Core Viewpoint - BYD is expanding its shipping capacity to enhance its export capabilities and increase sales in overseas markets, which are expected to yield higher profit margins [1][2]. Group 1: Shipping Capacity Expansion - BYD has received its sixth transport ship, "Changsha," which can carry 9,200 vehicles, making it the largest in its fleet [1]. - The company also received another ship, "Xi'an," with the same capacity, which has already set sail for Europe [2]. - The total capacity of BYD's six roll-on/roll-off ships has reached 45,600 vehicles, with two additional ships expected to add 16,200 vehicles, bringing the total capacity to over 60,000 vehicles this year [2]. Group 2: Export Growth - From January to May this year, BYD exported a total of 374,200 vehicles, representing a year-on-year increase of 112% and accounting for 21.5% of its total deliveries [2]. - The export share has significantly increased from 10% in the same period last year, indicating a rapid growth in export speed [2]. - In April, BYD's electric vehicle sales in Europe surpassed those of Tesla for the first time, with sales reaching 13,000 units in May, contributing to an overall 85% year-on-year growth for Chinese automotive brands in Europe [3].

Core Viewpoint - BYD is challenging Toyota after surpassing Tesla in sales, with significant growth in both domestic and international markets [1] Group 1: Sales Milestones - BYD's Yuan family has achieved a global cumulative sales milestone of 1.5 million units, including the Yuan UP and Yuan PLUS models [2] - The Yuan PLUS model reached cumulative sales of 300,000 units in just 14 months and 1 million units in 39 months, becoming the third model to surpass one million sales after the Qin and Song families [2] - In the domestic market, the Yuan PLUS has consistently topped the A-class SUV segment, with May sales reaching 12,255 units, leading competitors by several thousand units [2] Group 2: Export Performance - From January to May, BYD exported 374,200 vehicles, marking a 112% year-on-year increase, with May exports hitting a record high of 89,000 units [3] - In May 2025, BYD's total sales in 16 European countries surpassed Tesla, with a total of 10,199 units sold, leading Tesla by 6,619 units in major markets like the UK, France, Germany, Italy, and Spain [3] - BYD became the best-selling car brand in Singapore for 2024 and maintained its position as the top-selling passenger car brand for five consecutive months [3] Group 3: Strategic Focus on International Markets - With the domestic new energy vehicle market nearing saturation, BYD is focusing on international expansion as a key driver for achieving its annual sales target of 5.5 million units [4][5] - The company is leveraging its "global cars" strategy to navigate the competitive domestic market and clear inventory through parallel exports [4] - Despite recent price cuts, the effectiveness of such promotions is limited, as the market has matured and consumer expectations have shifted towards more value-driven purchases [4]

Core Insights - The Chinese automotive industry is experiencing a significant shift in export dynamics, with notable increases in sales to Mexico and declines in sales to Russia [2][3] Export Performance - From January to April 2025, the top three destinations for Chinese passenger car exports were Mexico (147,800 units, +24.3%), UAE (130,600 units, +58.5%), and Russia (126,000 units, -46.8%) [2] - BYD contributed significantly to the increase in exports to Mexico, with an additional 36,000 units sold, primarily models like Seagull and Song PLUS DM-i [2] - In North America, BYD exported 49,300 units, marking a 260.5% increase [3] Market Challenges - The decline in exports to Russia is attributed to increased car loan rates and import taxes, raising consumer costs and leading to lower sales [3][4] - Russian policies have resulted in a significant increase in import taxes, with rates rising by 70%-85% and further increases planned annually until 2030 [4] Regional Performance - In Europe, BYD and Chery saw substantial growth, selling 75,000 and 40,600 units respectively, due to strategic adjustments in product offerings [5] - Southeast Asia has emerged as a new growth engine for Chinese automotive exports, with BYD, Geely, and Chery showing significant sales increases [5][6] - In the Middle East, BYD and Yueda Kia also reported strong sales growth, with increases of 277.0% and 61.3% respectively [6] Overall Export Trends - Overall, Chinese automotive exports reached 2.158 million units from January to April 2025, reflecting a 15% year-on-year increase [7] - The growth rate of Chinese automotive exports is expected to slow down, with projections indicating a decline to 5.8% in 2025 [7]

Core Insights - The automotive industry in China is experiencing a significant increase in exports, leading to a "buying ships" movement among major domestic brands to secure transportation capacity and reduce costs [1][3][5] - Major companies like SAIC Group and BYD are investing in building their own fleets of car transport ships to ensure supply chain stability and efficiency [2][4][5] - The global automotive transport ship market is dominated by Japanese, Norwegian, and South Korean companies, but Chinese companies are gradually increasing their market share [6][7] Group 1: Export Growth and Shipbuilding - China's automotive exports surged from 1 million units in 2020 to over 5 million units in 2023, marking a nearly fivefold increase in four years [3] - The rental price for car transport ships has skyrocketed from $10,000 per day in mid-2020 to $115,000 per day by the end of 2023, reflecting the high demand for shipping capacity [3] - SAIC Logistics has ordered 12 new ships with capacities ranging from 7,600 to 9,500 car spaces, expected to be delivered by 2026, providing an annual capacity of over 600,000 vehicles [4] Group 2: Strategic Moves by Companies - BYD has confirmed the construction of eight car transport ships with a total cost of nearly 5 billion yuan, with four already in operation [4] - Chery Group, the top exporter in 2022 with over 1.14 million units, and SAIC Group, with nearly 1.04 million units exported, are also expanding their shipping capabilities [5] - The trend of building and owning transport ships is not unique to China, as Japanese automakers have historically invested in their shipping fleets to support global distribution [6][7] Group 3: Market Dynamics and Future Outlook - As of April 2025, Chinese shipowners hold a 7.6% share of the global automotive transport ship market, with SAIC Group ranking 15th globally [7] - Concerns are rising about potential oversupply in the automotive transport ship market due to the rapid increase in fleet size compared to the slowing growth of automotive exports [7][8] - Experts suggest that collaboration among different automotive brands could mitigate risks associated with potential oversupply in the shipping market [8]

每经记者｜李星 每经实习编辑｜余婷婷 6月11日，中国汽车工业协会（以下简称中汽协）发布的最新数据显示，5月，我国汽车产销分别完成 264.9万辆和268.6万辆，环比分别增长1.1%和3.7%，同比分别增长11.6%和11.2%。 1月至5月，我国汽车产销分别完成1282.6万辆和1274.8万辆，同比分别增长12.7%和10.9%；产量增速较 1月至4月收窄0.2个百分点，销量增速扩大0.1个百分点。 中国汽车工业协会副秘书长陈士华表示，虽然当前我国汽车行业整体运行呈现稳中向好态势，市场活力 不断释放，但行业盈利水平持续下滑，"增量不增利"的局面未有改善。"以无序'价格战'为主要表现形式 的'内卷式'竞争，是行业效益下降的重要因素。"陈士华指出。 前5个月中国品牌乘用车市占率达68.8% 5月，我国乘用车市场表现活跃，产销分别完成231.3万辆和235.2万辆，环比分别增长2.5%和5.8%，同 比分别增长12.8%和13.3%。"汽车'以旧换新'政策持续显效，内需消费活力加快释放，叠加企业新品密 集上市、多地车展促销活动火热开展等因素，乘用车市场延续良好态势。"陈士华解释称。 1月至5月，我国乘用车产销 ...

Group 1: Market Overview - In the first five months of the year, the retail sales of passenger cars in China reached 8.811 million units, a year-on-year increase of 9.1% [1] - In May, the retail sales of passenger cars were 1.932 million units, showing a year-on-year growth of 13.3% and a month-on-month increase of 10.1% [1] - The retail sales in May exceeded the highest level of 1.81 million units in May 2018, indicating a strong growth trend [1] Group 2: Brand Performance - Domestic brands achieved a retail sales volume of 1.26 million units in May, a year-on-year increase of 29% and a market share of 65.2%, up 8 percentage points year-on-year [2] - Traditional luxury brands faced a decline in sales, with luxury car retail sales in May dropping by 18% year-on-year, while the market share decreased by 3.9 percentage points [2][3] - The market share of mainstream joint venture brands was 15.3% for German brands, 12.6% for Japanese brands, and 5.2% for American brands, all showing year-on-year declines [2] Group 3: Export and New Energy Vehicles - In May, China's passenger car exports reached 448,000 units, a year-on-year increase of 13.5% [3] - The export volume of new energy vehicles accounted for 44.5% of total exports, an increase of 16.6 percentage points compared to the same period last year [3] - The retail sales of new energy passenger vehicles in May reached 1.021 million units, a year-on-year increase of 28.2%, with a penetration rate of 52.9% [6] Group 4: Market Dynamics and Policies - The automotive industry revenue for January to April was 3.25 trillion yuan, a year-on-year increase of 7%, but the profit margin was 4.1%, down 5.1% year-on-year [3] - The industry is experiencing a shift towards more stable development, with a focus on avoiding "involutionary" price wars to maintain fair competition [4][5] - The current inventory level in the automotive industry is at 3.5 million units, indicating a high level of stock and a phase of destocking [8] Group 5: Future Outlook - The market is expected to continue its growth trend in June, although the growth rate may slow down due to high base effects from the previous year [8] - The penetration rate of new energy vehicles among domestic brands is significantly higher at 74.6%, compared to 25.0% for luxury brands and only 6.4% for mainstream joint venture brands [6][7]

来源： 中汽协会行业信息部 2025 年 1- 4 月， 汽车整车出口 215.8 万辆，同比增长 15% ；出口金额达 369 亿美元，同比增 长 2.8% 。 据中国汽车工业协会整理的海关总署数据显示 ， 202 5 年 4 月 , 汽车整车出口 62 万辆，环比增 长 3.9% ，同比增长 11.6% ，出口金额达 111.6 亿美元，环比增长 16.1% ，同比增长 4.4% 。 ...

日本经济再生大臣赤泽亮正：日本通过汽车出口为美国贸易做出贡献。 ...

针对大型滚装运输船日益增多的情况，洋山海事局提前介入协助码头优化泊位资源配置和作业流程，最 大限度压缩船舶在港非生产性停泊时间和恶劣气象管控窗口，提升码头接纳能力和作业效率。 目前，临港新片区已形成"研发-制造-物流"全链条生态。园区内特斯拉上海超级工厂、上汽智己等龙头 企业集聚，13条国际滚装航线辐射全球六大洲、72个国家和地区。上海南港码头作为重要的汽车出口枢 纽，在南港二期工程竣工投用后，营运效率也将跃上新台阶。 （文章来源：中国新闻网） 中新网上海5月31日电 31日，大型国际航行滚装船"诺西海洋"号满载4271辆汽车在上海南港码头解缆， 驶往波斯湾航线。这也是本月自上海南港出发的第74艘滚装运输船，标志着该码头5月份商品车装卸量 突破12万辆，创下单月历史新高。 据统计，上海南港码头5月份商品车进出口业务迎来爆发式增长。本月靠离南港码头的滚装运输船150艘 次，同比增长8.7%；装卸的各类汽车总量一举突破12万辆大关，同比增长101.3%，其中外贸出口超7.1 万辆，同比增长204.4%。靠离滚装运输船总量和装卸汽车总量双双创下南港码头单月历史纪录，彰显 上海南港作为中国汽车出海重要枢纽的强劲活力。 ...

2025年5月31日，在洋山港海事局现场+远程电子护航安全保障下，大型国际航行滚装船"诺西海洋"号满 载4271辆汽车在上海南港码头解缆，缓缓驶离码头，由临港新片区驶往波斯湾航线。该轮是本月南港出 发的第74艘滚装运输船，标志着该码头5月份商品车装卸量突破12万辆，创下单月历史新高。据统计， 上海南港码头5月份商品车进出口业务迎来爆发式增长，本月靠离南港码头的滚装运输船150艘次，同比 增长8.7%，装卸的各类汽车总量一举突破12万辆大关，超12.1万辆，同比增长101.3%，其中外贸出口超 7.1万辆，同比增长204.4%，双双创下南港码头单月历史纪录，彰显上海南港港作为中国汽车"出海"重 要枢纽的强劲活力。(智通财经) ...