The rapid growth of NEVs is reshaping the automotive industry landscape, with cities like Chengdu striving to catch up in this competitive market [1][5] - Chengdu's NEV production surged by 402.2% in the first five months of the year, reaching 99,000 units, becoming a key driver of the city's automotive industry growth [1][4] NEV Market Dynamics - Chengdu's automotive industry, particularly the NEV sector, has seen explosive growth, with total automotive production in the city reaching 340,000 units, a 29.4% year-on-year increase [3][4] - Major brands like Lynk & Co and FAW Toyota have significantly contributed to this growth, with Lynk's production up by 181.5% and FAW Toyota's production increasing by approximately 240% [3][4] Industry Challenges - Despite the growth, Chengdu's NEV industry faces challenges, ranking 17th among 25 cities in a comprehensive development index, indicating a need for further advancement [5][7] - The traditional fuel vehicle production still dominates, and local NEV production accounts for less than 1.5% of the national total, highlighting a significant gap compared to leading cities [9][10] Future Prospects - Chengdu aims to enhance its NEV industry through strategic policies and infrastructure development, including plans for 170,000 to 210,000 charging stations by 2025 [12][10] - The city is actively attracting major NEV projects, with significant investments from companies like Volvo and potential new projects that could further boost the local industry [14][15] - By 2025, Chengdu targets a NEV industry scale exceeding 150 billion yuan and a production goal of 250,000 units, leveraging its market size and comprehensive industrial chain [15][10]