关注 「电动车公社」 和我们一起重新思考汽车 临近年末，新能源汽车市场也在努力激情收官。最近几个月以来，不少车企都在蒸蒸日上，一次又一次地刷新销量成绩单。 话不多说，让我们一起来看看11月份各家的表现吧~ 比亚迪11月乘用车销量474921台 11月，比亚迪乘用车销量474921台。其中王朝丨海洋423558台，方程豹37405台，腾势13255台，仰望703台。 1、 今年前11个月，比亚迪累计销量已经超过418万辆，平均单月销量接近40万辆，依然保持着新能源领域的断崖式领先。最近一段时间比亚迪各个子品牌销量全 线上升，腾势N8L上市、钛7月销量破2.4万、仰望U9X打破极速纪录……销量名誉双丰收。接下来，就看比亚迪能在年底冲量的时间节点，带来怎样的全年业 绩表现了。 2、 吉利汽车11月新能源销量187798台 吉利汽车11月总销量310428台，其中新能源销量187798台。细分品牌方面，银河品牌132652台，领克品牌35059台， 极氪品牌28843台。 "持续向前"是吉利汽车最近几年的最大特点。今年前11个月，吉利汽车累计销量已经超过2787750辆，连续9个月保持着同比、环比双增长。具体产品上， ...

Market Dynamics - The ultra-luxury car market in China is undergoing significant structural changes driven by policy, economic conditions, technological advancements, and cultural shifts[5]. - By 2025, the threshold for identifying high-priced vehicles will drop to 900,000 RMB, impacting traditional luxury brands to adapt through subsidies and flexible pricing strategies[5]. Economic Environment - In 2024, the average disposable income per capita in China is projected to be 41,314 RMB, with a consumption expenditure of 38,230 RMB, both growing at approximately 5%[6]. - The number of high-net-worth families in China has been declining, leading to reduced consumer confidence and pressure on the ultra-luxury car market[6]. Technological Advancements - Breakthroughs in battery technology and AI are enhancing the performance and user experience of electric vehicles, but challenges remain in safety, supply chain stability, and cost control[9]. - The evolution of autonomous driving technology is becoming a competitive battleground among major car manufacturers, shifting consumer perceptions of driving needs[9]. Consumer Behavior - A survey indicates that 44% of consumers prefer brands like Maybach and Rolls-Royce, while 42% are inclined towards personalized versions of ultra-luxury cars[89][102]. - The preference for SUVs is evident, with 40% of consumers favoring this model type, reflecting a balance between luxury and practicality[101]. Brand Value Preferences - Consumers prioritize brand recognition (72%), performance (81%), and unique design (70%) when evaluating ultra-luxury cars, with financial value being less significant[52][63]. - The demand for personalized services, such as one-on-one remote engineering support, is high among ultra-luxury car owners, indicating a desire for exclusive experiences[106]. Market Trends - The shift from a seller's market focused on "incremental expansion" to a buyer's market characterized by "stock competition" is reshaping the competitive landscape[10]. - The emergence of new wealth classes and changing consumer values are driving a transition from ostentatious consumption to a focus on personal satisfaction and unique experiences[49].

Core Insights - The high-end automotive industry is at a critical juncture, balancing the need to consolidate traditional values with the urgency to explore new values driven by technological advancements and changing consumer demands [1][3] - The collaboration between Yicai and Fudan University aims to provide a comprehensive analysis of the core values, market changes, and future competitive landscape of high-end vehicles, offering insights for industry participants and consumers [1][3] Market Dynamics - The industry faces challenges from both traditional and emerging players, with competition manifesting through price wars and technological breakthroughs [3] - Achieving a strategic balance between maintaining a century-old legacy and embracing innovation is crucial for determining future market positions and growth paths for brands [3] Consumer Insights - The profile of ultra-luxury car consumers includes business owners, investors, professional partners, and heirs, with a significant portion having investable assets exceeding 10 million [7] - The acceptance of electric powertrains in ultra-luxury vehicles is high, yet concerns persist regarding the potential dilution of brand identity and the driving experience [8][10] Brand Recognition - Maybach ranks at the top of the ultra-luxury brand recognition list, with a score of 4.61 out of 5, followed closely by other brands such as Rolls-Royce and Bentley [7] - Consumers show a strong inclination towards owning or intending to own brands like Maybach, Rolls-Royce, and Bentley, indicating their market dominance [7] Electric Vehicle Concerns - While there is a high acceptance of electric vehicles, concerns include the inability of electric powertrains to replicate the driving experience of traditional fuel engines (87.5%) and worries about the adequacy of electric vehicle range and charging capabilities (62.5%) [10] - The rapid technological evolution of electric vehicles raises concerns about depreciation and resale value, with 56.3% of consumers expressing apprehension [10]

Group 1: Market Dynamics - The luxury car market is undergoing a significant adjustment, with BBA (BMW, Mercedes-Benz, Audi) showing a differentiated trend: BMW is leading, Mercedes-Benz is under pressure, and Audi is catching up [1] - BMW is the only company among BBA to achieve positive sales growth, with global deliveries reaching 588,300 units in Q3, up 8.8% year-on-year, and a total of 1,795,900 units in the first three quarters, up 2.4% [1] - In contrast, Mercedes-Benz's Q3 global sales fell to 525,300 units, down 12% year-on-year, with a total of 1,601,600 units in the first three quarters, down 9% [1][3] - Audi's Q3 global sales were 397,100 units, a decrease of 2.5%, with a total of 1,191,100 units in the first three quarters, down 4.8% [1] Group 2: Challenges in the Chinese Market - The Chinese market poses a significant challenge for BBA, with BMW's Q3 deliveries in China slightly declining by 0.4% to 147,100 units, and a cumulative drop of 11.2% to 464,000 units in the first three quarters [3] - Mercedes-Benz faced a more severe decline, with Q3 deliveries in China plummeting 27% to 125,000 units, and a total drop of 18% to 418,000 units in the first three quarters [3] - Audi's sales in China showed signs of recovery, with its joint venture reporting a 13.5% increase in sales to 58,000 units in the first three quarters [3] Group 3: Pricing and Competitive Pressure - The pricing structure of BBA is under pressure, particularly in the 200,000 to 400,000 RMB price range, where local brands are challenging entry-level models [4] - In the 200,000 to 300,000 RMB segment, brands like Zeekr and Tesla are eroding BBA's market share with better performance and value [4] - BMW has revised its profit forecast for 2025, expecting a pre-tax profit "slightly below" last year's 10.97 billion euros (approximately 90.98 billion RMB) due to increased tariff costs and support for local dealers [4][5] Group 4: Electrification Strategies - BBA's electrification strategies are diverging, with BMW leading, Mercedes-Benz aggressively pushing forward, and Audi taking a more pragmatic approach [6] - BMW's electric vehicle sales reached 323,000 units in the first three quarters, up 10% year-on-year [7] - Mercedes-Benz is launching a significant product offensive, with plans to introduce at least 40 new models by the end of 2027, including the new electric GLC targeting the Chinese luxury electric SUV market [8] - Audi is adjusting its electric strategy, focusing on a balanced approach between long-term electric goals and flexible product offerings, with new models like the Q6L e-tron [9] Group 5: Current Market Trends - The hybrid market remains a crucial support for BBA, with BMW's hybrid vehicle sales growing 8% to 152,000 units in Q3 [9] - The pure electric market is outpacing hybrids in China, with a year-on-year growth of 32.4% in September, indicating a shift in consumer preference [9] - As BBA collectively intensifies its focus on electric products, a competitive battle for market share in the future landscape is unfolding in China [9]

Core Insights - The luxury car market is undergoing significant changes, with BBA (BMW, Mercedes-Benz, Audi) showing a divergence in performance: BMW is leading, Mercedes-Benz is under pressure, and Audi is catching up [1] Group 1: Sales Performance - BMW is the only company among BBA to achieve positive sales growth, with global deliveries reaching 588,300 units in Q3, a year-on-year increase of 8.8%, and a total of 1,795,900 units for the first three quarters, up 2.4% [1] - Mercedes-Benz's Q3 global sales were 525,300 units, down 12% year-on-year and 4% quarter-on-quarter, with a total of 1,601,600 units for the first three quarters, a decrease of 9% [1] - Audi's Q3 global sales were 397,100 units, a year-on-year decline of 2.5%, with total sales for the first three quarters at 1,191,100 units, down 4.8% [1] Group 2: Market Challenges in China - BMW's sales in China fell by 0.4% in Q3 to 147,100 units, with a cumulative decline of 11.2% to 464,900 units for the first three quarters, making China the only market where BMW experienced a downturn [3] - Mercedes-Benz faced a significant drop in China, with Q3 deliveries plummeting 27% to 125,000 units and a total decline of 18% to 418,000 units for the first three quarters, marking China as its largest market decline [5] - Audi's sales in China showed signs of recovery, with its joint venture reporting a 13.5% increase in sales for the first three quarters [5] Group 3: Competitive Landscape - The market share of German brands has decreased from 18.4% in January 2025 to 14.3% in September 2025, indicating increased competition from local brands [5] - In the 200,000 to 300,000 yuan price range, local brands are challenging BBA's entry-level models, while in the higher price segments, brands like NIO and Li Auto are competing for core customers [6] Group 4: Profit Outlook - Due to the impact of the Chinese market, BMW revised its full-year profit forecast, now expecting a pre-tax profit "slightly lower" than last year's 10.97 billion euros (approximately 90.98 billion yuan) [6] Group 5: Electrification Strategies - BMW leads in electrification, with 323,000 electric vehicle deliveries in the first three quarters, a 10% increase [8] - Mercedes-Benz is launching a major product offensive in the electric vehicle sector, with plans to introduce at least 40 new models by the end of 2027 [9] - Audi is adjusting its electrification strategy, focusing on a balanced approach between long-term electric goals and flexible product offerings [11]

Core Viewpoint - The luxury car market is undergoing a significant adjustment, with BBA (BMW, Mercedes-Benz, Audi) showing a differentiated performance: BMW is leading, Mercedes-Benz is under pressure, and Audi is catching up [1]. Group 1: Sales Performance - BMW is the only company among BBA to achieve positive sales growth, with global deliveries reaching 588,300 units in Q3, a year-on-year increase of 8.8%, and a total of 1,795,900 units for the first three quarters, up 2.4% [1]. - Mercedes-Benz's Q3 global sales were 525,300 units, down 12% year-on-year and 4% quarter-on-quarter, with a total of 1,601,600 units for the first three quarters, a decrease of 9% [1]. - Audi's Q3 global sales were 397,100 units, a decline of 2.5% year-on-year, with a total of 1,191,100 units for the first three quarters, down 4.8% [1]. Group 2: Market Challenges - The Chinese market has become a common challenge for BBA, with BMW's Q3 deliveries in China slightly decreasing by 0.4% to 147,100 units, and a cumulative decline of 11.2% to 464,900 units for the first three quarters [3][4]. - Mercedes-Benz faced a significant drop in China, with Q3 deliveries plummeting 27% to 125,000 units and a total decline of 18% to 418,000 units for the first three quarters, marking it as the largest market decline for the brand [5]. - Audi's sales in China showed signs of recovery through its joint ventures, with a 13.5% increase in sales for the first three quarters [5]. Group 3: Pricing and Competition - The pricing structure of BBA is under pressure, particularly in the 200,000 to 400,000 RMB price range, where domestic brands are challenging BBA's entry-level models [6]. - In the 200,000 to 300,000 RMB segment, brands like Zeekr and Tesla are offering better performance or value, while in the higher segments, NIO and Li Auto are competing for core customers [6]. - BMW has adjusted its profit forecast for 2025, expecting a pre-tax profit "slightly lower" than last year's 10.97 billion euros (approximately 90.98 billion RMB) due to higher-than-expected tariff costs and financial support for local dealers [6]. Group 4: Electrification Strategies - BBA's electrification paths are diverging, with BMW leading, Mercedes-Benz aggressively pushing, and Audi taking a pragmatic approach [8]. - BMW's electric vehicle deliveries reached 323,000 units in the first three quarters, a year-on-year increase of 10% [8]. - Mercedes-Benz is launching a major product offensive with its new electric GLC targeting the luxury electric SUV market in China, while also building a cooperative ecosystem for intelligent driving [8][9]. - Audi is adjusting its electric strategy, focusing on a balanced approach between long-term electric goals and flexible product offerings, with plans for new electric models [11]. Group 5: Market Trends - The hybrid market remains a crucial support, with BMW's hybrid vehicle sales increasing by 8% to 152,000 units in Q3, while Mercedes-Benz delivered 96,000 hybrid vehicles, up 10% [8]. - The pure electric market is growing rapidly, with a year-on-year increase of 32.4% in September, surpassing hybrid and extended-range vehicles [8].

Domestic News - In August, China's power battery installation volume reached 62.5 GWh, with a month-on-month increase of 11.9% and a year-on-year increase of 32.4%. Lithium iron phosphate batteries accounted for 82.5% of the total installation volume, with a year-on-year growth of 47.3% [5] - Hunan Province's export of "new three samples" products, including electric vehicles and lithium-ion batteries, surged by 77.8% to 12.69 billion yuan in the first eight months of the year [6] - Beijing Benz's new pure electric CLA model has officially rolled off the production line, featuring an 866 km range under CLTC conditions and is expected to be launched this autumn [7] - Ora's first pure electric SUV is set to debut soon, as indicated by a teaser released by Great Wall Motors [8] - The first HarmonyOS Intelligent User Center has opened in Wuhan, marking the rapid implementation of the Intelligent brand strategy 2.0 [10] - BYD's high-end brand Yangwang plans to enter the UK market by 2027, with a focus on competing against established luxury brands [11] - Horizon Robotics and Hello have signed a strategic cooperation agreement to develop low-cost, high-reliability autonomous driving technology for Robotaxi services [12] - WeRide has launched its autonomous minibus in Leuven, Belgium, marking its entry into the eleventh global market [13] Foreign News - In August, electric vehicle sales in the U.S. reached a record high of 146,332 units, accounting for 9.9% of total vehicle sales, driven by a surge in purchases before the expiration of a $7,500 tax credit [15] - Mexico is seeking to raise tariffs on Asian-made cars to a maximum of 50% to protect local jobs, with an estimated 320,000 jobs directly related to these products [16] - Honda will launch its new micro EV "N-ONE e:" on September 12, with a range of 295 km and a new charging network service called "Honda Charge" [16][17] - Nissan's CEO announced plans to accelerate the new vehicle launch process, aiming to reduce development time from over 50 months to 37 months to better respond to market trends [17] Commercial Vehicles - Volvo has surpassed 1 million connected heavy trucks globally, emphasizing the importance of digitalization and connectivity in enhancing operational efficiency [19] - FAW Jiefang's "6DV Super Factory" has been recognized as an excellent intelligent factory by the Ministry of Industry and Information Technology, showcasing its leadership in digital transformation [20][21] - BYD has delivered its 5,000th electric bus in Europe, reinforcing its leadership in the electric public transport sector [22] - Suzhou King Long has delivered 450 units of its high-end zero-carbon electric buses to Chile, contributing to the country's carbon neutrality goals [23][24]

Core Viewpoint - The article discusses the decline of Maserati in the Chinese luxury car market, highlighting its recent drastic price cuts and poor sales performance, which have led to speculation about potential collaborations with Chinese automaker Chery to revitalize its brand and product offerings [6][10][41]. Group 1: Sales Performance and Market Position - Maserati's sales in China have plummeted, with only 384 units sold in the first five months of the year, representing a 44% year-on-year decline, significantly worse than other luxury brands [11][35]. - The brand's global sales also suffered, with a total of 11,300 units sold in 2024, down 57% year-on-year, leading to a reported loss of €260 million (approximately ¥2.18 billion) [15][37]. - The drastic promotional pricing for models like the Grecale, now available for as low as ¥388,800, contrasts sharply with its official starting price of ¥650,800, indicating a desperate attempt to attract buyers [10][11]. Group 2: Brand Image and Consumer Perception - Maserati's image has been tarnished by its association with micro-businesses and aggressive marketing tactics, which have led to a perception of the brand as a "wealth flaunting tool" rather than a luxury vehicle [28][30]. - The brand's reputation suffered further due to quality issues and high-profile incidents, such as the 2019 accident involving a Maserati, which damaged its standing in the market [31][33]. - The shift in consumer interest towards domestic luxury brands, such as BYD's Yangwang, has intensified competition and further eroded Maserati's market share [36][37]. Group 3: Strategic Challenges and Future Outlook - Maserati's frequent changes in ownership have resulted in inconsistent brand strategy and product offerings, contributing to its current struggles in the competitive luxury car market [40][41]. - The company is exploring partnerships, such as the rumored collaboration with Chery, to enhance its electric vehicle lineup and regain market relevance [6][41]. - Despite the challenges, Maserati's new models, like the next-generation GT, continue to receive positive reviews from automotive media, indicating potential for recovery if strategic adjustments are made [37][41].

Core Viewpoint - Maserati is facing significant challenges in the Chinese luxury car market, with declining sales and aggressive discounting strategies to attract customers, indicating a potential financial crisis for the brand [4][15][43]. Group 1: Sales Performance and Market Position - Maserati's sales in China have drastically declined, with only 384 units sold in the first five months of the year, representing a 44% year-on-year drop, which is significantly worse than other luxury brands [11][15]. - The brand's global sales also suffered, with a total of only 11,300 units sold, down 57% year-on-year, leading to a reported loss of €2.6 billion (approximately ¥21.8 billion) [15]. - The aggressive pricing strategy, such as offering the Grecale SUV for as low as ¥38.88 million, has drawn attention but reflects the brand's struggle to maintain its luxury image [9][10]. Group 2: Brand Image and Consumer Perception - Maserati's image has been tarnished by its association with micro-businesses and aggressive marketing tactics, leading to a perception of being a "cheap luxury" brand [20][28]. - The brand's past reputation as a symbol of wealth and status has been compromised, with high-net-worth individuals now concerned about being associated with a brand perceived as a "micro-business car" [28][30]. - Quality issues, including frequent recalls, have further damaged Maserati's reputation, contributing to its declining sales [29][30]. Group 3: Competitive Landscape and Strategic Challenges - The rise of domestic luxury brands, such as BYD's Yangwang, has intensified competition in the luxury car market, making it harder for Maserati to regain its foothold [36]. - Maserati's product lineup lacks competitive electric vehicles, with its current offerings failing to meet market demands for sustainable options [37]. - The brand's history of frequent ownership changes has led to inconsistent strategic direction, complicating its ability to establish a clear market identity [39][42].

Core Insights - Maserati, once a symbol of luxury, is facing declining interest and sales due to aggressive price cuts and changing consumer perceptions in the ultra-luxury market [1][2][4] Group 1: Sales and Market Position - Maserati's sales in China have plummeted, with only 384 units sold in the first five months of the year, representing a 44% year-on-year decline [7][9] - The brand's total global sales dropped by 57% in 2024, with a reported loss of €2.6 billion (approximately ¥21.8 billion) [9] - The aggressive pricing strategy, with models like the Grecale being offered for as low as ¥38.88 million, has raised concerns about the brand's luxury status [5][7] Group 2: Brand Image and Consumer Perception - Maserati's image has been tarnished by its association with "micro-business" marketing tactics, leading to a perception of being a status symbol for lower-tier consumers [16][17] - The brand's past reputation as a high-end luxury vehicle has been compromised, as it struggles to attract its traditional affluent customer base [16][26] - The shift in consumer interest towards domestic luxury brands, such as BYD's Yangwang, has further pressured Maserati's market position [24] Group 3: Strategic Challenges - Maserati is reportedly considering partnerships, such as a potential collaboration with Chery for electric vehicle platforms, to revitalize its product offerings [2][26] - The brand's failure to effectively transition to the electric vehicle market has left it lagging behind competitors [25][26] - Ongoing financial difficulties have led to speculation about the potential sale of Maserati by its parent company Stellantis [9][26]