Core Viewpoint - Stellantis has strongly criticized the European Union's revised vehicle emissions plan, stating that it undermines growth incentives and lacks urgency and clarity for large-scale investment [1]. Group 1: Leadership Concerns - Chief Executive Antonio Filosa expressed disappointment that Brussels missed an opportunity to support the expansion of Europe's auto sector [2]. - Filosa criticized the proposal for not providing immediate measures to revive demand or protect industrial competitiveness, stating, "This package does not do the job" [3]. - He warned that weak growth discourages capital deployment and threatens supply chain resilience [4]. Group 2: Investment Implications - Filosa indicated that last year he had signaled stronger European investment contingent on softened regulations regarding the 2035 combustion engine ban, but the revised rules do not provide sufficient incentives [5]. - He emphasized that investment decisions depend on predictable policies and near-term demand support, without which automakers struggle to justify new factories or supplier commitments [5]. Group 3: Policy Revisions and Industry Reactions - The European Commission's recent revision allows carmakers to sell limited combustion models while offsetting emissions, but Filosa noted that these conditions raise costs beyond the reach of mass-market manufacturers [6]. - The industry reaction is divided; Renault Group welcomed the changes as pragmatic, while Germany's auto lobby warned that the framework creates execution barriers [7]. - VDA President Hildegard Müller described the measures as unworkable for manufacturers, while Commission officials defended the approach as maintaining climate ambition [7].

Core Insights - Italy's competition authority has closed investigations into four major electric vehicle makers after securing commitments to enhance consumer information presentation [1] Group 1: Investigations and Commitments - The investigations targeted how consumer information was presented by the electric vehicle manufacturers [1] - The closure of the investigations indicates a positive response from the companies involved, leading to commitments for improvement [1]

Core Insights - The Italian Competition Authority (AGCM) has concluded its investigation into Stellantis, Tesla, BYD, and Volkswagen regarding potential unfair commercial practices related to electric vehicle (EV) range, battery capacity degradation, and warranty disclosures [2] Group 1: Investigation Findings - AGCM initiated the investigation in February, accusing the companies of providing unclear and sometimes contradictory information about EV range on their websites [2] - The authority highlighted that consumers often struggle to obtain accurate information about battery performance and lifespan, which hinders their purchasing decisions [2] Group 2: Company Commitments - The investigated companies have agreed to modify their website information to present clearer details to consumers [2] - AGCM accepted the companies' commitments to improve disclosures and decided not to impose financial penalties [2] - Additionally, the companies will introduce vehicle range simulation tools to allow consumers to compare models within the same market segment [3] - Stellantis, BYD, and Volkswagen are required to enhance their warranty policies regarding battery capacity degradation [3]

Core Viewpoint - The Italian Competition Authority (AGCM) has concluded its investigation into Stellantis, Tesla, BYD, and Volkswagen regarding potential unfair business practices related to electric vehicle (EV) range, battery capacity degradation, and warranty disclosures [1] Group 1: Investigation Findings - AGCM initiated the investigation in February, accusing the four automakers of providing unclear and sometimes contradictory information on their websites regarding EV range and battery performance [1] - The authority highlighted that consumers often struggle to obtain accurate information about battery performance and lifespan, which hinders their purchasing decisions [1] Group 2: Company Commitments - The automakers have agreed to modify their website information to present clearer details to consumers [1] - Stellantis, BYD, and Volkswagen will introduce a vehicle range simulation tool to allow consumers to compare models within the same market segment [2] - The companies are also required to enhance their warranty policies concerning battery capacity degradation [2]

Core Viewpoint - The European Commission has proposed to relax the 2035 ban on the sale of fuel vehicles, adjusting the new car "zero emissions" target to a "90% reduction" in emissions, allowing some fuel vehicles to remain in the market under specific conditions [1][3]. Policy Adjustments - The adjustment of the emission reduction policy is a significant change from the original 2021 target of a complete ban on new fuel vehicles by 2035, which aimed to force the automotive industry towards electrification [3]. - The latest proposal allows for a 90% reduction in emissions compared to 2021 baseline levels, with the remaining 10% potentially offset by using low-carbon steel, synthetic fuels, or non-food biofuels [3][4]. Industry Reactions - Major European automakers, including Volkswagen and Stellantis, have expressed concerns about weak demand for electric vehicles and have called for relaxed carbon emission targets [4]. - German automakers like BMW and Volkswagen support the proposal, viewing it as a pragmatic approach that aligns with current market realities [4]. Internal Divisions - There are significant divisions within the EU regarding the adjustment of the fuel vehicle ban, with some member states advocating for "technological openness" while others, including environmental organizations, oppose the relaxation of policies [5]. - Companies like Volvo and Polestar have voiced strong opposition to the policy shift, arguing it undermines the commitment to electrification and damages trust in EU regulations [5]. Market Dynamics - The European automotive industry is facing structural pressures, with hybrid vehicle registrations increasing while gasoline vehicle registrations have declined [7]. - The cost pressures from high energy prices and tariffs have further complicated the transition to electric vehicles, leading to profit declines among major German automakers [7][8]. Long-term Trends - Despite current challenges, the long-term trend towards electrification remains strong, with the market share of electric vehicles in the EU continuing to grow [8]. - In the first ten months of 2025, new registrations of pure electric vehicles reached approximately 1.47 million, representing a market share of 16.4%, an increase from 13.2% in the previous year [8].

Core Viewpoint - Maserati is facing significant challenges, including declining sales and the removal of its app from the market due to user rights violations, which could further impact customer experience and vehicle management capabilities [1]. Group 1: Sales Performance - Maserati's sales in China peaked at over 14,400 units in 2017, making it the brand's largest single market globally. However, sales have been declining since 2018, with a drastic drop expected in 2024, projecting only 1,228 units sold, less than one-tenth of its peak [4]. - In the first three quarters of 2025, Maserati's cumulative sales were only 1,023 units, averaging less than 100 units per month in the national market [4]. Group 2: Strategic Challenges - The brand's strategic positioning in the Chinese market has been unclear, with frequent changes in leadership and strategy, leading to confusion among potential customers and dilution of the brand's luxury image [4]. - Maserati's product development has stagnated, with its first electric model, the Grecale Folgore, only launching in 2024 and utilizing an outdated 400V platform, falling behind competitors in terms of range, intelligence, and charging efficiency [4]. Group 3: Pricing and Market Response - Maserati has significantly reduced prices for its Grecale SUV models, with the fuel version's price dropping from 650,800 yuan to 388,800 yuan, approximately 40% off the original price, and the electric version from 898,800 yuan to 358,800 yuan, about 60% off [3].

Core Insights - The electric vehicle (EV) industry is entering a more uncertain and contested phase, with significant pullbacks from major manufacturers and a shift in regulatory timelines [1][12] - The European Commission has relaxed its aggressive timeline for phasing out internal combustion engines, allowing more time for manufacturers and consumers to transition [1][9] - Major automakers like Ford, General Motors, and Volkswagen are incurring substantial financial charges as they adjust their electric strategies, indicating a broader industry reckoning [2][6][7] Company-Specific Developments - Ford Motor Co. announced $19.5 billion in charges related to its retreat from an aggressive electric strategy, including the cancellation of a planned electric F-Series truck line and a shift towards gas and hybrid vehicles [1][11] - General Motors incurred $1.6 billion in charges tied to reducing EV production capacity and has indicated that more such moves may follow [6][12] - Volkswagen AG is ceasing production of its electric ID.3 hatchbacks, marking the first time in 88 years that it will halt production at a German assembly plant, and has booked €4.7 billion ($5.5 billion) in charges related to its subsidiary Porsche AG's retreat from EVs [7][13] Industry Trends - Tesla Inc. is experiencing a decline in worldwide vehicle deliveries, poised to drop for the second consecutive year, as the company's focus shifts away from its initial electric vehicle goals [3][12] - The transition to EVs is not being abandoned, with industry leaders like GM reaffirming their commitment to electric vehicles as a long-term strategy [8][12] - Despite the challenges, the EV segment is still growing, but sales are not increasing at the pace required to meet future targets set by policymakers [9][12]

Core Viewpoint - The recent investment by China FAW Group in Leap Motor, acquiring approximately 5% of the company, signifies a strategic partnership aimed at leveraging resources and technology for mutual growth in the automotive industry [1][4]. Group 1: Strategic Partnerships - Leap Motor has successfully partnered with major automotive players, including Stellantis, which acquired a 20% stake for €1.5 billion, facilitating Leap Motor's international expansion [1][4]. - The collaboration with China FAW Group is expected to provide Leap Motor with credibility and access to essential resources in the automotive sector, enhancing its ability to secure bank support and policy resources [5]. - Leap Motor's strategy involves using technology to gain market access, as evidenced by its joint venture with Stellantis, which has enabled rapid entry into nine European markets [4][5]. Group 2: Financial and Operational Insights - Leap Motor's recent delivery figures show over 70,000 units in the last month, positioning it as a strong competitor in the new energy vehicle market [2]. - The company aims to improve its cost structure by integrating with FAW's supply chain and sales network, potentially enhancing its gross margin, which was -8.1% in the second half of 2022 due to dealer rebates [6][7]. - Leap Motor's operational strategy includes a focus on self-research and development, with plans to increase the self-manufacturing rate of core components to over 80% at its new facility in Huzhou [24]. Group 3: Leadership and Management Changes - The turnaround of Leap Motor is attributed to the leadership of Wu Baojun, who joined during a critical period and implemented strategic marketing and operational improvements [15][18]. - Wu's departure in early 2024, after successfully stabilizing the company, raises questions about the future direction and management continuity at Leap Motor [20][21]. - The company has set ambitious sales targets, aiming for 1 million units by 2026, reflecting its growth trajectory and market aspirations [23][24].

Core Insights - The Dodge Durango SRT Hellcat, featuring a 710-horsepower supercharged HEMI® V-8 engine, is now available for order across all 50 states in the U.S., marking it as the fastest American gas-powered SUV ever [1][10] - The 2026 model introduces new customization options, including the Triple Nickel exterior color and Mopar carbon-fiber stripes, allowing for over 10 million personalization combinations for the Durango SRT Hellcat Jailbreak [2][10] Product Features - The Dodge Durango is highlighted as the only three-row muscle SUV on the market, offering best-in-class towing and performance capabilities [4] - The 2026 Durango lineup includes eight available exterior colors, with recent additions like Triple Nickel and B5 Blue, enhancing the vehicle's aesthetic appeal [6][10] - New Mopar carbon-fiber-style dual stripes are introduced, expanding the customization options for the Durango lineup [7][10] Sales and Market Performance - Dodge has experienced 14 consecutive months of sales growth, indicating strong market momentum for the Durango model [4] - The full 2026 Dodge Durango lineup is now available nationwide, including in key states such as California, Massachusetts, and New York [4][10] Marketing and Promotion - Dodge is promoting the Durango SRT Hellcat through a holiday-themed social media campaign featuring a video of Santa delivering toys in the high-powered SUV [3][10]

Core Viewpoint - The Peugeot family has nominated Robert Peugeot to continue serving on the Stellantis board for a final two-year term, reaffirming their long-term commitment to the company [1] Group 1 - Robert Peugeot will hold the position of Vice Chairman at Stellantis [1] - The nomination will be presented at the 2026 Annual General Meeting (AGM) [1] - This nomination signifies a shift in the Peugeot family's representation on the Stellantis board, moving from an initial five-year term to a two-year term cycle [1]