销量遇冷、增收不增利，跨国车企在华开始“卷”智驾

Core Insights - Major multinational automakers such as Volkswagen, Mercedes-Benz, and Nissan are facing dual challenges of declining sales and shrinking profits in the Chinese market in the first half of 2025 [1][3] - The rise of domestic new energy vehicle manufacturers has intensified competition, prompting many brands to adjust their strategies and slow down their electrification efforts [1][6] - Intelligent driving technology has emerged as a focal point for automakers to boost performance, leading to collaborations with Chinese companies like Huawei and Momenta [1][7] Sales and Profit Trends - The phenomenon of "increased revenue without increased profit" has become a common issue for major automakers in the first half of 2025, with significant sales declines reported across various brands [3][4] - Volkswagen delivered 1.31 million vehicles in the first half of 2025, a decrease of 2.3% year-on-year, while Mercedes-Benz's global sales fell by 8% to 1.0763 million vehicles [3][4] - Nissan's global sales in the first fiscal quarter of 2025 were 707,000 vehicles, down 10.1%, and the company reduced its production capacity in China from 1.5 million to 1 million vehicles due to a 12.2% sales drop [3][4] Financial Performance - Volkswagen's sales revenue remained stable at €158.4 billion, but its operating profit fell by about one-third to €6.7 billion, with a 29% decline in Q2 profit [4] - Stellantis reported a net income of €74.3 billion, down 13%, with a net loss of €2.3 billion compared to a net profit of €5.6 billion in the previous year [4] - General Motors experienced a slight revenue increase of 0.2%, but net profit decreased by 20.9% to $4.68 billion [5] Shift in Strategy - The competitive landscape has shifted, with traditional automakers needing to innovate and reshape their brands to adapt to the current market [1][9] - Many multinational companies are adopting a "parallel oil and electric" strategy, recognizing that internal combustion engine vehicles remain a significant source of revenue [6][7] - The transition to electrification is facing delays, with companies like Porsche and Audi scaling back their electric vehicle targets [7] Collaboration and Innovation - Collaborations with Chinese automotive supply chain companies are seen as a way for multinational automakers to leverage local innovation and enhance their competitiveness in the Chinese market [8] - The focus on intelligent driving technology is becoming a critical battleground, with many automakers partnering with Chinese tech firms to enhance their offerings [7][8] - Experts suggest that while these strategies may provide temporary relief, a fundamental shift in development strategy is necessary for long-term success in the Chinese market [8][9]