<p><strong>特斯拉在一月份的中国制造电动车交付量同比增长，尽管整体市场大幅放缓。</strong></p>
<p>该公司在本月从上海工厂交付了 69,129 辆汽车，较去年一月的 63,238 辆有所增加。在许多竞争对手失去市场份额并下调预期的情况下，这一数据显得尤为突出。</p>
<p>一月份的总交付量使特斯拉在中国电动车销售中排名第三。比亚迪以 205,518 辆遥遥领先，吉利以 124,252 辆紧随其后。</p>
<p>这些数据来自中国乘用车协会，周三发布。排名显示竞争激烈，但并未表明中国市场的真实需求正在恢复。</p>
<h3>特斯拉交付量上升，但真实需求依然疲软</h3>
<p>一月份的交付增长并未表明中国市场的购买欲望增强。这些数字涵盖了从上海工厂发出的所有车辆。</p>
<p>该工厂生产 Model 3 和 Model Y。这些汽车服务于中国及欧洲和亚太地区等海外市场。出口仍然是总量的重要组成部分。</p>
<p>新车注册情况呈现出复杂的局面。一月份，特斯拉在欧洲的注册量略有上升。这些数据来自路透社对地区注册的跟踪。</p>
<p>然而，中国几乎没有显示出新的需求动能。该国仍然是全球最大的电动车市场，但由于价格高企和激励措施减弱，买家已开始退缩。</p>
<p>竞争依然激烈。当地品牌在几乎每个类别中都提供更便宜的车型。特斯拉也面临着来自自身过去业绩的压力。</p>
<p>来自 CPCA 的单独数据显示，该公司在 2025 年的中国制造总销量下降了 4.8%。在此期间，只有一家位于北京的制造商报告了年度下降。</p>
<h3>成本压力和降价重塑电动车竞争</h3>
<p>投资者的紧张情绪迅速蔓延至整个行业。比亚迪在香港上市的股票本周再次因销售数据疲软而下跌。这一下跌延续了自五月以来市值蒸发超过 600 亿美元的抛售潮。其他电动车股票也随之下跌，市场担忧情绪蔓延。</p>
<p>此外，过去三个月锂电池价格翻了一番。铜和铝的价格也在上涨。内存芯片短缺推高了智能汽车零部件的成本。</p>
<p>Bernstein 分析师估计，某些高端车型的额外成本可能达到每辆车 1,000 美元，而像小鹏、理想和蔚来这样的主流品牌由于利润空间较薄将面临更高的风险。比亚迪凭借其内部供应链占据优势，但即便如此，这一优势也有其局限性。</p>
<p>特斯拉选择通过定价工具而非新车型来应对。该公司在其中国网站上推出了激进的融资优惠。买家可以在 2 月 28 日之前下单，享受五年零利率贷款或七年超低利率贷款。目标很简单。在价格敏感的市场中保持稳定的销量。</p>
<p>定价差距依然很大。基础版 Model 3 的售价约为 235,500 元，或大约 33,943 美元。比亚迪的 Seal 起售价约为 79,800 元。这一差距解释了为什么更便宜的品牌继续受到关注。</p>
<p>做空者继续受益。根据 S3 Partners 的数据，自 11 月以来，恒生科技指数内电动车股票的空头头寸急剧上升。这一趋势与更广泛的恒生指数背道而驰。</p>
<p>贸易发展提供的缓解有限。与加拿大和欧盟的关系改善支持了出口。汽车制造商也在向人工智能、机器人出租车和先进自动化领域推进。目前，特斯拉通过管理成本和定价保持竞争力，同时市场正在自我调整。</p>
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特斯拉

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TESL

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吉利汽车

吉利汽车(ADR)

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<p>特斯拉在一月份交付了 69,129 辆中国制造的电动车，同比增长 9.3%，尽管市场放缓。该公司在中国电动车销售中排名第三，仅次于比亚迪和吉利。尽管特斯拉的交付量上升，但中国整体需求依然疲软，本土品牌提供了更便宜的替代品。材料价格上涨和竞争带来的成本压力正在重塑电动车市场。特斯拉正通过激进的融资优惠来应对，以维持在价格敏感环境中的销售量</p>

<p><strong>Tesla posted a year on year rise in China made electric vehicle deliveries in January, even as the wider market slowed down hard.</strong></p>
<div class="lb-trans"><p><strong>特斯拉在一月份的中国制造电动车交付量同比增长，尽管整体市场大幅放缓。</strong></p>
</div><p>The company delivered 69,129 vehicles from its Shanghai factory during the month. That was up from 63,238 units in January last year. The figures landed while many rivals were losing ground and cutting expectations.</p>
<div class="lb-trans"><p>该公司在本月从上海工厂交付了 69,129 辆汽车，较去年一月的 63,238 辆有所增加。在许多竞争对手失去市场份额并下调预期的情况下，这一数据显得尤为突出。</p>
</div><p>The January total placed Tesla in third place among electric vehicle sellers in China. BYD stayed far ahead with 205,518 deliveries. Geely followed with 124,252 units.</p>
<div class="lb-trans"><p>一月份的总交付量使特斯拉在中国电动车销售中排名第三。比亚迪以 205,518 辆遥遥领先，吉利以 124,252 辆紧随其后。</p>
</div><p>The data came from the China Passenger Car Association, released on Wednesday. The rankings showed strong competition, but they did not signal a real demand recovery inside China.</p>
<div class="lb-trans"><p>这些数据来自中国乘用车协会，周三发布。排名显示竞争激烈，但并未表明中国市场的真实需求正在恢复。</p>
</div><h3>Tesla deliveries rise while real demand stays weak</h3>
<div class="lb-trans"><h3>特斯拉交付量上升，但真实需求依然疲软</h3>
</div><p>The January delivery increase did not point to stronger buying appetite inside China. The numbers cover all vehicles shipped from the Shanghai plant.</p>
<div class="lb-trans"><p>一月份的交付增长并未表明中国市场的购买欲望增强。这些数字涵盖了从上海工厂发出的所有车辆。</p>
</div><p>That factory builds the Model 3 and Model Y. These cars serve buyers in China and overseas markets like Europe and the Asia Pacific region. Exports remain a large part of the total.</p>
<div class="lb-trans"><p>该工厂生产 Model 3 和 Model Y。这些汽车服务于中国及欧洲和亚太地区等海外市场。出口仍然是总量的重要组成部分。</p>
</div><p>New vehicle registrations offered a mixed picture. Tesla registrations rose slightly in Europe during January. The data came from Reuters tracking regional filings.</p>
<div class="lb-trans"><p>新车注册情况呈现出复杂的局面。一月份，特斯拉在欧洲的注册量略有上升。这些数据来自路透社对地区注册的跟踪。</p>
</div><p>China, however, showed little sign of fresh demand momentum. The country remains the world’s largest electric vehicle market, but buyers have pulled back as prices stay high and incentives fade.</p>
<div class="lb-trans"><p>然而，中国几乎没有显示出新的需求动能。该国仍然是全球最大的电动车市场，但由于价格高企和激励措施减弱，买家已开始退缩。</p>
</div><p>Competition remains intense. Local brands offer cheaper models across nearly every category. Tesla also faced pressure from its own past performance.</p>
<div class="lb-trans"><p>竞争依然激烈。当地品牌在几乎每个类别中都提供更便宜的车型。特斯拉也面临着来自自身过去业绩的压力。</p>
</div><p>Separate CPCA data showed that total China made sales for the company fell 4.8 percent in 2025. Only one other manufacturer in Beijing reported an annual decline during that period.</p>
<div class="lb-trans"><p>来自 CPCA 的单独数据显示，该公司在 2025 年的中国制造总销量下降了 4.8%。在此期间，只有一家位于北京的制造商报告了年度下降。</p>
</div><h3>Cost pressure and price cuts reshape the EV fight</h3>
<div class="lb-trans"><h3>成本压力和降价重塑电动车竞争</h3>
</div><p>Investor nerves spread fast across the sector. BYD shares listed in Hong Kong dropped again this week after weak sales data. The decline extended a selloff that erased more than 60 billion dollars in market value since May. Other electric vehicle stocks followed lower as worries spread across the market.</p>
<div class="lb-trans"><p>投资者的紧张情绪迅速蔓延至整个行业。比亚迪在香港上市的股票本周再次因销售数据疲软而下跌。这一下跌延续了自五月以来市值蒸发超过 600 亿美元的抛售潮。其他电动车股票也随之下跌，市场担忧情绪蔓延。</p>
</div><p>Moreover, lithium prices for batteries more than doubled over the past three months. Copper and aluminum prices also climbed. Shortages of memory chips pushed up the cost of smart vehicle parts.</p>
<div class="lb-trans"><p>此外，过去三个月锂电池价格翻了一番。铜和铝的价格也在上涨。内存芯片短缺推高了智能汽车零部件的成本。</p>
</div><p>Bernstein analysts estimate that added costs could reach 1,000 dollars per vehicle for some premium models, and mass market brands like Xpeng, Li Auto, and Nio will face higher risk due to thinner margins. BYD holds an edge thanks to its in house supply chain, but even that advantage has limits, according to these guys.</p>
<div class="lb-trans"><p>Bernstein 分析师估计，某些高端车型的额外成本可能达到每辆车 1,000 美元，而像小鹏、理想和蔚来这样的主流品牌由于利润空间较薄将面临更高的风险。比亚迪凭借其内部供应链占据优势，但即便如此，这一优势也有其局限性。</p>
</div><p>Tesla responded with pricing tools rather than new models. The company introduced aggressive financing offers on its Chinese website. Buyers can access five year loans at zero percent interest or seven year loans at ultra low rates for orders placed before February 28. The goal is simple. Keep volumes steady in a price sensitive market.</p>
<div class="lb-trans"><p>特斯拉选择通过定价工具而非新车型来应对。该公司在其中国网站上推出了激进的融资优惠。买家可以在 2 月 28 日之前下单，享受五年零利率贷款或七年超低利率贷款。目标很简单。在价格敏感的市场中保持稳定的销量。</p>
</div><p>Pricing gaps remain wide. A base Model 3 sells for about 235,500 yuan, or roughly 33,943 dollars. BYD’s Seal starts near 79,800 yuan. That gap explains why cheaper brands continue to gain attention.</p>
<div class="lb-trans"><p>定价差距依然很大。基础版 Model 3 的售价约为 235,500 元，或大约 33,943 美元。比亚迪的 Seal 起售价约为 79,800 元。这一差距解释了为什么更便宜的品牌继续受到关注。</p>
</div><p>Short sellers continue to benefit. Bearish positions on electric vehicle stocks within the Hang Seng Tech Index climbed sharply since November, based on S3 Partners data. The trend diverged from the broader Hang Seng index.</p>
<div class="lb-trans"><p>做空者继续受益。根据 S3 Partners 的数据，自 11 月以来，恒生科技指数内电动车股票的空头头寸急剧上升。这一趋势与更广泛的恒生指数背道而驰。</p>
</div><p>Trade developments offer limited relief. Improving ties with Canada and the European Union support exports. Automakers also push into AI, robotaxis, and advanced automation. For now, Tesla stays competitive by managing costs and pricing while the market sorts itself out.</p>
<div class="lb-trans"><p>贸易发展提供的缓解有限。与加拿大和欧盟的关系改善支持了出口。汽车制造商也在向人工智能、机器人出租车和先进自动化领域推进。目前，特斯拉通过管理成本和定价保持竞争力，同时市场正在自我调整。</p>
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<div class="lb-trans"><p>不要仅仅阅读加密新闻。理解它。订阅我们的新闻通讯。它是免费的。</p>
</div>

Tesla sold 69,129 China-made EVs in January, up 9.3% from last year.

- 特斯拉一月份在中国的电动车交付量同比增长至 69,129 辆。
- BYD 和吉利分别以 205,518 辆和 124,252 辆领跑市场，竞争依然激烈。
- 尽管交付上升，但中国的实际需求仍显疲软，价格高企抑制购买欲。

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比亚迪(ADR)

比亚迪股份

特斯拉在一月份售出了 69,129 辆中国制造的电动车，比去年增长了 9.3%