当前，特朗普政府正在以关税威胁作为筹码开启密集谈判，希望盟友和主要贸易伙伴做出让步，以"换 取"美国对关税的豁免和降级。值得注意的是，汽车始终是美国与其他国家和地区进行谈判的重要议 题，例如日美已经进行了多轮谈判，但由于在汽车关税问题上无法达成一致，双方尚未达成协议。截至 目前，只有3个国家与美国在汽车关税问题上取得积极进展。也就是说，这3个国家出口至美国的汽车， 不用被加征25％的关税，它们分别是英国、加拿大和墨西哥。 英美最先达成贸易协议 汽车输美关税降至10％ 5月8日，英国和美国率先达成贸易协议，这也是自美国总统特朗普宣布实施大规模全球关税以来，美国 对外签署的第一份贸易协议。据报道，为了让美国降低对英国进口汽车的关税，英国政府同意在进口美 国食品与农业产品的相关政策上做出让步。不过，美方仍保留了10％的基准关税。 根据英国政府在5月8日发布的声明，英国汽车出口至美国的关税将从27.5％降至10％，而2023年不到 2％；钢铁和铝关税从25％降至零。这一关税优惠适用于10万辆英国出口至美国的汽车，超过10万辆的 部分则恢复至25％。不过，10万辆几乎相当于2024年英国对美国汽车出口总量。根据英国汽车 ...

这些知情人士说，GR Corolla是横滨元町工厂一条专用生产线上生产的三款高性能车型之一，该工厂已 经满负荷生产。去年该生产线生产了约2.5万辆汽车，其中GR Corolla占了8000辆。 知情人士说，丰田在美国的工厂也面临着对混合动力车和其他车型的强劲需求，因此很难将生产转移到 美国。知情人士称，无论是从日本还是从英国出口，丰田都计划通过削减成本和其他措施来消化关税带 来的成本增加，不会提高价格。 GR系列，包括GR Corolla和GR Yaris，是董事长丰田章男(Akio Toyoda)众所周知的对赛车的热爱而诞生 的一个品牌，并包含了商用车赛车运动的技术。GR Corolla的价格约为600万日元，是标准车型价格的 两倍。虽然越来越多的消费者转向电动和混合动力汽车，但跑车仍然有一群死忠粉丝。 智通财经APP获悉，据两位知情人士透露，丰田汽车(TM.US)正将其GR Corolla跑车的部分生产转移到 英国，并将在那里投资约5600万美元建设一条专门生产线，为北美市场生产出口产品。知情人士表示， 通过将部分生产从日本转移出去，丰田的目标是利用英国的过剩产能，帮助缩短该车的交货等待时间。 他们说，此 ...

Core Viewpoint - There has been a resurgence of investor interest in automakers due to President Trump's indication that automotive tariffs may not be as severe as initially feared, but Ford continues to face significant challenges and is not a strong investment opportunity at this time [1][2]. Group 1: Tariff Impact - The Trump administration clarified that automotive tariffs would not be stacked, allowing for potential rebates on some tariffs for the first two years [4]. - Ford has pulled its full-year guidance for 2025, anticipating a $1.5 billion cost from tariffs this year, despite efforts to mitigate the impact [5]. - Ford's previous guidance projected about $8 billion in EBIT for the full year, but the company reported only $1 billion in EBIT for the first quarter, indicating a significant shortfall [6]. Group 2: Market Sentiment - Consumer sentiment is at its lowest in three years, with concerns about the economy and expectations of rising inflation, which could affect vehicle sales [9]. - The average transaction cost for a new vehicle is approximately $48,700, and tariffs could further increase prices, leading consumers to save rather than spend on new cars [10]. Group 3: Competitive Position - Ford's stock is relatively cheap with a P/E ratio of 8.6, compared to the S&P 500's P/E ratio of 28, and it faces a lower tariff impact than General Motors, which expects a $5 billion impact [11]. - However, the automotive market is fraught with uncertainty, and Ford's sales are projected to decline by 2.4% this year, with only a 1.5% increase expected in 2026 [12].

Core Insights - The impact of the 25% tariffs on imported cars from Mexico and Canada is becoming evident, leading to a significant increase in new car prices in the U.S. [1][2] - The average price of new cars rose by 2.5% in April compared to March, marking the second-largest monthly increase in nearly a decade [1] - Consumer panic buying, driven by expectations of future price increases due to tariffs, is pushing up actual transaction prices [2] Price Trends - The average transaction price for new cars has increased significantly, with a notable rise attributed to consumer behavior rather than manufacturer price hikes [1][2] - The wholesale prices of used cars also saw a year-over-year increase of 4.9% in April, indicating that the tariff effects are spreading to the used car market [3] Inventory and Supply Chain - Dealer inventories have decreased to below 2.6 million vehicles, suggesting potential upward pressure on prices in the coming months [4] - Strong sales and reduced deliveries from importers are contributing to the declining supply, raising concerns about supply chain issues [4]

在受到关税打击后，美国4月份汽车价格飙升 金十数据5月13日讯，数据显示，美国4月份新车价格飙升，这表明特朗普的汽车关税措施正在影响整个 汽车市场。知名汽车数据机构Cox Automotive发布的"凯利蓝皮书"显示， 扣除折扣和促销后，消费者支 付的平均价格较3月份上涨2.5%，是近年来这两个月通常1.1%涨幅的两倍多。在过去十年中，涨幅最大 的一次是在2020年4月，当时疫情导致工厂停工期间，价格上涨了2.7%。美国对包括主要贸易伙伴墨西 哥和加拿大在内的许多国家的汽车进口征收25%的关税，汽车制造商正在适应这种情况，但很少有制造 商提高标价。现代、福特和斯泰兰蒂斯等公司甚至推出了一些优惠措施。不过，经销商和汽车业高管表 示，过去几个月消费者需求有所上升，因为买家急于赶在关税导致价格上涨之前购买汽车。这导致新车 购买者在经销商那里平均花费更多。Cox执行分析师艾琳·基廷表示，即使汽车制造商保持价格稳定，消 费者对关税最终将推高价格的预期也可能导致某些车型的通胀。 ...

标普500指数涨幅重新扩大至2.67%，道指涨1034点涨幅2.515，纳指涨643点涨幅3.59%。 美国总统特朗普宣称，他并没有谈论调整汽车和钢铁关税。 ...

Financial Data and Key Metrics Changes - The company reported quarterly revenue of $2.4 billion, down from $2.5 billion in Q1 2024, reflecting a year-over-year decline driven by calendar shifts and a 2% decrease in pricing [5][31] - Adjusted EBITDA loss was $93 million compared to a positive $12 million in Q1 2024, marking a $105 million year-over-year change [30][35] - Total net debt leverage ratio remained stable at around 5x, with approximately $1.1 billion in available liquidity as of March 31 [36][37] Business Line Data and Key Metrics Changes - The Americas segment generated over $1.9 billion in revenue with an adjusted EBITDA loss of $67 million, reflecting a 4% decrease in revenue on a constant currency basis [9][17] - International segment revenues were $523 million with an adjusted EBITDA loss of $3 million, showing a year-over-year improvement of $12 million due to better pricing and cost discipline [19][20] Market Data and Key Metrics Changes - In the Americas, vehicle utilization improved nearly four points year-over-year, reaching nearly 70% for the quarter [11][12] - International utilization was 69%, up more than two points compared to the first quarter of 2024 [21] Company Strategy and Development Direction - The company is focused on an accelerated fleet rotation strategy, achieving a record number of vehicle disposals and accepting deliveries of model year 2025 vehicles [6][18] - The strategy aims to maintain fleet discipline, optimize costs, and enhance customer experience through technology investments [8][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about leisure travel demand, with forward bookings up year-over-year, despite a pullback in commercial demand [16][66] - The company anticipates adjusted EBITDA in Q2 to exceed $200 million, supported by improved pricing and operational efficiencies [39][40] Other Important Information - The company is navigating uncertainties related to automotive tariffs and their potential impact on fleet costs and vehicle pricing [14][16] - Management emphasized the importance of flexibility in fleet management to adapt to changing demand conditions [93] Q&A Session Summary Question: What operational strategies are in place to maintain higher utilization rates? - Management highlighted the importance of fleet planning and operational efficiencies to optimize vehicle utilization while meeting demand [43][46] Question: How are tariffs impacting fleet plans for model year 2026 vehicles? - Management noted ongoing discussions with OEMs and emphasized flexibility in fleet size and vehicle selection based on market conditions [49][52] Question: What is the competitive landscape like in the Americas? - Management indicated that the competitive environment remains intense but stable, with a focus on execution and operational efficiency [56][58] Question: What gives confidence in achieving the long-term adjusted EBITDA target? - Management cited strong leisure demand, improved fleet management, and operational agility as key factors supporting their outlook [66][70] Question: How is the company balancing buybacks versus deleveraging? - Management reiterated a balanced approach, prioritizing deleveraging while also investing in capital expenditures that drive operational efficiencies [81][84]

Financial Data and Key Metrics Changes - The company reported quarterly revenue of $2.4 billion, down from $2.5 billion in Q1 2024, reflecting a year-over-year decrease of 4% [4][32] - Adjusted EBITDA loss was $93 million compared to a positive $12 million in Q1 2024, marking a $105 million year-over-year change [31][32] - Total net debt leverage ratio remained stable at around 5x, with approximately $1.1 billion in available liquidity as of March 31 [36][37] Business Line Data and Key Metrics Changes - The Americas segment generated over $1.9 billion in revenue with an adjusted EBITDA loss of $67 million, reflecting a 4% decrease in revenue on a constant currency basis [8][19] - International segment revenues were $523 million with an adjusted EBITDA loss of $3 million, showing a year-over-year improvement of $12 million [19][20] Market Data and Key Metrics Changes - In The Americas, vehicle utilization improved nearly four points year-over-year, reaching nearly 70% for the quarter [11][12] - International utilization was 69%, up more than two points compared to Q1 2024 [21] Company Strategy and Development Direction - The company is focused on an accelerated fleet rotation strategy, achieving a record number of vehicle disposals and accepting deliveries of model year 2025 vehicles [5][18] - Investments in technology are aimed at enhancing customer experience, revenue generation, and operational efficiencies [7][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about leisure demand growth, with forward bookings up over the prior year, despite a pullback in commercial demand [15][38] - The company anticipates adjusted EBITDA in Q2 to exceed $200 million, driven by improved pricing and operational agility [39][40] Other Important Information - The company is navigating uncertainties related to automotive tariffs and their potential impact on fleet costs and vehicle pricing [14][15] - Management emphasized the importance of maintaining fleet flexibility to adapt to changing demand conditions [16][39] Q&A Session Summary Question: What operational strategies are in place to maintain higher utilization rates? - Management highlighted the importance of fleet planning and operational efficiencies to optimize vehicle utilization while meeting demand [44][46] Question: How might rising vehicle prices impact fleet plans for model year '26 vehicles? - Management noted that flexibility in fleet size and strategic modeling will help navigate the evolving tariff environment and vehicle pricing [49][52] Question: What is the competitive landscape like in The Americas? - Management indicated that the competitive environment remains intense but stable, with a focus on execution and operational excellence [56][58] Question: What gives confidence in achieving the long-term adjusted EBITDA target? - Management pointed to strong advanced reservations and a favorable used car market as indicators of potential success [66][70] Question: How is the company balancing buybacks versus deleveraging? - Management stated a balanced approach is being taken, prioritizing deleveraging while also investing in capital expenditures that drive operational efficiencies [82][84]

随着美国消费者担忧汽车关税可能带来价格上涨，纷纷提前购车，美国二手车市场出现强劲反弹。智通 财经APP获悉，知名汽车数据机构Cox Automotive发布的曼海姆二手车价值指数在4月跃升至208.2点， 创下自2023年10月以来的最高水平。 该指数追踪Cox在美国批发拍卖市场中售出的二手车价格。数据显示，4月的指数同比上涨4.9%，环比 增长2.7%。相比过去月度通常仅约0.2%的变动幅度，本次上涨可谓"异常强劲"。 Cox Automotive经济与行业洞察高级主管Jeremy Robb指出："通常'春季反弹'会在4月第二周结束，但今 年整个4月的批发价格涨势持续，远超以往水平。我们早就预期关税消息会带动价格走强，这也确实发 生了。" 尽管针对进口新车及零部件的25%关税并不直接适用于二手车，新车价格的波动、产能变化以及需求转 移都会间接影响二手车市场，而二手车仍是大多数美国人购车的主要选择。 虽然批发价格往往领先零售价格变化，过去几年中，零售价格的下调速度并未与批发同步。Cox数据显 示，4月二手车零售销量较3月下滑1.7%，但同比增长13%。同期，二手车的平均挂牌价上涨2%，超过 2.5万美元，而新 ...

由于消费者担心汽车关税导致价格上涨，备受关注的二手车价格晴雨表上个月跃升至2023年10月以来的 最高水平。考克斯汽车公司（Cox Automotive）的曼海姆二手车价值指数（Manheim Second Vehicle Value Index，该指数追踪其在美国批发拍卖会上销售的二手车价格）上个月同比增长4.9%，达到 208.2。该指数也较3月份增长了2.7%。 ...