Investment Rating - The investment rating for the electric power equipment industry is "Positive" (maintained) [1] Core Insights - The report highlights a significant increase in BEV sales among major automakers in Europe, indicating a strong trend towards electrification in the automotive industry. Renault's BEV sales grew by 88%, Volkswagen's by 113%, and BMW's by 64% in Q1 2025 [4][14][23] - The introduction of new electric vehicle models is expected to sustain the electrification trend, with Stellantis and Renault planning to launch multiple affordable B-segment electric vehicles by the end of 2024 [6][37] - The report discusses the impact of carbon emission regulations, noting that the EU has revised its assessment method to consider a three-year average from 2025 to 2027, which may alleviate immediate pressure on automakers [53] Summary by Sections Sales Performance - In Q1 2025, Renault's BEV sales increased by 88%, with a penetration rate of 17.1% in Europe. The Renault 5 model was the best-selling B-segment electric vehicle [15][18] - Volkswagen's BEV deliveries in Europe rose by 113%, achieving a market share of approximately 26% [19][21] - BMW's BEV sales in Europe grew by 64%, with a penetration rate of 18.7% [23][25] - Chinese automakers are increasing PHEV exports to mitigate the impact of tariffs, with BYD's sales in Europe rising by 124% [5][32] New Model Launches - Stellantis plans to launch several new models priced below €25,000, which are expected to boost sales in Q2 2025 [40] - Renault's new model, the Renault 4, is set to launch in Q2 2025, building on the success of the Renault 5 [41] - Volkswagen will showcase a new range of entry-level BEVs in September 2025, with the ID.2 model expected to launch in 2026 [45] - BMW is set to begin production of the iX3 by the end of 2025, with a series of NEUE KLASSE models to follow [46] Carbon Emission Regulations - The EU's revised carbon emission assessment method is expected to provide automakers with more time to meet targets, with a focus on increasing BEV penetration rates [53] - Stellantis believes that the revised timeline will prevent panic pricing in Q4 2025 [54] - Renault emphasizes the importance of reducing costs to maintain competitiveness in the electric vehicle market [55] - Volkswagen anticipates continued pressure in 2025, despite the regulatory changes [57] - BMW expresses confidence in meeting carbon emission targets due to its current BEV penetration rate [58] Investment Recommendations - The report recommends investing in companies involved in lithium batteries, such as CATL and Yiwei Lithium Energy, as well as companies producing lithium materials and components [59]

Core Viewpoint - The automotive industry is witnessing a resurgence of physical buttons in vehicle designs, indicating that manufacturers are beginning to listen to consumer feedback regarding usability and safety concerns associated with touchscreens [1][20][22]. Group 1: Industry Trends - The trend of replacing physical buttons with touchscreens has been prevalent, with manufacturers emphasizing digital cockpit designs and larger screens, which have increased from 12 inches to 17 inches [1][20]. - Major automakers, including Volkswagen, Porsche, and Hyundai, are now reintroducing physical buttons, acknowledging that the previous reliance on touchscreens was a significant mistake [1][20][22]. - The 2023 Shanghai Auto Show highlighted this shift, with various companies announcing their commitment to integrating physical controls back into their vehicles [1][20][22]. Group 2: Consumer Feedback and Safety Concerns - Consumers have consistently criticized the safety and practicality of touchscreen controls, with reports indicating that operations can take an average of 22 seconds and have high error rates [3][19]. - A study by the UK Transport Research Laboratory found that using touchscreen systems can increase driver reaction times by 53% to 57%, significantly more than the effects of driving under the influence [16][19]. - The National Highway Traffic Safety Administration (NHTSA) reported that 18.7% of distraction-related accidents were linked to touchscreen operations, emphasizing the need for physical controls [19]. Group 3: Cost and Design Considerations - The shift towards touchscreens was partly driven by cost reduction strategies, as integrating functions into a single touchscreen can lower manufacturing costs compared to traditional button designs [8][7]. - However, the perceived high-tech appeal of large screens often masks the underlying cost-saving motives, with screens being procured for as low as $50 [8][7]. - The automotive industry is now recognizing that a balance between physical buttons and touchscreens is essential for optimal user experience and safety [24][22].

Group 1 - The recent executive changes at China FAW Group are seen as a strategic response to market dynamics, with a focus on enhancing the performance of its self-owned brands, particularly Hongqi [2] - In the first quarter of 2025, China FAW sold 762,000 vehicles, a year-on-year increase of 2.5%, with self-owned brand sales reaching 223,000 units, up 7.4% [2] - The sales of new energy vehicles (NEVs) from China FAW were only 59,000 units, representing a significant growth of 152%, but still accounted for less than 5% of total sales [2] Group 2 - Hongqi's sales in 2024 reached 411,777 units, marking a 17.4% increase, with NEV sales contributing significantly at 115,000 units, up 43.7% [3] - The company plans to launch new B-class electric vehicles in 2025 to expand its market presence [3] - The joint venture segment, particularly FAW-Volkswagen, faces challenges in transitioning to electric vehicles, with ID series sales in China at only 130,000 units in 2024 [3] Group 3 - The market for fuel vehicles in China is shrinking, while electric vehicles require substantial investment and are not expected to be profitable in the short term [4] - A shift towards localized R&D is necessary for joint ventures to adapt to the competitive landscape in China [4] - Despite the decline in fuel vehicle sales, they are expected to maintain a significant presence in the market, with annual sales projected to remain at around ten million units [4][5]

撰 文 / 钱亚光 设 计 / 赵昊然 "我们对下一代内饰的构想是，尽可能让驾驶员的目光停留在道路上……所以（从安全角度考虑） 你其实不想让人们去看屏幕，而是让他们保持与视线水平的位置。"现代汽车设计副总裁西蒙·洛阿 斯比（Simon Loasby）介绍新车时说。 他向Autocar UK透露，该公司将于2026年推出其下一代产品中，为了优先考虑安全性，车内仍会提 供实体按钮，而触摸屏可能会变得更小，并运行更易用的操作系统。 现代汽车北美设计公司副总裁Hak-soo在接受韩国中央日报（JoongAng Daily）采访时曾谈到了这一 转变，他承认公司是被大型一体化屏幕式信息娱乐系统所带来的"惊艳"效果所吸引才做出这一决定 的。但显然，消费者对此并不买账。 Hak-soo 表示："我们在车辆中添加集成式（信息娱乐）屏幕时，也尝试过采用基于触摸屏的控制方 式，但人们并不喜欢那样。" 汽车制造商正回归复古潮流，在汽车上重新配备实体控制装置，同时摒弃那些曾被吹捧为驾驶未来 趋势的时尚触控屏幕。 实体按键的存与废 汽车上的首个触摸屏可以追溯到近四十年前的1986年款别克Riviera车型。当时的应用程序是一个由 阴极射 ...

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 大众转变在华智能研发思路。 文丨赵宇 编辑丨 冒诗阳 2024 年 5 月，数百名 Cariad 中国员工收到一封公司内部邮件，邮件内容包含两道编程测试题。 这封邮件来自 Cariad 中国的 HR 部门，但发起测试的人是韩三楚，他在今年 3 月 1 日接替常青，成 为 Cariad 中国 CEO。多名 Cariad 中国员工认为，这位新任 CEO 是在用自己的方式摸底部下的软件 研发水平。 一位 Cariad 中国员工说，虽然测试题并不是很难，但大家并不轻松，因为 "一些员工已经很长时间 没有写过代码了"。 成立的两年时间里，Cariad 中国员工的核心任务是做测试和项目管理，而非承担具体的研发任务。 这是韩三楚需要面对的新局面。进入 Cariad 中国之前，韩三楚是长安汽车的首席软件架构师，带领 约 3500 名工程师开发长安 SDA 电子电气架构。 进入 Cariad 中国之后，韩三楚将参与大众中国下一代纯电平台 CEA（China Electrical Architect ...