2026.01. 09 本文字数：973，阅读时长大约1.5分钟 作者 | 第一财经 葛慧 2025年被称为"反内卷"之年，但年末车市依旧溅起了价格战的"浪花"。 乘联分会秘书长崔东树提供的最新数据显示，2025年12月，新能源车降价车型均价为13.6万元，平 均降价2万元，降幅高达14.7%。 受新能源车降价拖累，12月份总体乘用车市场新车降价车型均价12.4万元的降价力度算术平均达到 1.5万元，降幅达12.4%。 从全年角度看，1~12月份，新能源车新车降价车型均价19.5万元的降价力度算术平均达到2.1万元， 降幅达11%。 第一财经对比2020~2025年数据发现，2025年新能源车新车的降价力度创下了近3年的新高，仅好于 2022年的13.8%。 | | 乘用车新车降价的综 | 2020年 | 2021年 | 2022年 | 2023年 | 2024年 | | 2025年 | 2025年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合降价 | | | | | 汇总 | 11月 | 12月 | 汇总 | | ...

Core Viewpoint - The year 2025 is marked by significant price reductions in the automotive market, particularly in the new energy vehicle (NEV) sector, leading to a price war despite being referred to as the "year of anti-involution" [1]. Group 1: Price Reductions in the Automotive Market - In December 2025, the average price of new energy vehicles that were discounted was 136,000 yuan, with an average price reduction of 20,000 yuan, representing a decline of 14.7% [1]. - The overall average price of discounted passenger cars in December was 124,000 yuan, with an average reduction of 15,000 yuan, resulting in a decline of 12.4% [1]. - For the entire year of 2025, the average price of discounted new energy vehicles was 195,000 yuan, with an average reduction of 21,000 yuan, leading to an 11% decline [1]. Group 2: Historical Comparison and Trends - Data from 2020 to 2025 indicates that the price reduction for new energy vehicles in 2025 was the highest in nearly three years, only surpassed by the 13.8% reduction in 2022 [2]. - The average price of new energy vehicles in 2025 was 195,000 yuan, with a reduction of 2,100 yuan, and a reduction ratio of 11% [2]. - The average price of conventional vehicles in 2025 was 178,000 yuan, with a reduction of 1,600 yuan, and a reduction ratio of 8.9% [2]. Group 3: Specific Vehicle Price Changes - The Toyota bZ3 electric vehicle saw a significant price drop from a previous high of 169,800 yuan to a new guide price of 109,800 yuan, a reduction of 60,000 yuan or 35% [3]. - The bZ3 model, developed collaboratively by Toyota, BYD, and FAW Toyota, had total sales of less than 20,000 units from January to November 2025, reflecting a decline compared to the previous year [3]. Group 4: Industry Financial Performance - In the first eleven months of 2025, the automotive industry generated revenues of 1,002.23 billion yuan, an increase of 8.1% year-on-year, while costs rose by 9% to 884.05 billion yuan [3]. - The industry's profit for the same period was 44.03 billion yuan, marking a 7.5% year-on-year increase, with a profit margin of 4.4%, which remains lower than the average profit margin of 6% for downstream industrial enterprises [3]. Group 5: Future Outlook - According to industry experts, the automotive sector is expected to stabilize in terms of profit margins starting from the third quarter of 2026, driven by the elimination of weaker brands and increased industry concentration [4].

Core Insights - The year 2025 is characterized by intensified challenges of "increasing revenue without increasing profit" in the automotive industry, particularly due to ongoing price wars [1][3] - The average price of new energy vehicles (NEVs) dropped significantly, with a 14.7% decrease in December 2025, averaging 136,000 yuan, and an annual average drop of 11% for NEVs [1][2] Price Trends - In December 2025, the average price of new energy vehicles was 136,000 yuan, with an average price drop of 20,000 yuan [1] - The overall average price of passenger cars in December was 124,000 yuan, with a price drop of 15,000 yuan, reflecting a 12.4% decrease [1][2] - For the entire year of 2025, the average price of new energy vehicles was 195,000 yuan, with an average price drop of 21,000 yuan [2] Sales Performance - The Toyota bZ3 saw a significant price reduction of 60,000 yuan, with a 35% drop from its highest price, contributing to the overall decline in average prices [3] - The sales of the Toyota bZ3 from January to November 2025 were under 20,000 units, showing a decline compared to the previous year, with several months recording sales below 2,000 units [3] Industry Financials - The automotive industry reported revenues of 1,002.23 billion yuan from January to November 2025, an 8.1% year-on-year increase, while costs rose by 9% to 884.05 billion yuan [3] - The profit for the automotive industry was 44.03 billion yuan, reflecting a 7.5% year-on-year increase, resulting in a profit margin of 4.4%, which is lower than the average profit margin of 6% for downstream industrial enterprises [3] Future Outlook - An industry expert predicts that with the elimination of weaker brands and increased industry concentration, procurement and allocation costs will optimize, leading to a more stable profit margin starting from Q3 2026 [4]