编译 / 钱亚光 设计 / shelly 来源 / www.asahi.com, oilprice.com, apnews.com 2025年3月26日，美国总统唐纳德·特朗普（Donald Trump）宣布，自 4 月 2日起，对所有汽车进口征收 25%的关税，此举对全球经济产生了深远影 响，而且是对自由贸易原则的重大打击。尤其是日本，势必会面临严重的后果。 日本汽车业将面临什么 由于美国总统唐纳德·特朗普宣布从 4 月 2 日起对进口汽车和轻型卡车征收 25%的关税，日本汽车制造商的股票大幅下跌。 日本民间信用调查公司帝国数据银行（Teikoku Databank）指出，这将导致从墨西哥或日本出口到美国的日本汽车公司成本大幅增加，如果更高的价 格转嫁给消费者，可能会导致销售额下降。它还会影响供应零件的小型公司，以及钢铁、半导体和机床等其他行业的公司。 彭博社(Bloomberg) 指出，世界上许多最知名的汽车制造商很快都将因特朗普对汽车进口及关键零部件征收的新关税而面临更高的成本。这是因为在 美国销售的新车中约有 46%是进口车。 "赢家寥寥无几。"AutoForecast Solutions 公司负责全 ...

这些车型的消逝，不仅宣告了内燃机性能车与家用轿车的黄金时代终结，更折射出市场对智能化、新能源的狂热追逐——当"冰箱彩电大沙发"成为新 宠，燃油车时代的王者，难抵时代洪流的冲刷。 奔驰A级车将停产 奔驰已经确认A级车将停产，并且未来不会推出新一代车型。 撰文 / 路 行 设计 / shelly 全球汽车业接连传出标志性车型停产消息——诞生于1964年的迈锐宝，曾以千万销量铸就传奇，却因内饰老旧、品牌式微及生产线转型电动化而无奈 退场； "东瀛战神"GT-R R35终结18年征程，母公司处于风雨飘摇之中； 曾创下月销4万辆神话的福克斯，在自主品牌崛起与电动化战略的双重夹击下 走向沉寂。 除此之外，奔驰A级车、凯迪拉克XT4亦宣布退出历史舞台。这也是全球汽车产业剧变的缩影，燃油车时代的明星，在电动化与消费需求变革的浪潮 中渐行渐远。 这些车型的谢幕，表面看是销量持续低迷的直接结果，更深层的原因直指传统轿车市场的萎缩与电动化趋势的双重挤压：一方面，SUV热潮与消费偏 好转向大空间、高实用性车型，挤压了紧凑型轿车生存空间；另一方面，全球电动化进程加速，车企研发资源向电动平台倾斜，燃油车尤其是利润微 薄的入门级车型，逐渐 ...

Group 1: Battery Supply Agreement - Nissan Motor has signed a $661 million battery supply deal with SK On, securing access to approximately 100 GWh of U.S.-made EV batteries from 2028 to 2033, sufficient for around 1 million midsize electric models [1] - This agreement marks SK On's first collaboration with a Japanese automaker, enhancing its role in the EV supply chain with a projected U.S. production capacity exceeding 180 GWh annually [2] - The high-performance, high-nickel batteries from SK On are expected to improve the range and efficiency of Nissan's upcoming electric vehicles, which include 30 new models over the next three years [3] Group 2: Financial Performance and Challenges - Nissan's operating profit for the first nine months ending December 31, 2024, fell 87% to 64 billion yen, with a reduced operating margin of 0.7%, down 4.5 percentage points year-over-year [5] - The company has faced declining sales in key markets like the U.S. and China, struggling against competition from larger rivals and emerging EV makers, leading to aggressive discounts that erode profit margins [6] - Nissan is burdened with significant debt, resulting in downgrades to junk status by major credit rating agencies, which limits its investment flexibility [7] Group 3: Leadership and Strategic Initiatives - CEO Makoto Uchida is under pressure due to the company's performance, with calls for his resignation and failed merger negotiations with Honda [8] - Nissan has initiated a cost-cutting plan under "The Arc" strategy, aiming to reduce costs by approximately 400 billion yen ($2.6 billion) by fiscal 2026 through factory closures and labor cost reductions [9] - The company aims to lower its break-even sales point from 3.1 million units to 2.5 million units while targeting a stable 4% operating margin [10] Group 4: Market Outlook - Despite the positive step of securing a battery supply deal, Nissan's current financial struggles and competitive disadvantages in the EV market pose significant challenges [18] - The company's restructuring efforts may improve profitability over time, but it remains vulnerable with high debt and weak margins, leading to a recommendation to hold NSANY stock for now [19]

Group 1 - SK On has signed a battery supply contract with Nissan, marking Nissan as SK On's first Japanese automotive client [1] - The contract spans six years, from 2028 to 2033, with a total supply of 99.4 GWh of batteries, sufficient for approximately 1 million mid-sized electric vehicles [1] - The batteries supplied will be high-performance, high-nickel pouch batteries, produced in North America for four next-generation Nissan electric vehicle models [1]

Core Insights - Nissan Motor Co., Ltd. has successfully tested a driverless vehicle on public roads in Japan, marking a significant advancement in its autonomous driving technology [1] - The test vehicle, a Serena MPV, is equipped with advanced sensors and AI capabilities, enhancing its operational efficiency in complex environments [2] - Japan is striving to enhance its autonomous driving capabilities to compete with global leaders like Waymo, which is entering the Japanese market this year [3] Company Developments - Nissan has been refining its autonomous driving systems since 2017 and plans to conduct service demonstration tests with around 20 vehicles in Yokohama over the next two years [4] - The company aims to introduce autonomous mobility services by fiscal 2027, supported by remote monitoring and collaboration with municipalities and transportation partners [4] - The Serena test vehicle is currently classified as Level Two autonomy, with a remote operator available for intervention, while a human passenger is present during test rides [3][4] Industry Context - Japan faces challenges such as a declining population and a shortage of drivers, making autonomous vehicles a potential solution for transportation needs [5] - Other companies, including startups like Tier IV and Toyota Motor Corporation, are also advancing autonomous technology in Japan [5][6] - Currently, Japan has only approved Level Four autonomous vehicles in limited areas, while Nissan's Serena is capable of normal road speeds [5]

Core Viewpoint - Nissan Motor Co. is experiencing significant challenges, including financial instability, declining sales, leadership uncertainty, and increased competition, particularly in the electric vehicle market [2][10]. Group 1: Financial Performance - Over the past 12 months, Nissan's shares have decreased by 26.4%, underperforming the Zacks Auto, Tires and Trucks sector's loss of 1.5% and the S&P 500 index's gain of 17.1% [1]. - In the first three quarters of 2024, global retail sales fell nearly 2% to 2.4 million units, with North America showing modest growth of 2.4%, while Japan and Europe saw declines [5]. - Nissan's debt is projected to reach a record level of $5.6 billion by 2026, impacting its ability to invest in new technologies [6]. - The company reported an auto-free cash flow deficit of JPY 506 billion, straining its liquidity [6]. - The Zacks Consensus Estimate for Nissan's fourth-quarter 2024 revenues is $20.53 billion, indicating a year-over-year decline of 13.24% [14]. Group 2: Product and Market Position - Nissan's product lineup is considered outdated compared to competitors like Toyota and emerging Chinese EV manufacturers, leading to heavy discounts and incentives to maintain sales [7][8]. - Despite being an early pioneer in EVs with the Nissan Leaf, the company has failed to capitalize on its initial lead, allowing competitors to dominate the market [9]. Group 3: Leadership and Strategic Challenges - Leadership instability is evident, with CEO Makoto Uchida facing pressure to resign amid poor performance [10]. - Nissan's attempts to explore a merger with Honda Motor Co. were unsuccessful due to disputes over terms, and a three-party MoU with Honda and Mitsubishi was canceled [11]. - Renault has indicated it may reduce its stake in Nissan, further isolating the company [11]. Group 4: Outlook and Restructuring Efforts - Nissan has cut its full-year outlook three times in fiscal 2024, with a 20% reduction in operating profit guidance [12]. - The company plans to restructure its cost base by reducing its workforce by 5,300 in fiscal 2025 and an additional 1,200 in fiscal 2026, along with closing three plants [13].

据彭博社报道，有知情人士透露，日产汽车正在制定更换首席执行官的计划。 此前，该公司的财务业绩不尽人意，且与本田汽车的合并谈判破裂。 彭博社的报道称，一位不愿具名的知情人士透露，日产董事正在衡量潜在候选人的兴趣，以接替自2019 年底以来担任日产首席执行官的内田诚（Makoto Uchida）。 对此消息，日产拒绝置评。 2月18日，《金融时报》曾援引知情人士的消息报道称，如果内田诚离任，本田将重启与日产的谈判， 因为本田更愿意与一位能够更有效地管理内部反对意见的日产首席执行官重新展开谈判。 根据《金融时报》的报道，虽然内田诚打算留任至2026年，但在日产与本田的谈判失败后，内田诚面临 的内外部压力正在增加，日产董事会成员和雷诺集团要求内田诚在未来几个月内辞职。 内田诚曾向媒体表示，如果被要求辞职，他将准备辞职，但他不想在日产业务尚未稳定之际辞职。 在截至今年3月份的财年中，日产预计将出现800亿日元（约合5.36亿美元）的净亏损，与内田诚九个月 前3,800亿日元的净利润预期相去甚远。 日产汽车明年将有创纪录债务账单到期，而且继上周两次被下调评级后，三大信用评级机构已将日产的 评级下调至垃圾级。 去年年底，内 ...

Core Viewpoint - Nissan is in a precarious financial situation and is seeking investment, but Tesla is unlikely to be a viable option despite initial speculation [1][5][6]. Group 1: Financial Situation of Nissan - Nissan's credit rating was downgraded to junk status by Moody's, following the collapse of a proposed $50 billion merger with Honda [5]. - The company is projected to incur an annual loss of 80 billion yen ($519 million) due to declining sales in China and the US, exacerbated by competition from Chinese EV companies [5]. - CEO Makoto Uchida has announced plans to cut 9,000 jobs globally and reduce vehicle production to stabilize the company [6]. Group 2: Tesla's Position and Response - Reports suggested that a consortium of Japanese investors was interested in approaching Tesla for potential investment in Nissan's factories [2]. - Elon Musk quickly dismissed the idea, emphasizing that Tesla's factory design is unique and not compatible with Nissan's operations [3][4]. - Tesla has shifted its focus towards autonomous vehicles and robotics, making it an unlikely partner for Nissan's traditional manufacturing needs [7]. Group 3: Market Dynamics - Tesla's production strategies, including advanced manufacturing techniques like gigacasting, would complicate any potential conversion of Nissan's factories [7]. - The US EV market is facing challenges, including a decline in Tesla's annual sales and the rollback of federal support for electric vehicles under the Trump administration [8].

Core Viewpoint - Tesla CEO Elon Musk has downplayed reports regarding Tesla's interest in investing in Nissan's U.S. factories, following a report that a Japanese group is seeking Tesla's investment after Nissan's merger talks with Honda collapsed [1][3]. Group 1: Investment Plans - A group led by former Tesla board member Hiro Mizuno, with support from former Japanese Prime Minister Yoshihide Suga, is reportedly planning to attract Tesla as a strategic investor in Nissan [2]. - The group aims to form a "consortium of investors" with Tesla at the forefront, and Apple supplier Foxconn is expected to join as a minority investor [4]. Group 2: Market Reaction - Following the report of potential investment from Tesla, Nissan's shares surged over 12% in Tokyo trading, closing at $3.05 (JPY 459), which is nearly 9.5% higher than the previous day [5]. Group 3: Merger Talks Background - Nissan and Honda recently ended their merger discussions due to disagreements over the deal structure, with Honda proposing to make Nissan a subsidiary through a share exchange [6]. Group 4: Foxconn's Interest - Foxconn has shown interest in acquiring a stake in Nissan as part of its strategy to expand in the electric vehicle market, while emphasizing cooperation over acquisition [7].

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