当数十年前，德系车通过合资的方式，帮助中国初步建立当代汽车产业与市场的基础，无论中外都意想不到，如今昔日的学生，终于给老师上了一课。 2月的最后一周，德国总理默茨的专机降落在北京。与他同行的，是大众、宝马、奔驰三家汽车巨头的掌门人，以及约30位德国顶级商界领袖。这是他就 任总理后首次访华，代表团阵容几乎囊括了德国工业的全部精华。 两组数据与默茨至少有部分目的相关。 一组是德国经济研究所发布的数据，2025年德国对华汽车出口额跌破140亿欧元，相比三年前的近300亿欧元已经腰斩。 另一组是Dataforce的数据，今年1月中国汽车品牌在欧洲销量同比增长80%，市场份额达到7.4%，几乎是一年前的两倍。而欧洲汽车公司久于荒废的插混 细分市场，正在被比亚迪为首的中国汽车攻城略地。这也使得比亚迪超过MG，成为德国最畅销的中国汽车品牌。 插混一度被海外视为过渡、边缘化技术路线，却成为中国汽车对海外输出的技术潮流。 默茨希望重塑中德汽车产业的格局，但中国汽车产业更应该超脱于单一市场的得失，深入领悟行业底层规律和逻辑。 攻守易形，中德汽车贸易逆转 德国对华汽车出口的下滑并非短期波动。从2022年的峰值到2025年的腰斩，这 ...

Group 1: Market Performance - In 2025, Morocco's automotive market achieved a historic milestone with new car sales reaching 234,000 units, a 33% increase from 176,000 units in 2024, marking the highest level ever [1] - The growth encompasses both passenger cars and light commercial vehicles, with passenger car sales around 208,000 units and light commercial vehicle sales approximately 26,000 units, particularly strong in the first half of the year [1] - The recovery in consumer demand and expansion in the corporate and rental markets provide a solid foundation for sustained market growth [1] Group 2: Structural Changes - The market is experiencing a shift in powertrain structure, with diesel vehicles' market share declining from 90% in 2021 to 70% in 2025, while the share of new energy vehicles increased to 12.5% from 8% the previous year [1] - Hybrid vehicles have become the most popular transitional option due to their cost-effectiveness and technological maturity, with BYD's Seal U model emerging as the best-selling electric vehicle in Morocco in 2025 [1] Group 3: Brand Dynamics - 2025 is a pivotal year for Chinese automotive brands in Morocco, with 11 new brands entering the market, bringing the total to 51, of which 17 are Chinese, accounting for nearly one-third of the market [2] - Chinese brands achieved a market share of 7.7% in 2025, rising to 9.4% in the fourth quarter, indicating a growing influence despite European brands holding approximately 75% of the market [2] - The market remains dominated by price and practicality, with city compact cars making up 43% of total sales and small SUVs accounting for 20% [2] Group 4: Economic Environment - The macroeconomic environment is favorable for the automotive market, with an estimated economic growth rate of 4.4% in 2025 and inflation maintained at around 1%, supporting automotive consumer credit [3] - The number of tourists visiting Morocco reached 20 million, a 14% increase year-on-year, further stimulating demand for rental and commercial vehicles [3] - The automotive market is believed to have entered a structural growth phase, with a projected 10% sales growth in 2026 and significant long-term potential due to a low vehicle ownership rate of 118 vehicles per 1,000 people [3]

Group 1: Overseas Business Performance - BYD's overseas sales reached 83,524 units in October 2025, a year-on-year increase of 155.5% [1] - Cumulative sales from January to October 2025 totaled 785,103 units [1] - The company has announced production facilities in Thailand, Uzbekistan, and Brazil, with a combined design capacity exceeding 300,000 units per year [1][2] Group 2: Localization Progress - BYD launched the K-EV BYD RACCO at the 2025 Japan Mobility Show, tailored for the Japanese market [3] - Since entering the Japanese passenger car market in July 2022, BYD has introduced several popular electric models, including Yuan PLUS and Dolphin [3] - Plans to establish a lineup of 7 to 8 electric and hybrid models in Japan by 2027 [3] Group 3: Technological Innovations - BYD prioritizes technology and innovation, with R&D investment among the top in A-share listed companies [4] - The "Blade Battery" enhances safety, while "DM-i Super Hybrid" improves economic efficiency [4] - New technologies like "Tianshen Eye" and "Megawatt Flash Charge" have been released, reinforcing BYD's technological edge [4] Group 4: Smart Driving Developments - The "Universal Smart Driving" strategy was launched, leveraging scale advantages for rapid data accumulation [6] - As of October 2025, over 2 million vehicles equipped with the "Tianshen Eye" algorithm have generated more than 130 million kilometers of data daily [6] - The company has achieved L4-level smart parking capabilities and offers comprehensive safety guarantees for users [6] Group 5: Energy Storage Business - BYD's energy storage solutions have been deployed in hundreds of projects globally, serving over 110 countries [7] - The Bollingstedt energy storage station in Germany has a capacity of 103.5MW and can supply green electricity to 170,000 households for two hours [7] - The new "Haohan" energy storage product features a 2710Ah blade battery, improving energy capacity by over 300% compared to conventional batteries [7] - As of October 2025, BYD's total installed capacity for electric vehicle and energy storage batteries exceeded 230GWh, a year-on-year increase of over 55% [7]

Domestic News - Shanghai leads the world in the promotion of new energy vehicles, with over 220,000 units promoted from January to September 2025, a year-on-year increase of 25.4%. The cumulative promotion volume has reached 1.87 million units, ranking first among global cities [5] - Xiaopeng Motors unveiled its second-generation VLA large model, featuring 72 billion parameters and a cloud computing power cluster of 30,000 cards. The model will support "no navigation automatic driving" and is set to launch in December 2025 [6] - Volkswagen China announced plans to develop its own system-on-chip (SoC) for advanced driving assistance systems (ADAS) and future autonomous driving (AD) capabilities, enhancing local R&D capabilities [7] - Porsche has officially opened its R&D center in China, which will significantly shorten development cycles and enhance responsiveness, with a core team of over 300 engineers [8] - BYD will produce its best-selling plug-in hybrid vehicle, Seal U, in Turkey, marking a significant expansion in its European operations [9] - Pony.ai launched its seventh-generation Robotaxi, designed for a lifespan of 600,000 kilometers, showcasing its commitment to scaling up autonomous taxi operations [10] - Nissan established a joint venture for import and export in China, marking a new phase in its local development strategy [11] - Schaeffler has sold its turbocharger business in China to optimize its business structure, focusing on core competencies [12] International News - In Canada, new car sales in October 2025 decreased by 1.8% year-on-year, totaling 159,000 units [13] - The UK saw a slight increase in new car registrations in October 2025, up 0.5% year-on-year, with electric vehicles accounting for 25.4% of the market [14] - France's new passenger car registrations grew by 2.94% year-on-year in October 2025, reaching 139,513 units, although the cumulative registrations for the first ten months fell by 5.36% [15] - The EU plans to announce new regulations in December 2025 to promote affordable small electric vehicles, aiming to enhance competitiveness against Chinese manufacturers [16] Commercial Vehicles - BYD's T4 electric truck is set to be officially launched at the Wuhan Commercial Vehicle Exhibition on November 13, 2025 [19] - A new ultra-fast charging network for electric logistics has been launched in Linyi, China, marking a significant milestone in low-carbon logistics [20] - Jinbei (Shenyang) Automobile Co., Ltd. has entered a strategic cooperation with Toyota Tsusho, focusing on market channel collaboration and targeting the Saudi market [21] - Great Wall's Haval Shanhai Cannon Hi4-T has officially launched in Chile, marking a significant step in its global strategy [22]

Core Viewpoint - The European automotive market is experiencing a recovery driven by policy support, expanding demand, and technological advancements, particularly in electric and hybrid vehicles [1][2]. Market Overview - In July, the European new car market (EU + EFTA + UK) saw a year-on-year growth of 5.9% to 1.0854 million units, marking the largest increase since April 2024, primarily due to the popularity of electric and hybrid vehicles [3][4]. - Despite the growth in July, the cumulative new car registrations in Europe as of July still showed a slight year-on-year decrease of 0.04% [4]. Electric and Hybrid Vehicle Trends - Plug-in hybrid vehicles (PHEVs) have emerged as the dominant force in reshaping the market, with sales in July increasing by 52% year-on-year [5]. - In Spain, new car registrations surged by 17.1% in July, supported by the "Moves III plan," which allocates €400 million for electric vehicle purchases and charging infrastructure [5][6]. Regional Insights - In Northern Europe, the share of pure electric vehicles exceeds 80%, with Norway's electric vehicle registration in July growing by 56.6% to 9,291 units, achieving a 97.2% market share [6]. - Overall, from the beginning of the year to July, the sales of pure electric vehicles in Europe increased by 25.9% to 1,376,720 units, with a market share growth of 17.4% compared to the previous year [7]. Manufacturer Performance - In July, BYD's new car registrations surged by 225.3%, while Volkswagen Group's registrations grew by 11.6%, maintaining its leading position in the European market [10][11]. - The ID series from Volkswagen has been particularly successful, with the ID.7 achieving a monthly sales record of 2,402 units in Germany, tripling year-on-year [8][10]. Future Developments - BYD plans to introduce two new hybrid models in Germany this year to cater to diverse consumer needs [13]. - The introduction of low-cost electric vehicles is becoming a key battleground for automakers in Europe, with several new models priced below €25,000 expected to launch [14]. Battery Technology and Supply Chain - The export volume of lithium iron phosphate (LFP) batteries from China reached 39.4 GWh in the first seven months, a year-on-year increase of 42% [19]. - Major Chinese battery manufacturers are increasingly partnering with European automakers, with companies like Gotion High-Tech and Guoxuan High-Tech supplying LFP batteries to brands like Mercedes and Volkswagen [20][21]. Conclusion - The European automotive market is undergoing significant transformation, with electric and hybrid vehicles leading the charge, supported by favorable policies and technological advancements, while Chinese manufacturers are making substantial inroads into the market through strategic partnerships and innovative products [1][2][4].