英文Lei Xing on Medium发布 2026/02/04 21:48· 入库 2026/5/12 21:22:33· Lei Xing
1月中国新能源车销量：开局不利，但不必恐慌
原标题：January China NEV sales: an “inauspicious” start, but let’s not panic just yet
精华摘要
2025年1月，中国新能源车市场遭遇低迷开局，多数品牌环比大幅下滑，部分品牌同比也出现下降。比亚迪1月销量中一半来自海外，国内仅约10万辆，且同比下滑。吉利汽车若计入燃油车，总销量达270,167辆，超越比亚迪。问界品牌中，AITO贡献了三分之二销量。奇瑞、理想、小鹏等品牌尽管有春节低基数，仍同比下滑。零跑环比下降近半，蔚来表现相对坚挺。
1月销量下滑主要受春节假期和年底冲量透支影响，属于季节性波动，不必过度恐慌。比亚迪海外销量占比提升至50%，显示全球化战略加速，但国内需求疲软需关注。吉利燃油车销量仍占主导，新能源转型压力犹存。问界依赖AITO单一品牌，产品线风险集中。蔚来抗跌性较强，或受益于换电模式和服务体系。整体看，2月有望回暖，但一季度行业竞争将更加激烈。
原文摘要
A subdued January. An inauspicious start. A chill blankets the industry. Most saw big MoM drops, some even saw YoY declines despite the lower base in January 2025 due to CNY. Half of BYD’s sales were outside China, leaving just 100,000 in China. And sales were DOWN YoY. Geely Auto actually beat BYD if ICEV sales are included (270,167). Two-thirds of HIMA sales were accounted for by AITO alone. Chery, Li Auto and Xpeng all saw YoY declines despite the lower January 2025 base because of Chinese New Year. LeapMotor down nearly half MoM, as did BYD. NIO in all fairness was rather resilient, but ne