1月6日，特斯拉微博发布消息，特斯拉Model 3/Y/Y L推出7年超低息购车方案。其中，Model 3/Y首付 7.99万元起，月供可低至1918元；Model Y L首付9.99万元起，月供可低至2947元。 特斯拉还表示，Model Y L首次推出5年0息，首付9.99万元起，月供可低至3985元。 首付9.99万元起 1月2日晚间，特斯拉公布去年第四季度交付量为418227辆，同比下降16%，在全球电动车制造商排名中 明显被甩在中国比亚迪身后。 特斯拉在1月2日发布声明称，第四季度交付量下降16%至418,227辆，不仅低于分析师预期，也未达到 公司自身目标。 值得注意的是，就全年数据来看，特斯拉有史以来首次被中国汽车制造商比亚迪超越。数据显示，特斯 拉2025年全球交付汽车163.6万辆，同比下降约8.6%。同期，比亚迪纯电动汽车销量为225.67万辆。 可选5年0息方案®,月供可低至3985元® 或选7年超低息方案®,月供可低至2947元® ...

Core Viewpoint - Tesla is implementing various financing options and price adjustments to stimulate sales amid declining vehicle deliveries and increased competition from Chinese manufacturers. Group 1: Financing Options - Tesla has introduced a low-interest financing plan for the Model 3/Y/Y L, with down payments starting at 79,900 yuan and monthly payments as low as 1,918 yuan for Model 3/Y, and 99,900 yuan with monthly payments starting at 2,947 yuan for Model Y L [1] - The Model Y L also features a new 5-year 0% interest plan, with a down payment of 99,900 yuan and monthly payments starting at 3,985 yuan [1] Group 2: Price Adjustments - Recently, Tesla adjusted prices in other markets, including a reduction in South Korea where the price of the Model 3 and Model Y was lowered by up to 9.4 million won (approximately 6,490 USD) [3] - The high-performance all-wheel-drive version of Model 3 is now priced at 59.99 million won, down from 69.39 million won, while two Model Y variants saw a price drop of about 3 million won [3] Group 3: Sales Performance - Tesla is facing pressure from declining sales, with Q4 2025 production exceeding 434,000 vehicles, a year-on-year decrease of 5.5%, and deliveries over 418,000 vehicles, down approximately 16% year-on-year [5] - For the entire year of 2025, Tesla's global vehicle deliveries totaled 1.636 million, a decline of about 8.6%, marking the second consecutive year of falling delivery numbers [5] - Notably, Tesla's annual electric vehicle sales were surpassed by Chinese manufacturer BYD for the first time, with BYD reporting a total of 4,602,436 vehicles sold in 2025, a year-on-year increase of 7.73% [5] Group 4: Production and Growth in Other Segments - On December 30, 2025, Tesla announced the production of its 9 millionth electric vehicle at its Shanghai Gigafactory, which delivered over 97,100 units in December 2025, an 11% month-on-month increase [6] - The Shanghai factory accounted for 52% of Tesla's global deliveries, with approximately 851,000 units delivered in 2025 [6] - Despite the decline in vehicle sales, Tesla's energy storage business saw significant growth, with a total installation of 46.7 GWh in 2025, a year-on-year increase of 48.7% [6]

Core Insights - BYD's 14 millionth electric vehicle was produced in Brazil, marking a significant milestone for Chinese automakers in the South American market [1] - In 2025, BYD's overseas sales of passenger cars and pickups exceeded 1.0496 million units, representing a 145% year-on-year increase, with a presence in over 119 countries and regions [1] - BYD's strategy focuses on local adaptation and deep market penetration, utilizing customized products, localized production, autonomous logistics, and brand contextualization to overcome market barriers [1] Group 1 - BYD's entry into the Brazilian market faced challenges such as consumer brand loyalty to established German, Japanese, and American automakers, as well as cultural and regulatory differences [1] - The company has built a localized industrial ecosystem in Brazil, integrating R&D, production, supply chain localization, and talent development to gain competitive advantages [1] - Approximately 80% of the nearly 1,000 employees at BYD's Brazilian passenger car factory are local hires, emphasizing the importance of local talent in the company's operations [1] Group 2 - BYD aims to transition from "product export" to "industrial export" and then to "ecological export" in Brazil, enhancing its market presence [2] - The company plans to increase its efforts in overseas market expansion and promote the adoption of electric vehicles and renewable energy products globally [2] - BYD will focus on advancing electric and intelligent technologies, investing in R&D to maintain its technological leadership and ensure effective market competitiveness [2]

Core Insights - Tesla has been a leader in the global EV market, but its dominance is now challenged by BYD, which has surpassed Tesla in sales as of 2026 [2] - BYD's growth has been characterized by consistent sales increases and a broad range of affordable EVs, while Tesla's vehicle deliveries have declined [2][6] - Investors are now considering whether to continue investing in Tesla or shift focus to BYD, the new leader in the EV market [3] Company Overview - BYD is the largest new-energy vehicle and battery manufacturer in China, offering a wide range of EVs and plug-in hybrids, from budget models to luxury vehicles [3] - The company has built significant manufacturing scale and expanded its global presence, contributing to its sales growth [2][3] Stock Performance - BYD's stock experienced volatility, with a notable rally of 74% in early 2025, but it has since given back much of those gains, resulting in a 10% return over the past year [4] - Berkshire Hathaway's exit from BYD shares in late 2025 indicates that even long-term investors are cautious as risks increase [3] Valuation Metrics - BYD's stock is trading at approximately 21 times trailing earnings, which is nearly double the auto industry average of around 11 times [5] - The price-to-sales ratio is near 1 times trailing revenue, aligning with large global automakers, while the price-to-book ratio of about 3.8 is considered elevated [5] Market Dynamics - Global EV sales increased by 28% in 2025, with BYD selling about 2.26 million battery EVs, a 28% YoY increase, compared to Tesla's 1.64 million, which saw an 8.5% decline [6] - Analysts suggest that BYD's milestone in sales may enhance its international expansion efforts and pressure Tesla to innovate its product lineup and improve margins [6]

转自：智通财经 【全球车企市值"大洗牌"：特斯拉、丰田、小米、比亚迪分列前四】智通财经1月5日电，汽车产业深度 变革背景下，全球车企市值排名的更新既是中国、外资车企行业地位与竞争格局的直观体现，亦为市场 对汽车企业全产业链价值的综合判断。截至2025年12月31日收盘，在全球车企TOP10中，新势力车企与 传统车企、海外车企与中国车企之间的市值排名竞争呈现两种局面——特斯拉、丰田、小米、比亚迪分 列前四，排名较一年前无变化的同时各自市值有所增长，且全球十大市值车企中依旧有两家中国公司； 五至十名位次发生"巨变"——宝马、奔驰、大众等排名全面提升，保时捷掉出前十，马鲁蒂铃木印 度"入替"位列第十名。（智通财经记者 张屹鹏） ...

Core Insights - The article highlights the performance of several A-share listed automotive companies in the new energy vehicle (NEV) sector for December 2025 and the entire year, with BYD leading the market in both monthly and annual sales [1][2] - BYD's total NEV sales reached 4.6024 million units in 2025, marking a year-on-year increase of 7.73%, with pure electric vehicle sales at 2.2567 million units, up 27.86% [1] - In contrast, Tesla reported a total delivery of 1.64 million units for 2025, a decrease of 8.6% year-on-year, indicating that BYD has surpassed Tesla to become the world's top seller of electric vehicles [1] Summary by Company - **BYD** - December sales: 420,400 units, down 18.34% year-on-year - Annual sales: 4,602,400 units, up 7.73% year-on-year [2] - **SAIC Motor** - December sales: 143,800 units, down 6.65% year-on-year - Annual sales: 1,642,800 units, up 33.12% year-on-year [2] - **Changan Automobile** - December sales: 115,100 units, up 26.02% year-on-year - Annual sales: 1,110,000 units, up 51.10% year-on-year [2] - **Seres** - December sales: 61,000 units, up 63.40% year-on-year - Annual sales: 472,300 units, up 10.63% year-on-year [2] - **Great Wall Motors** - December sales: 38,900 units, down 7.91% year-on-year - Annual sales: 403,700 units, up 25.44% year-on-year [2] - **Beijing Automotive Blue Valley** - December sales: 35,200 units, up 114.56% year-on-year - Annual sales: 209,600 units, up 84.06% year-on-year [2]

（来源：票风笔记） 据媒体报道，比亚迪2025年四季度开始减少迪链的使用，增加现金和票据的支付比例。2025年10月，比亚迪汽车工业有限 公司单月签发了27亿元的商票，11月签发了23亿元，12月又签发了45亿元，连续三个月保持了较高的商票签发量，基本能 够印证比亚迪确实在增加票据的支付比例。 一、比亚迪应付款项情况 根据比亚迪财报披露，2025年9月末，比亚迪应付账款余额为2228亿元，其他应付款余额1348亿元，而应付票据余额仅为 22.2亿元，应付票据占比仅0.6%，应付票据中商票余额更低。可以说在2025年9月之前比亚迪票据的使用率极低。 假如应付票据占比能提升至20%，那应付票据余额就能增长至700亿元，包含银票和商票，作为对比，上汽集团应付票据 占比在25%左右。由于我们暂时无法获悉比亚迪银票最新签发数据，下文暂时就以商票视角来观察其票据使用情况。 二、比亚迪商票签发最新情况 比亚迪汽车工业有限公司作为比亚迪签发商票的主要主体，2025年上半年只承兑了9.1亿元商票，三季度承兑了6.8亿元商 票；10月以后开始商票承兑量显著上升，其中10月承兑27.5亿元，11月承兑23.1亿元，12月承兑44. ...

Industry Overview - In October 2025, China's new energy vehicle (NEV) sales reached approximately 1.715 million units, accounting for 51.6% of total new car sales, marking a significant shift in the market dynamics [1][11] - By November 2025, the penetration rate of NEVs further increased to 53.2%, indicating a transition from niche to mainstream consumer choice [1][11] - The automotive market is expected to face challenges as multiple consumer stimulus policies are set to exit, leading to a return to a demand-supply driven seasonal operation [1][12] New Entrants and Performance - Leap Motor emerged as the top new force with 596,600 units delivered, surpassing competitors like NIO, Xiaopeng, and Hongmeng Zhixing [3][14] - Xiaopeng Motors delivered 429,400 units, while Li Auto and NIO delivered 406,300 and 326,000 units respectively, with NIO experiencing a significant sales boost in Q4 due to the new ES8 model [3][14] - Xiaomi Auto achieved over 410,000 units, exceeding its target of 350,000 units, and plans to challenge a target of 550,000 units in 2026 [6][16] Established Brands Performance - BYD sold 4.6024 million vehicles globally, achieving its target and becoming the world's top seller of pure electric vehicles with 2.26 million units sold, a 28% year-on-year increase [7][17] - Geely and Changan both met their sales targets, with Geely selling 3.0246 million vehicles and Changan reaching 2.913 million, with significant growth in their NEV segments [8][18] - Great Wall Motors and Chery reported sales of 1.3237 million and 2.6314 million units respectively, with Chery's sales boosted by its collaboration with Huawei [8][18] Market Dynamics and Future Outlook - The competition among new entrants and established brands is intensifying, with the market expected to undergo significant changes as policy support diminishes [1][12] - The automotive industry is preparing for a challenging 2026, with various companies adjusting their strategies to maintain competitiveness [1][12]

【#小米稳居全球车企市值第三##保时捷掉出全球车企市值前十#】汽车产业深度变革背景下，全球车企 市值排名的更新既是中国、外资车企行业地位与竞争格局的直观体现，亦为市场对汽车企业全产业链价 值的综合判断。 截至2025年12月31日收盘，在全球车企TOP10中，新势力车企与传统车企、海外车企与中国车企之间的 市值排名竞争呈现两种局面——特斯拉、丰田、小米、比亚迪分列前四，排名较一年前无变化的同时各 自市值有所增长，且全球十大市值车企中依旧有两家中国公司；五至十名位次发生"巨变"——宝马、奔 驰、大众等排名全面提升，保时捷掉出前十，马鲁蒂铃木印度"入替"位列第十名。 1月3日，小米集团创始人、董事长、CEO雷军在直播中表示，2026年会将更多精力放在汽车业务上，年 交付目标定为55万辆。"希望2026年底能够超越这个成绩。"据其透露，小米汽车2025年交付超过41万 辆。 相较小米的加速"快跑"，比亚迪在过去一二年间年市值表现跌宕起伏——2024年6月，比亚迪全球市值 曾一度反超大众集团，成为全球车企市值季军；2024年底，比亚迪被当时入局汽车市场不足一年的小米 反超；2025年12月31日数据显示，比亚迪以13 ...

Core Viewpoint - Shenzhen Huada Beidou Technology Co., Ltd. is making a second attempt to list on the Hong Kong Stock Exchange, having submitted an updated prospectus that includes financial data for the first half of 2025, showing revenue of 403 million yuan, a 20% year-on-year increase, but a net loss of 64 million yuan, which is a 16% increase in losses compared to the previous year [1][12]. Group 1: Company Background and Financials - Huada Beidou originated from the navigation chip design business of China Electronics Corporation (CEC) and has attracted significant investment from major industry players such as BYD and Bosch [1][12]. - The company reported net losses of 93 million yuan in 2022, 289 million yuan in 2023, 141 million yuan in 2024, and 64 million yuan in the first half of 2025, totaling a cumulative net loss of 588 million yuan over the past three and a half years [6][17]. - Research and development costs have exceeded 330 million yuan over the past three years, accounting for more than 14% of revenue, contributing to the company's financial losses [6][17]. Group 2: Market Position and Product Applications - Huada Beidou's GNSS chips hold over 60% of the Chinese shared bicycle market, covering major platforms like Meituan and Qingju [2][5][17]. - The company is the sixth largest GNSS space positioning service provider globally, with a market share of 4.8%, and ranks second among domestic companies [5][16]. - The company has begun applying GNSS chips to electric bicycles, which are expected to become a major revenue source in the coming years due to supportive government policies [6][14]. Group 3: Future Strategies and Market Trends - Huada Beidou is focusing on two key areas for future growth: smart driving and low-altitude economy, with the latter projected to have a compound annual growth rate of 34.5% from 2024 to 2029 [4][20]. - The company is in early discussions with leading drone manufacturers to explore potential applications of GNSS chips in consumer-grade drone products [20][21]. - Collaborations with major automotive companies like BYD and SAIC have been established to support smart driving functionalities through high-precision navigation solutions [21][22]. Group 4: Competitive Landscape and Challenges - The company faces significant competition in the smart driving and low-altitude economy sectors, with established players like Beidou Star and Huace Navigation already holding substantial market shares [10][22]. - To maintain product competitiveness, Huada Beidou has reduced the average selling price of its standard precision chips from 7.4 yuan to 4.8 yuan between 2022 and 2024, while increasing sales and marketing expenses by 27.7% [11][22]. - As of June 2025, the company's cash and cash equivalents were only 244 million yuan, below its projected R&D expenditures for 2024, indicating potential financial strain [23].