Core Viewpoint - The core strategy of Leap Motor is to "exchange free services for market share" by offering free advanced driving assistance software, significantly lowering user barriers and attracting more customers to experience smart driving features [3][4]. Group 1: Company Strategy - Leap Motor announced that starting April 10, 2025, it will provide free access to smart driving software, including the High-speed Navigation Assistance (NAP) feature, for first-time car owners [2]. - The company will refund users who previously paid for the NAP feature by May 31, 2025 [2]. - This strategy aims to accumulate a large amount of real-world driving data, which could lead to long-term profitability through data services and connected vehicle ecosystems [3]. Group 2: Market Reaction - The capital market's reaction to Leap Motor's free strategy has been polarized, with significant stock price fluctuations following the announcement [3]. - Analysts express concerns about whether the company can achieve long-term profitability by increasing hardware sales while sacrificing software revenue [3][4]. Group 3: Competitive Landscape - Leap Motor's free smart driving policy directly impacts the pricing strategies of competitors in the same segment, potentially reducing their premium pricing space [3]. - The company is targeting the 100,000 to 200,000 yuan market, positioning itself against brands like Tesla and NIO [3]. Group 4: Financial Implications - Leap Motor's decision to offer free software could result in a loss of at least 1.25 billion yuan in software revenue, assuming an estimated 5,000 yuan per vehicle for 250,000 units [4]. - The starting price for key models like C10 and C11 has dropped to the 120,000 yuan range, further compressing profit margins [4]. Group 5: Industry Trends - The trend of offering free or bundled smart driving features is becoming more common in the Chinese automotive market, with 25.44% of new cars delivered in 2024 featuring limited-time free smart driving promotions [6]. - The competitive landscape is shifting as companies struggle to monetize smart driving features amid declining consumer willingness to pay for them [7]. Group 6: Data Ecosystem - The competition among automakers is increasingly focused on data ecosystems, with user data becoming a core asset for optimizing algorithms and providing services [8]. - Companies must balance compliance with regulations and the commercial value of user data to succeed in this evolving landscape [8].

Domestic News - The Ministry of Industry and Information Technology (MIIT) will implement policies to regulate the lithium battery industry, focusing on enhancing industry management, accelerating technological innovation, expanding applications, ensuring industry safety, and improving the industrial ecosystem [2] - Beijing's Economic and Information Technology Bureau and Communication Administration have launched a plan to accelerate the integration of 5G communication modules in vehicles, promoting the development of new terminal ecosystems and innovative business models [3] - Chengdu's Economic and Information Technology Bureau has released a draft policy to develop the artificial intelligence industry, encouraging the opening of at least 70 application scenarios annually and providing financial rewards for successful projects [4] - The Lingang New Area Administrative Committee in Shanghai signed a cooperation agreement with Stellantis to establish a sustainable resource utilization center for vehicles and parts, focusing on circular economy practices [5] International News - Porsche has preemptively shipped additional inventory to the U.S. to avoid tariff impacts, maintaining stable pricing for March orders, while expecting operating profit margins to fall below the 10%-12% guidance range [6] - The European Commission has announced an "AI Continental Action Plan" aimed at simplifying AI-related regulations and enhancing competitiveness in the AI sector [7] - Tesla plans to produce its first Optimus humanoid robots this year and is actively recruiting for around 80 positions related to the project [8] Corporate News - SAIC Motor Corporation announced that its next-generation solid-state battery will be mass-produced by the end of this year, with the first solid-state battery, named "Guangqi Battery," expected to launch in 2027 [9] - Volkswagen aims to achieve over 15% market share in China by 2030, with 80% of its offerings being new energy products, and plans to launch over 20 electric models by 2027 [10] - Changan Automobile reported a 35.37% decline in net profit for 2024, despite a 5.58% increase in revenue, and proposed a cash dividend of 2.95 yuan per 10 shares [11] - JAC Motors reported a 15% increase in domestic sales and nearly 20% growth in international sales of its pickup trucks in the first quarter [12] - Leap Motor announced that its intelligent driving software will be free for models with driving assistance features, including refunds for previously paid users [13] - The chairman of FAW Bestune has been appointed as the chief accountant of Harbin Electric Group [14] - Hon Hai Precision Industry plans to launch multiple electric vehicle models in Japan by 2027, collaborating with local automakers [15]