（原标题：守擂"AI王冠"，小鹏拆掉的拐杖不止语言） 21世纪经济报道记者何煦阳 报道 摘要："当你解决了一个问题之后，你发现之前很多解决不了的难题正在被新的方法论轻松地解决。" 2019年，何小鹏曾提出一句颇具争议的话——"如果只有电动化，电动车没有未来"。这句看似反常识的话，实际上并不反常识——如果说电动化 只是让传统车换了一身皮囊，那么电动化基础上的智能化，才是其与传统汽车彻底区别开的核心。 六年前，敢于重金投入智能驾驶研发的竞争对手寥寥，至暗时刻也不削减智驾投入的何小鹏，需要一遍又一遍跟人解释。但如今，这个观点已成 为行业共识。这位始终将智能驾驶视为 "汽车下半场核心战场" 的创业者，十年间用"All in 智驾"的孤注一掷，带领团队从 XPILOT 1.0 迭代至 VLA 大模型时代，使得智能化成为小鹏汽车最鲜明的标签。 但小鹏的王冠正遭遇前所未有的挑战。10月9日，一则人事变动公告打破行业平静：小鹏原智驾一号位李力耘卸任，由世界基座模型负责人刘先明 接棒。这恰与近期小鹏智驾的市场反响形成微妙呼应 —— 不少用户反馈，小鹏最新推送的智驾5.7.8版本效果不佳。 更激烈的围剿来自身后的追兵。理想汽车刚 ...

Financial Data and Key Metrics Changes - Retail sales volume increased by 36% to over 44,000 cars in the first nine months of 2025 [9] - Revenue grew by 49% to approximately $2.2 billion in the first nine months of 2025 [10] - Adjusted EBITDA loss improved by 8% to $561 million, reflecting fixed cost reductions and carbon credit income [13] - Net loss for the third quarter was $365 million, with a gross margin of negative 6%, a deterioration of 5 percentage points [15] Business Line Data and Key Metrics Changes - Retail sales in the third quarter grew by 13% year-on-year, with revenue increasing by 36% to $748 million [14] - The Polestar 3 and Polestar 4 accounted for 65% of retail sales [9] - Carbon credit sales amounted to $104 million under the new EU pooling agreement, a significant increase from below $1 million in the same period in 2024 [11] Market Data and Key Metrics Changes - Europe remains the main market, representing over 75% of global deliveries, with notable growth in Belgium (40%), Netherlands (37%), Germany (46%), Norway (63%), Sweden (41%), and the U.K. (100%) [6] - Korea showed exceptional growth of 430% [7] - The U.S. market represented only 8% of retail sales for the first nine months of 2025, down from 16% in 2024, due to tariff and policy challenges [10] Company Strategy and Development Direction - The company is focusing on transforming commercial operations, increasing retail footprint, and improving operational efficiency [4] - A shift in platform strategy was announced, utilizing group technology platforms for future models [7] - The company plans to continue optimizing its operations and expects to end the year with approximately 2,000 employees, down from 2,500 [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant external headwinds, including tariff and pricing pressures impacting profitability [9] - The company aims to drive growth through an active selling model and leverage its attractive model lineup [16] - Management expressed optimism about the prospects for the Polestar 4 in North America, highlighting positive media reception [8] Other Important Information - The company raised $200 million in new equity from PSD Investment Limited, controlled by Mr. Li Shufu, founder and chairman of GD Group [16] - A reverse stock split is planned to change the ratio of American depositary shares to ordinary shares [16] Q&A Session Summary Question: Can you help us bridge the walk for gross margin? - Management noted that Q3 gross margin was disappointing due to pricing pressure and higher production costs, with an adverse mix effect from selling more Polestar 2 and 3 [19][20] Question: Can you comment on OPEX spending trends? - Management indicated a significant decrease in fixed costs, driven by optimized marketing expenses and headcount reduction, aiming to reach 2,000 employees by year-end [23][24] Question: How is the bilateral trade agreement affecting business plans? - Management discussed local production in the U.S. and the introduction of Polestar 4 from South Korea, which has lower duties, as a positive setup for optimizing the U.S. business model [28] Question: What is the new effective rate of interest on Polestar's debt portfolio? - Management confirmed that most of the interest rate is floating, with no significant change to the previous rate [31] Question: Can you provide an update on capital needs and liquidity? - Management reported a monthly cash burn of around $136 million, with expectations for an increase due to legacy CapEx, while actively working on improving working capital [36][38] Question: What are the opportunities in autonomy for Polestar? - Management highlighted partnerships with Mobileye and the importance of balancing performance with higher levels of autonomy as a focus area for the future [41][42]

Financial Data and Key Metrics Changes - Retail sales volume increased by 36% to over 44,000 cars in the first nine months of 2025, with Polestar 3 and Polestar 4 accounting for 65% of sales [9][10] - Revenue grew by 49% to approximately $2.2 billion in the first nine months of 2025, driven by higher sales volume and an increased share of higher-priced models [10][11] - Adjusted EBITDA loss improved by 8% to $561 million, reflecting fixed cost reductions and carbon credit income [13] - Net loss for the third quarter was $365 million, with a gross margin of -6%, a deterioration of 5 percentage points year-on-year [14][15] Business Line Data and Key Metrics Changes - Retail sales in the third quarter grew by 13% year-on-year, with revenue increasing by 36% to $748 million [14] - Carbon credit sales amounted to $104 million under the new EU pooling agreement, a significant increase from below $1 million in the same period in 2024 [11] Market Data and Key Metrics Changes - Europe remains the main market, representing over 75% of global deliveries, with notable growth in Belgium (40%), the Netherlands (37%), Germany (46%), Norway (63%), Sweden (41%), and the U.K. (100%) [6][9] - South Korea showed exceptional growth of 430%, while the U.S. market represented only 8% of retail sales, down from 16% in 2024 due to tariff and policy changes [10][11] Company Strategy and Development Direction - The company is focusing on commercial transformation, increasing retail footprint, and improving operational efficiency [4] - A shift in platform strategy was announced, utilizing group technology platforms for future models to access the best EV technology [7] - The company plans to continue optimizing operations and reducing headcount, targeting approximately 2,000 employees by year-end [7][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant external headwinds, including tariff and pricing pressures impacting profitability [9] - The company aims to end the year strongly and expects to provide guidance in early 2026 [8] - Management is optimistic about the prospects for the Polestar 4 in North America, highlighting its competitive advantages [8] Other Important Information - The company raised $200 million in new equity and secured about $1 billion in new facilities, with a cash position of $995 million at the end of September [16] - A reverse stock split is planned to change the ratio of American depositary shares to ordinary shares [16] Q&A Session Summary Question: Can you help us bridge the walk for gross margin? - Management noted that Q3 gross margin was disappointing due to pricing pressure and higher production costs, despite some cost reductions [19][20] Question: Can you comment on OpEx spending trends? - Management indicated a significant decrease in fixed costs, driven by optimized marketing expenses and headcount reduction, with plans to accelerate these efforts [23][24] Question: How will the bilateral trade agreement affect Polestar's business plan? - Management expressed optimism about local production in the U.S. and the introduction of Polestar 4 from South Korea, which has lower duties [28] Question: What is the new effective rate of interest on Polestar's debt portfolio? - Management confirmed that most of the debt is floating, with no significant change to the previous effective rate [31][32] Question: Can you provide an update on capital needs and liquidity? - Management reported a monthly cash burn of around $136 million, with expectations for an increase due to legacy CapEx, but noted improvements in normalized cash burn [36][38] Question: What are Polestar's plans regarding autonomy? - Management highlighted partnerships with Mobileye and emphasized the importance of balancing performance with autonomy in future models [41][42]

Shares of Rivian Automotive Inc. (NASDAQ: RIVN) are changing hands for 16.7% more than a week ago, after it posted strong third-quarter results. ...

Financial Data and Key Metrics Changes - Retail sales volume increased by 36% to over 44,000 cars in the first nine months of 2025 [9] - Revenue grew by 49% to approximately $2.2 billion in the first nine months of 2025 [10] - Adjusted EBITDA loss improved by 8% to $561 million [12] - Net loss for the third quarter was $365 million, with a gross margin of negative 6% [14] Business Line Data and Key Metrics Changes - Retail sales in the third quarter grew by 13% year-on-year, with revenue increasing by 36% to $748 million [13] - Polestar 3 and Polestar 4 accounted for 65% of retail sales [9] - Carbon credit sales amounted to $104 million under the new EU pooling agreement, a significant increase from below $1 million in the same period in 2024 [11] Market Data and Key Metrics Changes - Europe remains the main market, representing over 75% of global deliveries, with notable growth in Belgium (40%), Netherlands (37%), Germany (46%), Norway (63%), Sweden (41%), and the U.K. (100%) [5] - South Korea showed exceptional growth of 430% [6] - The U.S. market represented only 8% of retail sales for the first nine months of 2025, down from 16% in 2024 [10] Company Strategy and Development Direction - The company is focusing on transforming commercial operations, increasing retail footprint, and improving operational efficiency [4] - A shift in platform strategy was announced, utilizing group technology platforms for future models [6] - The company plans to continue optimizing operations and expects to end the year with approximately 2,000 employees, down from 2,500 [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant external headwinds, including tariff and pricing pressure impacting profitability [9] - The company aims to drive growth through an active selling model and leverage its attractive model lineup [15] - Future guidance is expected to be provided in early 2026 [8] Other Important Information - The company raised $200 million in new equity from PSD Investment Limited [15] - A reverse stock split is planned to change the ratio of American depositary shares to ordinary shares [15] Q&A Session Summary Question: Can you help us bridge the walk for gross margin? - Management noted ongoing pricing pressure and higher production costs due to duties, alongside an adverse mix effect from sales [18][19] Question: Can you comment on OPEX spending trends? - Management indicated a significant decrease in fixed costs, driven by optimized marketing expenses and headcount reduction [21][22] Question: How is the company adapting its business plan in light of the new EU-US trade agreement? - Management discussed local production setups and the introduction of Polestar 4 to the U.S. market, which has lower duties [26] Question: What is the new effective rate of interest on Polestar's debt portfolio? - Management confirmed that most of the interest is floating, with no significant change to the previous rate [28] Question: Can you provide an update on capital needs and liquidity? - Management reported a monthly cash burn of around $136 million, with expectations for increased cash burn due to legacy CapEx [33] Question: What opportunities is Polestar pursuing in autonomy? - Management highlighted partnerships with Mobileye and the importance of balancing performance with higher levels of autonomy [36][38]

(Reuters) -Cryptocurrency exchange Coinbase is departing Delaware and reincorporating itself in Texas, the company said in a regulatory filing on Wednesday,​ citing the new business hub's growing attractiveness for innovative companies. Texas is ‌establishing itself as the new darling of Corporate America by drawing companies with its favorable business environment, ‌friendlier tax rules, lighter regulatory requirements, and new legislation aimed at establishing specialized business courts. Several compa ...

Core Insights - BYD has established a three-year strategic partnership with FC Internazionale Milano as its Global Automotive Partner, delivering a dedicated fleet of cars to the club [1][3] - The partnership includes the launch of the SEALION 7 INTER EDITION, a limited-edition model that combines technological innovation with the club's identity [3][6] Company Overview - BYD is a multinational high-tech company founded in 1994, originally as a rechargeable battery maker, now involved in various sectors including automobiles, rail transit, new energy, and electronics [9] - The company operates over 30 industrial parks globally and is committed to providing zero-emission energy solutions, reducing reliance on fossil fuels [9] - BYD Auto, founded in 2003, focuses on pure electric and plug-in hybrid vehicles, mastering core technologies across the new energy vehicle industry [10] Product Details - The SEALION 7 INTER EDITION features a unique design with a metallic-black body and interior details in Inter's signature blue color, including the club's logo integrated into the wireless charging base [4][5] - The model is available in two configurations: Comfort RWD and Excellence AWD, with exclusive design elements and customizations reflecting the club's identity [7][8] - A total of 250 unique models will be produced, with potential for additional production based on demand from fans [8] Technological Features - The SEALION 7 INTER EDITION retains advanced BYD technology, offering smooth performance, extended range, fast charging, and intelligent driver-assistance systems [6] - The model is designed to provide a premium onboard comfort experience, blending excitement with innovation [6]

Group 1 - Coinbase is moving its state of incorporation from Delaware to Texas, following a similar move by Tesla [1] - The decision is influenced by recent unpredictable outcomes in the Delaware Chancery Court, which have raised concerns about the legal framework in Delaware [2] - Other notable companies, including Dropbox and TripAdvisor, have also announced their departures from Delaware, indicating a trend among businesses seeking more favorable legal environments [2] Group 2 - Elon Musk has publicly recommended that companies still incorporated in Delaware should consider relocating to other states [3]

Infineon Technologies AG shares rose the most since April after it forecast revenue will return to growth in the 2026 fiscal year, fueled by the global boom in artificial intelligence data centers. The German chipmaker sees “moderate revenue growth” in the fiscal year that ends in September and increased its projected sales of power solutions for AI data centers to around €1.5 billion ($1.7 billion), it said in a statement on Wednesday. Most Read from Bloomberg Shares rose as much as 12% to €37.94 in Fr ...

Core Viewpoint - Tesla's stock outlook has been updated following the approval of CEO Elon Musk's $1 trillion pay package, with a 'Hold' rating and a price target of $406 per share, indicating a potential 7% downside from the current trading level of about $439 [1][4]. Group 1: CEO Compensation and Its Implications - Shareholder approval of Musk's compensation plan alleviates a significant uncertainty regarding the company's leadership [3]. - Musk's pay package is performance-based, contingent on achieving ambitious milestones, including market capitalization targets ranging from $2 trillion to $8.5 trillion, production of 20 million vehicles, and 1 million robotaxis and humanoid "Optimus" bots [5][6]. - The new pay plan builds on Musk's previous $56 billion package, which faced legal challenges but was ultimately reinstated by shareholders [6]. Group 2: AI and Technology Development - Tesla's ambitious AI projects, including Full Self-Driving (FSD), robotaxis, and the Optimus robot, are still in early development and are years away from generating significant revenue [3][4]. - While progress is noted in Tesla's FSD system, it is not meeting expectations, and there are ongoing execution risks in scaling AI-driven technologies [4]. Group 3: Market Sentiment and Analyst Ratings - Wall Street analysts maintain a consensus 'Hold' rating for Tesla, with 34 analysts tracked by TipRanks, including 14 'Buy', 10 'Hold', and 10 'Sell' recommendations [7]. - The average 12-month price target is $382.54, suggesting a 12.98% downside from the recent closing price of $439.62 [7]. - Price targets among analysts vary significantly, ranging from a high of $600 to a low of $19.05, indicating differing views on Tesla's near-term trajectory [8].