Core Viewpoint - The market share of mainstream joint venture brands in the passenger car market has significantly declined from 51% in 2020 to 24% in 2025, indicating a potential future decline for these brands [1]. Market Overview - In 2025, the sales volume of mainstream joint venture brands decreased by 530,000 units compared to the previous year, marking the lowest figure in the past five years, with the decline rate narrowing from 15.7% to 8.4% [3]. - Despite the overall market downturn, some joint venture companies like Toyota and Mazda have shown signs of recovery, with different strategies contributing to their growth [6]. Sales Performance of Joint Ventures - Notable joint ventures such as Dongfeng Nissan and SAIC General Motors have seen their sales decline rates decrease, stabilizing their market positions, while Honda and Ford continue to struggle [6][9]. - For instance, Dongfeng Nissan's retail sales reached 603,000 units in 2025, with a reduced decline rate of 4.5% compared to 12.7% in 2024 [9]. - SAIC General Motors reported a retail sales figure of 562,000 units, with a significant portion of the decline attributed to the Chevrolet brand [9]. New Energy Transition - The push for new energy vehicle (NEV) transformation has become a priority for joint venture automakers, with many adopting new strategies to enhance local development and pricing [7]. - Successful new joint venture products, such as GAC Toyota's Platinum 3X and Changan Mazda's EZ-60, have yielded positive results, with Changan Mazda achieving a 15.2% year-on-year increase in sales [8]. Challenges and Strategic Adjustments - Some joint venture brands, like Honda, are facing significant sales declines, with their reliance on a few models leading to vulnerabilities [16]. - Honda's sales dropped by 26.7% and 27.9% for its two main joint ventures, indicating a need for a more competitive approach in the NEV market [16]. Future Outlook - The outlook for 2026 appears cautiously optimistic, with several joint ventures setting ambitious sales targets and planning to launch new NEV products [18]. - Companies like Dongfeng Nissan aim for a 40% increase in sales, while new products are expected to target higher price segments [20]. - The overall market for fuel vehicles is projected to stabilize around 30%, with a focus on enhancing the intelligence of fuel vehicles becoming crucial for competitive advantage [23][24].

福特汽车公司(F.N)周二发布的第四季度财报显示，其当季业绩出现4年来最大的季度盈利不及预期，同 时指引2026年将成为公司业绩反弹的一年。另外，福特首次在全球汽车销量上落后于比亚迪。 福特对2026年的指引包括：经调整息税前利润（EBIT）为80亿至100亿美元，高于去年的68亿美元；经 调整自由现金流为50亿至60亿美元，高于2025年的35亿美元；资本支出为95亿至105亿美元，高于此前 的88亿美元。 根据LSEG的数据，该公司最新的每股收益较一致预期低32%，这是公司自2024年以来首次季度业绩不 及预期，也是自公布2021年第四季度业绩、与预期相差42%以来表现最差的一次。 公司表示，此次业绩不及预期主要源于约9亿美元的意外关税成本，这与汽车零部件抵免政策未能如预 期提前生效有关。截至12月15日，福特原本确认第四季度息税前利润为77亿美元，但额外成本使这一数 字降至68亿美元。 她还称，预计福特在2026年的净关税影响同比大致持平，约为20亿美元。她补充说，诺维利斯火灾在去 年下半年对福特造成了约20亿美元的影响。 豪斯与福特首席执行官吉姆·法利（Jim Farley）表示，尽管存在影响业绩的特 ...

2025财年全年营收1873亿美元，净亏损为82亿美元。 北京商报讯（记者 蔺雨葳）2月11日，福特汽车发布的2025财年四季度业绩报告显示，公司四季度营收 459亿美元，同比减少5%；调整后每股收益0.13美元，上年同期0.39美元；调整后息税前利润10.4亿美 元，同比减少51%；净亏损则达到了111亿美元。 ...

聚焦"产业融合"，以"乐园+"模式延伸链条。发挥项目带动作用，推动乐园从单一景点向产业融合平台发展。探索"乐园+赛事""乐园+活动"，成功举办福 特新车发布会、智己、华为汽车试驾活动、2025山东(邹城)板栗山汽摩越野赛、福特烈马创造营等赛事活动20余次，吸引来自国内外高端客流30余批次； 自然衍生出'乐园+服务'，带动周边村民发展民宿和农家乐7处。实现"以一个乐园带动一片产业"的融合发展格局。 在邹城市城前镇这片生态环境优美的土地上，一座引进美国福特全球顶级户外越野IP打造的中国首座福特户外主题乐园正在改变着乡村文旅的发展图景。 城前镇以开放创新的战略思维，将国际顶级品牌与本土生态优势深度融合，成为驱动乡村全面振兴的产业新引擎。 坚持"特色为王"，以差异化定位打开市场。依托美国福特在全球户外越野领域的顶级资源，从选址、规划到设计建设，全程由福特专业团队负责，严格按 照全球最高标准打造，是福特在全球的第七座、北美之外首座、也是中国首座户外主题乐园。项目赛道由福特首席赛道专家亲自设计，园林部分也由美国 设计师负责，是中国首条北美AORX认证赛道，也是亚洲最大的丛林越野赛道。项目还提供直升机、热气球、路亚垂钓、浆 ...

Market Overview - Major equity averages experienced a decline towards the end of the trading day, despite the S&P 500 hitting a record high earlier in the session [2][5] - The S&P 500 closed down approximately 0.3%, the Nasdaq down about 0.6%, while the Dow saw a slight increase of 0.1% [6] - Trading volume in the S&P 500 was down 15% from the ten-day average, indicating a cautious market sentiment [4] Economic Indicators - Investors are awaiting a significant jobs report, which is expected to influence market sentiment and the Federal Reserve's decisions [5] - The upcoming inflation report on Friday is also anticipated to provide insights into the U.S. economy [5] Company Performances - Datadog's stock rose nearly 14% after beating expectations in its fourth-quarter results, despite a weaker full-year forecast [10] - Spotify saw a significant increase of almost 15%, attributed to adding 38 million new users, reaching a total of 751 million [12] - European Wax Center's stock surged 43% after agreeing to be taken private by General Atlantic, valuing the company at approximately $330 million [14][15] Notable Declines - Alphabet's shares fell 1.8% after raising nearly $3 billion in debt, highlighting the funding needs of tech companies [16] - Coca-Cola's stock declined as the company projected organic sales growth of 4-5% for 2026, slightly below analyst expectations [17] - Wealth management firms, including Charles Schwab and Raymond James, experienced declines of 7.4% and 8.8%, respectively, following the launch of a new tax planning offering by Altruist [18] Earnings Reports - Ford reported an adjusted EPS of $0.13, below the estimated $0.18, and projected adjusted EV for 2026 between $8 billion to $10 billion [20] - Robinhood's stock dropped approximately 7% in after-hours trading after its fourth-quarter net revenue missed analyst estimates [21] - Lyft's stock fell about 15% in after-hours trading despite authorizing a new share buyback, as the outlook for the first quarter was lower than expected [23][24] - Zillow Group met revenue estimates but provided a first-quarter revenue outlook that was below analyst expectations [25]

Summary of Key Points Core Viewpoint - The automotive industry, particularly Ford, is facing significant financial impacts due to tariffs, with expectations of continued high costs in the coming years. Group 1: Tariff Costs - Ford paid $2 billion in tariffs in 2025 and anticipates similar expenses in 2026 [1] - General Motors reported $3.1 billion in tariff costs for 2025 [6] - Stellantis incurred 1.2 billion euros (approximately $1.4 billion) in tariffs in 2025 and expects to pay 1.6 billion euros (about $1.9 billion) in 2026 [6] Group 2: Impact of Tariffs - The automotive industry is projected to face a combined $7 billion tariff-related hit to earnings in 2025, affecting both automakers and their suppliers [8] - The imposition of tariffs has led to production suspensions, such as Stellantis halting certain models in Canada, and Ford launching an employee discount initiative to mitigate consumer costs [7] - AutoNation reported a 10% decline in same-store new vehicle sales and a 5% decline in used vehicle sales, attributed to consumers purchasing vehicles earlier in anticipation of tariffs [9] Group 3: Expectations and Adjustments - Ford's tariff relief program was expected to be retroactive to May but was later confirmed to only apply from November, resulting in an additional $900 million in tariff costs [2] - The automotive industry is experiencing supply chain disruptions and increased product prices due to the tariffs, impacting cash flow for thousands of suppliers [8]

Core Viewpoint - Lucky Minerals Inc. has announced amendments to its Option Agreement, extending the deadlines for completing the transaction and clarifying terms related to the acquisition of mineral claims [1][2][3]. Group 1: Option Agreement Amendments - The Outside Date for completing the transaction has been extended from April 30, 2025, to June 30, 2025, and subsequently to August 31, 2025, and then to October 31, 2025 [1][2][3]. - The Option Agreement has been clarified through multiple amending agreements to ensure all parties understand their obligations [1][2][3]. Group 2: Mineral Claims Transfer - Fire Gold Resources Inc. transferred approximately 135 mineral claims to Patricia Lafontaine, with 46 claims allowed to lapse as they were not significant to the acquisition [4]. - As of April 28, 2025, Patricia Lafontaine is the sole holder of the transferred claims under the amended Option Agreement [4]. Group 3: Financial Obligations and Payments - The Company has made various cash payments under the Option Agreement, including $20,000 for work expenditures completed prior to June 30, 2025, and additional payments totaling $95,000 for various agreements and fees [5][6][7]. - The Company is required to issue a maximum of 7,500,000 shares at a floor price of $0.10, pay $750,000, and incur $4,000,000 in expenditures to complete the acquisition [8]. Group 4: Regulatory Approvals and Funding - The completion of the transactions is subject to receiving all required regulatory approvals [9]. - The Company is completing a private placement for aggregate gross proceeds of $1,080,000, with estimated allocations of $800,000 for working capital and debt reduction, and $200,000 for property-related expenses [9].

Core Insights - Ford Motor Company reported a revenue of $42.5 billion for the quarter ended December 2025, reflecting a decrease of 5.4% year-over-year, while EPS was $0.13, down from $0.39 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $41.16 billion by 3.27%, but the EPS fell short of the consensus estimate of $0.17 by 22.2% [1] Financial Performance Metrics - Wholesale Units for Ford Blue were 712 thousand, surpassing the average estimate of 636.9 thousand; Ford Pro reported 334 thousand, slightly below the estimate of 345.33 thousand; and Ford Model e had 37 thousand, below the estimate of 40.16 thousand [4] - Revenues excluding Ford Credit were $42.45 billion, exceeding the four-analyst average estimate of $40.54 billion, but represented a year-over-year decline of 5.5% [4] - Ford Credit revenues were $3.4 billion, slightly below the average estimate of $3.44 billion, showing a year-over-year increase of 4.2% [4] - External revenues for Ford Blue were $26.2 billion, exceeding the two-analyst average estimate of $23.57 billion, but down 3.9% year-over-year; Ford Pro revenues were $14.9 billion, below the estimate of $15.04 billion, reflecting an 8.3% decline; and Ford Model e revenues were $1.3 billion, above the estimate of $1.22 billion, down 8.1% year-over-year [4] - Adjusted EBIT for Ford Credit was $701 million, exceeding the average estimate of $573.75 million; Ford Blue's adjusted EBIT was $727 million, below the estimate of $779.3 million; Ford Pro's adjusted EBIT was $1.23 billion, below the estimate of $1.43 billion; and Corporate Other reported an adjusted EBIT of -$406 million, better than the estimate of -$540.48 million [4] Stock Performance - Ford Motor's shares have returned -3.1% over the past month, while the Zacks S&P 500 composite remained unchanged; the stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential outperformance in the near term [3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☑ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________ Commission file number 1-3950 Ford Motor Company (Exact name of Registrant as specified in its charter) 313-322-3000 (Registrant's telephone number, in ...

Group 1 - BYD has filed a lawsuit against the U.S. government to reclaim tariffs imposed on imported materials, claiming significant costs for its operations in the U.S. [2] - Over 1,000 companies, including major players like Costco and Toyota, have initiated similar lawsuits against the U.S. government regarding tariffs [2]. - NIO's CEO Li Bin emphasized the importance of optimizing the CBU mechanism to maximize efficiency and minimize costs in the company's operations [6]. Group 2 - Ford's global sales fell by approximately 2% to around 4.4 million units, while BYD's sales reached 4.6 million units, marking a significant shift in the automotive market [6]. - BYD aims to increase its export volume to 1.3 million units in 2025, following a successful year of expansion in Europe, South America, and Asia [6]. - NIO plans to implement a "store partner" program to enhance operational efficiency and market responsiveness, allowing store managers greater decision-making power [6]. Group 3 - The European Union has approved Google's acquisition of cybersecurity startup Wiz for $32 billion, marking Google's largest acquisition to date [9]. - Apollo Global Management is nearing a $3.4 billion loan agreement to finance the purchase of NVIDIA chips for Elon Musk's xAI [10]. - Alibaba's DAMO Academy has released an open-source foundational model for embodied intelligence, RynnBrain, enhancing its AI capabilities [10]. Group 4 - The Shanghai government has opened over 5,200 kilometers of autonomous driving test roads, with plans to expand the testing area further [17]. - Toyota and Nissan reported sales increases in China for January, while Honda's sales continued to decline due to delays in new electric vehicle launches [17]. - The launch of the Robotaxi ride-hailing service by Alipay indicates a growing trend towards automated transportation solutions in urban areas [15].