日系车企在华分化加剧，2025年仅丰田销量实现增涨

Core Insights - Toyota achieved a slight increase in annual sales, reaching 1.78 million units, making it the only brand among the Japanese three to return to positive growth in 2025 [2] - Nissan's sales in China fell to 653,000 units, a decline of 6.26% year-on-year, marking the seventh consecutive year of sales decline [2] - Honda's sales in China dropped to 645,300 units, down 24.28% year-on-year, continuing a five-year trend of declining sales [2] Group 1: Toyota's Performance - Toyota's growth is attributed to a combination of precise technological positioning and deep localization strategies, which align with its previously established technology platforms [3] - In 2025, Toyota's hybrid electric vehicle (HEV) sales reached 623,000 units, accounting for 35% of total sales, an increase of 5 percentage points from 2024 [3] - The introduction of the Arene platform in the 2026 RAV4 model enhances the Toyota Safety Sense (TSS) ADAS functionality, improving response speed and recognition accuracy [3] Group 2: Localization Strategy - Toyota's RCE (Regional Chief Engineer) system allows local teams in China to make decisions on model development, enabling rapid iteration from product definition to market response [4] - Collaborations with local companies like BYD and Huawei have strengthened Toyota's supply chain, with the GAC Toyota's Platinum 3X becoming the top-selling joint venture new energy vehicle in 2025 [4] - This dual approach of technological and supply chain localization provides Toyota with advantages in cost control and demand adaptation [4] Group 3: Challenges for Toyota - Despite positive growth, Toyota faces challenges with its electric vehicle (EV) sales, particularly with FAW Toyota's bZ series, which has seen poor sales performance [5] - The bZ3 and bZ5 models sold 22,600 and 12,600 units respectively in 2025, indicating a struggle in the EV segment [5] - Toyota's SUV lineup remains strong, with over 42 million global customers choosing Toyota SUVs, reflecting the brand's commitment to meeting diverse consumer needs [5] Group 4: Japanese Competitors' Struggles - Nissan's sales have been in decline since 2019, with a total of 653,000 units sold in 2025, down from 1.56 million in 2018 [6] - Honda has also faced significant declines, with a 30.9% drop in 2024 and a further 24.28% decline in 2025, indicating ongoing market pressure [6] - Both Nissan and Honda's struggles highlight the importance of adapting to market changes and the need for rapid localization in response to evolving consumer demands [7] Group 5: Industry Analysis - The differentiation in sales performance among the Japanese three is a result of varying transformation strategies and the depth of localization [7] - Toyota's approach of combining hybrid transition, local decision-making, and practical technology has set a benchmark for joint venture brands [7] - The ongoing electric transformation and competition from domestic brands necessitate a swift adaptation to local market conditions for Japanese automakers [7]