在财报发布后的电话会议上，CEO埃隆·马斯克一如既往地描绘着自动驾驶和机器人的未来图景，但市场似乎失去了耐心。股价盘后跌幅一度扩大至5%， 为今年累计约18%的跌幅再添阴霾。 在《一品汽车》看来，加州注册量七连跌、中国销量腰斩、全球交付量骤降13%，曾经引领电动车革命的巨人正在悬崖边跳舞。 01 核心业务危机， 销量与盈利的双重崩塌 Part One 据财报数据显示，特斯拉的第二季度净利润从去年同期的14亿美元，骤降至11.7亿美元，每股收益0.33美元，同比下滑18%。汽车业务作为核心板块，营 收从去年同期的199亿美元缩减至167亿美元，同比降幅达16%。 此外，其监管积分销售收入由8.9亿美元降至4.39亿美元，成为拖累业绩的关键因素。这项曾为特斯拉带来丰厚利润的业务正在迅速萎缩，预示着传统盈利 模式的终结。在核心市场加州，特斯拉的困境尤为突出。第二季度加州注册量同比下降21%，从52000辆降至41138辆。这已是特斯拉在该地区连续第七个 季度出现同比下滑。 更令人担忧的是，特斯拉的颓势正在拖累整个电动车市场。加州新汽车经销商协会数据显示，零排放车辆占加州新车销量的比例，同样从2024年的22%降 至 ...

Group 1 - The Democratic Republic of Congo (DRC) is seeking to establish a cobalt pricing mechanism to promote domestic processing of cobalt, following a ban on cobalt exports [1][2] - The DRC accounts for approximately 75% of global cobalt supply, and the export ban was implemented after cobalt prices fell significantly and production increased [1][2] - Since the export ban, cobalt prices have risen nearly 60%, while the price of cobalt hydroxide has more than doubled [1] Group 2 - The DRC does not want cobalt prices to exceed $40 per pound, a level seen in 2018 and 2022, and aims to stabilize cobalt prices [2] - China’s imports of cobalt intermediate products dropped over 60% in June, marking a significant decline since the DRC's export ban [2] - The DRC and the U.S. are working to establish a strategic partnership to attract more American investment in its mineral resources, including copper, cobalt, lithium, and tantalum [2] Group 3 - Rising cobalt prices may lead to increased battery costs, forcing automakers to raise prices and delaying the affordability of electric vehicles [3] - Strict control measures and rising prices could push electric vehicle battery manufacturers to shift towards cobalt-free battery technologies [3] - Companies like BYD and CATL are expanding their lithium iron phosphate (LFP) production, with Tesla using LFP batteries for 50% of its global sales in 2023 [3]

零跑汽车高级副总裁曹力表示，零跑B01搭载高通8650高性能芯片和激光雷达端到端大模型，算力达 200TOPS，并配备27颗高精度感知硬件，支持高速领航辅助、通勤领航辅助、停车场记忆泊车等26项辅 助驾驶功能。 曹力认为，纯视觉方案在极端天气或复杂光线条件下存在局限性，而激光雷达的加入能够有效弥补这一 短板，提升辅助驾驶系统的安全冗余。 朱江明表示，公司第二季度的平均月销量稳定在4.5万辆左右，预计将带动毛利、净利润等显著提升。 今年上半年，零跑累计交付22.17万辆，全年目标50万辆，并希望"超预期达成"。 中证报中证网讯(记者李嫒嫒)7月24日晚，零跑汽车旗下B系列首款纯电轿车——零跑B01正式上市，定 位为"年轻人的高品质智能轿车"，搭载零跑汽车最新LEAP3.5技术架构，瞄准A级轿车市场。新车推出 三种续航共六款版本，官方指导价为8.98万元-11.98万元。零跑汽车董事长朱江明在发布会后的媒体采 访中表示："零跑争取做'世界级电动车企'，目标年销量400万辆。" "年销百万辆是车企生存的基础，零跑正朝这一目标加速迈进。"朱江明说。 朱江明表示，零跑汽车争取成为"世界级电动车企"，目标年销量400万辆 ...

Group 1 - Sony Group and Honda Motor are accelerating their plans to launch electric vehicles in the US market through their joint venture, Sony Honda Mobility [1][2] - The Afeela 1 electric vehicle model will begin pre-sales in California this year, with deliveries expected to start in mid-2026 [1][2] - Afeela 1 features a dual-motor all-wheel drive system with an estimated EPA range of 300 miles (approximately 483 kilometers) and a starting price of $89,900 in the US market [1] Group 2 - The vehicle integrates artificial intelligence technology to enhance driving and user experience systems, with a focus on developing in-car entertainment systems for autonomous driving [1] - Sony Honda Mobility has partnered with Microsoft to develop a conversational AI assistant based on Microsoft's cloud services [1] - The strategic alliance between Sony and Honda, established in 2022, aims to create a new era centered on electric vehicles and mobility services, leveraging Honda's automotive expertise and Sony's digital technology advantages [2]

特斯拉报告季度营收下降12%至225亿美元，不及分析师预期，创逾10年来最大降幅。马斯克在财报电话会议中坦言，受电动车税收抵免政策突变与关税冲击，预警未来几个季度将很艰难。特斯拉股价在财报电话会议期间下跌5%。特斯拉表示，已于6月开始生产其“首批”经济型车，并预计今年下半年实现量产。 https://t.co/BtRtIDYMbJ ...

Group 1 - The company approved the first grant of restricted stock under the 2025 Restricted Stock Incentive Plan during board and supervisory meetings held on June 20, 2025 [1] - A total of 393 individuals were initially designated as incentive recipients, but this number was adjusted to 387 due to voluntary forfeitures of stock by 6 individuals (53,666 shares) and partial forfeitures by 4 individuals (31,500 shares) [2] - The actual number of shares granted was reduced from 12,053,690 shares to 11,968,524 shares, with a grant price of RMB 20.01 per share, totaling RMB 239,490,165.24 [2] Group 2 - The company has applied for registration of the granted shares with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [2] - The stock structure before and after the changes will be based on the company's capital structure as of July 22, 2025, and will be confirmed by the China Securities Depository and Clearing Corporation Limited [3] - The company will fulfill its information disclosure obligations in accordance with relevant regulations following the registration of the incentive plan [3]

Group 1 - The UK government announced a new subsidy policy for electric vehicles (EVs) totaling £650 million, which will assess subsidy eligibility based on the carbon emissions of the electricity used in vehicle production [1] - EVs priced below £37,000 can receive a maximum subsidy of £3,750 for the lowest emissions models, while slightly higher emissions models can receive up to £1,500 [1] - The policy has caused confusion within the automotive industry, with some companies establishing "war rooms" to analyze which models fall under the various emission categories [1] Group 2 - Industry experts warn that the policy may suppress new car sales in the short term and negatively impact second-hand EV prices in the long term [1] - The British Vehicle Rental and Leasing Association (BVRLA) expressed concerns that stimulating new car demand without supporting the second-hand market could accelerate depreciation of used car prices [2] - The Chinese Embassy in the UK urged the government to ensure a fair and non-discriminatory environment for investments from all countries, criticizing the policy as exclusionary and protectionist [2] Group 3 - BYD's executive vice president criticized the subsidy policy as "meaningless," suggesting it aims to exclude Chinese brands and acts as a "backdoor tariff" [2] - BYD plans to open approximately 280 stores in the UK, creating over 5,000 jobs, with each store expected to employ around 20 people [3] - BYD aims to localize production in Europe through factories in Hungary and Turkey, and plans to establish 2,000 retail stores across Europe, with Chinese brands currently holding nearly 5% market share in the UK and European EV markets [3]

Group 1 - Tesla Model 3 offers an insurance subsidy of 8,000 yuan to celebrate global sales reaching 3 million units, valid until July 31 [1][5] - The launch of the refreshed Model 3/Y has significantly improved product competitiveness, but increased competition from brands like Xiaomi's YU7 poses challenges for Tesla [3] Group 2 - Tesla's first Supercharger restaurant has opened in California, featuring a 1,000 square meter area, 250+ dining seats, and a daily capacity of 2,500 visitors [4][7] - The restaurant combines retro and futuristic design, equipped with 80 V4 supercharging stations, and offers a unique dining experience for Tesla owners [7][9] - This venture into the restaurant business represents a bold attempt by Tesla to integrate charging time with other consumer activities, potentially leading to new business models like Tesla member stores and hotels [9] Group 3 - Lynk & Co's Z20 430km version has been launched with a price range of 109,900 to 118,900 yuan, offering a more affordable entry point for consumers [10][11] - The new model features a 175kW electric drive and a 51.2kWh lithium iron phosphate battery, achieving a 0-100 km/h acceleration time of 6.9 seconds and a CLTC range of 430 km [13] - The 430km Pro version is highlighted as the best value option, appealing to consumers who prefer the Lynk & Co Z20 design without needing a larger battery [14]

Core Viewpoint - The collaboration between former Volkswagen CEO Herbert Diess and a newly established small tech company in China's Jinyun County represents a significant shift in global supply chain cooperation and the new industrial landscape, focusing on lightweight electric vehicles [1][4]. Group 1: Partnership Details - The partnership involves Sun Venture from Germany and Huari Dynamic Technology, aiming to integrate China's supply chain advantages with European market resources to develop, procure, and export lightweight electric vehicles [2][3]. - The goal is to achieve an export value exceeding 100 million yuan within three years, highlighting the potential of the collaboration [2]. Group 2: Market Context - The demand for lightweight electric vehicles, such as electric skateboards and micro electric vehicles, is expected to surge in the European market, creating a favorable environment for this partnership [8]. - The collaboration is seen as a strategic move to leverage China's mature electric vehicle supply chain to accelerate the electrification of transportation in Europe [7][12]. Group 3: Company Background - Sun Venture, founded by Herbert Diess, focuses on electrification transformation and high-performance power systems, with a specific interest in two-wheeled electric vehicles that are gaining popularity in Europe [6][12]. - Huari Dynamic Technology, established in Jinyun County, has advanced self-research capabilities in battery, motor, and control systems, making it a suitable partner for Sun Venture [11][12]. Group 4: Future Plans - The companies plan to develop the Fast Track mountain skateboard, with a focus on high-power versions, and aim to establish a research and development center in China for further product innovation [13]. - The partnership is expected to enhance local talent development in electric vehicle technology, contributing to the growth of the industry in Jinyun County [13].

Investment Rating - The industry investment rating is "Maintain" for Huasheng Lithium [3][7]. Core Views - The report highlights the delivery of key equipment for solid-state batteries by Nakanor, marking a technological breakthrough in the solid-state battery equipment field [11]. - A strategic cooperation agreement was signed between Huasheng Lithium and Anwa New Energy to collaborate on research and development in lithium-ion battery materials, particularly solid-state battery materials [11]. - The electric new energy sector saw a weekly increase of 2.68%, outperforming the CSI 300 index by 1.86 percentage points [7][12]. Summary by Sections Section 1: Key Equipment Delivery and Cooperation - Nakanor's solid-state battery key equipment has been officially delivered to leading customers, indicating a shift towards industrial application [11]. - Huasheng Lithium and Anwa New Energy have established a cooperative framework to enhance their technological and market capabilities [11]. Section 2: Market Performance Review - The electric new energy sector increased by 0.5% this week, ranking 15th among 30 industry sectors, underperforming the CSI 300 index which rose by 1.09% [12]. - The top-performing sub-sectors included vehicle motor control (4.83%), motors (3.38%), and energy storage (2.72%) [12]. Section 3: New Energy Vehicle Industry Tracking - The report tracks the lithium battery supply chain, noting a 2.21% increase in battery-grade lithium carbonate prices, now at 64,800 CNY per ton [33]. - Cobalt and nickel prices showed slight increases, while some electrolyte prices decreased [34]. Section 4: Valuation Situation - As of July 18, 2025, the electric new energy sector's valuation stands at 62x, ranking 6th among all sectors, while the CSI 300 index is at 13x [24]. - Specific sub-sectors like motors and energy storage have significantly higher valuations at 321x and 228x, respectively [24]. Section 5: Important Listed Company Announcements - Tianqi Lithium's subsidiary signed a procurement cooperation agreement to supply at least 550,000 tons of electrolyte products [46]. - Huasheng Lithium announced a government subsidy of 2 million CNY [46]. Section 6: Important Industry Dynamics - Zangge Lithium was ordered to cease operations due to illegal lithium resource extraction [48]. - Guoxuan High-Tech's liquid cooling energy storage system received EU compliance certification [48].