冷风萧瑟中，12月的中国车市迎来了真正的寒冬。
According to the China Automobile Dealers Association, the Chinese auto market entered a real winter in December.
12月1日至28日，全国乘用车零售192.8万辆，同比下滑17%，环比下降3%。
From December 1 to 28, nationwide passenger car retail sales reached 1.928 million units, down 17% year-on-year and 3% month-on-month.
负增长的硝烟在市场上空弥漫，但车企并没有选择躺平。
Negative growth loomed over the market, yet automakers showed no intention of surrendering.
在寒冬中，新势力率先亮出底牌。
Amid the downturn, new energy startups were the first to reveal their cards.
蔚来12月交付4.8万辆，创历史新高，其中46%来自全新ES8。
NIO delivered 48,000 vehicles in December, a record high, with 46% contributed by the all-new ES8.
小鹏、小米稳步爬升，小鹏交付3.7万辆，小米突破5万辆。
XPeng and Xiaomi continued climbing steadily, with XPeng delivering 37,000 units and Xiaomi surpassing 50,000 units.
理想则从11月的3万辆跃升至12月的4万辆。
Li Auto jumped from 30,000 units in November to 40,000 in December.
这背后，是产能与供应链的真实博弈。
Behind these numbers lies a fierce battle over capacity and supply chains.
理想I6采用动力电池双供应商模式，以保证交付节奏。
Li Auto adopted a dual battery supplier strategy for the Li i6 to secure deliveries.
零跑12月稳定在6万辆级别，而鸿蒙智行成为最大赢家。
Leapmotor maintained deliveries around 60,000 units, while HarmonyOS Intelligent Mobility emerged as the biggest winner.
平均成交价接近39万元的鸿蒙智行，几乎不受补贴退坡影响。
With an average transaction price close to RMB 390,000, HarmonyOS Intelligent Mobility was barely affected by subsidy reductions.
12月交付接近9万辆，登顶新势力榜首。
Deliveries neared 90,000 units in December, ranking first among new EV players.
30万元以上细分市场，鸿蒙智行几乎包揽冠军。
In the RMB 300,000+ segment, HarmonyOS models dominated nearly every category.
传统车企同样在承压前行。
Legacy automakers were also moving forward under pressure.
比亚迪12月销量42万辆，仍居销冠，但同比下滑18%。
BYD sold 420,000 vehicles in December, remaining the market leader despite an 18% year-on-year decline.
然而，它选择在海外市场全速前进。
However, BYD chose to accelerate aggressively overseas.
今年累计出口87.8万辆，同比增长144%。
Annual exports reached 878,000 units, up 144% year-on-year.
政策节奏，成为压制12月车市的关键变量。
Policy timing became a key factor suppressing December sales.
12月前四周销量同比跌幅分别为32%、17%、11%、12%。
Sales declines in the first four weeks of December stood at 32%, 17%, 11%, and 12% respectively.
消费者普遍预期2026年将有新政策出台，选择持币观望。
Consumers widely expect new policies in 2026 and are choosing to wait.
这也解释了为什么15万元以下车型受冲击最大。
This explains why vehicles priced below RMB 150,000 were hit the hardest.
李斌下调四季度交付指引，选择稳价而非冲量。
William Li lowered NIO’s Q4 delivery guidance, prioritizing price stability over volume.
全新ES8订单排至2026年5月，策略被证明是正确的。
With ES8 orders booked until May 2026, the strategy proved effective.
相比之下，高端市场展现出更强韧性。
In contrast, the high-end market demonstrated greater resilience.
问界M8连续6个月称霸40万元级市场。
AITO M8 topped the RMB 400,000 segment for six consecutive months.
尊界S800连续三个月拿下70万元以上豪华轿车销量第一。
Stelato S800 led the RMB 700,000+ luxury sedan segment for three straight months.
全年来看，行业竞争依然极度紧绷。
Looking at the full year, competition remained extremely intense.
小米年销38万辆，小鹏42.9万辆，均超额完成目标。
Xiaomi sold 380,000 units annually, XPeng 429,000—both exceeding targets.
吉利全年销量302万辆，银河品牌同比暴增150%。
Geely reached 3.02 million units, with its Galaxy brand surging 150% year-on-year.
但也有车企未达预期。
Not all players met expectations.
蔚来全年交付32.6万辆，创历史新高，却仍距翻倍目标尚差10万辆。
NIO delivered a record 326,000 vehicles, yet still fell 100,000 units short of its doubling target.
换代车型未能带来预期热度，成为隐忧。
Muted responses to refreshed models became a hidden concern.
2026年，规则正在被重新书写。
In 2026, the rules of the game are being rewritten.
补贴从统一金额转向按车价比例发放。
Subsidies are shifting from fixed amounts to price-based proportions.
这意味着低价车型红利退潮，高价值车型占优。
This signals the ebbing of low-cost advantages and a tilt toward high-value vehicles.
未来的竞争，不再是简单的价格战。
Future competition will no longer be about price wars alone.
而是技术确定性、交付确定性与用户价值的综合比拼。
It will be a contest of technological certainty, delivery reliability, and user value.
在有限利润空间下，车企之间的较量只会更加硬核。
With profit margins tightening, the battle ahead will be tougher than ever.
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