US auto safety regulators have launched a probe into more than 1.4 million Honda and Acura vehicles over a risk of engine failure – after hundreds of drivers reported issues with the cars.The new recall covers an estimated 1,410,806 vehicles, including the following models:2018-2020 Acura TLX2016-2020 Acura MDX2016-2020 Honda Pilot2018-2020 Honda Odyssey2017-2019 Honda Ridgeline 3 A long row of 2020 Honda Pilot vehicles at a dealership. APThe National Highway Traffic Safety Administration initially invest ...

Financial Data and Key Metrics Changes - In Q2 2025, the company achieved total revenues of RMB 18.27 billion, representing a 125.3% increase year over year and a 15.6% increase quarter over quarter [21] - Vehicle sales revenues were RMB 16.88 billion, marking a 147.6% increase year over year and a 17.5% increase quarter over quarter [21] - Gross margin improved to 17.3% compared to 14% in the same period of 2024 [23] - Vehicle gross margin increased to 14.3%, up from 6.4% year over year [24] - Net loss narrowed to RMB 480 million from RMB 1.28 billion year over year [25] Business Line Data and Key Metrics Changes - Deliveries reached 103,181 units, a 242% increase year over year [6] - The Mona M03 MAX accounted for over 80% of total Mona M03 sales, indicating strong performance in the product line [6] - Free cash flow exceeded RMB 2 billion in Q2, with total cash on hand surpassing RMB 47.5 billion [7] Market Data and Key Metrics Changes - Overseas deliveries exceeded 18,000 units in the first half of the year, increasing over 200% year over year [18] - The company ranks as the best-selling Chinese NEV startup brand in 10 markets, including Norway and France [18] - Q3 delivery forecast is between 113,000 to 118,000 units, reflecting a year-over-year growth of 142.8% to 153.6% [19] Company Strategy and Development Direction - The company aims to strengthen core capabilities in technology leadership, organizational strength, commercialization, and globalization [9] - Upcoming launches include the G7 and the new P7, with expectations to surpass 40,000 units in monthly sales starting in September [12] - The company plans to introduce several super electric models with advanced features and capabilities [12] Management Comments on Operating Environment and Future Outlook - Management emphasized a focus on sustainable growth despite intense price competition [6] - The company is confident in leading the market at scale while advancing operational efficiency toward sustainable profitability [20] - The introduction of the one vehicle dual energy strong product cycle is expected to significantly strengthen the company's market position [20] Other Important Information - The company is committed to full-stack in-house development of core hardware and software technologies, which has enabled significant advancements in AI capabilities [12] - The Turing AI SoC is expected to provide a generational lead in computing power for mass-produced vehicles [13] Q&A Session Summary Question: Brand Position and Product Pricing - Management is focusing on product layout, leveraging technology, aesthetics, and brand to increase average selling price (ASP) and improve profitability [29][33] Question: Smart Driving Technology - The company believes its Turing chip provides a significant advantage in smart driving technology, with expectations for substantial differentiation from competitors [34][36] Question: Cooperation with Volkswagen - The expanded collaboration with Volkswagen includes electrical and electronic architecture, with potential revenue growth expected from this partnership [41][44] Question: Robotaxi Business - Future vehicles will include L4 capable models, with pilot programs planned for 2026, pending regulatory approvals [46][48] Question: P7 Strong Order Performance - The P7 has received high interest and presales orders, exceeding expectations, with a focus on aesthetics and performance [53][56] Question: Vehicle Gross Margin Improvement - The increase in vehicle gross margin is attributed to product mix changes, cost reductions, and scale [64][66] Question: R&D and Marketing Expenses - R&D expenses are expected to remain high due to ongoing investments in AI and technology, while marketing expenses will increase with new product launches [68][71] Question: Product Strategy Shift - The company is prioritizing design and aesthetics in its product strategy, reflecting a long-term transformation [75][78] Question: Response to Anti-Dilution Policy - The company is focused on innovation and quality, aligning with the new regulatory direction to improve competitiveness [79][82]

Core Insights - Honda's first quarter operating profits fell 50% year over year, missing estimates due to U.S. auto tariffs and a stronger yen [1][2] - Revenue for the first quarter was reported at 5.34 trillion yen, slightly above the mean estimates [1][5] Financial Performance - Operating profit decreased to 244.17 billion yen, compared to LSEG mean estimates of 323.48 billion yen [2][5] - Revenue exceeded expectations, coming in at 5.34 trillion yen versus the estimated 5.25 trillion yen [5] Market Context - Japanese automobile makers have started reducing vehicle prices for shipments to the U.S. in response to a 25% tariff imposed by the U.S. [2] - In June, Tokyo's car exports to the U.S. saw a 25.3% year-over-year decline in value, despite a 4.6% increase in export volumes [3] Trade Relations - A new trade deal announced by President Trump includes a proposed reduction of tariffs on Japan-made vehicle imports to 15%, though the implementation timeline remains unclear [3] - Japanese Prime Minister Shigeru Ishiba is actively engaging with President Trump to expedite the tariff reduction process [4]

Core Insights - General Motors is expanding its Corvette lineup with the introduction of the 2026 Chevrolet Corvette ZR1X, a high-performance hybrid variant of the Corvette [1][2] - The Corvette ZR1X features a twin-turbo V-8 engine and incorporates electrification technologies for improved acceleration [2][3] - The vehicle is positioned as a "hypercar," boasting a top speed of 233 mph and a 0-60 mph time of under two seconds, with a total output of 1,064 horsepower [3][4] Performance Specifications - The Corvette ZR1X is equipped with an LT7 twin-turbo V-8 engine, delivering 1,064 horsepower and 828 foot-pounds of torque [3] - An electric axle contributes an additional 186 horsepower and 145 foot-pounds of torque, making the vehicle all-wheel drive [3][4] - The combination of performance features aims to enhance the driving experience, drawing from learnings of previous models [4] Market Positioning - The introduction of the ZR1X expands the Corvette lineup to five models, the broadest range since its inception in 1953 [4] - The pricing strategy includes a starting price around $70,000 for the base model, with the ZR1 potentially exceeding $200,000 [4][5] - GM has indicated that the Corvette remains a highly profitable vehicle for the company, reinforcing its position in the performance market [5] Future Developments - GM has plans for an all-electric Corvette, although the timeline and status of these plans remain uncertain due to slower EV adoption rates [5] - Consideration for a Corvette SUV has also been ongoing for several years [5] - Pricing details for the ZR1X will be announced closer to its dealership availability later this year [5][6]

Financial Data and Key Metrics Changes - The company achieved variable profit positive by the end of last year, indicating a significant milestone in its transition to electric vehicles (EVs) [3][4] - The company is focusing on transforming from a B2B to a B2C model, which is expected to enhance revenue opportunities across different vehicle ownership stages [6][7] - The company reported a significant reduction in incentives, being 300 basis points below the industry average, which translates to approximately $1,500 per vehicle on an average $50,000 vehicle [23] Business Line Data and Key Metrics Changes - The company has launched more than a dozen EVs quickly, showcasing the strength of its platform [3][4] - Super Cruise adoption is a key performance indicator, with expectations to double the number of vehicles leveraging this technology [5][12] - The aftermarket sales and parts business continues to perform well, contributing positively to overall revenue [8][11] Market Data and Key Metrics Changes - The company is experiencing growth in both its internal combustion engine (ICE) and EV portfolios, outperforming the market [13][14] - The company is focusing on expanding its presence in Europe and the Middle East, identifying these regions as growth opportunities [72][73] - The company is restructuring its operations in China to better compete in the new energy vehicle market, with positive share growth anticipated [75][76] Company Strategy and Development Direction - The company is transitioning from an automaker to a platform company, emphasizing the importance of software integration in vehicles [3][4] - The strategy includes leveraging software talent to enhance vehicle performance and customer experience [15][16] - The company aims to maintain a disciplined approach to production and inventory management to avoid overproduction and maintain vehicle value [39][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the need to help customers adapt to EVs, emphasizing the importance of delivering range and capabilities [36][37] - The company is committed to maintaining capital discipline while investing in battery technology and production efficiency [42][43] - Management believes that the long-term growth opportunities exist in various markets, including defense and EV segments [74][75] Other Important Information - The company has successfully increased its US content by 27% over the past few years, enhancing supply chain resilience [78][79] - The company is exploring partnerships with other OEMs to share engineering and R&D costs, which could lead to more efficient capital use [58][59] Q&A Session Summary Question: What is GM's long-term growth outlook in the EV segment? - Management believes that the EV segment has significant growth potential, especially as the market stabilizes and regulatory requirements become clearer [72][73] Question: How does GM plan to compete with Chinese manufacturers? - The company is restructuring its operations in China and rolling out a new energy vehicle portfolio to compete effectively [75][76] Question: What is the company's approach to tariffs and supply chain resilience? - Management has increased US content significantly and is focused on building a resilient supply base to navigate tariff challenges [78][79] Question: How does GM view its current stock valuation compared to competitors like Tesla? - Management acknowledges the valuation gap but emphasizes a consistent track record and disciplined approach to operations as key to long-term success [83][84]

Financial Data and Key Metrics Changes - Total company revenue for Q1 was $44 billion, up 2% year over year, with EBIT adjusted at $3.5 billion and EBIT adjusted margins at 7.9% [26][27] - EPS diluted adjusted was $2.78, with EBIT adjusted slightly down from last year's Q1 performance [26][27] - The company updated its full year EBIT adjusted guidance to a range of $10 billion to $12.5 billion, reflecting a current tariff exposure of $4 billion to $5 billion [8][41] Business Line Data and Key Metrics Changes - U.S. deliveries were up 17% year over year, with market share growing to 17.2%, marking a nearly two-point improvement from the prior year [24][32] - EV sales achieved over 90% year-over-year growth, securing the number two position in the U.S. EV market [28][42] - The margin in North America was 8.8%, well within the target range of 8% to 10% [32][16] Market Data and Key Metrics Changes - The company gained almost two full points of market share year over year in the U.S., with a first-quarter share of the U.S. EV market at 10%, rising to 12% in March [15][32] - Sales of new energy vehicles in China increased by 53% year over year, contributing positively to equity income [33] Company Strategy and Development Direction - The company is focused on increasing U.S. manufacturing capability and supply chains, with a 27% increase in direct purchases in the U.S. for North American production since 2019 [9][10] - GM is moderating EV production to align with consumer demand and avoid heavy discounts, focusing on efficiency and cost reductions across the value chain [12][13] - The company is developing a next-generation software-defined vehicle platform and enhancing Super Cruise capabilities [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in adapting to the new trade policy environment and maintaining strong consumer demand for vehicles [14][40] - The company anticipates a $4 billion to $5 billion impact from tariffs, with expectations to offset at least 30% through self-help initiatives [41][67] - Management highlighted the importance of maintaining cost discipline and focusing on profitable growth despite challenges [30][46] Other Important Information - The company has invested $60 billion in U.S. manufacturing over the last five years and operates a network of 50 manufacturing plants [7][8] - GM Financial performed well with Q1 EBT adjusted of almost $700 million, in line with last year [33] Q&A Session Summary Question: Is there scope for the industry to receive relief on imported vehicle tariffs? - Management expressed hope for continued trade agreements and indicated that implementing offsets will take time [51][52] Question: How does the pace of investments in AV and AI change due to recent disruptions? - Management confirmed ongoing investments in AV and AI, with a focus on personal autonomy and leveraging partnerships to improve efficiency [60][61] Question: Can you clarify the tariff impact and mitigation strategies? - The estimated tariff impact is $4 billion to $5 billion, with a 30% offset from self-help initiatives, not including pricing increases [67][68] Question: How does the company manage vehicles assembled outside the U.S.? - Management stated that they have excess capacity in the U.S. and can adjust production quickly based on market conditions [92] Question: What are the expectations for capital expenditures and potential shifts in production? - The capital expenditure outlook remains unchanged at $10 billion to $11 billion, with decisions on production and capacity being made independently based on returns [95][96]

Financial Data and Key Metrics Changes - Total company revenue for Q1 was $44 billion, up 2% year over year, with EBIT adjusted at $3.5 billion and EBIT adjusted margins at 7.9% [29][36] - EPS diluted adjusted was $2.78, with EBIT adjusted slightly down from last year's Q1 performance [29][36] - U.S. deliveries increased by 17% year over year, with market share growing to 17.2%, marking a nearly two-point improvement from the prior year [26][36] Business Line Data and Key Metrics Changes - EV sales achieved over 90% year-over-year growth, securing the number two position in the U.S. market [31][36] - Sales of redesigned Chevrolet Suburban and GMC Yukon were up more than 30%, with Cadillac Escalade having its best-ever first quarter [19][36] - Fixed costs increased by $400 million year over year due to higher depreciation, warranty pressure, and labor costs [33][36] Market Data and Key Metrics Changes - In Q1, the U.S. EV market share was 10%, rising to 12% in March [17][36] - The company gained almost two full points of market share year over year in the U.S., outpacing every other major automaker [17][36] - Sales of new energy vehicles in China increased by 53% year over year, contributing to positive equity income [36] Company Strategy and Development Direction - The company is focused on increasing U.S. manufacturing capabilities and supply chains, with a 27% increase in direct purchases for North American production since 2019 [11][36] - Plans to moderate EV production to align with consumer demand and avoid heavy discounts offered by competitors [14][36] - Continued investment in battery cell manufacturing and sourcing U.S. materials for EV production [15][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in adapting to the new trade policy environment and maintaining strong consumer demand for vehicles [16][36] - The company expects EBIT adjusted guidance for the full year to be in the range of $10 billion to $12.5 billion, considering tariff impacts [44][36] - Management emphasized the importance of maintaining cost discipline and focusing on profitable growth despite challenges [49][36] Other Important Information - The company has invested $60 billion in the U.S. over the last five years and operates a network of 50 manufacturing plants [9][36] - A 25% vehicle import tariff was imposed, but U.S. content vehicles are not subject to this once administrative processes are implemented [37][36] - The company is continuing to evaluate its capital allocation policy while balancing investments and shareholder returns [49][36] Q&A Session Summary Question: Is there scope for the industry to receive relief on imported vehicle tariffs? - Management indicated that the environment remains fluid and they are hopeful for continued trade agreement discussions [54][56] Question: What is the plan for full mitigation of tariffs? - Management stated it will take time to implement manufacturing and supply chain moves, focusing on pricing discipline and cost reductions [55][57] Question: Can you provide details on the guidance and tariff impact? - The estimated tariff impact is $4 billion to $5 billion, with a 30% offset from self-help initiatives [70][72] Question: How does the company view potential pricing actions going forward? - Management emphasized a disciplined approach to pricing, which has led to market share gains without excessive discounting [73][74] Question: What goes into the 30% offset from self-help? - The offset includes increasing U.S. content, working with suppliers for compliance, and maintaining cost discipline [78][80] Question: What is the impact of potential changes in emissions regulations? - Management is monitoring the regulatory environment but is currently focused on compliance until changes are confirmed [84][86] Question: How has the company improved cash generation? - Strong vehicle demand, disciplined pricing, and effective inventory management have contributed to improved cash generation [110][111]