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 ...

（文/观察者网 张家栋 编辑/高莘） "这届广州车展可能是对合资品牌真正考验的开始。"一位行业分析师在11月21日开幕的2025广州车展上 向观察者网表示。 即便展商数量大幅减少，展馆内的大多数"新车"也早已被主机厂提前透露，但作为中国车市每年的"收 官站"，2025年广州车展仍然展现着其对于明年中国车市走向的预测作用。 文中图片均来自观察者网 尤其是3年前，当看到中国汽车制造商在电动化变革的驱动下，不断改变着自身乃至整个中国汽车产业 的地位时，集体声称将在2025—2030年间奋起直追的合资品牌，终于走向这一深化转型的时间节点之 际，他们是否已经准备好在中国本土市场吹响反攻的号角？曾经的承诺又能否兑现？这些问题的答案已 经在本届广州车展上逐渐显现。 缺席成为常态 从去年法拉利等超豪华品牌开始选择退出国内车展，到本届广州车展直接取消豪车馆。超豪华品牌的缺 席不再是爆冷，而是逐渐成为常态。 曾经在展会上吸引无数闪光灯的奢侈品牌，如今全面退场。背后原因直指中国汽车市场的深度变革—— 受中国品牌电动化冲击，超豪华品牌在中国市场品牌力大不如前，导致销量持续下滑。乘联分会数据显 示，2025年前三季度，中国进口汽车销量 ...

"在全球汽车产业变革的浪潮中，长安马自达积极拥抱新能源转型，EZ-6、EZ-60都通过了全球多项权 威认证。尤其是EZ-60，以'新能源全球车趋势践行者'的身份，用更安全、更可靠、更智能、更适配、 更富驾趣的体验，诠释了'新一代新能源全球车该有的样子'。" 11月21日，第二十三届广州国际汽车展览会（以下简称"广州车展"）拉开帷幕，长安马自达汽车销售分 公司执行副总经理吴旭曦向《中国经营报》等媒体记者如是分享道。 记者了解到，在今年的广州车展上，长安马自达携"九风道悦级智能SUV"MAZDA EZ-60（以下简 称"EZ-60"）和优雅智趣电动新旗舰MAZDA EZ-6（以下简称"EZ-6"）亮相。据悉，作为央视"第一发 布"首个汽车品牌专场主角，EZ-60凭借权威机构认证与全球品质，上市以来已连续两个月斩获合资新能 源中型SUV销量榜第一；进入11月，EZ-6全系车型11.98万元起，以高质价比持续拓宽市场覆盖，新能 源双子星矩阵共同书写长安马自达电动化新篇章。 除了EZ-60，EZ-6同样备受瞩目。全系11.98万元起的亲民定价，搭载纯电/增程双动力系统与"终身零燃 权益"保障。在全球市场布局方面，伴随长 ...

汽车产业电动化转型大势已定，全球零部件巨头行至战略抉择的"十字路口"，其前行方向将决定行 业新一轮的竞争格局。近日，德国舍弗勒集团正式签署协议，将原纬湃科技旗下涡轮增压器中国区业 务，整体出售给成都西菱动力科技有限公司（以下简称"西菱动力"）。这一交易不仅是舍弗勒业务结构 优化战略的关键举措，更标志着其"去内燃机化"再进一步。 舍弗勒剥离非核心资产 据了解，此次交易的标的为纬湃汽车电子（上海）有限公司（以下简称"纬湃电子上海"）100％股权， 该公司实际运营着纬湃科技涡轮增压器中国区业务，2024年营收约1亿欧元，但持续深陷亏损"泥潭"。 财务数据显示，2024年纬湃电子上海的净亏损达2258.11万元，2025年前三季度净亏损进一步扩大至 4606.38万元，资金链承压明显。对于舍弗勒而言，这一亏损资产与集团向汽车电动化转型的核心战略 已严重背离，剥离成为必然选择。 这一决策的背后，是舍弗勒对纬湃科技长达两年的收购与整合逻辑。回溯2023年10月，舍弗勒宣布收购 纬湃科技，并于2024年四季度完成交易。作为大陆集团拆分出来的动力总成巨头，纬湃科技在电驱动和 内燃机零部件领域均拥有深厚技术积累，此次收购被业内 ...

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].