Summary of Conference Call Company and Industry - **Company**: Stellantis - **Industry**: Automotive Key Points and Arguments North American Market Performance - Stellantis has seen positive trends in the North American market, with market share increasing from 7% in the first half to approximately 8% in the third quarter, attributed to new product launches and strong market acceptance [1][2] - The return of the Ram Hemi V8 engine has been particularly successful, with 10,000 orders on the first day of announcement, growing to 50,000 orders within six weeks [2] - The Jeep Cherokee, a significant model in the midsize SUV segment, is being relaunched with improvements, including hybrid technology for better fuel economy [3][4] Product Launches and Strategy - Stellantis is focusing on a sequence of product launches, including the Jeep Cherokee and Dodge Charger, which are expected to drive volume growth sustainably [4][11] - The company is improving execution on product launches, with a commitment to timely releases [11] - A shift in strategy has been noted, particularly regarding battery electric vehicle (BEV) penetration expectations, which have been revised down from 50% to around 6-7% in the U.S. by 2030 [8][9] Regulatory Environment and Market Dynamics - The regulatory landscape in the U.S. and Europe is evolving, with Stellantis advocating for a balanced approach to CO2 emissions regulations that considers environmental protection, job preservation, and market affordability [12][13] - The company is preparing for upcoming EU regulations and is optimistic about the potential for a milder energy transition [16] Financial Outlook and Profitability - Stellantis is cautious about profitability expectations for the second half of the year, with a focus on closing the year before making definitive statements [5][7] - The company aims to improve cash generation and business KPIs gradually, acknowledging a negative cash flow of EUR 6.6 billion last year [28][29] Competitive Landscape and Future Plans - Stellantis recognizes the competitive threat from Chinese automakers, particularly in South America and the Middle East, and plans to leverage localization strategies to maintain its market position [50][52] - The company is optimistic about its product expansion in North America, particularly for the RAM brand, which is expected to introduce new models and capitalize on existing brand equity [23][44] Market Share Recovery in Europe - Stellantis has lost market share in Europe over the past five years and is implementing strategies to recover, including launching new models and leveraging partnerships like Leapmotor [37][40] - The company is focusing on segments where it has historical strength, such as the A and B segments, and is ramping up production of competitive models [38][41] Other Important Insights - The company is committed to improving its dealer inventory management and product launch rigor, which are critical for maintaining momentum [22] - Stellantis is exploring opportunities in hybrid technology, with a belief that hybrids will be a favored powertrain in the U.S. market [35] - The company is also assessing its brand portfolio and the potential need for streamlining based on each brand's unique strengths and market opportunities [43][44]

Core Viewpoint - The article emphasizes the importance of understanding market dynamics beyond traditional metrics like P/E ratios, focusing on demand and supply as the true drivers of stock prices [1] Group 1: Investment Strategy - The investment strategy is split between low-cost funds and individual stocks, with a balanced portfolio of approximately 50% in each [1] - The approach to investing is long-term, with a minimum holding period of 10 years for stocks [1] Group 2: Market Understanding - The market is described as forward-looking, but many investors fail to grasp the implications of this perspective [1] - The focus is on predicting human behavior and understanding market sentiment, which are crucial for making informed investment decisions [1] Group 3: Analytical Approach - The analysis goes beyond numerical data, requiring an understanding of sectors, industries, and long-term growth trends [1] - The approach to investment analysis is characterized by ingenuity, curiosity, and a willingness to go against prevailing trends [1]

Michelin, Forvia and Stellantis have agreed on a restructuring and refinancing package for their hydrogen fuel cell JV Symbio, following months of uncertainty over its future. The three companies each hold a 33% share in Symbio and have jointly endorsed a plan that sharply reduces the size of the business and refocuses its activities. The move follows Stellantis’ decision in July to halt its hydrogen fuel cell technology programme and formally end its role as a customer for all hydrogen-related activitie ...

Stellantis首席执行官安东尼奥·菲洛萨在一份声明中表示，他期待与美国国家公路交通安全管理局合作， 制定"既对环境负责，又允许我们以客户负担得起的价格、为客户提供选择他们想要车辆的自由"的政 策。 沃尔沃则表示，现在推测监管变化的后果还为时过早。尽管该公司致力于成为一家全电动汽车公司，并 寻求到2040年实现温室气体净零排放，但该公司在今年早些时候表示，将适时开始在美国生产多款混合 动力汽车，其中一款的推出时间最晚至2029年。 对此，米兰投资银行Equita的汽车分析师马蒂诺·德·安布罗吉表示，拟议的标准变更并非出人意料，但 它应该会对整个行业产生积极影响。他还指出，有报道称欧盟可能会软化或大幅修改其到2035年的电气 化目标。 智通财经APP获悉，在美国总统特朗普提出大幅削减前总统拜登去年敲定的燃油经济性标准后，欧洲汽 车制造商的股价应声上涨。截至发稿，在德国法兰克福交易所上市的股票中，保时捷涨超5%，梅赛德 斯奔驰与沃尔沃涨近4%，雷诺涨超3%;Stellantis(STLA.US)在意大利和法国上市的股票均涨超3%。 据悉，当地时间周三，特朗普提议削减拜登去年敲定的燃油经济性标准，以推动汽车制造 ...

据报道，当天，汽车制造商福特、通用汽车和斯特兰蒂斯的高管们出席了白宫的声明仪式。市场表现方 面，截至发稿，斯特兰蒂斯美股盘前涨超3%，丰田汽车美股盘前涨近2%，福特汽车、通用汽车盘前小 幅上涨。 综合自：新华社、央视新闻、第一财经 （文章来源：证券时报） 特朗普表示，这一措施将降低美国消费者在用车方面的开销，让美国家庭更易承担购车成本，保护美国 汽车行业就业。美国交通部发布的公告认为，新标准预计将在未来5年为购车人节省1090亿美元，平均 每辆新车的购置成本将减少1000美元。 美国政府此举同时引发部分人士反对。加州州长纽森说，降低燃油车经济性标准，将迫使美国人支付更 多的加油费用，同时还会污染空气。另有环保人士认为，此举不仅会加剧气候变化，还会延缓汽车行业 电动化转型，对产业造成损害。 特朗普政府此前曾批评拜登政府时期提高燃油经济性标准的决定，认为这种做法助推电动汽车的销售。 特朗普宣布将降低汽车燃油经济性标准。 美国总统特朗普3日在白宫记者会上宣布，将降低在美车企生产的燃油车经济性标准要求。 根据美国交通部下属国家公路交通安全管理局发布的通知，到2031款车型年度，行业轻型车平均燃油经 济性标准应达到每加 ...

Core Points - Stellantis is recalling 72,509 Ram vehicles in the U.S. due to a software glitch in the instrument panel display that causes it to go blank [1] Group 1 - The recall affects Ram vehicles specifically, indicating a targeted issue within this model line [1] - The U.S. National Highway Traffic Safety Administration is involved in the recall process, highlighting regulatory oversight [1]

2025.12. 04 当天，美国三大汽车制造商福特、通用汽车和斯特兰蒂斯的高管们出席了白宫的声明仪式。 特朗普新规是什么 燃油经济性标准由美国交通部制定，是美国为管理乘用车和轻型载货汽车的燃油经济性而设立的一项 法规，规定了车辆必须达到的最低每加仑英里数。 拜登政府于2022年宣布了燃油经济性标准，要求2026款乘用车和轻型卡车的行业平均油耗达到约49 英里/加仑。美国交通部在2022年发布的声明称，新标准将使2024-2025款车型的燃油效率每年提高 8%，2026款车型的燃油效率每年提高10%。与2021款车型相比，预计2026款车型的行业平均油耗 也将提高近10英里/加仑。 2024年6月，拜登政府再次宣布，2027年至2031年款乘用车的燃油效率将每年提高2%，2029年至 2031年款轻型卡车的燃油效率将每年提高2%。到2031年，燃油效率将达到约50.4英里/加仑。拜登 政府称，这将使乘用车和轻型卡车车主在其车辆使用寿命期间节省超过600美元的燃油费用。 白宫官员表示，拜登政府的标准将迫使美国消费者大规模转向电动汽车，而这"并非他们所愿"，而且 车价还会伴随生活成本大幅上涨。 本文字数：1572 ...

Fuel Economy Regulations - Former President Trump announced plans to roll back Biden-era fuel efficiency standards from approximately 50 miles per gallon (mpg) to 34.5 mpg by 2031, along with the elimination of the Corporate Average Fuel Economy (CAFE) credit trading program by 2028 [2][3] - The rationale for this rollback is centered around "affordability" and "consumer choice," with claims that it will save American families an average of $1,000 on car prices and a total of $109 billion over the next five years [3] Automotive Industry Reaction - The automotive industry, particularly the Detroit Three (Ford, General Motors, and Stellantis), expressed strong support for the rollback, viewing it as a victory for common sense and market alignment [4] - Following the announcement, traditional automakers saw stock price increases, with Stellantis surging 7.64%, Ford and General Motors both gaining less than 2% [5] Impact on Electric Vehicle Manufacturers - The elimination of the CAFE credit trading program is expected to create a regulatory advantage for traditional automakers while potentially harming electric vehicle manufacturers like Tesla and Rivian [6] - Despite this, Tesla's stock rose by 4.08% following the announcement, indicating that market reactions can be unpredictable [6] Trade and Tariff Developments - President Trump has renewed threats of tariffs on China, which has historically affected the soybean market, with soybean futures showing slight increases amid ongoing trade tensions [8] - Costco is suing the U.S. government for refunds on tariffs, with $90 billion in tariffs collected, reflecting broader concerns about tariff legality and market implications [9] Market Volatility and Reactions - The market has shown predictable volatility in response to Trump's tariff announcements, with significant drops in major indices following threats of increased tariffs [10] - The "Trump effect" on stock markets illustrates a cycle of immediate reactions to policy changes and trade rhetoric, with markets adapting to this volatility [14]

California Governor Gavin Newsom (D-Calif.) has slammed the Trump administration for letting China race ahead of the U.S. in the electric vehicles and clean energy sectors.‘Doubling Down On Stupid,’ Says NewsomSpeaking at the New York Times' DealBook Summit on Wednesday, Newsom lamented Trump's "1,800s approach" to manufacturing. "China understands the opportunity," Newsom said, adding that the country was increasing its influence in South America and Europe."We are doubling down on stupid here in the Unite ...

President Donald Trump on Wednesday said his administration would "reset" fuel efficiency standards for passenger cars in an effort to put a lid on rising auto prices, as the administration battles inflation and an affordability crisis.The previous rules, which sought to lower carbon emissions, “put tremendous upward pressure on car prices,” Trump said in the Oval Office.The president is under political pressure to address affordability concerns after Democrats swept major races last month, fueled by voters ...