2025年，我国重卡行业加速向新能源转型。这一年，重卡市场在"两新"政策、新能源渗透率提升的驱动下，迎来新能源订单与交付 的"双爆发"。 其中，传统主机厂与新势力企业纷纷斩获千辆级以上新能源重卡大单。从一汽解放的1000辆新能源重卡大单，到中国重汽的千辆换电重 卡战略合作，再到新势力企业零一汽车新车上市3小时订单破千辆，新能源重卡市场呈现出前所未有的活跃度。下面，让我们来看看都 是哪些新能源重卡车型斩获了千辆级大单呢？ 一汽解放：签署1000辆换电重卡采购协议 2025年4月15日，在时代骐骥见证下，一汽解放汽车销售公司、重易时代（江西）新能源科技有限公司在江西宜春正式签署1000辆换 电重卡采购协议，首批将在6月底之前交付。交付车型是一汽解放与时代骐骥共同打造的底部换电产品，通过创新商业模式与基础设施 协同布局，为江西省大宗物资运输构建清洁运输体系。 据悉，这批车辆交付后将服务于江西省电厂、粉煤灰及煤炭等运输场景。车辆单次续航里程超过350公里，换一次电可实现700公里续 航能力。在长续航、低电耗与高可靠性方面表现卓越，精准匹配中长途运输需求。 中国重汽： 拿下千辆换电重卡订单 2025年12月23日，中国 ...

尹同跃表示，奇瑞人的目标与星途的使命是瞄准新质生产力与向上的年轻一代，打造与他们精神世界深度共鸣、生活方式完美契合的高情感、高势能 豪华品牌。星途要深度理解全球年轻用户追求趣味、个性的生活方式。 编辑 王进雨 校对 柳宝庆 新京报贝壳财经讯（记者林子）12月23日，奇瑞方面宣布旗下品牌星途正式开启3.0时代。未来，星途将从基础性能、价值体验、情绪表达三大层面持 续进阶，打造面向新时代的豪华品牌体系，开启中国汽车品牌迈向全球豪华市场的新征程。"星途品牌，从不模仿和跟随别人的豪华车定义。"奇瑞汽 车股份有限公司董事长尹同跃在活动现场表示，在新能源与智能化汽车全面到来的时代，奇瑞希望成为全球新能源智能化豪华品牌的定义者。 奇瑞汽车董事长尹同跃。企业供图 ...

Core Viewpoint - The article emphasizes the unique identity and value proposition of the Xingtu brand under Chery Automobile, highlighting its ambition to create a luxury brand that does not imitate others but instead defines its own path [3]. Group 1: Brand Development and Strategy - Xingtu is one of the five brands under Chery, and in July, its domestic business division was integrated into Chery's domestic business group to enhance strategic focus and resource integration [3]. - Chery's chairman, Yin Tongyue, reflected on the brand's development journey, acknowledging past challenges but asserting that these experiences have strengthened their approach to building a luxury brand [3]. - The company plans to target overseas markets as a key battleground for Xingtu, with sales in over 30 mainstream markets globally and an average overseas price exceeding 400,000 yuan [3]. Group 2: Product Launch and Market Positioning - At the recent brand event, four new models were unveiled: ES7 GT, ES8, ET8, and ET9, with the ES series focusing on performance and the ET series prioritizing luxury [4]. - There is a concern regarding the naming overlap of new models ET5, ES8, and ET9 with existing products from NIO, raising questions about how Xingtu will establish its distinct luxury brand identity [5].

Core Viewpoint - Chery Automobile has announced a strategic partnership with ACO, making it the first Chinese brand to sign with Le Mans, with the agreement set to be finalized on December 13, 2025 in Malaysia [1][4]. Group 1 - Chery's Executive Vice President, Li Xueyong, emphasized that the brand will lead the way for Chinese participation in the Le Mans racing series [1][4]. - The partnership is expected to enhance Chery's global presence and brand recognition in the motorsport industry [1].

Core Viewpoint - Chery's recent incident involving a probationary employee being reprimanded for not responding to work messages over the weekend has sparked significant online discussion, highlighting ongoing issues related to the company's work culture and employee treatment [2] Group 1: Work Culture Issues - This is not the first time Chery has faced public backlash over overtime work issues, as in 2023, the company stated in an internal email that "Saturday is a normal workday for fighters," leading to widespread criticism [4] - The company has implemented a "100-day hard work" campaign and introduced a "345" performance management model, which suggests that three employees are expected to do the work of five while receiving compensation for four, indicating a severe imbalance between workload and income [4] Group 2: Performance Pressure - Chairman Yin Tongyue emphasized the need to streamline meetings and improve efficiency, declaring a "no meetings on weekends" policy, while also reflecting on and apologizing for the company's practices [5] - Chery set a sales growth target of over 10-20 percentage points at the beginning of the year, but by October 2025, the overall sales growth was only 3.3% year-on-year, with high-end brand sales plummeting by 43% [5] - From January to October, Chery's cumulative sales reached 2.1432 million units, reflecting a year-on-year growth of only 12%, which is below the industry average [5] Group 3: Financial Health - As of the third quarter of 2025, Chery's debt-to-asset ratio was 81.97%, indicating significant financial strain, with a narrow gap between current liabilities and current assets, and a substantial increase in trade receivables [5] - The high level of payables maintained by the company suggests considerable liquidity pressure, which is exacerbated by the company's aggressive performance expectations [5] Group 4: Brand Reputation - The overtime culture at Chery reflects the company's anxiety regarding its brand performance, which could negatively impact its reputation if not addressed [5] - The company needs to find a balance between pursuing performance targets and protecting employee rights to avoid the detrimental effects of excessive overtime on brand development [5]

Core Points - Chery Automobile has launched a "Purchase Tax Subsidy Plan" to alleviate consumer concerns regarding potential reductions in purchase tax benefits due to cross-year invoicing and delivery delays [1] - The subsidy plan covers all electric and plug-in hybrid models across five brands under Chery Automobile Group, including Chery, Jaecoo, Exeed, Jetour, and iCAR, in accordance with the latest guidelines from the Ministry of Industry and Information Technology [1] - Consumers who place a large deposit through Chery's official online booking system before November 30, 2025, and experience delays in vehicle invoicing due to production or logistics issues will be eligible for the subsidy, which can reach up to 15,000 RMB per vehicle [1] Subsidy Details - The subsidy will be calculated based on the difference in purchase tax amounts between 2026 and 2025, with Chery providing a direct reduction in the purchase price to cover this difference [2]

| | 本月 | 去年同期 | 同比變動 | 今年累計 | 去年同期 | 同比變動 | | --- | --- | --- | --- | --- | --- | --- | | 品牌 | （輛） | （輛） | (%) | （輛） | 累計（輛） | (%) | | 奇瑞 | 169,580 | 151,051 | 12% | 1,207,862 | 1,113,541 | 8% | | 星途 | 10,802 | 15,717 | -31% | 87,951 | 95,946 | -8% | | 捷途 | 56,586 | 60,226 | -6% | 459,578 | 376,672 | 22% | | iCAR | 10,734 | 5,180 | 107% | 66,630 | 42,798 | 56% | | 智界 | 7,882 | 2,522 | 213% | 57,777 | 21,422 | 170% | | 合計 | 255,584(註) | 234,696 | 9% | 1,879,798 | 1,650,379 | 14% | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公 ...

Core Viewpoint - Chery Automobile has officially listed on the Hong Kong Stock Exchange after overcoming previous obstacles related to its complex shareholding structure, but it still faces multiple challenges that need to be addressed [1] Group 1: Financial Performance - Chery's revenue is projected to grow from 92.618 billion to 269.897 billion from 2022 to 2024, with a compound annual growth rate (CAGR) of 70.7%, while net profit is expected to rise from 5.806 billion to 14.334 billion [2] - The company's gross margin is forecasted to be 13.5% in 2024, declining to 12.4% in the first quarter of 2025 [2] - Chery's debt ratio remains high, with asset-liability ratios of 93%, 92%, and 89% from the end of 2022 to the third quarter of 2024, and reaching 87.7% in the first quarter of 2025 [2] - Prior to the IPO, Chery distributed a significant dividend of 3.993 billion, equivalent to 27.8% of its 2024 net profit, which may impact its financial flexibility [2] Group 2: Product and Market Position - Fuel vehicles continue to be Chery's primary revenue source, accounting for 69.7% of passenger vehicle revenue in the first quarter of 2025 [3] - In the first eight months of 2025, Chery's new energy vehicle sales reached 496,000 units, representing approximately 28.7% of total sales, which is still below the industry average retail penetration rate [3] - The high-end brand, Exeed, has seen disappointing results, with sales of 7,659 units in August 2023, down 32.45% year-on-year, and a cumulative decline of 3.84% in the first eight months [3] - Chery's new energy brands show uneven development, with iCAR selling 6,947 units in the first quarter of 2025, while the higher-priced ZhiJie sold only 4,461 units [3] Group 3: International Market and R&D - Chery's overseas market is heavily reliant on Russia, which accounted for 54% of its overseas revenue in 2023, posing significant risks due to potential tariff increases [4] - In the first quarter of 2025, Chery's revenue from the Russian market dropped to 27.8%, while growth in Europe, the Middle East, Latin America, and Southeast Asia is accelerating [4] - Despite a research and development expenditure exceeding 10.5 billion in 2024, Chery's R&D expense ratio is low at 3.3% in the first quarter of 2025 compared to industry leaders [4] - Chery's advanced driver-assistance systems are primarily at the L2+ level, while leading domestic competitors are advancing to L3 [4] - The funds raised from the IPO are intended for expanding the passenger vehicle product lineup, developing next-generation vehicles and advanced technologies, implementing global strategies, upgrading the Wuhu production base, and supplementing working capital [4]

Core Insights - Chery Automobile has successfully completed its IPO on the Hong Kong Stock Exchange, raising HKD 91.4 billion, marking the largest IPO for a car company in the Hong Kong market this year [1][2] - The company plans to allocate the net proceeds from the IPO to various strategic initiatives, including R&D for new vehicle models, advanced technology, international market expansion, and facility upgrades [1][2] Financial Performance - Chery's projected global sales for 2024 are over 2.295 million units, representing a year-on-year growth of 49.4% [2] - The average selling price of Chery's passenger vehicles is expected to increase by 33.5% in 2024 compared to 2022, with domestic and international price growth rates of 37.0% and 19.4%, respectively [2] - Revenue and net profit have shown consistent growth, with revenues of CNY 926.18 billion, CNY 1,632.05 billion, CNY 2,698.97 billion, and CNY 682.23 billion for the years 2022, 2023, 2024, and Q1 2025, respectively [2] Market Position and Strategy - Chery is focusing on enhancing its capabilities in the fields of new energy and intelligent vehicles, which require significant funding for R&D [3][4] - The revenue share from Chery's new energy vehicles is gradually increasing, with projections showing a rise from 4.9% in 2023 to 21.9% in 2024 [4] Investment and Shareholder Structure - The company has introduced 13 cornerstone investors, including various investment funds and asset management companies, which reflects a broad market recognition of Chery's potential [5] - Following the IPO, Chery's major shareholders include Wuhu Investment Holding, Ruichuang, and Luxshare, indicating a diversified ownership structure [5] Organizational Changes - Chery has restructured its organizational framework to align with strategic goals, creating four business units focused on different vehicle segments [6] - The company has also partnered with Huawei to enhance its R&D capabilities, committing over CNY 10 billion to develop smart vehicle technologies [6] Historical Context - Chery's journey to IPO has spanned 21 years, with various attempts and strategic shifts along the way, including a significant restructuring in 2019 to facilitate its public offering [7][8][9] - The current market conditions for electric vehicles are favorable, providing a timely opportunity for Chery to secure funding and enhance its market position [10]

Group 1 - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, with a stock code of 9973, opening at HKD 34.2 per share, up 11.22%, and achieving a market capitalization of HKD 197.2 billion [2] - The company’s IPO was highly successful, with a subscription rate exceeding 238 times and a total subscription amount of nearly HKD 220 billion [3] - Chery's IPO raised HKD 9.14 billion by offering 297 million H-shares at the upper limit of the price range, marking the largest IPO for an automotive company in the Hong Kong market since 2025 [3] Group 2 - Chery's financial performance has shown steady growth, with projected revenues of CNY 92.618 billion, CNY 163.205 billion, and CNY 269.897 billion for 2022, 2023, and 2024 respectively, alongside net profits of CNY 5.806 billion, CNY 10.444 billion, and CNY 14.334 billion [4] - In Q1 of this year, Chery reported a revenue increase of 24.25% year-on-year to CNY 68.223 billion and a net profit increase of 90.87% to CNY 4.726 billion [4] - The company has five brands under its umbrella, including Chery, Jetour, Exeed, iCAR, and Zhijie, with Zhijie being a high-end brand developed in collaboration with Huawei [4] Group 3 - Chery's gross margins are projected to be 13.8%, 16.0%, and 13.5% for 2022, 2023, and 2024 respectively, with a gross margin of 12.4% reported in Q1 of this year [5] - The company's debt-to-asset ratio decreased from 93% in 2022 to 88% in Q1 of this year, although it remains high compared to industry standards [5] - The funds raised from the IPO will be allocated to expanding the passenger vehicle product line, developing next-generation vehicles and advanced technologies, promoting global strategies, upgrading the Wuhu production base, and supplementing working capital [5]