Group 1 - In 2025, Japan's imported car sales (excluding domestic manufacturers) increased by 7% year-on-year, reaching 243,129 units, marking the first positive growth in two years [1] - Electric vehicle (EV) sales grew by 26% to 30,513 units, achieving a record high, with Tesla and other EV manufacturers contributing to this increase [1] - EVs accounted for 13% of total sales in 2025, up 2 percentage points from the previous year, indicating a continuous growth trend for EVs in Japan over the past seven years [1] Group 2 - Tesla's sales in Japan, although not officially disclosed, saw an 88% increase in the "other" category, reaching 10,693 units, marking the first time Tesla's sales exceeded 10,000 units in Japan, moving up from 10th to 7th place in brand rankings [1] - BYD's sales in Japan surged by 62% to 3,870 units, driven by the strong performance of the SUV "Hai Lion 7," which was launched in April 2025 [1] - Hyundai's sales increased by 89% to 1,169 units, supported by the strong sales of the small EV "INSTER," which is well-suited for Japan's narrow roads and is competitively priced [3] Group 3 - In terms of brand performance, Mercedes-Benz saw a 4% decrease in sales, dropping to 50,857 units, while BMW's sales grew by 1% to 35,729 units, and Volkswagen's sales increased by 36% to 31,031 units [3] - The overall sales of imported cars in December 2025 showed a slight increase of 0.3% year-on-year, reaching 23,551 units, although EV sales decreased by 14% to 2,549 units during the same period [5] - The Japanese government announced an increase in the subsidy cap for purchasing EVs starting January 1, 2026, which may have temporarily affected consumer purchasing behavior [5]

Core Viewpoint - BYD aims to overcome current growth pressures in the automotive industry by launching new hybrid models with extended electric range, focusing on a "value war" rather than an unrestrained price war [1] Group 1: Product Launch and Features - The 2026 models of the Qin family, including the Qin L DM-i and Qin PLUS DM-i, were launched with prices ranging from 89,800 to 122,800 yuan, featuring a new 210 km electric range version [2][3] - The new models have upgraded their electric range to 210 km, with a combined range of 2,110 km when fully fueled and charged, and a low fuel consumption of 2.79 liters per 100 km [4][5] - The Qin L DM-i offers six exterior color options and includes a luxurious integrated electronic gear shift, enhancing user experience [4][6] Group 2: Market Performance and Strategy - BYD's total sales reached 4.6024 million units in 2025, maintaining its position as the global leader in electric vehicle sales, with the Qin family contributing over 660,000 units [3] - Domestic sales in 2025 saw a decline to 3.5528 million units from 3.8528 million units in the previous year, indicating a negative growth trend [3] - The chairman of BYD acknowledged that the company’s technological edge has diminished compared to previous years, attributing this to the cyclical nature of product and technology development [3] Group 3: Technological Advancements - The new Qin models utilize the fifth-generation DM technology, featuring a large-capacity battery that enhances energy density and extends electric range through AI energy management systems [3][5] - The high-end models are equipped with advanced comfort and safety features, including a smart damping control system and a heads-up display to improve driving safety [5][6]

近日，中国电力企业联合会（中电联）颁发"中国绿色电力（绿证）消费TOP100企业"奖杯。 比亚迪位列该权威榜单的汽车行业第一名，总排名二十一名。 TOP1001 序号 国家能》 I 国家 | 2 浙江 3 4 深圳自 四) 5 6 广东 | 7 | 富士 | | --- | --- | | 8 | 11 - 1 | | 9 | 中国石 | | 10 | 中国 | | 11 | 内蒙 | | | 中国 117 | | 13 | Sh | | 14 | 中 Date | | 15 | 江苏市( | t while and 16 中国 17 rca 18 中国和 弘元乡 19 TCL和 20 21 22 内蒙: 23 F 1 - 1 2-1 | 44 | 14 인 大 W | | --- | --- | | 25 | 할 | | 26 | 陕西有色 | | 27 | | | 28 | 立讯》 | | 29 | | | 30 | 内蒙古君正 | | 31 | 隆基 | | 32 | 陕西煤) | | 33 | 中国 | | --- | --- | | 34 | 湖北 | | 35 | 中国 | | 36 | - | ...

"A" The F 16 中国 17 ma 18 中国和 19 弘元乡 TCLF 20 21 22 内蒙: 23 ATT . 1 2 比亚迪（002594）位列该权威榜单的汽车行业第一名，总排名二十一名。 这一成绩不仅展现出了比亚迪在推动全价值链绿色转型、实现"绿色梦想"上的扎实行动，更是比亚迪"为地球降温1℃"品牌愿景的真实写照。 TOP1001 序号 国家能》 I 国家 | 2 3 浙江 4 深圳自 5 四) 6 广东 | 7 | | | --- | --- | | 8 | 中国 | | 9 | 中国石 | | 10' | 中国 | | 11 | 内家 r | | | 中国 | | 13 | 1 | | | 1 | | 15 | 江苏市 | 近日，中国电力企业联合会（中电联）颁发"中国绿色电力（绿证）消费TOP100企业"奖杯。 | 86 | ה | | --- | --- | | 87 | T | | 88 | H นที่ | | 89 | 河北 | | 90 | 1 I | | 91 | 产尽创 : | | 92 | 东! | | 93 | 东方 1 | | 94 | 铜陵有1 | | 95 | 守 ...

近日，中国电力企业联合会（中电联）颁发"中国绿色电力（绿证）消费TOP100企业"奖杯。 比亚迪位列该权威榜单的汽车行业第一名，总排名二十一名。 这一成绩不仅展现出了比亚迪在推动全价值链绿色转型、实现"绿色梦想"上的扎实行动，更是比亚迪"为地球降温1℃"品牌愿景的真实写照。 TOP1001 序号 国家能》 l 国家 | 2 3 浙江 4 深圳自 5 四) 广东 6 | 7 | r | | --- | --- | | 8 | 中国 | | 9 | 中国石 | | 10 | 中国 | | 11 | 大专 T | | 12 | 中国5 | | 13 | 一州之 1 | | 14 | 中国 | | 15 | 江东中1 | 365 16 中国 17 m 18 中国和 19 弘元乡 20 TCL和 21 22 内蒙: 23 ATT e 片 引 上一 比亚迪总裁王传福曾说："世界百年未有之大变局加速演进，绿色技术和产业转型成为大势所趋。比亚迪坚持以科技创新与产业创新融合发展为主线，把绿 色发展战略贯穿于企业成长的每一个阶段。" | 33 | 中国! | | --- | --- | | 34 | 湖北: | | 35 | 中 ...

高盛预计中国2026年新能源车零售销量增长约10%。在不同价格区间方面，多数企业认为17万至18万元 以上车型的补贴力度基本不变，但低价车型在新政下的补贴下降幅度显著。该行给予比亚迪及小鹏汽 车"买入"评级，因具备相对优势，受惠于更高的海外市场销售扩张。 高盛发表报告指，近日举办中国汽车2026年管理层展望系列会议，举行了10场在线会议，涵盖六家整车 制造商(OEM)、两家零件供应商及一家经销商，参与公司包括上汽集团、广汽、小米、零跑汽车、长城 汽车、赛力斯等。该行对中国汽车行业观察到四大核心主题：(1)公司管理层普遍对行业总量持保守态 度；几乎所有OEM预期企业自身将实现双位数销量增长，并加大海外拓展力度，(3)新车型推出节奏积 极，尤其高端市场竞争显著加剧；(4)汽车产业链各环节或面临潜在价格及利润率压力。 ...

Core Insights - Goldman Sachs held a series of management outlook meetings for the Chinese automotive industry, observing a generally conservative outlook on overall industry volume, with expectations of double-digit sales growth for individual companies and increased overseas expansion [1][2] - The anticipated retail sales growth for new energy vehicles in China for 2026 is approximately 10%, with significant variations in subsidy impacts across different price segments [2] - The competitive landscape in the high-end market is intensifying, with a projected launch of 119 new models in 2026, indicating a crowded high-end segment and a shift in competitive focus [3] Group 1 - The management teams of the participating companies expressed a cautious outlook for the overall industry, predicting a year-on-year retail sales growth for domestic passenger vehicles in 2026 to range from a decline of 5% to an increase of 1% [1] - The total subsidy amount for consumer goods in 2026 is estimated to be around 250 billion RMB, slightly lower than previous years, despite the continuation of the "trade-in" subsidy policy [1] - Six OEMs expect their sales growth in 2026 to range from 11% to 68%, while overseas sales growth is anticipated to be between 19% and 108% [2] Group 2 - Companies are planning to accelerate their overseas expansion in 2026, with a focus on launching more overseas versions of new models and establishing local sales and service channels [3] - The new model pipeline for this year is described as ambitious, with a significant increase in high-end models expected, particularly in the 250,000 to 300,000 RMB price range [3] - Goldman Sachs predicts a contraction in the domestic profit pool for the Chinese automotive industry in 2026, while the overseas market is expected to see accelerated adoption of new energy vehicles [3]

Core Viewpoint - BYD has launched long-range versions of four popular models, aiming to set a new value benchmark in the 100,000 yuan plug-in hybrid market, with significant improvements in electric range and charging speed [1] Group 1: Product Launch - BYD announced the addition of long-range versions for the Qin PLUS DM-i, Qin L DM-i, Seal 05 DM-i, and Seal 06 DM-i models [1] - The new models feature a pure electric range exceeding 210 km, which is double that of competing hybrid models [1] - The comprehensive range exceeds 2110 km, addressing concerns about range anxiety for users [1] Group 2: Charging and Convenience - The charging time from 30% to 80% is only 20 minutes, enhancing the convenience for daily commuting and long-distance travel [1] - The long-range plug-in hybrid models are designed to provide a worry-free experience for car owners [1] Group 3: Market Positioning - The launch is targeted at consumers planning to purchase vehicles in 2026, indicating a strategic focus on future market trends [1] - BYD aims to establish a new value standard in the plug-in hybrid market segment priced around 100,000 yuan [1]

Group 1 - The core observation from Goldman Sachs indicates a cautious outlook on the overall Chinese automotive market, with management expecting retail sales of passenger vehicles in 2026 to decline by 5% to grow by 1% year-on-year, despite the continuation of the "old-for-new" subsidy policy [1] - The report highlights that all six OEMs anticipate their sales growth in 2026 to range from 11% to 68%, while overseas sales are expected to increase between 19% and 108%, indicating a significant expansion despite a stable domestic market [2] - The management teams emphasize an accelerated overseas expansion strategy for 2026, with plans to launch more overseas versions of new models and establish local sales and service channels [3] Group 2 - The introduction of new models is expected to be aggressive, with a total of 119 new models projected for 2026, categorized by price range: 46 in the mass market (below 200,000 RMB), 37 in the mid-to-high-end market (200,000 to 300,000 RMB), and 36 in the high-end/luxury market (above 300,000 RMB) [3] - The competitive landscape in the high-end market is anticipated to become more crowded, particularly in the 250,000 to 300,000 RMB price range, which is expected to be the most competitive segment [3] - Goldman Sachs predicts a contraction in the domestic profit pool for the Chinese automotive industry in 2026, while the overseas market is expected to see accelerated adoption of new energy vehicles [3]

Core Viewpoint - The 2026 Qin L DM-i has been launched with a limited-time promotional price ranging from 92,800 to 122,800 yuan, highlighting its competitive positioning in the market [1]. Group 1: Product Features - The 2026 Qin L DM-i features a design that continues BYD's classic "Dragon Face" aesthetic, with dimensions of 4830mm x 1900mm x 1495mm and a wheelbase of 2790mm [5]. - The interior design is themed "Mountain Water Painting," incorporating Eastern aesthetics with a symmetrical layout and advanced technology, including a high-end DiLink100 vehicle system [6]. - The vehicle offers a powertrain consisting of a 1.5L engine and electric motor, with a maximum engine power of 74 kW and torque of 126 Nm, alongside two electric motor options of 120 kW and 160 kW [8]. Group 2: Performance and Specifications - The long-range version is equipped with a 25.28 kWh battery, providing a pure electric range of 210 km and a comprehensive range of 2110 km, with a low fuel consumption of 2.79 L/100 km when the battery is depleted [8]. - The vehicle is available in six colors, including new options like Songyan Green and Muxu Qing, enhancing its market appeal [5]. Group 3: Promotions and Offers - A limited-time deposit offer is available for the 2026 Qin L DM-i, with a promotional gift valued at 3000 yuan for customers who place orders [3].