编 译 / 钱亚光 设 计 / s h e l l y 来 源 / w w w. Insideevs.com, www.carscoops.com，www.thedrive.com 在全球电动车市场中，65% 的消费者认为 "驾驶乐趣缺失" 是最大痛点。 福特于3月20日公布的最新专利申请，展示了电动汽车手动变速器的细节。福特专利工程师表 示："我们希望通过物理交互增强驾驶沉浸感，尤其是吸引仍对传统机械结构有情怀的用户。" 虽然福特电动车卖得不好，但时至今日依然在电动车身上能找到燃油车的乐子，实属难得，福特的 手动模拟换挡杆能否成为下一个 "网红配置"，或许将在2026年量产车型上揭晓答案。 这份2023年申请的蓝色椭圆（Blue Oval）汽车专利文件，描述了一种手动换挡装置，能在没有手动 变速器的电动汽车中模拟手动变速器的功能。复古式换挡杆会安装在变速器通道内，并通过机械联 动装置与6速变速器相连。 文件披露内容主要涉及该系统中驾驶员能够直接操作的部分，比如换挡杆本身以及控制它的物理机 制，而非更深层次的软件后端部分，后者负责将换挡杆的行为与动力传动系统的当前状态相联系。 专利文件显示，系统可支持两种模式 ...

Group 1 - Tesla's stock has dropped 43% since reaching an all-time high, yet it remains one of the most highly valued stocks in the current market environment [1][2] - The current market cycle is characterized by investor sentiment and capital availability, with a long bull market that began in March 2009 [1][2] - The stock market's cyclical nature makes it difficult to predict downturns, but experienced investors can sense the current stage of the cycle [2][3] Group 2 - Tesla's current price-to-earnings (P/E) ratio is 115, indicating that it is overvalued and may not sustain long-term growth [5][8] - Total automotive revenues for Tesla have shown a decline of 6% year-over-year, while total revenues have only increased by 1% in the last fiscal year [6][7] - Free cash flow and net profit have decreased by over 50% compared to previous years, highlighting increasing competition in the electric vehicle market [7][8] Group 3 - Tesla's market share in Europe has dropped significantly, with sales falling by 42.6% year-over-year, indicating challenges in maintaining growth [8] - The company faces risks from Elon Musk's diversions to other ventures, which may impact Tesla's focus and performance [7][10] - The automotive industry is characterized by high capital intensity and cyclical demand, making it a challenging environment for long-term investment [7][10] Group 4 - Historical examples, such as Amazon and Microsoft, illustrate that high P/E ratios do not guarantee investor returns, as many investors suffered significant losses during market corrections [9][10] - The future potential of Tesla's innovations, such as autonomous driving and robotics, remains uncertain, with profitability being the key concern [10] - The automotive sector is highly competitive and capital-intensive, suggesting that now may be a prudent time to exit investments in Tesla [10]

以下文章来源于环球人物 ，作者金台环环 环球人物 . 以人物记录时代，中国的时代 作者：尹洁 于冰 编辑：淙淙 来源：环球人物（ID：globalpeople2006） 李在镕笑了。 3月22日，在小米汽车工厂里，他站在雷军身边，笑得挺委婉。 网友纷纷评论："在韩国，李在镕可是不苟言笑啊！""当年雷军给三星赔笑道歉，现在反过来 了！" 事实上，韩国第一财阀、三星集团掌门人李在镕这趟来中国，可不只对着雷军笑，而是全程微笑 脸。 01 "三星面临生死存亡" 访问小米汽车工厂只是李在镕此次中国行的一部分。 3月23日，他参加了在北京开幕的中国发展高层论坛，与他同场参会的，是来自全球的竞争对手 们；3月24日，他又跑到深圳，参观了比亚迪集团总部。 据知情人士透露，从上月末开始，三星集团组织2000多名高管培训，主题是战略转型。李在镕虽 然没有露面，却传达了自己的指示——他认为三星集团已失去内生动力，面临着生死存亡的考 验，号召管理层抱着"向死而生"的觉悟，在危机中自救。 李在镕的危机感从何而来？ 财经评论员崔传刚对环球人物记者表示："尽管三星集团的整体营收情况尚可，但在关键业务上的 进展不及预期，增长乏力。尤其是半导 ...

Summary of NIO (NIO.N/9866.HK) Analyst Briefing Company Overview - NIO designs and sells premium electric vehicles in China, the United States, Germany, and the United Kingdom, and began vehicle shipments in 2018, establishing itself as a pioneer in China's premium electric vehicle market [doc id='21'][doc id='25']. Key Industry Insights - **Vehicle Margin Expectations**: For 1Q25E, vehicle margins are expected to decline to 11-12% due to low car sales season, tepid sales before new model launches, and lower-than-expected sales of Onvo [doc id='1']. - **Sales Volume Guidance**: Management maintains a target to double sales volume in 2025E, driven by nine new model launches and improved sales network efficiency [doc id='3']. Core Points and Arguments - **New Model Pipeline**: NIO plans to launch six new models under its brand, including the ET9 and upgraded versions of existing models, with deliveries starting in 2Q25E [doc id='2']. - **Capital Expenditure (Capex)**: Capex is anticipated to increase slightly YoY in 2025E due to new model launches and the establishment of a third factory, with limited impact from battery swap station expansions [doc id='4']. - **Cost Reduction Initiatives**: The company has reduced the bill of materials (BOM) cost per car by 10% in 2024 and plans to continue these efforts in 2025E, including standardizing smart hardware and developing in-house ADAS chips [doc id='10']. - **Onvo Sales Performance**: Lower-than-expected sales for Onvo are attributed to low brand awareness and a less mature sales network, with management increasing marketing expenses to improve order intake [doc id='12']. Financial Projections - **Revised Volume Forecasts**: Volume forecasts for 2025/26E have been cut from 413k/500k to 393k/456k, reflecting sales misses for Onvo, with net loss forecasts adjusted to Rmb15.2bn and Rmb7.2bn for 2025/26E respectively [doc id='5']. - **Target Price Adjustments**: The target price for NIO's H shares has been reduced from HK$68.10 to HK$62.50, and for US shares from US$8.90 to US$8.10, based on a 1.1x P/S multiple for 2025E [doc id='1'][doc id='28']. Long-term Outlook - **Breakeven Target**: Management is confident in achieving breakeven by 4Q25E, driven by sales ramp-up and margin improvements [doc id='9']. - **Long-term Sales and Margin Goals**: The long-term target is to achieve annual sales of 2 million units with a gross profit margin of 20% and a net profit margin of 7-8% [doc id='16']. Risks and Challenges - **Key Risks**: Potential risks include failure to manufacture quality vehicles on schedule, intensified competition, lower-than-expected demand, and issues with customer service profitability [doc id='24'][doc id='29']. Conclusion - NIO is positioned for growth with an extensive new model pipeline and cost control measures, although it faces challenges in sales performance and market competition. The company maintains a "Buy" rating, reflecting confidence in its long-term growth potential despite short-term hurdles [doc id='22'][doc id='26'].

Core Viewpoint - Short selling Tesla stock has become one of the most profitable trades, with the company's market value dropping from $1.54 trillion to $759.9 billion in just three months, resulting in hedge funds earning $16.2 billion from short positions while Elon Musk's net worth decreased by over $100 billion [1][2]. Group 1: Impact of Elon Musk - Elon Musk's actions and political involvement have negatively affected Tesla's brand value, leading to a reassessment of his worth to the company [2][3]. - Musk's recent behavior has transformed him from Tesla's "top salesman" to its largest liability, with significant backlash from the public and investors [2][4]. - Despite Musk's attempts to downplay the situation, the underlying issues stem from Tesla's diminishing unique advantages and the market's realization that high expectations have not been met [7][8]. Group 2: Market Performance and Valuation - Tesla's stock price remains overvalued with a P/E ratio exceeding 100, significantly higher than the average of 32 for tech giants and single digits for the automotive industry [3]. - Major financial institutions have downgraded Tesla's target stock price, with UBS setting it at $225, Guggenheim at $170, and JPMorgan at $120, indicating further potential declines [2][3]. Group 3: Sales and Market Trends - Tesla is experiencing its first sales decline in a decade, with a 5% year-over-year drop in new car sales in February and a market share in the new energy sector falling below 50% [5][6]. - In Europe, Tesla's registration numbers have plummeted, with a 76% drop in Germany and a 45% decline in France, exacerbated by the cessation of government subsidies under the Trump administration [5][9]. - The introduction of the Cybertruck has not met expectations, with production delays and quality issues leading to a projected annual sales volume of only 35,000 to 50,000 units, far below Musk's claims [11][12]. Group 4: Competitive Landscape - Traditional automakers like General Motors and Ford are maintaining strong sales, with GM's electric vehicle sales increasing by 50% and Ford also showing growth, while Tesla struggles [15][16]. - GM's electric vehicle market share has doubled to 12%, indicating a significant shift in the competitive landscape as established companies adapt to the electric vehicle market [16]. Group 5: Future Outlook - Tesla is at a crossroads, needing to carefully maintain its leadership in the electric vehicle market while addressing the negative impacts of Musk's recent actions [8]. - The company must innovate and restore its brand reputation to regain investor confidence and market value, as the current environment poses significant challenges [18].

Core Viewpoint - The article discusses the recent violent attacks on Tesla vehicles and the implications of these actions on the company and its CEO Elon Musk, highlighting the political tensions surrounding Musk's role in the government and his public statements. Group 1: Tesla's Recent Incidents - Multiple Tesla dealerships, vehicles, and charging stations across the U.S. have been severely damaged, with the phrase "destroy Tesla" becoming a trending topic in media coverage [2] - In Las Vegas, at least five Tesla cars were damaged in a targeted attack, with two completely engulfed in flames and others shot at [3][4] - The Las Vegas Metropolitan Police reported that the attack involved arson and gunfire, with suspects believed to have used Molotov cocktails [5][6] Group 2: Musk's Response and Political Context - Elon Musk condemned the attacks as acts of "violent terrorism," asserting that Tesla has not done anything to warrant such malicious actions [7][8] - Musk's comments included accusations against leftist groups, suggesting they are responsible for the violence and hatred directed at him and Tesla [8] - U.S. Attorney General Pam Bondi labeled the violence against Tesla as domestic terrorism, with ongoing investigations and charges against several perpetrators [10] Group 3: Financial Implications for Tesla - Hedge funds have profited significantly from shorting Tesla's stock, earning approximately $162 million in the past three months, as the company's market value has dropped over $700 billion since its peak [11] - Tesla's stock price has halved in the last three months, closing at $236.26 per share, leading to a substantial decrease in Musk's net worth [11] - Morgan Stanley downgraded Tesla's target stock price from $135 to $120, citing an unprecedented rate of brand devaluation [14] Group 4: Broader Market and Operational Challenges - Tesla's recent quarterly earnings report fell short of expectations, and the company warned of potential impacts from U.S. trade wars, which could increase manufacturing costs [15] - Despite recent gains from shorting, short-sellers have incurred a net loss of $64.5 billion since Tesla's IPO in 2010 [16] - Musk's political interventions in Europe have reportedly contributed to a decline in Tesla's sales in that market [12]

撰 文 / 戈 弋 设 计 / 赵昊然 来 源 / www.autonews.com, www.motorbiscuit.com, www.ecoticias.com 技术的进步正在解决电动汽车的一个关键难题：具有固有火灾风险的电池。 研发实体电池组件和软件的公司都在致力于安全性的提升。去年12月，Qnovo公司公布了一款软 件，称其能够以98.7%的准确率预测危险，让驾驶员有时间做出反应并防止火灾。其他公司则通过 设置实体防护措施，或开发不同的电池材料来应对火灾。 Qnovo公司推出的电池健康和安全软件解决方案——"SentinelX"，旨在通过实时监测电池性能来降 低火灾风险。其主要优势在于其灵活性，它既可以被直接集成到车辆的电池管理系统（BMS）中， 也可以根据客户和/或行业需求部署为云解决方案。 Qnovo公司的联合创始人兼首席执行官纳迪姆·马卢夫（Nadim Maluf）表示："随着时间的推移，电 池会自然老化并丧失容量，但在某些情况下，这种老化过程可能会加速，导致电池无法达到其保修 规格。" 通过识别异常情况的迹象，电池管理系统可以在为时已晚之前标记需要维修的电池单元。SentinelX 还能在快 ...

Battery - Pylon Technologies Europe Holding B.V., a wholly-owned subsidiary of Shanghai Pylon Technology Co., Ltd., has officially opened its first overseas factory in Italy for manufacturing energy storage products [2] - Xiaomi plans to expand the scale of its second electric vehicle production factory in Beijing, which is set to begin production mid-year, by incorporating an adjacent land parcel of approximately 52 hectares [3] Materials - Huayou Cobalt Co., Ltd. has signed a five-year strategic cooperation agreement with Beijing Weilan New Energy Technology Co., Ltd. to collaborate in the solid-state battery sector and share industry resources [5] - Tianmu Xian Dao has initiated a silicon-based anode project in Henan, with plans to build a lithium battery silicon-carbon anode materials R&D laboratory with a production capacity of 200 tons per year [6] Overseas - Honda plans to procure hybrid vehicle batteries from Toyota's factory in the United States starting from the 2025 fiscal year, aiming to meet the demand for approximately 400,000 vehicles and mitigate potential tariff risks [8]

Core Viewpoint - BYD's new 10C fast charging technology sets a new benchmark for electric vehicle charging speed, significantly narrowing the gap between electric and fuel vehicles in terms of refueling experience [5][9] Group 1: Battery Technology - The second-generation blade battery features a shift from long blade design to short blade design, effectively reducing internal resistance [2] - Key innovations include optimization of electrode materials, with a focus on enhancing conductivity and performance under high temperatures [2][3] - The introduction of a composite temperature control system improves heat dissipation by up to 90%, addressing the thermal challenges of high-speed charging [3][4] Group 2: Charging Infrastructure - BYD plans to build over 4,000 "Megawatt Flash Charging Stations" with a maximum charging power of 1,360 kW, enhancing the overall charging ecosystem [4][5] - The company is developing supporting energy storage systems to ensure stable operation of the fast charging network [4] Group 3: Market Positioning and Strategy - The cost of the second-generation blade battery is expected to increase by approximately 8%, with overall vehicle costs rising by 6%-7% due to the high-voltage battery system [5][6] - Initial deployment of the 10C technology will focus on high-end models, with plans to extend to models priced below 200,000 yuan by 2026 [5][6] - The industry anticipates that mainstream upgrades in fast charging technology will primarily focus on 5C and 6C levels this year, while BYD's 10C technology accelerates competition in the high-end market [6][8] Group 4: Competitive Landscape - The introduction of the 10C technology increases competitive pressure on battery manufacturers, requiring them to develop comprehensive system solutions rather than just high C-rate batteries [8] - The collaboration between CATL and NIO highlights the competitive dynamics in the refueling sector, emphasizing two core development paths: ultra-fast charging and standardized battery swapping networks [9]

「硅谷周报」是创业邦推出的系列栏目，旨在为科技领域创业者和投资人精选硅谷科技要闻，投融资 消息等，记录硅谷科技风向变动。 整理丨刘杨楠 编辑丨 海腰 封面图源丨Midjourney 本周（2025.3.10-3.16）硅谷科技要闻包括： 英特尔首次任命华人陈立武为首席执行官；特斯拉计划将 Model Y生产成本降低至少20%；台积电向Nvidia、AMD和博通推荐成立英特尔代工合资企业；Meta开始 测试其首款内部AI训练芯片；Alphabet旗下Waymo将在硅谷提供自动驾驶汽车服务；软银支持的自动驾驶 公司Wayve即将进行商业亮相；谷歌准备收购眼球追踪初创公司，用于未来眼镜；CoreWeave在IPO前与 OpenAI签署119亿美元合同等。 里程碑 英特尔首次任命华人陈立武为首席执行官 3月13日，英特尔宣布任命陈立武（Lip-Bu Tan）为新任首席执行官，任命将于3月18日正式生效。此前他 曾在2024年8月卸任，此次上任后，陈立武还将重新加入英特尔董事会。至此，全球芯片界顶级四大巨头 将均由华人执掌——英伟达黄仁勋、AMD苏姿丰、英特尔陈立武、博通陈福阳。 陈立武现年65岁，出生于马来西亚，在新 ...