新能源车企激战智驾正酣之际，小鹏汽车(09868)传出智驾一号位换帅的消息。 近日，小鹏汽车自动驾驶中心发布内部信，李力耘不再担任自动驾驶中心负责人，世界基座模型负责人 刘先明接替该职位。 刘先明于2024年3月加入小鹏汽车，担任AI团队负责人。此前，他在2016年于伊利诺伊大学厄巴纳-香槟 分校电气和计算机工程专业博士毕业后，曾任职于Meta、通用汽车旗下的自动驾驶公司Cruise等，担任 机器学习与计算机视觉领域的研究工作。 在小鹏任职期间，刘先明推动了自动驾驶技术向AI大模型方向的演进。在今年6月的CVPR WAD上，他 发表了题为《通过大规模基础模型实现自动驾驶的规模化》的演讲，系统地介绍了小鹏汽车自研的业界 首个超大规模自动驾驶基座模型的历程和方法。 历经多次主将更换的小鹏汽车自动驾驶业务，也落地了不少进展。早在2022年9月，小鹏率先在广州开 启城市NGP(智能导航辅助驾驶)试点，高阶智能驾驶由此在城市场景量产落地。在此之后，NGP可以说 成为了小鹏自动驾驶的核心卖点，截至2024年初XNGP在全国243座城市全面开通，可用道路里程达56.9 万公里。 战略上，小鹏的自动驾驶业务也在深化，从202 ...

我们获悉，10 月 9 日，小鹏汽车自动驾驶中心发布内部信：李力耘不再担任自动驾驶中心负责 人， 世界基座模型负责人刘先明（Xianming Liu）接替该职位。 刘先明 2016 年博士毕业于伊利诺伊大学厄巴纳-香槟分校电气和计算机工程专业。他曾在 Facebook（现 Meta）、通用汽车旗下的自动驾驶公司 Cruise 任职，从事机器学习与计算机视 觉领域的前沿研究工作。 2024 年 3 月，刘先明加入小鹏汽车，担任小鹏 AI 团队负责人，今年 6 月曾以小鹏世界基座模 型负责人的身份亮相，在本次人事变动前已直接向小鹏汽车董事长兼 CEO 何小鹏汇报。据接 近小鹏汽车的人士透露，何小鹏近期频繁与刘先明就自动驾驶大模型展开深入交流。另一位知 情人士称，刘先明之前在小鹏从事的 AI 研究已经同时在为芯片、具身团队提供必要软件支 持。 目前李力耘仍在职。 AI 大模型是小鹏智驾团队技术研发的重点领域。 文 丨 李安琪 赵宇 编辑 丨 龚方毅 我们就上述事实性信息向小鹏汽车官方求证，小鹏方面回应称，自动驾驶 VLA 大模型是世界基座模 型的一个重要应用，但更难的是让世界基座模型具备对整个世界进行推演的能力，而 ...

Core Viewpoint - Xiaopeng Motors achieved record deliveries of smart electric vehicles, indicating strong growth and market position in the automotive industry [1] Group 1: Delivery Performance - In September 2025, Xiaopeng Motors delivered a record 41,581 smart electric vehicles, representing a year-on-year increase of 95% and a month-on-month increase of 10%, surpassing the milestone of 40,000 vehicles delivered per month [1] - For the third quarter of 2025, the total deliveries reached 116,007 vehicles, marking a year-on-year growth of 149% [1] - Cumulatively, in the first nine months of 2025, Xiaopeng Motors delivered 313,196 vehicles, which is a 218% increase compared to the same period in 2024 [1] Group 2: Product Development - The 10,000th all-new Xiaopeng P7 rolled off the production line in September 2025, making it the fastest model to achieve a production rate of 40 vehicles per hour on the new production line [1] Group 3: ESG Rating - Xiaopeng Motors received the MSCI ESG rating of "AAA" in September 2025, maintaining its position as a leader in the global automotive industry for three consecutive years [1] Group 4: Technology and User Engagement - The monthly active user penetration rate for Xiaopeng's intelligent navigation assistance driving (XNGP) reached 83% in urban driving scenarios as of September 2025 [1] - The company launched the VLA driving version of XNGP, which features a full-scene parking-to-parking intelligent driving assistance system (ADAS), initially applied to the all-new Xiaopeng P7 and G7 Ultra models [1]

Core Insights - XPeng Inc. reported record vehicle deliveries in September 2025, with 41,581 Smart EVs delivered, marking a 95% year-over-year increase and a 10% month-over-month increase, surpassing the 40,000 monthly deliveries milestone [2][8] - For the third quarter of 2025, XPeng delivered a total of 116,007 Smart EVs, representing a 149% year-over-year increase [2][8] - Cumulative deliveries for the first nine months of 2025 reached 313,196 units, which is a 218% increase compared to the same period in 2024 [2] Production and Milestones - The 10,000th New XPENG P7 was produced in September, making it the fastest model in the company's lineup to achieve 40 jobs per hour on a new production line [3] - XPeng achieved a monthly active user penetration rate of 83% for its XNGP in urban driving, with the rollout of its VLA-powered XNGP featuring door-to-door full scenario ADAS capabilities [4] ESG and Company Overview - XPeng received the highest MSCI ESG Rating of AAA for the third consecutive year, reinforcing its leading position in the global automotive industry [3] - The company focuses on designing, developing, manufacturing, and marketing Smart EVs, targeting technology-savvy middle-class consumers [5]

Core Insights - XPeng Inc. reported a record delivery of 37,709 Smart EVs in August 2025, representing a 169% year-over-year increase and a 3% month-over-month increase [3][7] - Total deliveries for the first eight months of 2025 reached 271,615 units, marking a 252% increase compared to the same period last year [3] - The company launched the all-new XPENG P7 model on August 27, with deliveries starting on August 28 [3] User Engagement and Technology - XPENG's XNGP achieved an urban driving monthly active user penetration rate of 85% in August 2025, indicating strong user acceptance of its human-AI co-pilot feature [4] Company Overview - XPeng is a leading Chinese Smart EV company focused on designing, developing, manufacturing, and marketing Smart EVs for technology-savvy middle-class consumers [5] - The company aims to enhance customer mobility experiences through in-house development of advanced driver-assistance systems and intelligent operating systems [5] - XPeng is headquartered in Guangzhou, China, with manufacturing plants located in Zhaoqing and Guangzhou, Guangdong province [5]

Core Insights - General Motors (GM) is enhancing its position in the driver-assistance sector with its Super Cruise technology, which was the first true hands-free driving system for highways launched in 2017 [1][4] - Super Cruise operates on pre-mapped roads using a combination of cameras, sensors, GPS, and LiDAR-based maps, allowing hands-free driving while requiring driver alertness [2] Group 1: Super Cruise Technology - Super Cruise is currently available in 23 GM models, with nearly 70% of new Cadillacs equipped with the system, and GM anticipates over 600,000 users by year-end [3][9] - Financially, GM has recorded $4 billion in deferred revenues from software platforms, with expectations of $200 million in Super Cruise revenues for 2025 and more than double in 2026, indicating a solid double-digit growth rate through the end of the decade [4][9] Group 2: Competitive Landscape - NIO Inc. is advancing its NOP+ driver-assist system, enabling point-to-point driving on highways and city roads in China, positioning itself as a strong competitor in the hands-free driving market [6] - XPeng Inc. is focusing on its XNGP system, which operates in multiple Chinese cities and aims for map-free driving, indicating a strategic move towards scalable autonomy [7] Group 3: Market Performance - GM's shares have increased approximately 30% over the past year, outperforming the industry average gain of 18% [8] - GM's forward price-to-earnings ratio stands at 5.49, significantly above the industry average, reflecting a strong valuation position [11]

Core Viewpoint - The automotive industry is experiencing a significant shift in pricing strategies for advanced driving features, driven by the anticipated arrival of Tesla's Full Self-Driving (FSD) technology in China, leading to a price war among local manufacturers [1][3][16]. Group 1: Price Changes and Market Reactions - Since April 2023, a price collapse regarding advanced driving features has swept through the Chinese electric vehicle market, with many features that previously required substantial fees now being offered for free or at significantly reduced prices [2][4]. - Tesla announced a price cut for its FSD from $12,000 to $8,000 and introduced a subscription option at $99 per month, prompting immediate reactions from Chinese automakers [4]. - Following Tesla's announcement, Xpeng Motors declared that its XNGP feature would be free for all current MAX model owners, marking the beginning of a trend towards free advanced driving features [6]. Group 2: Industry Dynamics and Consumer Behavior - The automotive industry is witnessing a preemptive strike by local players to reshape the market dynamics before Tesla's FSD launch, indicating a strategic shift rather than a mere price reduction [3][17]. - A survey by Deloitte revealed that Chinese consumers prefer to pay a one-time fee for automotive features rather than subscribe, leading to a decline in willingness to pay for advanced driving technologies [9]. - The shift towards free features is seen as a way to attract users and gather valuable driving data, which is crucial for the development of autonomous driving technologies [12][10]. Group 3: Data as a Future Asset - The automotive industry's business model is evolving towards valuing data as a key asset, with companies betting on the long-term value of operational data over short-term software sales [13][17]. - The concept of "data loop" is emphasized, where real-world driving data collected from vehicles is essential for training AI models, positioning data as a critical resource for future innovations [12]. - The potential for data monetization is highlighted through models like Usage-Based Insurance (UBI), which can offer personalized insurance rates based on driving behavior, showcasing a direct financial benefit from data collection [15].

Core Insights - XPeng Inc. reported a significant increase in vehicle deliveries, achieving 33,525 Smart EVs in May 2025, which is a 230% year-over-year growth and marks the seventh consecutive month of delivering over 30,000 units [2][7] - For the first five months of 2025, XPeng delivered a total of 162,578 Smart EVs, reflecting a remarkable 293% increase compared to the same period last year [2] Product Launch and Features - On May 28, 2025, the company launched the MONA M03 Max, which lowers the entry price for urban AI smart driving to the 150,000 RMB range, making advanced vehicle technology more accessible to younger consumers [3] - The MONA M03 Max is the first XPeng model equipped with the AI Tianji XOS 5.7.0, offering over 300 new features [3] User Engagement and Technology - XPeng's XNGP achieved a monthly active user penetration rate of 85% in urban driving as of May 2025 [4] - The MONA M03 Max features human-machine co-driving capabilities, allowing both ADAS and drivers to share control, enhancing the collaboration between manual and smart driving [4] Company Overview - XPeng is a leading Chinese Smart EV company focused on designing, developing, manufacturing, and marketing Smart EVs for technology-savvy middle-class consumers [5] - The company is headquartered in Guangzhou, China, with manufacturing plants located in Zhaoqing and Guangzhou, Guangdong province [5]

Group 1 - Goldman Sachs assigns a "Neutral" rating to Tesla (TSLA.US) with a target price of $235, emphasizing the importance of Tesla's Full Self-Driving (FSD) software capabilities in the Chinese market for its future performance [1] - China has become Tesla's largest automotive market globally, with significant new car sales over the past year, partly due to the country's large automotive market size and high Battery Electric Vehicle (BEV) penetration rate, which has exceeded 30% [1] - Tesla's market share in China remains stable at a high single-digit percentage, while its BEV market share in the U.S. has dropped to about 45% and to low double digits in Europe [1] Group 2 - Tesla's FSD faces competition from local rivals that offer Advanced Driver Assistance Systems (ADAS) as standard on mainstream models, such as NIO's NAD service and Xpeng's XNGP, which exert competitive pressure on Tesla's FSD [1] - The level of Tesla's FSD technology and its cost improvements relative to competitors will be crucial for its long-term economic viability in the autonomous driving sector [1] - Tesla's consumer research scores in China are higher than in North America and Europe, particularly in "net purchase consideration" and "net favorability" metrics [2] Group 3 - Goldman Sachs will monitor whether Tesla's consumer research scores in North America and Europe improve with CEO Elon Musk's renewed involvement in company affairs and the introduction of new models planned for 2025 [2] - The $235 target price is based on an estimated 100 times price-to-earnings ratio for earnings per share from Q4 2025 to Q4 2028 [2] - In a pessimistic scenario, if sales growth slows and profit margin improvements are below expectations, the stock price could drop to around $150; conversely, in an optimistic scenario, the stock price could reach approximately $345 if the non-GAAP earnings per share in 2027 is applied with a 100 times price-to-earnings ratio [2]

Delivery Results - NIO delivered 23,900 vehicles in April 2025, reflecting a 53% year-over-year growth, with cumulative deliveries reaching 737,558 units as of April 30, 2025 [2] - XPeng reported 35,045 smart EV deliveries in April 2025, marking a 273% year-over-year increase, and cumulative deliveries for the first four months of 2025 totaled 129,053 units, up 313% compared to the same period last year [3] - LI Auto delivered 33,939 vehicles in April 2025, representing a 31.6% year-over-year growth, with total deliveries for the first four months of 2025 amounting to 1,260,675 units [5] Product Launches and Innovations - NIO's new small smart high-end electric car brand, Firefly, began deliveries in late April 2025, launched on April 19, 2025 [2] - XPeng launched its ADAS insurance service in China on April 28, 2025, providing additional coverage for its models when the NGP system is in operation [4] - LI Auto introduced new models including Li MEGA Home, Li MEGA Ultra, and Li L6 [5] Market Performance - XPeng's shares have increased by 106.1% over the past year, while NIO and LI Auto's shares have decreased by 29.4% and 12.3%, respectively [6] - NIO and XPeng currently hold a Zacks Rank of 3 (Hold), while LI Auto has a Zacks Rank of 4 (Sell) [8]