中国基金报·2026-01-02 00:58Core Viewpoint - Multiple car manufacturers have exceeded their annual targets, leading to a competitive atmosphere in the automotive market, particularly in the electric vehicle sector [2][4]. Group 1: Monthly Competition and Performance - The monthly competition among car manufacturers remains intense, with companies like NIO and Xiaomi achieving record delivery volumes in December 2025, while others like Leap Motor had previously led [4]. - The demand for sales at the end of the year, along with policy changes such as a 50% reduction in the new energy vehicle purchase tax in 2026, has contributed to high sales figures in December 2025 [4]. Group 2: Annual Delivery Data - BYD achieved a total delivery volume of 4.6024 million vehicles in 2025, a year-on-year increase of 7.73% compared to 4.2721 million in 2024 [6]. - Geely Auto emerged as a significant winner with a total of 3.0246 million vehicles sold in 2025, marking a 38.96% increase from 2.1766 million in 2024 [6]. - Leap Motor saw a remarkable growth of 103.13%, delivering 596,600 vehicles in 2025 compared to 293,700 in 2024 [6]. - Xiaomi's delivery volume exceeded 410,000 vehicles in 2025, achieving a growth rate of over 203% compared to 135,000 in 2024 [6]. Group 3: Notable Performers - NIO's December 2025 delivery reached 48,100 vehicles, a 54.60% year-on-year increase, while its total for Q4 2025 was 124,800 vehicles, up 71.70% [8][12]. - Xiaomi's monthly delivery surpassed 50,000 vehicles for the first time in December 2025, contributing to its total annual delivery exceeding 410,000 vehicles [12]. - Geely's new energy vehicle sales reached 1.6878 million in 2025, a 90% increase, with the Geely Galaxy model alone selling 1.24 million units [13]. Group 4: Challenges and Market Dynamics - BYD faced a decline in domestic sales, with December 2025 sales dropping 18.34% year-on-year to 420,400 vehicles, marking a significant decrease in its domestic market performance [16][21]. - Li Auto's December 2025 delivery was 44,200 vehicles, down 24.38% year-on-year, and its total for 2025 was 406,300 vehicles, a decrease of 18.82% compared to 2024 [23]. - The automotive industry is likened to a marathon, where maintaining a competitive edge is challenging, and companies must adapt to market changes [5]. Group 5: Future Outlook and Strategies - Geely has set a sales target of 3.45 million vehicles for 2026, aiming for a 14% year-on-year increase, with a focus on launching around 10 new models [25][26]. - The reduction of the new energy vehicle purchase tax starting January 1, 2026, is expected to impact market dynamics, with concerns about competition from traditional fuel vehicles [27]. - Companies are exploring international markets for growth, with BYD, Chery, and Geely reporting record overseas sales in December 2025 [28].