以下文章来源于IC实验室 ，作者IC实验室 迈巴赫的火，是因为它满足了一个时代的情绪需求，是一面镜子，照出了人们对身份的焦虑、对财富的渴望，甚至是虚荣。 来源｜ IC实验室（ID：InsightPlusClub） 封面来源 ｜ 梅赛德斯-奔驰官网 我一直觉得，网上有一个未解之谜，那就是迈巴赫。 网红爆火之后，先要提一辆迈巴赫；微商想忽悠你，会贴出迈巴赫合影；短剧里的霸总出场，也是从迈巴赫里走出来；就连国产新能源车开发布会，也要 踩一脚迈巴赫。 我就纳闷了，世界上的豪车这么多，为什么偏偏是迈巴赫呢？ 本期我们来聊聊，迈巴赫到底是怎么火起来的。 IC实验室 . 从品牌看商业。 那几年的奔驰，心里挺苦的。眼看着隔壁宝马拿下了劳斯莱斯，大众收编了宾利，而号称汽车发明者的奔驰，手里竟然没有一张能打的王牌。 于是，为了对标劳斯莱斯和宾利，奔驰翻箱找柜，把沉睡了60年的「迈巴赫」品牌强行复活了。 2002年，奔驰推出了两款量产车：迈巴赫57和迈巴赫62。这两个数字非常直白，代表车身长度分别是5.7米和6.2米。 与很多人的理解不同，迈巴赫其实是一个很新的品牌。 尽管它的历史确实可以「追溯」到百年之前，但实际上，今天的消费者 ...

1909年，威廉·迈巴赫，这个为戴姆勒发明了第一台高速汽油发动机的德国工程师，和他的儿子卡尔成 立了自己的公司，生产航空发动机。 迈巴赫的火，是因为它满足了一个时代的情绪需求，是一面镜子，照出了人们对身份的焦虑、对财富的 渴望，甚至是虚荣。 我一直觉得，网上有一个未解之谜，那就是迈巴赫。 网红爆火之后，先要提一辆迈巴赫；微商想忽悠你，会贴出迈巴赫合影；短剧里的霸总出场，也是从迈 巴赫里走出来；就连国产新能源车开发布会，也要踩一脚迈巴赫。 我就纳闷了，世界上的豪车这么多，为什么偏偏是迈巴赫呢？ 本期我们来聊聊，迈巴赫到底是怎么火起来的。 01 与很多人的理解不同，迈巴赫其实是一个很新的品牌。 尽管它的历史确实可以「追溯」到百年之前，但实际上，今天的消费者知道的这个迈巴赫品牌，满打满 算只有20年左右的时间。 1921年，迈巴赫推出多款高性能汽车，买家包括了当时的德国工业巨头、好莱坞明星、印度王公。 然而，二战的爆发改变了一切。 在进入汽车领域二十年后，迈巴赫工厂被征用生产坦克发动机，从此之后不再生产汽车。迈巴赫作为豪 车品牌的历史，到此就结束了。到了60年代，戴姆勒奔驰看中了迈巴赫的技术遗产，把它收入了囊中。 ...

Group 1 - The core viewpoint of the article highlights the significant trend of younger consumers in the Chinese luxury car market, with the average age of luxury car users in China being only 35 years, compared to 55 years in Europe and the US [3] - The article emphasizes the necessity for luxury car brands to focus on the values and recognition of luxury among the younger generation of consumers in China [3]

Core Insights - The article discusses the evolving definition of "ultra-luxury cars" in the context of changing consumer values and market dynamics in China, emphasizing the need for the industry to rethink what constitutes "ultra-luxury" by 2025 [1][2]. Group 1: Definition and Value Proposition - "Ultra-luxury cars" are defined not just by price but by the social and personal values they embody, which serve as enduring value anchors [2]. - The social value, characterized by scarcity, exclusivity, and community attributes, remains a core element of luxury goods [3][5]. Group 2: Consumer Behavior and Trends - The white paper reveals that the price range for purchasing ultra-luxury cars is relatively balanced between 1 million to 10 million yuan, indicating no clear consensus on price thresholds among consumers [3]. - The shift in consumer behavior from "conspicuous consumption" to "self-pleasure" reflects a deeper cultural influence, with consumers increasingly valuing uniqueness and personal satisfaction over mere display [6][8]. Group 3: Consumer Demographics - The primary consumers of ultra-luxury cars are identified as the "wealth-creating generation," characterized by high education and professional expertise, with significant wealth accumulation from salaries (33.2%), investments (27.2%), and entrepreneurship (16.8%) [10][11]. - This demographic is concentrated in manufacturing (34%), technology (24.8%), and finance (14%), representing the core of both traditional and new economies [11]. Group 4: Brand Preferences and Loyalty - The "wealth-creating generation" shows a strong preference for customization, with 56.8% favoring personalized versions of vehicles, and a high brand loyalty, with 80% indicating they would repurchase from the same brand [14]. - The most favored brands among consumers are Maybach and Rolls-Royce, each capturing 44% of consumer preference, indicating a strong consensus on traditional luxury brands [16]. Group 5: Market Dynamics and Competition - The ultra-luxury market is experiencing competition from new domestic brands like "Aiming" and "Zun Jie," which are leveraging technology and user-centric approaches to challenge established luxury brands [20][24]. - Despite the emergence of new players, traditional luxury brands maintain a solid consumer base, with 67.2% of respondents preferring established ultra-luxury brands over new entrants [25]. Group 6: Future Directions - The future of ultra-luxury cars will involve a comprehensive reconstruction of brand assets, focusing on functional innovation, experiential engagement, and emotional connections with consumers [30][33]. - A balanced approach that integrates cutting-edge technology with traditional brand values will be essential for success in the evolving market landscape [34].

Core Viewpoint - Maserati is facing significant sales challenges in China, prompting drastic price cuts on models like the Grecale, which has seen discounts of up to 5.8 times its original price, indicating a struggle to maintain its luxury brand image amidst declining sales [4][5][12]. Group 1: Sales Performance - Maserati's sales in China have been declining, with a 5% drop in September and a 3% decline from January to September this year [14]. - The global sales of Maserati fell from 26,689 units in 2023 to 14,725 units in 2024, a staggering decrease of 44.8% [12]. - In China, Maserati's sales figures dropped from 4,680 units in 2022 to just 1,209 units in 2024, reducing its market share from 20% to 8.2% [12]. Group 2: Pricing Strategy - The Grecale model is now priced starting at 38.08 million yuan, which is a 5.8-fold discount from its original price range of 650,800 to 1,038,800 yuan [5][6]. - The electric version, Grecale Folgore, is priced at 35.88 million yuan, representing a discount of nearly 60% from its original price of 898,800 yuan [8][9]. Group 3: Management Changes - Maserati has undergone three changes in its China management since 2023, indicating instability in leadership as it attempts to navigate its declining market presence [15][16]. - The latest change saw Julie appointed as the acting general manager, following a series of short tenures by previous leaders [15]. Group 4: Marketing and Brand Perception - Maserati's collaboration with the mobile game "Honor of Kings" aimed at attracting younger consumers has received mixed reactions, with many loyal customers feeling it diminishes the brand's luxury status [17][24]. - Despite efforts to engage with younger audiences, the brand's image has suffered, as reflected in customer feedback regarding the quality of its technology and features [18]. Group 5: Industry Context - The luxury car market is experiencing a collective downturn, with other brands like Bentley and Ferrari also reporting significant sales declines [19][20]. - The overall luxury vehicle market is facing challenges as high-end consumer purchasing power appears to be temporarily weakening [20].

Core Viewpoint - Maserati is facing significant sales challenges in China, prompting drastic price cuts for its Grecale model, including a promotional price of 380,800 yuan for the fuel version, which is a 58% discount, and 358,800 yuan for the electric version, representing a discount of nearly 60% [1][3][6]. Sales Performance - Maserati's sales in China have been declining, with a 5% year-on-year drop in September and a 3% decline from January to September this year [1][9]. - Global sales for Maserati fell from 26,689 units in 2023 to 14,725 units in 2024, a decrease of 44.8% [7]. - The brand's presence in the Chinese market has diminished, with sales dropping from 4,680 units in 2022 to 1,209 units in 2024, reducing its market share from 20% to 8.2% [7]. Management Changes - Maserati has undergone three changes in its China management since 2023, indicating instability in leadership [1][10]. - The latest management change occurred in March 2023, with Julie taking over as the acting general manager for China [12]. Marketing Strategies - Maserati has attempted to rejuvenate its brand image by collaborating with the mobile game "Honor of Kings," but this strategy has received mixed reactions from consumers, with some feeling it diminishes the brand's luxury status [16][19]. - The brand's efforts to appeal to younger consumers through cross-marketing initiatives have not yet yielded positive results in sales [15][19]. Product Offering - The Grecale model, launched in 2022, is Maserati's first electric SUV, with a starting price of 358,800 yuan, significantly lower than its original price of 898,800 yuan [6][7]. - The electric version of the Grecale offers a range of 533 kilometers on a full charge, showcasing Maserati's commitment to electric vehicle technology [6].

Core Insights - Maserati is facing significant sales challenges in China, prompting drastic price cuts for its Grecale models, with discounts reaching as low as 5.8% for the fuel version and nearly 60% for the electric version [1][2][4] - The brand's sales in China have been declining, with a 5% drop in September and a 3% decline from January to September this year [1][8] - Maserati has undergone three changes in its China management since 2023, indicating instability in its leadership [5][8] Pricing Strategy - Maserati has launched aggressive promotions for its Grecale models, with prices starting at 38.08 million yuan for the fuel version and 35.88 million yuan for the electric version, representing significant discounts from their original prices [2][4] - The Grecale Folgore, Maserati's first electric SUV, is priced at 35.88 million yuan, which is less than 40% of its original price [4] Sales Performance - Maserati's global sales dropped from 26,689 units in 2023 to 14,725 units in 2024, a decline of 44.8% [5] - In China, Maserati's sales figures have decreased from 4,680 units in 2022 to 1,209 units in 2024, with its market share falling from 20% to 8.2% [5] Market Trends - The luxury car market is experiencing a downturn, with other brands like Bentley, Rolls-Royce, and Ferrari also reporting declines in sales [11] - Maserati's struggles reflect broader challenges faced by luxury brands in adapting to electric and smart vehicle trends, as consumer preferences shift [10][12] Marketing Efforts - Maserati is attempting to rejuvenate its brand image by collaborating with popular mobile game "Honor of Kings," although this strategy has received mixed reactions from consumers [10][12] - The brand's marketing efforts aim to attract younger consumers, but there are concerns that such collaborations may dilute its luxury image [10][12]

Core Viewpoint - Maserati is facing significant sales challenges in China, prompting drastic price cuts on models like the Grecale, with discounts reaching as low as 5.8% for fuel versions and nearly 60% for electric versions, indicating a collapse in pricing strategy and brand perception [1][2][4]. Sales Performance - Maserati's sales in China have been declining, with a 5% drop in September and a 3% decline from January to September this year [8]. - Global sales for Maserati fell from 26,689 units in 2023 to 14,725 units in 2024, a staggering 44.8% decrease [5]. - The brand's market share in China has also diminished, dropping from 20% in 2022 to 8.2% in 2024 [5]. Pricing Strategy - The Grecale model, launched in 2022, is now offered at a starting price of 38.08 million yuan, down from a manufacturer suggested price of 65.08-103.88 million yuan, representing a discount of 5.8% [2]. - The electric version, Grecale Folgore, is priced at 35.88 million yuan, which is less than 40% of its original price of 89.88 million yuan [4]. Management Changes - Maserati has undergone three changes in its China management since 2023, indicating instability in leadership amid ongoing sales struggles [5][10]. - The latest appointment was made in March 2024, with Julie taking over as the acting general manager for China [10]. Marketing Efforts - Maserati has attempted to rejuvenate its brand image by collaborating with the popular mobile game "Honor of Kings," but this strategy has received mixed reactions from consumers, with many feeling it diminishes the brand's luxury status [11][12]. - The brand's efforts to appeal to younger consumers through such collaborations have not yet translated into improved sales performance [12][13].

Core Viewpoint - Maserati is facing significant sales challenges in China, prompting drastic price cuts on models like the Grecale, with discounts reaching as low as 5.8% for fuel versions and nearly 60% for electric versions, indicating a severe decline in brand prestige and market presence [2][3][5]. Sales Performance - Maserati's sales in China have been declining, with a 5% drop in September and a 3% decrease from January to September this year [9]. - The brand's global sales fell from 26,689 units in 2023 to 14,725 units in 2024, a staggering 44.8% decline [7]. - In China, sales figures dropped from 4,680 units in 2022 to just 1,209 units in 2024, reducing the market share from 20% to 8.2% [7]. Pricing Strategy - The Grecale model, launched in 2022, is now offered at a starting price of 38.08 million yuan, down from a manufacturer suggested price of 65.08-103.88 million yuan, representing a discount of 5.8% [3][5]. - The electric version, Grecale Folgore, is priced at 35.88 million yuan, reflecting a discount of nearly 60% from its original price of 89.88 million yuan [5]. Management Changes - Maserati has undergone three changes in its China management since 2023, indicating instability in leadership as the brand struggles to regain market traction [6][10][12]. Marketing Efforts - The brand has attempted to rejuvenate its image through collaborations with popular mobile games like "Honor of Kings," but this strategy has received mixed reactions from consumers, with some feeling it diminishes the brand's luxury status [13][15][17]. - Despite these efforts, the overall market for luxury vehicles in China is experiencing a downturn, with other brands like Bentley and Rolls-Royce also reporting significant sales declines [13].

Core Viewpoint - Porsche, once hailed as the "most profitable car company in the world," is facing a severe operational crisis, with profits plummeting by 99% and a significant loss reported in the third quarter of 2025 [1][2]. Financial Performance - In the first three quarters of 2025, Porsche reported a loss of €9.66 billion (approximately ¥80 billion) and a drastic decline in sales profit from €40.35 billion to €40 million year-on-year, marking a 99% drop [1][2]. - The company's operating revenue for the first nine months of 2025 was approximately €26.86 billion, a 6% decrease compared to the previous year [2]. - The gross margin per vehicle fell to 13.2% in Q3 2025, the lowest for the year, indicating a significant erosion of brand value [2][4]. Market Dynamics - The Chinese market, once a key driver for Porsche, has seen a continuous decline in sales, dropping from 95,700 units in 2021 to 32,000 units in the first three quarters of 2025, a 26% year-on-year decrease [4][5]. - While the U.S. market showed some growth with 64,446 units delivered in the first three quarters of 2025, the impact of tariffs has diminished this growth, with additional costs reaching €300 million [4][5]. Strategic Challenges - Porsche's profit collapse is attributed to a combination of strategic missteps, external shocks, and market misjudgments [5][6]. - The company has shifted its strategy from a focus on electric vehicles to a more diversified approach, which has led to significant restructuring costs amounting to €2.7 billion in the first three quarters of 2025 [6][8]. - The management's decision to delay electric vehicle launches and extend the lifecycle of combustion engine models has resulted in a disconnect with market demands [8][10]. Management Changes - The announcement of the end of the "shared CEO" model and the potential appointment of Michael Leiters, who has extensive experience in product development, has raised market expectations for a turnaround [9][10]. Historical Context - Porsche has faced crises before, notably in the 1990s, and successfully revived its brand with the introduction of the Boxster, which attracted younger consumers [10][12]. - The current crisis is seen as a pivotal moment for Porsche, with the need to balance new energy product capabilities, intelligent experiences, and brand value to navigate the evolving market landscape [12][14]. Future Outlook - The company aims to regain its footing in the Chinese market by focusing on younger, digitally-savvy consumers and optimizing its dealer network [12][14]. - The success of Porsche's turnaround efforts will depend on its ability to adapt to changing consumer preferences and market conditions, particularly in the context of increasing competition in the electric vehicle space [12][14].