New Car Launches - Aion UT Super launched at a price of 89,900 yuan, featuring a 100kW motor and a 54.04kWh lithium iron phosphate battery with a CLTC range of 500km [1][3][9] - Changan Qiyuan A06 launched with prices ranging from 109,900 to 149,900 yuan, offering both pure electric and range-extended versions [1][17] - Wuling Hongguang family launched with prices between 54,800 and 77,800 yuan, available in fuel, pure electric, and range-extended versions [1][19] - Zhiji LS9 launched with a price range of 322,800 to 352,800 yuan, featuring advanced interior and exterior designs [1][26][31] - Wuling Xingguang 730 launched with prices from 73,000 to 109,800 yuan, available in fuel, plug-in hybrid, and pure electric versions [1][34] - Aion i60 launched at a price range of 109,800 to 135,800 yuan, offering both pure electric and range-extended versions [1][6] - Ora 5 opened for pre-sale with a price range of 109,800 to 142,800 yuan, targeting the young market with its design [1][52] - Nissan N6 opened for pre-sale with a price range of 109,900 to 121,900 yuan, featuring a hybrid powertrain [1][58] - Xingtou ET5 opened for pre-sale with a price range of 159,900 to 174,900 yuan, equipped with advanced driving assistance systems [1][66] - Hongqi HS6 PHEV opened for pre-sale with a price range of 178,800 to 228,800 yuan, featuring a luxurious design and advanced technology [1][72] Company Dynamics - FAW-Volkswagen has produced its 30 millionth vehicle, becoming the first passenger car company in China to reach this milestone [1][79] - Faraday Future reported a third-quarter loss of $206.8 million, with ongoing financial challenges despite receiving over 11,000 paid orders for its new FX Super One model [1][84][87] - Dongfeng Motor plans to mass-produce solid-state batteries next year, with a projected energy density of 350Wh/kg [1][88][91] - Leap Motor announced it has surpassed 500,000 cumulative sales this year, achieving its 2025 sales target ahead of schedule [1][92][94] Industry News - In October, the retail penetration rate of new energy vehicles reached 57%, with 1.282 million new energy vehicles sold out of a total of 2.242 million vehicles [1][112][113]

Core Insights - In October 2025, 20 major A and H-share listed automotive manufacturers reported a total vehicle sales of 2.3166 million units, representing a year-on-year increase of 8.82% and a month-on-month increase of 5.97% [1][2] - The total sales of new energy vehicles (NEVs) reached approximately 1.3078 million units, marking a year-on-year increase of 15.63% and a month-on-month increase of 9.68%, with a penetration rate of about 57.48% [1][3] Group 1: Overall Vehicle Sales - The top-selling company in October 2025 was SAIC Motor, with sales of 454,000 units, reflecting a year-on-year growth of 12.96% [2] - Other notable manufacturers included BYD, Geely, and Changan, which followed closely in sales figures [2] - Companies like Beiqi Blue Valley and Qianli Technology saw their sales growth exceed 100% year-on-year, while NIO and XPeng also experienced significant growth [2] Group 2: New Energy Vehicle Sales - The leading companies in NEV sales for October 2025 were BYD, SAIC Motor, and Geely, with sales of 441,700 units, 206,700 units, and 177,900 units respectively [3] - Beiqi Blue Valley's NEV sales growth exceeded 100% year-on-year, while NIO and XPeng also saw substantial increases in their sales growth rates compared to September [3] - BYD's total sales for the year up to October reached 3.7019 million units, showing a year-on-year increase of 13.88% [3]

Core Insights - In October 2025, 20 A and H-share listed automotive manufacturers collectively sold 2.3166 million vehicles, representing a year-on-year increase of 8.82% and a month-on-month increase of 5.97% [2][12]. Group 1: Overall Vehicle Sales - The top-selling company in October was SAIC Motor, with sales of 454,000 vehicles, showing a year-on-year growth of 12.96% [11][19]. - BYD followed closely with sales of 441,706 vehicles, but experienced a decline of 12.13% year-on-year [19]. - Other notable performers included Geely Automobile with 307,133 vehicles sold (up 35.49%) and Changan Automobile with 278,436 vehicles (up 11.00%) [8][19]. - Companies like BAIC Blue Valley and Qianli Technology saw significant growth, with year-on-year increases exceeding 100% [7][11]. Group 2: New Energy Vehicle Sales - A total of 16 companies reported new energy vehicle sales, with approximately 1.3078 million units sold in October, marking a year-on-year increase of 15.63% and a penetration rate of 57.48% [12][15]. - Leading new energy vehicle manufacturers included BYD, SAIC Motor, and Geely, with sales of 441,706, 206,692, and 177,882 units respectively [15][19]. - BAIC Blue Valley and NIO reported growth rates exceeding 100%, while Li Auto and BYD experienced declines in year-on-year sales [15][19].

Core Points - The article highlights the launch of several new electric vehicles, including the Zhiji LS9, Wuling Xingguang 730, and Ora 5, along with their pricing and specifications [1][2][20]. Group 1: Zhiji LS9 - The Zhiji LS9 was launched on November 12, with a price range of 322,800 to 352,800 yuan [1][2]. - The vehicle features a stylish design with dimensions of 5279mm in length, 2000mm in width, and 1806mm in height, positioning it as a large SUV [4]. - Interior highlights include a 27.1-inch dual-screen setup, advanced seating options, and a range of high-tech features such as a 520-line laser radar and Nvidia Thor driving assistance chip [6][8]. - The powertrain includes a "Hengxing" super range extension system with a 114kW 1.5T range extender and a maximum power output of 390kW, achieving 0-100 km/h in 4.9 seconds [8]. Group 2: Wuling Xingguang 730 - The Wuling Xingguang 730 was also launched on November 12, with a price range of 73,000 to 109,800 yuan, offering fuel, hybrid, and electric versions [11][19]. - The vehicle is designed as a compact MPV with dimensions of 4910mm in length, 1850mm in width, and 1770mm in height [13]. - It features a 2+2+3 seating layout and includes modern amenities such as a floating central control screen and electric sliding doors [15][17]. Group 3: Ora 5 - The Ora 5 has begun pre-sales on November 12, with a price range of 109,800 to 142,800 yuan [20]. - The vehicle maintains a retro design style with dimensions of 4471mm in length, 1833mm in width, and 1641mm in height, classifying it as a compact SUV [22]. - Interior features include a 15.6-inch central control screen and advanced driver assistance systems, targeting a younger demographic [24][27]. Group 4: Market Insights - In October, the penetration rate of new energy vehicles reached 57%, with 1.282 million new energy vehicles sold out of 2.242 million total retail passenger vehicles [28]. - The retail sales of fuel vehicles decreased by 10% year-on-year, while pure electric vehicle sales grew by 20% [28].

数据显示，今年10月，新能源汽车国内销量145.9万辆，环比增长5.6%，同比增长12.1%。其中，新能源 乘用车国内销量137.7万辆，同比增长10.3%；新能源商用车国内销量8.2万辆，同比增长52.4%；新能源 汽车出口25.6万辆，环比增长15.4%，同比增长99.9%。其中，新能源乘用车出口25万辆，环比增长 15.3%，同比增长1倍；新能源商用车出口6000辆，环比增长20.6%，同比增长26.7%。 新能源汽车市场狂奔下，中国车企更是实现"弯道超车"。中汽协发布的数据显示，今年10月中国品牌乘 用车销量达214.8万辆，同比增长11.2%，销量占有率达72.5%，同比上升2.4个百分点。而据乘联分会发 布的数据，今年10月，自主品牌国内零售的新能源车渗透率为77.9%；从月度新能源车国内零售份额 看，10月自主品牌新能源车零售份额70.8%。此外，今年前10个月，新能源汽车销量排名前五的集团分 别为比亚迪、吉利、上汽、长安、东风，占新能源汽车销售总量的63.5%。 不仅国内市场，中国新能源汽车正加速"出海"，包括比亚迪、蔚来、小鹏、长城、吉利等多家品牌持续 拓展海外市场。据中汽协发布的数据，今年 ...

◎记者 俞立严 蓬勃发展的中国新能源汽车行业创造新纪录——11月11日，中国汽车工业协会（下称"中汽协"）召开沟 通会发布最新数据：2025年1至10月，中国新能源汽车产销量继续实现较高增长。其中，10月新能源车 月度渗透率（新能源汽车新车销量在汽车新车总销量中的占比）首次超过了50%。 今年以来中国新能源汽车行业呈现较高增长，究其原因，中汽协副秘书长陈士华在沟通会上解释：一方 面，是国内汽车以旧换新补贴政策持续显效；另一方面，是2026年新能源汽车购置税减半征收，使得部 分消费者存在提前购车现象。 中汽协有关人士对上海证券报记者表示，10月新能源车月度渗透率是首次超过50%，此前只是新能源乘 用车的月度渗透率超过50%，这说明新能源化正在汽车行业持续推进。 在具体企业方面，1至10月，汽车销量排前十位的企业（集团）共销售2328.1万辆，占汽车销售总量的 84.1%。在汽车销量排前十位的企业中，与2024年同期相比，东风公司和广汽集团销量呈不同程度下 降，其他企业销量呈不同程度增长。 乘用车促销开始回归理性 10月新能源车销量同比环比双增 据中汽协统计，10月，中国汽车产销分别完成335.9万辆和332.2 ...

Core Insights - In October, China's new energy vehicle (NEV) production and sales reached 1.772 million and 1.715 million units, respectively, marking year-on-year growth of 21.1% and 20% [2] - NEV sales accounted for 51.6% of total new vehicle sales for the first time, indicating a significant milestone in market penetration [2] - The cumulative sales of NEVs from January to October reached 13.015 million units, with a year-on-year growth of 33.1% [3] NEV Market Performance - NEV sales penetration in the overall vehicle market surpassed 50% in October, while in the passenger vehicle segment, it had already exceeded 50% by July 2024 [2][3] - For the first ten months of 2024, NEV sales accounted for 46.7% of total new vehicle sales, while the domestic passenger NEV sales ratio reached 52.9% [3] Export Growth - NEV exports saw a remarkable increase, with October exports reaching 256,000 units, a year-on-year growth of 99.9% [3] - From January to October, NEV exports totaled 2.014 million units, up 90.4% compared to the previous year [3] - Plug-in hybrid vehicle exports grew significantly, with October exports of 90,000 units, a year-on-year increase of 270% [3] Domestic Sales Trends - Domestic NEV sales in October were 1.459 million units, reflecting a year-on-year growth of 12.1% [5] - Cumulatively, domestic NEV sales from January to October reached 10.929 million units, with a year-on-year growth of 25.7% [5] - Overall automotive market performance showed that total vehicle production and sales in October reached 3.359 million and 3.322 million units, respectively, with year-on-year growth of 12.1% and 8.8% [5]

本文来自：财经汽车，作者：宋立伟、赵成 11月11日，中国汽车工业协会（下称："中汽协"）公布最新统计数据，2025年10月，中国汽车市场延续高增长 态势，月度产销分别完成335.9万辆和332.2万辆，同比分别增长12.1%和8.8%，双双创下历史同期最高纪录。其 中，新能源汽车销量占比首次突破 50%，达 171.5 万辆。这一强劲表现，为全年车市奠定了行业超预期增长基 调。 纵观前十个月，汽车行业结构性变化尤为显著。新能源汽车累计销量占比已逼近50%，与传统燃油车平分秋 色。同时，汽车出口量连续三个月站上60万辆高位，前十个月累计总量达562万辆，已接近2024年全年水平。 中汽协副秘书长陈士华表示，在"两新"政策（汽车以旧换新与报废更新）的显著拉动下，预计2025年汽车总体 产销量将超过年初预期的3400万辆，创造历史新高。然而，在高歌猛进的表象之下，行业正站在一个关键的政 策窗口期。 为应对2026年新能源汽车购置税优惠政策的调整，陈士华呼吁，相关部门能够优化政策并明确实施细则，以稳 定市场预期，助力行业平稳运行。 陈士华表示，尽管传统燃料汽车的增速不高，但扭转了2025年大幅下降的局面。同时，他还 ...

中金主要观点如下： 智通财经APP获悉，中金发布研报称，据乘联会统计数据显示，10月狭义乘用车零售/批发/生产 224.2/293.2/295.1万辆，同比-0.8%/+7.6%/+11.4%；出口(含整车和CKD)56.8万辆，同环比 +27.7%/+7.5%。10月零售同比微降、环比持平，主要由于部分省市以旧换新补贴政策收紧，区域间销 量增速出现分化，10月销量未能环比增长。10月新能源批发销量同环比+18.5%/+8.5%至162.1万辆，渗 透率同环比+5.1ppt/+1.9ppt至55.3%，新势力延续强劲增长。 国内销量已逐步突破2017年前期高点，展望2026年，持续增长的韧性需要观察，如果仍有一定力度央地 补贴，预计国内需求保持平稳。其中新能源方面，一方面供给端技术创新、车型迭代带动渗透率提升， 另一方面面临2025年底购置税优惠政策退坡带来的阶段性透支，预计国内新能源销量有望保持双位数增 长。 投资建议 建议关注近期商用车板块的机会，以及全球化布局具备优势的头部零部件公司。具体看：1)商用车：中 国重汽(000951.SZ,03808)、宇通客车(600066.SH)、中集车辆(301039 ...

出口市场再传佳绩。根据海关统计数据，10月我国汽车出口82.8万辆，同比增长42%；1—10月汽车出 口651万辆，同比增长23%。今年10月，新能源乘用车出口25万辆，同比增长104%，环比增长19%，占 乘用车出口44.2%，较去年同期增长16.6个百分点。 其中，乘用车方面，根据乘联分会数据，10月乘用车出口（含整车与CKD）56.8万辆，同比增长 27.7%，环比增长7.5%；1—10月乘用车厂商出口456.7万辆，同比增长14.2%。 展望11月车市走势，乘联分会方面分析指出，进入11月，厂家及经销商进入全年目标冲刺阶段，市场需 求将会好于10月。"双11"购车活动、广州车展启动及新车上市密集，将有效提振年末消费热情。由于 2026年新能源购置税减免政策由"全免"调整为"减半"，小米、理想等车企推出兜底政策抢单，叠加地方 补贴延续及厂商冲量，将共同推动第四季度需求持续增长。 "受今年新能源汽车免征车购税政策到期，明年买车多5个点车购税的政策影响，消费者今年年末购车紧 迫感更强，因而选择车型会更加考虑提车进度。"乘联分会方面进一步分析指出，为应对交付周期延长 导致的消费者购车成本上升，车企纷纷推出购置 ...