值得关注的是，2024年7月，大众集团（中国）董事长兼首席执行官贝瑞德在"大众与小鹏签署电子电气 架构技术战略合作联合开发协议"之际表达了CEA架构研发的紧迫性。"速度至关重要。我们将在未来24 个月内实现CEA架构在车辆中的集成。"由此可见，CEA架构的开发效率远超预期。 韩三楚还向《中国经营报》等媒体记者透露透露，将在中国自主设计与研发系统级芯片。据悉，该芯片 将由酷睿程（CARIZON）负责研发。酷睿程为大众旗下软件公司CARIAD与中国智驾科技公司地平线 联合成立的合资企业。 韩三楚表示，"从短期看，大众自研芯片要'真金白银'投入，但长期看，在大众强韧的体系力和丰沛的 产品矩阵之下，芯片成本会降下来，成为其未来发展优势。" 未来竞争关键"重塑汽车大脑" CEA电子电气架构由大众汽车（中国）科技有限公司（VCTC）及CARIAD中国携手小鹏汽车联合开 发，是大众汽车集团首个在中国本土开发的区域控制电子电气架构。 "第一款搭载CEA电子电气架构的车型将在12月31日落地安徽大众。从架构设计、整车开发到测试集 成，我们仅用了18个月，大幅缩短了研发周期。" 近日，大众汽车集团（中国）〔以下简称"大众集团（中 ...

他介绍，CEA架构1.0是快速补齐大众汽车集团在电子电气架构领域里的不足。今年年底提供第一辆 车，从明年开始将有4辆车搭载CEA架构；从CEA架构2.0的开始，会做水平方向的拓展，不仅会支持A 型车，同时会将整车CEA架构达到D型车。另外还有多动力的支持，CEA 2.0将支持纯电、增程、混 电，这是大众历史上第一次电子电气架构这么充分达到所有的车平台；另外，CEA架构每两年迭代一 次，2027年出CEA2.0，2029年将是CEA的3.0。 新浪科技讯 12月10日上午消息，在近日的2025年第十届新汽车技术合作生态交流会上，大众汽车集团 （中国）执行副总裁及CARIAD中国首席执行官韩三楚发表演讲。他透露，大众汽车集团与小鹏汽车合 作的首款车型将于今年12月31日落地，仅用时18个月时间。 他首先介绍了大众汽车集团在研发方面的转变。以前研发决策权在德国，本地更多是做配合开发。而现 在最大的转变是，从今年开始，所有新能源的整体整车开发、平台开发、电子电气架构和软件开发等关 键领域，相关决策权已经移在了中国团队，给中国地区非常大的自主权。 2024年7月，大众汽车集团与小鹏汽车宣布签订电子电气架构技术战略合作联 ...

设计 | 甄 尤 美 作者 | 韩 三 楚 （ 大 众汽 车 集 团 （ 中国 ） 执 行 副 总 裁 及 C A R I A D 中 国 首 席 执 行官 ） 编辑 | 莫 莉 《汽车商业评论》从 韩三楚处 独家获悉， 今年12月31日， 首款基于大众专为中国市场开发的CEA电子电气架构的车型，将在大众安徽正式落 地。 他提到的这款车，便是大众汽车安徽旗下的与众07。 2024年3月1日起， 韩三楚 接替常青出任CARIAD中国CEO，同时加入大众中国管理董事会，担任集团（中国）执行副总裁。 他的上任，当时被外界赋予诸多期待，包括加快强化CARIAD中国软件研发能力，并大幅缩短开发周期，更快地交付创新产品。 "这款车，由中国团队主导从架构到整车集成的完整开发链路，只用了18个月。"韩三楚在12月6日的2025年第十届新汽车技术合作生态交流会 （WNAT-CES 2025）上如是表示。 公开信息显示，大众与小鹏的合作可以追溯到2023年7月。当时大众宣布向小鹏投资约7亿美元，获得约4.99%股权，双方约定联合开发面向中国市 场的大众品牌纯电车型。 2024年7月，VCTC、CARIAD中国与小鹏汽车共同启动的 ...

Core Viewpoint - GAC Group reported a significant increase in revenue and vehicle sales for Q3 2025, indicating positive growth trends and successful integration reforms within the company [1][5]. Financial Performance - The consolidated operating revenue for GAC Group reached 24.318 billion yuan in Q3, a quarter-on-quarter increase of 6.98% [1]. - Total vehicle sales for the group amounted to 428,400 units, reflecting a quarter-on-quarter rise of 11.49% [1]. - For the first three quarters of the year, GAC Group sold 1.1837 million vehicles, with a cumulative consolidated operating revenue of 66.929 billion yuan [1]. Brand Performance - All brands under GAC experienced quarter-on-quarter sales growth in Q3 [3]. - GAC's self-owned brands, including GAC Trumpchi, GAC Aion, and GAC Haobo, saw sales exceed 159,500 units, a quarter-on-quarter increase of 15.09% [3]. - GAC Trumpchi sold 86,805 units, up 12.63% quarter-on-quarter, while GAC Aion's sales reached 72,739 units, marking an 18.13% increase [3]. - Joint venture brands also performed well, with GAC Honda and GAC Toyota achieving sales of 69,258 units (up 11.85%) and 198,511 units (up 8.43%) respectively [3]. International Expansion - GAC's overseas terminal sales grew by 36.5% year-on-year from January to September, with operations in 85 countries and regions [4]. - The company plans to deliver two global strategic models, AION V and AION UT, in Europe by Q1 2026, aiming for full market coverage by 2028 [4]. Technological Advancements - GAC is increasing investment in key areas such as intelligent driving assistance and electronic architecture, with R&D spending expected to exceed 10 billion yuan in 2025 [4]. - The GAC ADiGO GSD intelligent driving assistance system has been implemented on 99.9% of roads, and the company has established the largest V2G demonstration project in the country [4]. Integration Reforms - The "Panyu Action" integration reform has shown positive progress, contributing to consecutive quarter-on-quarter growth in revenue and vehicle sales this year [5].

Core Insights - GAC Group reported a consolidated revenue of 24.318 billion yuan for Q3 2025, a quarter-on-quarter increase of 6.98%, with total vehicle sales reaching 428,400 units, up 11.49% from the previous quarter [1] - The company is making significant progress in its "Panyu Action" integration reform, leading to consecutive quarterly growth in revenue and vehicle sales [1] - GAC Group is accelerating its entry into key European markets, with multiple technological innovations being applied, including the self-developed GAC ADiGO GSD intelligent driving assistance system covering 99.9% of roads [1] Sales Performance - All automotive enterprises under GAC Group achieved quarter-on-quarter sales growth in Q3 [2] - GAC Trumpchi, GAC Aion, and GAC Haobo increased new vehicle launches, resulting in a total sales of over 159,500 units for self-owned brands, a 15.09% increase quarter-on-quarter [2] - GAC Honda and GAC Toyota also saw sales growth, with GAC Honda selling 69,258 units (up 11.85%) and GAC Toyota selling 198,511 units (up 8.43%) [2] International Strategy - GAC Group is advancing its internationalization strategy, viewing overseas markets as key to breaking through, with a 36.5% year-on-year increase in overseas terminal sales from January to September [3] - The company has entered several European markets, including the UK, Poland, Portugal, and Finland, with plans to deliver two global strategic models in Europe by Q1 2026 [3] - GAC Group aims to achieve full coverage of the European market by 2028 [3] R&D and Innovation - GAC Group's R&D investment is expected to exceed 10 billion yuan in 2025, focusing on intelligent driving assistance, smart cockpits, and electronic architecture [3] - The company is accelerating the application of innovative technologies across multiple fields [3] - GAC Group is building a quality "circle of friends" to enhance user engagement and support the upstream and downstream of the industry chain [3]

Core Insights - GAC Group reported a consolidated revenue of 24.318 billion yuan for Q3 2025, a quarter-on-quarter increase of 6.98% [1] - The total vehicle sales reached 428,400 units, reflecting a quarter-on-quarter growth of 11.49% [1] - The "Panyu Action" integrated reform has led to consecutive quarterly increases in sales and revenue metrics [1] Group Performance - All automotive enterprises under GAC achieved positive quarter-on-quarter sales growth [1] - GAC's self-owned brands sold over 159,500 units in Q3, marking a quarter-on-quarter increase of 15.09% [1] - GAC Trumpchi sold 86,805 units, up 12.63% quarter-on-quarter, while GAC Aion's sales reached 72,739 units, increasing by 18.13% [1] - Joint venture brands also saw a quarter-on-quarter sales increase of 9.30%, totaling 267,800 units [1] - GAC Honda accelerated its smart electric transformation with sales of 69,258 units, up 11.85% quarter-on-quarter [1] - GAC Toyota's Q3 sales were 198,511 units, reflecting an 8.43% quarter-on-quarter increase and a 9.15% year-on-year increase [1] International Expansion - GAC Group is accelerating its international strategy, viewing overseas markets as a key to growth [2] - From January to September, GAC's overseas terminal sales grew by 36.5%, with operations in 85 countries and regions [2] - The company plans to deliver two global strategic models, AION V and AION UT, in Europe by Q1 2026, aiming for full market coverage by 2028 [2] R&D and Technological Advancements - GAC's R&D investment is expected to exceed 10 billion yuan in 2025, focusing on smart driving assistance, intelligent cockpits, and electronic architecture [2] - The company has made progress in advanced technology, with the GOVY AirCab flying car prototype delivered in Hong Kong and Beijing, receiving over 1,000 intent orders [2] - GAC has launched three intelligent robots for demonstration applications in healthcare and security [2] Strategic Partnerships - GAC's collaboration with Huawei has made significant strides, with the announcement of the high-end smart electric vehicle brand "Qijing" [3] - The CEO of "Qijing," Liu Jiaming, was appointed to accelerate project implementation [3] - The first model of "Qijing" is set to launch in mid-2026, with a nationwide dealer recruitment initiative already underway [3]

Investment Rating - The report maintains a "Buy" rating for XPeng Motors (09868) [1] Core Insights - The company reported a significant improvement in sales structure and gross margin, with Q2 2025 sales reaching 103,000 units, a year-on-year increase of 242% [4][6] - The gross margin for Q2 2025 was 17.3%, up 3.3 percentage points from the previous year, indicating effective cost reduction strategies [4][6] - The net loss for Q2 2025 was 480 million yuan, a reduction of 800 million yuan compared to the previous year [4][6] Financial Performance and Forecast - For the first half of 2025, the company achieved total revenue of 34.09 billion yuan, a year-on-year increase of 133% [4][5] - The forecast for total revenue in 2025 is adjusted to 81.38 billion yuan, reflecting a 99% year-on-year growth [5][6] - The projected net profit for 2025 is expected to be a loss of 1.8 billion yuan, improving from a loss of 5.79 billion yuan in 2024 [5][6] Sales and Product Strategy - The MONA series' contribution to total sales decreased, while the share of higher-priced models like X9 and overseas sales increased, driving gross margin improvements [6] - The company aims to deliver between 113,000 to 118,000 vehicles in Q3 2025, indicating a strong growth trajectory [6] - The introduction of the G7 model is expected to enhance the company's autonomous driving capabilities, potentially increasing sales significantly [6] Non-Automotive Business Contributions - The partnership with Volkswagen Group to expand the electronic architecture platform is expected to enhance revenue from technology services [6] - The anticipated mass production of robots and flying cars in 2026 is highlighted as a significant growth opportunity [6] Valuation and Market Position - The report adjusts the revenue forecast for 2025 down to 81.4 billion yuan due to increased competition, while raising the 2026 and 2027 revenue forecasts to 129.2 billion yuan and 166 billion yuan respectively [6] - The target price-to-sales ratio for 2026 is set at 1.6 times, suggesting a 26% upside potential from current levels [6]

Core Insights - Xiaopeng Motors reported Q2 2025 total revenue of 18.27 billion yuan, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6% [1] - The net loss for the quarter was 480 million yuan, compared to a net loss of 1.28 billion yuan in the same period last year and a net loss of 660 million yuan in the previous quarter [1] - Adjusted net loss, not in accordance with US GAAP, was 390 million yuan, down from 1.22 billion yuan year-on-year and 430 million yuan quarter-on-quarter [1] Financial Performance - Total revenue for Q2 2025 reached 18.27 billion yuan, reflecting significant growth both year-on-year and quarter-on-quarter [1] - The company experienced a reduced net loss compared to previous periods, indicating improved financial health [1] Product Strategy - The company aims to enhance brand positioning and increase the average selling price of its vehicles by launching new models priced above 200,000 yuan [3] - Upcoming models include the P7 at the 300,000 yuan price range and the X9 super electric version at 400,000 yuan, which are expected to elevate the average selling price [3] - The company plans to release multiple new models priced above 300,000 yuan in 2026 and 2027 [3] Technological Advancements - Xiaopeng's Ultra model boasts an effective computing power of 2250 TOPS, significantly higher than competitors' flagship models, which range from 100 to 700 TOPS [5] - The company is focused on enhancing its autonomous driving technology and plans to roll out the initial version of its VLA model this month, with rapid iterations expected [5] - The Ultra version's capabilities are anticipated to surpass those of market competitors by a substantial margin, particularly in the context of RoboTaxi operations [6] Strategic Partnerships - The company has expanded its collaboration with Volkswagen, integrating electronic and electrical architecture across various vehicle types, including fuel and hybrid models [6] - Revenue from this partnership is expected to grow in the latter half of the year, with new income streams anticipated from the expanded collaboration [7] Future Outlook - Xiaopeng plans to pilot its RoboTaxi service in select regions starting next year, pending regulatory approvals [8] - The company differentiates itself in the RoboTaxi market by utilizing pre-installed vehicles and a unique operational model that does not rely on extensive mapping [8]

Core Viewpoint - The CEA (China Electronic Architecture) will expand its application from pure electric vehicles to fuel and hybrid models produced in China starting in 2027, highlighting the importance of the Chinese market for Volkswagen Group [1][5]. Group 1: CEA Architecture Development - The CEA architecture is a collaborative development between Volkswagen (China) Technology Co., CARIAD, and Xpeng Motors, with CARIAD China playing a key role in integrating advanced driver assistance systems (ADAS) and smart cockpit software [3]. - The CEA features a powerful central computing platform that supports higher-level and reliable ADAS, along with an advanced smart cockpit equipped with an AI assistant and fast, stable over-the-air (OTA) updates [3]. - By reducing the number of existing electronic control units (ECUs), the CEA aims to simplify system complexity, enhance vehicle sustainability, and increase long-term value, thereby strengthening Volkswagen's competitive advantage in the Chinese market [3]. Group 2: Strategic Implications - Volkswagen Group's CEO for China, Ralf Brandstätter, stated that extending the CEA architecture to the fuel vehicle product matrix will further solidify the group's technological leadership in traditional powertrain markets [3]. - Dr. Robert Cisek, CEO of Volkswagen Passenger Cars in China, emphasized that standardizing the CEA architecture across all models will accelerate digital service implementation and optimize cost structures through significant economies of scale [4]. - In 2024, Volkswagen plans to deliver over 2 million vehicles to the Chinese market, with nearly 90% being fuel models, indicating a significant opportunity for enhancing the intelligence of fuel models through the CEA [4].

Group 1 - BMW has selected Momenta as its Chinese technology partner for advanced driver assistance systems (ADAS) in its next-generation electric vehicles [1][2] - The new generation iX3 is set to begin production in Hungary this year, with a launch in Europe by the end of the year, while the Chinese market will see the introduction of the new i3 and iX3 models next year [1][6] - Momenta's solutions will include point-to-point navigation assistance covering urban and highway scenarios, leveraging its self-developed end-to-end model [1][2] Group 2 - The competitive landscape in China is intense, with other luxury brands like Mercedes-Benz and Audi also collaborating with local suppliers for smart driving solutions [2][3] - Mercedes-Benz has announced its partnership with Momenta ahead of BMW, with the new CLA model expected to launch in China in Q4 of this year [2][3] - Momenta has been chosen by multiple joint venture and foreign car manufacturers, indicating its strong position in the market [2][3] Group 3 - BMW emphasizes safety in its ADAS offerings, with a focus on verified technologies rather than untested innovations [3][4] - The company aims to maintain a distinct driving experience even with AI-driven systems, integrating its "Heart of joy" system to enhance driving pleasure [3][4] - The collaboration with Momenta is seen as a way to adapt to the Chinese market and improve technological iteration efficiency [5][6] Group 4 - BMW's new generation vehicles will feature a centralized electronic architecture, allowing for better integration of smart solutions and higher communication bandwidth [6][7] - The company plans to introduce a range of hybrid models based on the new generation products to compete in the large SUV market [7] - BMW's R&D investment for 2024 is projected at €9.1 billion, a 17.1% increase, primarily directed towards electrification and smart technology [8]