4 p - 1005- 裁员、换帅、分拆、出售……一系列关键词近期密集出现在国际汽车零部件巨头的动态中，行业震荡不仅未有停歇之势，反而呈现出愈演愈烈的态势。 其中，采埃孚首席执行官柯皓哲提前下台；博世集团宣布，其汽车零部件业务部门将额外裁员约1.3万人；从大陆集团拆分出的欧摩威正式上市，该集团还 拟出售康迪泰克原装配套解决方案业务；安波福则调整策略，准备出售其电气分配系统业务部门，而非分拆。 在全球汽车产业向电动化、智能化加速转型的背景下，曾经"稳坐钓鱼台"的零部件巨头们，正集体进入"为每一分钱而战"的关键阶段，每一步战略调整都关 乎未来的生存与发展。 推进业务分拆与资产出售 业务分拆与资产出售已成为国际零部件巨头优化业务结构、集中资源攻坚核心领域的重要手段。9月18日，随着欧摩威在德国法兰克福证券交易所正式挂牌 上市，大陆集团的战略调整迈出重要一步。 至于采埃孚，其旗下的被动安全事业部已经于2024年3月剥离出去并更名为ZF LIFETEC，计划出售或独立上市，但由于没能IPO又找不到投资人，时至今 日，ZF LIFETEC的财务报表仍然合并在采埃孚名下。采埃孚寄予厚望的电驱传动技术事业部也待价而沽，业内不 ...

Core Viewpoint - The financial health of automotive companies is under scrutiny due to rising debt levels amid global economic pressures, with a focus on the debt-to-equity ratio as a key indicator of financial stability [1] Group 1: Debt Ratio Trends - The debt ratio is high among major automotive companies globally, with most falling between 60% and 80%, including General Motors, Volkswagen, Mercedes-Benz, and Toyota, as well as leading domestic firms like BYD and Geely [1] - Notably, while overseas companies are experiencing rising debt ratios, domestic companies are seeing a decline, with BYD's debt ratio dropping nearly seven percentage points to 70.7% [4][5] Group 2: Interest-Bearing Debt - The automotive industry typically sees larger companies carrying higher debt levels; for instance, Volkswagen has total liabilities of 3.4 trillion yuan and Toyota 2.7 trillion yuan, totaling over 6 trillion yuan [6] - Interest-bearing debt is a critical concern, as it poses liquidity risks; for example, General Motors faced bankruptcy in 2009 due to an inability to manage its debt [10] - Domestic companies maintain lower interest-bearing debt levels, with BYD at just 286 billion yuan, representing only 5% of its total liabilities, indicating a more cautious financial approach [10] Group 3: Supplier Relationships - Lower interest-bearing debt allows Chinese automotive companies to operate effectively through non-interest-bearing liabilities, with accounts payable being a significant component [11] - The accounts payable to revenue ratio for major domestic companies like BYD is 31%, while others like Great Wall and Changan are at 39% and 49%, respectively, indicating a healthy balance [12][14] - Efficient payment cycles enhance supplier relationships, with BYD averaging 127 days to settle accounts, which is favorable compared to other companies [14][15] Group 4: Industry Outlook - The automotive industry, traditionally reliant on substantial debt, is witnessing a shift as Chinese companies demonstrate robust financial performance while expanding rapidly, particularly in the electric vehicle sector [15]

Group 1 - Audi showcased 19 models at the Shanghai International Auto Show, including 5 new production models specifically designed for the Chinese market [1][2] - The new models are built on the PPE luxury electric platform, PPC luxury fuel vehicle platform, and ADP intelligent digital platform, featuring advanced driver assistance technologies [2] - Audi's dual-brand strategy in China aims to cater to different consumer segments, with "Four Rings Audi" targeting traditional luxury consumers and "AUDI" brand focusing on younger, tech-savvy customers [9] Group 2 - Audi emphasizes a transformation speed likened to a "leopard," focusing on software-defined vehicles and advanced driver assistance technologies while maintaining a commitment to quality [5][6] - The company integrates into the Chinese technology ecosystem, collaborating with Huawei for ADAS systems and Momenta for advanced driving features, responding to local market demands [5][8] - Audi's leadership highlights the importance of safety and user needs in product development, particularly for the younger demographic in China, which has an average age of 35 [8][11] Group 3 - The partnership with FAW Audi and SAIC Audi allows for a comprehensive product matrix covering both fuel and electric vehicles, enhancing market reach [9][11] - Audi's long-standing presence in China, over 30 years, reinforces its commitment to quality and reliability, positioning it to face the challenges posed by rising domestic brands [11]

美国本土车企亦难独善其身。福特约60%的在售车辆依赖墨西哥工厂供应，通用2024年墨西哥生产的90 万台汽车中，超半数销往美国市场。关税政策迫使车企重新评估北美产能布局，但供应链回流远非整车 组装环节的迁移所能解决。美国汽车制造业对进口零部件的依赖度高达35%，重建本土供应链将面临高 昂成本与漫长周期，这可能导致外资车企现金流承压，进而延缓电动化与智能化转型进程。 供应链重构的代价已在市场端显现。美国新车价格因关税成本上涨，或将刺激二手车销量增长（2024年 美国二手车市场规模已超新车）。车企短期或通过金融手段缓解消费者购车压力，但中长期看，产业资 源向传统燃油车回流的趋势，与全球汽车行业电动化浪潮形成明显背离。 美国总统特朗普宣布自2025年4月2日起对进口汽车及关键零部件加征25%关税，此举将重塑全球汽车产 业竞争格局。新关税政策不仅直接冲击日韩车企的在美业务，对美国本土品牌及全球供应链亦产生连锁 反应，而中国车企凭借新能源与智能化优势，正加速构建全球化竞争力。 一、日韩车企承压，供应链回流拖累转型步伐 日韩车企首当其冲成为关税政策的最大受影响者。2024年，美国进口汽车销量占比达50%，其中韩国、 日本 ...