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比亚迪(002594):深度:技术领航,生态破局,腾势开启高端化新征程
Changjiang Securities· 2025-08-21 23:30
Investment Rating - The investment rating for BYD is "Buy" and is maintained [11]. Core Viewpoints - BYD has established a strong matrix of mainstream luxury, personalized, and ultra-luxury brands, with a focus on high-end market penetration supported by robust technological capabilities [6][17]. - The Tengshi brand, underpinned by advanced technology, is positioned as a new luxury brand emphasizing safety and comfort, achieving a monthly average transaction price of 367,000 yuan in 2024, ranking first among brands with monthly sales exceeding 10,000 units [7][25]. - The company is expected to see significant profit growth, with projected net profits of 52 billion, 65.3 billion, and 75.4 billion yuan for the years 2025 to 2027, respectively [9]. Summary by Sections Product Matrix and Brand Strategy - BYD has developed a comprehensive product matrix covering various price ranges from 200,000 to 1 million yuan, including the Tengshi, Fangchengbao, and Yangwang brands, with a focus on high-end electric vehicles [6][17]. - The Tengshi brand has a growing sales contribution, with 80,000 units sold in the first half of 2025, reflecting a 34% year-on-year increase [17]. Tengshi Brand Development - The Tengshi brand is enhancing its product lineup with models like the D9, N9, Z9, and Z9GT, and has established a nationwide presence with 600 stores, 56% of which are in tier-2 cities and above [7][29]. - The brand's technological advancements include a unique electric architecture and a focus on user experience, integrating features like the "Tian Shen Zhi Yan" advanced driving assistance system [35][39]. Technological Advancements - BYD's technological strength is a cornerstone of its high-end market strategy, with innovations in safety, flexibility, and comfort, including features like high-speed tire blowout control and advanced parking systems [32][36]. - The company has a significant R&D workforce, with over 110,000 engineers, enabling rapid advancements in intelligent driving technologies [41]. Marketing and Global Expansion - Tengshi is enhancing its marketing strategies, including increased advertising in key urban areas and participation in international auto shows to boost brand visibility [8][55]. - The brand has begun exporting vehicles, with over 1,500 units shipped in June 2025, and plans to expand its presence in Asia, Europe, and South America [55][56].
MPV最近卖得怎么样,都是哪些人在买?
车fans· 2025-08-19 00:51
Core Viewpoint - The MPV market remains stable despite the rising popularity of 6-seat SUVs, with a focus on user comfort and specific customer demographics [1][2][9]. Sales Performance - The sales of the Dreamer model reached 23 units last month, maintaining steady performance compared to previous months [2]. - The sales of the Gaoshan model increased significantly, accounting for over 60% of total sales, with the Gaoshan 8 being the best seller [5]. - The sales of the Tengshi D9 model reached 9 units, making up 90% of the store's sales, with the D9's DMi four-wheel drive version being the most popular [7]. - The GL8 model sold 9 units last month, representing 20% of total sales, with the Luxurious version being the top seller [11]. - The Sienna model sold 6 units, accounting for approximately 15% of total sales, with the 2.5L hybrid version being the most popular [15]. Customer Demographics - Customers of the Dreamer model are primarily either families with two children or corporate users, with a strong preference for comfort [2]. - Gaoshan model customers are also mainly families or corporate users, emphasizing the importance of spaciousness and comfort [5]. - The Tengshi D9 attracts corporate leaders and business owners, with some customers purchasing it for tourism rental purposes [7]. - The GL8 model's customer base is evenly split between personal and corporate use, with a high rate of repeat customers [12]. - Sienna customers are often corporate clients or families, drawn by Toyota's reputation and global presence [15]. Competitive Landscape - The Dreamer competes closely with the Gaoshan 8, which offers advanced features like built-in refrigerators and laser radar [3]. - Customers often compare the Gaoshan model with the Dreamer and Tengshi D9, with brand recognition playing a significant role in their decisions [5]. - The D9 is frequently compared with the Dreamer and Sienna, with customers appreciating the D9's reputation and features [8]. - The GL8 is recognized for its historical use as a government vehicle, while the D9 is noted for its status as a sales champion in the new energy vehicle segment [15]. Key Features - The MPV's sliding doors and spacious third row are highly valued by customers, with comfort being the primary concern [3][5]. - The D9's advanced features and brand reputation contribute to its strong sales performance [7][8]. - The GL8's appeal lies in its long-standing trust among customers and the availability of discounts [12]. - The Sienna's comfort and spaciousness are highlighted as key advantages over SUVs, with customers often prioritizing these features during their selection process [15].
购在中国·2025“千县万镇”新能源汽车消费季(山东站)盛大启动 多品牌优惠政策助力绿色出行“焕”新升级
Qi Lu Wan Bao· 2025-08-15 13:13
Core Viewpoint - The "Purchase in China 2025" campaign aims to boost consumption and expand domestic demand by promoting the sales of new energy vehicles (NEVs) in rural areas of Shandong province, integrating green travel with rural revitalization efforts [1][45]. Group 1: Event Overview - The event was launched on August 15 in Tai'an, Shandong, focusing on the county and township markets to unlock the consumption potential of NEVs [1]. - The theme of the event is "Enjoy Consumption, Renew Travel," driven by a dual approach of policies and activities [1]. Group 2: Organizers and Participants - The event is co-hosted by the Shandong Provincial Department of Commerce and the Dazhong Media Group, with support from local government and media [4]. - Over 50 well-known automotive brands and hundreds of NEV models were present, providing a one-stop shopping platform for consumers [4]. Group 3: Promotional Offers - Major car manufacturers are offering significant discounts and incentives during the event, including trade-in bonuses and financial plans [8][15]. - Tesla is providing a "five-year interest-free" financing option along with an 8,000 yuan insurance subsidy [8]. - BYD is offering a 6,999 yuan benefits package for a 99 yuan deposit, with discounts on various models ranging from 6,000 to 10,000 yuan [15]. Group 4: Policy Support - The event emphasizes the implementation of national trade-in and scrapping subsidy policies, with dedicated areas for policy interpretation and consultation [41]. - The "policy package" includes purchase subsidies, trade-in benefits, and special price models to ensure consumers understand and can easily access the discounts [41]. - Shandong province has seen a leading growth rate in retail sales, with 247,000 vehicle scrapping applications in the first half of the year, indicating strong market activity [41]. Group 5: Future Outlook - The campaign is expected to create a wave of enthusiasm for NEVs across the province, with ongoing efforts to innovate consumption scenarios and implement policies [45]. - The goal is to accelerate the adoption of NEVs in households, contributing to the green economy and rural revitalization [45].
汽车进口半年骤减32%,豪华油车生意被抢
3 6 Ke· 2025-08-15 12:27
编者按:当BBA和雷克萨斯在豪华汽车市场不再强势,自主品牌新能源豪车强势崛起,单纯依靠品牌底蕴和机械素质又还能守住多少市场份额?燃油车 命运的齿轮早已开始转动,一场关乎万亿产业链的博弈将走向何方? 随着电动化进程的深入,传统豪华燃油车也站在了新的十字路口。 官方数据显示,今年上半年,包括BBA在内的多个豪华品牌在华销量呈现下滑态势。中国汽车流通协会乘联分会的数据也表明,今年上半年我国进口汽 车尤其是进口豪车的数量也下滑明显。 在传统豪华品牌销量下滑的同时,新能源豪车开始后来居上,尤其是自主品牌旗下的豪华汽车正在抢占更多的市场份额。在销量榜中,30万元至40万元的 价格区间里,新能源豪华汽车正在占据更多席位。传统豪华油车的市场格局正被改写。 销量下滑 "这是近期少见的1月-6月巨大下滑。"这是乘联分会主席崔东树发表的关于进口汽车情况的文章中,对于今年上半年进口汽车数量的描述。 崔东树指出,今年6月我国进口汽车4.3万辆,同比下滑30%,环比5月下降9%。2025年1月-6月,我国进口汽车22万辆,同比下降32%。 回顾过去十年,进口汽车可谓大起大落。乘联分会的数据显示,2014年,我国进口汽车数量达到143万辆 ...
岚图梦想家:直降3-5万送装潢,靠舒适座椅成功拿下王总小秘
车fans· 2025-08-07 00:31
最近市场如何?卖的最多的是什么配置和颜色? 每天进店量大概在10批,其中7批是冲着梦想家来的。 不过相比前两个月,进店量下降了2成 。 因为天 公不作美,连日大雨把店门口的路给冲垮了,客户们想过来也真是被黑黢黢的大坑劝退不少。 最畅销的是黑外棕内尊贵鲲鹏 PHEV 版,10台里面 有 5台都是这个颜色 和 配置,目前 下订一 周就 能 提 车 。 所有系列 最难卖的都是白外米内,等车都得3~4周。最直接的原因是,商务车没人会买白色外观的。 谁在看这个车?买车用户都是什么样的? 主要看车群体是社会的中坚力量, 以企业管理层和中高收入人群为主 。前不久刚交付的那个用户,真是 让我羡慕又嫉妒。 王总有个很大的茶园,每年 最忙的是 4~6月份的采摘季。4月初的时候给王总致电,告诉我正 在 茶园里 盯着采茶妹们 采 茶叶呢。我当时还 疑惑 ,真的假的啊,也就没当回事。 大家好,我是岚图的销售,近期忙,实在是忙。不仅要忙着接待联系客户,还要处理店门口的龙王庙。趁着集 中交付了几台车的空档,跟大家 一起 看下近期梦想家的市场情况吧。 李女士 享受了片刻,缓缓睁开了双眼,雀跃 地 对王总说 : "这车座椅真不错啊,力度不轻不 ...
深受海外名人青睐,腾势D9成为高端人士出行新名片
Qi Lu Wan Bao· 2025-08-02 15:08
Core Insights - The Tengshi D9 has emerged as the sales champion in the luxury MPV segment across multiple countries, including China, Thailand, Indonesia, and Malaysia in the first half of 2025 [1][3] - Since its launch, the Tengshi D9 has consistently dominated the domestic MPV market, achieving the highest sales, resale value, and customer satisfaction for two consecutive years [1] - The vehicle has reached a significant production milestone, with the 250,000th unit rolling off the production line, making it the world's first new energy MPV to achieve this figure [1] Domestic Market Performance - Tengshi D9 has secured the title of the best-selling MPV in China for the first half of 2025 [1] - The vehicle has maintained its status as the "three crown king" in terms of sales, resale value, and user satisfaction in the domestic market [1] International Market Expansion - Tengshi D9 has successfully entered several Asia-Pacific markets, including Singapore, Thailand, Indonesia, Malaysia, and Hong Kong [3] - In Southeast Asia, traditionally dominated by Japanese MPVs, Tengshi D9 has claimed the top luxury MPV sales in Thailand, Indonesia, and Malaysia for the first half of 2025 [3] - The vehicle has also ranked as the second best-selling electric vehicle in Indonesia and made it to the top 10 in Thailand's new energy vehicle sales [3] Awards and Recognition - Tengshi D9 has received multiple prestigious awards since its launch in overseas markets, including the "Best Car of the Year" in Indonesia and the "Outstanding Luxury Pure Electric MPV" award in Hong Kong [5] Pricing Strategy - The Tengshi D9 is positioned as a high-end luxury MPV, with prices in overseas markets exceeding 500,000 yuan in Thailand, Indonesia, and Malaysia, and starting prices in Singapore surpassing 1.6 million yuan [6][7] Target Audience - The Tengshi D9 has become a preferred choice among high-profile individuals, including celebrities and business leaders, due to its comfort, safety, and advanced features [9] - Notable figures, such as the Financial Secretary of Hong Kong and the President of the Thai Football Association, have chosen the Tengshi D9, highlighting its appeal among influential personalities [11]
比亚迪(002594):全球视野看电车之二:再看比亚迪欧洲,车型与渠道共振全面起势
Changjiang Securities· 2025-07-22 23:30
Investment Rating - The investment rating for BYD is "Buy" and is maintained [10]. Core Views - BYD is accelerating its overseas expansion, particularly in the European market, which is showing strong performance. The company is enhancing its overseas channels and vehicle matrix, opening new growth opportunities. The demand for new energy vehicles is recovering under European carbon emission policies, leading to a continuous increase in market share [4][7]. - The company is building competitive advantages through technology and scale, with a firm commitment to intelligent driving transformation. The launch of the Super e-platform marks a significant innovation in pure electric technology, further solidifying BYD's advantages in electrification [4][10]. - BYD's export volume of passenger vehicles has been rapidly increasing since 2022, with expectations for continued growth in 2025. The company is diversifying its export models, including hybrid vehicles, which are contributing significantly to sales growth [7][19]. Summary by Sections Overseas Expansion - BYD's passenger car export volume has seen rapid growth, with 2024 exports expected to reach 408,000 units, a year-on-year increase of 67.9%. In the first five months of 2025, the export volume reached 357,000 units, up 102.5% year-on-year [7][19]. - The European market is a key focus, with BYD's new energy light vehicle sales in Europe reaching 69,437 units in the first five months of 2025, a year-on-year increase of 408.5% [9]. European Market Dynamics - The European new energy vehicle market is primarily driven by pure electric demand, with a penetration rate of 20.41% in the first five months of 2025, up 4.47 percentage points year-on-year. The total sales of new energy light vehicles in Europe for the same period reached 139,600 units, a year-on-year increase of 24.94% [38][39]. - BYD's market share in Europe is continuously increasing, with a market share of 5.0% in the first five months of 2025. The BYD Seal U model ranked second in sales among pure electric vehicles in Europe [9][10]. Product and Channel Development - BYD is expanding its model offerings and enhancing its hybrid vehicle exports, with the Song PLUS DM-i model achieving significant sales. The company plans to increase its dealer network in Europe to 500 by the end of 2025 [9][10]. - The pricing strategy for BYD's vehicles in overseas markets shows a significant premium compared to domestic prices, which is expected to enhance the company's profitability [35][36].
腾势汽车OTA升级:新增40+项、优化20+项功能
Core Insights - Tengshi Automotive announced a mid-year OTA upgrade for all its models in July, involving over 40 functional updates and more than 20 optimizations, covering models such as Tengshi N9, Tengshi D9, Tengshi Z9, Tengshi N7, and Tengshi N8 [1] Group 1: New Features and Enhancements - The OTA update includes optimization of the "Tianshen Eye" end-to-end model, adding high-speed navigation assistance with automatic ETC recognition at toll stations [3] - New lane change style adjustment feature allows users to define lane change styles in "conservative/standard" modes, applicable to Tengshi D9, Tengshi Z9GT, Tengshi Z9, and Tengshi N7 [3] - Introduction of Easy Three-Party Parking Assistance 2.0, which utilizes a core algorithm for precise parking in vertical spaces, available for Tengshi N9, Tengshi Z9GT, and Tengshi Z9 [6] Group 2: Additional Functionalities - New features include rear-wheel steering for parking assistance, enhancing experiences in narrow passages and reducing parking time [9] - Parking assistance now supports vertical and angled parking for both front-in and rear-out scenarios, along with automatic folding of side mirrors in narrow parking situations [9] - Driving assistance enhancements include lane cruise assistance with merging, traffic light stop-start, and detour capabilities, as well as real-time speed adjustment based on traffic flow [9]
腾势D9: 主销24款优惠7万4,核心竞品还是梦想家
车fans· 2025-07-21 00:29
Core Viewpoint - The article discusses the performance and consumer insights of the Tengshi D9 series, highlighting its sales success and customer demographics. Sales Performance - The D9 is the best-selling MPV, with the 2024 model selling better than the 2025 model due to greater discounts. The most popular configuration is the 2024 DM-i 980 four-wheel drive premium model, with the most sold colors being Night Black for the exterior and Brown for the interior. No pure electric D9 has been sold yet [2][6]. Customer Demographics - Approximately half of the D9 buyers are corporate clients, primarily for executive travel and business receptions. The other half includes personal users for family trips and rentals for government or tourism services [3]. Customer Insights - A notable customer, referred to as "Brother Peng," purchased the D9 mainly for family use, appreciating its comfort and sales reputation. This customer has since referred many others to the dealership [4][5]. Reasons for Purchase - The D9's popularity stems from its status as the MPV sales champion and its appealing design, often compared to the Lexus Alphard [6]. Discounts and Promotions - The 2024 DM-i 980 four-wheel drive premium model has a discount of ¥74,000, while lower configurations have a discount of ¥54,000. The 2025 D9 has no discounts available [8]. Competitive Analysis - The D9 is frequently compared to the Dreamer and Sienna models, with the Dreamer being the most common competitor. Reasons for choosing the Dreamer over the D9 include superior driver assistance systems and brand preference among older customers [10][11]. Configuration Preferences - The most selected configuration remains the 2024 DM-i 980 four-wheel drive premium model [13]. Financing Options - Customers have the option of full payment or a 5-year low-interest financing plan, with specific financial details provided [15][16]. Customer Complaints - Common complaints include brand recognition issues, engine noise in low battery states, and unevenness when folding down the third-row seats [18]. Maintenance Costs - The first maintenance for the 2024 DM-i is at 3,500 km or 6 months, with regular maintenance every 7,500 km or 12 months. Typical maintenance costs are around ¥600 [20]. Additional Benefits - Buyers can benefit from various subsidies, including a trade-in subsidy of ¥6,000 to ¥10,000 and additional corporate discounts for bulk purchases [32].
定量分析理想各车型维持稳态能力以及与部分友商车型比较
理想TOP2· 2025-07-16 14:58
Core Insights - The article analyzes the stability of various electric vehicle models' sales performance over a defined period, highlighting the Ideal L series as having strong stability compared to competitors [1][2]. Group 1: Stability Analysis - The Ideal L series maintains a relatively strong stability capability among competitors, with the L8 being slightly less stable and the MEGA showing significant fluctuations in monthly sales [1]. - By June 2025, the sales stability of the Xiaopeng P7 and M03 over 8 and 10 months, respectively, is significantly better than that of the L689 over the same duration, and comparable to the L7 under a lenient calculation method [1][2]. - The Wanjie M8 has only 3 months of data, making it less meaningful for comparison, while the M9 is noted as the strongest in stability within the Hongmeng system but still weaker than the Ideal L series over the same time frame [1][2]. Group 2: Variability Coefficient (CV) Definition - The stability capability is defined as the coefficient of variation (CV), calculated as the standard deviation divided by the average monthly sales over a specific period; a lower CV indicates stronger stability [2]. - The article emphasizes that due to limited data for many models, the CV should not be the sole measure of stability, and other factors such as outliers and cross-year influences should be considered [2]. Group 3: Statistical Results - Among 30 models analyzed, the Xiaopeng P7+ and MONA M03 have the lowest CVs at 14.11% and 17.35%, respectively, with both models having data spanning across years [3]. - The Ideal L series models have varying CVs, with L6, L7, L8, and L9 showing CVs of 38.05%, 18.08%, 21.59%, and 20.06% respectively over the first 8 months [4]. - The Wanjie M7 has a notably high CV of 87.02%, indicating the weakest stability among the 30 models analyzed, while the D9 shows a strong stability with a CV of 20.74% [5]. Group 4: Long-term Sales Implications - The article suggests that while short-term sales may correlate with brand momentum, long-term sales will tend to revert to the average product strength, indicating that the M9, despite being stronger than the M7, still has weaker stability compared to the Ideal L series over the same time period [5].