此次政策调整在欧洲内部引发激烈争论。支持者认为，放宽禁令可以让消费者在燃油车和电动车之间拥 有更多选择权。对汽车制造商和零部件生产商来说，能拥有更多的时间完成电动化转型，避免转型过程 中的阵痛。而充电设备不足的地区也可以继续受益于燃油车的便利。在反对者看来，要实现气候保护这 一终极目标只能依赖电动车，而此次禁令放宽只会使燃油车的市场生命周期无限延续。因为政策的不确 定性，大量资金仍会投到内燃机领域，从而无法促进电动车的研发，并最终导致欧洲汽车失去技术上的 主动权。消费者也会对此采取观望的态度，进而影响电动车在欧洲的普及。 来源：环球时报 欧盟委员会日前公布了对"燃油车禁令"的调整：2035年之后，配备内燃机的车型在欧盟范围内仍然可以 办理新车登记。这一调整放宽了欧盟原先的"零排放"标准。依照原先规定，从2035年起，欧盟新车的二 氧化碳排放量应在2021年的基础上减少100%，即欧盟的汽车生产应全部转向电动车或氢燃料电池车。 但新规将这一标准变成90%，混合电动车、增程式电动车，甚至传统燃油车仍可在欧盟内销售，前后差 额的10%则由环保钢材和生物燃料来抵消。 欧盟委员会在声明中强调，此举并不意味着欧盟要放弃气 ...

福特汽车（F）将记录约195亿美元的特殊项目支出，与其从纯电动车领域后撤有关，并将停止生产纯 电版F-150 Lightning皮卡，转而将投资重点转向混合动力车和增程式电动车，同时瞄准更小型、成本更 低的电动车；公司上调了2025年调整后息税前利润（EBIT）指引至约70亿美元。 责任编辑：张俊 SF065 福特汽车（F）将记录约195亿美元的特殊项目支出，与其从纯电动车领域后撤有关，并将停止生产纯 电版F-150 Lightning皮卡，转而将投资重点转向混合动力车和增程式电动车，同时瞄准更小型、成本更 低的电动车；公司上调了2025年调整后息税前利润（EBIT）指引至约70亿美元。 责任编辑：张俊 SF065 ...

Core Viewpoint - The article discusses the ongoing debate in Europe regarding the potential withdrawal of the EU's ambitious green agenda, particularly the ban on the sale of new internal combustion engine vehicles starting in 2035, which has implications for both traditional and electric vehicle manufacturers [4][5][6]. Group 1: Industry Challenges and Opportunities - European automakers are struggling to transition to zero-emission driving but may receive a reprieve from stringent regulations, which could impact the future direction of the transportation sector [5][6]. - The proposed delay in the ban is a result of lobbying from major companies like Stellantis and Mercedes-Benz, aiming to avoid potential fines exceeding €1 billion (approximately $1.2 billion) in the coming years [5][11]. - The automotive industry, contributing about €1 trillion (approximately $1.2 trillion) to the economy, may welcome this flexibility, but it risks slowing technological advancement and widening the gap with competitors like Tesla and Chinese manufacturers [5][6]. Group 2: Political and Regulatory Dynamics - Six EU leaders, including Italy's Prime Minister Giorgia Meloni, have called for a relaxation of vehicle emission rules to prevent the effective ban on internal combustion engines in the mid-2030s [8][10]. - The letter to the EU Commission emphasizes the need for a balanced approach to climate goals without compromising competitiveness, highlighting the importance of technological neutrality [10][11]. - The review of current regulations has been expedited due to slower-than-expected electric vehicle adoption, with an announcement expected soon [10][11]. Group 3: Market Trends and Consumer Preferences - Data from the European Automobile Manufacturers Association (ACEA) indicates that from January to October 2025, electric vehicles accounted for 16.4% of the EU market, up from 13.2% in the same period of 2024 [18]. - Hybrid vehicles remain the preferred choice for EU consumers, with a registration share of 34.6%, while plug-in hybrids accounted for 9.1%, an increase from 7% year-on-year [18]. - The combined market share of gasoline and diesel vehicles has decreased to 36.6%, down from 46.3% in 2024, indicating a shift in consumer preferences [18]. Group 4: Industry Perspectives on Policy Changes - Executives from companies like Volvo and Lucid Motors express concerns that delaying the transition to electric vehicles could undermine industry confidence and increase costs in achieving climate goals [12][19]. - The commitment to the 2035 target is seen as crucial for maintaining investor confidence and ensuring that substantial investments in infrastructure and technology are not jeopardized [18][19]. - The debate over extending the lifespan of fossil fuel-based vehicles is viewed as detrimental to long-term industry efficiency and innovation [19].

智通财经APP注意到，在欧盟一些最大的汽车生产国的强烈施压下，欧盟正在考虑将对内燃机的有效禁 令推迟五年实施。 欧盟委员会定于下周公布其旨在推动汽车行业摆脱化石燃料的规则修订。从意大利到波兰的多个政府和 汽车制造商表示，当前计划的从现有技术转型过于激进，有可能扼杀该地区的核心产业之一。 据知情人士透露，委员会的策略是允许在插电式混合动力车和增程式电动车中，将内燃机的使用期限延 长五年至2040年。条件是这些车辆将使用先进的生物燃料和所谓的电子燃料(利用捕获的二氧化碳和可 再生电力制造)，并在制造过程中使用绿色钢铁。 知情人士表示，根据提案的确切参数，这样的设计将使欧盟仍能瞄准在2035年实现新乘用车零排放的目 标。这也将回应几个汽车及零部件生产国的关切，这些国家呼吁在该日期之后使用纯电动汽车以外的清 洁技术。 知情人士谨慎表示，委员会内部的讨论仍在继续，细节仍可能发生变化。 尽管汽车制造商将赢得更多时间转向纯电动汽车，但环保团体担心这些修改会造成新的漏洞，破坏欧洲 的气候雄心，并可能使该地区的主要汽车制造商在电池动力道路交通的竞赛中进一步落后于中国。 据因讨论正在进行而要求匿名的知情人士称，2035年后允许在 ...

本文仅侧重李想对投资人措辞方式的变化，明天分析李想在25Q3上画的饼。 2024年4月18日李想在L6发布会上开头说："增程式电动车的这个决定在很长一段时间让我成为了笑 柄，专家普遍不认同，行业和媒体也不理解，消费者也不明白。我们也成为了融资最难的造车新势力 企业，大多投资人说我看好李想你这个人，只要你做纯电放弃增程，我就会立刻投资你，但是我就是 想造这样一款车，我要为自己和用户造车，而不是为资本市场造车。 " 即话语层面侧重其他人如何不理解自己的远见，自己是给用户造车，不给资本市场造车。 2024年7月1日发布的理想九周年长文里，TOP2指出李想表示要对这个世界进行很好的沟通，升维自 己的沟通方式是这篇长文里最值得留意的1个地方。详见《 理想九周年长文里最值得留意的1个地方 》 加微信，进群深度交流理想实际经营情况与长期基本面。不是车友群。 2024年4月8日TOP2指出 李想需要做的是，保留自己本质的前提下，与这个世界共赢相处。而不是 改变自己的本质，被世界驯化。 2025年8月19日播出的罗永浩与李想的长对话里，李想说"我每个时间都会反思一下，也会跟团 队讨论一下，就是把我的很多棱角打磨掉，到底是个好事 ...

Core Viewpoint - Stellantis opposes the EU's 2035 ban on new internal combustion engine vehicles, advocating for the continued sale of plug-in hybrids and range-extended electric vehicles, and supports alternative fuels as a decarbonization pathway [2][4][12] Industry Response - Stellantis is among several European automakers pressuring the EU, highlighting the significant impact on Italy's economy and employment due to the strict implementation of the ban [4][9] - The company promotes a "technology-neutral" principle, arguing for the coexistence of various technological pathways, including plug-in hybrids and synthetic fuels, to address consumer needs and regional differences [4][10] Market Conditions - The European Automobile Manufacturers Association (ACEA) reports that the EU's electric vehicle penetration rate for 2024 is significantly below expectations, indicating that the market is not developing as policymakers envisioned [5][7] - The slow sales of electric vehicles, particularly in major markets like Germany and France, coupled with varying subsidy policies across EU member states, have created challenges for the automotive industry [7][8] Infrastructure Challenges - The lack of adequate charging infrastructure is a major bottleneck for electric vehicle adoption, with the current installation rate of charging stations falling far short of the required pace [8] - High raw material costs are increasing production expenses for automakers, squeezing profit margins and leading to layoffs and factory closures as companies struggle to adapt [8][11] Divergent National Perspectives - There are notable divisions among EU member states regarding the 2035 ban, with countries like Italy advocating for a delay due to the potential devastating impact on their automotive industries [9][10] - Germany is pushing for exemptions for synthetic fuels, viewing them as a viable transitional solution for high-end fuel vehicles to achieve carbon neutrality [10] Future Implications - Regardless of whether the ban is modified, European automakers face pressure to accelerate electrification, which may lead to short-term employment issues and economic repercussions [11][12] - The debate over the ban reflects the broader conflict between environmental ideals and the survival of the automotive industry, with the outcome potentially reshaping global decarbonization strategies [12]

Core Insights - The average price of passenger cars in October is 166,000 yuan, a decrease of 1,000 yuan compared to the same period last year, indicating a relatively stable market performance despite high baseline figures [1][3][4] - The market for vehicles priced below 150,000 yuan is relatively active, with small electric vehicles performing notably well, while high-end extended-range and plug-in hybrid models are underperforming [1][2] Price Trends - The average retail price of passenger cars has shown a continuous upward trend from 151,000 yuan in 2019 to 183,000 yuan in 2023, but is projected to decline to 177,000 yuan in 2024 and 170,000 yuan in the first ten months of 2025 [3][4] - The average price of new energy vehicles has also decreased significantly, from 184,000 yuan in 2023 to 159,000 yuan in 2025, with October's average at 156,000 yuan [3][4] Market Structure - The sales structure of passenger cars has shifted, with a notable increase in the proportion of entry-level pure electric vehicles, leading to a decrease in the average price due to the decline in the share of higher-priced hybrid and extended-range vehicles [4][5] - The market share of vehicles priced above 150,000 yuan is declining, with the 200,000-300,000 yuan segment dropping from 17% in 2024 to 16% in 2025, indicating a shift towards more affordable options [6] Sales by Vehicle Class - The penetration rate of new energy vehicles is highest among microcars, reaching 100% in October, while A0-class and A-class vehicles also show significant growth [7][8] - The overall sales of traditional passenger vehicles are under pressure, with new energy vehicles expected to account for 48% of the market in 2024 and 57% by October 2025 [8] Brand Performance - The average price of luxury vehicles in the first ten months of 2025 is 359,000 yuan, down 4,000 yuan from 2024, while the average price for joint venture brands remains stable at 174,000 yuan [10] - New energy vehicles from domestic brands are performing well, with the average price for these brands at 122,000 yuan, reflecting a competitive landscape in the market [10]

Core Insights - The range-extended electric vehicle (REEV) market is facing growth bottlenecks, with wholesale sales in October dropping to 121,000 units, a year-on-year decline of 1.9%, marking the third negative growth in the first ten months of the year [1][9] - In contrast, pure electric vehicle (BEV) sales have shown robust growth, with a year-on-year increase of 31.6% in October, maintaining an average monthly growth rate above 30% throughout the year [3][9] Sales Performance - October wholesale sales for REEVs: 121,000 units, down 1.9% year-on-year [2] - Year-to-date REEV sales: 1.826 million units, down 1.1% year-on-year [9] - BEV sales in October: 1.02 million units, up 31.6% year-on-year [2] - Plug-in hybrid electric vehicle (PHEV) sales in October: 480,000 units, up 2% year-on-year [2] Market Dynamics - The REEV market, once dominated by the Li Auto ONE, has seen increased competition with new entrants like AITO and Deep Blue, yet Li Auto still holds nearly 60% market share [4][5] - The total sales of REEVs are projected to exceed 1 million units by 2024, with a significant increase in brand participation [7] Consumer Sentiment and Challenges - REEVs were initially favored for their "no range anxiety" feature, but advancements in BEV technology have diminished this advantage [9] - Consumer complaints regarding REEVs have surged by 280% in 2024, with over 70% of complaints related to range misrepresentation, high fuel consumption when depleted, and battery issues [9] Regulatory Environment - Policy changes are impacting the REEV market, with a shift in tax incentives starting in 2026, which will reduce the cost advantage of REEVs compared to traditional fuel vehicles [10] - New regulations will require REEVs to meet specific criteria, such as a minimum electric range of 100 kilometers, potentially leading to the elimination of lower-range models from the market [10]

Core Insights - The range-extended electric vehicle (REEV) market has experienced a rare "three consecutive declines" in monthly sales, with July, August, and September sales at 106,900 units, 97,400 units, and 105,000 units respectively, reflecting year-on-year declines of 11%, 7%, and 13% [1][3] - Ideal Automotive, once a leader in the REEV market, has seen a significant drop in sales for five consecutive months, raising questions about whether this decline is a temporary market fluctuation or indicative of a ceiling for this technology path [1][3] - The REEV market, which saw explosive growth from 2021 to 2024 with sales increases of 218%, 130%, 154%, and 70.9%, and market share rising from 3.6% to 9.1%, is now facing challenges as the core advantages of REEVs are being undermined by advancements in pure electric vehicles (EVs) [1][3][5] Market Dynamics - The REEV market has expanded significantly, with total sales expected to exceed one million units by 2024 and the number of brands reaching 23 [3] - However, the landscape is changing as Ideal Automotive shifts focus towards pure electric vehicles, while competitors like Wuling, Deep Blue, and others continue to enter the REEV space [3][4] - The core reasons for the decline in REEV popularity include significant improvements in pure EV range, enhanced charging infrastructure, and decreasing battery costs [5][8] Technological Shifts - The average range of new pure EVs has increased to over 500 km, with mainstream models exceeding 600-700 km, closely matching traditional fuel vehicles [5][8] - Charging infrastructure has improved dramatically, with a total of 12.8175 million charging stations in China by the end of 2024, a 49.11% year-on-year increase [8] - Battery costs are projected to drop to $99 per kWh by 2025, making EVs more cost-competitive with fuel vehicles [8][9] Future Considerations - The new generation of REEVs is shifting towards "large battery + small fuel tank" configurations, raising questions about the necessity of the range-extending engine when pure electric range is comparable to that of pure EVs [9][12] - Industry opinions are divided on whether this shift represents progress or a deviation from the original efficiency goals of REEV technology [12][14] - The decline in REEV popularity highlights the transient nature of market advantages and the importance of addressing consumer pain points [15][16]

Core Insights - The Chinese automotive market is at a critical turning point in 2025, characterized by slowing growth and structural differentiation, with a notable decline in the penetration rate of new energy vehicles (NEVs) and a diversified competitive landscape among brands [2][3]. NEV Market Trends - The growth rate of NEV penetration has significantly slowed, with an increase of less than 4 percentage points from January to September 2025, compared to a 12.5 percentage point increase in 2024 [3]. - The proportion of consumers opting for NEVs under the trade-in policy decreased from 60% in 2024 to 53% in early 2025, indicating a weakening driving force for NEV penetration [3]. - The penetration rate of plug-in hybrid vehicles (PHEVs) has declined from 21.1% in 2024 to 19.8% in 2025, while pure electric vehicles (EVs) continue to rise from 26.6% to 31.4% during the same period [3][4]. PHEV Market Dynamics - PHEV sales dropped sharply from 124.7 million units in 2024 to 27.2 million units in the first three quarters of 2025, leading to a decrease in their contribution to overall NEV growth from 69.7% to 15.1% [4][5]. - The weakening momentum in the PHEV market is attributed to market saturation in lower-tier cities and increased competition from fuel vehicles, which have lowered their prices significantly [5]. Competitive Landscape - The NEV market is witnessing increased competition, with brands like Geely and Leap Motor gaining market share, disrupting BYD's previous dominance [6]. - In the first nine months of 2025, Geely's NEV sales increased by 566,000 units, while Changan and Xiaomi also reported significant sales growth [6]. - Joint venture brands are also entering the NEV market aggressively, with new models achieving monthly sales of 8,000 to 10,000 units, indicating a resurgence in competition [7]. Export Market Developments - China's automotive exports reached 4.95 million units in the first nine months of 2025, a year-on-year increase of 14.8%, with expectations to exceed 7.5 million units for the entire year [8][9]. - The export growth is shifting from a few major companies to a more diversified group of manufacturers, with BYD and Chery leading the charge [9]. - The second-hand car export market is emerging as a potential growth area, with only 7% of total automotive exports in 2024, indicating significant room for expansion [9][10]. Future Outlook - The second-hand car export market is expected to grow, particularly in regions like Africa and Southeast Asia, with a projected growth rate of nearly 85% in the African market [10][11]. - Companies are advised to focus on establishing after-sales networks in key export markets and to leverage existing resources to avoid blind investments [11].