Core Points - The U.S. government has officially implemented a trade agreement with the EU, confirming a 15% tariff on EU automobiles and parts effective from August 1 [1] - The European automotive industry is facing significant challenges, with major manufacturers reporting profit declines or losses due to U.S. tariff policies [1][2] - The new tariff rate is substantially higher than the previous 2.5%, exacerbating the financial strain on European carmakers [1][2] Summary by Category Trade Policy Impact - The U.S. has announced a 15% tariff on EU automotive exports, which is a significant increase from the previous 2.5% rate [1] - Tariff exemptions have been granted for certain EU exports, including softwood and pharmaceuticals [1] Financial Performance of European Automakers - Major European automakers are experiencing a "complete collapse" in profits, with Volkswagen's net profit for the first half of 2025 dropping to €4.005 billion, a 37% decrease [1] - BMW reported a net profit of €4.015 billion, down 29% year-on-year, while Stellantis shifted from a profit of €5.6 billion to a loss of €2.256 billion due to delayed model development [1] Future Outlook - European car manufacturers are revising their earnings forecasts downward, with Volkswagen lowering its operating profit margin expectations from 5.5%-6.5% to 4%-5% [1] - Experts predict that the trend of declining earnings may worsen in the latter half of 2025 [1]

Global | Sustainability & Transition Strategy September 22, 2025 The Biggest Underappreciated Story of Our Time: China's Tech Prowess In recent months, several developments (e.g., Nvidia's shut-out from China's market, XtalPi collaborations, Huawei's AI Chip roadmap) have underscored what our team has long argued (here) — that China's technological dominance spans several sectors, including but absolutely not just the energy transition. As this theme becomes more pronounced, we re-highlight our work to date ...

Core Insights - A pure electric vehicle equipped with the Intelligent Battery Integrated System (IBIS) has commenced real-world testing in France, aimed at enhancing vehicle space utilization and simplifying maintenance processes [1][2]. Group 1: IBIS Technology - The IBIS system integrates inverter and charger functions directly into the battery, reconstructing the electric power system without being limited by battery chemistry or application scenarios [1]. - The IBIS architecture supports both AC and DC power, allowing direct supply to the motor or grid, while also powering the vehicle's 12V network and auxiliary systems [1]. - The IBIS project, involving the French National Center for Scientific Research and other institutions, aims to create more efficient, sustainable, and cost-effective energy storage and power conversion solutions [1]. Group 2: Performance Improvements - The IBIS technology can achieve up to a 10% increase in energy efficiency and a 15% power gain without changing battery size [1]. - The overall vehicle weight can be reduced by approximately 40 kg, freeing up to 17 liters of space [1]. - Initial tests indicate that charging time can be reduced by 15%, while also saving 10% in energy consumption [1]. Group 3: Future Applications - The current focus is on testing the E-3008 under real-world conditions to lay the groundwork for mass production of vehicles equipped with IBIS [2]. - The IBIS system is expected to have broad applications in rail transport, aerospace, maritime transport, and data centers [2].

Market Overview - French stocks are experiencing weakness due to concerns about the Federal Reserve's rate cuts and high equity valuations as noted by Fed Chair Jerome Powell [1] - The benchmark CAC 40 index is down 20.34 points or 0.26% at 7,851.68 [2] Company Performance - Stellantis is the biggest loser in the CAC 40 index, down 3.4% [2] - Hermes International has decreased nearly 2%, while Renault, EssilorLuxottica, Capgemini, L'Oreal, Euronext, Publicis Groupe, and Saint Gobain are down between 1% to 1.7% [2] - LVMH and Pernod Ricard are both down nearly 1% [3] - Atos SE shares have increased by 4.7% after securing a major cybersecurity contract from the European Commission [3] - Carrefour is gaining approximately 2.3%, while Thales, Bouygues, Kering, and Legrand are up between 1.3% to 1.6% [3]

Core Insights - The French National Center for Scientific Research announced the real-world testing of a pure electric vehicle equipped with an Integrated Battery Intelligent System (IBIS), which enhances vehicle space utilization and simplifies maintenance processes [1] Group 1: Vehicle and Technology - The electric vehicle model is the Peugeot E-3008, developed in collaboration between multinational automotive manufacturer Stellantis and French battery company Saft [1] - The IBIS integrates inverter and charger functions directly into the battery, reconstructing the electric powertrain without being limited by battery chemistry or application scenarios [1] - The IBIS architecture supports both AC and DC power, supplying energy directly to the motor or grid, while also powering the vehicle's 12V network and auxiliary systems [1] Group 2: Project Goals and Benefits - The IBIS project aims to create more efficient, sustainable, and economically viable energy storage and power conversion solutions [1] - The IBIS system offers multiple advantages, including up to a 10% increase in energy efficiency and a 15% power gain without changing battery size; it can reduce vehicle weight by approximately 40 kg and free up to 17 liters of space [1] - Initial tests indicate a 15% reduction in charging time and a 10% increase in energy savings, along with simplified maintenance and enhanced potential for battery reuse [1] Group 3: Future Applications - Current focus is on real-world testing of the E-3008 to lay the groundwork for mass production of IBIS-equipped models [1] - The IBIS system is expected to have broad applications in rail transport, aerospace, maritime transport, and data centers [1]

Core Insights - The Dodge Charger Daytona Scat Pack is recognized as the world's quickest and most powerful muscle car, featuring a 670-hp electric propulsion system that accelerates from 0-60 mph in 3.3 seconds and completes a quarter mile in 11.5 seconds [1] - The vehicle includes standard all-wheel-drive capability and advanced powertrain performance features such as a PowerShot button for an additional 40 horsepower, various Drive Modes including Track and Drag, and Race Options like Drift/Donut Mode [1] - The Charger Daytona is equipped with the world's first patent-pending Fratzonic Chambered Exhaust, which enhances the driving experience with a signature sound intensity linked to performance [1] Product Offerings - For 2026, a four-door Charger Daytona sedan will be added to the multi-energy Charger lineup, expanding the product range [1] - The all-electric two-door 2026 Dodge Charger Daytona Scat Pack has a starting MSRP of $59,995, making it the most powerful vehicle available in the industry under $60,000 [1] - The Charger Daytona has received accolades, including a spot on Wards 10 Best Interior and UX systems and a 2025 Wards 10 Best Engines & Propulsion Systems award [1]

Stellantis will temporarily halt production at plants in Italy and France, amid lagging demand for models including the Alfa Romeo Tonale sport utility vehicle https://t.co/dMMSojBxoN ...

Core Viewpoint - Stellantis NV disclosed a data breach involving unauthorized access to a third-party service platform used for North American customer service operations, resulting in the exposure of basic contact information of customers, but not financial data or sensitive personal information [1] Group 1 - The incident was identified by the company, which promptly initiated an incident response protocol and launched a comprehensive investigation [1] - Stellantis has taken swift actions to control and mitigate the situation following the discovery of the breach [1] - The company has reported the incident to relevant regulatory authorities and has begun direct communication with affected customers [1]

Core Insights - Stellantis has decided to discontinue plans for an electrified Jeep Gladiator, citing changing customer preferences as a key factor in its reassessment of product strategy [1][2] - The Jeep Gladiator will continue to be produced with its rugged design and will remain the only open-air pickup truck in the industry, while Stellantis focuses on enhancing customer-requested features and powertrain options [2] - The company has also halted the development of a battery-electric full-size pickup under its Ram brand due to low demand for such vehicles [3] Group 1 - Stellantis announced the cancellation of the electrified Jeep Gladiator, which was initially planned for production by the end of 2025 [1] - The decision reflects a shift in customer preferences and a broader reassessment of the company's product strategy [1][2] - The Jeep Gladiator will maintain its current design and features while the company reallocates funding for its long-term growth [2] Group 2 - Stellantis is pivoting towards an extended-range truck that combines a battery with a gas generator, aiming for an estimated range of 690 miles [3] - The automaker's strategy includes a focus on customer-requested features and customization options for the Gladiator [2] - The decision to halt the battery-electric full-size pickup development aligns with the company's response to low demand in that segment [3]

Group 1 - The portfolio of Berkshire has appreciated, leading to a more reasonable valuation for the company [1] - This appreciation enhances the investment case for Berkshire's stock [1]