2025年9月，新势力车企延续"金九"旺势，多家品牌交付量创下历史新高。零跑汽车以66657辆的交付量稳坐榜首，鸿蒙智行、小鹏紧随其后，小米汽车则以 超4万辆的成绩首次跻身前四，头部阵营竞争愈发白热化。 9月的新势力销量榜中，零跑汽车以66657辆的交付量蝉联榜首，同比增长超97%，成为首个月销突破6万辆的新势力品牌。这一成绩的背后，是零跑对10万 元-20万元主流新能源市场的精准深耕，其坚持的"高性价比+智能配置标配"的策略，精准击中家庭用户的刚需。 鸿蒙智行延续强劲销量增长势能，9月全系共交付新车52916辆。同时，截至9月，鸿蒙智行全系累计交付突破95万辆，距离百万交付里程碑仅一步之遥。据 悉，9月全系获得大定11万辆，创单月历史新高，这反映出市场对鸿蒙智行产品组合的认可度持续走高，也为后续的销量增长提供了充足的保障。 小鹏汽车以41581辆的成绩位列第三，同比增长95%，环比增长10%，单月交付量突破4万辆，创下历史新高。MONA M03持续贡献核心销量，9月交付超1万 辆，自上市以来累计交付已突破18万辆；全新小鹏P7第1万辆也在9月下线，是小鹏汽车所有车型中新产线最快达成40JPH（每小时产量40 ...

10月伊始，多家新能源汽车企业公布9月销量成绩，前三季度"战报"也随之揭晓。据经济观察报不完全统计，在12家新造车企业中，10家在"金九"实现销量 增长。1—9月，11家企业均实现增长，呈现良好发展态势。 然而，从年度目标完成率来看，新势力车企的形势却并不乐观，仅两家企业超过75%的标准线，9家企业目标完成率均低于50%。这意味着，第四季度诸多 新造车企业达标压力巨大。 记者 周菊 相比之下，在公布了新能源销量目标的传统车企中，达标情况相对乐观，有三家完成率达70%以上，有望达成年度销量目标。 | 排名 | 车企/品牌 | 1-9月销量 (万辆) | | --- | --- | --- | | T | 零跑汽车 | 39.6 | | 2 | 鸿蒙智行 | 34.4 | | 3 | 小鹏汽车 | 31.3 | | 6 | 理想汽车 | 29.7 | | 5 | 小米汽车 | 25.0 | | 7 | 深蓝汽车 | 23.2 | | イ | 蔚来汽车 | 20.1 | | 8 | 极氪汽车 | 14.4 | | g | 岚图汽车 | 9.7 | | 11 | 极狐汽车 | 9.2 | | 10 | 阿维塔 | 9 ...

Core Insights - The article discusses the significant changes in the new energy vehicle (NEV) market in September 2025, highlighting the competitive landscape among various brands and their delivery volumes [2][34]. - It emphasizes the rise of brands like Leap Motor and Xiaomi, while traditional automakers face challenges in the NEV segment [34][35]. Delivery Rankings - Leap Motor leads with 66,657 units delivered, a 97% year-on-year increase, followed by XPeng with 41,581 units (95% increase) and AITO with 40,619 units (14% increase) [3][4]. - Xiaomi's delivery surpasses 40,000 units for the first time, marking a 300% year-on-year increase, indicating improved production capacity [5][20]. - NIO ranks fifth with 34,749 units delivered, showing a 64% year-on-year growth, while Li Auto ranks sixth with 33,951 units, down 37% year-on-year [6][29]. Brand Strategies - Leap Motor's strategy focuses on offering high-value features at competitive prices, appealing to cost-conscious consumers [11][15]. - XPeng's growth is attributed to aggressive promotional financing policies, although concerns about profitability remain due to high discounting [15][35]. - AITO maintains a strong position in the high-end market, with its models contributing significantly to its sales [16][19]. Market Dynamics - The article notes that traditional automakers' NEV brands are growing but struggle to compete with the top new energy players [8][34]. - The monthly delivery threshold for leading brands has risen to 40,000 units, creating a competitive barrier for those unable to meet this volume [8][34]. Future Trends - The article identifies key trends such as the mainstream adoption of range-extended technology and the increasing competitiveness of traditional luxury brands in the NEV market [35][36]. - It suggests that the future winners in the NEV market will be those who can balance cost control through scale while offering differentiated technological experiences [36][37].

Core Viewpoint - The new energy vehicle market is experiencing significant changes, with new players like Leap Motor and Xiaomi making substantial gains in delivery volumes, while traditional brands face challenges in maintaining their positions [1][20]. Group 1: Delivery Rankings and Performance - Leap Motor leads the delivery rankings with 66,657 units, showing a 97% year-on-year increase and a 17% month-on-month increase [2][3]. - Xiaomi enters the top four for the first time with over 40,000 deliveries, marking a 300% year-on-year increase and a 33% month-on-month increase [2][4]. - NIO ranks fifth with 34,749 units delivered, reflecting a 64% year-on-year growth, indicating the effectiveness of its multi-brand strategy [5][14]. - Li Auto's performance is mixed, with 33,951 units delivered, a 19% month-on-month increase but a 37% year-on-year decline [6][18]. Group 2: Market Dynamics and Strategies - The market is seeing a shift where traditional automakers' new energy brands are growing but struggle to pose a significant threat to the top six new energy players [7]. - Leap Motor's strategy focuses on offering high-value features in mainstream models, appealing to cost-conscious consumers [8][9]. - Xiaomi's growth is attributed to improved production capacity, although it faces challenges with long wait times for customers [12][13]. Group 3: Competitive Landscape - The competitive landscape is evolving, with brands like Aion experiencing a nearly 20% year-on-year decline, while BYD's Equation Leopard sees a 345% increase [7][14]. - The delivery threshold for the top tier has risen to 40,000 units per month, creating a gap for brands unable to meet this benchmark [7][20]. - The introduction of new models, such as Li Auto's i6, is seen as a potential solution to declining sales, but internal competition may pose challenges [18][19]. Group 4: Future Trends - The market is expected to further differentiate, with technological advancements becoming crucial for maintaining competitiveness [21][22]. - Traditional luxury brands are beginning to take the electric vehicle market seriously, as seen with the local production of Mercedes-Benz's electric CLA [21]. - The overall conclusion points to a future where the winners will be those who can balance cost control through scale while offering differentiated experiences through technology and multi-brand strategies [23].

10月1日，小鹏汽车公布最新交付成绩：2025年9月共交付新车41,581台，同比增长95%，环比增长10%，单月交付首次突破4万台大关，刷新历史纪录；1-9 月累计交付313,196台，同比增长218%。 产品方面，全新小鹏P7第10,000台于9月正式下线，并创下小鹏新产线最快40 JPH（每小时40台）速度；MONA M03单月交付再破万台，上市至今累计交付 超18万台，连续13个月稳居A级纯电轿车头部。2025款小鹏X9在中国香港、泰国市场登顶纯电MPV销量冠军；G6、G9于瑞士、奥地利等地上市，1-9月G6 全系累计交付同比增长74%。AI智能家庭SUV小鹏G7累计交付已超15,000台，本月G7 Ultra车型首次OTA全量推送，新增全场景VLA、NGP、高速人机共 驾、AR-HUD辅助信息等功能。小鹏P7+累计交付突破77,000台，连续10个月蝉联15-20万级中大型纯电轿车销量第一。 国际化布局再提速。9月8日慕尼黑国际车展，小鹏携P7、G6、G9、X9、P7+五款主力车型及人形机器人、飞行汽车、陆地航母模型、SEPA扶摇架构等前沿 科技亮相，并举办"引领AI未来出行"发布会，宣布欧洲首个研 ...

根据乘联分会数据，2025年上半年国内新能源乘用车市场以546.8万辆的累计零售量、33.3%的同比增速业绩延续扩容态势。但值得注意的是，目前市场红利 分配却呈现出显著分化——当零跑首次实现半年度盈利"上岸"、小米以高毛利率逼近盈亏平衡时，蔚来仍面临亏损问题，同时理想、小鹏则在盈利改善与规 模扩张的平衡中艰难前行。至此，新势力阵营的"盈利梯队"已清晰成型，行业淘汰赛正进入更残酷的精细化竞争阶段。 盈利梯队成型：有人破冰，有人承压 2025年上半年，新势力车企的盈利格局完成关键重构，曾经由理想"独领风骚"，正式进入了"理想+零跑"的双雄阶段。 作为最早实现盈利的新势力，理想汽车上半年延续了"盈利优等生"的表现，二季度净利润达10.97亿元，经营利润同比大幅增长至8.27亿元，累计实现连续11 个季度盈利。但其背后隐忧已现：受增程技术路线优势稀释、价格战挤压等影响，上半年销量仅增长7.9%，营收561.72亿元同比下降2%。这意味着，在竞 品快速复制"冰箱彩电大沙发"产品策略的背景下，理想依赖单一技术路线的增长模式已显疲态，纯电车型MEGA、i8销量不及预期，进一步加剧了增长压 力。 零跑汽车则成为上半年最大"黑 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's first localized production project in Europe is set to launch in Q3 2025 at the Magna plant in Graz, Austria, with the first batches of the G6 and G9 models successfully rolling off the production line. The Munich R&D center in Germany has also been activated, with expectations to produce more models in the future [2][4]. - The company is expected to see steady sales growth driven by a strong new vehicle cycle, with the MONA M03 and P7+ models marking the beginning of this cycle. The combination of scale enhancement, cost reduction from platforms and technology, and the expansion of software profitability models will provide significant earnings flexibility in the future [2][8]. Summary by Sections Company Overview - The company has established a full value chain layout in Europe, covering both R&D and mass production. Since entering the European market in 2021, it has expanded to over 46 countries and regions, achieving overseas sales of 18,700 units from January to July 2025, a year-on-year increase of 217% [8]. Sales and Revenue Projections - For Q3 2025, the company anticipates delivery volumes between 113,000 and 118,000 units, representing a year-on-year growth of 142.8% to 153.6%. Expected revenue is projected to be between 19.6 billion and 21 billion yuan, reflecting a year-on-year increase of 94.0% to 107.9% [8]. New Product Launches - The new models G6 and G9 have been well-received, achieving multiple sales championships in their respective domestic segments. The G6 model accounts for approximately 67% of the sales in the European market, with the P7+ model set to launch soon, further enhancing the company's product lineup [8]. Profitability Outlook - The company is expected to achieve a quarterly turnaround in profitability by Q4, with an anticipated positive free cash flow for the entire year. The revenue forecast for 2025 is projected at 92.8 billion yuan, with a price-to-sales ratio of 1.6X, indicating a significant improvement in financial performance driven by software revenue [8].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - In August 2025, the company delivered 37,709 vehicles, representing a year-on-year increase of 168.7% and a month-on-month increase of 2.7%. Cumulatively, from January to August 2025, the company delivered 272,000 vehicles, a year-on-year increase of 251.8% [2][4][8]. - The launch of new models, including the MONA M03 and P7+, is expected to drive sales growth. The company is anticipated to maintain strong sales momentum due to a robust new vehicle cycle and improvements in its marketing and distribution channels [2][8]. - The company is projected to achieve a revenue of 196-210 billion CNY in Q3 2025, reflecting a year-on-year growth of 94.0%-107.9%. The anticipated delivery volume for Q3 is between 113,000 and 118,000 vehicles, which is a year-on-year increase of 142.8%-153.6% [8]. Summary by Sections Sales Performance - In August 2025, the company achieved a record monthly delivery of 37,709 vehicles, with significant contributions from the MONA M03, which delivered over 15,000 units. The new P7 model launched on August 27, 2025, saw over 10,000 pre-orders within 7 minutes, setting a new record for the company [2][8]. Future Outlook - The company expects to continue its strong sales trajectory with multiple new models set to launch in the coming quarters. The G6 and G9 models have already gained significant market traction, and the company plans to introduce a new generation P7 in Q3 2025 [8]. Financial Projections - The company anticipates achieving a revenue of 928 billion CNY for the year 2025, with a price-to-sales ratio of 1.6X. The software revenue is expected to significantly improve financial performance as the company enters a new vehicle cycle [8].

Core Insights - The new energy vehicle market is experiencing significant shifts, with new entrants like Leap Motor gaining traction while traditional players face challenges [1][5][6] Group 1: Sales Performance - Leap Motor achieved a record delivery of 57,066 vehicles in August, marking its eighth consecutive month as the top seller among new energy vehicle companies [1] - Hongmeng Zhixing ranked second with 44,579 vehicles delivered in August, a year-on-year increase of 32.3% but a month-on-month decline of 6.6% [1] - NIO's August deliveries surged by 49.0% to 31,305 vehicles, breaking the 30,000 mark for the first time in eight months, driven by strong performance from its secondary brands [2][5] - Li Auto's deliveries fell below 30,000 for the first time in 34 months, totaling 28,529 vehicles in August, indicating a significant drop in performance [4][5] Group 2: Year-to-Date Performance - Leap Motor's cumulative deliveries reached 328,859 vehicles in the first eight months of the year, a year-on-year increase of 136.43% [5] - Xiaopeng Motors delivered 271,615 vehicles, reflecting a substantial year-on-year growth of 251.79% [5] - NIO's cumulative deliveries stood at 166,472 vehicles, with a year-on-year growth of 29.95%, while Li Auto's deliveries decreased by 8.64% to 263,198 vehicles [5] Group 3: Product Launches and Market Dynamics - The launch of the Leidao L90 and Xiaopeng MONA M03 has significantly impacted their respective sales, with the L90 achieving 10,575 deliveries in August, the fastest for NIO [6][7] - The competitive landscape is intensifying, with the importance of flagship models highlighted as key to market success [6][7] - Upcoming vehicle launches in September are expected to further influence market dynamics, with several new models set to debut [7]

Core Insights - The new energy vehicle market in China is experiencing significant growth, with several companies reporting impressive sales figures for August 2023, particularly in the new car manufacturing sector [1][3][4]. Group 1: Sales Performance - Leap Motor achieved the highest sales in August with 57,000 units delivered, marking an 88% year-on-year increase and a total of 329,000 units sold from January to August, a 136% increase [1][2]. - Hongmeng Zhixing ranked second with 45,000 units sold in August, a 32% increase, and a total of 292,000 units for the year, up 7% [2][4]. - Xiaopeng Motors reported sales of 38,000 units in August, a remarkable 169% increase, with a total of 272,000 units sold from January to August, reflecting a 252% growth [2][4]. - NIO also showed recovery with 31,000 units sold in August, a 55% increase, supported by new models like the L90 [4][5]. Group 2: Market Trends - The overall trend in the new energy vehicle sector indicates that most companies, except for Li Auto and Zeekr, are experiencing growth, with some brands seeing year-on-year increases exceeding 100% [3]. - Traditional automakers are also witnessing growth in their new energy divisions, with companies like BYD maintaining a leading position with 374,000 units sold in August, showing a slight increase of 0.1% year-on-year [7][8]. - The competitive landscape is shifting, with brands like Geely and Changan showing significant growth rates of 95% and 80% respectively in August [7][8]. Group 3: Financial Performance - Leap Motor's financial performance is improving, with a reported revenue of 24.25 billion yuan and a net profit of 30 million yuan for the first half of the year, marking its first half-year profitability [1]. - Xiaomi Motors has set an ambitious annual sales target of 350,000 units, having sold approximately 220,000 units so far this year [5]. - Li Auto is adjusting its sales and revenue guidance for the third quarter due to various factors affecting its current model lineup [5].