<p>中国电动车制造商，包括比亚迪和吉利汽车，在四月份的销售情况趋于稳定，出口和新技术继续帮助抵消国内需求的疲软。根据比亚迪周日的交易所文件，作为全球最大的电动车制造商，比亚迪上个月售出了 321,123 辆汽车，同比下降超过 15%。然而，与三月份相比，四月份的销售数字几乎增长了 7%，而同比下降幅度也减缓了近五个百分点。海外销售的增长推动了总销量，比亚迪的出口在四月份连续第四个月攀升，达到了创纪录的 135,098 辆。增长速度也从 2026 年前两个月的同比约 50% 加速至上个月的 70.8%。这一趋势在其他主要中国汽车制造商中也有所体现。吉利汽车生产汽油车和电动车，上个月售出了 235,164 辆，同比增长 0.45%，增速快于三月份的 0.37%。这家总部位于杭州的公司向海外出口了 83,186 辆，创下了今年最快的月度出口增长率，同比增长 244.7%。与此同时，奇瑞汽车的汽油车和电动车销量为 251,386 辆，出口 177,573 辆，分别同比增长 25% 和 102.4%。野村证券分析师 Joel Ying 和 Ethan Zhang 在周日的一份报告中表示：“随着海外市场的发展继续为中国汽车产业提供强有力的支持，电动车制造商的整体批发出货表现仍然不尽如人意。” 他们表示：“我们对国内需求持谨慎态度，并认为政策的不确定性增加将对 2026 年整个国内市场的前景产生关键影响。” 自一月份销售税减半以来，中国国内电动车销量受到打击。尽管过去两个月有所反弹，但根据中国乘用车协会（CPCA）的数据，从四月一日至二十六日，电动车零售销量同比下降 11%，约为 614,000 辆。此外，汽车行业（主要是汽车制造商）的利润率在今年第一季度进一步下降至 3.2%，而下游工业公司的平均利润率为 6%。面对销量下滑和利润压缩，中国汽车制造商正加大力度，通过在欧洲设立新店和区域运营中心来增加对海外消费者的接触。比亚迪和吉利也在中东冲突引发的能源冲击中提高了年度出口目标。除了海外扩张，技术升级和新车型也开始促进销售。德意志银行周一估计，尽管环比下降 15%，比亚迪四月份的新订单仍保持在 220,000 辆以上。这是在三月份其第二代快充电池和系统技术于本月初发布后，订单激增 174% 的基础上。浙江零跑科技在中国电动车初创企业中继续保持领先地位，四月份交付了创纪录的 71,387 辆，同比增长 74%，是 2026 年迄今为止最快的增长速度。德意志银行将这一成就归因于该汽车制造商成功推出的 A10 和 D19 SUV。经过年初前两个月的低迷后，国内大多数小型汽车制造商，包括小米和蔚来，四月份的交付量稳定在约 30,000 辆。</p>

GELHY

吉利汽车

<p>中国电动车制造商比亚迪和吉利在四月份的销售情况趋于稳定，主要得益于海外订单，尽管国内需求面临挑战。比亚迪售出 321,123 辆汽车，同比下降 15%，但较三月份增长 7%，出口创下 135,098 辆的纪录。吉利的销量略微上升至 235,164 辆，出口激增 244.7%。尽管国内电动车销售和利润率下降，两家公司都在提高出口目标，并专注于技术进步以推动销售。分析师对当地需求保持谨慎，强调 2026 年政策稳定的重要性</p>

<p>Chinese electric vehicle (EV) makers – including BYD and Geely Automobile – saw their sales stabilise in April, as exports and new technologies continued to help offset weakening demand at home. BYD, the world’s largest EV manufacturer, sold 321,123 vehicles last month, a drop of more than 15 per cent compared to a year ago, according to its exchange filing on Sunday. However, compared with March, April’s sales figure was nearly 7 per cent higher, while the year-on-year decline was nearly five percentage points slower. Overseas sales helped to boost the total as BYD’s outbound shipments climbed for a fourth consecutive month in April to a record 135,098. Growth also sped up from around 50 per cent year on year in the first two months of 2026 to 70.8 per cent last month. This pattern was also seen at other major Chinese carmakers. Geely, which produces both petrol and electric cars, sold 235,164 units last month, edging up by 0.45 per cent year on year – faster than March’s 0.37 per cent. The Hangzhou-based firm shipped 83,186 units overseas, registering the fastest monthly export growth rate this year with a surge of 244.7 per cent from the same period in 2025. Meanwhile, Chery Automobile recorded sales of 251,386 of petrol and electric cars and exports of 177,573 units, up by 25 per cent and 102.4 per cent year on year, respectively. “As overseas developments continue to show a strong support for the China auto industry, overall wholesale shipment performance has remained unexciting for EV players,” Nomura analysts Joel Ying and Ethan Zhang said in a note on Sunday. “We maintain a cautious view on local demand and believe increased certainties of policies will be critical to set the tone for the entire 2026 local market outlook.” China’s domestic EV sales have taken a hit since January, when a 10 per cent sales tax exemption was cut in half. Despite the rally during the past two months, retail sales of EVs slid 11 per cent year on year to around 614,000 units from April 1 to 26, data from the China Passenger Car Association (CPCA) showed. Moreover, the profit margin of the auto industry – mainly car manufacturers – dropped further to 3.2 per cent during the first quarter of the year versus the 6 per cent average for downstream industrial companies, according to the CPCA. With falling sales and squeezed profits at home, China’s carmakers are stepping up efforts to increase their exposure to overseas consumers by setting up new stores and a regional operations hub in Europe. BYD and Geely also raised their export targets for the year amid the energy shock stemming from conflicts in the Middle East. Apart from overseas expansion, technological upgrades and new models have also started to benefit sales. Deutsche Bank estimated on Monday that BYD’s new orders remained above 220,000 units in April despite the 15 per cent month-on-month decline. This followed a 174 per cent surge in March after its second-generation fast-charging battery and the technology for its system were unveiled at the beginning of that month. Zhejiang Leapmotor Technology extended its dominance among Chinese EV start-ups by delivering a record 71,387 units in April, up 74 per cent year on year and at its fastest pace growth so far in 2026. Deutsche Bank attributed it to the carmaker’s successful launch of the A10 and D19 SUVs. Following a slump in the first two months of the year, most of the country’s smaller players – including Xiaomi and Nio – reported stable deliveries of around 30,000 units in April.</p>
<div class="lb-trans"><p>中国电动车制造商，包括比亚迪和吉利汽车，在四月份的销售情况趋于稳定，出口和新技术继续帮助抵消国内需求的疲软。根据比亚迪周日的交易所文件，作为全球最大的电动车制造商，比亚迪上个月售出了 321,123 辆汽车，同比下降超过 15%。然而，与三月份相比，四月份的销售数字几乎增长了 7%，而同比下降幅度也减缓了近五个百分点。海外销售的增长推动了总销量，比亚迪的出口在四月份连续第四个月攀升，达到了创纪录的 135,098 辆。增长速度也从 2026 年前两个月的同比约 50% 加速至上个月的 70.8%。这一趋势在其他主要中国汽车制造商中也有所体现。吉利汽车生产汽油车和电动车，上个月售出了 235,164 辆，同比增长 0.45%，增速快于三月份的 0.37%。这家总部位于杭州的公司向海外出口了 83,186 辆，创下了今年最快的月度出口增长率，同比增长 244.7%。与此同时，奇瑞汽车的汽油车和电动车销量为 251,386 辆，出口 177,573 辆，分别同比增长 25% 和 102.4%。野村证券分析师 Joel Ying 和 Ethan Zhang 在周日的一份报告中表示：“随着海外市场的发展继续为中国汽车产业提供强有力的支持，电动车制造商的整体批发出货表现仍然不尽如人意。” 他们表示：“我们对国内需求持谨慎态度，并认为政策的不确定性增加将对 2026 年整个国内市场的前景产生关键影响。” 自一月份销售税减半以来，中国国内电动车销量受到打击。尽管过去两个月有所反弹，但根据中国乘用车协会（CPCA）的数据，从四月一日至二十六日，电动车零售销量同比下降 11%，约为 614,000 辆。此外，汽车行业（主要是汽车制造商）的利润率在今年第一季度进一步下降至 3.2%，而下游工业公司的平均利润率为 6%。面对销量下滑和利润压缩，中国汽车制造商正加大力度，通过在欧洲设立新店和区域运营中心来增加对海外消费者的接触。比亚迪和吉利也在中东冲突引发的能源冲击中提高了年度出口目标。除了海外扩张，技术升级和新车型也开始促进销售。德意志银行周一估计，尽管环比下降 15%，比亚迪四月份的新订单仍保持在 220,000 辆以上。这是在三月份其第二代快充电池和系统技术于本月初发布后，订单激增 174% 的基础上。浙江零跑科技在中国电动车初创企业中继续保持领先地位，四月份交付了创纪录的 71,387 辆，同比增长 74%，是 2026 年迄今为止最快的增长速度。德意志银行将这一成就归因于该汽车制造商成功推出的 A10 和 D19 SUV。经过年初前两个月的低迷后，国内大多数小型汽车制造商，包括小米和蔚来，四月份的交付量稳定在约 30,000 辆。</p>
</div>

BYD, Geely benefit from overseas orders amid Middle East energy shock

- 中国电动车制造商在四月份销量稳定，主要得益于出口和新技术。  
- 比亚迪四月销量达 321,123 辆，同比下降超过 15%。  
- 吉利和奇瑞的出口也显著增长，反映出国内市场需求疲软。

比亚迪和吉利在中东能源冲击期间受益于海外订单