文丨袁杰 去年10月初，在欧盟表决通过对华电动汽车加征关税案时，德国投了反对票。今年4月初， 美国对进口汽车加征25%关税时，在欧洲国家中，又是德国受伤最重。因而，这个欧洲最大 经济体为了自身利益正着力推动中欧重启电动汽车价格承诺谈判，并乐见其成。 欧盟对中国电动车加征关税 2024年10月4日，欧盟成员国代表曾对来自中国的电动汽车征收部分高额反补贴税一事进行 过投票表决。 编者荐语： 日本经济新闻社与金融时报2015年11月合并为同一家媒体集团。同样于19世纪创刊的日本和英国的两家 报社形成的同盟正以"高品质、最强大的经济新闻学"为旗帜，推进共同特辑等广泛领域的协作。此次， 作为其中的一环，两家报社的中文网之间实现文章互换。 以下文章来源于FT中文网 ，作者袁杰 FT中文网 . 英国《金融时报》集团旗下唯一的中文商业财经网站，旨在为中国商业菁英和决策者们提供每日不可或 缺的商业财经资讯、深度分析以及评论。 德国现正着力推动中欧重启电动汽车价格承诺谈判，并乐见其成，因为这符合这个欧洲 最大经济体的自身利益。 阅读更多内容请点击下方" 阅读原文 " （本文由FT中文网提供） ...

Core Viewpoint - The recent challenges faced by Xiaomi's founder and CEO Lei Jun have prompted a period of reflection and adjustment for the company, particularly in the electric vehicle sector, following a serious incident involving the Xiaomi SU7 [1][2]. Group 1: Company Challenges and Responses - Lei Jun described the past month as the most difficult since founding Xiaomi, leading to a temporary withdrawal from public engagements and social media [1]. - The company has faced scrutiny after an accident involving the Xiaomi SU7, resulting in a rebranding of "smart driving" to "assisted driving" on their vehicle ordering page [1]. - Despite these challenges, Lei Jun expressed gratitude for the support received, which has helped him regain confidence and motivation [1]. Group 2: Product Development and Future Outlook - The Xiaomi SU7 Ultra is currently undergoing testing at the Nürburgring, indicating the company's commitment to advancing its electric vehicle technology [2]. - Xiaomi's participation in the Shanghai Auto Show showcased its products, including the SU7 Ultra, and highlighted the company's ongoing efforts in the automotive sector [1]. - The company remains focused on addressing the incident's implications while continuing to push forward with its electric vehicle initiatives [2].

Core Viewpoint - Tesla's unusual decision to enforce a mandatory week-long leave for employees at its Austin factory during Memorial Day week has raised questions about its production status and market strategy [2][3]. Group 1: Production and Market Strategy - The Austin factory's mandatory leave is unprecedented in Tesla's history, leading to speculation about the current production conditions and market strategies [2]. - Analysts suggest that the leave may relate to production task arrangements, changes in market demand, and inventory management [3]. - The decision to halt production during a significant holiday may indicate Tesla's anticipation of reduced consumer purchasing activity during this period [3]. Group 2: Employee Impact - The mandatory leave presents a unique experience for employees, potentially affecting their personal lives and work plans [3]. - Conversely, this break may provide employees with an opportunity to rest and recharge, which could enhance their efficiency and quality of life [3]. Group 3: Industry Implications - Tesla's decision may influence the broader automotive industry, prompting other manufacturers to reconsider their production strategies and employee arrangements in response to market dynamics [4]. - In Q1, Tesla's global sales were 336,700 units, a 13% year-over-year decline, with automotive revenue decreasing by 20% [4]. - In the U.S. market, Tesla sold approximately 130,000 vehicles in Q1, down 9.1% year-over-year, with Model Y sales dropping by 33.8% to 64,051 units, and Cybertruck sales at 6,406 units [4].

Core Viewpoint - Xiaomi is expected to replicate the success of tech giants like Apple, driven by strong performance in electric vehicles and smartphones, with Morgan Stanley projecting a market value of 2.5 trillion RMB by 2030 and a stock price exceeding 100 HKD, indicating nearly 100% upside potential in the next five years [1][2]. Group 1: Electric Vehicle Business - Morgan Stanley predicts Xiaomi's electric vehicle (EV) sales will grow rapidly, with a compound annual growth rate (CAGR) exceeding 100%, and the price-to-sales ratio (P/S) expected to reach 2-3 times by 2026 [2][12]. - Revenue from the EV business is projected to increase from 33 billion RMB in 2024 to 233 billion RMB in 2027, and further to 462 billion RMB by 2030, with profits expected to turn from a loss of 6.2 billion RMB in 2024 to a profit of 46 billion RMB by 2030 [3][6]. - The launch of the SU7 Ultra marks a significant milestone for Xiaomi, enhancing its brand value and market share in the high-end EV segment [5]. Group 2: Traditional Business - Xiaomi's traditional business, encompassing smartphones, AIoT, and internet services, is expected to benefit from market share gains, product mix improvements, and international expansion, with revenue projected to rise from 333 billion RMB in 2024 to 600 billion RMB by 2030 [4]. - Profit from traditional business is anticipated to grow from 33.4 billion RMB in 2024 to 70 billion RMB by 2030 [4]. Group 3: Valuation Comparisons - Morgan Stanley uses comparisons with Tesla, BYD, and Apple to provide a valuation framework for Xiaomi, noting that BYD's EV sales grew approximately 70% in 2020 and 150% in 2021, with significant increases in P/S and P/E ratios during that period [11][13]. - The report suggests that Xiaomi's EV business could achieve a valuation premium compared to other EV companies due to expected stronger growth by 2025 [18]. Group 4: Future Projections - By 2030, Xiaomi's total revenue is projected to exceed 1 trillion RMB, with net profits potentially surpassing 100 billion RMB [6]. - In a baseline scenario, Xiaomi's market value could reach 1.2-1.6 trillion RMB in the next 6-12 months, corresponding to a stock price of 50-67 HKD [16]. In an optimistic scenario, the stock price could rise to 75-85 HKD, while a pessimistic scenario could see it drop to 25-40 HKD [17].

Group 1 - Tesla's stock price surged by 4.72% on May 9, marking a three-day increase of 8.32%, reaching its highest value since February 2025, which has sparked market discussions [1] - The appointment of Elon Musk to a new government efficiency position by Trump has contributed to the rise in Tesla's stock, although investor reactions are mixed due to concerns about Musk's focus on multiple companies and political involvement [1] - The political environment post-election has influenced market sentiment, leading to a rapid rebound in Tesla's stock after significant declines, prompting investors to reassess its potential in the electric vehicle and renewable energy sectors [1] Group 2 - Tesla's growth is not solely dependent on market support and policy environment; its production and technological advancements, such as the rapid ramp-up of Model Y production at the Shanghai Gigafactory, are crucial factors [2] - Challenges remain for Tesla, including uncertainties in global economic recovery, changes in the macroeconomic environment, and intensified competition from other automakers in the electric vehicle market [2] - Tesla must closely monitor regulatory changes in various countries, particularly regarding electric vehicle subsidies and emission standards, as these can directly impact its market performance and sales [2] Group 3 - To maintain its market position and ensure stock stability and growth, Tesla should focus on enhancing product performance and user experience, as well as strengthening supply chain management [2]

在电动汽车和智能手机等核心业务的强劲驱动下，小米能否复制苹果等科技巨头的成功？ 据追风交易台最新消息，摩根士丹利在最新报告中指出，预计小米市值可能在2030年前达到2.5万亿元人民币，股价有望突破100港元。这一数字意味着， 未来五年小米股价还有接近100%的上涨空间。 大摩通过类比苹果、特斯拉和比亚迪，为小米的估值提供了参考框架——销量飙升带来估值大幅扩张。 报告通过类比特斯拉和比亚迪，预计小米电动汽车业务在未来两年将实现快速增长（销量CAGR超过100%），市销率有望在2026年达到2至3倍。此外， 小米凭借"智能手机 + AIoT + 互联网服务"的模式，有望复制苹果的成功，大摩预计该业务在2025年的市盈率达到20-25倍。 双引擎驱动长期增长 大摩认为，小米的长期增长将由两大核心引擎驱动：电动汽车业务和传统业务（智能手机+AIoT+互联网服务）。大摩预计， 小米电动汽车业务收入将从2024年的330亿元快速增长至2027年的2330亿元，并进一步扩大到2030年的4620亿元；同时，电动汽车业务利润将 在2027年达到200亿元，2030年达到460亿元，作为对比，2024年亏损62亿元。 尤其在电 ...

Core Insights - The article highlights a significant shift in the perception of China's technological capabilities, with former Google CEO Eric Schmidt acknowledging that China has transitioned from a "follower" to a "runner" and even a "leader" in advanced technologies like AI [1][3]. Group 1: Technological Advancements - China has made notable breakthroughs in various sectors, including AI models, electric vehicles, and humanoid robots, despite U.S. sanctions on chip exports and technology [3][4]. - The DeepSeek V3 model has shown global leadership in non-inference testing, and companies like Xiaomi have successfully mass-produced electric vehicles, indicating a robust technological ecosystem [3][4]. Group 2: Resilience and Innovation - U.S. sanctions have inadvertently accelerated China's self-research, industry iteration, and talent development, leading to a more resilient and pragmatic technological ecosystem [3][6]. - China's ability to rapidly commercialize and scale technologies at lower costs is a key advantage, allowing for swift adoption of innovations across various sectors [4][6]. Group 3: Global Leadership Dynamics - Schmidt warns that the U.S. must abandon its complacent belief in its natural technological superiority, as historical shifts in technological leadership have altered global power dynamics [6][9]. - China aims to capture 45% of the global manufacturing market by 2030, supported by a complete industrial chain, a dense talent pool, and a large domestic market [6][9]. Group 4: Perception Shift - The West is transitioning from viewing itself as a technological leader to recognizing a crisis of innovation, as China's manufacturing is now seen as resilient and efficient rather than merely a cheap alternative [7][9]. - Schmidt's acknowledgment that "the U.S. must learn from China" signifies a recognition of China's technological achievements and the need for the U.S. to adapt [9].

Financial Performance - Faraday Future reported Q1 2025 revenue of $300,000, primarily from FF 91 deliveries and leasing [1] - Operating loss was $43.8 million, consistent with the same period last year [1] - Operating cash outflow was $20.3 million, a 38% year-over-year increase [1] - Financing cash inflow reached $24.6 million, marking the third consecutive quarter of financing inflow exceeding operating outflow [1] - Operating expenses were $22.8 million, slightly down from the previous year [1] Product Development and Strategy - The company announced the FX Super One plan, positioned as a "First Class AI-MPV," which is a key part of its FX brand strategy [1] - Faraday Future plans to hold the FX Super One product launch event at the end of June, aiming for nearly 10,000 pre-orders within 48 hours [3] - The first FX vehicle is expected to roll off the production line by the end of 2025 [3] - The company is focusing on seven states in the U.S. with strong demand for AI electric vehicles (AIEV) for its B2B sales strategy [3] Management and Organizational Changes - Jerry Wang has been appointed as Global President, overseeing global operations, product delivery, and organizational efficiency [2] - Co-founders YT Jia and Matthias Aydt will serve as Co-CEOs [2] Technological Innovations - The company completed the internal development of its first automotive operating system based on the AI Agent framework [2] - Faraday Future launched the 57th software update for the FF 91, enhancing user experience and system performance [2] - A new subsidiary, Future AI Hybrid Extended-Range (AIHER), has been established to develop the world's first super AI hybrid extended-range electric drive system [2] Funding and Investor Relations - In addition to previously secured $20 million, the company raised an additional $41 million [2] - Faraday Future is planning to establish an office in New York to enhance its market presence [2] - The company has initiated a stock buyback plan, with YT Jia committing to purchase FFAI shares using his post-tax bonus [4] Global Expansion and Compliance - The company is preparing its factory in Ras Al Khaimah, UAE, for operations [2] - Faraday Future is actively working on compliance and regulatory processes for its vehicles in the U.S. [1][3] - A global strategic policy research center has been established to monitor international policy trends and engage with policymakers [4]

5月5日，《华尔街日报》凭借对埃隆·马斯克的一系列调查报道，获得了普利策奖，获奖原因是"揭露了当代最具权势科技人物之一在权力、利益和公众责 任之间的严重问题"。 《华尔街日报》的"马斯克凌驾于法律之上"的系列报道，调查了这位硅谷拥有亿万财富的企业家私人生活的情况、与俄罗斯总统普京的秘密谈话以及和特 斯拉董事会的深厚关系，同时还记录了马斯克如何由一名商人变为一名政客的历程，以及其如何与特朗普建立深厚的联盟。 硅兔君选择该系列中，其中一篇报道对其进行编译，这篇报道发布于2024年2月6日，华尔街日报官网，记者采访了马斯克旗下公司的多名员工、董事以及 相关人士，理解了马斯克与特斯拉董事会成员之间难以分割的利益捆绑，其如何用私人关系和个人好恶运转自己的商业帝国。 以下为全文报道翻译： 马斯克(Elon Musk)旗下的电动汽⻋制造商特斯拉(TeslaInc., TSLA)的董事会成员曾陷⼊两难境地。⻛险投资家Steve Jurvetson曾在特斯拉⻓期担任董事，在 ⼀项内部调查发现他曾与科技⾏业的多名⼥性上床并使⽤⾮法药物后，他离开了这家公司。 其中⼀些细节在2017年被媒体⼤肆报道，据知情⼈⼠透露，特斯拉的董事们私 ...

Core Insights - The article highlights the resurgence of AI investment logic, driven by positive trade negotiations and support from major financial institutions like BlackRock and Oppenheimer, emphasizing the long-term growth potential of AI investments [1][2] - Tesla is identified as a key player in the AI and manufacturing integration, with its advancements in AI-driven technologies such as Full Self-Driving (FSD) and Robotaxi contributing to its stock price rebound [1][2][3] Group 1: AI and Manufacturing Integration - Morgan Stanley's report suggests that the combination of AI and traditional manufacturing could revitalize the long-stagnant U.S. manufacturing sector, with Tesla being the prime example of this synergy [2][3] - The report outlines Tesla's competitive advantages through a "six-dimensional moat" framework, highlighting its unique position in the AI and manufacturing landscape [3][9] Group 2: Tesla's Competitive Advantages - The six dimensions of Tesla's moat include Data, Robotics, Energy, AI, Manufacturing, and Space, which collectively enhance its market position and operational efficiency [9][10] - Tesla's ability to gather extensive data from its fleet of 7 million vehicles, projected to exceed 100 million by 2040, provides a significant edge over competitors [9] - The integration of advanced manufacturing techniques and a robust domestic supply chain positions Tesla favorably against global trade challenges [10] Group 3: Future Outlook - Morgan Stanley maintains a bullish outlook on Tesla, reiterating an "overweight" rating with a target price of $410, reflecting confidence in its growth trajectory [3][10] - The report emphasizes the importance of manufacturing as a core component of Tesla's strategy, likening its role to that of books for Amazon, indicating a closed-loop system of data and product development [10][12]