2025.10. 10 在奥迪宣布电动化计划转变后不久，梅赛德斯-奔驰也调整了电动化转型计划，将延长内燃机车型生产周期。该公司 CEO康林松向媒体表示，需对原定2030年全面电动化目标进行"计划修正"，主要原因是市场对电动车的接受度低于 预期。 国际化车企近期纷纷下调电动汽车销售目标，主要的原因除了上述的市场因素外，还有在全球环境的不确定下，这些 车企盈利能力和电动化转型巨额研发投入之间的矛盾激化。 本文字数：1088，阅读时长大约2分钟 作者 | 第一财经 肖逸思 越来越多国际车企放缓电动化转型计划。 近日，法拉利宣布，将调整其电动化转型目标，到2030年，法拉利车型阵容中纯电动汽车的占比约为20%，而此前 法拉利在2022年提出来的该数值目标为40%，降低的20%销量比重将被燃油车取代。法拉利计划将其2030年阵容中 纯燃油车的比例提高一倍至40%，而混合动力车型的比例则仍维持在40%。 在暂缓电动化转型计划的同时，法拉利公布的2030年业绩指引也未达华尔街预期。受此消息影响，当地时间10月9 日，法拉利（RACE.US）美股大跌14.99%至407.38美元，这也是其上市以来的最大单日跌幅。 在业绩增长 ...

Group 1 - Ferrari has adjusted its electrification goals, aiming for 20% of its lineup to be fully electric by 2030, down from a previous target of 40% [2] - The company plans to increase the proportion of pure combustion vehicles in its 2030 lineup to 40%, while maintaining hybrid models at 40% [2] - Following this announcement, Ferrari's stock fell 14.99% to $407.38, marking its largest single-day drop since going public [2] Group 2 - 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][3] - Volvo has retracted its commitment to full electrification by 2030, now setting a flexible target of 90%-100% of sales to be electric or plug-in hybrid [3] - Audi has reversed its previous plan to stop developing and selling internal combustion engine vehicles by 2033, with no clear timeline for ending production [3] Group 3 - Mercedes-Benz has adjusted its electrification plans, extending the production cycle for internal combustion engine models due to lower-than-expected market acceptance of electric vehicles [3] - The automotive industry is facing increased costs associated with electrification, with Porsche's R&D spending on electric models rising from 15% of total expenses 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 are prompting companies to adopt more cautious strategies [4]

Core Viewpoint - Chery Automobile is in talks with Renault to establish manufacturing and sales cooperation in South America, focusing on Colombia and Argentina, to expand their business in the region [1][2] Group 1: Partnership Details - Chery plans to utilize Renault's factory in Envigado, Colombia, to produce fuel vehicles, with most vehicles branded as Renault and a few under Chery's brand [1] - In Argentina, Chery is considering investing in a hybrid pickup production line at Renault's Córdoba factory, with Renault handling distribution [1][3] - The partnership aims for Chery to provide products and technology while Renault offers factory facilities and sales channels [1] Group 2: Market Context - The domestic automotive market in China is slowing down, prompting Chinese automakers to accelerate their globalization efforts, with South America being a key target due to its market potential and lack of electric vehicle presence [1][2] - Chery's overseas sales reached 1.145 million units in 2024, a 21.4% increase year-on-year, making it the top exporter among Chinese brands [2] Group 3: Competitive Landscape - Renault is a significant player in the South American market, with established factories in Colombia and Argentina, including a production capacity of approximately 100,000 vehicles per year in Colombia [2][4] - Chery's sales in Latin America grew by 42% last year, primarily in Mexico and Chile, indicating potential for further market penetration through the new partnership [2] Group 4: Strategic Implications - Collaborating with Renault allows Chery to operate with a light asset model, reducing the time and cost of entering the South American market [2] - Renault's partnership with Chery is expected to enhance its product line and reduce costs, aiding its transition to electric vehicles in a rapidly growing market [3][4]

Group 1 - Mercedes-Benz is facing significant challenges in the Chinese market, with Q3 2025 deliveries dropping 27% year-on-year, marking the worst quarterly performance since 2016 [2] - The decline in sales reflects ongoing weakness in high-end automotive demand in China and highlights the strong competition from local electric vehicle brands like BYD and Xiaomi [2] - The drop in sales has negatively impacted Mercedes-Benz's global performance, with a 12% year-on-year decline in global deliveries and a 17% drop in the U.S. market due to tariff uncertainties [2] Group 2 - The sales decline is not limited to Mercedes-Benz; German competitors BMW and Porsche are also experiencing weakened sales and increased price competition in China [3] - BMW has lowered its full-year profit forecast due to the ongoing sluggishness in the Chinese market and increased dealer subsidy expenditures [3] - These trends indicate a deeper structural change in the Chinese automotive market, as traditional luxury brands are losing their appeal amid the electric vehicle wave [3]

Group 1: Charging Infrastructure and Market Trends - During the National Day holiday, the average daily charging volume for new energy vehicles on highways reached 15.36 million kilowatt-hours, which is 2.59 times higher than the average on regular days this year and represents a 45.73% increase compared to last year's National Day holiday, marking a historical high [1] - The significant increase in charging data indicates a continuous rise in the penetration rate of new energy vehicles, strengthening market expectations for the profitability of charging station operators and benefiting midstream equipment manufacturers due to expanding demand [1] Group 2: Expansion of Charging Networks - Li Auto announced plans to launch 105 new supercharging stations by the 40th week of 2025, bringing the total to over 3,400 stations across 269 cities as of October 5 [2] - The rapid expansion of Li Auto's supercharging network highlights the scaling of its energy supplement system, which is expected to enhance the brand's competitive edge in the high-end new energy market and positively impact the valuation of the company [2] Group 3: Strategic Collaborations in the Automotive Sector - Dongfeng and Huawei are collaborating on the DH project, inviting the public to suggest a Chinese name and logo, focusing on mid-to-high-end intelligent vehicles aimed at users seeking quality and a better life [3] - This partnership signifies a substantial step in the collaboration between traditional automakers and tech giants, providing technological backing for Dongfeng's transformation towards intelligence and enhancing the market valuation logic [3] Group 4: Product Launch and Market Response - Buick's new model, the Electra L7, received 12,000 pre-orders within 10 days of its launch announcement, with deliveries expected to start on October 20 [4] - The strong pre-order numbers reflect market recognition of traditional automakers' electric transformation efforts, supporting the expectations for SAIC's new energy business and indicating a shift in market dynamics towards electric vehicles [4]

Group 1: Market Overview - On October 9, U.S. stock markets opened lower, with all three major indices in the red [1] - Nvidia's stock rose by as much as 3%, reaching a new market capitalization high of $4.7 trillion [2] Group 2: Nvidia Developments - The U.S. has approved the export of Nvidia chips worth several billion dollars to the UAE, marking a significant step in a controversial agreement that could shape U.S. AI diplomacy [4] - Nvidia's CEO expressed excitement over a $20 billion investment in Elon Musk's AI company xAI, indicating a strong interest in Musk's ventures [4] Group 3: Ferrari's Performance - Ferrari's stock plummeted by 14.64%, resulting in a market cap loss of $12.7 billion (approximately 90 billion RMB), with the current market cap at $72.898 billion [4] - The decline was attributed to Ferrari's 2030 performance guidance falling short of Wall Street expectations and a downward revision of its electrification targets [6] - Ferrari raised its 2025 net revenue forecast from "over €7 billion" to "at least €7.1 billion," while setting a 2030 net revenue target of approximately €9 billion [6] Group 4: Analyst Insights on Ferrari - UBS analysts noted that Ferrari's projected 2030 revenue of €9 billion and EBITDA of €3.6 billion imply a compound annual growth rate significantly lower than the previously predicted 10% growth trajectory [6] - Citigroup analysts commented that Ferrari's guidance reflects a conservative management outlook, suggesting potential risks to the company's earnings per share and valuation multiples [6] Group 5: Ferrari's Electrification Strategy - Ferrari announced a revision of its 2030 product line composition, reducing the target for electric vehicle sales from 40% to 20%, while maintaining 40% for both internal combustion and hybrid vehicles [7] - This adjustment aligns with a broader trend among automakers facing challenges such as a lack of affordable models and slow charging infrastructure development [7] Group 6: Broader Market Trends - The Nasdaq Golden Dragon China Index fell over 1.9%, with notable declines in stocks like Xpeng, Baidu, NIO, and Alibaba [7] - Federal Reserve officials indicated a potential for further interest rate cuts in response to risks of a labor market slowdown, with the New York Fed president supporting this view [8]

【导读】法拉利股价"跳水" UBS分析师Narayan指出，管理层预测的2030年收入90亿欧元和EBITDA 36亿欧元，隐含的年复合增长 率远低于2022年预测的10%增长轨迹。 花旗分析师在研报中表示，法拉利的指引"低于我们资本市场日预览中的'低增长情形'预估，反映出管 理层的保守态度"。考虑到指引虽然保守但暗示未来周期中运营杠杆有限，"我们认为近期公司每股收益 和估值倍数都存在一定风险"。 同时，法拉利还宣布调整电动化战略。 法拉利宣布调整其2030年产品线构成目标：40%内燃机汽车、40%混合动力汽车和20%纯电动汽车，较 此前40%电动汽车销售目标大幅下调。2030年电动汽车销售占比目标从40%下调至20%。 下跌源于法拉利2030年业绩指引未达华尔街预期，同时公司还下调了电动化转型目标。 法拉利将2025年净收入预期从此前的"超过70亿欧元"上调至"至少71亿欧元"，并设定2030年净收入目标 约为90亿欧元。 具体来看，2025年调整后息税折旧摊销前利润（EBITDA）预计至少为27.2亿欧元，实际为26.8亿欧 元，预计为27.3亿欧元；预计2025年收入至少为71亿欧元，预计收入超过70亿 ...

【导读】法拉利股价 " 跳水 " 中国基金报记者 储是 法拉利股票遭抛售！法拉利发布的业绩展望不及预期，电车计划 " 受挫 " ，美股欧股股价暴 跌。 10 月 9 日，法拉利发布的业绩展望不及华尔街预期。同时，公司下调了电动化转型目标，将 2030 年电动汽车销售占比目标从 40% 下调至 20% 。 美股盘前，法拉利股价 跳水 超 13% 。欧股盘中一度下跌超 16% ，创下上市以来的最大跌 幅。 | < W | | 法拉利 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | RACE.N | | | | | | 416.860 = 158.8万 | | 股本 | 2.42亿 市盈 | 53.8 | 万得 | | | -62.350 -13.01% 换 | | 0.89% 市值 | 1007亿 市净 | 0.00 | 200 | | | 盘中 ▼ 五日 | 日K | 周Ｋ | 月K | 白天 | | | | 叠加 | | | 均价:419.219 | | | | | 543.310 | | | 13.38% | 卖一 416.980 | ...

周四，法拉利(RACE.US)大跌逾12%，报419.16美元。消息面上，法拉利2030年业绩指引未达华尔街预 期，同时公司还下调了电动化转型目标。法拉利将2025年净收入预期从此前的"超过70亿欧元"上调 至"至少71亿欧元"，并设定2030年净收入目标约为90亿欧元。然而，分析师普遍认为这一长期指引过于 保守。分析师迈克尔.迪恩(Michael Dean)表示，法拉利预计2030年调整后EBITDA利润率将超40%，而 分析师的平均预期为42%。 另外，法拉利还宣布调整电动化战略，将2030年电动汽车销售占比目标从40%下调至20%。 花旗分析师在研报中表示，法拉利的指引"低于我们资本市场日预览中的'低增长情形'预估，反映出管理 层的保守态度"。他们补充说，考虑到指引虽然保守但暗示未来周期中运营杠杆有限，"我们认为近期共 识每股收益和估值倍数都存在一定风险"。 ...

Group 1 - The performance of German luxury car manufacturers in the Chinese market has not improved in Q3 after a decline in sales during the first half of the year [2] - BMW's global sales increased by 8.8% year-on-year in Q3, while Mercedes-Benz and Porsche experienced a decline in sales [2] - In China, BMW's sales decreased by 0.4% to 147,000 units, while Mercedes-Benz and Porsche's sales fell by 27% and 20.7% respectively [2] Group 2 - Mercedes-Benz faced significant challenges in the Chinese market, with a 40% month-on-month decline in retail sales in July, marking the first time in five years that monthly sales fell below 28,000 units [2] - Porsche's sales in China have been on a downward trend, with a 15% decline in 2023 and a projected 28% drop in 2024 [3] - The competitive landscape in the luxury car segment in China has intensified, with local brands like AITO and Li Auto gaining market share [4] Group 3 - The traditional reliance on mechanical performance and brand premium by luxury brands is becoming insufficient in the era of smart electric vehicles [4] - BMW is the only German luxury brand with a notable presence in the electric vehicle market, while Mercedes-Benz, Audi, and Porsche have underperformed [4] - Porsche has adjusted its product strategy to focus more on fuel and hybrid vehicles, slowing down the pace of electric vehicle development [5]