<p>吉利汽车在中国大陆日益激烈的汽车行业中占据了优势，因为其多样化的产品线在电动车（EV）巨头比亚迪因部分税收优惠撤回而遭遇挫折后开始显现成效。受中国亿万富翁李书福控制的吉利，在今年前两个月的销量上超越了比亚迪，分析师指出，这得益于其车辆的质量和可靠性，尽管北京加大了对汽车制造商之间价格竞争的遏制力度。“行业冠军吸引更多的 [忠诚度]，他们的产品常常被消费者视为同类最佳，” 上海咨询公司索雷的高级经理 Eric Han 表示。“今年吉利与比亚迪之间的竞争可能会重新绘制中国汽车行业的格局。” 吉利在包括极氪、领克和银河等品牌下生产汽油和电动车，数据显示，吉利在一月和二月向国内外买家交付了 476,327 辆，同比增长 1%。在同一时期，吉利的电动车销量同比增长 10.1%，达到 241,740 辆。这一小幅的同比增长足以帮助这家总部位于中国东部浙江省的汽车制造商超越总部位于深圳的比亚迪，后者在今年前两个月的销量同比暴跌 35.8%，降至 400,241 辆。与此同时，比亚迪在 2022 年停止生产汽油车，选择专注于纯电动、插电式混合动力和增程式车辆。自 2024 年以来，它一直是大陆最大的汽车制造商，受益于中国电动车的快速普及。今年，中国电动车制造商受到政策转变的影响。去年免除 10% 购置税的买家现在必须支付 5% 的税费，且这一激励措施预计将在 2028 年前逐步取消。比亚迪销量的急剧下降清楚地表明，政府支持的收紧可能会对电动车市场产生负面影响，尤其是在经济放缓和收入下降的担忧加剧之际，上海易优汽车服务的销售经理田茂伟表示。“考虑到所有汽车制造商面临的悲观情绪，吉利今年微小的销量增长令人印象深刻，” 田说。“随着消费者收紧钱包，越来越多的司机将吉利的汽车视为物有所值。” 德意志银行在一月份预测，今年大陆的汽车销量将下降 5%，而瑞银则预测下降 2%，原因是产能过剩和税收优惠的逐步取消。北京对 “内卷” 的严厉态度也冷却了购买兴趣，因为主要汽车制造商停止了大幅折扣以吸引客户。内卷指的是激烈竞争导致价格下跌并削弱可持续增长。在某些情况下，制造商甚至以低于成本的价格销售产品，仅仅是为了阻止竞争对手。上个月，吉利汽车的汽车开发与销售负责人甘家跃表示，该汽车制造商将改善其车型的续航和充电时间，而不是通过降价来巩固其在中国这一全球最大汽车市场的领先地位。去年十二月，吉利在浙江省宁波市启动了一项 20 亿元人民币（约合 2.9 亿美元）的安全测试设施。李书福在启动仪式上表示，吉利将依靠技术创新来提高汽车的质量和性能，同时退出几乎所有参与者都陷入的残酷折扣战。吉利汽车的母公司浙江吉利控股集团拥有沃尔沃汽车和梅赛德斯 - 奔驰制造商戴姆勒的股份。在近 50 家大陆电动车制造商中，只有少数几家，如比亚迪和斯特兰蒂斯支持的零跑，能够在价格战中实现盈利。比亚迪为了弥补国内销量的严重下滑，计划在今年将出口量增加 24%，达到 130 万辆，品牌与公共关系总经理李云飞在一月份表示。</p>

GELHY

吉利汽车

吉利汽车(ADR)

国泰中证800汽车与零部件ETF

<p>吉利汽车在 2026 年前两个月的销售中超越了比亚迪，成为中国最大的汽车制造商。这一变化归因于吉利多样化的产品线和车辆质量，而比亚迪则因部分税收减免的撤回面临显著的销售下降。吉利售出 476,327 辆，同比增长 1%，而比亚迪的销量下降了 35.8%，降至 400,241 辆。分析师指出，这两家公司之间的竞争可能会在政府政策变化和经济担忧的背景下重塑中国的汽车市场</p>

<p>Geely Auto has gained the upper hand in mainland China’s intensifying automotive sector, as its diverse product line-up pays off after electric vehicle (EV) king BYD suffered a setback following partial withdrawal of a tax break. Controlled by Chinese billionaire Li Shufu, Geely overtook BYD in sales during the first two months of the year because of its vehicles’ quality and reliability, even as Beijing intensified efforts to curb price competition among carmakers, according to analysts. “Industry champions attract more [loyalty] and their products are often viewed by consumers as best in class,” said Eric Han, a senior manager at Shanghai consultancy Suolei. “Competition between Geely and BYD this year could redraw the landscape of China’s automotive industry.” Geely, which builds petrol and electric cars under brands including Zeekr, Lynk and Galaxy, delivered 476,327 units in January and February to domestic and overseas buyers, an increase of 1 per cent from a year earlier, data from the carmaker showed. Geely’s sales of electric vehicles (EV) jumped 10.1 per cent year on year to 241,740 units in the same period. The small year-on-year gain was enough to help the carmaker, based in east China’s Zhejiang province, leapfrog Shenzhen-headquartered BYD, whose sales in the first two months of the year plunged 35.8 per cent from a year earlier to 400,241 units. BYD, meanwhile, ceased producing petrol cars in 2022, choosing to focus exclusively on pure electric, plug-in hybrid and extended-range vehicles. It has been the mainland’s largest carmaker since 2024, buoyed by the surging adoption of EVs in China. Chinese EV makers have been affected by a policy shift this year. Buyers who were exempt from a 10 per cent purchase tax until last year now have to pay a 5 per cent levy, with the incentive set to be phased out by 2028. The sharp fall in BYD’s sales was a clear sign that narrowing government support could have a negative impact on the EV market amid rising worries about a slowing economy and falling incomes, said Tian Maowei, a sales ­manager at Shanghai-based Yiyou Auto Service. “Geely’s tiny sales growth this year is impressive given the pessimism surrounding all the carmakers,” Tian said. “More drivers view Geely’s cars as good value for money as they tighten their purse strings.” In January, Deutsche Bank projected car sales on the mainland would fall 5 per cent this year, while UBS predicted a 2 per cent decline, citing overcapacity and the phasing out of the tax break. Beijing’s harsh stance on “involution” has also cooled buying interest, as major carmakers stopped offering steep discounts to lure customers. Involution refers to fierce competition that drives down prices and undermines sustain­able growth. In some cases, ­manufacturers sell products below cost just to keep rivals at bay. Last month, Jerry Gan Jiayue, head of Geely Auto’s car development and sales, said the carmaker would improve its models’ range and charging times instead of cutting prices to consolidate its lead in China, the world’s largest automotive market. In December, Geely launched a 2 billion yuan (US$290 million) facility for safety tests in Ningbo, an industrial hub in the eastern Zhejiang province. Chairman Li Shufu said during a ceremony to launch the facility that Geely would rely on technological innovations to improve the quality and performance of its cars while exiting the brutal discount wars that had ensnared nearly all players. Geely Auto’s parent, Zhejiang Geely Holding Group, owns Volvo Cars and a stake in Mercedes-Benz maker Daimler. Only a handful of the nearly 50 mainland-based EV builders, such as BYD and Stellantis-backed Leapmotor, have been able to turn a profit amid the price wars. BYD, looking to offset the severe domestic sales decline, planned to increase its exports by 24 per cent this year to 1.3 million vehicles, said Li Yunfei, general manager for branding and public relations, in January.</p>
<div class="lb-trans"><p>吉利汽车在中国大陆日益激烈的汽车行业中占据了优势，因为其多样化的产品线在电动车（EV）巨头比亚迪因部分税收优惠撤回而遭遇挫折后开始显现成效。受中国亿万富翁李书福控制的吉利，在今年前两个月的销量上超越了比亚迪，分析师指出，这得益于其车辆的质量和可靠性，尽管北京加大了对汽车制造商之间价格竞争的遏制力度。“行业冠军吸引更多的 [忠诚度]，他们的产品常常被消费者视为同类最佳，” 上海咨询公司索雷的高级经理 Eric Han 表示。“今年吉利与比亚迪之间的竞争可能会重新绘制中国汽车行业的格局。” 吉利在包括极氪、领克和银河等品牌下生产汽油和电动车，数据显示，吉利在一月和二月向国内外买家交付了 476,327 辆，同比增长 1%。在同一时期，吉利的电动车销量同比增长 10.1%，达到 241,740 辆。这一小幅的同比增长足以帮助这家总部位于中国东部浙江省的汽车制造商超越总部位于深圳的比亚迪，后者在今年前两个月的销量同比暴跌 35.8%，降至 400,241 辆。与此同时，比亚迪在 2022 年停止生产汽油车，选择专注于纯电动、插电式混合动力和增程式车辆。自 2024 年以来，它一直是大陆最大的汽车制造商，受益于中国电动车的快速普及。今年，中国电动车制造商受到政策转变的影响。去年免除 10% 购置税的买家现在必须支付 5% 的税费，且这一激励措施预计将在 2028 年前逐步取消。比亚迪销量的急剧下降清楚地表明，政府支持的收紧可能会对电动车市场产生负面影响，尤其是在经济放缓和收入下降的担忧加剧之际，上海易优汽车服务的销售经理田茂伟表示。“考虑到所有汽车制造商面临的悲观情绪，吉利今年微小的销量增长令人印象深刻，” 田说。“随着消费者收紧钱包，越来越多的司机将吉利的汽车视为物有所值。” 德意志银行在一月份预测，今年大陆的汽车销量将下降 5%，而瑞银则预测下降 2%，原因是产能过剩和税收优惠的逐步取消。北京对 “内卷” 的严厉态度也冷却了购买兴趣，因为主要汽车制造商停止了大幅折扣以吸引客户。内卷指的是激烈竞争导致价格下跌并削弱可持续增长。在某些情况下，制造商甚至以低于成本的价格销售产品，仅仅是为了阻止竞争对手。上个月，吉利汽车的汽车开发与销售负责人甘家跃表示，该汽车制造商将改善其车型的续航和充电时间，而不是通过降价来巩固其在中国这一全球最大汽车市场的领先地位。去年十二月，吉利在浙江省宁波市启动了一项 20 亿元人民币（约合 2.9 亿美元）的安全测试设施。李书福在启动仪式上表示，吉利将依靠技术创新来提高汽车的质量和性能，同时退出几乎所有参与者都陷入的残酷折扣战。吉利汽车的母公司浙江吉利控股集团拥有沃尔沃汽车和梅赛德斯 - 奔驰制造商戴姆勒的股份。在近 50 家大陆电动车制造商中，只有少数几家，如比亚迪和斯特兰蒂斯支持的零跑，能够在价格战中实现盈利。比亚迪为了弥补国内销量的严重下滑，计划在今年将出口量增加 24%，达到 130 万辆，品牌与公共关系总经理李云飞在一月份表示。</p>
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Geely beats BYD sales in first 2 months of 2026 to become China’s top carmaker

- 吉利汽车在中国汽车市场占据优势，超越比亚迪。  
- 吉利在前两个月销量增长 1%，达到 476,327 辆。  
- 政府补贴政策变化影响了电动汽车市场，尤其是比亚迪销量下降 35.8%。

吉利在 2026 年前两个月的销量超过比亚迪，成为中国最大的汽车制造商