汽车行业出口跟踪报告：5M25出口同比+8%，新能源占34%

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [3][68]. Core Insights - In the first five months of 2025, China's total vehicle exports reached 2.49 million units, representing a year-on-year increase of 8%. This growth rate has slowed compared to previous years, but the export volume's share of China's wholesale automotive market is projected to rise to 20% in 2024, an increase of 1 percentage point [1][3]. - The export of new energy vehicles (NEVs) accounted for 34% of total vehicle exports in the same period, significantly up from 22% in 2024. Excluding Tesla, NEV exports reached 760,000 units, marking a 13.3 percentage point increase from the previous year [1][3]. Summary by Sections 1. China's Vehicle Export Volume - The report details that in the first five months of 2025, China exported 2.49 million vehicles, with a year-on-year growth of 8% [1][3]. - Monthly exports peaked at over 550,000 units in May 2025, marking a historical high [1]. 2. Export Structure - In the first five months of 2025, commercial vehicles accounted for 41% of exports, while passenger vehicles made up 83% of the total [6]. - NEV exports reached 850,000 units, representing 34% of total exports, a significant increase from 22% in 2024 [6]. 3. Export by Brand - Chery led the exports with 440,000 units, holding an 18% market share, followed by BYD with 380,000 units (15% share), which is an increase from 7% in 2024 [6]. - In the NEV segment, BYD and Tesla exported 354,000 and 91,000 units, respectively, accounting for 50% and 13% of NEV exports [6]. 4. Market Share of Chinese Brands Overseas - The report indicates that the share of Chinese vehicles in overseas markets has increased from approximately 2% in 2020 to 10.3% in the first five months of 2025 [6][30]. - The top export markets for Chinese vehicles include Mexico (240,000 units), UAE (190,000 units), and Russia (153,000 units) [39]. 5. Export Value of Vehicles and Parts - In the first five months of 2025, the export value of complete vehicles was $48.89 billion, while auto parts exports reached $39.53 billion, accounting for 3.3% and 2.7% of China's total exports, respectively [6][58].