GM https://t.co/nXRqVNemfA ...

● 龚梦泽熊永红 本田汽车8月6日发布财报称，受美国关税政策影响，公司今年第一财季(2025年4月1日至2025年6月30 日)净利润为1966亿日元，同比下滑50.2%；今年7月底，日产汽车也公布了2025年第一财季财报(2025年 4月1日至2025年6月30日)，当季营收27069亿日元，同比下滑9.72%；净亏损1157亿日元，已连续4个季 度出现亏损。 韩国车企普遍存在"增收不增利"情况。现代汽车第二季度营收同比增长，但净利润同比下跌22%至3.25 万亿韩元。 关注成本上升 遭遇业绩下行 以德国车企为例，大众集团2025年上半年营收达1584亿欧元，同比基本持平；营业利润为67亿欧元，较 去年同期的100亿欧元大幅下滑约33%，税后利润更是同比下降超过38%，至44.77亿欧元。 大众集团还下调了2025年全年业绩展望。大众集团表示，仅美国上调进口关税一项，就导致公司面临13 亿欧元损失。此外，软件等部门的重组费用支出以及与二氧化碳排放法规相关的支出等也影响了公司业 绩。 梅赛德斯-奔驰公布的2025年第二季度财报显示，报告期内该集团营收为331.53亿欧元，上年同期为 367.43亿欧元，同比下 ...

MCLEAN, Va., Aug. 14, 2025 /PRNewswire/ -- V2X (NYSE: VVX), today announced the appointment of Stan Budraitis as Vice President, Business Development – Army Aviation Programs. Budraitis joins V2X following a distinguished 35-year career as a U.S. Army Aviator, retiring in April 2023 as a Brigadier General.Most recently, Budraitis served as the Deputy Commanding General at the U.S. Army Aviation Center of Excellence and Commandant of the Aviation School at Fort Rucker, Alabama. Throughout his career, he held ...

俗语称"三年河东、三年河西"，但仅仅半年时间，通用汽车旗下子公司Cruise的员工就遇到了一出"轮回"戏码。 近日，通用汽车宣布将召回约千名此前从Cruise离职的技术骨干，重整面向乘用车的自动驾驶研发，并把目标明确定位于实现L3至L5级别的自动驾驶。 事实上，这距离Cruise在今年2月开始裁员50%达千余名员工，仅仅过去了约6个月。 有分析认为，此次通用宣布召回Cruise的专业人才，很可能是要把过去在复杂城市路况中打磨出的感知、规划、仿真与安全体系技术，叠加到新的家用 乘用车自动驾驶量产平台，缩短工程落地时间。 研发之路曲折反复 其实，在此前的数年中，通用汽车在自动驾驶技术研发上经历了扩张、收缩与再聚焦的曲折反复的历程。 2016年，通用汽车花费5.81亿美元收购了Cruise的90%股权，并选择让Cruise独立运营，且Cruise将主要目的集中于自动驾驶出租车的开发。但是，在技 术进展不及预期、市场竞争压力增大、测试效果不甚理想且耗资巨大的情况下，迫使通用不得不重新考虑和规划Cruise的生存路径。 2023年底，Cruise的自动驾驶测试车辆在旧金山发生交通事故，Cruise的一辆自动驾驶汽车撞伤 ...

General Motors Company (NYSE:GM) J.P. Morgan Auto Conference 2025 August 13, 2025 10:15 AM ET Company Participants Paul A. Jacobson - Executive VP & CFO Conference Call Participants Ryan Joseph Brinkman - JPMorgan Chase & Co, Research Division Ryan Joseph Brinkman Okay. So once again, I'm Ryan Brinkman, U.S. Automotive Equity Research Analyst at JPMorgan. Very happy to get going with our next presentation. Highlight of the conference, General Motors. Back again this year Paul Jacobson, Executive Vice Presid ...

Summary of General Motors Conference Call Company Overview - **Company**: General Motors (GM) - **Industry**: Automotive Key Points and Arguments Financial Performance and Expectations - GM's performance in July was generally in line with expectations, with a slight uptick in industry incentive levels while GM's incentives were down [2][3] - The company anticipates a significant impact from tariffs in 2025, estimating a gross headwind of $4 billion to $5 billion, but expects to generate $7.5 billion to $10 billion in free cash flow [7][16] - GM is committed to achieving an 8% to 10% margin level in North America and is making progress towards this goal [6][14] Tariff and Trade Deal Implications - The administration's trade deals, particularly with Korea, could lead to hundreds of millions in savings on tariffs by 2025 [4][5] - GM is focused on a three-pillar strategy to offset tariff impacts: go-to-market initiatives, manufacturing footprint changes, and fixed cost reductions [10][11] - The company has seen a reduction in the cost of tariffs as a percentage of retail price, now tracking in the mid-single digits [9] Electric Vehicle (EV) Market Dynamics - There is a pull ahead in EV sales due to the impending elimination of the $7,500 consumer tax credit [3] - The regulatory landscape for EVs is complex, with potential headwinds from the expiration of tax credits and penalties for noncompliance with greenhouse gas regulations [34][36] - GM believes that the elimination of GHG penalties could lead to a more rational market for EVs, reducing irrational pricing behavior [39] Manufacturing and Capacity Investments - GM announced a $4 billion investment to increase U.S. vehicle production capacity by nearly 2 million units, which includes full-size SUV production [13][28] - The company is focused on maintaining discipline in production and avoiding overbuilding, which could lead to inventory issues in future economic cycles [31][32] Market Share and Competitive Position - GM has gained market share in China, with a 20% year-over-year sales increase driven by battery electric and plug-in hybrid vehicles [49][50] - The company is confident in its product portfolio and expects to outperform the industry by 1% to 2% over the next couple of years [59][60] Software and Services Revenue - GM has a deferred revenue balance of $4 billion, which is expected to grow significantly as subscriptions for services like Super Cruise are recognized [64][65] - The company is focused on improving margins through software services, which are expected to contribute positively to overall profitability [63] Future Outlook - GM is optimistic about its ability to navigate the current challenges and is preparing for a budget process for 2026 amidst ongoing trade negotiations [20][27] - The company is committed to evolving its autonomous vehicle technology and improving personal autonomy features in its vehicles [70][72] Additional Important Insights - GM's approach to managing unforeseen challenges, such as the pandemic and semiconductor shortages, reflects a more resilient and flexible operational strategy compared to historical practices [7][8] - The company emphasizes the importance of maintaining a strong vehicle portfolio and competitive pricing strategies to drive future growth [61][62]

Core Viewpoint - The article discusses the development of pension risk management in Europe and the United States, aiming to provide insights for the development of the second and third pillars of pension insurance in China [2]. Group 1: Pension Risk Transfer (PRT) Overview - PRT is a financial arrangement where companies transfer the payment responsibilities of defined benefit (DB) pension plans to insurance companies, aiming to reduce risks such as longevity risk, investment risk, and interest rate risk [4][5]. - The emergence of the PRT market in Europe and the U.S. is driven by multiple factors, including aging populations, accounting standards requiring market value measurement of pension liabilities, and the complexity of pension asset-liability management [5][6]. Group 2: Historical Development Stages - Initial Stage (Pre-1980s): Pension plans evolved from informal commitments to structured DB plans, with companies facing increasing financial pressure due to aging populations and investment volatility [8]. - Emergence Stage (1980-2000): The introduction of regulatory frameworks like ERISA in the U.S. and the establishment of PBGC laid the groundwork for PRT transactions, with early examples like General Motors' group annuity transaction [9][10]. - Growth Stage (2000-2015): The PRT market saw accelerated development due to advancements in actuarial technology and regulatory support, with significant transactions such as General Motors transferring $25 billion in pension liabilities [14][15]. - Boom Stage (2015-2025): The U.S. and U.K. markets experienced explosive growth in PRT transactions, with notable deals like AT&T's $31 billion transaction in 2022, pushing annual PRT transaction volumes to new highs [16][17]. Group 3: PRT Mechanisms - Buy-in: Companies purchase annuity contracts from insurers to cover pension liabilities while retaining legal responsibility on their balance sheets [22]. - Buy-out: Companies transfer pension liabilities to insurers, removing these liabilities from their balance sheets entirely [22]. - Longevity Swap: A financial agreement that transfers longevity risk from pension plans to insurers, which can further transfer this risk to reinsurers [22][23]. Group 4: Role of Insurance Companies - Insurance companies play a crucial role in the PRT process by taking on pension liabilities and managing longevity risk through various financial instruments, thus transforming their role from asset managers to long-term liability bearers [26][28]. - The development of a multi-layered risk transfer structure involving insurers and reinsurers enhances the capacity for managing longevity risk and supports the evolution of pension systems [28]. Group 5: Challenges in China - China's pension system primarily relies on defined contribution (DC) plans, lacking the historical context of DB plans that facilitate risk transfer, leading to a deficiency in systematic longevity risk management capabilities [30][31]. - The absence of a robust regulatory framework specifically addressing pension liabilities and longevity risk hampers the development of a comprehensive risk management system in China's insurance industry [30]. Group 6: Recommendations for Development - To establish a pension risk transfer mechanism in China, it is suggested to leverage the third pillar of the pension system, focusing on transforming individual accounts into lifetime annuity products [36][38]. - The creation of a national pension reinsurance platform is recommended to facilitate risk sharing and enhance the capacity of insurance companies to provide long-term guarantees [38].

以现代增程技术准制定者的身份，重新定义增程技术的性能高度，这是别克旗帜鲜明的口号。通过软硬 件全面升级，"真龙"增程系统直击增程车型"亏电性能衰减""续航焦虑""噪音与抖动""电池寿命与安 全"等核心痛点，通过打破现有技术壁垒，实现了"满电亏电一条龙，亏电无感知的千里'真'电感体验"， 也为增程技术贴上新的标签。 合资品牌代表、增程技术应用的先锋、本土研发团队定义新技术参数，这三大特征，使别克"真龙"增程 技术的竞争力备受关注。今年4月的上海车展上，上汽通用发布了包括逍遥架构、"真龙"新能源技术体 系、高端新能源品牌"至境"在内的一系列研发成果和新战略。"真龙"增程技术正是在新品牌、新架构基 础上落地的新技术体系，也是别克重塑技术竞争力的关键筹码。 别克真龙增程系统首发揭幕 更重要的是，别克真龙增程技术的研发过程，提供了一种"全球资源+本土创新"的新范式——既依托通 用汽车的全球工程经验，又深度结合中国用户的使用场景进行定制开发。从这个意义上说，能否借此为 合资品牌解锁全新的发展模式，也是别克"真龙"增程技术的另一层价值所在。 再次定义"增程" 8月7日，上汽通用别克正式发布了全栈自研的 "真龙" 增程系统， ...

美国挥舞的"关税大棒"，正以极具戏剧性的方式反噬其本土制造业。福特汽车最新公布的财报显示，公 司因关税成本在二季度损失8亿美元，这是其自2023年以来首次出现季度亏损。通用汽车的财报也显 示，二季度因关税损失11亿美元。旗下拥有克莱斯勒等多个美国汽车品牌的跨国车企斯泰兰蒂斯报告 称，因关税损失3.5亿美元。美汽车业"三巨头"预测，2025年关税将给美国汽车业造成总计70亿美元的 利润损失。 通胀压力与供应链混乱交织，将美国制造业拖入了持续收缩的寒冬。美国供应管理协会（ISM）最新公 布数据显示，美国7月制造业采购经理人指数（PMI）降至48，连续第5个月低于荣枯线。关键分项指数 更显寒意，新订单指数为47.1，连续第6个月萎缩；就业指数降至43.4，创下2020年7月以来最低水平。 更深远的危机在于竞争力的系统性流失。当国际竞争对手加速整合全球资源、推进电动化布局时，美国 车企却步履蹒跚，战略机遇不断流失。通用旗下高端品牌道朗格的困境便是明证，其面向海外市场的旗 舰车型因难以消化的高额关税成本被迫中断订单。这不仅是单一产品的挫败，更折射出美国汽车业在全 球化竞争中的关键短板。深陷内部供应链重构泥潭的美国车企， ...

MEXICO CITY, Aug. 12, 2025 /PRNewswire/ -- Grupo Rotoplas, S.A.B. de C.V. (BMV: AGUA*) ("Rotoplas" or "The Company"), leader in water management solutions in the Americas, informs the investing public about the proposals approved at the Extraordinary General Shareholders' Meeting held today, August 12th, 2025, at 10:00 am in Mexico City. Capital reimbursement to the Company's shareholders through a reduction of share capital.A capital reimbursement in cash to the Company's shareholders through a capital red ...