Core Viewpoint - The strategic partnership between Geely and Renault marks a significant step in their collaboration, focusing on the Brazilian market for electric vehicles and local production [2][3]. Investment and Production Plans - Geely and Renault will invest 3.8 billion Brazilian Reais (approximately 5.1 billion RMB) to establish Renault Geely do Brasil, aimed at localizing production of two new models based on Geely's GEA electric architecture, set to launch in the second half of 2026 [2]. - A new electric vehicle technology platform will be developed, with a Renault model expected to be produced by 2027 [2]. Market Potential and Strategy - Brazil's automotive market is projected to reach approximately 2.486 million units in 2024, reflecting a 14% year-on-year growth, positioning it as a key market for Chinese electric vehicles [4]. - The partnership adopts a "light asset" model, which may serve as a reference for other Chinese companies looking to expand into international markets [4]. Collaborative Goals - The collaboration aims to integrate manufacturing capabilities, marketing networks, and advanced electric platforms to create a competitive product matrix and drive sales growth [3]. - Both companies emphasize the importance of exploring new markets and opportunities, aiming for a win-win situation through strategic collaboration and resource complementarity [3].

《中国经营报》记者注意到，上述合作因对巴西新能源产业升级、就业拉动及南美汽车市场具有重要战 略意义，受到巴西政府及地方各界的高度重视。巴西副总统杰拉尔多·阿尔克明、巴拉那州州长拉蒂尼 奥·儒尼奥尔等各界领导，及雷诺集团和吉利管理层共同出席。 吉利与雷诺的合作迎来新进展。11月19日，在吉利与雷诺集团宣布成立雷诺吉利巴西公司（Renault Geely do Brasil）后，双方战略合作启动仪式在巴西埃尔顿・塞纳工业园区举行。吉利雷诺巴西公司将 投资38亿雷亚尔（约合人民币51亿元），推动新能源技术平台及车型在巴西落地。该项目将显著提升工 业园区产能利用率，并加速吉利在拉美拓展新能源市场。 雷诺集团首席增长官、雷诺品牌CEO法布里斯·坎博利夫表示："雷诺与吉利在巴西的战略合作迈入全新 阶段。未来，双方的战略合作将聚焦潜力市场，整合工业制造能力，营销网络以及领先的电动化平台， 共同打造极具市场竞争力的产品矩阵，促进销售增长，加速雷诺与吉利的全球化布局。" "此次合作是继吉利与雷诺韩国整车合资项目和浩思动力总成公司成立之后，吉利与雷诺战略合作又一 重要里程碑。双方将继续探索新市场和新机遇，共创共赢，共同发展，通过 ...

Geely Automobile has reported a robust third quarter (Q3), with increases across deliveries, turnover and earnings. The company delivered 761,000 vehicles in the three months to 30 September 2025, up 43% from 534,000 a year earlier. Quarterly revenue rose 27% to 89.192bn yuan from 70.48bn yuan in the same period of 2024. Profit attributable to owners of the parent reached 3.82bn yuan ($537.44m), a 59% rise from 2.39bn yuan a year ago. As of 30 September, total assets were 274.436bn yuan, up 1% from the ...

Core Viewpoint - The recent quarterly earnings reports from electric vehicle manufacturers, particularly Xiaopeng Motors and Leap Motor, have raised concerns in the market, leading to significant stock price declines. The automotive industry is expected to undergo changes due to factors such as price reductions in electric vehicles and the reintroduction of vehicle purchase taxes in 2026 [2][4][9]. Company Performance - Xiaopeng Motors reported a revenue of 20.38 billion yuan for Q3, a year-on-year increase of nearly 100%, with total deliveries of approximately 116,000 units, up 149.3% year-on-year. However, the company incurred a net loss of 380 million yuan, although this represented a narrowing of losses compared to previous periods. The forecast for Q4 deliveries is between 125,000 and 132,000 units, indicating a year-on-year growth of 36.6% to 44.3% [5][6]. - Leap Motor achieved a revenue of 19.45 billion yuan in Q3, nearly doubling year-on-year, and reported a net profit of 150 million yuan, marking a return to profitability despite an 8% decline from the previous quarter. The total delivery volume for Q3 was 173,800 units, with October deliveries reaching 70,300 units [5][6]. - Geely Automobile, as a traditional automaker, reported Q3 revenue of 89.2 billion yuan, a 27% increase year-on-year, and a net profit of 3.82 billion yuan, up 59% year-on-year. The total sales volume for Q3 was 761,000 units, reflecting a 43% year-on-year growth [5][6]. Market Trends and Future Outlook - The stock prices of Xiaopeng and Leap Motor fell significantly after their earnings reports, with Xiaopeng's stock dropping by 10.47% to 85.85 HKD, while Geely's stock saw a smaller decline of 1.16% [4][8]. - Analysts suggest that the automotive sector is experiencing a weak performance, with declining sales data and concerns over the impact of the vehicle purchase tax reinstatement in 2026. This may lead to a slowdown in growth for the industry, prompting companies to enhance sales volumes to mitigate margin pressures [6][10]. - The average price reduction for electric vehicles in October was 18,000 yuan, a decrease of 11.1%, indicating a competitive pricing environment as companies prepare for the upcoming tax changes [9][10].

【导读】吉利与雷诺集团战略合作提速，产业共建助力全球化协同发展 11月19日，在吉利与雷诺集团宣布成立雷诺吉利巴西公司后,双方的战略合作启动仪式在巴西埃尔顿·塞 纳工业园区举行。 雷诺吉利巴西公司将投资38亿雷亚尔（约合人民币51亿元），推动新能源技术平台及车型在巴西落地， 将显著提升工业园区产能利用率，并加速吉利在拉美拓展新能源市场。 这是吉利与雷诺集团加速布局拉美市场的最新进展。11月3日，吉利控股集团和吉利汽车控股有限公司 （以下统称吉利）与雷诺集团签署巴西战略合作最终协议。 根据协议，吉利通过收购雷诺巴西公司26.4%的股份，共享雷诺巴西公司的工厂产能和市场网络，从而 加速在拉美地区汽车市场的拓展。 从中国走向世界，吉利始终坚持"守正创新、高质量发展、全球资源协同"的全球化路径。吉利与雷诺集 团在巴西的合作，成为两者全球化协同发展的又一次战略升级。 吉利汽车集团CEO淦家阅表示："此次合作是继吉利雷诺韩国整车合资项目和浩思动力总成公司成立之 后，吉利与雷诺战略合作又一重要里程碑。双方将继续探索新市场和新机遇，共创共赢，共同发展，通 过协同战略与跨洲际合作形成规模效应，将最优质的产品、最优化的成本和高质 ...

Core Viewpoint - The strategic cooperation between Geely and Renault Group is accelerating, with the establishment of the Renault-Geely Brazil company aimed at enhancing global collaboration and expanding into the Latin American market [2][4]. Investment and Market Expansion - The Renault-Geely Brazil company will invest 3.8 billion Brazilian Reais (approximately 5.1 billion RMB) to promote the implementation of new energy technology platforms and models in Brazil, significantly improving the industrial park's capacity utilization [4]. - Geely's acquisition of 26.4% of Renault Brazil's shares allows it to share production capacity and market networks, facilitating faster expansion in the Latin American automotive market [5]. Market Potential and Challenges - Brazil is the largest and most promising automotive market in Latin America, with total sales expected to reach approximately 2.486 million vehicles in 2024, a year-on-year increase of 14% [7]. - The Brazilian automotive market faces structural challenges such as high taxes and income-to-price ratios, with the government planning to gradually restore electric vehicle import taxes to 35% by 2026 [7]. Local Production and Technological Development - Geely and Renault plan to localize the production of two new models based on Geely's GEA new energy architecture, with a launch scheduled for the second half of 2026 [8]. - The GEA platform is a core component of the cooperation, aimed at enhancing Brazil's capabilities in new energy and intelligent manufacturing [8]. Employment and Economic Contribution - The partnership is expected to create more manufacturing, engineering, service, and operational jobs in Brazil, contributing to local talent development and skills enhancement [13]. - Geely aims to increase the localization rate to 45%, promoting supply chain expansion and industrial ecosystem development in Brazil [13]. Global Business Strategy - Geely's global strategy emphasizes local empowerment and sustainable cooperation, with a focus on building a new paradigm for the Brazilian new energy industry [12][14]. - The collaboration with Renault is seen as a significant milestone in Geely's systematic advancement of its global business layout [12].

人民网巴西库里蒂巴11月18日电 （记者陈一鸣）当地时间11月18日，吉利控股集团和吉利汽车控股有限公司（以 下统称"吉利"）与雷诺集团战略合作启动仪式在巴西巴拉那州首府库里蒂巴附近的埃尔顿・塞纳工业园举行，巴西副 总统杰拉尔多·阿尔克明出席活动。 雷诺集团首席增长官、雷诺品牌首席执行官法布里斯·坎博利夫表示，雷诺与吉利在巴西的战略合作将聚焦潜力市 场，整合工业制造能力、营销网络和先进的电动化平台，共同打造具有市场竞争力的产品矩阵，促进销售增长，加速 雷诺与吉利的全球化布局。 雷诺集团首席增长官、雷诺品牌首席执行官法布里斯·坎博利夫在活动上致辞。吉利控股集团和吉利汽车控股有限公司 供图 杰拉尔多·阿尔克明在活动中表示，巴西欢迎中国企业积极参与巴西的绿色新能源转型进程，愿与中国企业携手推 动可持续发展，实现互利共赢。巴西政府2023年底启动汽车行业税收优惠政策，吉利与雷诺的战略合作进一步巩固了 巴西汽车行业在这一政策推动下形成的创新、可持续和竞争力并重的发展环境。 吉利控股集团高级副总裁杨学良在致辞中介绍，根据双方的战略合作协议，吉利EX5和吉利EX2（星愿）两款车 型已通过雷诺经销网络在巴西上市，接下来双方将 ...

11月18日，吉利汽车"世界家轿 中国帝豪——400万向上盛典暨第5代帝豪全球上市发布会"于杭州举办，新车共推出四款配置，限时售价6.59万元至8.29万 元。 据介绍，第5代帝豪在颜值、舒享、安全、驾控、智能五大维度实现进阶，进行了从底层基因到用户体验的全面革新。 在设计方面，第5代帝豪前脸搭载12根镀铬纵向直瀑立柱，"吉目远眺LED前大灯"拥有超170米照射距离。新车车身侧面腰线比例为0.618与2.2倍轮高比，配 合1885mm宽车身、1.27宽高比、18英寸五星之盾轮毂及544mm超低重心。同时，车尾配备LED超红光尾灯，波长为627-632nm，具备300米远距离穿透力， 提升恶劣天气下穿透性能。新车推出千山青、墨岩黑、峰芒银、云纱白、松壑蓝、苍烟灰六款车身配色。 安全方面，第5代帝豪整车采用潜艇级笼式车身，高强度钢占比达70%，最高抗拉强度超1500MPa，车身扭转刚度高达26000N·m/deg。前机舱配备"B"型截面 高强钢防撞梁与240mm长吸能盒，后防撞梁采用"C"型高强钢与200mm渐变吸能盒，结合S形两折弯吸能设计与发动机下沉技术，在碰撞中有效引导能量传 递，保障乘员舱完整。同时搭载上 ...

Core Insights - The recent performance of electric vehicle manufacturers, particularly Xiaopeng and Li Auto, has raised concerns in the market, leading to significant stock price declines following their earnings reports [1][2][4] - The automotive industry is expected to undergo changes due to the reintroduction of vehicle purchase tax for electric vehicles starting in 2026, which may affect consumer choices and market dynamics [5][6][7] Company Performance - Xiaopeng Motors reported a revenue of 20.38 billion yuan for Q3, a year-on-year increase of nearly 100%, but incurred a net loss of 380 million yuan, although this loss narrowed compared to previous periods [2][3] - Li Auto achieved a revenue of 19.45 billion yuan in Q3, nearly doubling year-on-year, with a net profit of 150 million yuan, but experienced an 8% decline in net profit compared to the previous quarter [2][3] - Geely's Q3 revenue reached 89.2 billion yuan, a 27% increase year-on-year, with a net profit of 3.82 billion yuan, up 59% year-on-year, and total sales of 761,000 units, a 43% increase [3] Market Dynamics - Xiaopeng's stock price fell by 10.47% to 85.85 HKD, marking a cumulative decline of over 20% since November 12, while Geely's stock fell by 1.16% to 17 HKD, resulting in a market capitalization of 172 billion HKD [2] - The average selling price of Xiaopeng vehicles decreased by 0.8 million yuan to 156,000 yuan, with a gross margin of 13.1%, slightly below market expectations [3] - The automotive sector is experiencing a weak performance overall, with concerns about declining sales data and the impact of upcoming policy changes on growth rates [4][6] Future Outlook - The reintroduction of the vehicle purchase tax in 2026 is expected to slow down the growth of the passenger vehicle market, potentially leading to increased promotional activities among electric vehicle manufacturers [6][7] - Analysts suggest that the automotive industry will see a differentiation among companies, with stronger competitors likely to emerge as the market adjusts to the new tax environment [6][7]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 27.07 [7][5]. Core Insights - The company reported a revenue of RMB 89.2 billion for Q3 2025, representing a quarter-on-quarter increase of 27% and a year-on-year increase of 15%. The net profit attributable to shareholders was RMB 3.8 billion, up 59% quarter-on-quarter and 6% year-on-year [1]. - The company achieved a record high of 760,000 new car sales in Q3 2025, with a gross margin of 17%, reflecting a positive trend in vehicle pricing and cost management [2]. - The sales of new energy vehicles reached 440,000 units in Q3 2025, accounting for 58% of total sales, indicating a strong focus on the transition to new energy [3]. - The successful launch of high-end models such as Zeekr 9X and Galaxy M9 is expected to enhance profitability and market positioning [4]. - Profit forecasts for 2025-2027 have been adjusted upwards, with net profits projected at RMB 17.8 billion, RMB 19.2 billion, and RMB 24 billion respectively, reflecting strong growth potential [5]. Summary by Sections Q3 Performance - Revenue for Q3 2025 was RMB 89.2 billion, with a net profit of RMB 3.8 billion, aligning with expectations [1]. - The company sold 760,000 vehicles in Q3 2025, achieving a gross margin of 17% [2]. New Energy Transition - New energy vehicle sales reached 440,000 units, representing 58% of total sales, with significant growth in the Galaxy brand [3]. - The company plans to expand its overseas market presence in 2026, including acquisitions and new manufacturing facilities [3]. Product Launches - The Zeekr 9X and Galaxy M9 have seen strong initial sales, contributing to the company's high-margin product offerings [4]. Profitability and Valuation - The net profit forecasts for 2025-2027 have been increased, with a target price set at HKD 27.07 based on a 13x PE ratio for 2026 [5].