First of all, I wish everyone a happy National Day holiday!

I wasn't planning to update today, but seeing the impressive results of the new forces has motivated me to talk about their September sales performance.

01 NIO

NIO delivered 21,181 new vehicles in September, marking the fifth consecutive month of sales exceeding 20,000 units. This is an excellent performance. In the third quarter of this year, NIO delivered a total of 61,023 new vehicles. From January to September, NIO delivered a total of 148,449 new vehicles. If this pace continues in the fourth quarter, NIO's total sales for the year will easily exceed 210,000 units, making it a very impressive achievement.

In addition to NIO, the first model of the second brand, Ledo, the L60, began deliveries on September 28th, with 832 units delivered in three days. Production and delivery will continue to accelerate in October. It is estimated that production capacity will reach 5,000 units in October and further increase to 10,000 units in December. The production capacity target for January 2024 is set at least 16,000 units, and by March, it will sprint to 20,000 units. I previously spoke with a Ledo salesperson, who told me that monthly sales in January 2025 are expected to exceed 20,000 units.

Furthermore, don't forget that NIO's third brand, Firefly, will officially begin deliveries in the first half of next year. By then, the three brands will cover the price range of 140,000 to 800,000 yuan, and with BaaS (Battery as a Service, i.e., excluding the battery), the target range will be 100,000 to 700,000 yuan. NIO is currently on a roll and continues to gain momentum.

02 XPeng

XPeng has finally come into its own. It delivered 21,352 new vehicles in September, setting a new monthly delivery record. The new model MONA 03 played a significant role in this achievement, with over 10,000 units delivered in a single month. XPeng officially stated: "Since its official launch, XPeng MONA M03 has quickly become the hottest-selling A-segment pure electric sedan. Its comprehensive, over-specifications combined with its sincere pricing have led to a surge in orders for XPeng MONA M03." Currently, XPeng has completed two capacity expansions and is working tirelessly with supply chain partners to ensure timely deliveries, fully preparing for the ramp-up of XPeng MONA M03 production.

In September this year, both XPeng X9 and XPeng G9 welcomed "new members": On September 25th, the XPeng X9 610 Long Range Max edition was officially launched, and on September 26th, the XPeng G9 650 AWD High-Performance Pro was introduced, with an official price of 309,900 yuan. It is not clear how much incremental growth these new members will bring. In terms of new products, the XPeng P7+ will be officially unveiled this month and launched in the fourth quarter, most likely in December. XPeng officially describes the car as XPeng's first AI vehicle, a groundbreaking work for the next decade, and an important milestone in XPeng's AI automotive development path. Its importance is evident.

Moreover, this car is XPeng's first model equipped with pure vision autonomous driving technology, capable of "door-to-door" and "parking space to parking space" functions. Considering XPeng's strong foundation in autonomous driving, the P7+'s performance is worth anticipating. Additionally, from the G6 to the subsequent X9 and M03, XPeng has clearly formed its own approach to creating hit models. Therefore, the P7+ may bring new surprises and is worth looking forward to.

03 LIXIANG ONE

LIXIANG ONE delivered 53,709 new vehicles in September, setting a new monthly delivery record. In the third quarter, it delivered 152,831 vehicles, which is comparable to the annual delivery volume of some new forces/new players :) Regarding this performance, Chairman Li Xiang commented, "As the penetration rate of new energy vehicles gradually exceeds 50%, the top brand effect becomes increasingly apparent. In the new energy vehicle market above 200,000 yuan, the concentration of the top three brands has reached 50% since the third quarter, with LIXIANG ONE occupying a market share of over 17%, ranking first in sales among Chinese automotive brands. Orders for the LIXIANG ONE L series and MEGA have grown steadily, with September deliveries setting a new record, surpassing luxury brands such as Mercedes-Benz, BMW, and Audi in a single week for the first time."

In 2024, LIXIANG ONE has delivered a cumulative total of 341,812 vehicles. The company's annual delivery target for this year is 500,000 units, which means that approximately 160,000 vehicles need to be delivered in the last three months of the year, with an average monthly delivery volume similar to that of September. Judging from the current delivery trend, it is not difficult for LIXIANG ONE to achieve its goal this year and may even exceed it. The company's main focuses this year include: 1) Refining the M789 pure electric products, which must succeed next year; 2) Increasing R&D investment, especially in end-to-end autonomous driving. Through a new autonomous driving technology architecture combining end-to-end and VLM systems, LIXIANG ONE has found the key to future autonomous driving and is accelerating its development. It has already initiated testing with a group of 10,000 participants; 3) Accelerating the layout of sales and service networks. As of September 30, 2024, LIXIANG ONE had 479 retail centers nationwide, covering 145 cities, and 436 after-sales service and authorized body and paint centers, covering 221 cities. It is expected that by the end of 2024, LIXIANG ONE will achieve 100% coverage in third-tier cities and over 70% coverage in fourth-tier cities; 4) Accelerating the layout of charging networks. LIXIANG ONE believes that "sufficient numbers of superchargers and new store locations are necessary conditions for selling pure electric SUVs." Therefore, the company has accelerated its charging network layout, with the 900th LIXIANG ONE supercharger station going online on October 1st. It took just nine days to increase the number of stations from 800 to 900, demonstrating LIXIANG ONE's rapid deployment speed.

Currently, LIXIANG ONE has delivered a cumulative total of 975,176 vehicles, and this month will mark the rollout and delivery of its millionth new vehicle, marking the first million-unit milestone for a Chinese new force automaker. Congratulations in advance to LIXIANG ONE.

04 Leapmotor

Leapmotor, the dark horse, is gaining momentum. Following two consecutive months of sales exceeding 20,000 units in June and July, it surpassed 30,000 units in August (30,305 units) and again in September (33,767 units), setting a new monthly delivery record. Cumulative deliveries for the first three quarters of this year reached 172,861 units. Next, Leapmotor's first global model in the new B series, the Leapmotor B10, will officially debut at the Paris Motor Show, which opens on October 14th.

Leapmotor defines the B series as follows: "The B series is a crucial part of Leapmotor's global strategy. Equipped with the latest Leap3.5 technology architecture, it focuses on providing top-tier smart energy products for young people worldwide. The B series will introduce multiple models in 2025 to meet the diverse needs of different consumer groups for personalized and intelligent vehicles." While enjoying strong domestic sales, Leapmotor is also well-prepared for the international market. On September 24th, the Leapmotor C10 and T03 were officially launched in Europe, and global media test drives were simultaneously held in Milan, Italy, marking Leapmotor's official debut in Europe.

Currently, the Leapmotor C10 and T03 are available for sale in 13 European countries, including France, Germany, Greece, Italy, Luxembourg, Malta, the Netherlands, Portugal, Romania, Spain, Switzerland, and the United Kingdom. In the fourth quarter of 2024, Leapmotor's global sales channels will reach 350, with over 200 channels in Europe. The overseas market is poised to become a new engine for Leapmotor's sales growth.

05 Nezha Auto

Nezha Auto delivered 10,118 vehicles across its entire lineup in September. Nezha's current focus is on the international market, seeking new opportunities amidst domestic competition. Its overall strategy is to "deeply cultivate the Southeast Asian market, continue to vigorously develop the Latin American, Middle Eastern, and African markets, and expand into the European market at an appropriate time." In addition to maintaining excellent performance in the Southeast Asian market, the South American market has become its second growth pole. Nezha Auto continues to accelerate its expansion in Central and South America, currently covering Brazil, Ecuador, Costa Rica, and other regions.

In September, Nezha Auto also received financial support of 1.3 billion yuan from BTG Pactual Investment Bank in Brazil. To meet the growing demand in the Brazilian market, Nezha Auto is actively seeking KD assembly opportunities and exploring localized production. In the same month, Nezha Auto also signed a contract with the second-largest financial group in Latin America and plans to launch its products in Mexico by the end of the year. Within the next two years, NETA Auto plans to expand its global sales network to cover 50 countries and regions and establish 500 overseas sales and service outlets. It is evident that Nezha Auto is working hard. However, compared to its competitors, Nezha Auto still needs to step up its efforts. End.