新能源车均价创6年新低，价格战「寒气」侵蚀供应链

Core Insights - The Chinese automotive industry is experiencing an intensified price war, leading to significant challenges for various companies in the sector [1]. Industry Overview - In September 2025, the average sales price of new energy vehicles dropped to 158,000 yuan, marking the first time it fell below the 160,000 yuan threshold since 2019. This price decline is attributed to fierce competition, resulting in increased sales for brands like Li Auto and Xpeng, but with stagnant profit growth [3]. - Major automakers such as BYD, Toyota, and Volkswagen are caught in a cycle where revenue increases do not translate into profit growth, indicating a long-term adverse effect of continuous price reductions [3]. Supply Chain Dynamics - To manage costs, automakers are pressuring suppliers to lower prices and are extending payment cycles significantly. This price war is affecting the entire automotive supply chain, with varying impacts across different players [7]. - Raw material manufacturers like Baosteel and Chalco are experiencing steady growth and have ample funds, while core battery manufacturers like CATL show significant growth. However, manufacturers of key materials such as cathodes and separators are still facing losses [9]. Strategic Shifts - As the price war evolves from a short-term strategy to a norm, the survival of automakers and their supply chains hinges on technological-driven cost optimization rather than mere price cuts. There is a need to shift from a focus on "price competition" to "value competition" [12].