凤凰网科技讯 10月13日，比亚迪（002594）官方宣布，第五代DM技术即日起陆续OTA推送，百公里亏 电油耗再降10%，低至2.6L。首批推送包含秦L DM-i、海豹06 DM-i智驾版车型，非智驾版将在第四季 度推送，其他车型OTA节点请以后续公告为准。 ...

Core Insights - Tesla reported a 7% increase in third-quarter deliveries, totaling 497,099 vehicles, but is facing a global slowdown in deliveries compared to previous years [3][4][5] - BYD has outpaced Tesla in global full-electric vehicle deliveries for four consecutive quarters and is positioned to outsell Tesla for the full calendar year [7][8] - Both companies face challenges: Tesla with the phasing out of the $7,500 federal tax credit and BYD with a price war in China affecting margins [10][9] Tesla Overview - Tesla's third-quarter production was 447,450 vehicles, with a notable decline in production volume compared to the previous year [4] - Total deliveries for Tesla in the first three quarters of 2025 reached 1.2 million, down from 1.8 million in both 2023 and 2024 [5] - The company is experiencing a sales slump in Europe due to competition and backlash against CEO Elon Musk's political activism [6] BYD Overview - BYD has delivered nearly 390,000 more EVs than Tesla through the first three quarters of 2025 [8] - The company has lowered its sales goal for 2025 to 4.6 million vehicles, approximately 1 million lower than its previous target [11] - Despite recent challenges, BYD is expanding into higher-margin ultra-premium vehicles and maintains a diversified product range beyond passenger cars [13][14] Market Dynamics - The EV market is experiencing a brutal price war in China, impacting margins for companies like BYD [9] - Tesla's future demand may be hindered by the new pricing reality following the expiration of the federal tax credit [10] - Both companies are navigating a competitive landscape with varying strategies and market conditions [12][14]

Core Insights - The Chinese automotive market is experiencing a significant differentiation in sales and annual target completion rates among leading companies as the "golden September and silver October" sales season begins [1] Group 1: Industry Overview - The overall automotive industry in China has maintained a stable and positive trend in the first three quarters of 2025, with high penetration rates of new energy vehicles [1] - The leading companies in the industry are showing clear differentiation in sales performance and completion rates of their annual targets [1] Group 2: Sales Data of Leading Companies - BYD and SAIC are at the forefront of the industry, with both exceeding 3 million units in cumulative sales from January to September 2025, achieving a target completion rate of 71% for their respective annual goals [2] - BYD's cumulative sales reached 3.26 million units, while SAIC's sales were 3.19 million units, both maintaining a robust performance in both fuel and new energy segments [2] Group 3: Second Tier Companies - Geely achieved a cumulative sales figure of 2.17 million units, leading the top ten companies with a target completion rate of 72% [3] - First Automotive Works (FAW) and Changan reported cumulative sales of 2.38 million and 2.07 million units, respectively, with completion rates of 69% [3] - Chery Group's cumulative sales reached 2.01 million units, with a target completion rate of 62%, while GAC achieved 1.49 million units with a 65% completion rate, significantly driven by new energy models [3] Group 4: Market Dynamics and Future Outlook - As the fourth quarter approaches, the ability to adapt and the effectiveness of new energy transitions will be crucial in shaping the competitive landscape of the automotive market [3] - Companies that continue to innovate in technology, production capacity, and market responsiveness are expected to meet their annual sales targets and contribute to the high-quality development of the Chinese automotive industry [3]

Core Insights - The overall retail sales of passenger cars in China reached 2.241 million units in September, marking a year-on-year increase of 6.3% and a month-on-month increase of 11.0% [1] - Cumulative retail sales for the year have reached 17.005 million units, representing a year-on-year growth of 9.2%, setting a new historical peak [1] - New energy vehicles (NEVs) have been the primary driver of sales growth, with 14 major car manufacturers collectively selling over 1.32 million NEVs in September [1] Industry Performance - The penetration rate of NEVs in the domestic passenger car market reached 57.8% in September, an increase of 5 percentage points compared to the same period last year [1] - Domestic brands achieved a NEV penetration rate of 78.1% [1] Company Performance - SAIC Motor Corporation achieved sales of 439,777 units in September, a year-on-year increase of 40.39%, reclaiming the title of monthly sales champion among Chinese listed car companies [2] - BYD's sales in September were 396,270 units, a decline of 5.52%, marking the first month of year-on-year decline since March 2024 [3] - Geely Automobile reported sales of 273,125 units in September, a year-on-year increase of 35.24%, with NEV sales reaching 165,201 units, up 81.27% [3] - Chery Automobile's sales reached 255,584 units in September, a year-on-year increase of 8.90%, with NEV sales of 83,498 units, up 17.24% [4] - Leap Motor achieved a remarkable sales increase of 97.4% in September, with 66,657 units delivered, setting a new record for new car manufacturers [5] Market Trends - The automotive market in September saw over 70 new car models launched, contributing to increased consumer purchasing enthusiasm [5] - The fourth quarter is expected to maintain stable growth, driven by policy guidance and high growth foundations, with an anticipated increase in consumer purchases before the adjustment of NEV tax policies in 2026 [6]

Core Insights - The launch of BYD Han Long Range Edition represents a strategic move in a competitive market, aiming to meet consumer expectations for a "national flagship" vehicle [1][5] - The Han family has achieved cumulative sales exceeding one million units, marking a significant milestone in the market [2] Product Details - The Han Long Range Edition includes four DM-i models priced between 159,800 to 189,800 yuan and three EV models priced between 173,800 to 205,800 yuan, with a promotional trade-in subsidy available until October 31 [1] - The DM-i Long Range version features a pure electric range of 245 kilometers, a fuel consumption of 3.44L/100km, and a comprehensive range of 1560 kilometers [2] - The EV Long Range version offers a starting electric range of 635 kilometers, a maximum of 705 kilometers, and a 0-100 km/h acceleration time of 6.9 seconds, setting a new efficiency benchmark for mid-to-large electric sedans [2] Design and Features - The Han Long Range Edition introduces three new colors and upgrades in interior materials and configurations, enhancing the overall user experience [3] - The vehicle includes advanced features such as a high-tech laser brushed panel, a smart cooling and heating refrigerator, and an active noise cancellation system for a quiet cabin experience [3] - The intelligent chassis system, "Yun Nian-C," can adjust suspension damping based on road conditions detected up to 15 meters ahead [3] Safety and Assistance Systems - The vehicle is equipped with the "Tian Shen Zhi Yan" driver assistance system, supporting various driving and parking scenarios, with a commitment to cover any safety issues arising during parking assistance [4] - The TBC high-speed tire blowout stability system enhances safety by providing immediate response and stability control in the event of a tire blowout [4][5] Market Positioning - The Han Long Range Edition's launch is seen as a continuation of BYD's evolution from a "disruptor" to a "leader" in the high-end market segment, emphasizing a balanced approach to user needs rather than focusing solely on technological gimmicks [5] - The introduction of this model is expected to solidify BYD's leading position in the mid-to-high-end market and drive the entire electric vehicle industry towards a more user-centered approach [5]

Core Viewpoint - The Hang Seng Technology Index has experienced a decline of over 3%, with significant drops in several constituent stocks, indicating a bearish trend in the technology sector [1] Group 1: Index Performance - The Hang Seng Technology Index fell by more than 3% [1] Group 2: Individual Stock Performance - Major constituents such as Sunny Optical Technology, BYD Electronics, Kuaishou, and Lenovo Group each saw declines exceeding 5% [1]

2022年9月，比亚迪正式进入欧洲乘用车市场，目前已覆盖32个国家及地区，产品矩阵涵盖从掀背车到中大型SUV共13款车型，并为欧洲消费者带来兆瓦闪 充、超级混动、刀片电池等领先科技。 比亚迪计划于2026年年底前，携手当地优质经销商和合作伙伴，在欧洲开设超2000家门店，其中德国市场今年底将完成120家网点布局，以满足消费者对新 能源汽车的购车、用车需求，全面加速本地化运营。 马来西亚组装工厂的建设开启了比亚迪在马来西亚发展的新篇章，未来，将继续扎根马来西亚。比亚迪表示，公司承诺不仅体现在持续交付创新产品，更在 于对马来西亚从本地组装到人才培养，再到电动出行的推广的电动生态的全面投入。 欧洲方面，通过设立区域总部、建设生产基地、加大研发投入，我们深度融入了本地新能源产业链，持续提升了产品与服务的本地化能力。 近日，比亚迪在接受机构调研时表示，马来西亚当地建设组装工厂（CKD），预计将于2026年正式投产。 ...

Core Viewpoint - BYD's stock experienced a decline of 2.54% on October 10, with a trading volume of 6.42 billion yuan, indicating a significant market reaction and trading activity around the company [1] Financing and Trading Activity - On October 10, BYD had a financing buy-in amount of 708 million yuan and a financing repayment of 736 million yuan, resulting in a net financing outflow of 28.41 million yuan [1] - As of October 10, the total margin trading balance for BYD was 14.91 billion yuan, with the financing balance at 14.846 billion yuan, accounting for 2.53% of the circulating market value, indicating a high level of financing activity compared to the past year [1] - In terms of short selling, BYD had a short repayment of 32,700 shares and a short sale of 29,800 shares, with the short sale amounting to approximately 3.21 million yuan at the closing price [1] Company Overview - BYD Company Limited, established on February 10, 1995, and listed on June 30, 2011, is headquartered in Shenzhen, Guangdong Province [1] - The company's main business includes secondary rechargeable batteries, mobile phone components and assembly, as well as automotive operations, which encompass both traditional fuel vehicles and new energy vehicles [1] - The revenue composition of BYD shows that automotive and related products account for 81.48% of total revenue, while mobile phone components and assembly contribute 18.52% [1] Shareholder and Financial Performance - As of June 30, the number of BYD shareholders reached 323,900, an increase of 59.02% from the previous period, while the average circulating shares per person decreased by 37.13% [2] - For the first half of 2025, BYD reported a revenue of 371.28 billion yuan, representing a year-on-year growth of 23.30%, and a net profit attributable to shareholders of 15.51 billion yuan, up 13.79% year-on-year [2] - BYD has cumulatively distributed dividends of 27.86 billion yuan since its A-share listing, with 24.41 billion yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder of BYD, holding 128 million shares, an increase of 2.585 million shares from the previous period [3] - Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF were also among the top ten circulating shareholders, with holdings of 16.06 million shares and 11.49 million shares, respectively, both showing increases from the previous period [3]

9 October 2025 Asian Autos Chinese Autos: Proprietary survey 2025, Part 1. Stronger purchase intentions, Optimistic macro outlook; BYD ranked Top, Xiaomi Third Eunice Lee, CFA +852 2123 2606 eunice.lee@bernsteinsg.com Mika Fu +852 2166 4805 mika.fu@bernsteinsg.com Ethan Xu +852 2123 2634 ethan.xu@bernsteinsg.com Our proprietary survey of Chinese car buyers, 2025 edition. Since 2015, we have conducted an annual online survey to gauge Chinese consumer sentiment, car-buying intentions, brand preferences, and o ...

Group 1: Automotive Market Performance - In September, the retail sales of passenger cars in China reached 2.239 million units, representing a year-on-year increase of 6% and a month-on-month increase of 11% [1] - Cumulative retail sales for the year reached 17.004 million units, showing a year-on-year growth of 9% [1] - Wholesale sales for September were 2.770 million units, up 11% year-on-year and 12% month-on-month, with cumulative wholesale sales for the year at 20.812 million units, a 13% increase year-on-year [1] Group 2: Policy and Regulatory Developments - Shenzhen is supporting fully autonomous vehicle testing on public roads, allowing companies to conduct tests in complex scenarios to promote advanced autonomous driving applications [2] - Jilin Province has adjusted its vehicle scrappage and renewal subsidy policy, implementing a "reservation qualification system" through the "Yunshangfu APP" for subsidy eligibility [3] Group 3: Company Announcements and Changes - Feng Changjun has been appointed as the new General Manager and Deputy Secretary of the Party Committee of Dongfeng Motor Group [4] - BYD confirmed that the Song PLUS model, which has sold over 1.57 million units, will be phased out as it transitions to the new Hai Si 06 model [5] - Changan Automobile has published a patent for optimizing the aerodynamic performance of vehicles [6] Group 4: Sales and Production Figures - Yueda Kia reported a total sales figure of 187,424 units for the first nine months of the year, reflecting a year-on-year increase of 6.4% [7] - SAIC Audi's terminal sales in September reached 5,700 units, marking a significant year-on-year growth of 90% [8] Group 5: New Product Launches - The Alpha T5 extended-range model from BAIC Arcfox will begin pre-sales on October 14, featuring a pure electric range of 215 km and a combined range of 1,215 km [9] - Buick has officially launched the Century Golf Edition model with a price tag of 529,900 yuan [10] Group 6: International Ventures and Projects - BYD has won a bid for Singapore's first L4 autonomous bus pilot project, which will feature electric-powered buses [11] - XPeng's flying car, referred to as the "land aircraft carrier," has secured 600 orders in the Middle East following a successful public flight demonstration [11] Group 7: Corporate Governance - Tesla will hold a shareholder meeting on November 6 to vote on key proposals, including CEO Elon Musk's compensation plan and stock incentive programs [11]