近日，宁德时代旗下骐骥换电宣布2025年共建成305座重卡换电站，超额完成"一年建成300 座"的年度目标。重卡换电是"小众赛道"还是"大势所趋"，这个被市场争论已久的话题再次回 到舆论中心。 一方面，市场与部分用户对电动重卡，尤其是换电模式，抱有疑虑。认为其应用场景过于狭 隘，仅适用于港口、矿山等短驳固定线路；初始投入与运营成本高企，经济性与回本周期存 疑。另一方面，以宁德时代为首的产业巨头却以前所未有的决心与资源，大力推动换电重卡及 网络落地。重卡换电，究竟是投入巨大却前景有限的"小众"，还是物流电动化转型的出路？骐 骥换电一年305站的"骐骥速度"，或许正在给出答案。 政策东风：从顶层设计到地方实践的全面护航 产业巨轮的转向，离不开宏观政策的舵盘。近年来，推动交通运输绿色低碳转型和物流降本， 已成为从中央到地方的明确共识。 中央层面，"双碳"目标构成了长期战略指引。十五五规划预期将进一步强化对交通领域清洁能 源替代的要求。中央经济工作会议则提出"降低全社会物流成本"，为通过技术创新与管理优化 实现物流降本指明了方向，而电动重卡正是降低运输环节能耗与成本的关键路径之一。 "十五五"规划建议中明确提出"加快 ...

2025年11月份，新能源重卡市场同比大增178%，整体销量达到创新高的2.8万辆，其中充电 重卡销量接近2万辆，同步刷新史上最高销量纪录。 此前表现一直不如充电重卡，并连续多月跑输市场"大盘"的换电重卡表现如何？一众重卡品牌 谁能问鼎月榜销冠？行业格局有无新变化？ 请看第一商用车网的分析报道。 11月实销7354辆，环比增长29%，同比增长147% 根据第一商用车网掌握的最新数据，2025年11月份，国内新能源重卡市场共计销售2.80万辆 （注：本文数据来源为交强险实销口径，不含出口和军车，下同），环比今年10月份增长 39%，同比增长178%。11月份，纯电动重卡（包括换电和充电）销售2.72万辆，占比高达 97.46%，较上月（98.14%）小幅下滑，是新能源重卡最重要的组成部分。这其中，换电重 卡（本文所述的"换电重卡"，包括租赁电池并在日常运营中在换电站更换电池的纯电动重卡， 以及租赁电池但在实际运营中并不换电、而是充电补能的纯电动重卡）销售7354辆，环比增 长29%，同比也继续实现增长，增幅达到147%，同比增幅较上月（+112%）扩大35个百分 点。11月份，换电重卡147%的同比增速继续跑输 ...

Core Viewpoint - The new energy heavy truck market experienced significant growth in October 2025, with a year-on-year increase of 144%, surpassing 20,000 units in total sales, driven primarily by charging heavy trucks [1][3]. Market Performance - In October 2025, the domestic new energy heavy truck market sold 20,100 units, a month-on-month decrease of 17% but a year-on-year increase of 144% [3]. - Pure electric heavy trucks accounted for 98.14% of total sales, with charging heavy trucks maintaining a high level of performance [3]. - The sales of battery swap heavy trucks reached 5,691 units, showing a year-on-year growth of 112%, although this growth rate has slowed compared to previous months [3][6]. Sales Trends - The monthly sales of battery swap heavy trucks have shown fluctuations, with October 2025 marking the second-highest sales month in history, following a record set in September 2025 [5]. - The proportion of battery swap heavy trucks in the pure electric heavy truck sales decreased to 28.86% in October, down from 32.54% in September [6]. Segment Analysis - From January to October 2025, battery swap heavy trucks primarily consisted of tractor and dump trucks, with sales of 42,800 units and 4,995 units, respectively [8]. - Battery swap heavy trucks have been registered in 30 out of 31 provincial-level administrative regions in China, with 282 cities having registered these vehicles [8]. Brand Performance - Foton led the sales chart for battery swap heavy trucks in October 2025, selling 1,165 units, marking its seventh consecutive month at the top [11]. - The top ten brands in battery swap heavy truck sales saw significant year-on-year growth, with Foton and Yuan Cheng experiencing increases of 1,020% and 1,018%, respectively [13]. Market Share - As of October 2025, the market share of battery swap heavy trucks was dominated by six companies, with Foton holding 19.62%, followed by Xugong and Jiefang [20]. - The cumulative sales of battery swap heavy trucks from January to October 2025 reached 48,800 units, reflecting a year-on-year growth of 142% [15][21]. Future Outlook - The battery swap heavy truck segment has seen continuous growth for nine months, but its year-on-year growth rate remains lower than that of the overall new energy heavy truck market [30].

Core Viewpoint - Fangda Special Steel has not yet applied CATL's battery-swapping heavy trucks in its logistics fleet, but both parties will continue to monitor the application testing of R&D products to lay the foundation for large-scale application and technological iteration [1] Group 1 - Fangda Special Steel responded to investor inquiries on October 30 regarding its logistics fleet [1] - The company is currently not utilizing CATL's battery-swapping heavy trucks [1] - Ongoing collaboration with CATL aims to support future large-scale applications and technology improvements [1]

Core Viewpoint - The new energy heavy truck market experienced significant growth in September 2025, with a year-on-year increase of 206%, surpassing 24,000 units sold, indicating a strong demand for electric heavy trucks, particularly charging models [1][4][5]. Market Performance - In September 2025, the total sales of new energy heavy trucks reached 24,100 units, marking a 36% increase from August and a 206% increase year-on-year [4]. - Pure electric heavy trucks accounted for 97.33% of total sales, with charging models maintaining a high sales volume [4]. - The sales of battery-swapping heavy trucks reached 7,641 units in September, reflecting a 39% month-on-month increase and a 192% year-on-year increase [5][14]. Segment Analysis - The market share of battery-swapping heavy trucks in pure electric heavy truck sales was 32.54% in September, showing a slight increase from the previous month but a decrease compared to the same period last year [7]. - From January to September 2025, battery-swapping heavy trucks sold a total of 43,100 units, representing a 147% year-on-year growth [18][20]. - The main types of battery-swapping heavy trucks sold were tractor trucks and dump trucks, accounting for 87.70% and 10.39% of sales, respectively [24]. Brand Performance - Foton led the sales of battery-swapping heavy trucks in September with 1,493 units sold, followed by Jiefang, Xugong, and Yuancheng, all exceeding 1,000 units [14][16]. - The top ten brands in the battery-swapping heavy truck market saw significant growth, with Foton, Beiben, and Jiefang experiencing year-on-year increases of 2,566%, 667%, and 518%, respectively [16]. - The competitive landscape for battery-swapping tractor trucks is intense, with Foton, Xugong, and Jiefang leading the market [26]. Future Outlook - The battery-swapping heavy truck sector has seen continuous growth for eight months, but its year-on-year growth rate remains lower than that of the overall new energy heavy truck market [33]. - The industry will continue to monitor whether battery-swapping heavy trucks can outperform the market in the remaining months of 2025 and which company can break Foton's dominance [33].

Core Viewpoint - The new energy heavy truck market in August 2025 saw a significant year-on-year increase of 182%, with total sales approaching 17,800 units, indicating strong growth momentum in the sector [1][2]. Market Performance - In August 2025, the domestic new energy heavy truck market sold a total of 17,800 units, representing a month-on-month increase of 7% and a year-on-year increase of 182% [2]. - Pure electric heavy trucks accounted for 98.66% of total sales, with sales of 17,500 units, a slight increase from 98.07% in the previous month [2]. - The sales of battery-swapping heavy trucks reached 5,500 units, marking an 11% increase month-on-month and a 149% increase year-on-year, although this growth rate lagged behind the overall new energy heavy truck market [2][4]. Segment Analysis - The market share of battery-swapping heavy trucks in pure electric heavy truck sales was 31.39%, an increase from the previous month but a decrease of 7.5 percentage points compared to the same period last year [5]. - From January to August 2025, battery-swapping heavy trucks sold a total of 35,400 units, reflecting a year-on-year growth of 139% [16][18]. - The main types of battery-swapping heavy trucks sold were tractor trucks and dump trucks, accounting for 87.67% and 10.77% of sales, respectively [22]. Company Performance - In August 2025, Foton led the sales of battery-swapping heavy trucks with 1,288 units, achieving a remarkable year-on-year growth of 3,289% [12][14]. - Other notable performers included FAW Liberation, Xugong, and YuanCheng, with sales of 841, 766, and 740 units, respectively [12]. - The top ten companies in the battery-swapping heavy truck market all experienced growth compared to the previous year, with six companies achieving over 100% growth [14]. Competitive Landscape - The competition in the battery-swapping tractor truck segment is intense, with six companies selling over 3,000 units each [24]. - Foton, Xugong, and FAW Liberation are the top three companies in this segment, with market shares of 21.77%, 14.93%, and 14.04%, respectively [24]. - In the battery-swapping dump truck market, Xugong leads with a market share of 38.80%, followed by China National Heavy Duty Truck and Shaanxi Automobile, both exceeding 10% market share [26]. Future Outlook - The battery-swapping heavy truck market has shown consistent growth, with a year-on-year increase in sales for the first eight months of 2025, although the growth rate has been lower than that of the overall new energy heavy truck market [29].

Domestic News - The Ministry of Industry and Information Technology issued guidelines for the digital transformation of key industries, including 14 industry scenario maps for 2025, focusing on sectors like new energy vehicles and lithium batteries [7] - Suzhou released an "Artificial Intelligence+" city action plan aiming to gather over 3,000 AI companies by the end of 2026, with an annual growth rate of over 20% in the core scale of the smart economy industry [8] - Changan Automobile signed a strategic cooperation agreement with China Guoxin, aiming to deepen collaboration in investment and technology innovation to promote high-quality development in the automotive industry [9] - GAC Group and Huawei are jointly launching a new high-end smart electric vehicle brand named "Qijing," which will integrate Huawei's intelligent technology [10] - Jietu announced the launch of three fuel-powered SUV models in the European market, starting with Poland in November [11] - Avita Technology signed a business cooperation framework agreement with Agricultural Bank of China, focusing on technology research and market expansion [12] - Yangjie Technology and Xingyu Co., Ltd. signed a strategic cooperation agreement to enhance collaboration in automotive vision systems and semiconductor technology [13] - Funeng Technology plans to mass-produce its third-generation semi-solid-state battery by 2026, aiming for an energy density of over 500Wh/kg [14] Foreign News - Suzuki announced that its first pure electric vehicle, the e-VITARA, will be launched in Japan on January 16, 2026, with a starting price of 3.993 million yen (approximately 193,000 RMB) and a range of over 430 kilometers on a single charge [15][16] - SK On established a pilot factory for solid-state batteries in Daejeon, South Korea, with plans for commercial production by 2029, one year earlier than previously announced [17] - Toyota launched the e-Palette, a pure electric vehicle designed for mobile stores, aiming to incorporate L4-level autonomous driving technology by 2027 [18] - Nissan and Mitsubishi will introduce a new electric vehicle model in Europe, with Mitsubishi's Eclipse Cross being the first pure electric SUV for the European market [19] Commercial Vehicles - Proton Automobile and Western Intelligent Network held a dual delivery ceremony for new energy vehicles and ultra-fast charging systems, marking a significant milestone in their collaborative strategy [20] - Weichai's new high-end light truck, the Blue Power X7, was officially launched in Fujian, targeting the growing demand for high-end new energy logistics vehicles [21] - The Faist Group launched a new agricultural machinery brand, "Faist·Zhikun," marking its entry into the agricultural transmission field [22] - King Long showcased its products at the BRICS New Industrial Revolution Forum, highlighting its autonomous driving buses and new energy vehicles [23]

Market Overview - From August 1 to 17, the national retail sales of passenger cars reached 866,000 units, a year-on-year increase of 2% and an 8% increase compared to the previous month. Cumulative retail sales for the year reached 13.611 million units, up 10% year-on-year [2][4] - During the same period, wholesale sales of passenger cars amounted to 841,000 units, representing a 20% year-on-year increase and a 7% month-on-month increase. Cumulative wholesale sales for the year reached 16.366 million units, up 13% year-on-year [2][7] New Energy Vehicles (NEVs) - Retail sales of new energy passenger cars from August 1 to 17 reached 502,000 units, a year-on-year increase of 9% and a 12% increase compared to the previous month. The retail penetration rate for new energy vehicles reached 58.0%, with cumulative retail sales for the year at 6.958 million units, up 28% year-on-year [2][5] - Wholesale sales of new energy passenger cars during the same period were 474,000 units, a year-on-year increase of 18% and a 10% month-on-month increase. The wholesale penetration rate was 56.4%, with cumulative wholesale sales for the year at 8.108 million units, up 34% year-on-year [2][5] Economic Context - China's economy grew at a robust rate of 5.3% in the first half of the year, easing pressures on local economic growth. Recent promotional policies in various regions have been steadily advancing, with the third batch of subsidy funds distributed in late July [5] - The "trade-in" policy has been reactivated in some areas, with more diversified subsidy methods expected to improve sales growth in August. However, the high sales base from August last year may lead to weaker growth rates this month [5] Production and Sales Trends - In July 2025, automobile production reached 2.51 million units, a year-on-year increase of 8%. New energy vehicle production was 1.18 million units, up 17%, with a penetration rate of 47% [12] - Cumulative production from January to July 2025 was 18.08 million units, up 11% year-on-year, with new energy vehicle production at 8.05 million units, a 33% increase [12] Charging Infrastructure - By June 2025, the total number of public charging stations reached 4.17 million, with a month-on-month increase of 91,000 stations, reflecting a 50% year-on-year growth [10] - The ratio of public charging stations to electric vehicles is approximately 1:1, indicating a relatively sufficient level of charging infrastructure to support the growing number of electric vehicles [10]

Core Insights - The domestic commercial vehicle market is experiencing a strong growth in new energy vehicles (NEVs), with significant increases in sales and penetration rates projected for 2024 and 2025 [1][2][10]. Group 1: Commercial Vehicle Market Overview - In July 2025, domestic commercial vehicle sales reached 250,000 units, a year-on-year increase of 13% [1][5]. - From January to July 2025, total commercial vehicle sales amounted to 1.77 million units, reflecting a 7% year-on-year growth, marking a new high since 2022 [1][5]. - The commercial vehicle insurance data indicates a stable market after a decline in previous years, with 2.85 million units insured in 2024, nearly flat compared to the previous year [5]. Group 2: New Energy Commercial Vehicle Performance - New energy commercial vehicle sales are projected to reach 579,000 units in 2024, representing an 84% year-on-year increase [1][6]. - By July 2025, new energy commercial vehicle sales hit 73,000 units, a 55% increase year-on-year, despite a 3% month-on-month decline [1][6]. - The penetration rate of new energy commercial vehicles reached 24% in the first seven months of 2025, up from 20% in 2024, indicating strong market adoption [10][12]. Group 3: Battery Swap Commercial Vehicles - The battery swap commercial vehicle segment, particularly heavy-duty trucks, has seen explosive growth, with sales of battery swap heavy trucks reaching 26,400 units from January to July 2025, a 197% increase [1][13]. - In July 2025, battery swap heavy truck sales were 4,400 units, reflecting a 172% growth [13]. Group 4: Market Penetration and Trends - The penetration rate of new energy commercial vehicles was 29% in July 2025, with trucks at 22% and buses at 61%, showing significant improvements across segments [10][12]. - The overall market for new energy commercial vehicles is characterized by strong growth driven by policy support and increasing demand for vehicle updates [2][10]. Group 5: Competitive Landscape - Major players in the commercial vehicle market include Beiqi Foton, SAIC-GM-Wuling, and Dongfeng Motor, with varying performance across different vehicle categories [15]. - The market structure remains stable, with light trucks and buses showing resilience, while heavy trucks are experiencing a recovery due to policy-driven updates [12][15].

Core Viewpoint - The new energy heavy truck market experienced significant growth in July 2025, with a year-on-year increase of 152%, reaching nearly 17,000 units sold, driven primarily by charging heavy trucks [1][3]. Market Performance - In July 2025, the domestic new energy heavy truck market sold 16,600 units, a month-on-month decrease of 8% but a year-on-year increase of 152% [3][4]. - Pure electric heavy trucks accounted for 98.07% of total sales, with charging heavy trucks continuing to dominate the market [3][4]. - The sales of battery-swapping heavy trucks reached 4,956 units in July, reflecting a year-on-year growth of 127%, although this growth rate is lower than the overall market growth [4][5]. Segment Analysis - The market share of battery-swapping heavy trucks in pure electric heavy truck sales was 30.32% in July, a slight decrease from the previous month [5]. - From January to July 2025, battery-swapping heavy trucks primarily consisted of tractor and dump trucks, accounting for 87.25% and 11.04% of sales, respectively [9][22]. - The competition in the battery-swapping tractor segment is intense, with four companies selling over 3,000 units each [24]. Company Performance - Foton led the sales of battery-swapping heavy trucks in July with 1,378 units sold, marking its fourth consecutive month at the top [12][15]. - Other notable performers included XCMG, FAW Liberation, and Yuchai, with sales of 821, 749, and 537 units, respectively [12][15]. - From January to July 2025, Foton's cumulative sales reached 5,623 units, a year-on-year increase of 612%, capturing 18.78% of the market share [16][20]. Future Outlook - The battery-swapping heavy truck segment has shown consistent growth, with a year-on-year increase of 138% from January to July 2025 [22][30]. - The industry will continue to monitor which company can break Foton's dominance in the battery-swapping heavy truck market [30].