乘联分会秘书长崔东树发文称，2025年的常规燃油车和混合动力的促销压力较小，而新能源的促销相 对激烈，今年插电混合动力促销波动较大，12月同比上升3.9个点的促销，环比降0.4个百分点；增程车 型总体较2024年12月增加4.5个点左右的促销。纯电动总体较2024年12月增加1.1个点左右的促销，较 上月增0.4个点左右的促销。国家以旧换新政策效果突出，市场销量增长，内卷降价现象明显减弱，行 业运行压力改善，1-11月的汽车行业利润率回升到4.4%的中低位，这也是行业规模上升和价格促销趋 稳的良好表现。 ...

【文/观察者网 潘昱辰 编辑/高莘】12月23日，欧洲汽车制造商协会（ACEA）发布今年前11月欧盟汽车 注册量数据。具体来看，纯电动车型占欧盟市场份额的16.9%，高于去年同期3.5个百分点；油电混动车 型占据了三分之一以上的市场份额，仍然是欧盟消费者的首选；与此同时，燃油车的总市场份额为 36.1%，比去年同期下降9.7个百分点。 今年前11月欧盟油电混动车市场份额超三分之一，纯电动车超六分之一 ACEA 这一数据表现，与不久前欧盟宣布放弃2035年禁售内燃机汽车规定的做法，形成了鲜明对比。 纯电动车份额超六分之一 今年前11个月，欧盟共注册了986万辆新车，同比增长1.4%。其中包括166.24万辆纯电动汽车，同比增 长27.6%，占据欧盟16.9%的市场份额。其中，欧盟最大的四个市场共占电动汽车注册量的62%：德国的 纯电动车注册量增幅达41.3%，比利时达10.2%，荷兰达8.8%，法国为9.1%。 此外，1—11月柴油车注册量为89万辆，同比下降24.4%，市场份额仅为9%。 中国品牌在欧需求旺盛 而就企业而言，今年1—11月大众汽车集团在欧盟累计注册273.11万辆新车，同比增长5%，市场份额为 ...

Core Viewpoint - The European automotive industry is facing challenges, prompting Ursula von der Leyen to engage in a third strategic dialogue with industry executives to address key concerns and ensure competitiveness while meeting climate goals [1] Group 1: Key Concerns Raised by the European Automobile Manufacturers Association - The need to readjust the carbon reduction pathway for road transport to maintain European industrial competitiveness, social cohesion, and supply chain resilience while achieving EU climate targets. Currently, the EU electric passenger car market share is approximately 15.6%, and vans are at 9%. Without accelerated infrastructure development, carbon reduction goals will be unattainable [1] - The necessity for incentive measures, including tax benefits, lower charging costs, and improved urban transport, to encourage consumers to choose electric vehicles over internal combustion engine vehicles. Additionally, modernization of the power grid and energy market reform is required to lower electricity prices [1] - The importance of maintaining technological neutrality, as while battery electric vehicles dominate the transition, they do not meet all transport needs. Currently, hybrid vehicles represent the largest consumer market with a 35% market share, and plug-in hybrids have seen over 56% growth in sales over the past five months [1] - The need to enhance industry competitiveness and resilience by developing a domestic battery industry, establishing strategic partnerships with reliable allies, streamlining regulations, and supporting innovation to strengthen the global supply chain for batteries, semiconductors, and critical raw materials [1] - The call for differentiated policies tailored to passenger cars, vans, and heavy-duty vehicles, as current policies lag behind, with trucks and buses only accounting for 3.5% of the total electric vehicle registrations [1]

Investment Rating - The report rates the automotive industry as "Positive" [3] Core Insights - The Chinese plug-in hybrid electric vehicle (PHEV) market has experienced growth rates exceeding those of pure electric vehicles (BEVs) for over three years, driven primarily by economic factors and commuting needs [1][14] - The sustainability of the PHEV market will depend on its economic viability as the efficiency of BEVs continues to improve [1][2] - The evolution of PHEVs can be categorized into two main types: PHEVs that can directly drive the vehicle and extended-range electric vehicles (EREVs), with distinct trends in product development [2][39] Summary by Sections 1. Economic Basis of PHEV Market Prosperity - PHEVs have consistently outpaced BEVs in growth due to their cost-effectiveness and ability to meet commuting demands [1.1][14] - The main hybrid technologies utilize a series operation mode to address fuel consumption issues during commuting [1.2][21] - The efficiency of BEVs is improving, which raises questions about the long-term economic sustainability of PHEVs [1.3][31] 2. Product and Technology Evolution of PHEVs - Traditional automakers are optimizing PHEV products, focusing on cost efficiency and leveraging existing engine technologies [2.1][39] - New entrants in the market are adopting EREV strategies, which allow for greater integration with BEV technologies [2.2][46] - The market is witnessing a clear division between PHEVs and EREVs, with each catering to different consumer needs and preferences [2.3][48] 3. Long-term Outlook - The report anticipates that advancements in technologies such as autonomous driving and vehicle-to-grid (V2G) will significantly enhance the economic viability of BEVs, potentially leading to a decline in PHEV and traditional fuel vehicle demand [3.1][3.2] - By 2030, it is projected that PHEVs will capture nearly 40% of the Chinese automotive market, while their prospects in the U.S. remain limited and more favorable in Europe [2][4.1]

Group 1: Industry Overview - Over the past 25 years, China's automotive industry has undergone significant changes, with passenger car sales rising from approximately 800,000 units in 2000 to an expected 27.6 million units in 2024, where domestic brands are projected to hold a 65% market share [2] - The evolution of China's domestic automotive brands can be categorized into four stages, from reliance on foreign technology to independent development and innovation in powertrains and electric vehicles [3] Group 2: Competitive Landscape - Domestic brands such as SAIC Motor, BYD, and Geely have demonstrated superior performance and energy efficiency in plug-in hybrid vehicles compared to foreign traditional fuel vehicles, contributing to the rapid increase in market share for domestic brands [4] - The number of domestic automotive companies in China is significantly higher than in other markets, leading to intense competition that drives innovation and cost management [5] Group 3: Technological Advancements - The focus on improving driving range and engine thermal efficiency in plug-in hybrid vehicles raises questions about the value these enhancements bring to consumers, suggesting a need for a more efficient use of resources [6][7] - The development of domestic engines has progressed to a level where performance, emissions, and reliability meet international standards, with significant improvements in thermal efficiency [9] Group 4: Market Dynamics - The push for high driving ranges in plug-in hybrids may lead to unnecessary increases in vehicle weight, which negatively impacts energy consumption, highlighting the importance of optimizing vehicle design for efficiency [8] - The certification of engine thermal efficiency has become a competitive focus, but excessive competition may lead to resource wastage and confusion among consumers [10][13] Group 5: Future Outlook - The automotive industry in China is encouraged to reduce unnecessary competition and focus on creating value for consumers, which will support sustainable development and enhance the international reputation of domestic brands [13]