编者荐语： 日本经济新闻社与金融时报2015年11月合并为同一家媒体集团。同样于19世纪创刊的日本和英国的两家 报社形成的同盟正以"高品质、最强大的经济新闻学"为旗帜，推进共同特辑等广泛领域的协作。此次， 作为其中的一环，两家报社的中文网之间实现文章互换。 以下文章来源于FT中文网 ，作者张冬方 资料图（reuters） 汽车电动化转型不只是汽车制造商面临的机遇和风险，汽车经销商也同样身在其中。 文丨FT中文网专栏作家 张冬方 中国汽车品牌进入欧洲关键市场德国，面临的首要问题就是选择怎样的销售渠道模式。目 前，比亚迪在德国的销量正在经历高速增长期，其背后的原因除了调整产品战略，还在于渠 道战略上的大调整。 继2021年进入挪威市场之后，比亚迪于2022年进入了德国市场，但在接下来的两年多时间 里，比亚迪在德国的存在感微乎其微。在销售网络建设方面，比亚迪受困于快速扩张的计划 无法达到预期。即使在2024年，比亚迪作为足球欧洲杯官方合作伙伴高调亮相，德国人对作 为中国品牌的比亚迪仍然十分陌生，销量也没有出现大的好转。正是在这些背景之下，才有 了比亚迪去年调整渠道模式的举动…… 阅读更多内容请点击下方" 阅读原文 ...

Core Insights - The 2025 Guangzhou Auto Show marks a critical test for joint venture brands in the Chinese automotive market, reflecting the industry's transformation and the challenges faced by these brands in adapting to local market dynamics [1][3][28] - The absence of luxury brands from the auto show has become a norm, indicating a significant decline in their market presence due to the rise of domestic electric vehicle manufacturers [4][6] - Joint venture brands are struggling to find new strategic positioning in the Chinese market, with some opting out of the exhibition as they reassess their market strategies [6][7] Industry Trends - The luxury car segment has seen a drastic decline, with imported car sales dropping by 32% year-on-year in the first three quarters of 2025, highlighting the impact of domestic electric vehicle competition [4][28] - Japanese automakers, traditionally slow to embrace electrification, are now compelled to localize their strategies to remain competitive in China, a key profit source for them [7][28] - The integration of local supply chains is seen as essential for joint venture brands to address issues of technological lag and high costs, although this may lead to a loss of brand differentiation [11][12] Company Strategies - Companies like Toyota and Nissan are incorporating Huawei's "HarmonyOS" into their marketing, indicating a shift towards leveraging local technology to enhance their offerings [9][11] - German brands such as BMW and Mercedes-Benz are attempting to redefine their brand value by integrating local innovations and technologies into their new electric models [15][19] - Volkswagen is focusing on reliability and safety while promoting its "China speed" in innovation, showcasing a commitment to adapting to local market demands [21][28] Market Dynamics - The market share of joint venture brands has significantly decreased from 60% to 34.8% between 2020 and 2024, despite a slight recovery to over 35% in the first half of 2025 [28] - The transition from policy-driven to market-driven dynamics in the Chinese automotive sector poses new challenges for joint venture brands, necessitating a shift from price competition to value competition [28]

Core Insights - Changan Mazda is actively embracing the transformation towards new energy vehicles, showcasing models EZ-6 and EZ-60 at the Guangzhou International Auto Show, emphasizing their commitment to safety, reliability, intelligence, adaptability, and driving pleasure [1][2] Group 1: Product Launch and Performance - The MAZDA EZ-60 has achieved significant sales success, with 3,317 units sold in its first month and 4,565 units in October, making it the top-selling joint venture new energy mid-size SUV for two consecutive months [2] - The EZ-6 is priced starting at 119,800 yuan, featuring a dual power system (pure electric and range extender) and a "lifetime zero fuel rights" guarantee, appealing to a broad market [2] Group 2: Market Position and User Demographics - The user demographic for the EZ-60 shows that over 80% of buyers opted for the top MAX model, indicating a strong alignment with current consumer demands; additionally, 74% of users are young, and 82% are new customers [2] - Changan Mazda's Nanjing factory has been established as the global export center for Mazda's new energy vehicles, with the global model MAZDA 6e launched in Europe in October [2]

Core Viewpoint - The automotive industry's transition to electrification is a definitive trend, leading major global component manufacturers to strategic crossroads that will shape the competitive landscape. Schaeffler Group's recent agreement to sell its turbocharger business in China to Xiling Power Technology marks a significant step in its strategy to divest from internal combustion engine (ICE) operations and focus on electric vehicle (EV) technologies [2][3][4]. Group 1: Schaeffler's Strategic Moves - Schaeffler has sold 100% of the shares of Weipai Automotive Electronics (Shanghai) Co., Ltd., which operates the turbocharger business in China, due to its ongoing financial losses, with a projected revenue of approximately €100 million in 2024 and a net loss of ¥22.58 million in 2024 [3][4]. - The divestment aligns with Schaeffler's core strategy of transitioning towards electrification, as the turbocharger business significantly diverges from this focus [3][5]. - Schaeffler's restructuring plan includes the formation of four core divisions, with the electric drive division expected to grow from 9% of total revenue in 2022 to 31% by 2030, while the ICE-related business is projected to decline from 53% to 28% in the same period [4][5]. Group 2: Xiling Power's Acquisition Strategy - Xiling Power's acquisition of Weipai Electronics is characterized by a cash payment structure, with an initial payment of only 1 yuan, indicating a strategic move to capitalize on the market potential of turbochargers amid the dual trends of fuel vehicle upgrades and new energy development [9][10]. - The company believes that the turbocharger market will continue to thrive, particularly in the mid-to-high-end fuel vehicle sector and through the growth of plug-in hybrid vehicles, which are expected to see significant production increases in 2024 [9][10]. - Xiling Power plans to enhance profitability post-acquisition by improving management efficiency, optimizing procurement channels, and implementing refined management practices to boost production efficiency and product quality [10]. Group 3: Market Dynamics and Future Outlook - The contrasting decisions of Schaeffler and Xiling Power reflect differing strategic assessments of the turbocharger business's future, with Schaeffler opting to divest due to financial pressures and a focus on electrification, while Xiling Power sees potential for growth [11][12]. - Despite the shift towards electrification, the turbocharger market is expected to maintain a solid demand foundation, with aftermarket needs likely to persist for 8 to 10 years, providing a buffer against the immediate impacts of the transition [12][13]. - The evolving landscape suggests a "giant exit, local replacement" scenario, where Chinese companies can leverage international assets and optimize operations to achieve breakthroughs in traditional markets [13].

Core Viewpoint - The collaboration between Geely and Renault in Brazil represents a strategic move to enhance their positions in the South American automotive market, focusing on electric and low-emission vehicles while leveraging each other's strengths in distribution and technology [4][5][17]. Investment and Development - Geely and Renault announced a joint investment of 3.8 billion Brazilian Reais (approximately 714 million USD) to establish a new industrial park in Brazil for developing new vehicle models [4][8]. - Part of the investment will support the development of Geely's new zero-emission and low-emission vehicle platform, with mass production expected in the second half of 2026 [8]. - The remaining funds will be used to upgrade existing Renault models and launch another new model by 2027 [9]. Strategic Partnership - Geely will acquire a 26.4% stake in Renault's Brazilian operations, while Renault will maintain control, allowing Geely to integrate Renault's established distribution and local R&D resources [9]. - This partnership aims to enhance local production, supply chain operations, sales, and after-sales service capabilities to support long-term market development [14]. Market Dynamics - The collaboration is seen as a response to the increasing competition from Chinese brands in the automotive sector, with Renault aiming to expand its business beyond Europe into South America [17]. - Brazil is identified as a key market for both companies, with significant potential for growth, especially in the electric vehicle segment, which saw a doubling of exports from China last year, reaching 152,000 units [18]. Historical Context and Future Outlook - This partnership builds on previous collaborations, including a framework agreement signed in January 2022 and a stake acquisition in Renault Korea, which has already shown positive results in sales growth [20][22]. - The establishment of a new powertrain technology company, HORSE Powertrain Limited, is expected to generate nearly 15 billion Euros in annual revenue, further solidifying the partnership's technological foundation [24]. Industry Trends - The collaboration reflects a broader trend where international brands are increasingly seeking partnerships with Chinese manufacturers to gain competitive advantages in electric vehicle technology [28][29]. - The shift in dynamics indicates that Chinese companies are now seen as leaders in technology and efficiency, prompting traditional automakers to explore joint ventures for market entry and technological exchange [29].

Core Viewpoint - Ford Motor Company executives are actively discussing the possibility of abandoning the electric version of the F-150 pickup truck, which was initially seen as a key model in the company's electrification strategy due to low consumer acceptance and ongoing sales falling short of expectations [1] Group 1 - The electric F-150, referred to as the "modern Model T," was intended to play a significant role in Ford's transition to electric vehicles [1] - Traditional truck consumers in the U.S. have shown low acceptance of the electric version, leading to disappointing sales figures [1]

Core Viewpoint - Porsche reported a significant loss of €966 million (approximately ¥8 billion) in Q3, leading to a 99% year-on-year decline in sales profit for the first three quarters of the year [4][11]. Financial Performance - In the first nine months of the year, Porsche's sales profit dropped from €4 billion in the same period last year to only €40 million, marking a 99% decrease [11]. - The company anticipates customs duties to reach €700 million this year, prompting plans to adjust pricing strategies in 2025 and 2026 to maintain profit margins [11]. Market Challenges - Porsche's global deliveries totaled 213,000 units in the first three quarters, a 6% decline year-on-year, with the Chinese market experiencing the largest drop of 26% [12]. - The sales of the Taycan model plummeted by 49% in 2024, reflecting a lack of consumer interest in pure electric supercars [12]. Safety Concerns - A recent fire incident involving a Taycan vehicle raised safety concerns, as it was reported to have caught fire while driving, leaving only the frame intact [4][6]. - This incident is part of a troubling trend, with three electric vehicle fire incidents occurring within three days, highlighting ongoing safety issues in the industry [6][8]. Strategic Adjustments - Porsche has shifted its strategy, postponing the release of certain electric models and introducing new internal combustion engine models to balance its product lineup [12]. - The company previously announced plans to develop solid-state batteries but canceled these due to insufficient profitability, opting instead to rely on external battery manufacturers [7][11]. Leadership Changes - The current CEO, Oliver Blume, is set to step down, with Michael Leiters taking over in January 2026, amid concerns about potential conflicts of interest during a critical transition period for the company [11].

Core Viewpoint - Porsche has reported its most challenging financial results since going public, with a 99% drop in operating profit for the first three quarters and significant losses in its core automotive business [1][6][10]. Financial Performance - The company recorded an operating profit of only 0.4 million euros (approximately 3.31 million yuan) for the first nine months, down from 40.35 billion euros (approximately 333.95 billion yuan) in the same period last year, marking a 99% year-on-year decline [6][10]. - In Q3 alone, Porsche faced an operating loss of 9.66 billion euros (approximately 80 billion yuan) and a net loss of 6 billion euros (approximately 49.7 billion yuan) [1][6][10]. - Total revenue for the first three quarters was 26.864 billion euros (approximately 222.33 billion yuan), a decrease of about 6% year-on-year, consistent with the decline in vehicle deliveries [3][10]. Sales and Market Performance - Porsche delivered 212,509 vehicles globally in the first three quarters, a 6% decrease compared to the previous year, with significant declines in key markets like China, where sales dropped by 26% [2][3][10]. - The North American market showed resilience with a 5% increase in sales, totaling 61,471 vehicles [2][3]. Strategic Adjustments - The company is undergoing strategic adjustments, including a significant shift in its electric vehicle strategy, which involves slowing down the electrification process and focusing on more fuel and hybrid models [14][20]. - Porsche plans to stop production of its best-selling gasoline model, the Macan, in mid-2026, despite its strong sales performance [20][22]. Cost Management and Future Outlook - To mitigate losses, Porsche is implementing cost-cutting measures, including workforce reductions and price increases in the U.S. market to counteract tariff pressures [18][20]. - The company has revised its annual revenue expectations down to 37-38 billion euros (approximately 306-314.5 billion yuan) and profit margins to 0-2% [10][13]. Challenges in Battery Technology - Porsche has halted its in-house battery production plans due to ongoing challenges in battery technology development and reliance on external suppliers [22][23]. - Recent incidents involving battery-related fires in its electric models have raised concerns about safety and reliability [24].

Core Insights - Porsche has lost approximately half of its market value since its IPO in 2022 and is facing challenges in the electrification transition of its ultra-luxury vehicle brand [1][2] - The company reported a third-quarter loss of €966 million (approximately ¥8 billion), leading to a 99% year-on-year decline in sales profit for the first three quarters of the year [1] - Porsche's revenue for the first nine months was approximately €26.86 billion, a 6% decrease year-on-year, with sales profit dropping to €4 million from €403.5 million in the same period last year [1] Financial Performance - The significant decline in profit is attributed to product strategy adjustments, unfavorable conditions in the Chinese market, and one-time costs related to batteries [1] - Tariff expenses are expected to reach €700 million this year, prompting Porsche to enhance its pricing strategy in 2025 and 2026 to ensure reasonable profit margins [1] - The company plans to optimize its organizational structure, including laying off 1,900 employees and cutting 2,000 temporary positions this year [1] Management Changes - On October 20, Porsche announced the resignation of CEO Oliver Blume, with Michael Leiters set to take over on January 1, 2026, amid concerns about potential conflicts of interest during the transition [2] - Porsche aims for over half of its new vehicles to be electric by 2025 and over 80% by 2030, but only 27% of its deliveries in 2024 are expected to be electric [2] Sales and Market Challenges - In the first three quarters of the year, Porsche delivered 213,000 vehicles globally, a 6% decline year-on-year, with the Chinese market experiencing the largest drop of 26% [2] - Sales in Germany fell by 16%, while sales in Europe (excluding Germany) decreased by 4% [2] - The Taycan model's sales are projected to plummet by 49% in 2024 due to low consumer interest in electric supercars [2] Product Strategy Adjustments - In September, Porsche confirmed a product strategy adjustment that includes introducing new internal combustion engine models and delaying the release of some electric models [3] - The company is still seeking a balance between fuel-powered and electric vehicles [3] Safety Concerns - A recent fire incident involving a Taycan raised safety concerns about the brand, with the vehicle catching fire during operation [3] - This incident is part of a series of recent electric vehicle fire incidents, highlighting ongoing safety issues in the industry [4] Battery Development - Porsche has shifted its focus from developing its own high-performance electric vehicle batteries to relying on external battery manufacturers, including V4Smart [5] - The company previously announced plans for solid-state batteries but later canceled these due to insufficient profitability [5]

Core Viewpoint - Porsche has appointed Michael Leiters as the new CEO, effective January 1, 2026, while the current CEO Oliver Blume will focus on managing the Volkswagen Group, ending his dual CEO role [2][4]. Group 1: Leadership Changes - Oliver Blume has been serving as CEO of both Volkswagen Group and Porsche since September 2022, which raised concerns among investors and unions regarding the effectiveness of managing both roles simultaneously [4]. - The dual role has led to delays in key project approvals, as highlighted by IG Metall union's chairman, who emphasized the differing decision-making speeds required for Volkswagen's electrification and Porsche's luxury brand maintenance [4]. - Porsche's recent market challenges, including a 67.1% year-on-year drop in operating profit and an 8.8% decline in global sales, particularly a 28% drop in the Chinese market, have prompted the leadership change as a strategy for recovery [4]. Group 2: Incoming CEO's Background - Michael Leiters brings extensive experience in the automotive industry, having previously served as CEO of McLaren Automotive and as Chief Technical Officer at Ferrari for over eight years [4]. - Leiters is familiar with the Porsche brand, having spent 13 years at the company and being the early development leader for the Cayenne model [4]. - The chairman of Porsche's supervisory board, Wolfgang Porsche, stated that Leiters' decades of experience and deep expertise make him an ideal candidate for the CEO position [4]. Group 3: Future Outlook - There are questions regarding whether the new CEO, Leiters, can regain traction in the Chinese market and address the slow pace of Porsche's electrification transformation [5].