Forcing carmakers to sell more EVs leaves ‘no room for profit’, says Stellantis executive Drivers are unlikely to buy electric vehicles (EVs) without hefty discounts, a top executive at Vauxhall owner Stellantis has claimed. Emanuele Cappellano, the company’s European boss, said there was no “natural” demand for EVs and so government regulations forcing their sale risked turning the industry loss-making. Demand only arises when subsidies are offered or when carmakers “burn cash” by slashing their price ...

责任编辑：刘明亮 花旗分析师写道，在消费者状况更加艰难和汽车价格持续高企的情况下，欧洲汽车制造商今年在欧洲的 销量可能下降2%。中国品牌今年可能会将其欧洲市场份额提高到接近10%，而欧洲品牌将继续尝试销 售高价、低利润率的电动汽车。 花旗将Stellantis的2026年息税前利润率预期从3.1%下调至2.5%。该行预计Stellantis 2026年在欧洲的销量 为248万辆，全球销量则持平于560万辆。花旗将大众汽车2026年息税前利润率预期下调至4.9%，息税 前收益则为161亿欧元。全年销量预计基本持平于900万辆。预计雷诺2026年欧洲销量为263万辆，全球 销量大致持平，息税前利润率为5.4%。 花旗分析师写道，在消费者状况更加艰难和汽车价格持续高企的情况下，欧洲汽车制造商今年在欧洲的 销量可能下降2%。中国品牌今年可能会将其欧洲市场份额提高到接近10%，而欧洲品牌将继续尝试销 售高价、低利润率的电动汽车。 花旗将Stellantis的2026年息税前利润率预期从3.1%下调至2.5%。该行预计Stellantis 2026年在欧洲的销量 为248万辆，全球销量则持平于560万辆。花旗将大众汽车2 ...

Core Viewpoint - Stellantis Group's German manufacturer Opel has selected Algeria as a new production base outside of Europe, aiming to enhance local automotive industry development and better serve customers in Algeria and the broader Middle East and Africa region [1] Group 1: Company Strategy - Stellantis Group's COO for Africa and the Middle East announced the decision but did not provide a specific timeline or confirm if the project has received approval from the Algerian government [1] - The initiative will focus on local production, industrial integration, and long-term investment to support the automotive sector in Algeria, aligning with Opel's localization strategy [1] Group 2: Market Context - Opel will become the second brand under Stellantis to establish a factory in Algeria, following Fiat, which began production at its Oran facility by the end of 2023 [1] - In 2023, Opel, Fiat, and Jianghuai Automobile became the first foreign automotive brands to obtain import licenses in Algeria, successfully entering the Algerian automotive market [1] Group 3: Production Details - Stellantis has not disclosed the scale or specific location of the new production facility [1]

Core Viewpoint - Stellantis N.V. (NYSE:STLA) is considered one of the best affordable stocks under $30, with recent upgrades in ratings and price targets from Jefferies and Piper Sandler, indicating potential for growth and recovery in the stock price [1][2]. Group 1: Stock Ratings and Price Targets - Jefferies maintained a Buy rating on Stellantis N.V. and set a price target of €13.00 [1]. - Piper Sandler upgraded Stellantis N.V. to Overweight from Neutral and raised the price target to $15 from $9 [1]. Group 2: Market Performance and Investor Sentiment - Stellantis N.V. experienced an 8.6% decline due to concerns over its hydrogen technology strategy and lower trading multiples compared to peers [2]. - Investor expectations are low following several disappointing quarters, but there is a favorable risk/reward outlook for the company [2]. Group 3: Potential Catalysts for Recovery - The US business of Stellantis is expected to improve with market share stabilization and upcoming vehicle launches in 2026, which could enhance competitiveness [3]. - Other potential catalysts include possible brand divestitures, supportive policy developments, and the resumption of share repurchases, all of which could support earnings recovery [3]. Group 4: Company Overview - Stellantis N.V. designs, manufactures, distributes, and sells vehicles under various brands, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Jeep, Opel, Peugeot, and others [4].

Market - US stock market experienced a decline for the second consecutive day, with the Dow, Nasdaq, and S&P 500 all falling, primarily driven by poor performance in technology stocks, particularly chip stocks like Nvidia, which dropped due to export restrictions [2] - Bank stocks also struggled, with Wells Fargo's revenue falling short of expectations, while Bank of America and Citigroup exceeded expectations but could not support the high market levels. The banking sector faced additional pressure from Trump's call for credit card interest rate reforms [2] - Despite strong PPI and retail sales data, the market remained low due to concerns over the independence of the Federal Reserve and rising geopolitical risks, particularly related to Iran [2] Company - Tesla announced it will stop selling its Full Self-Driving (FSD) software at a fixed price and will instead offer it as a monthly subscription service starting at $99, leading to a 1.79% drop in its stock price [3][33] - Cerebras secured a significant contract with OpenAI worth over $10 billion, committing to provide 750 MW of computing power by 2028, which will help reduce its reliance on a single customer [32] - Wells Fargo reported profits below expectations, with a significant $612 million spent on severance costs, leading to its stock experiencing the largest intraday drop in six months [40] - Bank of America reported a 23% increase in stock trading revenue to $2.02 billion, exceeding analyst expectations, but concerns over costs led to a 5% drop in its stock price [41] - Boeing announced it received 1,173 net orders in 2025, surpassing Airbus, although its stock fell 1.7% in early trading [42]

Core Viewpoint - Stellantis CEO Antonio Filosa sees 2026 as a pivotal execution year for the company, which has faced declining market share in recent years [1][2]. Group 1: Company Strategy - Filosa is implementing a turnaround plan that prioritizes the Jeep and Ram brands in the U.S. while reversing many decisions made by his predecessor regarding a focus on all-electric vehicles [1][2]. - The current year is viewed as a "first step" in remaking the company, which was formed through the merger of Fiat Chrysler and PSA Groupe five years ago [2]. - A detailed future strategy will be presented at a capital markets day in the first half of the year, with potential regional refocusing or portfolio adjustments being considered [3]. Group 2: Company Performance - Stellantis' global sales fell 12.3% from 6.5 million in 2021 to 5.7 million in 2024, with U.S. sales collapsing approximately 27% to 1.3 million vehicles during the same period [6]. - The company dropped from fourth to sixth in U.S. sales, with market share decreasing from 11.6% to 8% [6]. Group 3: Company Culture - Filosa emphasizes the importance of building a strong company culture, which includes being customer-focused and fostering teamwork [4][5]. - The next steps in the company's plans will involve a meeting with over 200 executives to discuss capital markets and company culture [4].

Core Insights - The all-new Dodge Charger multi-energy lineup has been awarded the 2026 North American Car of the Year (NACTOY), highlighting Dodge's commitment to muscle and innovation [2][4]. Group 1: Award Recognition - The NACTOY award was announced at the Detroit Auto Show, emphasizing the Charger lineup's blend of performance and modern design [2][4]. - The Charger lineup includes the 550-horsepower Dodge Charger Scat Pack and the 670-horsepower all-electric Dodge Charger Daytona Scat Pack, showcasing a range of power options [2][4]. Group 2: Performance Specifications - The Dodge Charger Scat Pack accelerates from 0-60 mph in just 3.9 seconds, while the Charger Daytona Scat Pack achieves this in 3.3 seconds [5]. - The Scat Pack is priced starting at $54,995, offering the most horsepower in its class for under $55,000 [5]. Group 3: Design and Features - The Charger lineup features a heritage-inspired design with cutting-edge technology, including standard all-wheel drive and options for two-door and four-door configurations [5][9]. - Key features include a 12.3-inch Uconnect 5 radio, advanced safety systems, and a full suite of drive modes [6]. Group 4: Industry Context - The NACTOY jury consists of 50 independent automotive journalists from the U.S. and Canada, ensuring unbiased evaluations based on innovation, design, performance, and value [3][8]. - The Charger has also received accolades from TopGear.com, Detroit Free Press, and The Detroit News, further solidifying its status in the automotive industry [4].

Corporate Calendar - Stellantis N.V. announced its corporate calendar for 2026, including key financial reporting dates [2][3] - Full Year 2025 Financial Results will be released on February 26, 2026 [2] - Q1 2026 Financial Results are scheduled for April 30, 2026 [2] - Q2 2026 Financial Results will be available on July 30, 2026 [2] - Q3 2026 Financial Results are set for October 28, 2026 [2] - Each financial results announcement will be accompanied by a webcast and conference call [2] Annual General Meeting - The Annual General Meeting for the approval of Stellantis' 2025 financial statements is scheduled for April 14, 2026 [3] Company Overview - Stellantis is a leading global automaker with a diverse portfolio of brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move, and Leasys [3]

Domestic News - The Ministry of Industry and Information Technology issued the "Administrative Penalty Discretionary Power Benchmark Table" for the road motor vehicle production sector, effective from February 1, 2026, detailing specific penalties for six types of violations [3] - The National Development and Reform Commission plans to introduce a comprehensive management approach for the recycling of new energy vehicle batteries, emphasizing the principle of "whoever pollutes, whoever manages" [4] - Progress in the China-Europe electric vehicle negotiations indicates that the EU will release guidelines for Chinese exporters regarding price commitments, ensuring a non-discriminatory evaluation process [5] - Shanghai's new action plan for advanced manufacturing (2026-2028) aims to promote investment in emerging sectors such as low-altitude economy, embodied intelligence, and biomanufacturing [6] - Xiaopeng Motors plans to establish a localized supply chain team in Europe and ASEAN markets to enhance supply chain responsiveness and support local production [7] - Zhaoyi Innovation and Chery Automobile signed a strategic cooperation agreement to focus on collaborative innovation in automotive-grade chips and next-generation electronic architectures [8] - The Leap Motor A10 was showcased at the 2026 Brussels Motor Show, marking a significant step in the company's global strategy [9] - Shanghai is optimizing the auto loan process by relaxing application conditions and adjusting loan issuance ratios, terms, and interest rates [10] International News - California's governor proposed a $200 million state-level electric vehicle tax rebate following the termination of the federal tax credit, although the specific rebate amount per vehicle is yet to be determined [12] - Uber unveiled a customized autonomous taxi, set to launch in San Francisco, based on a fully electric platform and integrated with advanced AI technology [13] - Stellantis announced the cancellation of its plug-in hybrid vehicle sales in the U.S. due to weak market demand, shifting focus to more competitive electrification solutions [14] - Maruti Suzuki plans to increase its production capacity by 1 million vehicles in Gujarat, India, with a total budget of approximately $55 million [14] Commercial Vehicles - Beiben Truck passed the supervision audit for its intellectual property management system, demonstrating effective operation and compliance with relevant standards [15] - GAC Aion held a successful mass delivery ceremony for hydrogen fuel cell vehicles, marking a milestone in the commercialization of hydrogen fuel cell technology [17] - The Ministry of Industry and Information Technology announced the 403rd batch of new vehicle approvals, which includes 140 models of new energy heavy trucks, a decrease of approximately 33.01% from the previous batch [18][19] - Youjia Innovation's autonomous vehicle entered the cold chain logistics sector, enhancing smart delivery solutions for fresh produce [21]

Core Insights - Stellantis has officially ended sales and production of its plug-in hybrid (PHEV) models in the United States, marking a significant shift in its strategy [1][10] - The company will focus on more competitive electrified solutions, including conventional hybrids and extended-range electric vehicles (EREVs), starting with the 2026 model year [2][10] Group 1: Strategic Shift - Stellantis is discontinuing its PHEV programs in North America due to reduced demand for plug-in hybrids and changing consumer preferences [2][5] - The decision comes despite the previous success of models like the Jeep Wrangler 4xe, which was the best-selling plug-in hybrid for three consecutive years [3][4] - The company is reshaping its North American portfolio, discontinuing models such as the Jeep Grand Cherokee 4xe and Chrysler Pacifica PHEV [4][10] Group 2: Market Dynamics - The shift reflects a broader acceptance of traditional hybrids among U.S. buyers, as they do not require external charging [5] - Recent adjustments to U.S. federal incentives have diminished the financial appeal of PHEVs, further influencing Stellantis's decision [5] - The discontinuation follows a series of recalls affecting PHEV models, particularly concerning battery failures and fire reports, which have added pressure to the PHEV segment [6][10] Group 3: Future Direction - Stellantis announced the discontinuation of the development of Ram's all-electric pickup, the Ram 1500 REV, as part of its strategic repositioning [7] - The company aims to offer electric driving with longer range and reduced dependence on charging infrastructure through its focus on conventional hybrids and EREVs [7][10]