在此前已公开点名「内卷式」竞争并警示行业财务健康之后，车价仍在下滑。数据显示，比亚迪平均成交价从 6 月的 116,200 元（约 16,480 美元）降至 10 月的 108,100 元，下降 8,100 元，约 -7%。弱需求与产能过剩推动恶性折扣，而置换与购车激励逐步退坡加剧压力。
消息引发股价波动：比亚迪（香港）跌 1.7%，蔚来跌 2.5%，小米跌 2.2%，零跑跌 2.8%；部分经销商股价反而上涨，如永达升 1.2%、中升升 3%。分析认为经销商即便可能缩小亏损，仍难在需求疲弱下提高售价；另自明年起电动车出口需许可，以遏制「零里程车」等做法。
China’s market regulator proposed tighter rules on car discounts and rebates, aiming to stop automakers from pricing below production cost and to prevent dealers from using incentives that push transaction prices below cost. The draft fits a broader anti-“involution” push against destructive hyper-competition, and it is open for public feedback until Dec. 22.
Prices have kept falling despite earlier official warnings about “rat-race” competition and industry financial stress. Data show BYD’s average transaction price slid from 116,200 yuan ($16,480) in June to 108,100 yuan in October—down 8,100 yuan, about -7%. Analysts link the price war to weak demand and overcapacity as trade-in and EV incentives are scaled back.
Stocks reacted unevenly: BYD fell 1.7% in Hong Kong, Nio dropped 2.5%, Xiaomi sank 2.2%, and Leapmotor declined 2.8%, while some dealers rose (Yongda +1.2%, Zhongsheng +3%). Even if dealer losses narrow, raising consumer prices remains hard amid soft demand. Separately, EV export licenses start next year to curb “zero-mileage” export practices.
