中国汽车流通协会联合精真估发布的《2025年8月中国汽车保值率研究报告》（下称《8月保值率报告》）显示，三年车龄的插电混动车型平均保值率仅为 43.9%，纯电动车型为42.6%，均普遍低于传统燃油车。 该报告指出，燃油车三年平均保值率保持在50%以上，显著高于新能源车型。这一数据揭示了车市繁华表象下的残酷现实：汽车，尤其是新能源汽车，正成 为贬值速度惊人的消费品。 车市繁荣下的保值困境 9月伊始，各大车企纷纷推出新款车型。据不完全统计，仅9月国内就上新了70余款车型（包括年度改款车型），涵盖了从经济型轿车到豪华SUV的各个细分 市场。 中国汽车流通协会数据显示，8月份汽车消费指数较上月上升15.2%，预示着"金九银十"传统销售旺季的到来。 刚刚过去的9月，各家车企大量发布新车型，创下单月新车发布数量新纪录。叠加补贴和厂家促销，消费者纷纷排队下单，整个9月和"十一"小长假，车市都 变得热闹非凡。但热闹之下，很多消费者遇到一个尴尬的现实：刚买不久的爱车，转眼间贬值数千数万元。在"金九银十"的购车热潮中，如何避免成为"冤 大头"，已成为消费者所焦虑的事。 "我3月份买的电动车，才过了半年，官方就降价3万，这贬值速度 ...

记者 周菊 近日，彭博社援引知情人士的消息称，奇瑞汽车正与雷诺汽车洽谈在南美开展制造和销售合作，以扩大 双方在该地区的业务。据透露，双方谈判聚焦于哥伦比亚和阿根廷的合作计划，雷诺将允许奇瑞使用其 在当地的工厂设施，而奇瑞将投入资本并提供产品设计。 针对该消息，经济观察报分别向雷诺和奇瑞方面进行求证，但双方均表示暂无相关的信息可以分享。 对于双方的合作细节，上述知情人士透露，奇瑞计划利用雷诺在哥伦比亚恩维加多的工厂生产燃油车， 其中大部分将挂上雷诺车标销售，少部分继续使用奇瑞品牌。在雷诺的阿根廷科尔多瓦工厂，奇瑞考虑 投资插混皮卡生产线，由雷诺负责总经销。简而言之，若合作达成，奇瑞将提供产品和技术，雷诺则提 供工厂和销售渠道。 当前，国内汽车市场增速放缓，几乎所有中国车企都加快了全球化步伐，积极布局海外市场。其中，南 美洲因市场潜力大、新能源汽车市场空白，成为众多车企的出海热门地，此前奇瑞、比亚迪、长城汽车 均已在巴西建厂，为开拓南美市场打下基础。 在中国车企中，奇瑞汽车的出口销量长期位居榜首。2024年，奇瑞汽车海外销量达114.5万辆，同比增 长21.4%，居中国自主品牌乘用车出口第一，与上汽成为唯二海外销 ...

Core Viewpoint - The article discusses the evolving structure of the regional automotive market in China, highlighting the "strong North, weak South" trend, driven by government policies and changing consumer preferences, particularly in the context of electric vehicles and economic recovery in certain regions [2][5]. Regional Market Trends Analysis - The automotive market in China is characterized by a persistent "strong North, weak South" pattern, with the Northern market showing a 5.7% increase in market share from 2022 to 2025, despite a slight decline of 0.2% in August 2025 compared to the previous year [5]. - The Northeast region has shown consistent growth, maintaining a high market share of 6.8% in August 2025, while Southern regions like East China and South China have experienced significant declines [2][5]. - The Central region's market has improved, with a 1.5% increase in market share in August 2025 compared to the previous year, indicating a recovery trend [5]. Policy Impact on Regional Structure - Government subsidy policies have significantly influenced the market, particularly benefiting low-end and economic vehicles, with A00 and A0 class electric vehicles performing well in Northern regions [2][5]. - The article notes that the policy's fairness is evident as it encourages the development of small and micro electric vehicles, which is crucial for widespread adoption [2][5]. Market Structure Changes - The demand for SUVs is notably strong in the Central and Western regions, attributed to the geographical terrain, while the Eastern regions show a preference for electric vehicles, particularly in flat areas [7][8]. - The overall structure of the automotive market is shifting, with a notable increase in the share of electric vehicles, especially in regions like Hainan and Guangxi, where the penetration rate has reached around 60% [8][9]. New Energy Market Structure Analysis - The new energy vehicle market is performing well, with significant growth in both pure electric and plug-in hybrid vehicles, particularly in Northern regions where traditional fuel vehicles still dominate [8][9]. - The penetration rate of new energy vehicles in Eastern regions exceeds 50%, while the demand for traditional fuel vehicles remains high in the Central and Western regions, where they account for approximately 60% of the market [8][9].

中国宇通客车股份有限公司展示了四款纯电动车型及"车电同寿"（即电池寿命与车辆使用寿命相匹配的 技术）等多项前沿技术，覆盖城市干线交通、城际出行、高端客车旅游等诸多场景，成为现场焦点。 在展会主办方举办的"世界客车大奖"评比中，宇通除斩获"年度最佳客车大奖"与"年度最佳巴士大 奖"外，还在安全、环保等领域获奖。 新华社布鲁塞尔10月7日电 综述｜80余家中企亮相世界客车博览会 电动和智能成焦点 新华社记者张兆卿 陈斌杰 两年一度的世界客车博览会10月4日至9日在比利时布鲁塞尔举行，全球约550家企业携零排放整车、智 能交通与新一代电池等创新成果亮相，集中展示公共交通电动化与数字化最新进展。 本届展会按参展企业数量统计，土耳其展商数量以107家位列第一。中国首次超越德国，以80余家的数 量位列第二名，德国以68家位列第三。 欧洲本土车企在本届展会上集中发布新品。德国戴姆勒巴士带来8台展车，其全球首次公开亮相的城际 纯电车型；德国曼恩集团发布首款由欧洲大型客车制造商研发的纯电动客车；瑞典斯堪尼亚公司发布面 向城际与长途场景的新型高地板电池电动巴士及客车平台。 此次展会中国客车制造商云集，展现出对欧洲市场的高度关注。 ...

Group 1 - The automotive industry is focusing on inventory reduction and increasing sales, particularly through overseas markets as a strategy to meet annual sales targets [1][2] - In the first half of 2025, domestic passenger car capacity utilization is projected to be around 52%, with production and sales both exceeding 15 million units, driven by policies like vehicle trade-ins and growth in export business [1] - The average price of passenger cars has decreased by 5,000 to 9,000 yuan (approximately 2.8% to 5.6% discount) from January 2024 to July 2025, coinciding with a surge in new vehicle launches, especially in the plug-in hybrid and extended-range segments [1] Group 2 - Data from the China Automobile Dealers Association indicates that sales of plug-in hybrid vehicles are expected to grow over 80% year-on-year in 2024, while extended-range vehicles are projected to see over 70% growth [2] - However, since March 2023, the growth rate of plug-in hybrid vehicles has significantly declined, with sales in August 2023 showing a negative growth of 7.3% year-on-year [2] - In contrast, pure electric vehicle sales reached 686,000 units in August 2023, with a year-on-year growth of 17.2%, indicating a shift in consumer preference [2] Group 3 - Exports have become a major driver of automotive production growth since 2023, but the pace of complete vehicle exports is expected to slow down due to localization requirements in target markets [3] - The top ten countries for Chinese automotive exports from January to August 2023 include Russia, but exports to Russia have significantly decreased due to heightened risk awareness among Chinese automakers [3] - The export performance of new energy vehicles has exceeded expectations, with growth in plug-in hybrids and hybrids becoming new growth points, particularly in developed markets in Western Europe and Asia [3]

| TM 丰田汽车 | | | | --- | --- | --- | | 193 0104 -0.560 -0.29% | | 收盘价 09/03 15:59 美东 | | 195.680 + 2.670 +1.38% | | 盘前价 09/04 04:42 美东 | | 三 7 24 8 × 9 月 ♥ 白 元 | | ● 快捷交易 | | 最高价 193.330 | 开盘价 192.560 | 成交量 31.7万 | | 最低价 192.470 | 昨收价 193.570 | 成交额 6115.67万 | | 平均价 192.908 | 市福率 M 8.79 | 总市值 2515.57亿(--) | | 振 幅 0.44% | 市盈率(静) 7.95 | 总股本 13.03亿 | | 换手率 0.03% | 市净率 1.033 | 流通值 1882.37亿 | | 52周景高 201.800 | 委 比 -90.48% | 流通股 9.75亿 | | 52周景低 155.000 | 量 比 1.21 | 每 手 1股 | | 历史最高 245.746 | 股息ITM 6.171 | | | 历史最低 2 ...

Group 1 - Toyota's global sales reached a record high in July, marking the seventh consecutive month of growth, driven by strong demand in the US and China despite global trade uncertainties [1] - In July, global sales (including subsidiaries Daihatsu and Hino) increased by 4% year-on-year to 963,796 units, with overseas market sales growing by 6% [1] - North America showed exceptional performance with a 20% increase in sales, supported by strong demand for trucks, SUVs, and hybrid models [1] Group 2 - In the first half of 2025, Toyota's global sales also hit a record high, with a 7.4% year-on-year increase, surpassing 5.5 million units, and production rising by 8.8% to 5.5 million units [2] - The US remains Toyota's largest export market, with sales reaching $40.8 billion last year, although tariff impacts have significantly affected the company [2] - Toyota has lowered its operating profit forecast for the fiscal year 2025 from 3.8 trillion yen to 3.2 trillion yen, anticipating a tariff impact of 1.4 trillion yen (approximately $9.5 billion) [2] Group 3 - Traditional Japanese automakers like Toyota face dual challenges from fluctuating trade policies and competition from emerging electric vehicle companies like BYD and Tesla [2] - While hybrid technology still holds market advantages, the intensifying competition in the pure electric vehicle sector is pushing Toyota to accelerate its transformation [2] - Balancing traditional strengths with the shift towards electrification will be a key focus for Toyota in the future [2]

Core Viewpoint - The Chinese passenger car market is expected to see a retail growth of 11% year-on-year by 2025, driven by favorable national policies and a strong performance in the northern regions, while the southern regions show weaker growth [1]. Group 1: Regional Market Trends - The northern car market is showing significant strength, with a 3.3 percentage point increase in market share in June 2025 compared to the previous year, and a 5.7 percentage point increase compared to 2019 [2][3]. - The Northeast region has been steadily growing, maintaining a high market share of 7% in June 2025, while the southern regions, particularly East China, have experienced significant declines [1][4]. - The overall market growth is characterized by a "north strong, south weak" pattern, with the Northeast and Northwest regions being the fastest-growing areas in China [2][3]. Group 2: Policy Impact and Market Structure - Subsidy policies are encouraging the growth of mid-to-low-end economic vehicles, with A00 and A0 level electric vehicles performing well in the northern regions [1][4]. - The shift towards new energy vehicles (NEVs) is accelerating in northern provinces, with plug-in hybrid models gaining traction due to their advantages in colder climates [1][4]. - The market structure is evolving, with SUVs showing strong demand in the central and western regions, while traditional fuel vehicles still dominate in these areas [7][9]. Group 3: New Energy Vehicle Market - The new energy vehicle market is performing well, particularly in pure electric and plug-in hybrid segments, with traditional fuel vehicles still holding a significant share of around 60% in the central and western regions [9][10]. - Regions like Hainan and Tianjin have seen new energy vehicle penetration rates reach approximately 60%, indicating robust growth [10][11]. - The overall structure of the passenger car market is shifting, with economic vehicles benefiting the most from government subsidies, reflecting a fair and equitable policy approach [11][12].

Core Insights - The passenger car industry is expected to return to rationality in promotions and price reductions by 2025, with significant improvements in market order [1] - The number of models experiencing price reductions has increased from approximately 50 in 2020-2022 to 147 in 2024, but the scale of new car price reductions in 2025 is relatively moderate [1][10] - The overall price reduction trend shows a decrease in the number of models with price cuts, particularly from April to July 2025 [5][10] Price Reduction Tracking - In the first seven months of 2025, the average price reduction for new energy vehicles reached 22,000 yuan, with a reduction rate of 11.9% [12] - For conventional fuel vehicles, the average price reduction was 16,000 yuan, with a reduction rate of 9.1% [12] - The overall average price reduction across the passenger car market was 21,000 yuan, with a reduction rate of 11.3% [12] Monthly Price Reduction Status - In July 2025, 17 models experienced price reductions, which is stable compared to 23 models in July 2024 [6][10] - The number of price-reduced conventional fuel vehicles in the first seven months of 2025 was 28, a decrease of 21 compared to the same period last year [10] - The number of price-reduced new energy vehicles was 46, a decrease of 8 compared to the same period last year [10] Promotional Trends - The promotion rate for new energy vehicles in July 2025 was 10.2%, showing a stable trend compared to previous months [15] - Traditional fuel vehicles maintained a promotion rate of 23.4% in July 2025, reflecting a slight increase from the previous month [18] - Luxury vehicle promotions reached 27.2% in July 2025, indicating a growing trend in high-end demand despite competition from new energy vehicles [20] Specific Model Price Reduction Analysis - In July 2025, the average price reduction for pure electric vehicles was 18,700 yuan, with a reduction rate of 12.1% [26] - For plug-in hybrid vehicles, the average price reduction was 33,000 yuan, with a reduction rate of 13.6% [28] - Conventional fuel vehicles saw an average price reduction of 12,900 yuan, with a reduction rate of 10.4% [28]

Core Viewpoint - Geely Automobile Holdings Limited reported a significant increase in July 2025 sales, with total sales reaching 237,717 units, representing a year-on-year growth of 58%, driven by multi-brand collaboration and strong performance in electric vehicles [2][3] Sales Performance - Geely brand sales in July were 193,524 units, up 70% year-on-year, with the Galaxy series contributing significantly with 95,043 units sold, a staggering increase of 237% [2] - Cumulative sales for the Geely brand from January to July reached 1,357,827 units, reflecting a 59% increase compared to the same period last year [2] - Zeekr brand sales in July were 16,977 units, showing a modest increase of 8%, with cumulative sales of 107,717 units, up 4% year-on-year [2] - Lynk & Co brand sales in July were 27,216 units, a 28% increase year-on-year, with cumulative sales of 181,353 units, up 23% [2] Electric Vehicle Performance - Pure electric vehicle (BEVs) sales in July reached 90,043 units, a remarkable growth of 192%, accounting for 37.9% of total group sales; cumulative sales from January to July were 600,846 units, up 176% [2] - Plug-in hybrid electric vehicle (PHEVs) sales in July were 40,081 units, a 42% increase year-on-year, with cumulative sales of 254,429 units, reflecting a 58% growth [2] Export and Proton Brand - July exports totaled 35,272 units, a 6% increase year-on-year; however, cumulative exports from January to July were 219,386 units, showing a slight decline of 6% [3] - Proton brand sales in July were 14,117 units, an 11% increase year-on-year, with cumulative sales of 91,306 units remaining stable compared to the previous year [3]