欧洲车市攻守战：特斯拉在欧销量下滑，比亚迪们逆势突围

Core Viewpoint - Tesla's global vehicle deliveries in Q2 were approximately 384,000, representing a 14% year-over-year decline, marking the second consecutive quarter of negative growth. However, the delivery figures exceeded market pessimistic forecasts, leading to a nearly 5% increase in Tesla's stock price and a market capitalization increase of $48.1 billion in one day [1] Group 1: Delivery Performance - Tesla's Shanghai factory achieved its first year-over-year delivery growth in 2025, with June deliveries from Shanghai reaching 71,599 vehicles, a 0.8% increase year-over-year and a 16% increase month-over-month [1] - In the U.S., the "Big and Beautiful" bill proposed by the Trump administration may lead to a reduction of 100,000 vehicles in Tesla's annual sales due to cuts in clean energy spending and electric vehicle subsidies [1] - Tesla's sales in Europe have been declining for five consecutive months, with market share dropping from 1.8% to 1.2% year-over-year [3] Group 2: Market Challenges - In key European markets, Tesla's sales have seen significant declines, with a 45% year-over-year drop in the UK and a 67% decline in France in May [3][4] - The overall automotive market in the EU saw a 0.6% decline in total sales, while registrations for battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV) increased by 26.1%, 15%, and 19.8% respectively [3] - Tesla's reliance on a single model has put it at a disadvantage, as competitors are launching new hybrid models that address infrastructure limitations in Europe [4] Group 3: Competitive Landscape - Chinese automaker BYD's sales in Europe surged by 397% in May, surpassing Tesla's sales for the first time [7] - Chinese brands collectively saw an 85% increase in sales in Europe, with a market share rising from 2.9% to 5.9% year-over-year [7] - The shift towards hybrid models has allowed Chinese automakers to navigate EU tariffs on pure electric vehicles, as hybrids are not subject to the same tariffs [8] Group 4: Future Outlook - Tesla's introduction of the Robotaxi service is seen as a potential game-changer, but regulatory hurdles in Europe may delay its rollout [5] - Despite recent sales rebounds in some European countries, Tesla continues to face challenges in markets like France, Sweden, Denmark, and Italy, where sales have declined for six consecutive months [6] - The competitive landscape in Europe is becoming increasingly crowded, with both local and Chinese manufacturers ramping up their hybrid offerings [9]