以下文章来源于36氪汽车 ，作者徐蔡钰 樊舒琪 36氪汽车 . 看懂汽车产业新百年。36氪旗下智能电动车产业报道公号。 趋势不可逆，底线不能退。 文 ｜ 徐蔡钰 樊舒琪 编辑 ｜ 李勤 杨轩 来源｜ 36氪汽车（ID：EV36kr） 封面来源 ｜ 视觉中国 "速成车"踩刹车 2026年一开年，监管部门再一次收紧了对汽车开发的要求。这让不少"老汽车人"松了一口气。 一名头部车企的软件总工告诉36氪，在他十余年的从业生涯里，从未经历过去几年的激进时刻： 原本需要适配两年才能上车的新架构，现在10个月就得上车；之前机械验证要做的两次冬测试、两次夏测，被压缩成了一次冬测、一次夏测。 原本要验证4个月的整车控制软件，现在2个星期就可以上车。 他这种内行人才知道的隐忧还有：看似测试环节都在，但压缩时长伴随着高强度加班，实际操作中，需要测200次的项目最后可能只测了30次；测完10 次，员工便可能说已经测过100次了。 "有些问题就会测不出来，其中可能包含高安全相关问题。比如经常车卖出去，门把手出不来等等B类问题还有一堆。" 因为智能电动车普遍的特点是可以空中升级，不少车交车时，一些软件还未开发完成，公司就寄希望于后续推出 ...

Group 1 - The core achievement of Xiaomi Auto is the cumulative delivery of over 600,000 vehicles since the first model's delivery on April 3, 2024, setting a record for delivery growth in the electric vehicle industry [1] - The first-generation model, SU7, has been pivotal for the brand, with over 381,000 units delivered from April 2024 to February 2026, making it the best-selling electric sedan in China priced above 200,000 yuan in 2025 [3] - In January 2026, the sister model YU7 achieved a monthly delivery of 39,000 units, maintaining stable delivery performance during a traditional off-season for the auto market [5] Group 2 - In 2025, Xiaomi Auto exceeded its annual delivery target by delivering over 410,000 vehicles, significantly surpassing the original goal of 300,000 units, indicating strong market recognition of its product capabilities [7] - The new generation SU7 has begun pre-sales, featuring upgrades such as standard laser radar and an 800V high-voltage platform, enhancing its product competitiveness [7]

"十四五"期间，深圳商事主体五年净增106万户、总量突破465万户，总量及创业密度稳居全国城市首位。其中，全市民营企业达283万家，占登记在册企业 总数的96.7%，稳坐"民营经济第一城"。 这组亮眼数据的背后，是深圳不断优化市场环境、开辟更加广阔的空间，助力企业从无到有、从小到大、从弱到强，实现创新发展。而这正是深圳营商环境 独特的优势和魅力。 深圳始终像爱护眼睛一样爱护营商环境，按照市场化、法治化、国际化和对照世界银行营商环境评估标准的思路，"十四五"以来坚持迭代推出营商环境改革 政策，培育打造深圳的"营商森林"，连续5年成为全国营商环境最佳口碑城市，不同种类的"企业之树"汇聚成生机盎然的"产业之林"，为深圳加快打造更具 全球影响力的经济中心城市和现代化国际大都市提供了有力支撑。 政务服务有"速度"更有"温度" 从登录到提交，全程像微信聊天一样简单，填报事项由原来的26个数据项简化至最少2次对话、填报2项数据即可完成申报……2025年4月，深圳在全国首创 登记注册AI智能申报应用"深小注"上线，以"边聊边办"模式支持全程手机自主申报，申报数据项大幅精简，办理时间从原来的30分钟缩短至最快3分钟，为 个体工 ...

Core Insights - Stellantis is reintroducing diesel versions of at least seven models in Europe as it retreats from electric vehicles due to disappointing EV sales and changing emissions regulations [1] - The company aims to leverage diesel cars as a competitive advantage against Chinese EV rivals, which do not compete in the diesel segment [1] - Stellantis has reported a significant financial charge of €22.2 billion ($26.4 billion) as it scales back its EV ambitions, impacting its stock performance [1] Group 1: Company Strategy - Stellantis has decided to keep diesel engines in its product portfolio and increase its powertrain offerings in response to customer demand [1] - The company is bringing back popular combustion-engine models, including the Jeep Cherokee and Fiat 500 petrol hybrid, to regain market share in the U.S. [1] - Diesel models being reintroduced include the Opel Astra, Opel Combo van, Peugeot Rifter, and Citroën Berlingo, among others [1] Group 2: Market Context - Diesel vehicles accounted for 50% of new car sales in Europe in 2015 but have declined to just 7.7% by 2025, while fully electric cars made up 19.5% [1] - The shift towards diesel comes as Stellantis faces a 3.9% decline in European sales in 2025 and a 7.3% decline in 2024 [1] - The total number of new diesel models in the UK has decreased from 167 in 2020 to 57 in 2025, indicating a broader market trend [1]

Group 1 - Exor holds significant stakes in both public and private companies, including a nearly 20% stake in Ferrari, which is recognized as the leading luxury car manufacturer globally [1] - The shares of Exor are perceived to be undervalued, indicating a potential investment opportunity [1]

Core Viewpoint - Tesla's recent attempts to transition towards artificial intelligence have highlighted its divergence from other tech giants, as its financial fundamentals deteriorate while its valuation remains high [1][3]. Group 1: Valuation and Financial Performance - Tesla's soaring valuation masks its weakening fundamentals, with the company being the only member of the "Magnificent Seven" to report a decline in actual profits over the past three years [1][3]. - The expansion of Tesla's valuation multiples is largely attributed to declining profit expectations rather than growth, indicating a significant disconnect between stock price and deteriorating fundamentals [1][3]. - Tesla's free cash flow is projected to turn negative for the first time since 2018 due to planned capital expenditures exceeding $20 billion by 2026, contrasting sharply with peers like Alphabet, which is expected to generate substantial free cash flow despite high spending [1][5]. Group 2: Cash Flow and Capital Expenditure - Over the past five years, Tesla's total free cash flow was approximately $27 billion, while other tech giants generated significantly higher cash flows, with each member of the "Magnificent Seven" creating more free cash flow in the past year than Tesla's total over five years [4][5]. - Tesla's planned capital expenditures for 2026, aimed at supporting its ambitions in autonomous driving and AI, will lead to a substantial negative cash flow, highlighting its financial strain compared to competitors [5][6]. Group 3: Profitability and Market Position - Tesla's operating profit margin is currently below 5%, while other tech giants have margins ranging from 11% to nearly 60%, indicating the challenges of building a tech giant on an automotive manufacturing base [7][8]. - Tesla's market share in the global automotive sector is only 1.8%, which limits its ability to leverage its position for higher profitability compared to its peers [7][8]. Group 4: Funding and Financial Strategy - Tesla has indicated to investors that it may require additional funding due to increasing cash consumption, raising concerns about CEO Elon Musk's broader business empire and potential restructuring [2][8]. - Historically, Tesla has engaged in 11 rounds of public equity financing, which is nearly equivalent to the total number of financings conducted by the other six tech giants combined, reflecting its reliance on external funding [8].

Core Viewpoint - Volkswagen remains committed to its long-term transformation towards more efficient and low-emission vehicles despite recent changes in U.S. climate regulations under President Trump [1] Group 1: Company Commitment - Volkswagen emphasizes that its strategic planning takes into account specific market conditions and complies with regulatory requirements in all countries [1]

Group 1: Auto Industry Challenges - The American auto industry is facing significant challenges, including competition from China, legacy costs, chip shortages, and regulatory changes, particularly regarding electric vehicles (EVs) and emissions standards [4][5] - General Motors (GM), Ford (F), and Stellantis (STLA) have collectively incurred $53 billion in write-offs since late 2025 related to their EV strategies and restructuring efforts [4] - The Trump administration's recent deregulation is expected to eliminate over $1.3 trillion in regulatory costs, which the administration claims will help reduce car prices [4] Group 2: Regulatory Environment - While greenhouse gas standards for CO2 will be canceled, federal laws against smog, soot, and nitrogen oxides will remain in effect, along with fuel economy rules governed by the Department of Transportation [5] - A legal battle continues with states like California seeking to maintain stricter regulations than those set by the federal government, complicating the market for automakers [5] Group 3: Market Trends and Economic Indicators - The current market shows a decline in major indices, with the Dow down 0.4%, S&P down 0.3%, and Nasdaq down 0.4% [7] - Crude oil prices have increased by 0.2% to $62.97, while gold prices have also risen by 0.2% to $4,959.90 [7]

Core Viewpoint - The article discusses the changing landscape of corporate annual meetings, highlighting a significant decline in traditional large-scale events and a shift towards more cost-effective and simplified gatherings [4][5]. Group 1: Decline of Traditional Annual Meetings - The proportion of companies hosting large annual meetings for over 100 people has dropped from 68% in 2019 to 31% in 2024, with projections indicating that by the end of 2025, less than 20% will maintain this tradition [4]. - By 2026, it is expected that 80% of hotel-based annual meetings will have effectively disappeared, indicating a major shift in corporate culture [4]. Group 2: Polarization of Meeting Formats - Companies are increasingly polarizing their annual meeting formats, with some opting for extravagant celebrations while many others are downsizing to departmental dinners, online raffles, or outright cancellation [4][5]. - Notable examples include a lavish event by Chasing Technology, which featured performances by multiple celebrities and gold rewards for employees, contrasting sharply with the austerity seen in other companies [6][8]. Group 3: Cost-Cutting Measures - Many companies are now hosting meetings in-house or at minimal cost venues, with some opting for self-catered events, significantly reducing expenses from previous years [10][11]. - The average budget for annual meetings has decreased, with some companies reporting a drop from 120,000 yuan to 30,000 yuan, reflecting a broader trend of cost-cutting [11][12]. Group 4: Changing Employee Expectations - Younger employees (post-90s and post-00s) are increasingly valuing personal boundaries and pragmatic work relationships, viewing traditional annual meetings as burdensome rather than beneficial [16][19]. - There is a growing sentiment among employees that the effort put into annual meetings does not justify the outcomes, leading to a preference for simpler, more meaningful gatherings [16][18].

Core Insights - The article discusses the challenges and opportunities for Chinese autonomous driving companies, particularly focusing on the international expansion of Mushroom Car Union, which has chosen Singapore as a key market despite its stringent regulations [1][4]. Group 1: Market Opportunities and Challenges - Singapore is viewed as a high-standard market for autonomous driving, with strict punctuality requirements for public transport, comparable to that of metro systems [6][8]. - The company has secured a project for L4 autonomous buses in Singapore, indicating a significant step in its international strategy [2][4]. - The overall investment landscape for autonomous driving has shifted, with a decline in funding from 932 billion yuan in 2021 to an expected 350 billion yuan by 2025, emphasizing the need for verifiable operational capabilities [2]. Group 2: Technological Advancements - Mushroom Car Union has developed a technology that integrates visual and solid-state LiDAR, achieving over 50% improvement in perception distance and a 70% reduction in false detection rates [8][10]. - The company has accumulated over 5 million kilometers of operational data in China, which supports its technological maturity and readiness for international deployment [8]. Group 3: Employment and Social Impact - The introduction of autonomous buses is not seen as a threat to human drivers but rather as a solution to the shortage of bus drivers in Singapore, where there is a reported shortfall of over 2,000 drivers [16][19]. - The company aims to enhance public transport by making it more user-friendly, particularly for the elderly and disabled, through thoughtful design features [20]. Group 4: Future Vision and Goals - The long-term goal of Mushroom Car Union is to become a leading global provider of autonomous driving solutions, focusing on public transport and leveraging partnerships to expand its capabilities [28]. - The company acknowledges the need for a gradual transition towards fully autonomous systems, with remote monitoring as a stepping stone [23][24].