人民财讯11月24日电，根据TrendForce集邦咨询最新调查，2025年第三季全球新能源车(NEV)新车销售 量达539万辆，年增31%。其中，纯电动车(BEV)销量达371万辆，年增48%；插电混合式电动车(PHEV) 销量为167万辆，年增4%。受惠于第三季的积极表现及预计车厂将于第四季进行销量冲刺，TrendForce 集邦咨询预估2025年全球新能源车销量将达2043万辆，年增约25%。展望2026年，由于各地区补贴政策 与优惠条件的差异调整，全球电动化进程分化将加剧；其中，美国补贴结束，预计将导致当地市场衰 退。然而，全球转型大趋势仍持续深化，因此，预估2026年全球新能源车销量仍将增至2280万辆，年增 长12%。 ...

Core Insights - The average price of passenger cars in October is 166,000 yuan, a decrease of 1,000 yuan compared to the same period last year, indicating a relatively stable market performance despite high baseline figures [1][3][4] - The market for vehicles priced below 150,000 yuan is relatively active, with small electric vehicles performing notably well, while high-end extended-range and plug-in hybrid models are underperforming [1][2] Price Trends - The average retail price of passenger cars has shown a continuous upward trend from 151,000 yuan in 2019 to 183,000 yuan in 2023, but is projected to decline to 177,000 yuan in 2024 and 170,000 yuan in the first ten months of 2025 [3][4] - The average price of new energy vehicles has also decreased significantly, from 184,000 yuan in 2023 to 159,000 yuan in 2025, with October's average at 156,000 yuan [3][4] Market Structure - The sales structure of passenger cars has shifted, with a notable increase in the proportion of entry-level pure electric vehicles, leading to a decrease in the average price due to the decline in the share of higher-priced hybrid and extended-range vehicles [4][5] - The market share of vehicles priced above 150,000 yuan is declining, with the 200,000-300,000 yuan segment dropping from 17% in 2024 to 16% in 2025, indicating a shift towards more affordable options [6] Sales by Vehicle Class - The penetration rate of new energy vehicles is highest among microcars, reaching 100% in October, while A0-class and A-class vehicles also show significant growth [7][8] - The overall sales of traditional passenger vehicles are under pressure, with new energy vehicles expected to account for 48% of the market in 2024 and 57% by October 2025 [8] Brand Performance - The average price of luxury vehicles in the first ten months of 2025 is 359,000 yuan, down 4,000 yuan from 2024, while the average price for joint venture brands remains stable at 174,000 yuan [10] - New energy vehicles from domestic brands are performing well, with the average price for these brands at 122,000 yuan, reflecting a competitive landscape in the market [10]

Core Insights - The article discusses the decline in sales of range-extended electric vehicles (REEVs) in the Chinese market, highlighting a shift towards pure electric vehicles (EVs) as their technology improves and consumer preferences change [1][3][8] Market Trends - Two years ago, Li Auto successfully introduced a range-extended system, making it the first among new energy vehicle companies to achieve annual profitability [1] - The popularity of REEVs led to a surge in competition, with multiple companies like AITO, Lantu, and Deep Blue launching similar products [1] - However, by mid-2023, sales of REEVs began to decline, with wholesale sales dropping for five consecutive months, and October's sales reaching 121,000 units, a year-on-year decrease of 1.9% [1][3] Consumer Preferences - The sales structure among new energy brands has shifted from a near-equal split of 49% for pure electric and 51% for REEVs in 2024 to 74% for pure electric and 26% for REEVs currently [1] - Improvements in pure electric vehicle range, charging convenience, and cost structure have reduced the appeal of REEVs [3][4] - Consumers are increasingly realizing that most daily commuting needs can be met by pure electric vehicles, leading to a decreased reliance on REEVs [3] Technological Developments - The average range of pure electric vehicles has increased from around 400 km to over 500 km, with some models exceeding 700 km [3] - Charging infrastructure has improved, alleviating issues like long wait times at charging stations during holidays [3] - The decline in battery costs has diminished the price advantage of REEVs, making pure electric vehicles more competitive [3][4] Industry Response - To enhance user experience, new REEV models are adopting a "large battery + small fuel tank" approach, with some models featuring battery capacities exceeding those of comparable pure electric vehicles [5] - The introduction of 800V high-voltage platforms and fast-charging technology aims to address the slow charging issue of larger battery REEVs [5] - There is a division within the industry regarding the optimal battery size for REEVs, with some advocating for larger batteries to improve user experience while others caution against resource waste [6] Regulatory Changes - Starting January 1, 2026, new regulations will raise the threshold for tax exemptions on new energy vehicles, requiring plug-in hybrid (including REEV) models to have a pure electric range of at least 100 km [6] - This policy aims to phase out less efficient "small battery + high fuel consumption" solutions, pushing the industry towards larger batteries and higher efficiency [6] Future Outlook - The future of REEVs may involve a shift towards green energy sources for their power generation, as companies explore alternatives like hydrogen fuel [7] - Despite the decline in popularity, REEVs may still serve a purpose in areas where charging infrastructure is lacking or for specific long-range needs [7][8] - The evolution of the REEV market reflects the dynamic nature of the automotive industry, emphasizing the importance of aligning technology with genuine consumer demand [8]

Core Viewpoint - The article discusses the significant price reductions in the new energy vehicle (NEV) market in China, highlighting the average price drop and percentage decrease in various segments, indicating a competitive pricing strategy among manufacturers [3][4]. Price Reduction Analysis - In October 2025, the average price reduction for new energy vehicles reached 18,000 yuan, with a reduction rate of 11.1% [3]. - From January to October 2025, the average price reduction for NEVs was 21,000 yuan, with a reduction rate of 10.8%, second only to 2022's 13.2% [4]. - The price reduction for conventional fuel vehicles averaged 14,000 yuan with a reduction rate of 8.4% during the same period [4]. Segment Comparison - In October 2025, the average price of pure electric vehicles after discounts was 138,000 yuan, with a reduction of 12,000 yuan and a reduction rate of 8% [6]. - The average price of plug-in hybrid vehicles after discounts was 218,000 yuan, with a reduction of 42,000 yuan and a reduction rate of 19% [8]. Competitive Dynamics - Major state-owned enterprises are leading the price reductions, with significant discounts on models like the Hongqi EQM, which saw a price drop of 36% [7]. - The competitive pricing strategy is driven by leading companies, necessitating adjustments from competitors to maintain market share [8]. Financial Performance - Despite aggressive pricing strategies, several companies are facing declining profitability, with Great Wall Motors reporting a more than 30% drop in Q3 profits, and GAC Group posting its highest quarterly loss since listing at 1.774 billion yuan [9].

Core Insights - The range-extended electric vehicle (REEV) market has experienced a rare "three consecutive declines" in monthly sales, with July, August, and September sales at 106,900 units, 97,400 units, and 105,000 units respectively, reflecting year-on-year declines of 11%, 7%, and 13% [1][3] - Ideal Automotive, once a leader in the REEV market, has seen a significant drop in sales for five consecutive months, raising questions about whether this decline is a temporary market fluctuation or indicative of a ceiling for this technology path [1][3] - The REEV market, which saw explosive growth from 2021 to 2024 with sales increases of 218%, 130%, 154%, and 70.9%, and market share rising from 3.6% to 9.1%, is now facing challenges as the core advantages of REEVs are being undermined by advancements in pure electric vehicles (EVs) [1][3][5] Market Dynamics - The REEV market has expanded significantly, with total sales expected to exceed one million units by 2024 and the number of brands reaching 23 [3] - However, the landscape is changing as Ideal Automotive shifts focus towards pure electric vehicles, while competitors like Wuling, Deep Blue, and others continue to enter the REEV space [3][4] - The core reasons for the decline in REEV popularity include significant improvements in pure EV range, enhanced charging infrastructure, and decreasing battery costs [5][8] Technological Shifts - The average range of new pure EVs has increased to over 500 km, with mainstream models exceeding 600-700 km, closely matching traditional fuel vehicles [5][8] - Charging infrastructure has improved dramatically, with a total of 12.8175 million charging stations in China by the end of 2024, a 49.11% year-on-year increase [8] - Battery costs are projected to drop to $99 per kWh by 2025, making EVs more cost-competitive with fuel vehicles [8][9] Future Considerations - The new generation of REEVs is shifting towards "large battery + small fuel tank" configurations, raising questions about the necessity of the range-extending engine when pure electric range is comparable to that of pure EVs [9][12] - Industry opinions are divided on whether this shift represents progress or a deviation from the original efficiency goals of REEV technology [12][14] - The decline in REEV popularity highlights the transient nature of market advantages and the importance of addressing consumer pain points [15][16]

Global New Energy Vehicle Trends - In the first nine months of 2025, global new energy vehicle sales reached 1.571 million units, contributing to 29.2% of total vehicle sales, an increase of 2.9 percentage points compared to the entire year of 2024 [2][5] - The penetration rate of new energy vehicles globally is on a rapid rise, reaching 24.5% in the third quarter of 2025, up from 19.5% in 2024 [26][24] - China accounted for 68% of the global increase in new energy vehicles in the first nine months of 2025, while Germany and the United States contributed 5% and 4% respectively [1][27] Market Performance - In 2025, the global automotive market is projected to reach 70.53 million units, with new energy vehicles making up 1.571 million units [2][5] - The share of pure electric vehicles in new energy vehicles reached 14.8%, while plug-in hybrids accounted for 7.5% in the first nine months of 2025 [5][28] - The global new energy vehicle market is expected to continue its upward trajectory, with significant growth observed from 2021 to 2024 [8][10] Regional Insights - By September 2025, China's new energy vehicle penetration rate reached 46%, significantly higher than Germany's 27%, Norway's 80%, the UK's 32%, the US's 13%, and Japan's 2% [26][1] - The European new energy vehicle market is stabilizing, with a share of 17% in the global market as of September 2025, remaining relatively unchanged from the previous year [29][28] - The US new energy vehicle market showed improvement, with sales reaching 1.24 million units in the first nine months of 2025, marking a 16% increase [21][20] Competitive Landscape - Chinese brands have seen a significant increase in their share of the overseas new energy vehicle market, rising from 1.8% in 2021 to 14.5% by September 2025 [15][27] - The contribution of Chinese new energy vehicles to global sales is expected to remain dominant, with projections indicating a continued strong performance in the coming years [1][29] - The disparity in new energy vehicle development across regions highlights the varying levels of government support and market maturity [26][24]

Group 1 - The global market is experiencing a noticeable trend where the acceptance of pure electric vehicles (EVs) is slowing down compared to earlier predictions [1] - Lamborghini plans to continue with plug-in hybrid models for its Urus successor, set to launch in 2029, while evaluating the powertrain for its fourth model [1] - Lamborghini's electrification strategy consists of two phases, with the first phase starting in March 2023, introducing the Revuelto, a high-performance V12 plug-in hybrid supercar [1] Group 2 - Porsche has made significant changes to its electric vehicle strategy, delaying the launch of several new pure electric models and extending the production life of internal combustion and hybrid vehicles for the next decade [2] - Lamborghini believes in not rushing to be the first to market with pure electric models, ensuring that infrastructure is in place and that the vehicles represent Lamborghini's extreme performance [2] - The demand for ultra-luxury pure electric vehicles has not yet formed, leading to a general trend among luxury brands to introduce hybrid models first while extending the use of internal combustion engines [2]

Core Viewpoint - 99% of Chinese pure electric vehicle users surveyed indicated they would consider purchasing another electric vehicle, reflecting strong support for electrification policies and a mature ecosystem led by domestic giants [1][3]. Group 1: Global Electric Vehicle Market Trends - Global electric vehicle sales penetration rate increased from 20% in 2023 to 25% in 2024, with China leading at 49% up from 36% [5]. - China, Norway, and the United States are the top three markets for electric vehicles, with China maintaining its leadership in both electric vehicle adoption and charging infrastructure development [9][10]. - In contrast, many European markets have seen stagnation or slight declines in electric vehicle penetration, with Germany experiencing a second consecutive year of decline due to policy changes [10]. Group 2: Consumer Motivations and Charging Infrastructure - While environmental concerns remain the primary motivation for consumers choosing electric vehicles, economic factors are becoming increasingly important, especially in the Asia-Pacific and North American markets [11][12]. - 80% of electric vehicle users report annual mileage of over 10,000 kilometers, with 74% using their vehicles at least four days a week [13]. - The importance of public charging infrastructure is growing, with 85% of pure electric vehicle owners able to charge at home, yet half of charging occurs outside the home [14]. - The Chinese government is actively promoting the construction of high-power charging facilities, aiming for over 100,000 such facilities by the end of 2027 [14].

Core Insights - Tesla reported a 12% year-over-year increase in total revenue for Q3 2025, reaching $28.1 billion, with free cash flow hitting a record $4 billion, marking a historic high for both metrics [1] - Elon Musk emphasized Tesla's leadership in real-world artificial intelligence, citing the company's capabilities in AI, electromechanical engineering, and scalable production [1] AI, Autonomous Driving, and Humanoid Robots - Musk stated that the large-scale advancement of autonomous driving and Robotaxi services will fundamentally change transportation, potentially leading to a world without poverty [2] - Tesla has expanded its Robotaxi service three times since its launch in Austin, with plans to operate in Nevada, Florida, and Arizona by the end of the year [2] - The Robotaxi service has accumulated over 250,000 miles (400,000 km) in Austin and over 1 million miles (1.6 million km) in the Bay Area [2] - The Robotaxi iOS app is now available for download in the U.S. and Canada, allowing users to join a waiting list [2] - Tesla plans to eliminate safety drivers for Robotaxi in the coming months, with expectations to operate in 8 to 10 urban areas by the end of 2025 [2] - Tesla began rolling out the Smart Assist Driving V14 in October 2025, enhancing the FSD model's capabilities [3] - The company is developing a Lite version of Smart Assist Driving for vehicles equipped with HW3.0 hardware [3] - Tesla's real-world simulator for training Smart Assist Driving significantly enhances AI performance through realistic video generation [3] - 12% of Tesla users globally are paying for Smart Assist Driving, with over 9.6 billion kilometers driven using the system [3] - Tesla's Q3 2025 vehicle safety report indicates that vehicles with Smart Assist Driving are nine times safer than regular vehicles [3] - The Cybercab Tesla is set to begin production in Q2 2026, and the third-generation humanoid robot will be released in Q1 2026 [3] Electric Vehicles and Services - In Q3 2025, Tesla produced approximately 447,000 electric vehicles and delivered 497,000, both record highs [7] - Tesla's Shanghai Gigafactory remains a key export hub, with over 90,000 deliveries in September and a 25% quarter-over-quarter increase in sales in China [7] - The Model Y has become the best-selling SUV in China, with nearly 170,000 units sold in Q3, a 31% increase [7] - Tesla achieved record delivery numbers in several Asia-Pacific markets, with South Korea becoming the third-largest market after the U.S. and China [7] - In Europe, the Model Y has been the best-selling vehicle in Norway, Switzerland, and Iceland, and has topped sales charts in Finland and the Netherlands [7] - The Texas Gigafactory has produced its 500,000th vehicle [8] - Tesla has installed over 3,500 new Supercharger stations globally, increasing the charging network by 18% year-over-year [8] - The new V4 Supercharger stations offer three times the power density of V3 stations, providing up to 500 kW of charging power [8] Energy Storage - Tesla's energy storage product installations reached a record 12.5 GWh in Q3 2025, driven by the Shanghai Supercharger factory's output and Powerwall installations [14] - The new Megablock industrial storage product simplifies deployment and reduces complexity for utility-scale projects [14] - The fourth-generation Megapack is in planning, designed to output approximately 35 kV without requiring a dedicated substation [14] - The demand for energy products is increasing due to the growth of the AI industry, with large enterprises recognizing the benefits of Megapack products [14] - Tesla is launching a new solar + Powerwall rental program to provide predictable energy costs for customers, further driving demand for home energy products [14]

Summary of Jinlong Automobile Conference Call Industry Overview - The global bus export industry is experiencing significant growth, with China's bus export compound growth rate projected at 31% from 2022 to 2024, maintaining a 30% growth rate in the first eight months of 2025 [3][4] - The European new energy bus market penetration rate has rapidly increased, reaching 22% in the first half of 2025, indicating a strong growth phase for the industry [2][8] Company Performance - Jinlong Automobile's export growth rate reached 54% in the first half of 2025, significantly outperforming the industry average [2][3] - The company ranks among the top three global bus manufacturers alongside Yutong and Daimler Trucks [2][3] - Jinlong's net profit margin improved to 1.6% in the first half of 2025, with a second-quarter margin of 1.8%, indicating a positive trend in profitability [2][3][7] Strategic Initiatives - Jinlong is enhancing its profitability through measures such as increasing centralized procurement, platform-based R&D, and sales channel integration [2][7] - The company has established a parts center in Luxembourg and launched high-end tourist buses and electric vehicles at the Belgium auto show, with plans to enter the Nordic market [2][5][10] Technological Advancements - Jinlong is leading in the autonomous driving sector, having partnered with Baidu to launch the Apollo autonomous bus, which is operational in 45 regions and has been exported to the Middle East [2][6][11] - The company has also collaborated with JD.com to deploy unmanned logistics vehicles across 12 cities and 32 sites in China [2][6][11] - Jinlong's intelligent driving technologies, including the iQOO autonomous driving control system, have been validated over a million kilometers, showcasing its industry-leading capabilities [11][13] Market Trends - The average price and profitability of new energy vehicles are significantly higher than traditional fuel vehicles, providing growth opportunities for companies like Jinlong [8][12] - The rapid increase in the penetration rate of new energy buses in Europe suggests a favorable market environment for Jinlong and similar companies [9][12] Future Outlook - Jinlong is expected to enhance its global competitiveness and profitability through ongoing management improvements and the transition to new energy vehicles [4][10][12] - The company aims to leverage its advancements in intelligent driving and new energy technologies to capture a larger market share in both domestic and international markets [11][13]