Stellantis will take roughly €22 billion in charges linked to a sweeping overhaul of its operations as high costs and muted electric-vehicle sales force the automaker to adjust its strategy https://t.co/k5fvzwUGgB ...

IT之家 2 月 6 日消息，今天下午，据路透社报道，丰田汽车宣布，佐藤恒治将在执掌公司三年后卸任 CEO 一职，由现任首席财务官近健太 4 月 1 日接棒， 佐藤恒治将转任副董事长兼首席产业官。 此次调整发生在丰田因拟收购子公司丰田工业而承受压力之际。该交易被部分少数股东批评缺乏透明度，且定价明显偏低。 在佐藤恒治任内，丰田股价累计上涨 111%，明显跑赢同期日经指数的表现。 詹姆斯 · 洪表示，近健太被外界视为推动该收购案的关键人物，并指出近健太在财务事务上的经验，明显强于主要来自产品开发体系的佐藤恒治。 这一人事变动并不在市场预期之内。丰田在公布第三财季业绩的同时宣布了调整决定，并将全年利润预期上调近 12%，主要得益于日元走弱以及持续推进 的成本控制。 丰田预计，截至明年 3 月的财年营业利润为 3.8 万亿日元（IT之家注：现汇率约合 1680.36 亿元人民币），比之前预计的 3.4 万亿日元增长 11.8%。 公司表示，近健太将负责公司内部经营管理事务，佐藤恒治则将把精力投向更宏观的产业层面。丰田指出，此举意在应对汽车产业正在经历的深度变革，加 快内部决策节奏。 麦格理出行研究主管詹姆斯 · 洪 ...

Core Insights - Stellantis reported estimated consolidated shipments of 1.5 million units for Q4 2025, marking a 9% year-over-year increase [2][3] - The growth was primarily driven by a significant 43% increase in North America, with additional growth in South America, the Middle East & Africa, and China, India & Asia Pacific [2][6] Shipment Performance - Consolidated shipments for Q4 2025 were 1,520 thousand units, up from 1,395 thousand units in Q4 2024, reflecting a 9% increase [3] - North America shipments rose by 127 thousand units to 422 thousand units, a 43% increase year-over-year [3][6] - Enlarged Europe saw a decline of 26 thousand units, or 4% year-over-year, due to a contracting LCV market and competitive pressures [2][6] - South America shipments increased by 18 thousand units, or 7% year-over-year, while the Middle East & Africa grew by 3 thousand units, or 2% year-over-year [6] - Shipments in China, India & Asia Pacific rose by 3 thousand units, or 20% year-over-year [6] Regional Highlights - North America’s growth was attributed to normalized inventory dynamics and a nearly 150% increase in Q4 '25 orders year-over-year, driven by new offerings from Jeep®, Ram, and Dodge brands [6] - In Enlarged Europe, the decline was primarily due to a drop in Peugeot shipments, which fell by approximately 30 thousand units [6] - The increase in South America was supported by strong demand in Brazil, while growth in the Middle East & Africa was driven by developments in Türkiye and local production in Algeria [6]

Tesla隱藏式 門把手要涼了？ 中國直接 下了狠手！ 2027年 1月1日起 中國全面禁掉 這種超帥的 電子隱藏把手 所有新車 內外門把都 必須有機械 緊急開啟功能！ 為什麼這麼嚴？ 因為其他車 真的出過事！ 斷電或撞車時 電子把手失效 乘客被困車內 甚至丟了命 多起事故讓 MIIT忍無可忍 這不是針對 Tesla一家 全EV產業 都中槍 本土品牌 也在用類似設計 全都要改！ Tesla已經表態 正在重新設計 Model 3和Y 可能會增加 機械備份 保持帥氣外觀 但更可靠 中國這波操作 說不定就會讓 全球跟進. ...

Core Insights - Stellantis is undergoing a significant business reset to align with customer preferences and support profitable growth, with a new strategic plan to be communicated in May 2026 [2][4]. Financial Performance - Preliminary financial results for H2 2025 show improved Net Revenues and Industrial Free Cash Flow (IFCF), although Adjusted Operating Income (AOI) and Net Income were impacted by specific items [2][14]. - H2 2025 Net revenues are estimated between €78 billion and €80 billion, with a projected Net loss of €19 billion to €21 billion [15]. Strategic Shift - The company is focusing on a broader range of vehicles, including electric vehicles (EVs), hybrids, and advanced internal combustion engines, to meet diverse customer needs [3][4]. - A total of approximately €22.2 billion in charges was recorded for H2 2025, primarily due to realigning product plans with customer preferences and new emission regulations [10][11]. Operational Changes - Organizational changes include empowering regional teams to make decisions based on local customer knowledge and creating a more cost-efficient supply chain [6][10]. - Stellantis has seen a return to positive volume growth, with H2 2025 consolidated shipment volume reaching 2.8 million units, an increase of 277 thousand units or 11% year-over-year [7][36]. Market Position - Stellantis maintained a 7.9% market share in the U.S. for H2 2025, a 60 basis point increase sequentially, and retained its 2 market share position in Enlarged Europe [8][10]. - Customer order intake in Enlarged Europe increased by 13% year-over-year in H2 2025, with Q4 2025 orders up 23% year-over-year [8]. Quality Improvements - Initial quality management improvements have led to a reduction in reported vehicle issues by over 50% in North America and over 30% in Enlarged Europe since the beginning of 2025 [9]. Future Guidance - The company anticipates improvements in Net revenues, AOI margin, and cash generation in 2026, with a gradual sequential improvement expected throughout the year [18][19]. - Stellantis has suspended its dividend for 2026 in light of the 2025 Net loss and authorized the issuance of up to €5 billion in non-convertible subordinated perpetual hybrid bonds to maintain a strong balance sheet [16][17].

Core Insights - Stellantis is undergoing a strategic reset to align its business with customer preferences, focusing on a diverse range of vehicles including EVs, hybrids, and advanced internal combustion engines [2][4] - The company reported preliminary financial results for H2 2025, showing improved net revenues and industrial free cash flow, despite a net loss due to specific charges [10][13] Business Strategy and Changes - The reset involves a thorough assessment of the company's strategy and costs to better meet customer needs, with a new strategic plan to be communicated in May 2026 [2][4] - Key actions taken include re-empowering regional teams for decision-making, creating a cost-efficient supply chain, and reallocating capital to support electrified vehicle programs [6][10] Financial Performance - H2 2025 consolidated shipment volume reached 2.8 million units, an increase of 277 thousand units or 11% year-over-year, with North America showing the strongest growth at 39% [7][30] - Preliminary net revenues for H2 2025 are estimated between €78 billion and €80 billion, with a net loss projected between €19 billion and €21 billion [14] Market Position - Stellantis maintained a 7.9% market share in the U.S. for H2 2025, a 60 basis point increase sequentially, and retained its 2 market share position in Enlarged Europe [8] - Customer order intake in Enlarged Europe increased by 13% year-over-year in H2 2025, with Q4 orders up 23% year-over-year [8] Quality Improvements - The company has seen a significant reduction in vehicle issues reported in the first month of service, with a decrease of over 50% in North America and over 30% in Enlarged Europe since early 2025 [9] Charges and Financial Adjustments - The reset resulted in charges of approximately €22.2 billion for H2 2025, including €14.7 billion related to realigning product plans with customer preferences and new emission regulations [10][12] - The company will not pay a dividend in 2026 due to the net loss in 2025 and has authorized the issuance of up to €5 billion in non-convertible subordinated perpetual hybrid bonds [15][16] Future Guidance - Stellantis anticipates improvements in net revenues, adjusted operating income margin, and industrial free cash flows in 2026, with a mid-single-digit percentage increase in net revenues projected [17][19] - The company expects to achieve positive industrial free cash flow in 2027, despite ongoing regulatory uncertainties [18][19]

Core Insights - Bohai Bank ranks among the top ten in terms of bond underwriting scale and number of underwritings for private enterprises in the interbank market, holding the second position among joint-stock banks in this category [1] Group 1: Bond Underwriting Performance - In 2025, Bohai Bank provided bond financing services for over 50 private enterprises, completing nearly 100 transactions across key sectors such as agriculture, electronic information, healthcare, high-end manufacturing, and equity investment, raising over 30 billion yuan [1] - The bank has successfully underwritten the first batch of technology innovation bonds for private tech companies like Geely Holding and Yingliu Electromechanical, as well as for private equity investment institutions, guiding funds towards R&D and industrial upgrades in technology-driven private enterprises [1] Group 2: Focus on Green Transition - Bohai Bank emphasizes green transformation by underwriting multiple green asset-backed securities for BYD's financing leasing subsidiary, aiding the expansion of financing leasing scenarios in the new energy vehicle sector and promoting the construction of a green transportation system [1] - The bank also underwrote green technology innovation bonds for Zhongchuang Innovation Technology Group, with funds specifically allocated for lithium-ion battery manufacturing projects, contributing to the low-carbon development of the new energy industry chain [1] Group 3: Innovative Financial Tools - To address the varying credit qualifications of private enterprises, Bohai Bank has innovatively utilized financial tools to provide multi-dimensional credit enhancement support for bond financing [2] - An example includes the first batch of technology innovation bonds for private equity investment institutions, which achieved a credit rating upgrade to AAA through the introduction of the People's Bank of China's risk-sharing tool and guarantees from Zhongdai Credit Enhancement Investment Co., significantly lowering the financing costs for enterprises [2] - The bank is also exploring a "bonds + derivatives" comprehensive service model, creating credit risk mitigation tools (CRMW) to empower bond issuance for several private enterprises, effectively reducing their bond issuance costs and enhancing market acceptance [2]

Group 1 - Tesla maintained a significant presence in China's electric vehicle market in January despite a decline in industry momentum [1] - Data from the China Passenger Car Association indicated that Tesla's deliveries were impacted by the overall market conditions [1] - The competitive landscape in the electric vehicle sector in China continues to evolve, with various players vying for market share [1]

Group 1: Core Insights - Dongwu Securities projects Chery Automobile's net profit attributable to shareholders for 2025-2027 to be 18.4 billion, 21.1 billion, and 25.4 billion yuan respectively, with a PE ratio of 14, 11, and 8 times for the same period [1] - The company is recognized as a global technology-oriented automotive enterprise, transitioning towards globalization and intelligence, with a clear ownership structure involving state-owned, strategic investors, and management [1] - Chery's financial performance is bolstered by its strong momentum in new energy vehicles and stable export position, leading to improved financial data [1] Group 2: Brand Strategy - Chery's main brand targets the mainstream market with high cost-performance and diverse powertrain options, while its sub-brands cater to specific segments such as travel, high-end users, and younger demographics [2] - The Jietu brand focuses on travel and light off-road SUVs, while the Xingtu brand targets mid-to-high-end consumers [2] - The iCAR brand is aimed at the younger, personalized electric vehicle market, and the Zhijie brand emphasizes smart experiences through collaboration with Huawei [2] Group 3: Export Strategy - Chery has a phased export strategy starting from developing markets, focusing on key markets like Russia, and expanding into Europe [3] - The Tiggo series is central to Chery's export strategy, offering a mix of internal combustion engine (ICE) and plug-in hybrid electric vehicles (PHEV) to adapt to different regional markets [3] - The company employs a localized approach in its overseas operations, utilizing a dealer authorization system and local assembly to meet market demands [3] Group 4: Technological Development - Chery plans to integrate its subsidiaries and R&D functions by 2025 to enhance its research capabilities [4] - The company adopts a dual-track strategy of self-research and collaboration with leading technology partners like Huawei and Horizon [4] - Chery's vehicle platform strategy includes both traditional fuel and new energy platforms, structured by price range and technology path [4]

Group 1: Core Insights - Dongwu Securities projects Chery Automobile's net profit attributable to shareholders for 2025-2027 to be 18.4 billion, 21.1 billion, and 25.4 billion yuan respectively, with a higher valuation expected due to strong growth in new energy and stable export position [1] - Chery Automobile, established in 1997, is transitioning towards globalization and intelligence, supported by a clear equity structure involving state-owned, strategic investors, and management [1] - The company has a diversified brand system with five major brands catering to various market needs, including a focus on high cost-performance for the main brand and a high-end brand targeting mid-to-high-end users [2] Group 2: Export Strategy - Chery's export strategy has evolved from developing markets to key markets like Russia and now expanding into Europe, with a focus on risk management in these regions [3] - The Tiggo series is central to Chery's export products, utilizing multiple energy forms and configurations to adapt to different regional markets, with fuel vehicles forming the core of overseas sales [3] - The company employs a localized approach in its overseas operations, utilizing a dealer authorization system and local assembly to meet market demands [3] Group 3: Technological Development - Chery plans to integrate its subsidiaries and R&D functions by 2025 to enhance its research capabilities, adopting a dual approach of self-research and collaboration with leading technology partners [4] - The company has developed a platform-based vehicle manufacturing capability, with a structure that accommodates both traditional fuel and new energy platforms [4] - Chery introduced the "Falcon Intelligent Driving" solution in March 2025, emphasizing its commitment to smart technology development [4]