【文/观察者网 潘昱辰 编辑/高莘】9月9日，一汽-大众全新一代速腾L正式上市，推出三款配置车型，官 方指导价区间为11.49万—13.19万元。此外，购买全新一代速腾L限时赠送保险礼遇，现金补贴4000 元。 自2006年进入中国以来，速腾在中国市场已经销售19年，经历了三代产品演变，累计销量已突破430万 辆，是A+级轿车市场的代表车型。 全新一代速腾L上市 一汽-大众 随着汽车电动化、智能化转型，在速腾长期深耕的A级车市场，新能源车型正以新鲜感和价格优势不断 蚕食合资燃油车的市场份额。诸如比亚迪秦L、吉利银河星耀8、零跑B01、小鹏MONA M03等新能源车 型，直接与速腾L形成竞争。 消费者对燃油车的认知也在发生变化。《2025年中国汽车消费市场调研与消费行为调查数据》显示，新 一代消费者在购车时更加关注智能化体验，而这正是传统燃油车的短板。 因此这次换代，速腾L在智能化、燃油经济性等方面进行升级，试图在电动化浪潮中保住燃油车的一片 天地。 IQ. Pilot增强驾驶辅助系统 一汽-大众 智慧座舱方面，全新一代速腾L搭载高通8155芯片，支持20秒连续对话、响应时间小于2秒，并能精准 识别四川话和粤语 ...

Group 1: Event Overview - The 2025 International Motor Show in Munich focuses on innovation, infrastructure solutions, software development, and emerging mobility trends, marking a shift from traditional auto shows to comprehensive mobility platforms [1] - A total of 748 exhibitors participated, with 57% coming from outside Germany, and China being the largest foreign participant, accounting for nearly one-third of overseas exhibitors [1] Group 2: Chinese Automakers' Strategies - Chinese automakers are increasingly active in Europe, with participation rising from over 70 companies in 2023 to 116 in 2025, showcasing vehicles and technologies across various sectors [2][3] - Xpeng Motors announced the opening of its first European R&D center during the show, aiming to better understand and meet European consumer needs [2] - BYD plans to launch multiple new hybrid models in Europe and aims to establish over 1,000 stores by the end of 2023, with a goal of exceeding 2,000 by the end of 2026 [3] Group 3: Competitive Landscape - European automakers, including BMW and Mercedes-Benz, are responding to the competitive pressure from Chinese companies by showcasing their latest electric models and emphasizing cost reduction strategies [7][8] - Mercedes-Benz introduced the new GLC 400 4MATIC electric model, while BMW launched the iX3, with plans for significant new model releases by 2027 [7][8] Group 4: Industry Collaboration - Chinese battery manufacturers like CATL have established deep ties with European automakers, with CATL claiming partnerships with over 90% of mainstream car manufacturers in Europe [6][9] - Companies like Momenta are also forming collaborations with numerous global automakers, enhancing the potential for Sino-European cooperation in smart driving technologies [9]

Core Viewpoint - The Munich International Motor Show is showcasing a significant competition between Chinese and German automotive companies, highlighting the shift from traditional auto shows to comprehensive mobility platforms [1][3]. Group 1: Event Overview - The 2025 Munich International Motor Show opened on September 8, 2023, with the theme "It's All About Mobility," focusing on innovative technologies and emerging mobility trends [1]. - A total of 748 exhibitors participated, with 57% coming from outside Germany, and China being the largest foreign participant, accounting for nearly one-third of overseas exhibitors [1]. Group 2: Chinese Automotive Presence - The number of Chinese companies participating in the show increased from over 70 in 2023 to 116 in 2024, covering various sectors including complete vehicles and automotive intelligence [3][4]. - Chinese brands captured 9.9% of electric vehicle sales in Europe as of July, with an overall market share of 5.3%, demonstrating resilience and growth potential [4]. Group 3: Strategic Moves by Chinese Companies - XPeng Motors announced the opening of its first European R&D center during the show, aiming to better understand and meet European consumer needs [5]. - BYD plans to launch multiple new hybrid models in Europe and has set a target to open over 1,000 stores by the end of 2023 and more than 2,000 by the end of 2026 [5][6]. - Hongqi, representing China's luxury segment, unveiled its EHS5 electric SUV, targeting urban and family commuting markets [6][7]. Group 4: German Automotive Response - German automakers like BMW, Mercedes-Benz, and Volkswagen showcased their latest electric models, indicating a strong commitment to compete against Chinese brands [9][10]. - Mercedes-Benz highlighted its new GLC 400 4MATIC electric model, set to launch in 2026, while BMW introduced the iX3, with plans for mass production by 2026 [9][10]. Group 5: Industry Collaboration and Integration - Chinese battery manufacturers such as CATL have established deep ties with European automakers, with CATL already collaborating with over 90% of mainstream car manufacturers in Europe [8][11]. - Companies like Momenta are forming partnerships with numerous global automakers, enhancing the potential for collaboration in smart driving technologies [11].

Group 1 - The core viewpoint is that Stellantis Group's European head, Amparato, announced at the Munich Auto Show that the company will no longer pursue the goal of producing only electric vehicles by 2030 [1] - The EU's target to ban the sale of new combustion engine vehicles by 2035 is deemed unachievable for any car manufacturer [1] - Other American automakers, such as Ford and General Motors, have also postponed their electrification goals [1] Group 2 - Stellantis CEO, Carlos Tavares, has called for the EU to relax the 2035 target, allowing the sale of low-emission hybrid vehicles [1]

Group 1 - The 2025 Munich Motor Show (IAA Mobility) will take place from September 9 to 14, marking a transformation towards a comprehensive mobility platform, covering traditional automotive manufacturing and expanding into innovative vehicle technologies, infrastructure solutions, software development, and new mobility trends [1][2] - German automakers will leverage their home advantage to unveil several new models equipped with the latest features, including BMW's global debut of the new generation BMW iX3, Mercedes-Benz's launch of the new GLC electric version, and Volkswagen's introduction of the second-generation T-Roc in various powertrain options [1][2] - The number of Chinese exhibitors has increased from over 70 in 2023 to 103 this year, showcasing a range of vehicles and technologies, with notable participants including Avita, Changan, Dongfeng Liuzhou, GAC, Hongqi, and BYD [1][2] Group 2 - A significant highlight of this year's show is the large-scale participation of Chinese supply chain companies, covering areas such as electrification, software electronics, and advanced driver assistance systems, with major battery manufacturers like CATL and EVE Energy attending [2] - Several new vehicles will have their global or European premieres, including the Audi C concept car, and various models from Chinese brands such as Leapmotor's Lafa5 and BYD's Seal 06DM-i [2] - The Munich Motor Show is viewed as a barometer for the automotive industry, with the global market's shift towards electrification and intelligence making this event a crucial platform for competition between Chinese and European automakers [3]

Group 1: BMW iX3 Launch - BMW Group announced the global debut of its first mass-produced model, the BMW iX3, on September 5, with a China-exclusive version set to be unveiled within the year and local production planned for 2026 [1] - The launch of the BMW iX3 highlights the acceleration of BMW's electrification strategy, potentially strengthening its competitive position in the high-end electric vehicle market [1] - This move is expected to drive demand for supply chain components, particularly in battery technology and intelligent driving parts, enhancing market focus on the new energy vehicle sector [1] Group 2: Ferrari's New President - Ferrari appointed Dr. Jan Hendrik Voss as the new President for Greater China, effective September 2025, emphasizing the brand's strategic focus on the Chinese market [2] - Dr. Voss's extensive global management experience is anticipated to enhance Ferrari's brand operations and market strategy in China, solidifying its position in the ultra-luxury segment [2] - This appointment reflects international companies' long-term optimism regarding China's consumer potential, likely boosting market confidence in the consumption upgrade theme [2] Group 3: Mercedes-Benz VLE Development - Mercedes-Benz announced that its first model based on the VAN.EA electric architecture, the VLE, will be launched in 2026, catering to diverse needs from family to business [3] - The VLE prototype has successfully completed a key development phase, showing strong performance in aerodynamic validation and energy efficiency tests [3] - This development marks a significant step in Mercedes-Benz's deepening commitment to electric mobility, potentially benefiting the supply chain, especially in battery systems and lightweight materials [3] Group 4: Proton's Electric Vehicle Factory - Proton Holdings, backed by Geely, has commenced production at Malaysia's first complete electric vehicle factory, with an investment of 82 million ringgit (approximately 139 million yuan) and an initial capacity of 20,000 units per year [4] - This factory represents a substantial breakthrough in Geely's electrification strategy in Southeast Asia, enhancing its global footprint and providing new momentum for China's new energy vehicle industry [4] - The move is expected to accelerate the penetration of electric vehicles in the Southeast Asian market, increasing attention on related sectors such as lithium batteries and charging infrastructure [4]

今天的一则消息，为一个时代画上了句号： 保时捷正式关闭了燃油版 718 Boxster 和 Cayman 在全球范围内的订单通道。 这个决定其实并不突然。早在 2024 年初，欧盟一项严苛的新规就迫使 718 在欧洲市场退场。如今，这份告别延伸到了全世界。 虽然保时捷不再受理新的订单，但位于祖文豪森和奥斯纳布吕克的生产线还会运作一段时间，他们眼下的任务，是完成所有的积压订单。据说，这项工作 要持续到 2026 年才能收尾。可以肯定的是，最后一批驶下生产线的燃油 718，从交付的那一刻起，就会成为收藏市场追逐的对象。 其实按照保时捷的原计划，燃油 718 谢幕的时间点本应更早一些，只是一些计划之外的变数，让这款备受欢迎的小跑车多续了一年的命。 无论如何，该来的总是会来，燃油 718 的终点，就是它的纯电版本。 旧的不去，新的不来 保时捷 718 这条产品线的换代节奏，实际上早就被打乱了。 之所以会这样，是因为两个原本不相干的问题，意外地碰到了一起。一边是燃油版因为外部法规，不得不提前退场；另一边，被寄予厚望的纯电继任者， 又因为自身和供应链的问题，没能准时到场接棒。 先看燃油版这边。 燃油 718 退场最直接的 ...

Core Viewpoint - Porsche has officially discontinued the fuel-powered versions of the Boxster and Cayman, closing global order channels for these models, while the exact production cessation date remains unannounced [1] Group 1 - Porsche has not disclosed the official production end date for the Boxster and Cayman models [1] - There are rumors suggesting that Porsche may take until 2026 to fulfill all existing orders for the 718 Cayman and Boxster [1] - The company is actively developing electric versions of these models, with mass production expected to begin in 2026 [1]

Investment Rating - The report maintains a positive investment recommendation for the mid-to-high-end automotive market, particularly for domestic brands [6]. Core Insights - The domestic automotive market is experiencing a shift from a focus on cost-effectiveness to brand building, especially in the mid-to-high-end segments [1][2]. - The high-end market (above 150,000 RMB) is expected to see significant growth, with domestic brands poised to capture a larger share due to their increasing brand loyalty and product capabilities [2][5]. - The competitive landscape is evolving, with traditional luxury brands facing challenges from emerging domestic players leveraging technology and innovation [3][4]. Summary by Sections 1. Mid-to-High-End Market Profitability - The mid-to-high-end market is characterized by strong profitability and significant growth potential, with domestic brands currently holding less than 50% market share in segments priced above 150,000 RMB [2][5]. - The 5-15 million RMB market is dominated by domestic brands, achieving a market share of 70.6% as of Q2 2025, but is entering a phase of stock competition with limited growth potential [12][16]. - The 15-25 million RMB market shows a growing share for domestic brands, currently at 48.0%, indicating room for further expansion [18][19]. 2. Lessons from Overseas Brands - Traditional luxury brands have established strong brand identities through historical positioning and consistent messaging, which domestic brands can learn from [2][3]. - The ultra-luxury segment emphasizes performance and exclusivity, while traditional luxury brands focus on luxury experiences and brand prestige [3]. 3. Building Brand Barriers for Domestic Brands - Domestic brands are increasingly focusing on building brand barriers through product differentiation and technological advancements, particularly in the luxury segment [4][5]. - The competitive landscape in the 25 million RMB and above market is stabilizing, with leading domestic brands like Li Auto and Huawei establishing a strong presence [4][24]. 4. Challenges and Opportunities in the Luxury Market - The luxury market is witnessing a clear leadership structure, with domestic brands like Li Auto and Xiaomi emerging as strong competitors against traditional luxury brands [4][24]. - The report suggests that the 15-25 million RMB market is fragmented and presents opportunities for traditional and emerging players to establish leadership [15][19]. 5. Investment Recommendations - The report recommends focusing on domestic brands in the mid-to-high-end market, particularly those with strong brand potential and innovative capabilities [5]. - Suggested companies for investment include emerging players like Xiaomi, Li Auto, and traditional brands with high-end sub-brands such as Geely and BYD [5].

Core Viewpoint - Company plans to invest 240 million yuan as a limited partner in an investment fund focused on the automotive industry, particularly in electric, intelligent, and low-carbon developments [1][3] Investment Fund Details - Total committed capital for the investment fund is 800 million yuan, with the company contributing 240 million yuan, representing 30% of the total [1] - The fund has a lifespan of 7 years, with a 4-year investment period and a 3-year exit period [1] - The fund will focus on sectors including but not limited to electronic information, new materials, new energy, and high-end manufacturing [1] Company Operations and Performance - Company specializes in designing, producing, and selling automotive parts, with major products including interior components, seats, and rubber parts, primarily serving Brilliance BMW [2] - The company has successfully launched key projects, including the F78 seat project and has seen significant growth in traditional heavy and light truck sales [2] - The company reported a year-on-year increase of 136 million yuan in automotive sales and logistics revenue [2] Strategic Goals - The investment aims to enhance the company's industrial strength and core competitiveness while securing quality resources in the automotive and related industries [3] - The company intends to leverage partnerships with strategic clients like BMW to strengthen collaboration and access emerging projects [3] - Future contributions to the fund are planned at 60 million yuan annually from 2025 to 2028, with no significant impact on the company's normal operations or financial status [3]