According to the Zhito Finance APP, Soochow released a research report stating that the total delivery volume of 12 key new energy passenger vehicle enterprises reached 0.8716 million units, with year-on-year and month-on-month growth of +54%/+5%. Summarizing the dynamics of the car manufacturers, the focus is on overseas expansion, energy supplementing facilities construction, and intelligent iteration. The configuration strategy is: complete vehicles first, followed by components. The domestic complete vehicle landscape and valuation are expected to undergo a new round of reshaping, with the stock selection order for car companies as follows: 1) Domestic leaders in intelligence with fully self-developed technologies, Xiaopeng Motors (09868) + Li Auto (02015); 2) Important cooperation partners with Huawei, Chongqing Sokon Industry Group Stock (601127.SH) + Chongqing Changan Automobile (000625.SZ); 3) Pioneer in state-owned enterprise reform among state-owned car companies, SAIC Motor (600104.SH) + Guangzhou Automobile Group (601238.SH); 4) Other manufacturers: BYD (002594.SZ) + Geely Automobile (00175) + Great Wall Motor (601633.SH) + LEAPMOTOR (09863).

Domestic components are expected to witness a new round of growth: 1) Tesla Industry Chain, Jiangsu Xinquan Automotive Trim (603179.SH) + Ningbo Tuopu Group (601689.SH) + Ningbo Xusheng Group (603305.SH) + Huayu Automotive Systems (600741.SH); 2) Incremental intelligent components, Huizhou Desay SV Automotive (002920.SZ) + Bethel Automotive Safety Systems (603596.SH) + Horizon Robotics (09660) + Foryou Corporation (002906.SZ) + Ningbo Joyson Electronic Corp. (600699.SH); 3) Other manufacturers, FUYAO GLASS (600660.SH) + Changzhou Xingyu Automotive Lighting Systems (601799.SH).

1) Li Auto: In December, Li Auto delivered a total of 58,513 new vehicles, with year-on-year and month-on-month growth of +16%/+20%. As of December 31, 2024, Li Auto has established 502 retail centers nationwide, covering 150 cities; it has 478 after-sales maintenance centers and authorized body and paint centers, covering 225 cities, and has put into operation 1,727 Li Auto super charging stations nationwide, with 9,100 charging stations.

2) Xiaopeng: In December 2024, Xiaopeng delivered a total of 36,695 new vehicles, with year-on-year and month-on-month growth of +82.43%/+18.77%. Among them, the Xiaopeng MONAM03 delivered over 15,000 units; the Xiaopeng P7+ delivered over 10,000 units. On December 31, the Xiaopeng XOS Tianji 5.5.0 opened for public testing, launching a software suite for parking without interruptions from space to space. In December, Xiaopeng Motors completed the delivery of its 10,000th new vehicle in Ebersberg, Germany, becoming the first pure electric new force car manufacturer to reach 10,000 deliveries in Europe. In December, Xiaopeng Motors opened its first flagship store in Australia, while simultaneously shipping the Xiaopeng G6 to Australia in large quantities.

3) NIO: In December 2024, NIO delivered a total of 31,138 new vehicles, with year-on-year and month-on-month growth of +72.87%/+51.34%. Among them, the NIO brand delivered 20,610 vehicles, showing year-on-year growth of +14.4%/33.0%, while the Lidar brand delivered 10,528 units, up +107.2% month-on-month. The total annual deliveries reached 221,970 vehicles, hitting a new high with a year-on-year increase of 38.7%. Among these, the NIO brand's new vehicle deliveries reached 201,209 units, up 25.7% year-on-year; the Lidar brand delivered 20,761 vehicles. As of December 29, NIO has built 2,905 battery swap stations nationwide, and has set up 4,220 charging stations and 24,795 charging piles.

4) LEAPMOTOR: In December 2024, deliveries reached 42,517 units, setting a new historical high, with year-on-year and month-on-month growth of +128.37%/+5.85%. For two consecutive months, the delivery volume exceeded 40,000 units. In 2025, LEAPMOTOR will aim to reach a new target of 500,000 units. In terms of globalization, in December, the LEAPMOTOR C10 received EuroNCAP and ANCAP five-star safety certifications, proving its outstanding safety performance meets global high standards.

5) Guangzhou Automobile Group AION: AION's terminal sales in December 2024 reached 46,851 vehicles, with a month-on-month and year-on-year increase of +1.97%/+10.76%. The A+ flagship AION RT exceeded 0.016 million units in sales during its first month on the market, setting a new record.

6) Geely ZEEKR: ZEEKR delivered 27,190 vehicles in December 2024, with a month-on-month and year-on-year increase of +101.77%/+0.66%, totaling 222,123 vehicles for the year, a year-on-year growth of 87%. In terms of globalization, on December 6, the ZEEKR Malaysia launch conference was held, officially announcing the sale of ZEEKR 009 and ZEEKR X, with deliveries expected to start in mid-December. On December 16, ZEEKR 7X began pre-sales in Europe, officially entering the global market. 8) Wenjie: In December, Wenjie delivered 30,189 vehicles, with a month-on-month and year-on-year change of +23%/-7%. In terms of models, the cumulative delivery of Wenjie M7 surpassed 0.19 million vehicles, winning the 2024 new power model annual sales champion, while Wenjie M9's cumulative deposits exceeded 0.2 million vehicles.