<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251230_1634_China-EV-Market-Slowdown_simple_compose_01kdqewcqtfg7avb2242fyhtfs.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251230_1634_China-EV-Market-Slowdown_simple_compose_01kdqewcqtfg7avb2242fyhtfs.png"/></p>
<p>中国的电动汽车（EV）热潮在 2025 年失去动力，主要厂商的销量下降，分析师警告说，激烈的价格战可能会持续下去。</p>
<p>尽管整体采用率仍然很高，但国内需求放缓、市场集中度上升以及政策支持的变化正在重塑全球最大的汽车市场。</p>
<h2>销售下滑，竞争加剧</h2>
<p>来自中国乘用车协会的数据表明，销售势头在大部分时间内减弱。</p>
<p>特斯拉在中国的销量在 1 月至 11 月期间同比下降了 7.4%，而市场领导者比亚迪在同一时期报告下降了 5.1%。</p>
<p>比亚迪的放缓在 11 月尤为明显，乘用车销量同比下降了 26.5%。</p>
<p>相比之下，新进入者的增长迅速。</p>
<p>搭载华为软件的车型和小米的车辆在 11 月的销量增长超过 90%，凸显了竞争正向技术驱动的挑战者转移。</p>
<p>早期在美国上市的中国电动汽车初创公司——蔚来、小鹏和理想——尽管交付有所改善，但在当月未能进入前十名销售榜单。</p>
<p>市场集中度急剧上升。</p>
<p>根据中信证券的数据显示，前十名制造商现在占中国新能源车市场的约 95%，而两到三年前这一比例仅为 60% 到 70%。</p>
<p>分析师预计，随着买家在价格压力加大之际倾向于知名品牌，市场将进一步整合。</p>
<h2>价格战将持续</h2>
<p>激进的折扣已成为市场的一个显著特征。</p>
<p>中国在线汽车平台 Autohome 现在按折扣幅度列出车辆，突显了如梅赛德斯 - 奔驰 EQS 电动车减少 432,000 元和沃尔沃 XC70 减少 147,000 元的降价。</p>
<p>瑞银中国汽车研究负责人 Paul Gong 预计，价格战将持续 “数年”。</p>
<p>他还警告说，政策变化可能会对 2026 年的增长产生压力，北京计划重新征收购置税并缩减以旧换新补贴。</p>
<p>瑞银预测，中国的电动汽车销售增长率明年可能会从 2025 年的约 20% 大幅减半。</p>
<p>尽管放缓，市场已经高度饱和。</p>
<p>新能源车——包括电池电动和混合动力车型——在 11 月的新乘用车销售中占 59.4%，这表明国内进一步快速扩张的空间有限。</p>
<h2>海外扩张与外国竞争</h2>
<p>国内需求放缓促使中国汽车制造商加快海外扩张，那里利润通常更高。</p>
<p>吉利表示，其电动汽车出口在上半年增长了四倍，推动总车辆出口达到 184,000 辆。</p>
<p>该公司已进入澳大利亚和越南等市场，并将业务扩展到约 90 个国家，同时在埃及、中东和印度尼西亚等地区开设工厂。</p>
<p>比亚迪也在扩大其国际影响力，计划在 2026 年提升在匈牙利的新工厂的生产能力。</p>
<p>该公司在 11 月单月出口超过 131,000 辆汽车。</p>
<p>分析师预计，中国制造商和电池制造商将在欧洲加大竞争压力，迫使美国汽车制造商和特斯拉面临更大压力。</p>
<p>尽管面临挑战，外国品牌仍然致力于中国市场。</p>
<p>大众汽车已与小鹏和地平线机器人成立合资企业，并在合肥运营其在德国以外最大的研发中心。</p>
<p>在 2025 年前三个季度，大众汽车在中国交付了超过 1700 万辆汽车，同比增长 8.5%，远超其在西欧的交付量。</p>
<p>中国的汽车市场仍然充满吸引力，但也不宽容。正如一位分析师所指出的，主导地位可能是短暂的，领导者很快就会被迫在一个快速变化和无情竞争的市场中追赶。</p>
<p>这篇文章的标题为《随着价格战加深和海外扩张加速，中国的电动汽车市场放缓》，首次出现在 Invezz 上。</p>

大众(ADR)

吉利汽车(ADR)

吉利汽车

<p>中国的电动车（EV）市场在 2025 年正经历放缓，特斯拉和比亚迪等主要厂商在持续的价格战中报告销售下降。前 10 大制造商现在占据了 95% 的市场份额，导致来自科技驱动的新进入者的竞争加剧。分析师预测，价格战将持续，可能使明年电动车销售的增长率减半。随着国内需求减弱，中国汽车制造商正在向海外扩张，吉利和比亚迪加大了出口力度并在国外建立工厂。尽管面临挑战，像大众这样的外国品牌仍然致力于中国市场</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251230_1634_China-EV-Market-Slowdown_simple_compose_01kdqewcqtfg7avb2242fyhtfs.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/20251230_1634_China-EV-Market-Slowdown_simple_compose_01kdqewcqtfg7avb2242fyhtfs.png"/></p>
<p>China’s electric vehicle (EV) boom is losing momentum in 2025, with sales declining across major players and analysts warning that the intense price war is likely to persist.</p>
<div class="lb-trans"><p>中国的电动汽车（EV）热潮在 2025 年失去动力，主要厂商的销量下降，分析师警告说，激烈的价格战可能会持续下去。</p>
</div><p>While overall adoption remains high, slowing domestic demand, rising market concentration, and shifting policy support are reshaping the world’s largest auto market.</p>
<div class="lb-trans"><p>尽管整体采用率仍然很高，但国内需求放缓、市场集中度上升以及政策支持的变化正在重塑全球最大的汽车市场。</p>
</div><h2>Sales dip as competition intensifies</h2>
<div class="lb-trans"><h2>销售下滑，竞争加剧</h2>
</div><p>Data from the China Passenger Car Association shows that sales momentum weakened through most of the year.</p>
<div class="lb-trans"><p>来自中国乘用车协会的数据表明，销售势头在大部分时间内减弱。</p>
</div><p>Tesla’s China sales fell 7.4% year-on-year between January and November, while market leader BYD reported a 5.1% decline over the same period.</p>
<div class="lb-trans"><p>特斯拉在中国的销量在 1 月至 11 月期间同比下降了 7.4%，而市场领导者比亚迪在同一时期报告下降了 5.1%。</p>
</div><p>BYD’s slowdown was particularly pronounced in November, when passenger car sales dropped 26.5% from a year earlier.</p>
<div class="lb-trans"><p>比亚迪的放缓在 11 月尤为明显，乘用车销量同比下降了 26.5%。</p>
</div><p>In contrast, newer entrants posted rapid growth.</p>
<div class="lb-trans"><p>相比之下，新进入者的增长迅速。</p>
</div><p>Models powered by Huawei software and vehicles from Xiaomi recorded sales increases of more than 90% in November, underscoring how competition is shifting toward tech-driven challengers.</p>
<div class="lb-trans"><p>搭载华为软件的车型和小米的车辆在 11 月的销量增长超过 90%，凸显了竞争正向技术驱动的挑战者转移。</p>
</div><p>The early wave of US-listed Chinese EV startups — Nio, Xpeng, and Li Auto — failed to make the top 10 sellers for the month, despite improvements in deliveries.</p>
<div class="lb-trans"><p>早期在美国上市的中国电动汽车初创公司——蔚来、小鹏和理想——尽管交付有所改善，但在当月未能进入前十名销售榜单。</p>
</div><p>Market concentration has risen sharply.</p>
<div class="lb-trans"><p>市场集中度急剧上升。</p>
</div><p>The top 10 manufacturers now account for around 95% of China’s new energy vehicle market, compared with roughly 60% to 70% just two to three years ago, according to Citic CLSA.</p>
<div class="lb-trans"><p>根据中信证券的数据显示，前十名制造商现在占中国新能源车市场的约 95%，而两到三年前这一比例仅为 60% 到 70%。</p>
</div><p>Analysts expect further consolidation as buyers gravitate toward well-known brands amid mounting price pressure.</p>
<div class="lb-trans"><p>分析师预计，随着买家在价格压力加大之际倾向于知名品牌，市场将进一步整合。</p>
</div><h2>Price war set to continue</h2>
<div class="lb-trans"><h2>价格战将持续</h2>
</div><p>Aggressive discounting has become a defining feature of the market.</p>
<div class="lb-trans"><p>激进的折扣已成为市场的一个显著特征。</p>
</div><p>Autohome, a Chinese online auto platform, now lists vehicles by discount size, highlighting cuts such as a 432,000 yuan reduction on the Mercedes-Benz EQS EV and a 147,000 yuan cut on the Volvo XC70.</p>
<div class="lb-trans"><p>中国在线汽车平台 Autohome 现在按折扣幅度列出车辆，突显了如梅赛德斯 - 奔驰 EQS 电动车减少 432,000 元和沃尔沃 XC70 减少 147,000 元的降价。</p>
</div><p>Paul Gong, head of China autos research at UBS, expects the price war to continue “for years.”</p>
<div class="lb-trans"><p>瑞银中国汽车研究负责人 Paul Gong 预计，价格战将持续 “数年”。</p>
</div><p>He also warned that policy changes could weigh on growth in 2026, with Beijing planning to re-impose a purchase tax and scale back trade-in subsidies.</p>
<div class="lb-trans"><p>他还警告说，政策变化可能会对 2026 年的增长产生压力，北京计划重新征收购置税并缩减以旧换新补贴。</p>
</div><p>UBS forecasts that China’s EV sales growth rate could roughly halve next year from around 20% in 2025.</p>
<div class="lb-trans"><p>瑞银预测，中国的电动汽车销售增长率明年可能会从 2025 年的约 20% 大幅减半。</p>
</div><p>Despite the slowdown, the market is already highly saturated.</p>
<div class="lb-trans"><p>尽管放缓，市场已经高度饱和。</p>
</div><p>New energy vehicles — including battery-electric and hybrid models — accounted for 59.4% of new passenger car sales in November, underscoring limited room for further rapid expansion at home.</p>
<div class="lb-trans"><p>新能源车——包括电池电动和混合动力车型——在 11 月的新乘用车销售中占 59.4%，这表明国内进一步快速扩张的空间有限。</p>
</div><h2>Overseas expansion and foreign competition</h2>
<div class="lb-trans"><h2>海外扩张与外国竞争</h2>
</div><p>Slowing domestic demand is pushing Chinese automakers to accelerate overseas expansion, where margins are often higher.</p>
<div class="lb-trans"><p>国内需求放缓促使中国汽车制造商加快海外扩张，那里利润通常更高。</p>
</div><p>Geely said its EV exports quadrupled in the first half of the year, helping drive total vehicle exports to 184,000.</p>
<div class="lb-trans"><p>吉利表示，其电动汽车出口在上半年增长了四倍，推动总车辆出口达到 184,000 辆。</p>
</div><p>The company has entered markets such as Australia and Vietnam and expanded its footprint to around 90 countries, while opening factories in regions including Egypt, the Middle East, and Indonesia.</p>
<div class="lb-trans"><p>该公司已进入澳大利亚和越南等市场，并将业务扩展到约 90 个国家，同时在埃及、中东和印度尼西亚等地区开设工厂。</p>
</div><p>BYD is also scaling its international presence, with a new factory in Hungary set to ramp up production in 2026.</p>
<div class="lb-trans"><p>比亚迪也在扩大其国际影响力，计划在 2026 年提升在匈牙利的新工厂的生产能力。</p>
</div><p>The company exported more than 131,000 cars in November alone.</p>
<div class="lb-trans"><p>该公司在 11 月单月出口超过 131,000 辆汽车。</p>
</div><p>Analysts expect Chinese manufacturers and battery makers to intensify competition in Europe, bringing pressure closer to US automakers and Tesla.</p>
<div class="lb-trans"><p>分析师预计，中国制造商和电池制造商将在欧洲加大竞争压力，迫使美国汽车制造商和特斯拉面临更大压力。</p>
</div><p>Foreign brands remain committed to China despite the challenges.</p>
<div class="lb-trans"><p>尽管面临挑战，外国品牌仍然致力于中国市场。</p>
</div><p>Volkswagen has formed joint ventures with Xpeng and Horizon Robotics and operates its largest R&amp;D center outside Germany in Hefei.</p>
<div class="lb-trans"><p>大众汽车已与小鹏和地平线机器人成立合资企业，并在合肥运营其在德国以外最大的研发中心。</p>
</div><p>In the first three quarters of 2025, Volkswagen delivered more than 17 million vehicles in China, up 8.5% year-on-year, far exceeding its deliveries in Western Europe.</p>
<div class="lb-trans"><p>在 2025 年前三个季度，大众汽车在中国交付了超过 1700 万辆汽车，同比增长 8.5%，远超其在西欧的交付量。</p>
</div><p>China’s auto market remains lucrative but unforgiving. As one analyst noted, dominance can be fleeting, with leaders quickly forced to play catch-up in a market defined by rapid change and relentless competition.</p>
<div class="lb-trans"><p>中国的汽车市场仍然充满吸引力，但也不宽容。正如一位分析师所指出的，主导地位可能是短暂的，领导者很快就会被迫在一个快速变化和无情竞争的市场中追赶。</p>
</div><p>The post China’s EV market slows as price war deepens and overseas push accelerates appeared first on Invezz</p>
<div class="lb-trans"><p>这篇文章的标题为《随着价格战加深和海外扩张加速，中国的电动汽车市场放缓》，首次出现在 Invezz 上。</p>
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China’s EV market slows as price war deepens and overseas push accelerates

- 中国电动车市场在 2025 年失去动力，销量下降。  
- 特斯拉和比亚迪销售均下滑，而新兴品牌如华为和小米销售增长迅速。  
- 外国品牌如大众继续在中国加大投资，市场竞争加剧。

随着价格战的加剧和海外扩张的加速，中国电动汽车市场正在放缓