Group 1 - The core point of the article is that Mercedes-Benz and BMW are in high-level negotiations to collaborate on engine technology, specifically for BMW to supply its four-cylinder gasoline engines for multiple Mercedes models, marking a historic cross-brand technology sharing initiative [1][3]. - The collaboration aims to reduce R&D costs and adapt to industry changes, with the potential to enhance the market sustainability of fuel vehicles and accelerate the deployment of plug-in hybrid models for Mercedes [1][3]. - The specific models that may utilize BMW's engines include CLA, GLA, GLB, C-Class, E-Class, GLC, and a planned small SUV, which indicates a broad application of the partnership [3]. Group 2 - The BMW B48 series 2.0-liter turbocharged four-cylinder engine is expected to be produced in Austria and offers layout flexibility for both compact and mid-size vehicles, which could benefit Mercedes' vehicle lineup [3][4]. - The partnership may extend beyond engine sharing to include technology collaboration in areas such as transmissions, although no official confirmation of the details has been made yet [4]. - The outcome of the negotiations is anticipated to be announced by the end of the year, indicating a timeline for potential developments in this collaboration [4].

作者 / 张霖郁 编辑 / 黄大路 设计 / 张 萌 这一谈话背景是2025年8月6日奔驰在北京组织"奔驰标准"科技日，马库斯从德国飞到北京，展示奔驰底盘以及驾驶体验的标准。 他说："我不同意'中国的造车技术包括智能驾驶技术已超过德国'的说法，但中国在这些方面做得很好，这是事实，但并没有比德国更好。" 马库斯表示，奔驰在车型开发上还没有用太多新技术，主要原因是新技术需要时间测试才能确保其安全，他们不想拿品牌的口碑冒险。 "中国市场现在的研发周期缩短，很多车型都是高配但售价却很低，很难想象他们怎么赚钱。"这个德国人补充说，"我们内部也在问自己，要不要跟上 这一做法？但奔驰不太可能这么做，我们还是要对得起用户付的这么多钱。" 《汽车商业评论》在最近两个月采访的数位德系车企高管中，马库斯这番话代表了合资汽车品牌外方高层的普遍想法。 合资车企在中国市场这几年的困境实际上是外方母公司在对消费者用车需求或者说对一辆好车的标准上与当下中国市场产生的严重分歧所造成的，其中 也包括行业本身的转型。 第二种分歧在于中国新能源车的研发、制造流程、上市质量标准以及定价体系某种程度触及了德系车企的造车底线，德国本土不符合上市条件的车型 ...

Core Viewpoint - The traditional luxury car giants BBA (BMW, Mercedes-Benz, Audi) are facing significant growth challenges, with declining revenues and profits, particularly in the Chinese market, indicating a critical transformation phase for these companies [1][2][4]. Financial Performance - In the first half of 2025, BBA's financial results showed a mixed performance: BMW led with revenues of €67.685 billion, down 8% year-on-year; Mercedes-Benz followed with €66.377 billion, experiencing the largest revenue drop of 8.6%, and a net profit halved to €26.88 billion; Audi reported revenue growth to €32.573 billion but with a net profit of only €1.346 billion, one-third of BMW's [2][4][8]. - The overall net profit for BBA saw significant declines, with Mercedes-Benz's net profit dropping 55.8%, BMW's down 29%, and Audi's down 37.5% [7][8]. Market Challenges - BBA collectively struggled in the Chinese market, with delivery volumes down 15.5% for BMW, 14.2% for Mercedes-Benz, and 10.3% for Audi, making it the largest single market decline globally for these brands [4][10]. - The entry-level models of BBA are facing intense competition from domestic brands, leading to a decline in both volume and profit margins [9][10]. Strategic Adjustments - BBA has lowered their profit forecasts: Audi revised its revenue target to €65-70 billion with a profit margin expectation of 5-7%; BMW anticipates a decline in its automotive EBIT margin to 5-7%; Mercedes-Benz expects lower sales than the previous year with a revised return on sales (ROS) of 4-6% [4][10]. - The companies are adjusting their strategies towards electric vehicle (EV) production, with BMW leading in EV sales, while Mercedes-Benz has delayed its full electrification target to 2030 [11][16]. Electric Vehicle Transition - Audi reported a 32.3% increase in EV sales, leading BBA, with a total of 101,400 units delivered; BMW's EV sales reached 220,600 units, up 15.7%, while Mercedes-Benz saw a 14% decline in EV sales to 87,300 units [14][16]. - BMW is focusing on its new generation platform to boost EV sales, aiming for 50% of its sales to be electric by 2035, while Audi is cautiously expanding its EV lineup [15][16]. Future Outlook - The BBA's transition to electric and smart vehicles is seen as a necessary response to market pressures, with the potential for new growth opportunities emerging from current challenges [17].

Core Viewpoint - The claim of "50% off on seven Mercedes models" is misleading, as various models are offered with significant discounts, but not to the extent of half-price sales [1][2]. Group 1: Discounts and Promotions - Multiple Mercedes models currently have varying degrees of discounts, with cash discounts and additional subsidies available, leading to substantial overall savings [1][2]. - For example, the GLA model has a cash discount of 120,000 yuan, and when combined with trade-in or scrapping subsidies, the total discount can exceed 150,000 yuan [2][3]. - Other models like the GLB and CLA also have significant discounts, with the CLA 200 series offering around 120,000 yuan in discounts, plus additional subsidies [2][3]. Group 2: Market Trends - The trend of increasing discounts is not limited to Mercedes; other luxury brands like BMW and Audi are also offering substantial promotions, with discounts reaching up to 180,000 yuan on certain models [4][5]. - The luxury car market is experiencing pressure on sales, with Mercedes' delivery volume down 7% year-on-year in Q1, and similar declines observed for BMW and Audi [5]. - The rise of new energy vehicles is contributing to the increased promotional efforts for traditional luxury fuel vehicles, as they face competition from emerging luxury brands [6].

Investment Rating - The investment rating for the electric power equipment industry is "Positive" (maintained) [1] Core Viewpoints - 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% year-on-year, 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 various automakers planning to launch competitively priced electric vehicles in the coming years [6][37] - The report discusses the implications of carbon emission regulations, noting that a shift to a three-year average assessment period for emissions targets could alleviate pressure on automakers and allow for better planning and execution of new model launches [53] Summary by Sections Sales Performance - In Q1 2025, Renault's BEV sales increased by 88% year-on-year, with a penetration rate of 17.1% [15] - 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] New Model Launches - Stellantis plans to introduce multiple 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] Carbon Emission Regulations - The European Parliament has approved a revision of carbon emission regulations, shifting to a three-year average assessment, which is seen as beneficial for the industry [53] - Stellantis believes that relaxing the assessment timeline can prevent panic pricing strategies in late 2025 [54] - BMW is confident in meeting the revised emission targets, having already exceeded previous goals [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]

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 Insights - The domestic automotive market is experiencing a sales surge during the "May Day" holiday, driven by consumer stimulus policies and holiday economic activities [2][5] - Traditional fuel vehicles and new energy vehicles are both thriving, with dealerships employing strategies like price reductions and service upgrades to attract consumers [2][6] - Local car exhibitions have become key venues for stimulating regional consumption, showcasing over 50 automotive brands and various promotional strategies [3][4] Group 1: Market Dynamics - The automotive market is witnessing unprecedented vitality due to ongoing policy support and aggressive marketing from car manufacturers, particularly in lower-tier cities [5][6] - The "three重叠加" policy at local car exhibitions includes government subsidies, low-interest loans, and manufacturer discounts, significantly lowering vehicle prices [3][7] - The consumer experience at these exhibitions is becoming a crucial metric for assessing their value, with innovative features in vehicles reshaping consumer perceptions [4][6] Group 2: Promotional Strategies - Dealerships are implementing multi-faceted promotional strategies, including "in-store gifts," trade-in subsidies, and financial incentives to enhance customer engagement [6][7] - The luxury car market is also thriving, with significant discounts and tailored financing options for specific consumer groups, enhancing purchase accessibility [7][8] - New energy vehicle brands are intensifying promotional efforts, offering substantial cash discounts and innovative financing plans to attract buyers [8]

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 奔驰发布全新 CLA，首发纯视觉智驾和自研三电，对技术转型的理解将接受市场检验。 文 丨 王笑渔 编辑 丨 龚方毅 以意大利罗马古城为背景，梅赛德斯-奔驰于欧洲中部时间 3 月 13 日，发布全新一代 CLA 车型。 据我们在发布会现场了解到， CLA 会同时提供纯电和燃油（搭载 48V 轻混）两个版本，且拥有相同的 设计语言、相同的智能化体验。 其中，纯电 CLA 采用 800 伏架构，有三元锂和磷酸铁锂两个版本，85 度三元锂电池能实现 792 公里 （WLTP）的续航。最高支持 320 千瓦直流快充，充电 10 分钟可增加 325 公里续航。 国产长轴距版本 CLA 续航达 850 公里（CLTC），今年 4 月在上海车展亮相，预计年内交付。国产车型 将首发中国研发团队主导的 L2++ 全场景高阶智驾，该智驾方案后续会提供给美国和欧洲市场的消费 者。 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 燃油 CLA 用了奔驰新的 1.5 升四缸发动机（M252），并非此前传闻的吉利发动机。48V 轻混系统能在 低速实现纯电形 ...

对自动驾驶的不同态度，让奔驰和宝马在新汽车时代一个向左，一个向右。 在国内市场卷起"全民智驾"风潮、特斯拉FSD入华、多家车企计划在年内实现L3级自动驾驶之际， 宝马保持了克制。 宝马新世代与奔驰CLA另一个显著差异是对全球化和本土化的不同倾斜。 这是高乐3月14日在宝马集团新世代科技战略沟通会视频连线中说的。当天的主角宝马新世代车型 没有将自动驾驶作为重点，高乐在回答提问时描述"我们将推出的L2+++的应用比我们现在要高出 一代。有很多L2+++的功能，变道、超车更加精准、可靠、安全。"他同时强调"有的车你不用握方 向盘可以很长时间，这个我们是做不到的、不允许的。" 新世代是宝马面向未来的一整套技术创新，包含全新电子电气架构、动力系统、智能座舱、智能驾 驶、设计语言等，代表了宝马在电动化、数字化、智能化等领域的最新成果。新世代技术将应用于 宝马未来所有车型，覆盖纯电动、插混、燃油、氢能多种驱动模式和全部细分市场。 驾驶乐趣、操控仍然是宝马新世代系列车型展示出的核心竞争力，宝马中国一位员工告诉汽车商业 评论，"宝马不会轻易把方向盘交给机器。" 巧的是，奔驰全新智能电动架构下的首款车型CLA在同一天全球首发，全 ...

撰文 / 张霖郁 设计 / 师 超 2023年10月的某一天，北京诺金酒店聚集了奔驰亚太区法务与合规团队部分成员。 会场在酒店二楼，两个小会议室合并成一个大会场。现场摆放了三款车型，其中两辆是中国新势力竞品，蔚来EC7和理想L9 Max，另一辆是奔驰自己即 将上市的E-Class。 来自亚太区不同国家的法务人员聚在一起，讨论本部门如何应对转型，尤其是数字化带来工作模式以及方方面面的冲击。他们讨论对德国总部制定的转 型战略是否充分理解以及相应的建议和帮助，此外，还涉及转型期对合规的新挑战，比如新的售车方式、各国推出的数据安全法规等。 会场主舞台上的奔驰E-Class两个月后上市，在同一空间对比完理想L9 Max和蔚来EC7后，这些从亚太区不同国家来的奔驰内部员工对自己公司车型的竞 争力有了真实的认识。 "我们的车这么贵，配置没有人家高啊……"几个奔驰内部员工私下交流。 事实上，奔驰E-Class上市第二年后降价超过10万元以上，销量出现同比下滑。 这场人数不超过150人、为期两天在北京五星豪华酒店举办的会议，多少让人感受到全球车企转型风潮的急促气息以及对每个人的影响，但奔驰内部上 下有多急迫，尚未可知，因为那时 ...