Core Insights - The XAB factory in Xi'an's Xixian New Area has commenced production of its first line of battery cells, marking a significant milestone for BYD's electric vehicle battery project, which was signed 10 months prior [1] - The development strategy of the Qinhan New City is undergoing a transformation from "external expansion" to "internal growth," focusing on strengthening industrial foundations and attracting strategic projects [2] Industrial Development - Qinhan New City aims to establish itself as an "Industrial New City" and "Cultural Famous City," concentrating on four main industries: intelligent connected vehicles, new materials and energy, health, and cultural tourism [2] - The city is enhancing its industrial structure by optimizing resources and services, focusing on high-end, intelligent, and green industrial development [4] - BYD's two major projects in the area are expected to produce approximately 16 GWh of battery capacity annually, sufficient for around 700,000 electric vehicles, with an estimated annual output value of 8 billion yuan [7] Strategic Partnerships and Collaborations - The establishment of the Shaanxi Nonferrous Science and Technology Innovation Zone is a key event, focusing on advanced composite materials and attracting high-level research and innovation [9][10] - Collaborations with major companies and institutions, including the Chinese Academy of Sciences and Ningde Times, are fostering the development of new technologies and products in the region [7] Health Industry Growth - The health industry in Qinhan New City is experiencing significant growth, with the launch of a comprehensive development plan for the health industry chain, aiming to integrate medical, production, and research sectors [12][14] - New enterprises and projects in the health sector are being established, enhancing the region's capabilities in medical innovation and technology [14] Infrastructure and Urban Development - The city has approved 32 roads totaling 167 kilometers for intelligent connected vehicle testing, providing real-world scenarios for technology development and commercialization [9] - The rapid establishment of various industrial bases and projects demonstrates the city's commitment to becoming a hub for low-altitude economy and advanced manufacturing [18]

（资料图） 在1月14日在美国底特律开幕的车展上，纯电动汽车消失，很多美国企业让非电动汽车成为主角，但在 车展上热门话题不是特朗普，而是"中国厂商何时登陆美国"。考虑进入美国市场的中国车企正在摸索三 种方式…… 在1月14日在美国中西部密歇根州底特律开幕的车展上。美国总统特朗普也在车展前亲临现场，强调其 成果称，"我前所未有地一直支持美国的汽车工人"。 总部设在底特律的通用汽车（GM）等"底特律概念股"并没有欢迎的氛围。截至上周，宣布由于特朗普 政策的影响，纯电动汽车 (EV) 的损失扩大，这一消息产生明显影响，从特朗普访问前至15日的股价来 看，通用汽车下跌3%，福特汽车下跌4%，斯特兰蒂斯下跌11%。 在车展的会场，热门话题不是特朗普，而是"中国厂商何时登陆美国"。 契机是车展前一周在美国拉斯维加斯举行的科技博览会"CES"上发生的事情。 生产自动驾驶传感器的中国速腾聚创（RoboSense）北美市场总裁赵培培表示，考虑进入美国市场的中 国车企正在摸索三种方式，一是提高质量，赢得美国客户的青睐，二是利用与美国企业的合作，三是作 为与中国完全分离的企业进入。 尽管进入美国市场的时间无法确定，但"实惠的价格" ...

Summary of the China Passenger Vehicle Monthly Chartbook - December 2025 Industry Overview - The report focuses on the **passenger vehicle (PV)** and **new energy vehicle (NEV)** industry in China, highlighting trends in retail and wholesale volumes, inventory levels, pricing, and battery prices [1][2][5]. Key Industry Trends - **NEV Retail Growth**: NEV retail growth decelerated to **+3% year-over-year (yoy)** in December 2025, down from **+4% yoy** in November 2025, attributed to decreasing subsidies [1][5]. - **ICE Decline**: Internal combustion engine (ICE) vehicle sales further deteriorated, showing a decline of **-31% yoy** in December, compared to **-22% yoy** in November, with higher ICE inventory levels [1][5]. - **Export Growth**: Exports of passenger vehicles (PV) and NEVs showed significant strength, with growth rates of **+47% yoy** and **+164% yoy** respectively in November, compared to **+41% yoy** and **+67% yoy** in October [1][5]. Detailed Industry Data - **December 2025 Highlights**: - PV retail sales decreased by **-14% yoy** and increased by **+2% month-over-month (mom)**. - Wholesale sales for PV decreased by **-9% yoy** and **-7% mom**. - NEV retail sales increased by **+3% yoy** and **+1% mom**, while wholesale sales increased by **+3% yoy** but decreased by **-8% mom**. - NEV retail penetration reached **59.1%**, an increase of **9.7 percentage points (pp) yoy**, while wholesale penetration was **56.0%**, up **6.8 pp yoy** [5][6]. Pricing and Inventory Trends - **Inventory**: NEV inventory remained stable, while ICE inventory levels increased [5][6]. - **Pricing**: Dealer discounts for both NEVs and ICE vehicles narrowed month-over-month, with one NEV manufacturer implementing a price cut [6]. - **Battery Prices**: Lithium cobalt oxide (LCE) battery prices increased by **+32% mom**, while lithium iron phosphate (LFP) and nickel-cobalt-manganese (NCM) battery prices remained flat [6]. Company Highlights - **BYD**: - Delivered **133,000 units** of export volume in December 2025, maintaining strong overseas expansion momentum. - Expected overseas sales volume to reach between **1.5 million to 3.5 million** units from 2026 to 2035, driven by NEV penetration and product competitiveness. - Forecasted **30% earnings compound annual growth rate (CAGR)** from 2025 to 2028, with overseas profit contribution expected to rise from **21% in 2024 to 60% by 2028** [6][7]. - **XPeng**: - Delivered **32,000 units** of domestic retail volume in December 2025, reflecting a **-5% yoy** decline but a **+2% mom** increase. - Market share remained relatively stable with a **-0.2 pp** change. - Blended transaction price increased by **5% yoy** and **4% mom**, attributed to a favorable model mix [7]. Future Outlook - Domestic PV and NEV volume growth is expected to slow down in 2026, with projections of **-2% yoy** for PV and **+11% yoy** for NEV, compared to **+4% yoy** and **+18% yoy** in 2025. - Exports are anticipated to be a bright spot for the industry, particularly for companies like BYD, which is well-positioned for overseas exposure [6][7]. Conclusion The December 2025 report indicates a challenging environment for the domestic PV market, particularly for ICE vehicles, while NEVs continue to show growth albeit at a slower pace. Export opportunities remain robust, particularly for leading companies like BYD and XPeng, which are expected to capitalize on international markets in the coming years [1][5][6][7].

Core Viewpoint - Ford is in discussions with Chinese company BYD regarding the supply of batteries for hybrid vehicles manufactured at Ford's overseas plants, although no agreements have been reached yet [1][2]. Group 1: Discussions and Partnerships - Ford is negotiating with multiple battery suppliers, with BYD being one of the key players in these discussions [1]. - The discussions aim to support Ford's expanding hybrid vehicle product line through battery supply from overseas manufacturing [2]. Group 2: Production and Sales - Hybrid vehicles produced at Ford's overseas plants are intended for export globally, including to the United States, while most hybrid vehicles sold in the U.S. will still come from North American factories [2]. - BYD, known for having the highest electric vehicle sales globally, has not commented on the discussions [1].

麦格理将 比亚迪 A股目标价从122.00元下调至110.00元。 ...

Core Viewpoint - Ford is in negotiations with BYD to supply batteries for its hybrid vehicles produced in overseas factories, aiming to expand its hybrid model lineup for international markets [1] Group 1: Negotiation Details - Ford is engaging with several battery suppliers, with BYD being one of the key companies in discussions [1] - No agreements have been reached yet regarding the battery supply [1] Group 2: Production and Market Implications - The negotiations are intended to support Ford's growing hybrid vehicle product line, which will be manufactured in its international plants [1] - Hybrid models produced in Ford's overseas factories will be sold globally, including in the U.S. market, although most hybrid vehicles sold in the U.S. will still be produced in North America [1] Group 3: Company Responses - BYD has not yet responded to inquiries regarding the negotiations [1] - A Ford spokesperson stated that the company maintains communication with various enterprises but does not comment on rumors or speculation related to business matters [1]

Core Viewpoint - Ford is negotiating with BYD for battery supply for its hybrid vehicles produced in overseas factories, aiming to expand its hybrid model lineup globally [1] Group 1: Negotiation Details - Ford is in talks with several battery suppliers, with BYD being one of them [1] - No agreements have been reached yet regarding the battery supply [1] Group 2: Production and Market - The negotiations are intended to support Ford's international factories producing hybrid models for global markets, including the U.S. [1] - Most hybrid vehicles sold by Ford in the U.S. will still be produced in North American factories [1] Group 3: Company Responses - BYD has not yet responded to inquiries regarding the negotiations [1] - A Ford spokesperson stated that the company communicates with various enterprises but does not comment on rumors or speculation related to business matters [1]

福特汽车正与比亚迪就建立合作伙伴关系进行深入洽谈，根据该计划，这家美国汽车制造商将从中国汽 车巨头处采购电池，用于其部分混合动力车型。 1月15日，据华尔街日报消息，知情人士透露，双方目前仍在讨论具体的合作模式。目前的方案之一 是，福特将把从比亚迪采购的电池运往其位于美国境外的工厂进行生产。谈判仍在进行中，最终交易能 否达成尚存变数。 若协议达成，福特将与这家拥有尖端技术和成本优势的中国最大汽车公司联手。随着福特缩减纯电动汽 车业务并加大混合动力车型的投入，公司亟需高质量的电池供应商，而比亚迪在这一领域具备成熟的制 造能力。 与此同时，福特计划扩大燃油车阵容并增加混合动力车型选择，这需要更多适用于混合动力车的电池。 福特混合动力车销售已显示增长势头。去年第四季度，该公司混合动力车销量同比增长18%，达到约 5.5万辆。 在本周的底特律车展上，福特首席执行官Jim Farley表示，公司在F-150混合动力版本上取得成功，现在 希望扩展到其他混合动力和增程车型。 报道指出，福特上月宣布将战略重心从纯电动车转向混合动力车型，目标是到2030年使混合动力、插电 式混合动力和纯电动车型占其全球销量的约一半。 比亚迪电 ...

【文/观察者网 潘昱辰 编辑/赵乾坤】据《华尔街日报》1月16日报道，知情人士透露，福特汽车正在与 比亚迪商讨为其部分混合动力车型采购电池，并可能将电池进口到福特在美国以外的工厂。 知情人士称，两家公司仍在讨论这种合作将如何运作。谈判仍在进行中，且有可能无法达成协议。 对此传言，观察者网向比亚迪方面求证，截至发稿尚未得到回应。 比亚迪出海汽车 东方IC 福特F-150生产线 东方IC 然而，这项潜在合作引发了美国政客和美国汽车高管们的担忧，认为其将对美国汽车工业构成威胁。法 利曾表示，福特计划推出的3万美元电动皮卡，将是对正在全球夺取市场份额的中国品牌的回应。 在《华尔街日报》报道了这项潜在交易后，美国总统特朗普的贸易顾问彼得·纳瓦罗在X平台上妄言，福 特的想法是在支撑中国竞争对手的供应链，并让自己更容易受到"勒索"。 事实上，已有多家美国汽车制造商与外国电池制造商建立合作关系。如通用汽车和福特都曾与韩国电动 制造商建立合资企业。 福特和比亚迪早有合作渊源。早在2020年，中国合资企业长安福特生产的汽车上就曾使用比亚迪电池。 其后比亚迪也曾主动联系福特，希望为销往其他市场的福特汽车提供电池。 对福特而言，随着 ...

福特上月表示，由于电动车需求下滑，公司将调整战略减少电动车生产，并计提大约195亿美元的费 用，主要与其电动车业务相关。福特表示，到2030年，公司全球汽车销量中大约一半将由混合动力车、 增程型插电式混合动力车和纯电动车组成。 与此同时，福特计划扩充其燃油车产品线，并扩大混合动力车型选择。因此，福特需要更多适用于混动 车型的电池。 凤凰网科技讯 北京时间1月16日，据《华尔街日报》报道，知情人士称，福特汽车正在与比亚迪 （002594）磋商一项合作，计划为其部分混动车型采购比亚迪生产的电池。 两家公司目前仍在磋商合作方式。知情人士称，其中一种方案是，福特将从比亚迪进口电池，用于福特 在美国以外的工厂。谈判仍在进行中，合作最终能否达成尚不确定。 如果这项合作达成，福特将与比亚迪这个中国最大汽车公司联手。此前，比亚迪生产的高性价比电动车 已让美国汽车行业深感不安。 福特发言人对此表示："我们与众多企业就各类事宜保持沟通。"截至发稿，比亚迪发言人不予置评。 在成为全球大型汽车制造商之前，比亚迪已经发展出成熟的电池制造业务，包括为混动车型生产电池。 目前，比亚迪大部分电池仍在中国生产，但随着其在东南亚、欧洲和巴西等市 ...