“比较冷”！比亚迪，跌了

Core Insights - The automotive industry in China is experiencing a mixed performance in November, with some leading companies showing a slowdown in sales growth or declines, while others achieve record sales [2][4][20] - BYD's November sales reached 480,186 units, a year-on-year decrease of 5.25%, and domestic sales fell by 26.81% [5][8] - New energy vehicle companies like Leap Motor and others have successfully met their annual delivery targets ahead of schedule [14][15] Sales Performance - BYD's November sales were 480,186 units, failing to surpass the 500,000 mark [5][6] - In contrast, SAIC and Geely saw significant year-on-year growth in their new energy vehicle sales, with increases of 19.75% and 53.36%, respectively [8][9] - Leap Motor's November deliveries reached 70,327 units, contributing to a total of 536,100 units delivered in the first eleven months of 2025, exceeding their annual target [14][15] Market Trends - The anticipated year-end sales surge, known as the "tailwind" effect, appears to be cooling off, with many companies reporting lower growth rates compared to the previous year [20] - The suspension of vehicle trade-in subsidies in several regions has impacted the market, leading to a decline in new orders [20][21] - NIO maintains its fourth-quarter delivery guidance, expecting to deliver between 120,000 and 125,000 units, despite market challenges [21] Competitive Landscape - Geely's new energy vehicle penetration rate reached a record high of 60.50% in November, driven by strong sales from its Galaxy brand [9][11] - Leap Motor and Xiaomi are also on track to exceed their revised annual delivery targets, indicating a competitive shift in the market [14][16] - The performance of state-owned enterprises like Lantu and Avita has also improved, with significant year-on-year sales growth [17][18]