记者 周菊 近日，彭博社援引知情人士的消息称，奇瑞汽车正与雷诺汽车洽谈在南美开展制造和销售合作，以扩大 双方在该地区的业务。据透露，双方谈判聚焦于哥伦比亚和阿根廷的合作计划，雷诺将允许奇瑞使用其 在当地的工厂设施，而奇瑞将投入资本并提供产品设计。 针对该消息，经济观察报分别向雷诺和奇瑞方面进行求证，但双方均表示暂无相关的信息可以分享。 对于双方的合作细节，上述知情人士透露，奇瑞计划利用雷诺在哥伦比亚恩维加多的工厂生产燃油车， 其中大部分将挂上雷诺车标销售，少部分继续使用奇瑞品牌。在雷诺的阿根廷科尔多瓦工厂，奇瑞考虑 投资插混皮卡生产线，由雷诺负责总经销。简而言之，若合作达成，奇瑞将提供产品和技术，雷诺则提 供工厂和销售渠道。 当前，国内汽车市场增速放缓，几乎所有中国车企都加快了全球化步伐，积极布局海外市场。其中，南 美洲因市场潜力大、新能源汽车市场空白，成为众多车企的出海热门地，此前奇瑞、比亚迪、长城汽车 均已在巴西建厂，为开拓南美市场打下基础。 在中国车企中，奇瑞汽车的出口销量长期位居榜首。2024年，奇瑞汽车海外销量达114.5万辆，同比增 长21.4%，居中国自主品牌乘用车出口第一，与上汽成为唯二海外销 ...

Core Viewpoint - Chery Automobile is in talks with Renault to establish manufacturing and sales cooperation in South America, focusing on Colombia and Argentina, to expand their business in the region [2][3]. Group 1: Partnership Details - Chery plans to utilize Renault's factory in Envigado, Colombia, to produce fuel vehicles, with most vehicles branded as Renault and a portion under the Chery brand [2][3]. - In Argentina, Chery is considering investing in a plug-in hybrid pickup production line at Renault's Córdoba factory, with Renault handling distribution [2][3]. - The collaboration aims for Chery to provide products and technology while Renault offers factory facilities and sales channels [2][3]. Group 2: Market Context - The domestic automotive market in China is experiencing slow growth, prompting Chinese automakers to accelerate their globalization efforts, particularly in South America, which has significant market potential and a gap in the electric vehicle market [2][3]. - Chery has been a leader in export sales among Chinese automakers, with overseas sales projected to reach 1.145 million units in 2024, a 21.4% increase year-on-year [3]. Group 3: Competitive Landscape - Renault is a significant player in the South American market, with established factories in Colombia and Argentina, including a complete vehicle production capacity of approximately 100,000 units per year in Colombia [3]. - Chery's sales in the Latin American market grew by 42% last year, primarily in Mexico and Chile, indicating potential for further market penetration through the new partnership [3]. Group 4: Strategic Implications - Collaborating with Renault allows Chery to operate with a light asset model, minimizing heavy investments in factory construction and reducing market entry time and costs [3]. - For Renault, partnering with Chery can leverage Chery's technological and electric vehicle strengths, accelerating its market expansion in South America [5]. - Chery's recent IPO on the Hong Kong Stock Exchange, raising 9.14 billion HKD, has increased its interest in collaborating with Renault [5].

来源：视频滚动新闻 豪华汽车制造商保时捷集团缩减电动车业务，调整了此前导致利润率下滑、且拖累母公司大众集团 （Volkswagen AG）的高成本战略，此后其股价创下历史最大跌幅。这家以 911 车型闻名的车企搁置了 一款未来的电池动力豪华 SUV 计划，并表示将增加更多燃油车和混合动力车型以充实产品组合。这一 战略转向导致营业利润减少 18 亿欧元（合 21 亿美元），并迫使保时捷与大众集团双双下调年度业绩预 期。对于正应对高成本与销售疲软的德国汽车行业而言，这是又一次挫折。在法兰克福股市，保时捷股 价盘中最大跌幅达 9.3%，创下约三年前上市以来的最大单日盘中跌幅。该公司股价今年已累计下跌近 30%。大众集团股价最大跌幅达 8.4%，为两年多来最大跌幅。与 Stellantis 集团（Stellantis NV）、雷诺 集团（Renault SA）等欧洲同行一样，德国车企即便已向电动车技术投入数十亿欧元，仍面临电动车需 求低于预期的困境。自 2022 年声势浩大的上市以来，保时捷一直难以达到市场预期。上周五发布的利 润预警是该公司今年第四次下调业绩指引，其股价已跌至低位，即将被剔除出德国基准股指 —— 德 ...

J.D. Power中国区汽车产品事业部总经理杨涛表示："在行业科技、配置、价格多重竞争压力下，传统燃油车 IQS 表现同比持续下滑。如何在新能源变革 中守住市场份额、筑牢质量底线，是燃油车企未来几年必须破解的课题。当前，首要任务是做好科技配置的上车体验，聚焦用户高频场景，着力解决误识 别、反应慢等用户感知强烈的问题。同时，随着燃油车用户结构与需求偏好的变化，企业需重新梳理用户体验指标体系和质量风险控制策略，切实将基于用 户思维的品质管理前置，方能在汽车产业变革下半场的竞争中从容应对。" 在当前激烈的市场竞争中，用户对于车辆质量的关注度也让新车质量承担的压力不断增多。8月28日， J.D. Power｜君迪发布的2025中国新车质 量研究℠（IQS）显示，2025年，行业整体新车质量的每百辆车问题数为229个PP100，较2024年显著上升了17个PP100，新车整体质量水平下滑严 重。在行业价格竞争加剧的背景下，三大品牌阵营的燃油车新车质量均有明显下降。自主品牌和主流国际品牌的质量抱怨较去年均上升18个 PP100，而豪华品牌则增加13个PP100。这表明，在激烈的市场竞争下，成本压力可能直接影响了质量把控 ...

消息面上，五菱汽车发布公告，2025年上半年，预期集团将录得净利润约人民币8400万元，与2024年上 半年录得净利润人民币2112.5万元相比，增加约298%；及公司拥有人应占利润，与2024年上半年录得 公司拥有人应占利润人民币158.6万元相比，亦将大幅增加至约人民币3800万元。 五菱汽车(00305)盈喜后涨超10%，截至发稿，涨9.62%，报0.57港元，成交额803.52万港元。 天风证券（601162）指出，公司积极布局新能源产业，形成"传统动力技术升级+新能源动力集成开 发"的产品布局。持续开发高效低排放发动机，推广新能源产品，包括电动汽车的发动机、电动汽车控 制系统及相关零部件以及不同类型的混合动力车型。公司成立柳州五菱新能源汽车有限公司，作为整合 新能源整车业务成立的联营公司，未来是公司零部件等产品的主要客户。未来公司将借助新战略，继续 布局新能源赛道，实现战略转型以适应市场需求。 ...

消息面上，五菱汽车发布公告，2025年上半年，预期集团将录得净利润约人民币8400万元，与2024年上 半年录得净利润人民币2112.5万元相比，增加约298%；及公司拥有人应占利润，与2024年上半年录得 公司拥有人应占利润人民币158.6万元相比，亦将大幅增加至约人民币3800万元。 智通财经APP获悉，五菱汽车(00305)盈喜后涨超10%，截至发稿，涨9.62%，报0.57港元，成交额803.52 万港元。 天风证券指出，公司积极布局新能源产业，形成"传统动力技术升级+新能源动力集成开发"的产品布 局。持续开发高效低排放发动机，推广新能源产品，包括电动汽车的发动机、电动汽车控制系统及相关 零部件以及不同类型的混合动力车型。公司成立柳州五菱新能源汽车有限公司，作为整合新能源整车业 务成立的联营公司，未来是公司零部件等产品的主要客户。未来公司将借助新战略，继续布局新能源赛 道，实现战略转型以适应市场需求。 ...

Group 1 - The county-level consumer market is undergoing profound changes, with shopping habits and consumption concepts aligning more closely with those of first- and second-tier cities due to the proliferation of the internet and improvements in logistics systems [1] - The future of county retail is expected to be characterized by the integration of online and offline channels, differentiated positioning, and community-based services [1] Group 2 - The automotive industry is focusing on rebuilding its value framework by addressing safety and trust issues, emphasizing that extreme parameters on paper can lead to short-term gains, while rigorous quality testing is essential for long-term success [1] - The resurgence of hybrid vehicles is noted as several automakers are slowing down their pure electric strategies and shifting towards hybrid power, with market data indicating a growing consumer enthusiasm for hybrid models during the electric transition period [1] Group 3 - Successful technology investment requires a strong industry background, a keen sense of history, and the willingness to operate against human instincts, as the uncertainty in technology necessitates a strong resolve for contrarian investment strategies [1]

Core Viewpoint - Wuling Motors Holdings Limited is focusing on enhancing its industrial chain layout and synergy effects within the automotive industry, emphasizing automotive components, power systems, and commercial vehicle design and development, including new energy vehicles [1] Group 1: Company Overview - Wuling Motors is a Hong Kong-listed company specializing in the automotive industry chain, leveraging nearly a century of manufacturing experience from its controlling shareholder, Guangxi Automobile Group [1] - The company generates 69% of its main revenue from automotive components, 22% from power systems, and 9% from commercial vehicles [1] - Wuling provides high-value components to numerous domestic and international OEMs and serves over 10 million end customers with power systems [1] Group 2: Financial Performance - In 2024, Wuling's total revenue is projected to be 7.949 billion yuan, a decrease of 24.17% year-on-year, primarily due to strategic adjustments in the modified vehicle segment and reduced business volume in the power systems division [2] - The company's operating costs for 2024 are expected to be 7.089 billion yuan, down 24.96% year-on-year [2] - Despite the revenue decline, Wuling's net profit for 2024 is anticipated to reach 111 million yuan, reflecting a year-on-year increase of 60.19%, with a significant rise in gross margin from 9.89% in 2023 to 10.82% in 2024 [2] Group 3: Strategic Initiatives - The controlling shareholder has proposed the "Lingshi Project" strategy, aiming to cultivate three national-level manufacturing champions in the automotive components sector from 2025 to 2027 [3] - Wuling is focusing on upgrading its product structure towards mid-to-high-end products and has successfully developed high-value products such as the heat expansion forming and micro-integrated electric axle [3] - The company is expanding its international footprint with operations in Indonesia and India, promoting the globalization of its components business [3] Group 4: New Energy Focus - Wuling is actively positioning itself in the new energy sector, integrating traditional power technology upgrades with new energy power development [4] - The company is developing efficient low-emission engines and promoting new energy products, including electric vehicle engines and control systems [4] - Wuling has established Liuzhou Wuling New Energy Vehicle Co., Ltd. to consolidate its new energy vehicle business, which will become a major customer for its components [4] Group 5: Future Projections - Based on ongoing investments and innovations in the new energy sector, Wuling's revenue is projected to grow to 8.866 billion yuan in 2025, 9.724 billion yuan in 2026, and 10.672 billion yuan in 2027, representing year-on-year growth rates of 12%, 10%, and 10% respectively [4] - The company's net profit is expected to reach 80 million yuan in 2025, 110 million yuan in 2026, and 144 million yuan in 2027, with growth rates of 58%, 38%, and 31% respectively [4] - Wuling's target market capitalization is estimated at 2.31 billion yuan, with a target price of 0.77 HKD per share, reflecting a "buy" rating [4]

Core Insights - The fifth International Forum on Automotive Power Systems was held in Shanghai, focusing on the diverse development paths of global automotive power systems [1] - Li Kaiguo, the supervisor of the China Automotive Engineering Society, presented a keynote report on "Development Path of Automotive Low-Carbon Technology," revealing that the "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" is expected to be officially released in September to October this year [1][5] Industry Development - The Chinese automotive industry is experiencing rapid growth, with production and sales expected to exceed 31 million vehicles in 2024, entering a period of stable growth [3] - The natural gas heavy truck segment is projected to grow significantly, reaching 178,000 units in 2024, aiding the recovery of the sluggish commercial vehicle sector [3] - The energy-saving and carbon reduction levels in the automotive industry are improving, with the average fuel consumption of new fuel vehicles decreasing by 17% compared to 2019 [3] Carbon Reduction Goals - The "Automotive Industry Green and Low-Carbon Development Roadmap 1.0" was released in 2023, setting clear carbon reduction targets for passenger and commercial vehicles by 2040 [4] - By 2040, average carbon emissions for passenger vehicles are to be reduced by 60%, while commercial vehicles aim for a 41% reduction [4] - The roadmap emphasizes the need for a combination of internal combustion engines and electrification to achieve energy consumption reductions [4][5] Technological Pathways - The "Technology Roadmap 3.0" aims to address key technological developments necessary for achieving energy-saving and carbon reduction goals, emphasizing hybridization, low-carbonization, and intelligence [5] - Hybrid vehicles are identified as a crucial technology path for energy savings, with sales expected to increase significantly in 2023-2024 [5] - The roadmap also highlights the importance of improving engine thermal efficiency and expanding the efficient operating range of engines [5][6] Future Energy Sources - The development of low-carbon and zero-carbon internal combustion engines is essential, with a focus on low-carbon fuels to mitigate emissions [6] - By 2040, low-carbon and zero-carbon engines are expected to achieve a maximum thermal efficiency of 52% and a power density of 35 kW/L [6] Vehicle Efficiency Requirements - The "Technology Roadmap 3.0" introduces energy-saving and technical requirements for various vehicle classes, including A0, A, B, C, and D levels [7] - Emphasis is placed on lightweight materials, low resistance, low friction, and intelligent energy management systems to enhance vehicle efficiency [7] - The integration of internal combustion engines and electric motors is seen as a necessary evolution, with hybrid technology being a key focus for passenger vehicles [7]

Core Viewpoint - Honda's CEO announced plans to launch 13 new hybrid models after 2027 to build a diverse lineup of hybrid vehicles, addressing the growing demand for such cars [1] Summary by Categories Company Strategy - The company aims to enhance its hybrid vehicle offerings significantly by introducing 13 new models post-2027 [1] Market Demand - The decision is driven by the increasing demand for hybrid vehicles in the automotive market [1]