智通财经APP获悉，8月23日，乘联分会秘书长崔东树发布2025年1-7月中国汽车出口市场分析。2025年1-7月中国汽车实现出口418万辆，同比2024年1-7月 增速20%，7月中国汽车实现出口70万辆，同比增27%，环比增12%，同比走势总体较强。今年的主要动力仍是中国产品竞争力提升和全球南方国家市场的 小幅增长。 2025年7月中国汽车出口总量的前10国家：俄罗斯48712辆、阿联酋44185辆、墨西哥43074辆、比利时32621辆、英国31891辆、菲律宾27624辆、澳大利亚 24501辆、沙特22521辆、哈萨克斯坦20740辆、马来西亚15848辆，其中本期较同期增量增大的前五个是：英国20125辆、菲律宾14270辆、阿尔及利亚 13579辆、阿联酋11824辆、哈萨克斯坦8793辆。俄罗斯市场的中国车企防风险意识提升，虽然1-7月俄罗斯国内销量下滑不大，但2025年1-7月我们对俄罗 斯的出口下降幅度较大，7月俄罗斯重回出口第一。 2025年累计整车出口总量的前10国家：墨西哥322264辆、阿联酋271012辆、俄罗斯228040辆、比利时183874辆、巴西174888辆、英国168 ...

数据一出来，世界那种关注，电表像是全都指向中国，7月用电量，10226亿千瓦时，这个数一年多八点六，十年前一看，直接翻了一倍多，数据不再冷冷的 统计，城市、农村、制造、服务，现场的气息全都能感受到，全球第一次，单月用电量过了万亿千瓦时，镜头拉近一点，里面高温，工业慢慢回暖，新能源 那部分越来越多，三种因素一起发生作用。 数据背后的线索，三条比较清楚，需求端那种释放很明显，供给端效率更高了，高温天，空调、制冷之类的用电变成常态，制造业产出也在往上走，新能源 占比，风电、光电、生物质发电这种，七月贡献差不多四分之一，能源转型不是说说而已，已经在数据里体现出来了，区域差异也是一条，河南、陕西、山 东这些地儿，居民用电量同比增幅超三成，经济活动、生活消费，两轮一起拉动。 AI时代，电力角色新鲜，算力需求一下子上去，数据中心、智能制造这些场景，对电力需求成了经济转型新引擎，中国现在算是全球AI算力的主要承载 体，发电能力、电力成本竞争力直接变成产业竞争力，电力就是新生产力的底座，高端制造、智能服务、全球竞争，有了电力支撑。 宏观微观，一起连带着释放，电力环境更稳，能源组合更清洁，企业成本慢慢降下去，投资信心也更足了，经 ...

关注 「电动车公社」 和我们一起重新思考汽车 "如果没有燃油车，欧洲汽车产业将彻底完蛋！" 这并不是危言耸听，而是奔驰 CEO 康林松的肺腑之言。 前不久，几大欧洲车企纷纷拿出了 利润大幅缩水的上半年财报： 在一次媒体采访中，康林松直白地表示： 如果欧盟坚持要在 2035 年全面实行"禁燃令"，整个欧洲汽车业要迎接的，就是集体"全速撞墙"的现实。 奔驰净利润下降 56% 、宝马集团净利润下降 29% 、大众营业利润同 样下 降 32.8%...... Stellantis 集团 更惨， 2023 年狂砍 180 亿净利润、荣膺欧洲最赚钱汽车制造商的盛景，仿佛犹在眼前 。但 今年上半年直接扭盈为亏， 净亏损竟高达 22.56 亿 欧元！ 事实上，随着电气化转型的日程表逐渐推进，欧洲汽车产业的日子是一年不如一年。 | | | | H1 2025 VS. | | --- | --- | --- | --- | | € million, except as otherwise stated | H1 2025 | H1 2024 | H1 2024 | | Combined Shipments(1) (000 uni ...

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 2025 China Automotive Product Appeal Index, released by J.D. Power, shows a significant increase in the appeal of fuel vehicles, with an overall score of 751, up 14 points from 2024, marking the largest increase since the new research platform was adopted in 2020 [1] - Key factors contributing to this increase include improvements in fuel economy (+17 points), entry/exit experience (+13 points), exterior design (+12 points), interior quality (+12 points), and features and start-up experience (+12 points) [1] - Domestic brands in the traditional energy vehicle market have shown notable improvement, scoring 745 points, an increase of 32 points, which, along with mainstream brands' 11-point increase, has driven the overall industry score higher [1] Industry Trends - The significant growth in the fuel vehicle appeal index indicates that traditional fuel vehicles still possess strong competitiveness and potential for improvement, particularly in fuel efficiency, attractive design, and competitive pricing compared to similar new energy vehicles [1] - The enhancement of intelligent features in fuel vehicles remains a challenge for manufacturers, with a focus on ensuring the stability and responsiveness of technology configurations, such as smart voice assistants, being a priority [2] - The market's vitality is driven by diverse competition, and continuous innovation in technology is essential for manufacturers to launch more appealing fuel vehicle products [2]

Core Viewpoint - The global automotive industry is experiencing a significant decline in profits across major multinational companies, attributed to various external and internal factors, including new U.S. tariff policies and the transition to electric vehicles [1][2][4]. Group 1: Financial Performance - Major automotive companies reported either revenue growth without profit increase or declines in both revenue and profit, with substantial profit drops noted [1]. - German automakers saw drastic profit reductions: Volkswagen Group's operating profit fell by 33%, Mercedes-Benz's net profit dropped by 56%, and BMW's net profit decreased by 29% [1]. - U.S. automakers also faced challenges, with General Motors' net profit down 21%, Ford's net profit shrinking from $3.2 billion to $400 million, and Stellantis reporting a net loss of €2.256 billion [1]. - Japanese automakers like Toyota and Honda reported net profit declines of 37% and 50%, respectively, while Nissan continued to incur losses [1]. Group 2: Impact of Tariff Policies - The new U.S. tariff policies have significantly impacted all automotive companies, leading to increased costs and reduced profit margins [2]. - Toyota reported a loss of ¥450 billion due to tariffs in Q2, with an estimated total loss of ¥1.4 trillion for the fiscal year [2]. - Hyundai indicated a loss of ₩828 billion in Q2 due to tariffs, with expectations of greater impacts in Q3 [2]. - Volkswagen, BMW, and Mercedes-Benz also cited tariff impacts on their profit declines, with Volkswagen reporting a loss of €1.3 billion due to tariffs [2]. Group 3: Strategic Adjustments - Many automotive companies are adjusting their strategies in response to tariff pressures, including shifting production to the U.S. to mitigate costs, although this may lead to increased production expenses [3]. - The transition to electric vehicles presents structural challenges, as current electric vehicle sales do not yet match the profitability of traditional fuel vehicles, necessitating high R&D expenditures [3]. - Volkswagen's electric vehicle sales grew by 47% in H1, but profitability remains lower than that of fuel vehicles, impacting overall profit levels [3]. - Companies like Stellantis and Nissan are undergoing leadership changes and implementing cost-cutting measures, including workforce reductions and factory closures, to address financial pressures [4]. Group 4: Future Outlook - The collective profit pressure on global automotive companies results from a combination of external factors like tariffs and internal challenges such as market positioning and strategic adjustments [4]. - The industry faces the critical task of balancing profitability from traditional vehicles while investing in electric vehicle development amidst changing global trade environments and geopolitical factors [4].

Group 1 - Wuhan's automotive trade-in policy will be suspended starting from August 19, 2025, according to the announcement from the Wuhan Municipal Bureau of Commerce [2] - A representative from the Hongshan District Commerce Bureau indicated that the suspension notice has been retracted, and the trade-in policy will continue to be implemented across the province [2] - The current subsidy standards for automotive trade-ins in Hubei Province include various amounts based on the price of the new vehicle purchased, with specific subsidies for both new energy and fuel vehicles [3] Group 2 - Hubei Province plans to issue 100 million yuan in "Hui Gou Hubei" summer retail consumption vouchers, which will include automotive after-market vouchers for products like tires and engine oil [3] - The city of Xiaogan has introduced additional trade-in subsidy policies, allowing for extra subsidies on top of national incentives for new energy vehicle scrappage and trade-ins [3] - In the first half of the year, Hubei's retail sales of automotive products increased by 3.2% year-on-year, surpassing the national growth rate of 2.4%, with new energy vehicle sales growing by 41% [3]

Core Insights - In July, the retail sales of passenger cars in China reached 1.826 million units, representing a year-on-year increase of 6.3% but a month-on-month decrease of 12.4% [1] - From January to July, cumulative retail sales totaled 12.728 million units, showing a year-on-year growth of 10.1% [1] - The market demand remains strong despite July being a traditional off-season, with a trend towards reduced price cuts and stable promotions in the automotive market [1] Passenger Car Market Performance - The retail sales for the first seven months of 2025 indicate a strong performance, with historical highs in retail, export, wholesale, and production [2] - The new energy vehicle (NEV) market saw retail sales of 987,000 units in July, marking a 12% year-on-year increase, and cumulative sales of 6.455 million units from January to July, a growth of 29.5% [2] - The penetration rate of NEVs in July reached 54.0%, an increase of 2.7 percentage points compared to the same period last year [2] Market Trends and Future Outlook - The upcoming launch of new models in August is expected to diversify product offerings across various market segments, potentially boosting retail sales, particularly for fuel vehicles [3] - Recent new fuel vehicle models are anticipated to feature upgrades in smart cockpit and driving technologies, enhancing their competitive edge [3] - The automotive market is expected to maintain relatively stable prices in the second half of the year under the "anti-involution" trend [3]

Core Insights - The retail sales of passenger cars in China reached 1.834 million units in July, showing a year-on-year growth of 6% but a month-on-month decline of 12% [1] - The cumulative retail sales for the year reached 12.736 million units, reflecting a 10% year-on-year increase [1] - The average price of passenger cars in July 2025 was 169,000 yuan, down 800 yuan from the same period last year, indicating a trend of price reduction in the market [1][3] Price Trends - The average price of conventional fuel vehicles has increased from 150,000 yuan in 2019 to 183,000 yuan in 2024, but is expected to decline to 181,000 yuan in the first seven months of 2025 [1][3] - The average price of new energy vehicles has decreased from 184,000 yuan in 2023 to 161,000 yuan in 2025, with July's average at 162,000 yuan [1][3] - The luxury car average price for the first seven months of 2025 is 362,000 yuan, a slight decrease from 2024, while the average for joint venture brands is 175,000 yuan, showing a slight increase [2][14] Market Dynamics - The decline in average prices is attributed to increased sales in the mid-to-low-end market, driven by policies promoting vehicle scrappage and trade-in subsidies [2][5] - The penetration rate of new energy vehicles is increasing, with microcars showing a 100% penetration rate in July, and A0-class small cars at 72.9% [10] - The market share of traditional fuel vehicles remains strong in the 15-20 million yuan range, while the high-end market is experiencing a decline [12][14] Brand Performance - The average price for new force brands decreased by 3.1 million yuan in the first seven months of 2025, indicating volatility in this segment [14] - The average price for independent brands is 122,000 yuan, down 500 yuan year-on-year, reflecting competitive pressure in the market [14] - The performance of high-end hybrid vehicles is weaker compared to the growth of pure electric vehicles, which are gradually gaining market share [14]

Core Viewpoint - The BBA (Benz, BMW, Audi) luxury car manufacturers are facing significant challenges in the electric vehicle era, with their sales and profits plummeting, indicating a shift in consumer preferences towards domestic electric vehicles [4][5][6]. Group 1: BBA Financial Performance - BMW's net profit fell by nearly 30%, while Audi's profit dropped by 37.5%, and Mercedes-Benz's Q2 net profit plummeted by 69% [4][5][11]. - Mercedes-Benz's Q2 net profit decreased from €3 billion to €957 million, a drop of 68.7%, and its sales in China fell by 19% [11][12]. - Audi's operating profit fell by 45.2% to €1.087 billion, and its net profit dropped by 37.5% to €1.346 billion, with a 6% decline in vehicle deliveries [17][18]. Group 2: Market Dynamics - In the first half of the year, domestic car sales in China reached 9.27 million units, a 25% increase, contrasting sharply with the decline in BBA sales [8][34]. - Mercedes-Benz's electric vehicle sales in China fell by 66%, with its market share in the pure electric vehicle segment dropping to 0.16% [13][12]. - Audi's electric vehicle sales also declined by 23.5%, indicating a broader trend of decreasing demand for traditional luxury vehicles [18]. Group 3: Strategic Shifts - BBA manufacturers are struggling to adapt to the electric vehicle market, with Audi retracting its plans for full electrification due to poor sales performance [18][28]. - The luxury car market is witnessing a significant transformation, with domestic brands rapidly gaining market share and consumer trust, while BBA brands are losing their premium status [32][36]. - The shift in consumer preferences towards more affordable and technologically advanced domestic electric vehicles is evident, as BBA brands are unable to compete effectively [37].