导读："如果补贴后价格能够降至与燃油车相当的水平，纯电K-Car的普及速度将加快。"日经中文网评 论称。 （文 / 观察者网 周盛明 编辑 / 高莘） 据日经中文网12月24日报道，本田计划在2027年推出纯电版本的K-Car车型，以应对来自于比亚迪的竞 争。 目前，本田在日本K-Car领域的销量表现十分可观。其推出的N-BOX车型在2024年的销量达到了20万 辆，超越丰田卡罗拉，连续三年位居日本新车销量第一。 日经中文网介绍，本田N-BOX凭借宽敞的车内空间以及170万日元区间起的亲民价格，获得了日本消费 者的支持。自2011年推出第一代车型以来，累计销量已达到约300万辆。 铃木俊宏的担忧不无理由。由于K-Car在日本的使用场景大多聚焦在城市代步，所以纯电的动力形式天 生适合此类产品。据悉，铃木也计划在2026年以后推出纯电K-Car。 "如果补贴后价格能够降至与燃油车相当的水平，纯电K-Car的普及速度将加快。"日经中文网评论称。 据悉，比亚迪Racco采用纯电的动力形式，采用四座布局，并且专为日本市场打造。该车符合日本轻型 车法规，计划于2026年夏季在日本市场开启预售。 据公开资料，K-Car（轻 ...

近半年来，中国汽车市场竞争日趋激烈，汽车板块的股价整体表现不及大盘，市场悲观情绪持续蔓延。但比亚迪逆势成为资本市场的宠儿，展现出巨大的市 场活力，可谓潜力无限国际资本青睐。进入四季度以来，高盛、花旗、摩根士丹利等国际顶级投行纷纷发布深度研究报告，一致给予比亚迪"买入"或"增 持"的评级，充分彰显了资本市场对比亚迪未来长期发展的坚定信心。 国际资本情有独钟 资本对比亚迪的青睐，实际上是建立在对比亚迪长期价值的理性判断之上。作为全球投资者的权威参考，国际顶尖投研机构凭借其专业的信息整合与研判能 力，能够穿透行业的短期波动，洞察比亚迪未来的增长潜力。 高盛在11月7日的研报中指出：海外市场将成为比亚迪未来十年的核心增长领域，依托完善的车型矩阵与强大的产品力，比亚迪2025年至2028年盈利年均复 合增长率将达30%，海外利润贡献度将从2024年的21%升至2028年的60%，2026至2035年海外销量有望达150万至350万辆，为此高盛坚定维持其A股、H 股"买入"评级，A股目标价144元，相较于12月9日收盘价仍有约50%上涨空间，体现出其对于比亚迪未来市场价值的高度认同。 除国际投行外，以凯茜·伍德（女版巴菲 ...

Core Insights - The 2025 Japan Mobility Show has commenced, showcasing a significant presence of both Japanese and Chinese automotive companies, highlighting advancements in electric and smart mobility technologies [2][6][12] - Notably, Nissan introduced the Dongfeng Nissan N7, a new energy vehicle developed by its Chinese team, marking a significant step in international exposure for Chinese automotive innovation [2][10] Japanese Automotive Companies - Toyota presented a range of vehicles including concept cars and the new luxury brand "Century," which aims to position itself above Lexus [3] - Honda showcased multiple new models, including the Honda 0 Saloon and the Honda 0α SUV, with plans for global release [4] - Nissan introduced several new models, including the redesigned Leaf electric vehicle and the new MPV, highlighting advancements in hybrid and electric technologies [4][5] Chinese Automotive Companies - BYD launched the Racco, a K-Car specifically designed for the Japanese market, which will be available in summer 2026, emphasizing its entry into a key segment of the Japanese automotive market [7][9] - Zeekr's 009 model was also presented, targeting high-end consumers and showcasing a differentiated strategy compared to BYD's more affordable offerings [8][9] - The presence of Chinese automotive supply chain companies at the show indicates a growing influence of Chinese technology in the global automotive sector [11][12] Market Dynamics - The introduction of BYD's Racco K-Car is expected to intensify competition in the Japanese K-Car market, traditionally dominated by Japanese manufacturers [9] - The collaboration between BYD and Aeon to establish electric vehicle sales points in Japan represents a shift in the traditional automotive sales model, potentially disrupting the established 4S dealership system [10] - The presence of Chinese companies at the show reflects a broader trend of technological exchange and collaboration between China and Japan in the automotive industry [10][12]

Core Insights - BYD has been expanding internationally for 20 years, with Japan being one of its earliest markets, initially entering through battery business [1] - BYD's first electric bus was launched in Japan in 2014, despite initial skepticism from Japanese consumers towards Chinese products [1] - By 2025, BYD has become the top-selling electric vehicle manufacturer globally, and its presence in Japan is now significant [1] Group 1: Market Entry and Strategy - BYD's first K-car model, the Racco, was launched in Japan, with Suzuki's president acknowledging BYD as a "huge threat" while expressing a desire for healthy competition [1] - The Japanese market is characterized by zero import tariffs on vehicles but high consumer loyalty to domestic brands, making it challenging for BYD to gain acceptance [2] - BYD focuses on product trust by customizing features to meet local consumer needs, such as redesigning the Dolphin's roof height for the Japanese market [2] Group 2: Brand Building and Long-term Vision - Unlike its aggressive domestic growth strategy, BYD adopts a more cautious approach in Japan, prioritizing brand building through technology, products, and services rather than immediate sales volume [2] - BYD has not set specific sales targets for Japan but aims to establish a network of 100 dealerships by 2025, with 80 expected to be operational this year [2] - The concept of "long-termism" is central to BYD's strategy in Japan, as local investors value long-term brand investment over immediate profitability [3]

Core Viewpoint - The Japanese automotive industry is undergoing a significant transformation, driven by the rise of Chinese brands and the shift towards new mobility solutions, with the 2023 Tokyo Motor Show rebranded as the "Japan Mobility Show" reflecting this change [1][4][20]. Industry Transformation - The Japanese automotive sector is transitioning from traditional manufacturing to creating new lifestyles, with a focus on electric vehicles and mobility solutions [1][4]. - The Tokyo Motor Show has shifted its focus to local market needs, showcasing vehicles that may not resonate with international consumers but reflect Japanese consumer preferences [9][22]. Financial Performance - In the first fiscal quarter of 2025, major Japanese automakers reported varying degrees of profit decline, with Toyota's operating profit down 11% and net profit down 37%, while Honda and Nissan experienced both revenue and profit declines [13][15]. - Despite Toyota's strong revenue, the overall financial performance of Japanese automakers indicates a need for adaptation in a rapidly changing market [13][15]. Competitive Landscape - The presence of Chinese electric vehicle manufacturers, such as BYD, has intensified competition, prompting Japanese automakers to innovate and adapt their strategies [7][11]. - Japanese automakers are beginning to incorporate more local elements into their products to better compete in the Chinese market, indicating a shift in strategy [15][20]. Consumer Preferences - Japanese consumers exhibit a strong brand loyalty, which influences their purchasing decisions, contrasting with the more fickle nature of Chinese consumers [24][26]. - The success of Japanese brands in their domestic market is attributed to their deep-rooted brand recognition and customer service, which remains a competitive advantage [24][26]. Future Outlook - The year 2025 is seen as a pivotal point for Japanese automakers, as they must navigate the challenges posed by both domestic and international markets while embracing electric vehicle technology [20][22]. - Collaboration with Chinese partners may become essential for Japanese automakers to leverage local market insights and technological advancements [17][20].

Core Viewpoint - BYD officially launched its first K-car model, the Racco, at the 2025 Tokyo Motor Show, emphasizing its commitment to environmental harmony and life care through the vehicle's design and name [1][3]. Group 1: Product Details - The Racco is an all-electric vehicle designed specifically for the Japanese market, featuring a four-seat layout and compliance with Japan's light vehicle regulations. It is set to begin pre-sales in the summer of 2026 [5]. - K-Cars are a unique category of small passenger vehicles in Japan, created to address post-war challenges such as narrow city roads, high fuel prices, heavy tax burdens, and parking difficulties [8]. - K-Cars benefit from lower purchase taxes, annual taxes, and vehicle inspection fees, with some regions allowing exemption from fixed parking space proof [10]. Group 2: Market Context - K-Cars account for approximately 35%-40% of new car sales in Japan, with projected sales of 1.2021 million units in 2024 [10]. - Currently, the K-Car market is dominated by Japanese brands, with Suzuki holding the largest market share at 38.8%, followed by Honda and Daihatsu at 21.4% and 18.3%, respectively [10]. - The introduction of the Racco signifies BYD's deeper localization strategy in Japan, targeting the promising pure electric K-Car segment [12]. Group 3: Competitive Landscape - Suzuki's president expressed that BYD poses a significant threat to the K-Car market, highlighting the competitive nature of the electric vehicle sector [12]. - As of 2024, pure electric K-Cars represent only 2.1% of total K-Car sales in Japan, indicating a substantial opportunity for growth in this segment with the launch of the Racco [12]. Group 4: Additional Product Launches - In addition to the Racco, BYD also unveiled the T35, a purpose-built all-electric van for the Japanese market, featuring advanced driving assistance systems and a range of 250 km [13][14]. - Since entering Japan in 2015, BYD has established itself as the leading brand in the electric bus market, holding a 70% market share, and has launched several electric passenger vehicles since July 2022 [16].