小鹏把碳积分卖给保时捷，超10亿

XPeng sells carbon credits to Porsche, over 1 billion yuan in total

全文约 1004 字，读完约 5 分钟
About 1004 Chinese characters, a 5-minute read

昨天下午刷到这条消息，我第一反应是划走——卖碳积分，听着像大公司财务部的小动作。第二眼才坐直：买家是保时捷，卖家是小鹏。9月29日第一财经报道，小鹏与保时捷及多家国际主机厂达成碳积分交易合作，覆盖欧盟、英国、澳大利亚等合规市场，累计收入预估超10亿元，小鹏副总裁于涛随后公开确认。中国车企进欧洲的账本，第一次多了一条路：卖一张合规凭证。

When I first scrolled past this news yesterday, my instinct was to skip it — selling carbon credits sounds like a minor accounting move. A second look stopped me: the buyer is Porsche, the seller is XPeng. On September 29, Yicai reported that XPeng has struck carbon credit deals with Porsche and several other international automakers, covering compliance markets including the EU, the UK and Australia, with cumulative revenue estimated above 1 billion yuan; XPeng vice president Yu Tao publicly confirmed it. For the first time, a Chinese carmaker has a new way into Europe's ledger: selling a compliance instrument.

钱的量级先摆清楚。累计预估超10亿元，其中2026年内预计入账超5亿元，于涛说这部分属于高毛利收入。给个参照：小鹏今年二季度海外销量首次突破2万台，同比增长81%，车卖到欧洲、东南亚、中东。也就是说，积分的源头就是那2万台车——车卖出去赚一次钱，车攒下来的合规额度再赚一次。

Let's be clear about the scale first. Cumulative revenue is estimated above 1 billion yuan, with over 500 million expected within 2026 alone, and Yu Tao calls this high-margin revenue. For reference: XPeng's overseas sales passed 20,000 units for the first time in Q2, up 81% year on year, across Europe, Southeast Asia and the Middle East. Those 20,000 cars are exactly where the credits come from — the car gets paid for once, and the compliance allowance it accumulates gets paid for again.

保时捷为什么要买。欧盟对乘用车有一套碳排放考核，新车平均排放超标就要交罚金，量级可达数亿欧元。按现行规则，车企每年12月31日前必须向欧盟委员会申报碳积分交易协议，欧委会可以要求补充披露，但不介入商业条款。燃油车和性能车卖得多的品牌，很难在一个自然年里把车队平均排放压达标，买额度比交罚款便宜——这是道纯算术题。

Why is Porsche buying? The EU runs a carbon compliance test for passenger cars; when a fleet's average emissions exceed the limit, penalties can reach hundreds of millions of euros. Under current rules, automakers must declare credit-pooling agreements to the European Commission by December 31 each year; the Commission may request extra disclosure but stays out of commercial terms. Brands selling lots of combustion and performance cars struggle to bring their fleet average into compliance within one calendar year, and buying allowances is cheaper than paying fines — pure arithmetic.

有个细节我盯了很久。今年早些时候媒体披露过两个欧洲碳积分池的名单：一个是特斯拉、Stellantis、丰田、福特、马自达、斯巴鲁，另一个是梅赛德斯-奔驰、极星、沃尔沃和精灵。两份名单里都没有大众集团。保时捷是大众集团旗下品牌，它最后找到了小鹏——这个动作比10亿元本身更值得琢磨。

One detail held my attention. Earlier this year, media reports disclosed two European carbon credit pools: one with Tesla, Stellantis, Toyota, Ford, Mazda and Subaru, the other with Mercedes-Benz, Polestar, Volvo and Smart. The Volkswagen Group appears on neither list. Porsche is a Volkswagen Group brand, and it ended up at XPeng's door — that move is worth more thought than the 1 billion yuan itself.

我的判断：这笔钱的意义不在金额，在身份。整车出海，我们是被审查的一方；技术出海，我们是被评估的一方；到了卖碳积分这一步，规则是欧盟定的，中国车企成了别人合规成本表里的一个选项。做海外市场财务的同行，这条建议存一下——它会改掉你算"海外单车利润"的口径，因为高毛利的积分收入和卖车的利润根本不该放进同一个分母。

My judgment: what matters here is not the amount but the position. In vehicle exports we are the party being screened; in technology exports, the party being assessed. With carbon credits, the rules are written in Brussels, and Chinese carmakers have become a line item in someone else's compliance cost table. If you handle overseas finance, save this one — it changes how you compute per-unit overseas profit, because high-margin credit revenue and car-selling profit should never sit in the same denominator.

也要把丑话说在前面。积分收入完全依附于别人达不达标：哪天欧洲车企的电动化追上来了，这条收入线会自己消失，快得不会跟你打招呼。做欧洲合规的同事，12月31日这个申报节点抄进日程——这门生意一年只开一次窗。

One warning, though. Credit revenue depends entirely on others missing their targets: the day European automakers catch up on electrification, this line item vanishes on its own, without notice. Colleagues working on EU compliance, put December 31 in your calendar — this window opens once a year.

#小鹏汽车#  #碳积分#  #保时捷#  #汽车出海#  #欧盟碳排#  #中国车企出海#

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