设计 | 甄 尤 美 来源 | r e u t e rs 、 c a rs c o o p s 、 A u t o N e w s 等 编译 | 吴 静 编辑 | 黄 大 路 当地时间2月6日，全球第四大汽车集团 Stellantis 官宣计提约 265 亿美元减值支出，核心原因是误判新能源转型节奏、大幅下调电动化业务目标 。 消息一出股价应声重挫，米兰证交所股价一度暴跌 30% ， 创 2021 年菲亚特克莱斯勒与标致雪铁龙集团合并成立以来的新低，此次减值规模甚至 超过了公司当前的市值。 花旗分析师在研报中称： " 市场虽早已预期集团会计提减值，但此次减值规模之大、现金支出占比之高，成为影响公司业绩的关键利空因素。 " 这并非孤例 。 福特、通用此前已相继官宣电动化业务减值， Stellantis 的此次动作更是刷新了行业减值规模纪录。特朗普政府取消新能源汽车补 贴、美国电动车市场需求持续低迷，成为压垮车企的关键稻草，多家欧美车企纷纷按下电动化业务" 收缩键" 。 加入轩辕同学 ， 成就新汽车人! 从行业整体来看， 2025 年欧洲纯电车型销量占比为 19.5% ，同比增长近 30% ，但远未达到市场预期； ...

加入轩辕同学 ， 成就新汽车人! 设计 | 甄 尤 美 编译 | 温 莎 编辑 | 黄 大 路 1月28日，英国首相斯塔默的专机飞抵北京首都国际机场，他身着深色西装，在夜色中走下舷梯，面带微笑向迎接人员挥手致意，开启为期4天的 外交访华。 这是斯塔默就任以来首次对华正式访问，更是时隔八年，英国首相首次访华。 四天密集的行程之后，首相光顾的云南菜馆被挤爆了，外界对这次访问也给予了高度评价，舆论普遍认为中英之间的"黄金时代"再次开启，而用 斯塔默的话说，两国建立"更成熟的关系"。 复盘英国首相的此次访华阵容，可谓空前强大，随行的约60人中有商业与贸易大臣彼得·凯尔、英国财政部经济事务国务大臣里格比等主要官员， 还有覆盖各个领域的"商界天团"，其中就包括英国汽车工业的名片—捷豹路虎。 对英国汽车而言，捷豹路虎是绝对的支柱与核心。作为英国本土最大的汽车制造商、高端制造与出口的旗舰，捷豹路虎也是英国在全球豪华车与 电动化转型中的关键力量，关乎着英国汽车工业的全球地位与未来。 随着中英两国之间翻开新的时代篇章，跟随首相一同访华的捷豹路虎全球首席执行官巴柏德对中国表达了坚定的信心："中英经贸合作是双边关系 的重要组成部分。 ...

Core Viewpoint - The Japanese automotive market, historically dominated by local brands, is witnessing a significant shift as foreign electric vehicle (EV) manufacturers are beginning to penetrate this previously closed market, driven by the slow electrification of domestic brands and changing consumer preferences [4][5][6]. Group 1: Market Overview - Japan's automotive market has long been considered one of the most challenging for foreign brands, with local manufacturers holding over 90% market share [4]. - In 2025, Japan's total new car sales are projected to reach 4.5658 million units, with a 3.3% year-on-year increase, while foreign brands are starting to gain traction [5]. - The electric vehicle market in Japan is still in its infancy, with only 60,677 EVs sold in 2025, representing a mere 1.6% of total vehicle sales [5]. Group 2: Foreign Brands' Entry - The Japanese Imported Automobile Association reported a 7% increase in non-local brand vehicle sales in 2025, totaling 243,129 units, with pure electric imports surging by 26% to a record 30,513 units [6]. - Hyundai is making a comeback in Japan, with a 89% increase in sales in 2025, reaching 1,169 units, driven by the introduction of several electric models [8][10]. - Tesla's sales in Japan saw a remarkable 90% increase in 2025, reaching approximately 10,600 units, attributed to a shift in sales strategy towards physical stores [12][14]. Group 3: Chinese Brands' Expansion - BYD entered the Japanese market in 2023 and aims to establish 100 dedicated stores by 2025, achieving a 62% sales increase to 3,870 units in 2025 [15][18]. - Other Chinese brands, such as Zeekr and GAC, are also planning to enter the Japanese market, with unique offerings tailored to local consumer preferences [19][21]. Group 4: Domestic Brands' Response - Japanese automakers are not standing still; Toyota's new EV model bZ4X received over 10,000 orders within three months of its launch in late 2025, becoming the top-selling EV in Japan [24][27]. - Nissan and Honda are also launching new EV models to compete with foreign brands, with Nissan's new LEAF and Honda's N-ONE e: entering the market [27][28].

加入轩辕同学 ， 成就新汽车人! 作 者 | 张 霖郁 编 辑 | 黄大路 当地时间2026年2月4日，澳大利亚媒体Drive报道宝马承认对座椅加热收费是一个错误决定。 宝马认错，先要追溯到2025年9月，德国慕尼黑车展期间，宝马组织了一场国际媒体试驾。 试驾车型是基于新世代纯电平台的首款车型iX3。期间，宝马发言人对媒体提及："我们收到 （对新能源车型）的批评，这些批评主要集中在座椅加热功能上，这块收费不合理"。 Drive未曾透露这位发言人的名字。 设 计 | 甄 尤美 德国车企正在纠偏。 自全球汽车新能源转型开始，"德系"常被贴上"固执"的标签，这种"德式倔强"一度演变成了与 中国市场需求的错位。 "只要他们意识到问题了，下决心改，德国车企的力量是很大的。"一位定居柏林的汽车行业专 家告诉《汽车商业评论》。 大众集团CEO奥博穆（Oliver Blume）曾兼任保时捷CEO。2026年1月，他承认自己将第二代 Macan全面纯电是一个错误决定，保时捷由此失去了一个销量支柱，中国市场遭遇急速下滑也 与此有关。 宝马在2025年9月对曾经的座椅加热收费承认其不合理性，而更早的2025年2月，奥迪已经官宣 的 ...

Core Viewpoint - Uber's recent financial report highlights significant growth in user engagement and bookings, but concerns over profitability and market competition have led to a decline in stock price despite positive operational metrics [6][12][13]. Financial Performance - In Q4 2025, Uber reported a 22% increase in ride-hailing trips to 3.8 billion, with total bookings also rising 22% to $54.1 billion, and revenue growing 20% to $14 billion [6]. - Monthly active users reached a record 202 million, an 18% increase year-over-year, doubling from 100 million in 2019 [7][8]. - Operating profit for Q4 2025 was $1.77 billion, a 130% increase, but fell short of analyst expectations of $1.85 billion by $80 million [18]. Growth Drivers - The growth in bookings was attributed to new products and services, including the Uber One subscription service and expanded offerings in holiday travel and airport transportation [17]. - The food delivery segment also performed well, capturing market share from competitors by introducing more non-food merchants and increasing discounts [17]. Profitability Concerns - Despite revenue growth, Uber's profitability remains a concern, with significant losses from investments in companies like Lucid and Grab leading to a $1.6 billion write-down [19]. - The company anticipates a higher effective tax rate of 22%-25% in 2026, which could further pressure profit margins [22]. Autonomous Driving Strategy - Uber views autonomous driving as a key future growth area, investing heavily and forming partnerships with various technology firms [25][26]. - The company plans to deploy 25,000 autonomous vehicles on its platform and expand services to 15 global markets by the end of 2026 [28][30]. - Uber argues that its existing user base and operational experience will allow it to achieve better utilization and economic benefits from autonomous vehicles compared to independent operators [31]. Market Competition - The autonomous vehicle market is competitive, with companies like Waymo and Tesla advancing their own technologies, which poses a threat to Uber's strategy [42][44]. - Regulatory challenges in major cities may delay the rollout of autonomous services, impacting Uber's ability to capitalize on high-margin markets [46]. Investor Sentiment - Investor confidence is wavering, as the potential impact of autonomous vehicles on Uber's core business remains uncertain, leading to stock price volatility [47].

Group 1 - The article discusses the challenges faced by foreign automotive companies in China, highlighting the declining sales and the need for strategic adjustments in response to the competitive market environment [9][10][12] - Porsche's sales in China have significantly decreased from a peak of 95,671 units in 2021 to only 41,938 units in 2025, marking a year-on-year decline of 26.28% [8] - The CEO of Porsche China, Alexander Pollich, emphasizes the importance of cost control and operational efficiency in light of the current market challenges, stating that the company must focus on its core development and internal strengths [15][17] Group 2 - Renault's CEO, François Provost, highlights the company's shift from being a technology exporter to seeking inspiration from China, establishing a global R&D center in Shanghai to leverage local supply chain advantages [20][21] - The Twingo E-Tech electric vehicle project, developed in China, has demonstrated a significantly reduced development cycle of just 21 months, showcasing the efficiency of the Chinese automotive ecosystem [20] - Renault plans to deepen its integration into the Chinese market while avoiding a return to direct sales, focusing instead on collaboration and mutual empowerment within the local ecosystem [23][24] Group 3 - Hyundai's CEO, José Muñoz, reaffirms the company's commitment to the Chinese market, planning to introduce its high-end brand Genesis and enhance local operations through increased investment and support [35][37] - The partnership between Beijing Automotive Group and Hyundai involves a substantial investment of $1.095 billion to support electric and intelligent vehicle development, indicating a long-term strategy for market adaptation [38][41] - Despite past challenges, Hyundai remains dedicated to the Chinese market, with a focus on localizing technology and improving decision-making processes to better meet consumer needs [36][44]

加入轩辕同学 ， 成就新汽车人! 设计 | 甄 尤 美 来 源 | 《 华 尔 街 日 报 》 、 C N B C 、 W I R E D 、 F i n a l R o u n d A I 等 编译 | 杜 咏 芳 编辑 | 黄 大 路 十年前，硅谷的程序员们还在为十万年薪欢欣鼓舞。如今，在人工智能的浪潮中，这个数字听起来简直像是"逊毙了"。 一些听起来如同天方夜谭的事情正在或者已经发生： 在一个普通的工作日，一位工作多年的英伟达老员工在确认了自己的股票期权价值后，发现自己悄然加入了千万富翁俱乐部。 在Meta总部，为了组建全新超级智能实验室，马克·扎克伯格（Mark Elliot Zuckerberg）提出了四年3亿美元的薪酬方案，其中第一年的总薪酬就超 过1亿美元。 Meta首席技术官安德鲁·博斯沃思（Andrew Bosworth）试图淡化这些数字："听着，伙计们，市场行情火爆，但并没有那么火爆。明白吗？所以那 只是个谎言。" 但随后他补充道："我们确实在招聘少数几个领导职位，这些人的薪资待遇确实很高。" 这就是目前人工智能领域人才市场的日常景象。 当普通人还在为六位数的年薪奋斗时，人工智能领域的顶尖 ...

Core Viewpoint - The article discusses the significant decline in the growth rate of plug-in hybrid vehicles (PHEVs) in the Chinese automotive market, highlighting the competitive pressure from pure electric vehicles (EVs) and the changing consumer preferences that have led to this shift [4][6][7]. Group 1: Market Trends - In 2025, the growth rate of PHEVs dropped to 8.8%, with range-extended vehicles seeing a mere 6% increase, marking the first instance of consecutive monthly declines in this segment [6][7]. - The penetration rate of PHEVs in the new energy vehicle market surged from 17% in 2021 to 40% in 2024, but the market dynamics shifted dramatically in 2025 [4][6]. - The average price of pure electric vehicles fell by 15% from 168,000 yuan in 2024 to 143,000 yuan in 2025, while mainstream PHEVs remained in the 150,000 to 180,000 yuan range, erasing the price advantage previously held by PHEVs [11]. Group 2: Consumer Behavior - The average range of pure electric vehicles exceeded 528 kilometers in 2025, with many mainstream models surpassing 600 kilometers, significantly reducing consumer anxiety regarding range [15]. - The rapid development of charging infrastructure, with a car-to-charging station ratio of 2.5:1 and a total of 20.09 million charging facilities by the end of 2025, has made pure electric vehicles a more reliable choice for consumers [15]. - Consumers are increasingly viewing pure electric vehicles as a dependable option, leading to a decline in the perceived necessity of PHEVs, which were initially chosen to alleviate range anxiety [15][19]. Group 3: Technological Shifts - PHEVs are experiencing a shift towards larger battery capacities and faster charging solutions, with many manufacturers adopting battery sizes exceeding 60 kWh to enhance their appeal [27][29]. - The introduction of 800V high-voltage platforms and ultra-fast charging technologies is becoming standard, allowing for significant improvements in charging efficiency [15][27]. - The trend of integrating larger batteries into PHEVs is raising production costs, which could undermine their competitive pricing advantage [32][35]. Group 4: Regulatory Environment - New regulations set to take effect in 2026 will tighten the eligibility criteria for tax exemptions for PHEVs, making it more challenging for lower-end models to compete [39][40]. - The shift from a "universal" tax exemption policy to one that favors stronger models will further complicate the market landscape for PHEVs [37][41]. Group 5: Future Outlook - Despite the current challenges, the article suggests that PHEVs will maintain a significant market share, with a projected penetration rate of 36% in 2025, corresponding to 4.669 million units [51]. - The global market for PHEVs is expected to grow, with predictions indicating that their growth rates will surpass those of pure electric vehicles in the coming years [60][66]. - The unique energy structure and market conditions in China suggest that PHEVs will continue to play a crucial role in the automotive landscape, particularly in regions with less developed charging infrastructure [52][54].

Core Viewpoint - The article discusses innovative marketing strategies adopted by automotive companies during the winter sales season in January 2026, highlighting how they engage consumers through unique experiences and cross-industry collaborations [3][4]. Group 1: Winter Marketing Strategies - January is a critical month for car companies, often referred to as the winter testing season, where numerous companies gather in regions like Inner Mongolia for vehicle testing [5]. - Traditional testing methods are becoming less effective in attracting attention, leading companies to create engaging winter experiences, such as Great Wall Motors' collaboration with Harbin Tourism Bureau for the "Harbin Ice and Snow Happy Week" [8][10]. - The "Long Spring First Ice Pot," a giant ice structure in Changchun, has become a popular destination, attracting over 1,000 vehicles for ice drifting experiences since its opening on January 10, 2026 [10][12]. Group 2: Cross-Industry Collaborations - Cross-industry marketing remains a popular strategy, with companies like Wangwang and Dong Mingzhu engaging in partnerships to attract consumer attention [15][20]. - Notable interactions include a humorous exchange between GAC Group's chairman and Gree Electric's chairman, which, despite being misinterpreted, enhanced the collaboration's visibility [22]. - BMW's playful marketing campaign during the New Year featured various humorous themes, effectively combining cultural elements with brand promotion [23][25]. Group 3: Community Engagement Initiatives - Xiaopeng Motors launched a "1000 Mobile Charging Stations" initiative, providing charging cables to 1,000 car owners, addressing the real needs of consumers during the Spring Festival [29][30]. - This initiative not only alleviates charging anxiety but also fosters a sense of community among car owners, enhancing brand warmth and consumer pride [33]. Group 4: Cultural and Brand Positioning - Volvo's innovative marketing approach involved a real-life simulation of a racing game, effectively engaging consumers by mimicking gaming experiences [34][37]. - GAC Aion capitalized on local cultural phenomena by creating a music video related to a trending song, thereby connecting emotionally with the audience [38][41]. - NIO's collaboration with the talk show "Thirteen Invitations" reflects a commitment to deeper values and long-term engagement rather than superficial marketing [42][45]. Group 5: Year-End Reflections and Celebrations - The automotive industry has seen a surge in year-end celebrations, with companies like Chasing and Mercedes-Benz using these events to enhance brand image and consumer engagement [49][51]. - The collective celebration of Mercedes-Benz's 140th anniversary showcased the industry's youthful spirit and creativity, with various brands participating in playful marketing campaigns [51].

加入轩辕同学 ， 成就新汽车人! 设计 | 甄 尤 美 来 源 | T h e D e t r o i t N e w s ， B u si n e ss I n si d e r ， R e u t e rs 编译 | 莫 莉 编辑 | 黄 大 路 在美国底特律的汽车圈，曾经的混合办公正在被打破。 据The Detroit News报道，Stellantis已通知美国员工在2026年3月底前恢复每周五天到岗办公，理由是要把团队重新拉回同一间办公室里，加快沟 通和协作。 Stellantis发言人乔迪·廷森（Jodi Tinson）在声明中称，随着增长战略推进，面对面协作对交付产品与服务很关键。 然而，就在同一座城市，竞争对手仍在坚持混合办公，通用和福特都没有把白领的到岗标准拉到五天，两者目前均维持着每周3至4天的到岗标 准，并未激进地要求全员回归五天制。 在过去的一年多里，Stellantis这家跨国汽车巨头经历了一场剧烈的动荡。 从2024年底CEO唐唯实（Carlos Tavares）的突然离职，到北美市场销量下滑引发的库存压力，再到不得不进行的裁员与产线调整。对于正处于翻 身关键期的Stellanti ...