智通财经APP获悉，崔东树发文称，2025年乘用车行业促销与降级均回归理性，市场秩序明显改善。2025年1-12月降价规模177款，较同期少42款，其中 常规燃油车降价52款，较同期减少26款；混合动力燃油车降价9款，较同期减少9款；插混燃油车降价30款，较同期减少1款；增程式车型降价13款，较同 期少1款；纯电动车型降价73款，较同期减少5款。 2025年12月降价规模4款，较同期多1款。其中燃油车1款，较同期多1款；混合动力燃油车1款，较同期多1款；插混和增程式车型都没有；纯电动车型2 款，较同期少1款。 2025年1~12月份，新能源车新车降价车型均价19.5万元的降价力度算术平均达到2.1万元，降价力度达到11 %。12月份，新能源车新车降价车型均价13.6万 元的降价力度算术平均达到2万元，降价力度达到14.7%的较高水平。 2025年1~12月份，常规燃油车新车降价车型均价17.8万元的降价力度算术平均达到1.6万元，降价力度达到8.9%。12月份，常规燃油车新车降价车型均价 9.9万元的降价力度算术平均达到0.6万元，降价力度达到6%。 2025年1~12月份，总体乘用车市场新车降价车型均价19 ...

【文/观察者网 潘昱辰 编辑/高莘】据路透社12月18日报道，随着欧盟放弃在2035年禁售内燃机汽车的 规定，分析师和专家表示，这为欧洲传统汽车制造商的转型争取了时间，但从长远来看，纯电动车仍然 是未来，欧盟的做法将很难继续与中国电动汽车产业竞争。 提供喘息空间 欧盟委员会的这一计划是在德国等国政府和当地汽车行业的游说下决定的。在新的规则下，插电混动车 型、增程式车型，甚至燃油车在2035年后仍能合法销售，此外，欧盟还提出一种新的小型电动车类别， 欧洲车企生产这种车型可以获得额外的信用额度。而就在今年3月，欧盟委员会还允许车企可以在三年 内实现2025年的排放目标，从而为汽车行业提供了喘息的空间。 据BBC报道，欧洲汽车制造商协会（ACEA）表示，目前电动汽车的市场需求太低，如果不改变规则， 制造商将面临数十亿欧元的处罚。 根据ACEA的行业数据，截至今年10月，欧盟纯电动汽车的销量同比增长25.7%，占总销量的16.4%，但 在南欧和东欧，其只占总销售额中的很小一部分。 据《纽约时报》报道，欧洲汽车行业分析师马蒂亚斯·施密特(Matthias Schmidt)表示，由于欧盟政策的转 型，保时捷、奔驰和宝马等 ...

【导读】又被丁院士说中了，欧盟撤销全面电动化计划 大家好，欧盟原计划2035年全面禁售内燃机新车的政策，如今出现重大松动。 一起看看发生了什么事情。 欧盟将放弃2035年内燃机禁令 近日，欧盟委员会公布了一项计划：在欧洲汽车行业施压之下，拟放宽欧盟"2035年起基本禁止销售新 燃油车"的现行安排。这被视为欧盟近年来在绿色政策上最大的一次"撤退"。 该举措仍需获得欧盟成员国政府与欧洲议会批准；若最终落地，将允许部分非纯电车型继续销售。作为 欧洲工业重镇的德国以及意大利的车企，长期以来一直要求放松相关规则。 欧盟行政机构回应了车企的诉求：在它们努力与特斯拉以及中国电动车制造商竞争却面临压力之际，允 许插电式混合动力车（PHEV）以及"增程式"的车型继续存在。大众汽车（欧洲销量最大的车企）表 示："在开放内燃机车型市场的同时，通过机制对排放进行补偿，这是务实之举，也符合市场现实。"大 众还称，新版二氧化碳排放目标草案"整体上在经济层面是合理的"，并对支持小型电动车以及对2030年 的更灵活目标表示欢迎。 分析人士认为，美国与欧洲电动车转型"放慢/回撤"，反而给中国车企提供了巩固优势的机会。中国车 企在过去十年已建立 ...

【导读】又被丁院士说中了， 欧盟撤销全面电动化计划 中国基金报记者 泰勒 大家好， 欧盟原计划2035年全面禁售内燃机新车的政策，如今出现重大松动。 一起看看发生了什么事情。 欧盟将放弃2035年内燃机禁令 近日，欧盟委员会公布了一项计划： 在欧洲汽车行业施压之下，拟放宽欧盟"2035年起基本禁止销售新燃油车"的现行安排。这被视为欧盟 近年来在绿色政策上最大的一次"撤退"。 该举措仍需获得欧盟成员国政府与欧洲议会批准；若最终落地，将允许部分非纯电车型继续销售。作为欧洲工业重镇的德国以及意大利的 车企，长期以来一直要求放松相关规则。 欧盟行政机构回应了车企的诉求：在它们努力与特斯拉以及中国电动车制造商竞争却面临压力之际，允许插电式混合动力车（PHEV）以 及"增程式"的车型继续存在。大众汽车（欧洲销量最大的车企）表示："在开放内燃机车型市场的同时，通过机制对排放进行补偿，这是务 实之举，也符合市场现实。"大众还称，新版二氧化碳排放目标草案"整体上在经济层面是合理的"，并对支持小型电动车以及对2030年的 更灵活目标表示欢迎。 按照提案，欧盟将把目标调整为：到2035年前后，相比2021年水平，二氧化碳排放削减9 ...

Core Viewpoint - The Chinese automotive market is entering a stable development phase, with retail sales expected to grow by 5% this year despite a decline in November sales compared to previous months [1][4]. Group 1: Market Performance - In the first eleven months of 2023, retail sales reached 21.483 million vehicles, maintaining overall growth [1]. - November retail sales of passenger vehicles were 2.225 million units, a year-on-year decrease of 8.1% and a month-on-month decrease of 1.1% [3]. - The market is experiencing a "horizontal" trend, with a stable performance after a period of rapid growth earlier in the year [3][4]. Group 2: Wholesale and Export Trends - In November, wholesale volume reached 2.998 million units, a year-on-year increase of 2.3% and a month-on-month increase of 2.4%, marking a historical high for the month [4]. - Passenger vehicle exports reached 601,000 units in November, showing a significant year-on-year increase of 52.4% and a month-on-month increase of 9.1% [4]. Group 3: New Energy Vehicle (NEV) Insights - The penetration rate of new energy vehicles (NEVs) has approached 60%, with wholesale penetration at 56.9% and retail penetration at 59.3% in November [5]. - In November, the wholesale volume of NEVs was 1.706 million units, a year-on-year increase of 18.7%, while retail sales reached 1.321 million units, a year-on-year increase of 4.2% [6]. Group 4: Market Dynamics and Consumer Behavior - The automotive market is expected to see increased consumer activity towards the end of the year, driven by promotional activities and the urgency of tax incentives expiring [9][10]. - The automotive consumption index for November was 93.2, indicating a higher level of consumer activity compared to October, with expectations for improved performance in December [10].

Core Insights - The Chinese automotive market has achieved a successful "Silver October" with retail sales of 2.242 million passenger vehicles in October, a slight month-on-month decline of 0.1%, but still the second highest monthly sales of the year, following September [2] - The decline in retail sales is attributed to the Mid-Autumn Festival occurring in October and regional sales growth disparities, aligning with the earlier forecast of a "low start, mid-high, and flat end" trend for the year [2] - Despite the retail sales drop, wholesale volume reached 2.932 million units, a year-on-year increase of 7.6% and a month-on-month increase of 4.9%, with production hitting 2.951 million units, up 11.4% year-on-year [2] New Energy Vehicle Market - The new energy vehicle (NEV) market continues to expand, with wholesale sales of 1.621 million units in October, a year-on-year increase of 18.5% and a month-on-month increase of 8.5%, while retail sales reached 1.282 million units, up 7.3% [3] - The penetration rate of new energy vehicles in the retail market reached 57.2% in October, supported by policies such as tax exemptions for NEVs [3] - NEV exports also set a record with 251,000 units exported, a significant year-on-year increase of 104.2% [3] Electric Vehicle Segment - Pure electric vehicles remain the dominant segment, with wholesale sales of 1.02 million units in October, a year-on-year increase of 31.6% and a month-on-month increase of 7.5% [4] - The market share of pure electric vehicles reached 62.9%, while plug-in hybrids accounted for 29.6% and range-extended vehicles for 7.5% [4] - The structure of new energy vehicle sales has shifted significantly, with pure electric and range-extended vehicles now comprising 74% and 26% respectively, compared to last year's 49% and 51% [4] Domestic Brand Performance - Domestic brands achieved retail sales of 1.55 million units in October, a year-on-year increase of 4% and a month-on-month increase of 3%, capturing a market share of 68.7% [4] - The leading traditional automakers are successfully transforming, with brands like Geely, Changan, and Great Wall showing significant market share increases [4] - The independent new energy brands from traditional automakers, referred to as "second-generation" brands, have also seen their market share rise to 15%, an increase of 2.8 percentage points year-on-year [5]

Core Insights - The passenger car industry is expected to return to rationality in promotions and price reductions by 2025, with significant improvements in market order [1] - The number of models experiencing price reductions has increased from approximately 50 in 2020-2022 to 147 in 2024, but the scale of new car price reductions in 2025 is relatively moderate [1][10] - The overall price reduction trend shows a decrease in the number of models with price cuts, particularly from April to July 2025 [5][10] Price Reduction Tracking - In the first seven months of 2025, the average price reduction for new energy vehicles reached 22,000 yuan, with a reduction rate of 11.9% [12] - For conventional fuel vehicles, the average price reduction was 16,000 yuan, with a reduction rate of 9.1% [12] - The overall average price reduction across the passenger car market was 21,000 yuan, with a reduction rate of 11.3% [12] Monthly Price Reduction Status - In July 2025, 17 models experienced price reductions, which is stable compared to 23 models in July 2024 [6][10] - The number of price-reduced conventional fuel vehicles in the first seven months of 2025 was 28, a decrease of 21 compared to the same period last year [10] - The number of price-reduced new energy vehicles was 46, a decrease of 8 compared to the same period last year [10] Promotional Trends - The promotion rate for new energy vehicles in July 2025 was 10.2%, showing a stable trend compared to previous months [15] - Traditional fuel vehicles maintained a promotion rate of 23.4% in July 2025, reflecting a slight increase from the previous month [18] - Luxury vehicle promotions reached 27.2% in July 2025, indicating a growing trend in high-end demand despite competition from new energy vehicles [20] Specific Model Price Reduction Analysis - In July 2025, the average price reduction for pure electric vehicles was 18,700 yuan, with a reduction rate of 12.1% [26] - For plug-in hybrid vehicles, the average price reduction was 33,000 yuan, with a reduction rate of 13.6% [28] - Conventional fuel vehicles saw an average price reduction of 12,900 yuan, with a reduction rate of 10.4% [28]

Core Viewpoint - The strategic transformation of multinational automotive companies in China is revitalizing joint ventures, focusing on local R&D and adapting to the fast-paced development of electric vehicles and smart technologies [3][4][5]. Group 1: Investment and R&D Focus - Nearly 70% of surveyed multinational automotive companies plan to increase investments in China by 2025, with over 78% focusing on R&D [3]. - Mercedes-Benz has invested over 10.5 billion yuan in R&D in China over the past five years, emphasizing electric and intelligent vehicle development [4]. - BMW's R&D investment reached a record high of 9 billion euros in 2023, concentrating on new product architectures and battery technology [5]. Group 2: Localized Decision-Making - The shift from "headquarters-led" to "China-first" R&D models allows local teams to have greater decision-making power, significantly reducing development cycles [6][7]. - Nissan's Chinese R&D team now leads vehicle development, shortening the development cycle to 24 months [7]. - Toyota is transitioning decision-making authority for new models from Japan to its Chinese R&D center, enhancing responsiveness to local market needs [7]. Group 3: Strategic Partnerships and Collaborations - Mercedes-Benz plans to invest an additional 14 billion yuan in China, focusing on local partnerships to enhance R&D capabilities [9]. - Nissan is collaborating with Chinese tech companies like Huawei and Momenta to improve its smart driving technologies, with a planned investment of 10 billion yuan over the next two years [10]. - GAC Toyota is partnering with leading tech firms to develop AI ecosystems for smarter vehicle functionalities [10]. Group 4: Market Performance and Adaptation - SAIC Volkswagen's sales reached 523,000 units in the first half of the year, with a 2.3% year-on-year increase, driven by the integration of smart features in traditional vehicles [6]. - Dongfeng Nissan's sales were 530,000 units in the first half, reflecting a 0.3% increase, attributed to its R&D strategy and local team empowerment [7]. - General Motors has turned profitable in the Chinese market, with a 7.6% increase in sales in June, largely due to its accelerated electrification strategy [8].

Core Viewpoint - The automotive industry is witnessing a shift towards hybrid and plug-in hybrid vehicles, as companies adapt to consumer preferences and market dynamics, leading to larger fuel tanks in electric vehicles to alleviate range anxiety [4][17][39]. Group 1: Market Trends - Audi has retracted its plan to stop developing fuel vehicles by 2033, indicating a need for a diverse product lineup that includes electric, plug-in hybrid, and internal combustion engine models [4]. - The retail sales of plug-in hybrid vehicles increased by 28% in the first five months of the year, reaching 1.69 million units, with a projected growth of 76.9% in 2024, significantly outpacing pure electric vehicle growth [5][39]. - The proportion of plug-in hybrids in the overall new energy vehicle sales rose to 42.1%, an increase of 8.6 percentage points year-on-year [5]. Group 2: Vehicle Specifications - New energy vehicles are now equipped with larger fuel tanks, with some models exceeding their traditional fuel counterparts. For instance, the Lynk & Co 06 has a fuel tank capacity of 51 liters, up from 35 liters, and the BYD Seal 06 DM-i features a 65-liter tank [6][7]. - The average fuel tank capacity of new energy vehicles in China has increased by 52.6% from 2017 to 2024, reaching 58 liters, which is comparable to traditional fuel vehicles [14]. Group 3: Consumer Behavior - Consumer concerns about charging infrastructure and range anxiety are driving the demand for vehicles with larger fuel tanks, as the current charging infrastructure is insufficient to meet the growing number of electric vehicle users [17][18]. - The psychological aspect of range anxiety is significant, leading manufacturers to prioritize the development of hybrid vehicles with larger fuel tanks to address consumer needs [18][42]. Group 4: Technological Advancements - The battery technology has matured, allowing plug-in hybrid vehicles to achieve electric ranges exceeding 300 kilometers, significantly improving their market positioning [4]. - The cost of battery materials, particularly lithium, has decreased, providing manufacturers with the opportunity to install larger batteries and fuel tanks in their vehicles [24][26]. Group 5: Policy Impact - The discontinuation of national subsidies for new energy vehicles has leveled the playing field between plug-in hybrids and pure electric vehicles, encouraging the growth of plug-in hybrids [39]. - The extension of tax exemptions for new energy vehicles until the end of 2027 further supports the market for plug-in hybrids, as they now enjoy similar benefits as pure electric vehicles [39].

Core Viewpoint - The automotive industry is witnessing a shift where traditional fuel vehicles and new energy vehicles (NEVs) are increasingly incorporating larger fuel tanks, reflecting a compromise between idealism and practicality in consumer preferences [3][4][5]. Group 1: Industry Trends - Audi has retracted its plan to cease development and sales of fuel vehicles by 2033, indicating a need for a diverse product lineup that includes electric, plug-in hybrid, and internal combustion engine models [3][4]. - Many Chinese automakers, initially focused on pure electric vehicles, are now pivoting towards plug-in hybrid models, recognizing the importance of fuel tanks in consumer purchasing decisions [4][5]. - The retail sales of plug-in hybrid vehicles (including range-extended models) increased by 28% year-on-year in the first five months of this year, reaching 1.69 million units, with a projected growth of 76.9% in 2024 [5][40]. Group 2: Technical Developments - The advancement in battery technology has led to plug-in hybrid models achieving electric ranges exceeding 300 kilometers, significantly improving their market positioning [4][5]. - The fuel tank sizes of new energy vehicles are now often larger than their traditional fuel counterparts, with some models featuring tanks up to 91.5 liters [5][6][13]. - The average fuel tank capacity of new energy vehicles in China has increased by 52.6% from 2017 to 2024, reaching 58 liters, aligning closely with traditional fuel vehicles [15][22]. Group 3: Consumer Behavior - Consumer anxiety regarding charging infrastructure remains a significant barrier to the adoption of electric vehicles, prompting manufacturers to enhance fuel tank capacities as a practical solution [18][19]. - The shift in consumer preference towards larger fuel tanks in new energy vehicles is driven by the need for convenience and reliability in refueling options [19][43]. - The introduction of policies that treat plug-in hybrids and pure electric vehicles equally in terms of subsidies has further accelerated the growth of plug-in hybrid models [40][43].