来源：华尔街见闻
5月25日午后，长城汽车、比亚迪两车企股价纷纷跳水，港股截至收盘，$长城汽车(02333.HK)$跌超7%，$比亚迪股份(01211.HK)$跌超5%。
消息面上，长城汽车和比亚迪“打”起来了。
5月25日，长城汽车发布声明称，4月11日就比亚迪秦PLUS DM-i、宋PLUS DM-i采用常压油箱，涉嫌整车蒸发污染物排放不达标的问题进行举报。
对此，比亚迪官方微博发布声明称：坚决反对任何形式的不正当竞争行为，认为其检测报告无效，长城不能以此作为依据。
比亚迪表示，自己产品及相关检测符合国家标准，在国家权威机构通过认证，欢迎有关部门随时过来调查、取证和检测。
被举报车型为比亚迪热销产品
资料显示，长城汽车旗下魏牌和哈弗品牌主推的插电式混动车型，与比亚迪的DM-i车型存在一定的竞争关系。
近日，长城汽车旗下哈弗品牌发布两款插电式混合动力车型枭龙和枭龙MAX，官方指导价为13.98万元-17.98万元。业内人士认为，上述两款车型对标的即是比亚迪宋Pro DM-i和宋PLUS DM-i。
而比亚迪旗下的宋Pro DM-i冠军版将于今天5月25日上市，预计售价将杀进12万内。
此次涉及举报的车型比亚迪秦PLUS和宋PLUS均为比亚迪最为畅销车型。今年前4月，两款车型合计占到比亚迪销量近1/3。
而就双方的销量数据来看，长城汽车今年1-4月累计销量为33.73万辆，同比下滑21.67%。比亚迪累计销量为77.66万辆，同比增长约96.61%。
此前行业曾陷入价格战
1月和2月新能源汽车爆发价格战，随后3月燃油车也被卷入。
据信达证券梳理，1月6日特斯拉宣布降价，主力车型Model 3和Model Y降价幅度在2-4.8万元不等，打响本轮价格战的第一枪。面临特斯拉降价压力，多家造车新势力问界、小鹏等跟进降价。
3月初，从湖北政府补贴开始，价格战蔓延至燃油车市场，湖北省政府联合东风系汽车为主的多家车企推出巨额购车补贴，东风系旗下的车型最高优惠达到9万元；随后杭州、合肥、北京、成都等地方政府，奇瑞、吉利、广汽、长安、比亚迪等主机厂纷纷跟进降价，价格战全面扩散。
信达证券分析指出，本次价格战背后原因有：1）汽车类产品占社零消费约10%，地方政府有动力通过汽车行业促销拉动经济增长；2）补贴政策于2022年底退出，开年后汽车销售压力加大；3）合资品牌电动化转型迟滞，产品力下降，受到新能源及自主品牌的挤压；4）国六B标准切换在即，国六A车型库存亟待消化。
不过本轮价格战在特斯拉率先止跌涨价后有暂时告一段落的架势。
5月初据特斯拉中国官网显示，Model3全系涨价2000元至23.19万元起，ModelY全系涨价2000元至26.39万元起。
湘财证券表示，掀起汽车行业价格战的特斯拉，此次在成本降低背景下却意外涨价，其意义更多是传递价格止跌、挺价维稳之信号，敲打犹疑不决、持续观望的消费者，促进销售。
展望后市，中信证券认为汽车消费淡季已过，期待上海车展亮相车型5、6月份发布、交付进一步刺激消费需求。
细分方向上，其表示，尽管电动车领域的竞争加剧难以避免，但预计“降成本能力”强的企业将更容易在2023年的竞争环境下实现份额的提升。结构上，其重点看好降本能力强、具备规模效应的企业，特别认为混动技术能够有效缓解电动车板块的成本压力。
此外，5月9日，工信部等5部门发布公告国六b排放标准将在2023年7月1日如期执行，但针对部分RDE试验报告结果为“仅监测”等国六b车型允许销售至2023年12月31日，新增半年过渡期。
中信证券表示，预计过渡期设置将带来价格战缓和。结合产业调研，其推断目前行业仍有50万辆左右不满足国六b RDE测试的燃油车库存，过渡期设置直接利好此前国标切换准备相对不充分的日系、长尾的法系和韩系车企，德系和自主品牌不受影响，但清库周期延长利好5~6月行业价格体系，当前时点大规模价格战的可能性明显降低，主机厂均将受益于价格战缓和。
编辑/jayden
Source: Wall Street News
On the afternoon of May 25, the stock prices of two car companies, Great Wall Motor and BYD, dived one after another. The Hong Kong stock market closed.$GREATWALL MOTOR(02333.HK)$It fell more than 7%,$BYD COMPANY(01211.HK)$It fell more than 5%.
According to the news, Great Wall Motor and BYD got into a “fight”.
5/25,Great Wall Motor issued a statement saying that on April 11, the BYD Qin PLUS DM-i and Song PLUS DM-i used normal pressure fuel tanks, and it is suspected that the vehicle's evaporated pollutant emissions did not meet standards.
In response to this,BYD's official microblog posted a statement saying it resolutely opposes any form of unfair competition, believes its test report is invalid, and the Great Wall cannot use this as a basis.
BYD said that its products and related tests meet national standards, have passed certification by national authorities, and that relevant departments are welcome to investigate, obtain evidence and test at any time.
The reported model is a popular BYD product
According to data, the plug-in hybrid models promoted mainly by the Weipai brand of Great Wall Motor and the Haval brand have a certain competitive relationship with BYD's DM-i models.
Recently, the Haval brand of Great Wall Motor released two plug-in hybrid models, Fierce Dragon and Fierce Dragon MAX. The official guide price is 139,800 yuan - 179,800 yuan. Industry insiders believe that the benchmarks for the above two models are BYD Song Pro DM-i and Song Plus DM-i.
Meanwhile, BYD's Song Pro DM-i Champion Edition will go on sale today, May 25, and the price is expected to reach 120,000.
The models involved in the report this time, the BYD Qin Plus and Song PLUS are both BYD's best-selling models.In the first 4 months of this year, the two models together accounted for nearly 1/3 of BYD's sales.
Looking at sales data from both parties, Great Wall Motor's cumulative sales in January-April this year were 337,300 units, a year-on-year decline of 21.67 percent. The cumulative sales volume of BYD was 776,600 units, an increase of about 96.61% over the previous year.
Previously, the industry was involved in a price war
A price war broke out for new energy vehicles in January and February, followed by fuel vehicles in March.
According to Cinda Securities, Tesla announced price cuts on January 6. The price cuts for the main models Model 3 and Model Y ranged from 20,000 to 48,000 yuan, starting the first shot in this round of price war. Faced with Tesla's price reduction pressure, many new car builders questioned the world, Xiaopeng, etc. followed up on the price reduction.
At the beginning of March, starting with subsidies from the Hubei government, the price war spread to the fuel vehicle market. The Hubei provincial government and many car companies, mainly Dongfeng Motor, introduced huge car purchase subsidies. The maximum discount for Dongfeng models reached 90,000 yuan. Subsequently, local governments such as Hangzhou, Hefei, Beijing, Chengdu, etc., and OEMs such as Chery, Geely, GAC, Changan, and BYD followed up price cuts, and the price war spread across the board.
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According to Cinda Securities analysis, the reasons behind this price war are: 1) automotive products account for about 10% of the company's zero consumption, and local governments are motivated to drive economic growth through automobile industry promotions; 2) the subsidy policy was withdrawn at the end of 2022, and automobile sales pressure increased after the opening of the year; 3) the electrification transformation of joint venture brands was slow, product strength declined, and was squeezed by new energy sources and independent brands; 4) the national 6B standard switch is imminent, and the country's 6A model inventory needs to be digested urgently.
HoweverThere is a trend where this round of price war came to an end temporarily after Tesla took the lead in stopping price increases.
At the beginning of May, according to Tesla's official website in China, the price of all Model3 models increased by 2,000 yuan to 231,900 yuan, and the price of all ModelY models increased by 2,000 yuan to 263,900 yuan.
Xiangcai Securities said that Tesla, which set off a price war in the automobile industry, unexpectedly increased prices this time in the context of lower costs. The significance of this is more to send a signal that prices have stopped falling and that prices are stabilizing, hitting on consumers who are hesitant and continue to wait and see to promote sales.
Looking ahead to the future market, CITIC Securities believes that the off-season for automobile consumption has passed, and is looking forward to the release and delivery of models unveiled at the Shanghai Auto Show in May and June to further stimulate consumer demand.
In terms of segmentation, it said that although increased competition in the electric vehicle sector is unavoidable, it is expected that companies with strong “ability to reduce costs” will be more likely to increase their share in the competitive environment of 2023. Structurally, it focuses on enterprises with strong cost reduction capabilities and scale effects. In particular, it believes that hybrid technology can effectively relieve cost pressure in the electric vehicle sector.
Furthermore, on May 9, five departments including the Ministry of Industry and Information Technology announced that the country's 6b emission standards will be implemented as scheduled on July 1, 2023, but for some RDE test reports, the results of “monitoring only” will allow sales of 6b models from other countries until December 31, 2023, adding a half-year transition period.
CITIC Securities said that it is expected that setting a transition period will ease the price war. Based on industry research, it deduces that the industry currently still has around 500,000 fuel vehicles in stock that do not meet the national 6b RDE test. The transition period directly favors Japanese, long-tail legal and Korean car companies that were relatively unprepared to switch national standards. German and independent brands were not affected, but the extension of the inventory cycle favors the May-June industry price system. The possibility of a large-scale price war at this point is significantly reduced, and OEMs will all benefit from the easing of the price war.
Editor/jayden
