<p>比亚迪去年达成了全年销售目标，并可能超越特斯拉，成为全球最大的电动车制造商——这一里程碑被中国汽车市场未来的挑战前景所掩盖。</p>
<p>这家中国电动车巨头在新年首个交易日的香港上市股票上涨，昨日涨幅最高达到 2.3%。</p>
<p>这家总部位于深圳的汽车制造商去年交付了 460 万辆汽车，比 2024 年增长了 7.7%。这与公司在九月份给出的下调后的全年目标一致。</p>
<p>在这些交付中，完全电动车的销量几乎与插电式混合动力车的销量相当。</p>
<p>彭博社数据显示，特斯拉昨日预计报告在第四季度交付约 440,900 辆汽车，同比下降 11%。</p>
<p>这意味着年销售量约为 160 万辆——连续第二年下降。</p>
<p>随着中国缩减一些支持电动车购买的激励措施，比亚迪及其竞争对手在未来一年面临日益增长的压力。新车型的涌入也使国内竞争更加激烈，而贸易壁垒对比亚迪的海外扩张雄心构成挑战。</p>
<p>中国销量最高的汽车制造商在过去一年面临来自吉利汽车和小米的更激烈竞争，这些公司的新车型和快速创新赢得了消费者的青睐。</p>
<p>比亚迪的股票去年上涨了 7%，但在早期反弹中放弃了涨幅，早在五月底时其股价曾上涨 74%，但随着竞争加剧和监管审查的增加，这一情况变得更加明显。</p>
<p>比亚迪首席执行官王传福在上个月初的投资者会议上表示，公司在过去几年保持的技术领先优势已经减弱，影响了国内销售。</p>
<p>他暗示将会有新的技术突破，公司的 12 万名工程师团队让他对恢复优势充满信心，中国媒体报道。</p>
<p>比亚迪的一个亮点是海外销售激增。去年在中国以外的交付量达到 105 万辆，超过了 100 万辆的高端预期，使其能够抵消在核心市场的下滑，在该市场，其乘用电动车和混合动力车的销量连续第八个月下降，上个月下滑了 37.7%。</p>
<p>摩根士丹利在一份报告中表示，预计比亚迪在推出几款主要改款车型后，国内市场将出现更有意义的复苏。</p>
<p>根据花旗集团在 11 月的一份报告，引用比亚迪管理层的会议内容，该公司设定了将海外销售目标扩展至 150 万至 160 万辆的目标。</p>
<p>在连续两个季度利润下降后，比亚迪面临的压力加大，并发现自己处于中国遏制激进折扣的努力中心。日益增长的审查可能加速行业整合，并打乱行业的等级结构。</p>
<p>到目前为止，分析师们对比亚迪能够比其他公司更好地应对挑战充满信心。彭博社汇总的分析师预计，该公司的总销售量明年可能增长至 530 万辆。</p>
<p>德意志银行的分析师预计，新产品的推出和技术平台的揭幕将提升公司的竞争力。这可能使比亚迪在特斯拉面前进一步拉开差距。</p>

比亚迪

比亚迪(ADR)

比亚迪股份

<p>比亚迪已成为全球最大的电动车制造商，超越特斯拉，去年车辆交付量增长 7.7%，达到 460 万辆。然而，中国电动车市场面临挑战，包括政府激励措施减少以及来自吉利和小米等公司的竞争加剧。比亚迪的股价最近上涨了 2.3%，但该公司经历了国内销售和利润的下滑。尽管面临这些压力，分析师对比亚迪的复苏和海外扩张能力仍持乐观态度，目标是今年实现 150 万到 160 万的国际销售</p>

<p>BYD Co (比亞迪) last year met its full-year sales target and likely surpassed Tesla Inc to become the world’s largest maker of electric vehicles (EVs) — a milestone overshadowed by a challenging outlook for the Chinese auto market in the year ahead.</p>
<div class="lb-trans"><p>比亚迪去年达成了全年销售目标，并可能超越特斯拉，成为全球最大的电动车制造商——这一里程碑被中国汽车市场未来的挑战前景所掩盖。</p>
</div><p>The Chinese EV giant’s Hong Kong-listed shares rose on the first day of trading for the new year, gaining as much as 2.3 percent yesterday.</p>
<div class="lb-trans"><p>这家中国电动车巨头在新年首个交易日的香港上市股票上涨，昨日涨幅最高达到 2.3%。</p>
</div><p>The Shenzhen-based automaker delivered 4.6 million vehicles last year, up 7.7 percent from 2024. That is in line with a lowered full-year goal the company gave in September.</p>
<div class="lb-trans"><p>这家总部位于深圳的汽车制造商去年交付了 460 万辆汽车，比 2024 年增长了 7.7%。这与公司在九月份给出的下调后的全年目标一致。</p>
</div><p>Among the mix, it sold almost as many fully electric vehicles as it did plug-in hybrids.</p>
<div class="lb-trans"><p>在这些交付中，完全电动车的销量几乎与插电式混合动力车的销量相当。</p>
</div><p>Tesla yesterday was expected to report that it delivered about 440,900 vehicles in the fourth quarter, down 11 percent from a year earlier, data compiled by Bloomberg showed.</p>
<div class="lb-trans"><p>彭博社数据显示，特斯拉昨日预计报告在第四季度交付约 440,900 辆汽车，同比下降 11%。</p>
</div><p>That would mean annual sales of about 1.6 million — the second consecutive annual drop.</p>
<div class="lb-trans"><p>这意味着年销售量约为 160 万辆——连续第二年下降。</p>
</div><p>BYD and its rivals face growing pressure in the coming year as China scales back some incentives supporting EV purchases. An influx of new models is also making domestic competition even fiercer, while trade barriers pose challenges for BYD’s ambitions to expand overseas.</p>
<div class="lb-trans"><p>随着中国缩减一些支持电动车购买的激励措施，比亚迪及其竞争对手在未来一年面临日益增长的压力。新车型的涌入也使国内竞争更加激烈，而贸易壁垒对比亚迪的海外扩张雄心构成挑战。</p>
</div><p>China’s best-selling automaker has faced stiffer competition in the past year from Geely Automobile Holdings Ltd (吉利汽車) and Xiaomi Corp (小米), whose new models and rapid innovations are winning over consumers.</p>
<div class="lb-trans"><p>中国销量最高的汽车制造商在过去一年面临来自吉利汽车和小米的更激烈竞争，这些公司的新车型和快速创新赢得了消费者的青睐。</p>
</div><p>BYD’s shares gained 7 percent last year, but gave up gains from an early rally that saw its shares jump as much as 74 percent by late May as tougher competition and increased regulatory scrutiny became more prominent.</p>
<div class="lb-trans"><p>比亚迪的股票去年上涨了 7%，但在早期反弹中放弃了涨幅，早在五月底时其股价曾上涨 74%，但随着竞争加剧和监管审查的增加，这一情况变得更加明显。</p>
</div><p>BYD chief executive officer Wang Chuanfu (王傳福) at an investors’ meeting early last month said that the technological head start the company had maintained over the past few years had diminished and affected domestic sales.</p>
<div class="lb-trans"><p>比亚迪首席执行官王传福在上个月初的投资者会议上表示，公司在过去几年保持的技术领先优势已经减弱，影响了国内销售。</p>
</div><p>He hinted at new technology breakthroughs to come, with the company’s 120,000-strong engineering team giving him confidence about its ability to regain advantages, Chinese media reported.</p>
<div class="lb-trans"><p>他暗示将会有新的技术突破，公司的 12 万名工程师团队让他对恢复优势充满信心，中国媒体报道。</p>
</div><p>A bright spot for BYD has been surging overseas sales. Deliveries outside China hit 1.05 million last year, exceeding the high-end estimate of 1 million sales, enabling it to offset the company’s decline in its core market, where its passenger EV and hybrid sales fell for the eighth consecutive month, slumping 37.7 percent last month.</p>
<div class="lb-trans"><p>比亚迪的一个亮点是海外销售激增。去年在中国以外的交付量达到 105 万辆，超过了 100 万辆的高端预期，使其能够抵消在核心市场的下滑，在该市场，其乘用电动车和混合动力车的销量连续第八个月下降，上个月下滑了 37.7%。</p>
</div><p>Morgan Stanley in a note said that it forecasts a more meaningful domestic recovery after BYD launches several major facelifts to its lineup this year.</p>
<div class="lb-trans"><p>摩根士丹利在一份报告中表示，预计比亚迪在推出几款主要改款车型后，国内市场将出现更有意义的复苏。</p>
</div><p>The company has set a goal to expand overseas sales to between 1.5 million and 1.6 million units this year, according to a Citigroup Inc report in November that cited a meeting with BYD management.</p>
<div class="lb-trans"><p>根据花旗集团在 11 月的一份报告，引用比亚迪管理层的会议内容，该公司设定了将海外销售目标扩展至 150 万至 160 万辆的目标。</p>
</div><p>Pressure is mounting on BYD after it posted back-to-back declines in quarterly profit and found itself at the center of China’s efforts to rein in aggressive discounting. The growing scrutiny is likely to accelerate consolidation and shake up the hierarchy of the sector.</p>
<div class="lb-trans"><p>在连续两个季度利润下降后，比亚迪面临的压力加大，并发现自己处于中国遏制激进折扣的努力中心。日益增长的审查可能加速行业整合，并打乱行业的等级结构。</p>
</div><p>So far, analysts are confident that BYD can weather the challenges better than others. The company’s total sales could grow to 5.3 million units next year, analyst estimates compiled by Bloomberg showed.</p>
<div class="lb-trans"><p>到目前为止，分析师们对比亚迪能够比其他公司更好地应对挑战充满信心。彭博社汇总的分析师预计，该公司的总销售量明年可能增长至 530 万辆。</p>
</div><p>Analysts at Deutsche Bank expect new product launches and the unveiling of a technology platform to boost the company’s competitiveness. That could enable BYD to stretch its lead over Tesla.</p>
<div class="lb-trans"><p>德意志银行的分析师预计，新产品的推出和技术平台的揭幕将提升公司的竞争力。这可能使比亚迪在特斯拉面前进一步拉开差距。</p>
</div>

BYD surges, but Chinese EV market faces pressure

- 比亚迪去年达成全年销售目标，可能已超越特斯拉成为全球最大电动车制造商。  
- 该公司交付 460 万辆汽车，同比增长 7.7%。  
- 面对国内市场挑战，比亚迪计划今年海外销售扩大至 150 万至 160 万辆。

比亚迪股价飙升，但中国电动车市场仍面临压力