作为奥迪在华电动化战略的重要落子，奥迪E5 Sportback采用宁德时代CTP无模组电池，CLTC综合续航 最高达773公里，基于800伏高压平台架构，充电10分钟即可补充380公里续航。智能体验方面，奥迪 E5 Sportback 以全新 AUDI OS 操作系统为核心，集成高通骁龙8295数字座舱芯片，还与中国智驾公司 Momenta联手打造的行业首个融合"奥迪Driving DNA"与"端到端飞轮大模型"的辅助驾驶方案。 继奥迪 E5 Sportback后，AUDI E SUV 概念车的亮相，标志着AUDI品牌家族化产品体系更进一步。概 念车延续了品牌家族式设计语言的前瞻性与运动感，也深度融合奥迪的核心技术优势与中国数字生态领 域的创新成果。 服务网络方面，上汽奥迪近期正式发布全新售后服务品牌及服务承诺体系，全国近200家展厅也已完成 形象升级。品牌服务网络正持续拓展，截至11月，集销售与体验于一体的上汽奥迪专属全功能用户中心 已快速扩展至近160家，预计至年底，将在全国100余个城市建成超过240家全功能用户中心。 11月21日，在2025广州车展，上汽奥迪宣布奥迪E5 Sportback钦定性能q ...

每经记者｜黄辛旭 每经编辑｜余婷婷 11月21日，在2025广州国际车展上，上汽奥迪携旗下AUDI E SUV 概念车、A5L Sportback、奥迪E5 Sportback等全系产品亮 相。 据了解，AUDI E SUV 概念车的量产版本将于2026年上市。上汽奥迪方面认为，这标志着AUDI在华品牌布局进入全新阶 段，也意味着AUDI品牌家族化产品体系更进一步。 作为奥迪在华电动化战略的重要落子，奥迪E5 Sportback是AUDI的首款产品，新车基于奥迪与上汽集团联合开发的智能数 字平台打造，于今年9月正式上市。 在智能科技层面，奥迪E5 Sportback搭载全新AUDI OS操作系统，深度融合高通骁龙8295数字座舱芯片，打造超感互动数智 座舱。辅助驾驶体验上，奥迪携手Momenta共同为E5 Sportback打造智能驾驶解决方案。续航表现上，E5 Sportback采用宁 德时代CTP无模组电池，CLTC综合续航最高达773公里，基于800伏高压平台架构，充电10分钟即可补充370公里续航。 A5L Sportback则是一款燃油车，搭载华为乾崑技术。本次车展期间，A5L Sportback两 ...

人民财讯11月21日电，11月21日，广汽集团（601238）与麦格纳联合宣布，双方将在欧洲进行整车生产 合作。此举是广汽集团扩大其在欧洲市场的本地化生产规模，加速电动化战略的重要举措，并同步拓展 广汽集团的生产、供应链及销售业务。目前，广汽集团的电动SUV车型AIONV已在麦格纳的格拉茨工 厂启动量产。 ...

Domestic News - The domestic automotive chip certification review technology system has achieved a breakthrough, marking a key progress in establishing a self-controlled quality assurance system for automotive chips in China [2] - Beijing is increasing financial support for automotive consumption, especially for new energy vehicles, by optimizing loan products and reducing penalties for early loan settlements during trade-ins [3] - As of the end of October, the total number of electric vehicle charging infrastructure (guns) in China reached 18.645 million, a year-on-year increase of 54.0% [4] - GAC Honda's acquisition of Dongfeng Honda Engine Company has entered the public announcement period, with GAC Honda set to acquire 100% of the shares [5] - GAC Haobo has obtained the "L3 level specific scenario autonomous driving road test" license, becoming the first company in the country to receive this approval for testing at speeds up to 120 km/h [6] - NIO has completed the battery swap route in the Sichuan-Western Ring, covering a total distance of 1,400 kilometers with 13 battery swap stations [7] - Leap Motor's first overseas cooperation model with FAW has been launched, with plans for mass production and overseas sales next year [8] - BMW has deployed its self-developed AI intelligent platform "Gaia" in China, aiming to enhance AI integration across various operational areas [9] International News - Porsche has adjusted its electrification strategy, abandoning the previous goal of 80% of new models being fully electric, opting for a more flexible approach to meet diverse customer needs [10][11] - In Indonesia, new car sales in October decreased by 4% year-on-year, with total sales for the first ten months dropping over 11% compared to the previous year [12] - Stellantis announced the integration of Tesla's charging system, expanding the charging coverage for electric vehicles across North America, Japan, and South Korea [13] - Toyota plans to invest $912 million to expand the production capacity of hybrid vehicle engines in the U.S. as part of a broader $10 billion investment plan over five years [14] Commercial Vehicles - The Yunnan Highway heavy-duty truck green electric supercharging corridor has been fully completed, featuring a network designed for electric heavy trucks [16] - Weiqiao New Energy Commercial Vehicle has officially launched the V80 model, emphasizing lightweight design and adaptability for modern logistics [17] - BYD showcased new electric models at the Latin American Commercial Vehicle Exhibition, enhancing its product lineup in overseas markets [18] - Pony.ai announced plans to mass-produce its fourth-generation autonomous truck family next year, collaborating with SANY Heavy Truck and Dongfeng Liuzhou Motor [20]

Core Viewpoint - Zhejiang Chunfeng Power Co., Ltd. is at a critical juncture of transformation, facing challenges from shareholder actions and external market conditions, particularly in the U.S. and Europe [1][2][3] Financial Impact - Chunfeng Power's U.S. subsidiary received a bill totaling $19.32 million for tax adjustments, which is expected to have a minimal impact on the company's financials for 2025 [2][3] - The company reported a net profit of 1.415 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 30.89% [6] Market Strategy - The company is diversifying its market presence to mitigate risks associated with U.S. trade policies, with a focus on expanding production capabilities in Mexico and Thailand [3][4] - Chunfeng Power is strategically reducing its reliance on the U.S. market, with sales from non-U.S. markets increasing [3] Product Development - Chunfeng Power is expanding its electric two-wheeler business, aiming to establish it as a second growth curve alongside traditional motorcycle sales [5][6] - The company plans to invest approximately 3.5 billion yuan in a new production base for motorcycles and electric vehicles in Tongxiang, Zhejiang [5] Competitive Position - The company is enhancing its competitive edge in the electric two-wheeler market by focusing on high-performance and high-quality products, avoiding price wars [5][6] - Chunfeng Power has established a brand matrix with CFMOTO, GOES, and ZEEHO to cover different market segments effectively [7] Shareholder Actions - Recent shareholding reductions by major shareholders have raised questions, but the company maintains that these actions are personal financial decisions and do not reflect on the company's operational health [8][9]

Core Insights - Volkswagen Group reported a significant decline in operating profit, turning from profit to loss in Q3 2025, despite a slight increase in revenue and deliveries compared to the previous year [1][4][5]. Financial Performance - Q3 2025 net profit loss reached €1.072 billion, a decrease of approximately 168.8% compared to a net profit of €1.558 billion in Q3 2024 [5][6]. - The operating profit for Q3 2025 was a loss of €1.299 billion, down 145.9% from an operating profit of €2.833 billion in the same quarter of 2024 [5][7]. - Revenue for Q3 2025 was €80.305 billion, reflecting a year-on-year increase of 2.3% from €78.478 billion in Q3 2024 [5][7]. - Automotive division cash flow from operating activities decreased by 9.7% to €8.521 billion compared to €9.435 billion in Q3 2024 [17]. Factors Affecting Performance - The decline in profitability was attributed to increased production of low-margin electric vehicles and an additional burden of €7.5 billion, which includes U.S. import tariffs and strategic adjustments at Porsche [4][9]. - Volkswagen Group anticipates a cost of up to €5 billion due to increased U.S. import tariffs [9]. - The company has lowered its full-year performance outlook, expecting revenue to remain flat compared to the previous year, down from an earlier forecast of up to 5% growth [9]. Brand Performance - Porsche, a subsidiary of Volkswagen, reported its first quarterly loss since its IPO, with a Q3 2025 loss of €966 million compared to a profit of €974 million in Q3 2024 [11][12]. - Porsche's operating profit for the first three quarters of 2025 plummeted 99% to €40 million from approximately €4 billion in the same period of 2024 [11][12][14]. Market Dynamics - Volkswagen Group's vehicle deliveries in Q3 2025 totaled 2.199 million units, a 1% increase year-on-year [5][17]. - The company experienced growth in markets such as Western Europe, Central Europe, Eastern Europe, South America, Turkey, and South Africa, while North America and Asia-Pacific markets saw declines [17].

Group 1 - The global market is experiencing a noticeable trend where the acceptance of pure electric vehicles (EVs) is slowing down compared to earlier predictions [1] - Lamborghini plans to continue with plug-in hybrid models for its Urus successor, set to launch in 2029, while evaluating the powertrain for its fourth model [1] - Lamborghini's electrification strategy consists of two phases, with the first phase starting in March 2023, introducing the Revuelto, a high-performance V12 plug-in hybrid supercar [1] Group 2 - Porsche has made significant changes to its electric vehicle strategy, delaying the launch of several new pure electric models and extending the production life of internal combustion and hybrid vehicles for the next decade [2] - Lamborghini believes in not rushing to be the first to market with pure electric models, ensuring that infrastructure is in place and that the vehicles represent Lamborghini's extreme performance [2] - The demand for ultra-luxury pure electric vehicles has not yet formed, leading to a general trend among luxury brands to introduce hybrid models first while extending the use of internal combustion engines [2]

Core Insights - Stellantis reported third-quarter revenue of €37.2 billion, a 13% year-over-year increase, marking the first revenue growth in seven quarters, indicating the effectiveness of reforms under new CEO Antonio Filosa [1][2] - The company issued a cost warning that overshadowed the positive quarterly performance, estimating the impact of U.S. tariff policies on 2025 to be around €1 billion ($1.2 billion), down from a previous estimate of €1 billion to €1.5 billion [1][3] Group 1: Revenue and Market Performance - The revenue growth was primarily driven by strong performance in the North American market, aligning with analyst expectations [2] - Filosa has focused on reversing sales declines in the U.S. market and addressing excess vehicle inventory among North American dealers, a key issue that led to the dismissal of former CEO Carlos Tavares [2] Group 2: Strategic Initiatives and Investments - Stellantis plans to invest $13 billion to increase production in the U.S. to counter the impact of tariffs [2] - The company has announced several bold initiatives, including recognizing billions in pre-tax expenses in the first half of the year and reintroducing popular models like the Jeep Cherokee SUV while continuing to advance its electrification strategy [2] Group 3: Financial Guidance and Cost Warnings - Stellantis reaffirmed its financial outlook for the second half of 2025, including revenue growth and improved cash flow, while maintaining low single-digit growth in adjusted operating profit margin [3] - The company warned of potential costs in the second half due to strategic adjustments, product planning changes, and warranty assessment process revisions, which will significantly impact operating profit [3] - The outlook is based on the assumption that there will be no disruptions or shortages in the current supply chain [3]

Core Insights - Porsche's operating profit for the first three quarters of this year plummeted by 99% to €40 million (approximately ¥331 million), compared to €4.035 billion (approximately ¥33.4 billion) in the same period last year [1][3] - The company's sales return rate dropped to 0.2%, down from 14.1% year-on-year [1][3] - The significant decline in performance is attributed to special expenses from product strategy restructuring, challenges in the Chinese luxury car market, increased costs from U.S. import tariffs, and one-time impacts related to battery business [1][3][4] Financial Performance - Porsche's revenue for the first three quarters was €26.86 billion, a 6% decline year-on-year [3] - The company sold 212,500 vehicles, a 6% decrease, with notable declines in key markets: a 26% drop in China (32,000 units), a 16% drop in Germany (22,500 units), and a 4% drop in the rest of Europe (50,000 units) [3][4] Strategic Adjustments - Porsche announced a structural contraction, planning to cut approximately 1,900 jobs at its Stuttgart headquarters by 2029, with an additional 2,000 temporary contracts expiring [4] - The company is postponing the launch of certain electric vehicle models and extending the market lifecycle of several fuel and hybrid models, resulting in an additional €2.7 billion in expenses [3][4] - Porsche plans to increase prices in the U.S. market to offset the impact of tariffs, which have cost the company €300 million in the first nine months and are projected to reach €700 million for the year [8] Leadership Changes - Porsche announced a leadership change, with current CEO Oliver Blume set to step down at the end of the year, to be succeeded by Michael Leiters starting January 1, 2026 [8] Industry Context - Other luxury car manufacturers are also facing challenges, with Mercedes-Benz reporting a 12% decline in global sales for Q3 and BMW lowering its 2025 performance expectations due to weak sales and increased tariff costs [5]

Core Insights - Porsche's operating profit for the first three quarters of this year plummeted by 99% to €40 million (approximately ¥331 million), down from €4.035 billion (approximately ¥33.4 billion) in the same period last year [1][2] - The company's sales return rate dropped to 0.2%, compared to 14.1% in the previous year [2] - Key factors contributing to the decline include special expenses from product strategy restructuring, challenges in the Chinese luxury car market, increased costs from U.S. import tariffs, and one-time impacts related to battery business [2][3] Financial Performance - Porsche's revenue for the first three quarters was €26.86 billion, a 6% year-on-year decline [2] - Total sales volume decreased by 6% to 212,500 units, with significant drops in key markets: a 26% decline in China (32,000 units) and a 16% decline in Germany (22,500 units) [2] - The company anticipates a significant improvement starting in 2026 after a projected bottoming out in 2025 [6] Strategic Adjustments - Porsche announced a structural reduction, planning to cut approximately 1,900 jobs at its Stuttgart headquarters by 2029, alongside the expiration of contracts for 2,000 temporary employees [3] - The company is postponing the launch of certain electric vehicle models and extending the market lifecycle of several fuel and hybrid models [5] - Porsche plans to increase prices in the U.S. market to offset the impact of tariffs, which have added €300 million in costs in the first nine months of the year [7] Industry Context - Other luxury car manufacturers are also facing challenges, with Mercedes-Benz reporting a 12% decline in global sales for Q3 and a 9% drop for the first three quarters [4] - BMW has lowered its 2025 performance expectations due to ongoing sales weakness and increased tariff costs [4] Leadership Changes - Porsche announced a leadership change, with current CEO Oliver Blume set to step down at the end of the year, to be succeeded by Michael Leiters starting January 1, 2026 [7]