2025: The Year That Shapes China's Automotive Industry | 36Kr's Annual Perspective ④
The "Perspective" section specially planned the "36Kr Annual Perspective" series at the end of the year, using data to analyze the trends throughout 2025 and presenting the key points in this year's business world that cannot be missed through pictures. This is the content of our 4th issue.
Author | Xu Caiyu
Just like other global markets, the Chinese market cannot accommodate too many automobile brands. In 2025, "intense competition" is no longer the only description of the automobile industry. "Differentiation" is the real cruel truth.
Chart by 36Kr
When the price war turns into a protracted one, the technological dividend becomes the only card for the survivors. From the ultimate integration of the electric drive system to the cliff - like decline in the cost of silicon carbide and batteries, the cost - reduction dividend of the supply chain is being exhausted by this generation of Chinese automakers. But this time, gross profit margin has replaced sales volume as the ultimate yardstick to test who can stay in the game. Seres and Xiaomi have stood firm at the 20% red line with the premium of intelligent driving, while Tesla and BYD, once the profit cows, are facing unprecedented pressure on profits.
Chart by 36Kr
The old order is being reshaped in the process of collapse: Wenjie has substantially cleared the BBA in the luxury car market, and Xiaomi has taken a quarter of the market share in the 200,000 - 300,000 - yuan segment with just a single hit product. Beyond the domestic red - ocean market, going global has become a must - choose option. BYD's overseas sales have skyrocketed with a double - digit increase, and new - energy vehicle startups are even directly investing factories and capital globally.
Chart by 36Kr
In the automobile battlefield in 2025, the competition has been upgraded from a single price fight to an all - around "value war" regarding the right to define technology, global pricing power, and control over the industrial chain.
Chart by 36Kr
Look back at the content of the 3rd issue