电车电池成本大起底：大众最“烧钱”，比亚迪凭什么比特斯拉便宜那么多？

矿业纵横03-07 12:40

去年全球乘用电动汽车（EV）市场，包括插电式和传统混合动力汽车，销量虽略低于3000万辆，但仍实现了18%的强劲同比增长。在已部署的电池总容量方面——相比单纯的汽车销量，这能更好地反映电池材料的需求——电动汽车市场扩张了22%。根据总部位于多伦多的电动汽车供应链咨询公司 Adamas Intelligence 的数据，2025年是部署电池容量超过1太瓦时（TWh）的首个自然年。作为对比，2021年...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260307134137a6ac9143&s=b><strong>矿业纵横</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>去年全球乘用电动汽车（EV）市场，包括插电式和传统混合动力汽车，销量虽略低于3000万辆，但仍实现了18%的强劲同比增长。在已部署的电池总容量方面——相比单纯的汽车销量，这能更好地反映电池材料的需求——电动汽车市场扩张了22%。根据总部位于多伦多的电动汽车供应链咨询公司 Adamas Intelligence 的数据，2025年是部署电池容量超过1太瓦时（TWh）的首个自然年。作为对比，2021年...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260307134137a6ac9143&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0211977185.USD","symbol_name":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" 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Why is BYD so much cheaper than Tesla?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81211":0.6,"002594":1.94,"HYDD.SI":0.6,"TSLA":1.92,"BYDDY":1.94,"01211":1.94},"content_text":"去年全球乘用电动汽车（EV）市场，包括插电式和传统混合动力汽车，销量虽略低于3000万辆，但仍实现了18%的强劲同比增长。在已部署的电池总容量方面——相比单纯的汽车销量，这能更好地反映电池材料的需求——电动汽车市场扩张了22%。根据总部位于多伦多的电动汽车供应链咨询公司 Adamas Intelligence 的数据，2025年是部署电池容量超过1太瓦时（TWh）的首个自然年。作为对比，2021年的总容量为286吉瓦时（GWh），这意味着以GWh衡量的全球市场在短短四年内几乎翻了两番，比2019年扩大了十倍——成功穿越了疫情周期的影响。市场转机“电动汽车金属指数”（EV Metal Index）将电动汽车电池供应链中的金属需求与价格结合起来。这描绘了一幅截然不同的电池金属市场图景，并表明过去几年该行业原材料供应商的低迷期有多深。但即使用这个标准衡量，前景也已变得明朗得多。2025年期间售出电动汽车的电池中所含锂、石墨、镍、钴和锰的原材料总账单攀升至156亿美元，比上一年增长了11%。如果156亿美元听起来并不多，那是因为这个安装吨数并未包含在加工、化学转化或电池生产废料过程中的任何损耗（在这些环节中，成品率损失通常高达两位数百分比，而且在投产初期的损失率要高得多），因此在供应链的最初环节，实际需要的吨数和收入要高得多。诚然，这仍然只有2022年峰值水平的一半左右，但随着锂和镍价格持续在供应链中传导，并且钴价居高不下，2026年已经展现出成为又一个强劲增长之年的势头。正确的化学成分尽管锂和石墨在电动汽车行业中代表着相对恒定的因素，但对镍和钴的需求受到了两方面的影响：一是汽车制造商在NCM（镍钴锰）和NCA（镍钴铝）电池中持续减少钴的使用量；二是LFP（磷酸铁锂）正极化学成分的普及速度越来越快。在2025年，按部署的电池容量计算，LFP电池组占了总量的近一半，尽管它在中国以外的市场占有率有限（LFP目前在中国占据70%且还在持续增长的市场份额）。LFP入侵北美和欧洲市场带来的一些负面影响，正被更高镍含量的NCM电池（镍含量达到60%以上，通常为80%及以上）的平行发展趋势所削弱，后者仍是中国以外市场的首选化学成分。大众汽车加速前行深入分析总体数据可以发现，不同汽车制造商在电池金属使用量和成本方面存在着巨大差异。尽管去年比亚迪的纯电动汽车销量比特斯拉多出近50万辆（且插电式混合动力汽车销量达220万辆），但其材料账单比这家总部位于得克萨斯州的竞争对手还要低7.1亿美元。2025年，这家中国公司自制电池的成本为11亿美元，与2024年基本持平，尽管其售出的纯电动汽车（BEV）和插电式混合动力汽车（PHEV）比前一年多出了23万辆。比亚迪全系车型均采用磷酸铁锂（LFP）电池，主打中低端市场，且如今多数销量由插电式混合动力车型贡献。这种销售结构使其按销量加权计算的每辆电动汽车平均材料成本仅为247美元，而特斯拉售出的每款车型的平均成本为1082美元。即使只考虑纯电动汽车（BEV），比亚迪在原材料上的支出也远低于平均水平，每辆BEV仅为366美元。在中国制造的采用LFP电池的 Model 3 和 Model Y 是特斯拉销量的很大一部分，但在中国以外地区LFP电池工厂的建设缓慢，意味着这些不含镍、钴、锰的电池组在西方汽车制造商的产品线中依然基本缺席。对于包括奥迪、保时捷、斯柯达等品牌在内的大众汽车集团而言，相应的数字是每辆BEV 1624美元。大众汽车——首次成为全球在电池金属上支出最多的企业——其电动汽车销量中BEV与PHEV的比例为70:30，这解释了其高额支出的一部分原因，但这家总部位于沃尔夫斯堡的企业的大部分预算都花在了电池所需的镍和钴上。大众旗下的 Powerco 公司已在德国投产了一家LFP电池工厂，目前正在西班牙建设另一家，计划在明年某个时候投产。普遍高昂的成本在看完大众的数据之后，通用汽车（GM）的成本又上了一个大台阶。由于镍、钴和锰价格的上涨，加上广受欢迎的 Equinox SUV 和 Silverado 皮卡推动其电动汽车出货量增长20%，通用汽车面临着平均高达1664美元的电池金属账单，同比增长了17.6%。按GWh计算，通用汽车85%的电池来自其与 LG 新能源的合资企业 Ultium。在2024年挖走了一位特斯拉电池高管之后，通用汽车正在对其战略进行彻底改革，并开始放弃其笨重且“一刀切”的电池组设计。通用汽车之前在采用NCMA（镍钴锰铝）电池方面一直走在自己的方向上，但LFP相关的成本节约实在太具吸引力，该公司目前正在改造其田纳西州的NCMA工厂以生产LFP电池。在这个区间的另一端是丰田，2025年售出的每辆电动化车辆平均花费仅185美元，总计8.3亿美元，同比增长7.2%。这是因为这家日本巨头专注于传统混合动力汽车（HEV），其电池容量很少超过2kWh。去年，丰田（包括雷克萨斯）售出的电动化车辆中，十分之九是配备了镍氢电池的混合动力汽车，这也表明，老式的普锐斯（Prius）及其同类车型仍然是电池镍需求的重要来源（其中还包含了一定剂量的稀土元素）。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2617654096","isCrawlerRequest":true}