11月18日，本田汽车的一位发言人表示，该公司已通过寻找替代零部件等方式，确保了一定数量的芯片 供应。当被问及安世半导体是否已恢复向本田汽车供货时，该发言人表示相关问题需咨询安世半导体。 不过该发言人补充称，由于当前局势仍存在不确定性，下周恢复常规运营的计划仍有可能发生变动。 周五，本田汽车(HMC.US)盘前涨逾3%，报29.39美元。消息面上，据报道，本田汽车公司表示，将于 11月24日开始逐步恢复其北美汽车组装厂的正常运营。这一迹象表明，因安世半导体(Nexperia)芯片短 缺引发的生产中断情况正逐步缓解。此前因芯片问题，本田汽车于10月28日暂停了其墨西哥工厂的生 产，并从10月27日起调整了其美国和加拿大工厂的生产计划。 ...

Core Viewpoint - Honda Motor Company is set to gradually resume normal operations at its North American assembly plants starting November 24, indicating a potential easing of production disruptions caused by semiconductor shortages from Nexperia [1] Group 1: Production and Operations - Honda's production was previously halted at its Mexican plant on October 28 due to chip shortages, with adjustments made to production plans in the U.S. and Canada starting October 27 [1] - A spokesperson from Honda confirmed that the company has secured a certain amount of chip supply by seeking alternative components [1] Group 2: Supply Chain and Uncertainty - The spokesperson noted that inquiries regarding the resumption of supply from Nexperia should be directed to the semiconductor company [1] - Despite the plans to resume normal operations, the spokesperson cautioned that the current situation remains uncertain, and the schedule may still change [1]

博世表示，德国汽车供应商仍在艰难应对有关安世半导体的贸易争端引发的全球芯片供应短缺问题，博世数千名工人面临生产中断的风险。德国VDA汽车协会表示形势依然紧张。VDA常务董事Marcus Bollig称：“现在下结论还为时过早，我们不能排除未来几周供应链受到进一步影响的可能性。” ...

11月17日，中芯国际在投资者关系活动记录表中称，公司的产线实际上非常满，三季度产能利用率都到 95.8%了，这说明订单很多，产线是供不应求的状态。四季度指引没有大的跃升的原因之一是手机市场 现在存储器特别紧缺，价格也涨得非常厉害。 在急单方面，中芯国际承接了大量模拟、存储包括 NOR/NAND Flash、MCU 等急单，为保障交付，主 动将部分非紧急手机订单延后，这也使得手机业务占比短期有所下降。据其观察，存储供应短缺或过剩 5%就有可能给价格带来成倍的影响。目前行业供应存在缺口，预计高价位态势将持续。 供应端方面，国盛证券表示，受消费市场需求旺盛及工业领域回暖推动，上游晶圆制造产能持续紧张， 2025年动业内部分IDM企业产能已实现满产，叠加主流头部企业业务转型，共线供应商产能亦全面满 产，对NOR Flash产能形成一定挤占，短期内NOR Flash暂无明确供应增量来源，供给短缺局面未显现 改善迹象，因此NOR Flash价格温和上涨的态势预计可维持较长周期。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 MCU方面，东北证券表示，受益于物联网设备的日益普及、嵌入式 ...

Core Viewpoint - The article highlights the ongoing semiconductor shortage in Europe, particularly affecting the automotive industry, despite China's resumption of chip exports. The situation is described as "devastating," with potential global production line shutdowns looming in the coming weeks [2]. Group 1: Semiconductor Supply Chain Issues - European officials warn that the semiconductor shortage continues to pose significant challenges for automotive manufacturers and other industrial companies, despite China's efforts to restore chip exports [2]. - Nexperia, a company producing low-margin basic chips for automotive electronic systems, is facing supply chain disruptions due to tensions between its Dutch and Chinese subsidiaries, which affects the availability of critical components [4]. - A European automotive executive indicated that while there are some wafer inventories in Chinese factories, the lack of supply from Germany and the EU could lead to depletion of these stocks within weeks, emphasizing the urgency of resolving the supply issues [4]. Group 2: Industry Responses and Outlook - Automotive manufacturers are urgently seeking alternative sources for chips, with one executive stating that their teams are working around the clock to find solutions, as they may only have a few weeks of supply left [4]. - The European Automobile Manufacturers Association (ACEA) expressed cautious optimism regarding China's exemption but noted that without the resumption of wafer exports from Nexperia in the Netherlands to its Chinese factory, sufficient chip supply to meet global demand cannot be achieved [4]. - Volkswagen acknowledged the uncertainty surrounding the situation, stating that while the current chip shortage has not impacted production at its German plants, future disruptions cannot be entirely ruled out [4].

Core Viewpoint - Despite China's agreement to lift export restrictions, European automotive manufacturers and other industrial companies are still facing a "devastating" chip shortage that could halt global production lines within weeks [2][3]. Group 1: Chip Supply Issues - Nexperia's Dutch subsidiary has not been supplying silicon wafers to its Chinese subsidiary due to ongoing tensions, impacting the production of essential automotive chips [2]. - Although some shipments of Nexperia chips have resumed following China's recent easing of export bans, the automotive industry remains in a "very severe" situation due to the strained relationship between Nexperia's Dutch and Chinese operations [2][3]. - A senior automotive executive indicated that while there are some wafer stocks in Chinese factories, the supply could be exhausted quickly if wafers from Germany and the EU are not received [2]. Group 2: Urgency for Resolution - Automotive manufacturers are urgently seeking alternative sources for chips, with a limited supply expected to last only a few weeks [3]. - The European Automobile Manufacturers Association (ACEA) welcomed China's announcement to lift export controls but emphasized that without sufficient wafer exports from the EU, the chip supply issue remains unresolved [3]. Group 3: Governance and Control Issues - The crisis stems from a power struggle over control of Nexperia, with the Dutch government taking over the company in October and forcing the departure of its Chinese CEO due to "serious corporate governance deficiencies" [4]. - Nexperia announced a suspension of direct wafer supplies to its Chinese factory, citing governance issues and unauthorized actions by its Chinese operations [4]. - The Dutch Ministry of Economic Affairs clarified that there have been no export controls imposed on Nexperia or other companies by the Netherlands or Brussels [4].

Core Insights - The German automotive industry is facing significant challenges, particularly regarding tariffs, semiconductor shortages, and changing market dynamics in China [4][8][10] - Major German automakers, including BMW, Volkswagen, and Mercedes-Benz, are adjusting their strategies to cope with rising costs and declining sales in key markets [11][12][13] Group 1: Financial Performance - Volkswagen delivered 2.199 million vehicles in Q3 2025, a 1% increase year-on-year, with total sales revenue of €80.305 billion, up 2.3% [16][19] - BMW's global deliveries reached 588,000 units in Q3 2025, an 8.7% increase, with sales revenue of €32.314 billion, a slight decrease of 0.3% [26][28] - Mercedes-Benz sold 525,300 vehicles in Q3 2025, a 12% decline, with total sales revenue of €32.147 billion, down 6.9% [32][33] Group 2: Impact of Tariffs and Costs - Volkswagen's CFO indicated that tariffs will add €5 billion in costs annually, significantly impacting profitability [8][10] - The increase in U.S. tariffs on European vehicles has resulted in additional expenses of approximately €800 million for Volkswagen in Q3 2025 [20] - Mercedes-Benz's restructuring and layoff costs reached €876 million in Q3 2025, contributing to a 70.2% drop in EBIT [33][34] Group 3: Market Dynamics and Strategy - All three automakers expressed confidence in the Chinese market despite recent declines, with plans to launch new models by 2026 [13][14][36] - BMW and Mercedes-Benz are focusing on consolidating their dealer networks in China to enhance profitability [14][31] - Volkswagen plans to maintain its market share in Europe without setting growth targets, reflecting a shift in strategy due to external pressures [12][20]

Core Viewpoint - The automotive industry is facing renewed supply chain challenges, particularly related to semiconductor shortages, with a significant focus on the company "Nexperia" and its control disputes impacting the supply of critical components [4][5][6]. Group 1: Supply Chain Issues - The ongoing control dispute over Nexperia has led to concerns about supply shortages and disruptions in the automotive sector, reminiscent of the pandemic's impact on the industry [5][6]. - Nexperia holds a dominant market share in the automotive semiconductor space, with approximately 20% of the global market for small-signal discrete semiconductors, increasing the risk of supply chain interruptions [5]. - Recent reports indicate that major automotive manufacturers, including Honda and Nissan, have begun to experience production halts due to semiconductor shortages, with some factories reducing output [6][7]. Group 2: Response from Automotive Companies - Companies are actively seeking alternative suppliers for critical components, with reports indicating that over 95% of parts have been verified for substitutes [7][15]. - The automotive industry has learned from past shortages and is now implementing better inventory management and supplier communication strategies to mitigate risks [19][20]. - Despite improvements, the complexity of semiconductor manufacturing means that systemic issues may still arise, as predicting which part of the supply chain will fail remains challenging [20]. Group 3: Regulatory and Political Factors - Recent regulatory actions, including export controls from China and asset restrictions from the Netherlands, have further complicated the situation for Nexperia and its operations [6][19]. - The automotive sector is calling for diplomatic resolutions to these regulatory challenges, emphasizing that the current supply disruptions are largely due to political decisions rather than market dynamics [19].

Core Viewpoint - The automotive industry is facing renewed supply chain challenges, particularly concerning the semiconductor company Nexperia, which has become a focal point in recent quarterly reports due to its significant market share and the ongoing control disputes affecting its operations [2][3]. Group 1: Nexperia's Market Position - Nexperia, previously part of NXP Semiconductors, has a dominant position in the automotive basic chip market, holding approximately 20% of the global market share in small-signal discrete semiconductors [3]. - The company is actively expanding into emerging SiC power devices and providing specific products like analog interface chips, which amplifies the risk of supply chain disruptions [3]. Group 2: Recent Regulatory Developments - On September 29, the U.S. Department of Commerce proposed a "50% ownership penetration rule" to expand the scope of its entity list [4]. - The Dutch government imposed restrictions on Nexperia's asset and business adjustments, leading to a suspension of the parent company, Wingtech Technology's control over Nexperia [4]. - On October 4, the Chinese Ministry of Commerce issued export control notifications prohibiting Nexperia China and its distributors from exporting specific components manufactured in China [4]. Group 3: Impact on Automotive Production - By the end of October, Honda's factory in Mexico halted operations due to chip shortages, while Nissan announced production cuts at its domestic plants starting November 10 [4]. - Volkswagen and Bosch reported partial production stoppages, with Volkswagen assessing alternative procurement solutions to mitigate supply chain impacts [4]. - The delivery cycle for automotive-grade products has extended to over 12 weeks, with companies actively seeking alternative products [5]. Group 4: Supply Chain Management Improvements - The automotive industry has learned from past supply chain disruptions, enhancing inventory levels and supplier management practices [12][18]. - Companies are establishing secondary safety stock for critical chips and improving direct communication with semiconductor suppliers [17]. - Despite improvements, challenges remain due to the complexity of semiconductor manufacturing and the unpredictability of supply chain issues [18].

Core Viewpoint - The semiconductor supply disruption caused by Nexperia is evolving into a new round of chip shortages in the global automotive industry, prompting various automakers to adjust production plans and seek solutions to mitigate the impact [1][4][8]. Group 1: Impact on Automotive Companies - Stellantis is actively monitoring the situation with Nexperia and is developing strategies to minimize potential disruptions to its business [1]. - Nissan's Chief Performance Officer indicated that the company can maintain chip supply until the first week of November but acknowledged that the chip supply shortage is a significant issue [4]. - Honda has begun adjusting production plans in North America and Mexico due to the supply interruption, with its plant in Celaya, Mexico, having ceased operations since October 28 [7]. - Toyota stated that while the impact of Nexperia's export restrictions is currently limited, it remains a risk [7]. - General Motors' CEO acknowledged that chip supply limitations could potentially affect production [7]. Group 2: Broader Industry Reactions - The Japanese Automobile Manufacturers Association warned that suppliers in Japan have been notified of potential delivery issues from Nexperia, which could severely impact global automotive production [7]. - In October, 16 European automakers issued a joint warning about imminent shutdowns due to the Nexperia situation, highlighting reliance on dwindling inventory to keep operations running [8]. - Major automotive parts suppliers like Bosch and ZF are also seeking solutions, with Bosch preparing for temporary layoffs and ZF considering short-time work arrangements [8].