在广汽本田成功取得标的企业50%股权后，广汽集团将对广汽本田实施上述现金增资，同时推动Honda使 用其持有标的企业的50%股权对广汽本田进行增资。 9月30日，广汽集团第七届董事会第11次会议以通讯方式召开。本次会议审议通过《关于广汽本田股权投 资相关事项的议案》。 会议同意合营企业广汽本田汽车有限公司（以下简称"广汽本田"）通过广东联合产权交易中心以公开受让 的方式收购东风汽车集团股份有限公司持有的东风本田发动机有限公司（以下简称"标的企业"）50%股 权，挂牌底价为117,248.54万元，资金来源为广汽集团现金增资。 完成本次现金出资及股权增资后，广汽集团与Honda在广汽本田的持股比例保持50%:50%不变，标的企业 将成为广汽本田全资子公司。 标的企业主要为广汽本田供应发动机及零部件，此次股权受让及增资将有利于快速实现广汽本田发动机领 域的一体化运营，提高供应链的稳定性和自主性，提升管理效率、降低成本，提升经营效益，为进一步加 快智能化、电动化转型奠定坚实基础。 ...

Core Viewpoint - The Munich Auto Show, one of the world's most prestigious auto exhibitions, is often misunderstood as a gateway for Chinese manufacturers to enter the European market, while in reality, the entrenched arrogance of the European automotive market remains unchallenged [1][3][6]. Group 1: European Market Dynamics - The historical arrogance of the European automotive industry is rooted in its industrial revolution and colonial expansion, which has not dissipated despite attempts at modernization [4][6]. - The European automotive market is experiencing significant layoffs and overcapacity in electric vehicle factories, indicating that the push for electrification is not yielding the expected results [6][7]. - The presence of Chinese battery manufacturers at the show highlights the dominance of the "ternary lithium" battery technology, but challenges remain for lithium iron phosphate batteries to penetrate the European market [12][13]. Group 2: Chinese Companies at the Show - Many Chinese manufacturers and suppliers mistakenly view the Munich Auto Show as a platform to gain visibility in Europe, but the actual engagement with European stakeholders is minimal [2][8][22]. - The exhibition space and style of Chinese companies starkly contrast with local European firms, reflecting a disconnect in understanding the European market [10][29]. - Some Chinese companies, like BYD, have adopted a more strategic approach by focusing on networking with European political and business leaders rather than solely showcasing products [35][36]. Group 3: Challenges Faced by Chinese Manufacturers - The lack of genuine engagement and understanding of European consumer preferences among many Chinese manufacturers leads to poor reception and ineffective marketing strategies [72][120]. - The overall scale of the Munich Auto Show is significantly smaller compared to other global exhibitions, limiting the exposure for lesser-known companies [29][30]. - The cultural and operational differences between Chinese and European companies create barriers that hinder successful market entry for many Chinese firms [9][101]. Group 4: Technological Landscape - European Tier 1 suppliers like Bosch and Mobileye continue to dominate the intelligent driving technology market, while many Chinese companies struggle to compete at this level [74][78]. - The slow progress in the deployment of charging infrastructure in Europe reflects broader inefficiencies within the region's automotive ecosystem [15][16]. - The emergence of UK and US AI startups at the show indicates a shift in focus towards innovative technologies, contrasting with the stagnation observed among some European firms [95][96].

Core Viewpoint - Chery Automobile has successfully listed on the Hong Kong Stock Exchange after 28 years, marking a significant milestone for the company and providing opportunities for increased financing and global recognition [6][18]. Group 1: Company Overview - Chery Automobile, a veteran in the domestic automotive industry, has established a strong foundation despite being late to the market compared to competitors like Great Wall Motors and Geely [3][4]. - The company has five major brands, including its main brand targeting family users, and others focusing on off-road travel, luxury performance, and electric vehicles [5][7]. Group 2: Sales and Financial Performance - In 2022, Chery's sales surpassed one million vehicles for the first time, reaching 1.23 million units, and are projected to grow to 1.88 million in 2023 and 2.6 million in 2024, ranking 11th globally among passenger car brands [8]. - Revenue figures for Chery from 2022 to 2024 are 92.618 billion, 163.205 billion, and 269.897 billion RMB, respectively, indicating a compound annual growth rate (CAGR) of over 70% [9]. - The net profit for the same period is 5.806 billion, 10.444 billion, and 14.334 billion RMB, with a CAGR of 57% [9]. Group 3: Export and Market Strategy - Chery has been a leader in China's passenger car exports for 22 consecutive years, with over 13 million units sold globally [9]. - The company has a strong presence in emerging markets such as Russia, the Middle East, Latin America, and Southeast Asia, while maintaining a low exposure to potential tariffs in the EU and the US [12][13]. Group 4: Challenges and Opportunities - Chery faces challenges in its electric vehicle (EV) transition, with a significant portion of its revenue still coming from fuel vehicles, which accounted for 63% of sales in 2025 [15]. - The company has implemented localization strategies for design, research, and production to mitigate risks associated with tariffs and currency fluctuations [11][13]. - Despite the growth in its EV segment, Chery's performance lags behind competitors, with only 58.36 thousand EVs sold in 2024 compared to BYD's 4 million [17].

9月27日，梅赛德斯-奔驰集团股份公司董事会成员、负责大中华区业务的佟欧福出席世界新能源汽车大会并致辞。他表示，身处电动化转型中 的汽车行业需要符合市场和客户需求的多元发展模式，而梅赛德斯-奔驰将继续秉持"奔驰标准"，与中国合作伙伴一起在电动智能时代不断突破技术 边界，带来超越中国客户期待的豪华产品。 会上，凭借创新轴向磁通电机技术，梅赛德斯-奔驰获评组委会发布的"前沿技术创新突破企业"，该技术已应用在最新的梅赛德斯-AMG GT XX概念车 上。就在8月，梅赛德斯-AMG GT XX概念车一举创下25项世界记录，在8天内以几乎300公里/小时的恒速疾驰40075公里，约等于绕地球一周。作为首款搭 载源自F1®驱动科技、首款应用轴向磁通电机和电芯直接冷却技术的纯电车型，梅赛德斯-AMG GT XX概念车展现了梅赛德斯-奔驰强大的纯电驱动实力和 在电动时代突破技术极限的能力。本次大会，梅赛德斯-奔驰还展出了丰富的新能源车型阵容，覆盖不同驱动形式和细分市场。 佟欧福表示："我很荣幸代表梅赛德斯-奔驰出席大会，并与业界同仁共话多元路径与协同发展。梅赛德斯-奔驰致力于以创新科技打造最令人向往的汽 车。我们近期宣布继续 ...

Core Insights - The Audi E5 Sportback has exceeded expectations with over 10,153 orders within half an hour of its launch at a starting price of 235,900 yuan, highlighting its significance in Audi's transition to electric vehicles [1] - The E5 Sportback represents a strategic collaboration between Audi and SAIC, aiming to blend German engineering with Chinese technological advancements [2][3] - The vehicle's development cycle was notably rapid, taking only 24 months from project initiation to mass production, showcasing an efficient "24-hour seamless relay" development model between German and Chinese teams [1][2] Product and Market Positioning - The E5 Sportback is priced competitively between 235,900 and 319,900 yuan, targeting a new segment of "German intelligent electric coupes" rather than directly competing with existing models like Tesla Model 3 [3] - Over 50% of the orders are for the quattro all-wheel-drive version, indicating strong consumer recognition of Audi's traditional strengths in driving dynamics and quality [3] - The vehicle is positioned to appeal to younger consumers with a focus on smart technology, while maintaining a classic luxury image through the traditional Audi branding [3][4] Strategic Initiatives - Audi plans to open over 240 full-function user centers this year, marking it as the only luxury brand in a joint venture expanding its dealership network [4][5] - The brand emphasizes an "experience-driven sales" model, incorporating unique customer experiences to strengthen emotional connections with consumers [4] - The E5 Sportback's launch is seen as a significant move for traditional luxury brands in the electric vehicle market, with a focus on localizing products to meet Chinese consumer demands [5][6] Long-term Considerations - The initial order success is primarily from brand loyalists and early adopters, with future sales dependent on converting subsequent consumer groups [5] - The collaboration between Audi and SAIC aims to create products that resonate with local market needs, moving away from solely relying on brand prestige [5][6] - The E5 Sportback is viewed as a starting point for Audi's journey in the electric vehicle sector, with ongoing challenges ahead in establishing a strong brand presence in the smart electric era [6]

Core Insights - The seventh World New Energy Vehicle Conference (WNEVC) was held in Haikou, Hainan, showcasing Audi's commitment to the Chinese market with the display of two flagship electric models: Audi Q6L e-tron and Audi E5 Sportback [1][3] - Audi's strategy emphasizes "For China, in China," highlighting the company's determination to deepen its presence in the Chinese market amid increasing competition from local manufacturers [3][4] Market Context - According to CounterPoint Research, domestic manufacturers have captured nearly 90% of the Chinese electric vehicle market in the first half of the year, putting significant pressure on multinational companies like Audi [3] - China is not only the largest automotive market globally but also a key source of technological innovation, making it essential for Audi to focus on this market to navigate the ongoing industry transformation [3] Product Development - The Audi Q6L e-tron, produced on the luxury electric platform PPE, sets new standards in driving performance, charging capabilities, and overall efficiency, featuring a 107 kWh CATL lithium-ion battery and advanced Bank Charging technology [4] - The Q6L e-tron offers a maximum range of 765 kilometers under CLTC conditions, with the ability to add 294 kilometers of range in just 10 minutes of charging, addressing consumer range anxiety [4] Technological Innovations - The Audi E5 Sportback, launched as part of Audi's new brand strategy, features an AI-driven cockpit system with advanced voice recognition and seamless application connectivity, tailored for the Chinese market [5] - Audi has developed a customized advanced driver assistance system for the Q6L e-tron in collaboration with Huawei, making it the first international luxury brand to implement such technology in China [7] Safety and Testing - Audi prioritizes safety, having met new national battery safety standards ahead of their official implementation, and conducts extensive testing under extreme conditions to ensure user safety [7] Strategic Goals - In the past 50 days, Audi has launched five new models, including three electric and two internal combustion engine vehicles, as part of its dual-brand and multi-platform strategy to maintain competitiveness [8] - Audi plans to continue its aggressive product rollout in China, with more new models expected by the end of the year, marking the largest product layout in the brand's history [8]

Core Viewpoint - Ford China is restructuring its sales channels by establishing a wholly-owned subsidiary, Ford Automotive Sales Service (Shanghai) Co., Ltd., to manage marketing, sales, and service for Ford's passenger cars and pickups in China, effective October 1 [2][4]. Group 1: Company Restructuring - The new subsidiary will consolidate the sales services of Ford's two joint ventures in China: Jiangling Ford and Changan Ford, aiming to enhance operational efficiency and profitability amid increasing market competition [3][6]. - Chen Xiaobo has been appointed as the president of the new sales service company, reporting to Ford China's president and CEO, Wu Shengbo [5][6]. - Jiangling Motors has signed a distribution service contract with the new company, indicating that it will still participate in the sales of Ford vehicles, sharing sales responsibilities with the new entity [7]. Group 2: Market Challenges - Ford is facing significant pressure in the Chinese market, with declining sales and the need for transformation, as evidenced by a 16.43% year-on-year drop in Changan Ford's sales in the first five months of the year [4][12]. - Jiangling Ford's projected sales from 2022 to 2024 are not expected to exceed 50,000 units, with losses exceeding 1.6 billion yuan during the same period [13]. - The competitive landscape in the Chinese automotive market is intensifying, prompting Ford to consolidate resources to improve efficiency and maintain competitiveness [10][14]. Group 3: Historical Context - This is not Ford's first attempt at channel integration in China; previous efforts, such as the establishment of the National Dealer Service Development (NDSD) in 2018, were unsuccessful due to limitations in resource allocation [9]. - The automotive industry expert Mei Songlin noted that the current market conditions necessitate channel consolidation to enhance operational efficiency, especially as foreign and joint venture brands face declining sales [10].

Core Viewpoint - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, 2023, raising HKD 91.4 billion, marking the largest IPO for a car company in the Hong Kong market this year [1] Group 1: IPO Details - Chery set its IPO price at HKD 30.75 per share and attracted over HKD 45.73 billion in subscriptions from more than ten cornerstone investors, including notable institutions and local governments [1][4] - Following its debut, Chery's stock price rose, reaching HKD 32.80 per share by September 27, with a market capitalization of approximately HKD 1,891 billion [1] Group 2: Historical Context - Chery has attempted to go public seven times since 2004, with the goal of completing its IPO by 2025 [2] - The company faced several challenges in previous attempts, including regulatory hurdles, but successfully submitted its prospectus to the Hong Kong Stock Exchange in February 2025 [2][3] Group 3: Financial Performance - Chery's revenue is projected to grow from CNY 92.62 billion in 2022 to CNY 269.90 billion by 2024, with net profit increasing from CNY 5.81 billion to CNY 14.33 billion during the same period [4] - In Q1 2025, Chery reported revenue of CNY 68.22 billion, a year-on-year increase of 24.2%, and a net profit of CNY 4.73 billion, up 90.9% [4] Group 4: Market Position and Strategy - Chery is the second-largest independent passenger car brand in China and the eleventh largest globally, with a 49.4% year-on-year increase in passenger car sales [4] - The company aims to enhance its electric vehicle (EV) offerings, with a target to increase the share of EV revenue from 27.3% in Q1 2025 to a leading position in the industry by 2024 [5][6] Group 5: Future Directions - Chery's strategic plan includes significant investments in R&D, focusing on electric and intelligent vehicle technologies, with a commitment of over CNY 100 billion over the next five years [6][7] - The company plans to expand its global presence and optimize its supply chain to reduce costs and enhance competitiveness in the evolving automotive market [7]

编译 / 杜 咏 芳 编辑 / 黄 大 路 设计 / 慕 衍 近日，梅赛德斯-奔驰的董事会会议室里，上演了一场精妙的"高管轮舞"。 这并非一场混乱的席位变更，而是一次深思熟虑的战略布局。 这场变局始于一个时代的温和落幕：首席技术官薛夫铭（Markus Schäfer）功成身退。接替他的是约尔格·伯泽（Jörg Burzer）。 伯泽的重任，是确保这家百年老店在电动化与数字化浪潮中，能沿着既定的技术路线全速前进。 而伯泽留下的生产、质量与供应链管理职位，则落在了迈克尔·希贝（Michael Schiebe）的肩上，他将从AMG退场，走向这个对他来说相对陌生、却决 定着企业运营生命线的岗位之上。 监事会主席马丁·薄睦乐（Martin Brudermüller）的肯定，为这次交接写下了最佳注脚："我们队伍中的两位杰出经理，约尔格·伯泽和迈克尔·希贝，将接 管对梅赛德斯-奔驰集团未来成功至关重要的关键部门。" 这场连环调动留下的最大悬念——AMG新掌门人至今虚位以待，则成了公司为未来保留的最大变数。 当前，全球电动汽车市场结束高速增长期，整体需求增速明显放缓，促使消费者对技术路线的选择更为审慎，也推动多家主流车企重新 ...

Core Insights - The President of the German Automotive Industry Association, Muhiya, emphasized the complementary strengths of the German and Chinese automotive industries, suggesting that deepening cooperation could accelerate innovation and create a synergistic effect of "1+1>2" [1] - The geopolitical tensions, trade frictions, and rapid product iterations are increasing pressure on companies, making international dialogue and cooperation more crucial than ever, particularly for Germany and China [1] - The bilateral trade volume between Germany and China reached 201.8 billion USD, with China being Germany's largest source of imports, highlighting the stability of their economic relationship [1] - The successful Munich International Motor Show featured 116 Chinese companies, indicating significant opportunities for mutual learning and the necessity for close collaboration to address industry challenges [1] - German companies have extensive experience in automotive safety standards, while Chinese companies excel in large-scale market applications, rapid product iterations, and charging infrastructure, creating favorable conditions for the electric transformation of the automotive industry [1] Supply Chain and Technological Transformation - The current geopolitical tensions have led to supply chain fragmentation, complicating supply chain management [2] - The development of new technologies such as digital logistics and artificial intelligence is driving the transformation of supply chains [2] - Deepening automotive industry cooperation between Germany and China is essential for stabilizing supply chains and addressing challenges such as raw material scarcity and cost pressures, thereby enhancing industry resilience [2]