<p><strong>特斯拉在一月份的中國製造電動車交付量同比增長，儘管整體市場大幅放緩。</strong></p>
<p>該公司在本月從上海工廠交付了 69,129 輛汽車，較去年一月的 63,238 輛有所增加。在許多競爭對手失去市場份額並下調預期的情況下，這一數據顯得尤為突出。</p>
<p>一月份的總交付量使特斯拉在中國電動車銷售中排名第三。比亞迪以 205,518 輛遙遙領先，吉利以 124,252 輛緊隨其後。</p>
<p>這些數據來自中國乘用車協會，週三發佈。排名顯示競爭激烈，但並未表明中國市場的真實需求正在恢復。</p>
<h3>特斯拉交付量上升，但真實需求依然疲軟</h3>
<p>一月份的交付增長並未表明中國市場的購買慾望增強。這些數字涵蓋了從上海工廠發出的所有車輛。</p>
<p>該工廠生產 Model 3 和 Model Y。這些汽車服務於中國及歐洲和亞太地區等海外市場。出口仍然是總量的重要組成部分。</p>
<p>新車註冊情況呈現出複雜的局面。一月份，特斯拉在歐洲的註冊量略有上升。這些數據來自路透社對地區註冊的跟蹤。</p>
<p>然而，中國幾乎沒有顯示出新的需求動能。該國仍然是全球最大的電動車市場，但由於價格高企和激勵措施減弱，買家已開始退縮。</p>
<p>競爭依然激烈。當地品牌在幾乎每個類別中都提供更便宜的車型。特斯拉也面臨着來自自身過去業績的壓力。</p>
<p>來自 CPCA 的單獨數據顯示，該公司在 2025 年的中國製造總銷量下降了 4.8%。在此期間，只有一家位於北京的製造商報告了年度下降。</p>
<h3>成本壓力和降價重塑電動車競爭</h3>
<p>投資者的緊張情緒迅速蔓延至整個行業。比亞迪在香港上市的股票本週再次因銷售數據疲軟而下跌。這一下跌延續了自五月以來市值蒸發超過 600 億美元的拋售潮。其他電動車股票也隨之下跌，市場擔憂情緒蔓延。</p>
<p>此外，過去三個月鋰電池價格翻了一番。銅和鋁的價格也在上漲。內存芯片短缺推高了智能汽車零部件的成本。</p>
<p>Bernstein 分析師估計，某些高端車型的額外成本可能達到每輛車 1,000 美元，而像小鵬、理想和蔚來這樣的主流品牌由於利潤空間較薄將面臨更高的風險。比亞迪憑藉其內部供應鏈佔據優勢，但即便如此，這一優勢也有其侷限性。</p>
<p>特斯拉選擇通過定價工具而非新車型來應對。該公司在其中國網站上推出了激進的融資優惠。買家可以在 2 月 28 日之前下單，享受五年零利率貸款或七年超低利率貸款。目標很簡單。在價格敏感的市場中保持穩定的銷量。</p>
<p>定價差距依然很大。基礎版 Model 3 的售價約為 235,500 元，或大約 33,943 美元。比亞迪的 Seal 起售價約為 79,800 元。這一差距解釋了為什麼更便宜的品牌繼續受到關注。</p>
<p>做空者繼續受益。根據 S3 Partners 的數據，自 11 月以來，恒生科技指數內電動車股票的空頭頭寸急劇上升。這一趨勢與更廣泛的恒生指數背道而馳。</p>
<p>貿易發展提供的緩解有限。與加拿大和歐盟的關係改善支持了出口。汽車製造商也在向人工智能、機器人出租車和先進自動化領域推進。目前，特斯拉通過管理成本和定價保持競爭力，同時市場正在自我調整。</p>
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特斯拉

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<p>特斯拉在一月份交付了 69,129 輛中國製造的電動車，同比增長 9.3%，儘管市場放緩。該公司在中國電動車銷售中排名第三，僅次於比亞迪和吉利。儘管特斯拉的交付量上升，但中國整體需求依然疲軟，本土品牌提供了更便宜的替代品。材料價格上漲和競爭帶來的成本壓力正在重塑電動車市場。特斯拉正通過激進的融資優惠來應對，以維持在價格敏感環境中的銷售量</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國製造電動車交付量同比增長，儘管整體市場大幅放緩。</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>該公司在本月從上海工廠交付了 69,129 輛汽車，較去年一月的 63,238 輛有所增加。在許多競爭對手失去市場份額並下調預期的情況下，這一數據顯得尤為突出。</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>一月份的總交付量使特斯拉在中國電動車銷售中排名第三。比亞迪以 205,518 輛遙遙領先，吉利以 124,252 輛緊隨其後。</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>這些數據來自中國乘用車協會，週三發佈。排名顯示競爭激烈，但並未表明中國市場的真實需求正在恢復。</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，但真實需求依然疲軟</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>一月份的交付增長並未表明中國市場的購買慾望增強。這些數字涵蓋了從上海工廠發出的所有車輛。</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>該工廠生產 Model 3 和 Model Y。這些汽車服務於中國及歐洲和亞太地區等海外市場。出口仍然是總量的重要組成部分。</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>新車註冊情況呈現出複雜的局面。一月份，特斯拉在歐洲的註冊量略有上升。這些數據來自路透社對地區註冊的跟蹤。</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，中國幾乎沒有顯示出新的需求動能。該國仍然是全球最大的電動車市場，但由於價格高企和激勵措施減弱，買家已開始退縮。</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>競爭依然激烈。當地品牌在幾乎每個類別中都提供更便宜的車型。特斯拉也面臨着來自自身過去業績的壓力。</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>來自 CPCA 的單獨數據顯示，該公司在 2025 年的中國製造總銷量下降了 4.8%。在此期間，只有一家位於北京的製造商報告了年度下降。</p>
</div><h3>Cost pressure and price cuts reshape the EV fight</h3>
<div class="lb-trans"><h3>成本壓力和降價重塑電動車競爭</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>投資者的緊張情緒迅速蔓延至整個行業。比亞迪在香港上市的股票本週再次因銷售數據疲軟而下跌。這一下跌延續了自五月以來市值蒸發超過 600 億美元的拋售潮。其他電動車股票也隨之下跌，市場擔憂情緒蔓延。</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，過去三個月鋰電池價格翻了一番。銅和鋁的價格也在上漲。內存芯片短缺推高了智能汽車零部件的成本。</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 分析師估計，某些高端車型的額外成本可能達到每輛車 1,000 美元，而像小鵬、理想和蔚來這樣的主流品牌由於利潤空間較薄將面臨更高的風險。比亞迪憑藉其內部供應鏈佔據優勢，但即便如此，這一優勢也有其侷限性。</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>特斯拉選擇通過定價工具而非新車型來應對。該公司在其中國網站上推出了激進的融資優惠。買家可以在 2 月 28 日之前下單，享受五年零利率貸款或七年超低利率貸款。目標很簡單。在價格敏感的市場中保持穩定的銷量。</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>定價差距依然很大。基礎版 Model 3 的售價約為 235,500 元，或大約 33,943 美元。比亞迪的 Seal 起售價約為 79,800 元。這一差距解釋了為什麼更便宜的品牌繼續受到關注。</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>做空者繼續受益。根據 S3 Partners 的數據，自 11 月以來，恒生科技指數內電動車股票的空頭頭寸急劇上升。這一趨勢與更廣泛的恒生指數背道而馳。</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>貿易發展提供的緩解有限。與加拿大和歐盟的關係改善支持了出口。汽車製造商也在向人工智能、機器人出租車和先進自動化領域推進。目前，特斯拉通過管理成本和定價保持競爭力，同時市場正在自我調整。</p>
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<div class="lb-trans"><p>不要僅僅閲讀加密新聞。理解它。訂閲我們的新聞通訊。它是免費的。</p>
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Tesla sold 69,129 China-made EVs in January, up 9.3% from last year.

- 特斯拉一月份在中國的電動車交付量同比增長至 69,129 輛。
- BYD 和吉利分別以 205,518 輛和 124,252 輛領跑市場，競爭依然激烈。
- 儘管交付上升，但中國的實際需求仍顯疲軟，價格高企抑制購買慾。

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特斯拉在一月份售出了 69,129 輛中國製造的電動車，比去年增長了 9.3%