为满足中欧班列跨境联运汽车的需求，中国铁物计划推出40英尺特殊汽车集装箱 在当前的全球汽车市场中，中国汽车出口量，特别是电动汽车的出口数据已然成为各方关注的重点。据 中国汽车工业协会发布的最新数据显示，2023年1月份至10月份，我国新能源汽车出口高达99.5万辆， 同比增长99.1%。 在中国贸促会汽车行业委员会会长王侠看来，当前，在愈发复杂严峻的国际环境下，中国汽车在国际化 方面依然走出了坚实的步伐。尽管受到国际市场通胀和经济衰退等因素影响，但今年我国汽车出口量依 旧成绩斐然。 数据显示，自2021年我国汽车出口量首次突破200万辆后，2022年达到311.1万辆。而今年以来汽车出口 量已突破400万辆。据海关总署发布的数据显示，2023年1月份至10月份累计出口汽车424万辆，同比增 长62.4%。其中，10月份中国出口汽车53万辆，同比增长49.8%。 中汽协副总工程师许海东表示，预计今年全年我国汽车出口量有望在460万辆至470万辆。 我国汽车出口激增的背后，新能源汽车成为重要力量，特别是以比亚迪、吉利、长安汽车为代表的自主 品牌强势崛起，通过混动与纯电路线并行，销量领先全球新能源车。 乘联会秘书长 ...

Core Viewpoint - The Chinese automotive market shows a clear recovery trend, with significant year-on-year growth in production and sales, particularly in the new energy vehicle (NEV) segment, driven by favorable policies and new model launches [1][2][4]. Production and Sales Data - In the first seven months of the year, China's automotive production reached 18.235 million units, and sales totaled 18.269 million units, marking year-on-year increases of 12.7% and 12%, respectively [1]. - In July, production and sales were 2.591 million and 2.593 million units, reflecting year-on-year growth of 13.3% and 14.7%, but a month-on-month decline of 7.3% and 10.7% [1][2]. Passenger Vehicle Market - The passenger vehicle segment saw production and sales of 2.293 million and 2.287 million units in July, with year-on-year increases of 13% and 14.7% [2]. - Chinese brands led the market with July sales of 1.604 million units, a year-on-year increase of 21.3%, raising their market share to 70.1% [2]. Commercial Vehicle Market - The commercial vehicle sector also demonstrated resilience, with July production and sales of 298,000 and 306,000 units, showing year-on-year growth of 16.3% and 14.1% [3]. - Heavy-duty trucks were the main growth driver, with July sales reaching 85,000 units, a year-on-year increase of 45.6% [3]. Export Performance - Automotive exports continued to show positive trends, with July exports reaching 575,000 units, a year-on-year increase of 22.6% [4]. - NEVs significantly contributed to export growth, with July exports of 225,000 units, a year-on-year surge of 120% [4]. Key Enterprises and Market Dynamics - Among the top ten exporting companies, seven reported positive growth in July, with Chery leading at 119,000 units exported, a year-on-year increase of 31.9% [5]. - BYD's exports grew impressively, reaching 81,000 units in July, a year-on-year increase of 160% [5]. Future Outlook - The automotive market is expected to maintain steady growth, supported by government policies and enhanced competitiveness of NEVs, which will play a crucial role in both domestic consumption upgrades and global export expansion [6].

Core Insights - In July, sales of Chinese brand passenger cars reached 1.604 million units, a year-on-year increase of 21.3%, accounting for 70.1% of total passenger car sales, up 3.8 percentage points from the same period last year [1][3] - From January to July, sales of Chinese brand passenger cars totaled 10.873 million units, a year-on-year increase of 24.4%, with a market share of 68.6%, up 6.1 percentage points year-on-year [3][5] - In July, new energy vehicles (NEVs) continued to grow rapidly, with production and sales reaching 1.243 million and 1.262 million units, respectively, representing year-on-year growth of 26.3% and 27.4% [3][5] Sales Performance - In July, NEVs accounted for 48.7% of total new car sales, with domestic sales of NEVs surpassing 50% for the first time since December last year [3][5] - From January to July, NEV production and sales reached 8.232 million and 8.22 million units, respectively, with year-on-year growth of 39.2% and 38.5% [5][7] - The top five NEV manufacturers, including BYD and Geely, held a market share of 64%, while the top fifteen accounted for 95.1% of total NEV sales, an increase of 1.8 percentage points year-on-year [5][7] Export Trends - From January to July, China's automobile exports reached 3.68 million units, a year-on-year increase of 12.8%, with traditional fuel vehicle exports declining by 7% to 2.373 million units, while NEV exports surged by 84.6% to 1.308 million units [7][9] - Chery and BYD were among the top exporters, with Chery exporting 667,000 units (up 7.3%) and BYD achieving a remarkable growth rate of 130% with 553,000 units exported [9] Market Dynamics - In July, total automobile production and sales were 2.591 million and 2.593 million units, respectively, showing a month-on-month decline of 7.3% and 10.7%, but year-on-year growth of 13.3% and 14.7% [9][11] - The decline in July's production and sales was attributed to seasonal factors such as high temperatures and equipment maintenance, despite traditional fuel vehicles showing positive growth for two consecutive months [11][13] - The clarity of national policies is expected to stabilize consumer confidence and boost automotive consumption, ensuring stable industry performance in the second half of the year [13]

Core Insights - China's automotive exports are entering a new era, with Mexico, UAE, and Russia being the top three destinations for exports in the first half of 2025 [2][3] Export Market Overview - In the first half of 2025, Mexico emerged as the largest overseas market for Chinese cars, with a year-on-year growth of 30.7%, driven by brands like MG, Chery, and Xpeng that cater to local demands [3] - The UAE market saw a remarkable year-on-year growth of 58.5%, attributed to customized models that meet local preferences for spacious and luxurious vehicles [3] - Despite a decline in sales, Russia remains a key market, facing challenges such as increased import taxes and rising loan rates, which have slowed consumer purchasing [4] Performance in Other Markets - Brazil's automotive market showed stable growth, with Chery's local production leading to a 12% increase in exports [5] - Belgium, as a logistics hub, facilitated a 22% increase in exports, reaching 152,000 units, particularly for electric vehicles [5] - In Saudi Arabia, exports reached 119,500 units, growing by 24.9%, driven by the country's automotive consumption upgrade and collaboration with the government [5] Growth Drivers - In the first half of 2025, China's total automotive exports reached 3.083 million units, a 10.4% increase, with export value at $59.67 billion, up 8.2% [6] - Over 30% of exports were electric vehicles, with over 50% in markets like Mexico and Belgium, reflecting advancements in technology and product offerings [6][8] - Localization strategies have been crucial, with adaptations made to meet specific market needs, such as enhancing off-road capabilities for Mexican consumers [6][7] Industry Transformation - The average export price of Chinese cars approached $18,000, a 45% increase since 2020, indicating a shift from low-cost competition to a focus on technological premium [8] - Brand recognition is improving, with Chinese brands gaining acceptance in international markets, transforming the perception of Chinese vehicles from low-end to high-quality [8][9] - The global automotive industry is undergoing a transformation, with Chinese automotive companies leveraging export opportunities to build core advantages and reshape the competitive landscape [9]

Overall Automotive Production and Sales - In July, automotive production and sales reached 2.591 million and 2.593 million units, respectively, with month-on-month declines of 7.3% and 10.7%, but year-on-year increases of 13.3% and 14.7% [7] - From January to July, automotive production and sales totaled 18.235 million and 18.269 million units, showing year-on-year growth of 12.7% and 12% [7] Domestic Sales Performance - In July, domestic automotive sales were 2.018 million units, down 12.7% month-on-month but up 12.6% year-on-year [14] - For the first seven months, domestic automotive sales reached 14.588 million units, reflecting a year-on-year increase of 11.8% [14] Export Performance - In July, automotive exports were 575,000 units, a month-on-month decrease of 2.8% but a year-on-year increase of 22.6% [15] - From January to July, automotive exports totaled 3.68 million units, marking a year-on-year growth of 12.8% [15] Passenger Vehicle Market - In July, passenger vehicle production and sales were 2.293 million and 2.287 million units, respectively, with month-on-month declines of 6% and 9.8%, but year-on-year increases of 13.3% and 14.7% [30] - From January to July, passenger vehicle production and sales reached 15.838 million and 15.841 million units, with year-on-year growth of 13.8% and 13.4% [30] New Energy Vehicle (NEV) Market - In July, NEV production and sales were 1.243 million and 1.262 million units, respectively, with year-on-year growth of 26.3% and 27.4% [70] - From January to July, NEV production and sales totaled 8.232 million and 8.22 million units, reflecting year-on-year increases of 39.2% and 38.5% [70] Key Enterprises Performance - In the first seven months, the top fifteen automotive groups sold a total of 16.852 million units, a year-on-year increase of 10.5%, accounting for 92.2% of total automotive sales [92] - The top fifteen NEV groups sold 7.82 million units, a year-on-year increase of 41.1%, representing 95.1% of total NEV sales [93]

Group 1 - The core viewpoint is that new energy vehicles are the main driving force behind the growth of automobile exports in China [1] Group 2 - In July, traditional fuel vehicle exports reached 350,000 units, showing a month-on-month decline of 9.6% and a year-on-year decline of 4.3% [1] - In contrast, new energy vehicle exports totaled 225,000 units in July, reflecting a month-on-month increase of 10% and a year-on-year growth of 120% [1]

Core Insights - In the first half of 2025, China's automobile exports to Iraq increased by 71.4%, reaching 18,000 units compared to 10,500 units in the same period of 2024 [1] Summary by Category Export Performance - China's automobile exports to Iraq amounted to $244 million, with an average price of $13,300 per vehicle [1] - Japan exported approximately 12,000 vehicles worth $400 million, with an average price of $34,500 [1] - South Korea's exports totaled 9,500 vehicles valued at $252 million, with an average price of $26,500 [1] Market Share and Composition - The share of vehicles exported by the three countries with engine displacement between 1500-3000CC accounted for 34% of total exports, while those above 3000CC represented 30%, and below 1500CC accounted for 20% [1] - Hybrid vehicles have seen growth, making up 10% of Iraq's total automobile imports [1]

Core Insights - The passenger car market in July 2025 saw record highs in retail, exports, wholesale, and production, with new energy vehicle (NEV) exports reaching an all-time monthly high [1] - Domestic retail of passenger cars from January to July 2025 achieved a cumulative growth of 10.1%, with July's retail growth at 6.3%, indicating a "low-high-flat" trend for the year [1][2] - The price war in the market has moderated, with various hidden incentives emerging, while NEV promotions remained stable at 10.2% in July [1][4] Retail Performance - In July, the national retail of passenger cars reached 1.826 million units, a year-on-year increase of 6.3% but a month-on-month decrease of 12.4% [2][9] - Cumulative retail from January to July 2025 was 12.728 million units, reflecting a 10.1% year-on-year growth [2][9] - The retail penetration rate of NEVs in July rose to 54.0%, supported by policies like tax exemptions for NEVs [2][15] Production and Wholesale - In July, the production of passenger cars was 2.229 million units, a year-on-year increase of 12.1% [7][9] - The wholesale of passenger cars reached 2.221 million units in July, marking a historical high for the month, with a year-on-year growth of 13.0% [9] - NEV production in July was 1.147 million units, up 22.3% year-on-year, while NEV wholesale reached 1.181 million units, a 24.4% increase [10][12] Export Trends - In July, total automobile exports reached 694,000 units, with an export value of $11.837 billion [7] - NEV exports accounted for 44.7% of total exports, with a year-on-year increase of 19 percentage points [7][16] - The export of NEVs in July was 213,000 units, a significant year-on-year growth of 120.4% [16] Market Dynamics - The overall inventory of passenger cars decreased by 90,000 units in July, indicating a proactive inventory reduction by manufacturers [10] - The market for traditional fuel vehicles saw a decline in exports, while NEV exports grew significantly, highlighting a shift in market dynamics [2][7] - The competitive landscape is evolving, with traditional automakers like Geely, Chery, and Great Wall Motors showing improved market shares in the NEV segment [5][18] Brand Performance - In July, domestic brands sold 1.21 million units, achieving a market share of 65.9%, a year-on-year increase of 4 percentage points [5] - The retail share of luxury vehicles decreased to 9.3%, with a year-on-year decline of 3 percentage points [5] - New energy vehicle sales from new entrants accounted for 21.4% of the market, reflecting a growing presence of new players [20]

Core Viewpoint - The Chinese automotive market is expected to recover significantly by 2025, driven by favorable policies and improved market order, with passenger car retail growth projected at 6%, exports at 14%, and new energy vehicle wholesale growth at 27% [1][2]. Market Recovery and Growth - The China Automobile Dealers Association (CADA) has raised its 2025 automotive industry forecast due to positive trends in the first half of the year, including a 10.8% increase in total passenger car retail and a 33.3% increase in new energy vehicle retail from January to June [2][4]. - The forecast for 2025 includes a retail volume of 24.35 million passenger cars, an increase of 300,000 units from previous estimates, and a wholesale volume of 34.04 million units, reflecting an 8% year-on-year growth [1][2]. Market Order Improvement - The phenomenon of "involution" and irrational price competition has significantly decreased, with the number of discounted models rising from 50 in 2020-2022 to 147 in 2024, but only 106 in the first half of 2025, indicating a return to rational pricing [2][4]. - The automotive industry's profit margin reached 6.9% in June, a notable increase from 3.8% in June of the previous year, reflecting improved market conditions [4]. Sales Performance - In July, all nine traditional car manufacturers reported year-on-year sales growth, with BYD and SAIC Motor leading with monthly sales around 340,000 units [4][5]. - Geely Auto showed the fastest growth rate in July, with sales exceeding 237,000 units, marking a 58% increase year-on-year [5][6]. New Energy Vehicle Outlook - The forecast for new energy vehicle wholesale in 2025 is set at 15.48 million units, with a penetration rate of 56%, despite a slight decrease from previous estimates [6][8]. - In July, the wholesale volume of new energy vehicles reached 1.18 million units, a 25% increase year-on-year, with significant contributions from brands like Leap Motor and Xpeng Motors [7][8]. Export Growth - The forecast for passenger car exports in 2025 is 5.46 million units, reflecting a 14% increase, with a total increase of 160,000 units from earlier predictions [9]. - In the first half of 2025, China's automotive exports reached 3.083 million units, a 10.4% increase year-on-year, with passenger cars accounting for 84% of total automotive exports [9].

Core Viewpoint - Nissan China and Dongfeng Motor Group are establishing a joint venture in Guangzhou to focus on the export of complete vehicles and auto parts, aiming to leverage existing production capacity and supply chains for overseas markets [2][4]. Group 1: Joint Venture Details - The registered capital of the joint venture is set at RMB 1 billion, with Nissan China contributing RMB 600 million (60% stake) and Dongfeng contributing RMB 400 million (40% stake) [2]. - The joint venture will have a 28-year operational period, with Nissan maintaining control over export vehicle selection and overseas channels, while Dongfeng retains influence over manufacturing and logistics [3][4]. Group 2: Market Context and Performance - Dongfeng Nissan's sales have been declining, with cumulative sales from 2021 to 2024 showing a downward trend: 1.0671 million, 917,300, 723,100, and 631,200 units, representing year-on-year declines of 11.04%, 14.04%, 21.53%, and 12.7% respectively [4]. - The company has an annual production capacity of over 1 million vehicles, but current utilization is only about 43%, leading to excess capacity issues [4]. Group 3: Strategic Implications - The joint venture is seen as a tactical move to convert surplus domestic production into export opportunities, with the first model being a recently launched electric sedan [5][6]. - Analysts suggest that the success of this strategy will depend on the ability to quickly adapt and profit from existing production capabilities while avoiding merely transferring inventory without product upgrades [6].