Group 1 - The global ultra-luxury car market is experiencing a downturn, particularly in China, where brands like Bentley, Rolls-Royce, Ferrari, and Lamborghini have seen significant declines in sales, with reductions of 20%, 23%, 14%, and 39% respectively in the first five months of this year [2] - The rise of domestic brands in China is providing more emotional value and features such as smart technology, which poses a challenge to traditional ultra-luxury brands that lack deep emotional engagement with users [2] - Lotus CEO emphasizes the importance of maintaining core brand values and investing in technological innovation and brand building as essential for long-term success [3] Group 2 - Lotus is launching new models, EMEYA and ELETRE, priced at 538,000 and 558,000 yuan respectively, focusing on enhancing driving experience through advanced technology [3] - The company aims to inspire more original innovation within the Chinese automotive industry, moving away from imitation and price competition [5] - The luxury car market in China is undergoing structural adjustments, with brands facing challenges in pricing and sales growth during the transition to electrification [5] Group 3 - Lotus is committed to a performance-first philosophy, prioritizing driving dynamics over comfort features, and aims to balance performance and comfort in its new models [6] - The company maintains a product development cycle of 4 to 5 years, emphasizing thorough testing to ensure quality and reliability before market release [7] - Lotus calls for a certification system in China similar to those in Europe and the U.S. to ensure comprehensive testing and accountability in the automotive industry [7]

Group 1 - Ferrari announced a significant personnel change, appointing Yang Yue Si as the new President of Greater China starting September 2025, replacing Bai Bei, who has held the position since 2020 [2] - This leadership change comes at a critical time as Ferrari's sales in Greater China have declined for three consecutive years, coinciding with a strategic shift towards electrification [2] - Yang Yue Si has extensive global operational experience, having worked in key markets including Europe, the Americas, and Australia/New Zealand, which Ferrari believes will aid in advancing its development in Greater China [2] Group 2 - In 2022, Greater China achieved sales of 1,552 units, a 72.6% increase year-on-year, representing 11.7% of Ferrari's global sales of 13,221 units, making it the third-largest market after Europe and the Americas [2] - However, in 2023, deliveries in Greater China fell to 1,490 units, a 4% year-on-year decline, marking it as the only major market for Ferrari experiencing negative growth [2] - For 2024, Ferrari's global deliveries slightly increased by 0.7% to 13,752 units, but the share from Greater China further decreased to 8.4%, approximately 1,162 units, reflecting a 22% year-on-year decline [3] Group 3 - In the first half of the current year, Greater China's shipment volume was only 511 units, a 14.1% year-on-year drop, continuing to be the only major market with both sales and revenue declines, while Europe and North America saw positive growth [4] - The leadership change coincides with a pivotal period for Ferrari's electrification strategy, which began in 2019 with the introduction of hybrid models, and the first all-electric model was initially set to be unveiled in October 2023 [5] - However, the launch of the first electric model has been delayed to spring 2026, with initial customer deliveries now expected in October 2026, and the second electric model's release has been postponed to as late as 2028 [5] Group 4 - The delay in Ferrari's electrification transition is not an isolated incident, as several luxury brands are also slowing their electric vehicle rollouts due to insufficient demand for high-performance electric vehicles [6][7] - Lamborghini has postponed the launch of its first all-electric supercar from 2028 to 2029, while Bentley has delayed its first electric model's production from 2025 to 2026 [8] - Maserati has even canceled its electric version of the MC20, citing market research indicating that customers still prefer high-performance gasoline engines [8]

Core Viewpoint - Ferrari has appointed Yang Yue Si as the President of Greater China starting September 2025, aiming to revitalize its declining sales in the region, particularly as the company faces challenges in the luxury car market due to a shift towards electric vehicles and changing consumer preferences [2][3]. Group 1: Leadership and Experience - Yang Yue Si has over 10 years of global management experience with Ferrari, having held significant positions in various markets including Europe, the Americas, Australia, and New Zealand [2][3]. - Prior to his new role, Yang served as the President of Ferrari Australia and New Zealand, where he successfully enhanced the brand's influence and drove sustainable business growth [3]. Group 2: Market Performance - In the first half of 2025, Ferrari's sales in China were only 356 units, representing a 20% decline year-on-year, while European and North American markets experienced positive growth [2][3]. - The decline in sales is attributed to a decrease in purchasing power among the ultra-high-end consumer segment, impacting the demand for imported luxury vehicles [3]. Group 3: Product Strategy and Electric Vehicles - Ferrari is accelerating its electrification strategy, aiming for carbon neutrality by 2030, with electric and hybrid models expected to account for 40% of sales, while only 20% will be traditional fuel vehicles [6]. - The launch of Ferrari's first electric vehicle has been postponed to spring 2026, with initial customer deliveries expected by October 2026 [6][7]. - Despite the delay, Ferrari's product lineup has increasingly shifted towards hybrid models, which accounted for 45% of deliveries by the second quarter of 2025 [7]. Group 4: Market Adaptation and Tax Benefits - The lower tax rates for electric vehicles in China are anticipated to be a key factor in revitalizing Ferrari's market presence, with the first electric model subject to a 30% composite tax rate compared to nearly four times that for traditional models [7]. - Ferrari is enhancing its customer engagement through various initiatives, including expanding showrooms and service centers in key regions like the Guangdong-Hong Kong-Macao Greater Bay Area [4].

Core Viewpoint - Stellantis Group has denied rumors of selling its luxury car brand Maserati, despite ongoing speculation and declining sales figures [2][4]. Group 1: Sales Performance - Maserati's global deliveries have decreased from 25,900 units in 2022 to 11,300 units in 2024, with sales in China dropping from 4,680 units in 2022 to 1,209 units [2][4]. - In China, Maserati's sales have halved, with figures falling from 14,400 units in 2017 to just 1,209 units in 2024, marking a 58% decline [4][6]. - The first five months of 2025 saw Maserati's sales at only 384 units, a 44% year-on-year decrease [4][8]. Group 2: Financial Performance - Stellantis Group reported a net revenue of €156.9 billion in 2024, a 17% decline year-on-year, and a net profit of €5.5 billion, down 70% [2]. - Maserati is currently facing financial difficulties and is operating at a loss, as stated by the Stellantis CEO [4][9]. Group 3: Brand Positioning and Strategy - The CEO of Stellantis emphasized that Maserati's issues stem from unclear brand positioning rather than product quality, indicating a need for better brand communication [5]. - Maserati has been associated with micro-businesses in China, which has negatively impacted its brand image and sales [5][6]. Group 4: Management Changes and Pricing Strategy - Maserati has frequently changed its leadership in China to address declining sales, with new appointments made in 2023 and 2024 [6][7]. - The brand has also reduced prices significantly, with some models now priced below €65,000, which undermines its luxury positioning [7][8]. Group 5: Market Trends - The luxury car market in China is experiencing a downturn, with other high-end brands like Bentley and Rolls-Royce also reporting sales declines [8]. - The overall trend indicates a slowdown in purchasing power among ultra-high-end consumers, posing challenges for maintaining brand influence and mitigating sales declines for Maserati [9].

Core Viewpoint - Ferrari has delayed the launch of its second all-electric vehicle from 2026 to at least 2028 due to insufficient demand for high-performance luxury electric cars, raising concerns about the future of ultra-luxury brands' transition to electric vehicles [2][4]. Group 1: Ferrari's Electric Vehicle Strategy - Since 2019, Ferrari has entered the hybrid vehicle market, with hybrids expected to account for half of its total sales by 2024 [3]. - The first all-electric model was initially set to debut in 2026, but the timeline has been adjusted, with the global premiere now scheduled for spring 2026 and first deliveries expected in October 2026 [3][4]. - The second all-electric model, seen as a pivotal point in Ferrari's electric strategy, was originally planned for late 2026 but is now anticipated to launch no earlier than 2028 [4]. Group 2: Market Challenges for Ultra-Luxury Brands - The demand for high-performance electric vehicles is currently perceived as "zero," with internal targets for sales of 5,000 to 6,000 units over five years deemed unsustainable due to lack of customer interest [4]. - The unique sound of internal combustion engines is a significant appeal for Ferrari's core clientele, and the absence of this feature in electric vehicles may diminish their attractiveness [4][6]. - Other luxury brands, such as Lamborghini and Aston Martin, are also facing similar challenges, with several delaying their electric vehicle launches due to insufficient consumer interest [7][10]. Group 3: Industry Trends and Responses - Many ultra-luxury brands are postponing or scaling back their electric ambitions, with Lamborghini pushing its first all-electric model from 2028 to 2029 [7]. - Bentley has delayed its first all-electric vehicle from 2025 to 2026 and extended its timeline for full electrification from 2030 to 2035 [9]. - Maserati has canceled plans for an electric version of its MC20 model due to anticipated low demand, indicating a preference among its customers for high-performance gasoline engines [10][11].

Core Viewpoint - The ultra-luxury car market in China is experiencing a significant downturn, with a 53% year-on-year drop in sales of vehicles priced over one million yuan in Q1 2025, indicating a faster contraction than the overall industry [1] Group 1: Market Performance - In Q1 2025, sales of million-level luxury cars fell to 21,000 units, a stark contrast to the stable annual sales of around 200,000 units from 2021 to 2023 [1][2] - Lotus Technology reported a 46% decline in revenue year-on-year, but also showed signs of recovery with a 56% reduction in operating losses and an increase in gross margin from 3% in 2024 to 12% in Q1 2025 [2][4] Group 2: Financial Metrics - Lotus's operating loss decreased from $233 million in the previous year to $103 million, while adjusted EBITDA improved from -$200 million to -$136 million, reflecting a 33% reduction [4] - The gross margin increased from 7% to 12% in Q1 2025, indicating a strong recovery despite still being lower than the previous year [5][6] Group 3: Market Strategy - Lotus is focusing on cost control and efficiency improvements, with a continuous decline in operating expenses over six quarters [4] - The company is also diversifying its market presence, achieving a balanced distribution of sales across Europe, China, and North America, each accounting for 32% of total sales [8] Group 4: Future Outlook - The ultra-luxury car market in China is expected to have a long-term demand ceiling, despite current challenges, as the economic level continues to rise [11] - Lotus aims to leverage its historical brand value and technological advancements to differentiate itself in a competitive market, focusing on electric and hybrid models [13][14]

Group 1 - Ferrari aims to revitalize its sales in the Chinese market with the launch of its first all-electric supercar, Elettrica, expected in October [1][3] - The Elettrica will be subject to a 30% composite tax rate in China, significantly lower than the nearly fourfold tax burden on current 12-cylinder models, which includes import, consumption, and value-added taxes [3][6] - Ferrari's CEO, Benedetto Vigna, indicated that a new model tailored for the Greater China market will be introduced this year, which is expected to improve market conditions [3][6] Group 2 - Since 2022, Ferrari's sales in China have stagnated, with a 25% decline in shipments in Q1, reaching a four-year low, largely due to competition from local high-end manufacturers [6] - Despite the challenges, Ferrari's reliance on the Chinese market is relatively low, with only about 10% of total shipments directed to China, partly due to high import duties on vehicles with engine displacements over 4L [6] - The company is considering revising its export limitations to China as it enters the electric vehicle market, which could enhance its competitiveness due to the exemption of consumption tax on electric vehicles in China [6][8] Group 3 - The Elettrica will be produced in a dedicated electric vehicle factory known as "E-Building," and it will be the electric version of Ferrari's first SUV, Purosangue [8] - Ferrari is exploring unique sound characteristics for its electric vehicles, with specific sounds already patented, ensuring that each model will have its distinct auditory identity [8]

Group 1 - The acceptance of plug-in hybrid models among Bentley customers is increasing, while the acceptance of pure electric models remains unclear. Bentley plans to launch its first pure electric model within two years [1][7]. - Bentley's performance in the global and Chinese markets is facing challenges, with 2024 being a transitional year. The introduction of the new Continental GT with a high-performance hybrid system is expected to meet performance expectations in Q1 2025. However, overall market prospects are uncertain due to changes in U.S. tariffs, which will impact Bentley's business in the U.S. and affect Chinese customers [4][5]. - The ultra-luxury car market in China is contracting, but Bentley's market share in this segment is growing positively. The company will work closely with its Chinese team to carefully manage supply and demand [5]. Group 2 - Bentley has extended the lifecycle of its plug-in hybrid models from 2030 to 2035 due to positive market feedback regarding the transition from the W12 engine to the V8 hybrid system [6]. - The company is focused on ensuring that its upcoming pure electric model features suitable technology for higher charging efficiency and range, marking it as a completely new Bentley model rather than an electrified version of existing models [7]. - While the trend of smart technology in vehicles is prominent, Bentley customers prioritize craftsmanship and classic design elements when choosing their vehicles. The company remains committed to technological innovation and is actively monitoring industry developments to incorporate suitable technologies into its latest models [8].