编 译 / 路 行 设 计 / 琚 佳 来 源 / 路透社、 a u t o n e w s 、 C N B C 、彭博社等 美国总统唐纳德·特朗普（Donald Trump）的关税声明扰乱了市场，使其难以预测，这在第一季度 的业绩中有所体现，多家车企在公布财报后宣布调整或撤回全年业绩指引。 其中，福特汽车虽一季度营收超预期达407亿美元，但因关税可能导致全年调整后息税前利润减少 15亿美元，决定撤回此前70亿至85亿美元的利润指引。 Stellantis集团则因北美供应链依赖度高，宣布暂停业绩指引，并采取裁员、关闭工厂等措施以削减 成本。 通用汽车同样因关税政策撤回2025年业绩指引，并暂停40亿美元股票回购计划，其首席财务官指出 约半数在美销售的车辆依赖加拿大、墨西哥及韩国工厂生产，关税可能对皮卡等高利润车型造成打 击。 欧洲车企中，大众汽车虽维持全年营收增长5%的预测，但一季度税后利润同比下滑40.6%，旗下豪 华跑车品牌保时捷下调了利润预期。 特朗普政府虽于4月底调整政策，允许部分进口零部件税收抵免及避免关税叠加，但车企仍持谨慎 态度。 行业分析指出，关税导致的成本增加可能推高美国新车价格并威胁就业， ...

Core Viewpoint - SAIC Group is actively embracing transformation and has shown significant growth in sales and profits in the first quarter of 2025, indicating a strong recovery in both volume and profit [4][6]. Sales and Financial Performance - In Q1 2025, SAIC sold 945,000 vehicles, a year-on-year increase of 13.3%, with total revenue reaching 140.86 billion yuan and net profit attributable to shareholders at 3.02 billion yuan, up 11.4% [4]. - The "large passenger vehicle segment" has become a key driver for SAIC, achieving sales of 164,000 units in the first three months, with domestic sales soaring by 58.7% [4]. - In April 2025, SAIC produced 386,000 vehicles, a year-on-year increase of 8.84%, and sold 377,000 vehicles, up 4.6%, with a notable 71.7% increase in sales of new energy vehicles [6]. Strategic Direction - SAIC is focusing on user-centric strategies and building an open ecosystem to adapt to the rapidly changing automotive industry [8]. - The company aims to transform into a user-oriented enterprise by integrating user feedback into product development from the initial stages [8][10]. - SAIC is also pursuing the trend of shared mobility, with plans to scale up Robotaxi services [8]. Product Personalization and Ecosystem - SAIC is developing a personalized automotive experience through software and hardware customization to meet individual user needs [10]. - The company is enhancing internal resource integration and external partnerships, including collaborations with leading firms like Huawei and CATL to leverage advanced technologies [10][11]. Tactical Implementation - SAIC has launched its "Glocal Strategy" for overseas markets, aiming to create localized ecosystems while maintaining a global brand presence [12]. - The company plans to introduce 17 new overseas models over the next three years, focusing on various vehicle categories and advanced technologies [12]. - Different regional markets will have tailored product strategies based on local characteristics, with specific focuses on Europe, Southeast Asia, Latin America, and Africa [12]. Brand Positioning - SAIC is establishing clear brand identities, with a focus on safety, intelligence, and aesthetics across its product matrix [14]. - The collaboration with Huawei aims to enhance the technological aspects of SAIC's offerings, while the integration of global development standards with local resources is a priority for SAIC Volkswagen [14][15].

Core Viewpoint - The automotive industry is witnessing a shift where internal combustion engines (ICE) are not being abandoned but are instead being integrated with electric powertrains, reflecting a dual approach to meet diverse consumer needs and environmental goals [5][7][21]. Group 1: Internal Combustion Engine Developments - The 2025 Shanghai Auto Show highlighted the 4.0T V8 twin-turbo engine from Great Wall Motors, symbolizing a significant advancement in China's internal combustion engine technology [2]. - The global automotive landscape is seeing a resurgence of interest in internal combustion engines, with companies like Toyota and Mazda announcing new multi-fuel compatible engines, indicating a shift back towards ICE technology [3][4]. - Great Wall Motors emphasizes a "pan-internal combustion engine strategy," advocating for a coexistence of ICE and electric systems to cater to local market demands [5][7]. Group 2: Market Trends and Consumer Preferences - Research indicates that 68% of luxury car consumers prefer to hear the roar of an engine, suggesting a sustained demand for internal combustion engines in high-end markets [7]. - In 2024, the global penetration rates for fuel, hybrid, and pure electric vehicles are projected to be 67%, 18%, and 15% respectively, highlighting the continued relevance of ICE in the automotive market [9]. - The sales of fuel vehicles have seen a resurgence, with a notable increase in market share attributed to price changes and new product offerings [15][16]. Group 3: Financial Performance and Strategic Directions - Great Wall Motors reported record revenue and net profit in 2024, with fuel-powered vehicles contributing significantly to its profitability, showcasing the financial viability of maintaining ICE alongside electric vehicles [9][10]. - Changan Automobile is also pursuing a multi-path power strategy, with a focus on hybrid and fuel-efficient technologies, indicating a broader industry trend towards diversified powertrains [12][15]. - The automotive industry is moving towards a diversified market with various powertrain options, including pure electric, plug-in hybrids, and internal combustion engines, which are expected to coexist for the foreseeable future [21].

撰 文 / 钱亚光 设 计 / 琚 佳 来 源 / c l e a n t e c h n i c a . c o m , w w w. c a rs c o o p s. c o m , i n si d e e v s. c o m 由欧洲最大的道路救援组织德国汽车俱乐部（（Allgemeiner Deutscher Automobil-Club，ADAC）进 行的一项综合研究揭示了车辆可靠性方面的一个奇特趋势：电动汽车的故障频率低于燃油动力汽 车。 ADAC自身拥有大量数据，能够深入研究并得出切实可靠的结论。在2024年，ADAC的"黄天使"车 队处理了360万次故障救援请求，故障总数增加了97%，其中电动汽车故障数量增加了46%，该组 织指出，这一增长很可能是由于电动汽车的普及度提高所致。 很明显，ADAC的研究并没有急于得出正确的结论，为了制造一个热门话题而故作姿态，而是对数 年的数据积累进行了研究。随着电动汽车数量的不断增加，以及越来越多的电动汽车逐渐老化， ADAC认为已经能够得出一些重要的结论。 负责这项研究的工作人员，在过去几年里应对了海量的故障报修，并记录了每次故障报修的具体情 况，而这一 ...

Core Viewpoint - The article analyzes the sales performance of major Chinese automotive groups in March and the first quarter of 2023, highlighting the growth trends and competitive dynamics within the industry. Group 1: Q1 Sales Performance - In Q1 2023, BYD led the sales with 980,000 passenger vehicles sold, a year-on-year increase of 57% [7] - Geely Holding ranked second with 946,627 vehicles sold, up 31% year-on-year [7] - SAIC Group came in third with 945,000 vehicles sold, reflecting a 13.3% increase [7] - The top ten Chinese automotive groups saw seven increase in sales and three decrease, indicating a stable growth trend in the industry [8] Group 2: April Sales Updates - Great Wall Motors reported April sales of 100,061 vehicles, a 5.55% increase year-on-year [11] - Geely's April sales reached 234,112 vehicles, up 53%, with 125,563 of those being new energy vehicles, marking a 144% increase [11] - BYD's total sales for April were 380,089 vehicles, a 21.3% increase, with passenger vehicle sales at 372,615, up 19.4% [11] - China FAW Group's April sales surpassed 238,700 vehicles, a 3.5% increase, continuing its steady growth [12] Group 3: New Energy Vehicle Trends - Geely's new energy vehicle sales accounted for 54% of its total sales in April [11] - Chery Group's new energy vehicle sales surged by 85.5% year-on-year [16] - BYD's new energy vehicle sales contributed significantly to its overall growth, with multiple models achieving high sales figures [12] Group 4: Competitive Landscape Among New Forces - Leap Motor led the new forces with April deliveries of 41,039 vehicles, a 173% increase [21] - Xpeng Motors delivered 35,045 vehicles in April, a 273% increase [21] - Li Auto's April deliveries reached 33,939 vehicles, up 31.6% [21] - NIO delivered 23,900 vehicles in April, reflecting a 53% year-on-year increase [21]

作者 / 编辑部 设计 / 张 萌 5月2日，2025上海车展闭幕。 本次有来自26个国家和地区的近千家企业参展，其中汽车科技与供应链展区超过10万平方米，技术密度显著提升， 成为全球汽车零部件企业展示技术实力与战略布局的重要窗口。 当前，中国汽车市场正经历双重转型：一方面，新能源汽车渗透率持续攀升，高压快充、固态电池等技术加速突破，推动三电系统（电池、电机、电 控）加速迭代；另一方面，智能驾驶从L2级辅助逐级演进，感知硬件与算力芯片的规模化应用催生新的技术生态。 在此背景下，零部件行业呈现出三大核心趋势：技术创新从单一功能突破转向软硬件深度融合，供应链体系从链状层级结构向网状协作生态重构，后市 场服务向数据驱动的主动服务范式升级。 技术层面，线控系统、域控制器、智能座舱等关键领域实现突破，为今后汽车智能化的发展奠定基础；高压平台与超快充技术推动汽车电动化、充电桩 运维等后市场服务专业化；模块化设计理念的普及，则缩短产品验证周期，加速技术商业化落地。 与此同时，"在中国、为全球"成为本次车展上最常出现的高频词汇之一，本土化战略成为跨国企业与本土供应商的共同选择，以应对市场竞争的"速度 战"。 在众多新品与解决 ...

Core Viewpoint - The article discusses the competitive landscape of the SUV market in China, particularly focusing on the surge of mid-size and large SUVs that are targeting the Tesla Model Y and other established models, indicating a shift in consumer preferences and market dynamics [4][15][21]. Group 1: Market Dynamics - The mid-size SUV segment, particularly the Tesla Model Y, has seen significant competition from domestic brands like Zeekr, Leado, and Zhijie, which are launching electric SUVs at lower prices with better configurations [4][16]. - In 2024, the cumulative retail sales of the SUV market in China reached 11.31 million units, a year-on-year increase of 9.7%, with large and mid-large SUVs growing by 52.5% [16][15]. - The large and mid-large SUV market accounts for 14.6% of the total SUV market, indicating potential for further growth, especially in the electric vehicle segment [16][15]. Group 2: New Model Launches - Several new large SUVs were launched at the 2025 Shanghai Auto Show, including the Lynk & Co 900, Changan Deep Blue S09, and others, all featuring three-row seating and competitive pricing [5][7][11]. - The common features among these new models include high comfort levels, advanced technology, and luxury elements, aiming to differentiate themselves in a crowded market [13][18]. Group 3: Competitive Strategies - Domestic brands are strategically launching new models to capture market share from successful competitors like the Model Y, with a focus on offering better value for money [4][21]. - The article highlights that the competition is expected to intensify in 2026, with more brands entering the large SUV market, particularly targeting the 25-40 million yuan price range [13][21]. Group 4: Consumer Preferences - Consumers are increasingly attracted to large SUVs due to their competitive pricing compared to the Model Y, with many new models offering features that cater to family needs [17][21]. - The demand for large SUVs is driven by the desire for spacious interiors and advanced features, which have become standard expectations in this segment [18][20].

Core Viewpoint - Ford is actively developing a disruptive battery chemistry, the Lithium Manganese Rich (LMR) battery, aimed at achieving lower costs and longer range for electric vehicles by 2030 [6][10][23]. Group 1: Battery Development and Innovation - Ford initially offered Nickel Manganese Cobalt (NMC) batteries and later introduced Lithium Iron Phosphate (LFP) batteries in 2023, with LMR batteries being the next significant advancement [6][12]. - The LMR battery is expected to provide higher safety, stability, and energy density compared to nickel-based batteries, leading to longer driving ranges [8][19]. - Ford's Ion Park research center in Michigan is focused on innovative battery materials and manufacturing processes, aiming to reduce costs across all aspects of battery technology [12][14]. Group 2: Market Position and Goals - Ford's overarching goal is to address two major barriers to electric vehicle adoption: high purchase prices and range anxiety [10][23]. - The company aims to achieve unprecedented cost reductions with the LMR battery, which is crucial for achieving price parity with gasoline vehicles [8][20]. - Ford's electric vehicle sales increased by 11.5% year-over-year in Q1 2025, indicating a strengthening momentum in the electric vehicle market [21]. Group 3: Competitive Landscape and Challenges - The LMR battery technology is seen as a potential game-changer, with the possibility of reducing or eliminating the need for cobalt, thus lowering procurement costs [20]. - Other companies are also researching similar battery formulations, but Ford claims to have addressed key challenges such as voltage decay and gas generation that have hindered LMR commercialization [27][29]. - Despite the advancements, experts remain cautious about the LMR battery's long-term viability due to historical challenges in energy density and thermal stability [26][32].

撰 文 / 刘宝华 设 计 / 张 萌 "今天对大陆集团来说是伟大的一天。" 拥有154年历史的大陆集团2025年4月23日宣布拆分成两个独立公司，新闻发布会选择在上海车展媒 体日举行，大陆集团执行董事会成员兼汽车子集团首席执行官冯贺飞（Philipp von Hirschheydt）在 演讲开篇如是说。 这是去年8月宣布拆分计划后的尘埃落定。大陆集团监事会认为"大陆集团正面临百年历史中最大的 转型和变革"，拆分是他们应对变革和转型的措施之一。 从集团公司到专业公司 拆分后，轮胎业务和康迪泰克业务属于新大陆集团，另一部分成立独立的新公司，二者的销售额基 本都在200亿欧元左右，都有强大的技术基础作为支撑。发布会上宣布了新公司名称—— Aumovio。 "'Au'是automotive，也就是汽车，'mov'是移动，我们希望能够让我们的智能出行变得更安全、愉 悦、互联且自主，我们认为这是未来的趋势。'io'是innovation创新，我们希望能够有最新的技术解 决方案，这就是我们名字的意义。"Aumovio公司CEO冯贺飞解释。 4月25日大陆集团年度股东大会获得批准后，Aumovio计划于2025年9月在法兰 ...

Core Viewpoint - GAC Trumpchi's new models, the Trumpchi Xiangwang M8 and Xiangwang S9, showcased at the 2025 Shanghai Auto Show, highlight the brand's strength in high-end and intelligent vehicle development, marking a significant advancement for the Chinese automotive industry [3][4][6]. Group 1: Product Highlights - The Trumpchi M8 has successfully entered the high-end MPV market since its launch in 2017, breaking the monopoly of joint venture brands and expanding the brand's product matrix to meet diverse consumer needs [4]. - The Trumpchi Xiangwang M8 Qiankun features a blend of Eastern aesthetics and advanced technology, including a 7-screen interconnected HarmonyOS cockpit, setting a new standard for high-end MPVs in the intelligent era [4][8]. - The Trumpchi Xiangwang S9, as the first high-end flagship SUV in the Xiangwang series, boasts the Huawei Qiankun Intelligent Driving ADS 4 and the latest generation of CATL's Xiaoyao Super Hybrid battery technology, offering a pure electric range of 252 kilometers (CLTC) [6][8]. Group 2: Market Position and Achievements - GAC Trumpchi has achieved cumulative sales exceeding 750,000 units in the MPV sector, consistently ranking at the top of the Chinese brand MPV resale value list, reflecting strong consumer recognition of its quality, service, and innovation capabilities [8]. - The company is actively positioning itself in the new energy sector through collaborations with Huawei and CATL, aiming to establish a new banner for Chinese brands in the global automotive market [8].