欧洲豪华车，集体暂缓电动化

Group 1 - Increasing number of international car manufacturers are slowing down their electrification plans, with Ferrari announcing a reduction in its target for pure electric vehicles to 20% by 2030, down from 40% previously set in 2022 [2] - Ferrari plans to double the proportion of pure gasoline vehicles in its 2030 lineup to 40%, while maintaining hybrid models at 40% [2] - Following Ferrari, Porsche has also announced a significant shift in its electric vehicle strategy, delaying the launch of several new electric models and extending the production life of internal combustion and hybrid vehicles for the next decade [2] Group 2 - Traditional luxury car brands are also pausing their full electrification plans, with Volvo retracting its commitment to full electrification by 2030 and setting a more flexible target of 90%-100% sales being electric or plug-in hybrid [3] - Audi has reversed its previous management's plan to stop developing and selling internal combustion engine vehicles by 2033, with no clear timeline for termination now [3] - Mercedes-Benz has also adjusted its electrification strategy, extending the production cycle of internal combustion engine models due to lower-than-expected market acceptance of electric vehicles [3] Group 3 - The recent adjustments in electric vehicle sales targets by international car manufacturers are attributed to market factors and the increasing conflict between profitability and the substantial R&D investments required for electrification [3] - For instance, Porsche's R&D expenditure for electric models has surged from 15% of total spending in 2021 to 37% in 2024, while overall profit margins have decreased from 18.3% to 14.5% [4] - Factors such as rising import tariffs in the U.S., a cooling luxury car market in China, and a slowdown in electric vehicle adoption have compelled companies to adopt a more cautious strategy [4]