消息面上，2025年12月31日，智驾大陆neueHCT完成近2亿美元融资。本次融资由云锋基金、达晨(达晨 财智、国晨创投)、混沌投资、碧鸿投资、宁波通商基金(甬宁高芯基金)等领先产业资本及市场化基金联 合投资，战略股东欧摩威集团(前大陆集团汽车子集团)与地平线机器人-W继续追加投资。这是继2025年 年初高瓴投资、中金保时捷、浙江金控参投的首轮市场化融资后，公司再获投资机构密集认可，彰显公 司技术实力与商业化潜力。 据介绍，依托核心技术积淀，neueHCT已构建 "繁星HCT Astra城区智能辅助驾驶 + 皓月HCT Luna高性 能ADAS方案" 产品矩阵，其中新一代繁星HCT Astra一段式端到端系统，以类人驾驶体验适配复杂城区 路况，将好用的城区辅助驾驶普惠到10万元级乘用车。2025年，公司已斩获超10款车型定点合作，商业 化落地效率凸显。同时，公司业已在海外市场获得商业化突破，在多个国家和地区开展产品落地验证， 推动智能辅助驾驶技术的全球化和普惠化。 智通财经APP获悉，地平线机器人-W(09660)涨近3%，截至发稿，涨2.14%，报9.56港元，成交额5.63亿 港元。 ...

New Street将特斯拉的目标价从520美元上调至600美元，维持"买入"评级。(格隆汇) ...

8 January 2026 | 8:08AM JST Equity Research Tina Hou +86(21)2401-8694 | tina.hou@goldmansachs.cn Goldman Sachs (China) Securities Company Limited China auto sales likely to decline yoy in 2026, leading to an accelerated export drive. Chinese BEVs are structurally more than 30% lower in cost (primarily due to batteries and eAxles), and we expect that Chinese-made BEVs will rapidly penetrate regions with low tariff levels. China effectively controls the BEV supply chain (holding 72-98% of the global market sh ...

Summary of the Conference Call Transcript Industry Overview - **Industry**: China Economic Outlook - **Key Focus**: Public capital expenditure (capex) and private consumption trends in early 2026 Core Insights 1. **Growth Projections**: Early 2026 growth is expected to be led by public capex, with a potential pull towards 5% growth in Q1, although sustainability is questioned due to weak consumer and property sectors [1][6][8] 2. **GDP Tracking**: Q4 2025 GDP is projected to remain below 4.5%, despite a possible year-end rebound driven by fiscal expansion and resilient external demand [3][8] 3. **Public Capex Initiatives**: - Central budget for infrastructure projects increased to Rmb295 billion in Q1 2026 from Rmb200 billion in Q1 2025 - Local government bond issuance plan for Q1 2026 is Rmb665 billion, up from Rmb422 billion in the previous year [6][10] - New venture capital guidance aims to mobilize over Rmb1 trillion [10] 4. **Consumption Trends**: - Consumer spending is lagging, with retail momentum fading post-holiday and subdued service consumption - Continued support for goods trade-in programs, but initial allocations are smaller than the previous year [6][8][30] 5. **Inflation Dynamics**: - Recent upticks in CPI and PPI are not indicative of sustained reflation; core CPI remains muted due to weak final demand [7][8][25] - Inflation increases are primarily driven by commodities like gold and coal, rather than broad-based demand [7][8][25] Additional Important Points 1. **Trade-in Scheme Adjustments**: The 2026 trade-in scheme maintains a similar scale to 2025 but starts softer, with reduced subsidies for home appliances and a narrower range of eligible products [4][30] 2. **Monitoring Indicators**: Key indicators to watch in the coming months include: - Infrastructure bond issuance pace - Consumer goods trade-in program rollout - Mortgage-subsidy pilot designs post-NPC in March [8][9] 3. **Long-term Outlook**: A moderation in growth is anticipated from Q2 2026, with potential housing policy adjustments and incremental support for consumption and social welfare in the second half of the year [8][9] This summary encapsulates the key points from the conference call, focusing on the economic outlook for China, particularly regarding public investment and consumer behavior.

Summary of Key Points from China Automobiles 2026 Management Outlook Call Series Industry Overview - The call series involved discussions with six OEM companies, two suppliers, and one dealer in the Chinese automobile industry, including SAIC, GAC, Xiaomi Corp., Leapmotor, Great Wall, and Seres [1] - Four key themes emerged regarding the outlook for the Chinese auto industry in 2026: 1. Conservative views on industry volume 2. Forecasts of double-digit volume growth with a focus on overseas expansion 3. An aggressive new model pipeline, particularly in the premium segment 4. Potential pricing and margin pressures across the auto value chain [2] Company-Specific Insights Management Outlook 1. **Conservative Volume Expectations**: Management teams expect a year-over-year growth of -5% to +1% for domestic passenger vehicle retail sales in 2026, with a projected 10% increase in NEV retail sales. The total amount of auto trade-in subsidies is expected to decrease to approximately Rmb250 billion in 2026 from Rmb300 billion in 2025 [5][16] 2. **OEM Volume Growth Forecasts**: All six OEMs anticipate volume growth ranging from 11% to 68% in 2026, with a strong emphasis on overseas expansion, targeting growth rates of 19% to 108% in international markets [5][7] 3. **New Model Pipeline**: A total of 119 new models are expected to be launched in 2026, with the premium segment becoming increasingly competitive. The breakdown includes 46 models in the mass market, 37 in the mid-to-high end, and 36 in the premium market [8] Company-Specific Projections - **SAIC**: Targets over 5 million units in deliveries, implying an 11% year-over-year growth, with a focus on launching more than 10 new models overseas [15][17] - **GAC**: Expects a 20% growth in volume, driven by its own brands and exports, with plans to launch 9 new models domestically and 8 overseas [20] - **Xiaomi**: Aims for 550,000 units in deliveries, a 34% increase from 2025, supported by new model launches and increased manufacturing capacity [19][21] - **Leapmotor**: Targets 1 million units in 2026, with a focus on NEV penetration reaching 60% [22] - **Great Wall**: Projects 1.8 million units in deliveries, a 50% increase from 2025, with limited price competition expected overseas [8] Market Dynamics - **Domestic Market Pressures**: The domestic market is expected to face contraction in profit pools, with a forecast of 23 million passenger vehicle retail sales (-2% year-over-year) and 14 million NEV retail sales (+11% year-over-year) [7] - **Export Opportunities**: The export market is seen as a bright spot, with an estimated 7.4 million passenger vehicle exports (+10% year-over-year), primarily driven by NEV exports [7] - **Pricing and Margin Pressures**: OEMs are facing gross profit margin pressures due to factors such as purchase tax refunds and the launch of lower-priced models. Suppliers expect to maintain stable margins despite these pressures [8] Additional Insights - **Technological Developments**: GAC is collaborating with CATL to develop solid-state battery technology, with expectations for mass production by 2027-28 [20] - **Market Competition**: The premium segment is becoming more crowded, with significant competition expected in the Rmb250k-300k price range [8] This summary encapsulates the key insights and projections from the China Automobiles 2026 Management Outlook Call Series, highlighting the cautious yet ambitious outlook of various companies within the industry.

Summary of NVIDIA CES Keynote - Takeaways for US Autos Industry Overview - The focus of the conference was on **Physical AI**, particularly in the context of **Autonomous Vehicles (AV)** and **Humanoids** as the future of AI technology [2][7]. Key Company Insights NVIDIA - **Alpamayo**: A vision language action (VLA) model aimed at addressing the "long tail" of AV edge cases, supported by **AlpaSim** (open-source AV simulation) and **Physical AI Open Datasets** (1,700+ hours of driving data) [2]. - **Isaac GR00T N1.6**: A reasoning VLA model specifically designed for humanoid robotics [2]. Tesla (TSLA) - Despite increased competition in AVs and humanoids, Tesla is viewed as being **years ahead** due to its vertical integration, data, scale, and cost advantages [7]. - The introduction of NVIDIA's technology may help other OEMs accelerate their autonomy programs, but the time required to fully develop and integrate AV technology is expected to be **years, not months** [8]. Rivian (RIVN) - Rivian's own AI and autonomy strategy, including a custom silicon chip, may face competitive pressure from NVIDIA if Rivian decides to sell its technology externally [8]. Lucid Motors (LCID) - Lucid has partnered with NVIDIA to develop hands-off driving technology, with a focus on capital efficiency [8]. General Motors (GM) - GM is leveraging its existing collaboration with NVIDIA to enhance its AV speed-to-market, utilizing digital-twin workflows and NVIDIA DRIVE AGX for advanced ADAS [8]. Ford (F) - Ford is seen as having potential opportunities to advance its L2+ offerings in a capital-light manner, aligning with its recent strategic pivot towards capital discipline [8]. Mobileye (MBLY) - Mobileye's market share may be at risk due to NVIDIA's strong position in high-performance SoCs and compute platforms, which could increase pricing pressure [8][9]. Market Dynamics - The competitive landscape is shifting, with traditional OEMs needing to adapt quickly to maintain relevance as L2+/L3 autonomy becomes a consumer expectation [3]. - The integration of advanced autonomy technologies is expected to compress development cycles and reduce upfront capital expenditures for OEMs [8]. Financial Projections - General Motors has a DCF-derived price target of **$90**, implying a **7.5x** multiple on 2026 EPS of **$12.25** [11]. - Tesla's price target is set at **$425**, with various components contributing to this valuation, including core auto business and network services [12]. Risks and Considerations - Potential risks include execution challenges in EV/AV strategies, regulatory hurdles, and increased competition from both legacy OEMs and new entrants in the market [14][15]. - The need for greater financial transparency and strategic partnerships is emphasized as critical for navigating the evolving automotive landscape [14]. Conclusion - The advancements in AI and autonomy showcased by NVIDIA at CES highlight significant opportunities and challenges for automotive OEMs. Companies like Tesla, GM, and Lucid are positioned to leverage these technologies, while others may face increased competitive pressures. The market dynamics are shifting rapidly, necessitating strategic adaptations from all players involved.

07 Jan 2026 13:39:40 ET │ 23 pages E s s e n t i a l s | Global Theme Machine Valuation weighs on AI theme rankings but they're still attractive CITI'S TAKE Using the Citi Global Theme Machine, we analyse the dynamic attractiveness of 93 global themes mapped across nearly 5,000 listed companies by 200+ Citi Fundamental Analysts. As we do each year, we will be starting our annual theme review and stock remapping in order to update the model – publication is likely to be in February 2026. This is the current ...

Core Insights - Waymo has rebranded its Zeekr RT robotaxi to Ojai, named after a village in California, to enhance brand recognition in the U.S. market [1][2] - The Ojai robotaxi will greet passengers with "Oh hi" and their name, aiming to create a friendly user experience [2] - Waymo's partnership with Zeekr began in 2021, leading to the development of a purpose-built robotaxi prototype [3] Development and Features - The Ojai has undergone extensive testing in cities like Phoenix and San Francisco, with significant hardware features including 13 cameras, four lidar, and six radar [4][6] - The vehicle's paint color has been updated from a bluish tint to a more silver shade as part of final adjustments before its commercial launch [6] Expansion Plans - Waymo is rapidly expanding its commercial robotaxi service, currently operating in five cities and planning to launch in a dozen more, including Denver, Las Vegas, and London, within the next year [7]

Chinese automaker Geely Automobile Holdings Ltd. (OTC:GELYF) (OTC:GELHY) is reportedly mulling an entry into the U.S. market in the near future. Debut In The Next 2-3 Years Ash Sutcliffe, Geely's Head of Global Communications, spoke at the Consumer Electronics Show (CES) 2026 and shared that the automaker could make "an announcement on that in the next 24-36 months," Autoline reported on Monday in a video on YouTube. Geely didn’t immediately respond to Benzinga‘s request for comment. Don't Miss: Missed ...

Core Viewpoint - Ford is developing autonomous driving capabilities, including eyes-off driving, expected to be ready for public roads by 2028, and believes in-house development of self-driving technology will be more cost-effective than outsourcing to suppliers [1]. Group 1: Cost Efficiency and In-House Development - Ford claims that owning the technology for its driver assistance systems allows it to deliver significantly more capability at a 30% lower cost compared to purchasing from outside suppliers [2]. - The company emphasizes that in-house development provides greater oversight on sensor utilization and integration into vehicles, enhancing performance and cost-effectiveness [6]. - By reducing the number of separate computer modules in vehicles to a single unit, Ford aims to achieve smaller, cheaper, and higher-performing systems [7][8]. Group 2: Competitive Landscape and Partnerships - Ford acknowledges the presence of competitors in the ADAS licensing market, such as Nvidia, Waymo, and Wayve, and previously partnered with Mobileye to develop its ADAS software, BlueCruise [8]. - Leading EV companies like Tesla and Rivian have also adopted in-house approaches for self-driving technology, with Rivian recently designing its own silicon chip for autonomous driving [9]. - However, Ford has no plans to develop its own chips and prefers to work with existing suppliers, focusing on volume rather than custom silicon [10].