Core Points - Changan Ford has undergone significant management changes, with Zhu Huarong stepping down as chairman and Zhao Fei taking over [1][3] - Zhu Huarong's departure aligns with compliance requirements following the establishment of the new China Changan Group, which is now directly managed by the State-owned Assets Supervision and Administration Commission [3][5] - Zhao Fei, a long-time employee of Changan, has held various positions within the company, including executive vice president of Changan Ford and president of China Changan Automobile Group [5][7] Company Performance - Changan Ford's sales from January to September 2023 reached 77,000 units, reflecting a year-on-year decline of approximately 7.56% [9] - The decline in sales is attributed to several factors, primarily poor product quality, with significant issues reported in key models such as the old Ford Focus and Ford Escape [9][11] - The market share of joint venture brands in China has decreased from 61.6% in 2020 to 31.5% in 2025, while domestic brands are rapidly advancing in electric vehicle development, leaving Ford with minimal presence in the new energy sector [9][11] Strategic Direction - Zhu Huarong emphasized the need to focus on group-level strategy following the establishment of the new group, indicating a shift in priorities for Changan Ford [5] - The slow progress in electric vehicle product development is seen as a critical issue for Changan Ford, with its future viability hinging on addressing this challenge [11]

Group 1 - Ford has announced the establishment of a wholly-owned subsidiary in Shanghai to manage marketing, sales, and service for its passenger cars and pickup trucks in China, with operations starting on October 1 [1] - Previously, Ford sold cars in China primarily through joint ventures, specifically Changan Ford and Jiangling Ford, with the latter dating back to 1995 [3][6] - Ford's sales peaked in 2016 at 1.27 million units but saw a significant decline to 560,000 units by 2019 due to product gaps and competitive pressures [9] Group 2 - The transition from commercial to passenger vehicles at Jiangling Ford has not been successful, with reported net losses of 106 million, 839 million, and 677 million yuan from 2022 to 2024 [22] - Ford's strategy to unify its sales channels for Changan Ford and Jiangling Ford aims to eliminate internal competition and streamline operations, similar to Mazda's previous consolidation efforts [25] - The company is also adjusting its product strategy by introducing previously hidden models like the Ranger and Mustang to cater to niche markets, which may serve as a self-rescue strategy [27][30]

Core Viewpoint - Jiangling Motors (000550) has denied rumors regarding the merger of Jiangling Ford into Changan Ford, stating that there are currently no plans for asset restructuring or integration [1][4]. Group 1: Company Background - Jiangling Motors entered the Chinese commercial vehicle market in 1995 through a partnership with Ford, launching the "Jiangling Ford Transit" in 1997, which gained wide recognition for its quality and reliability [5]. - Changan Ford was established in 2001 as a joint venture between Ford and Changan Automobile, with both holding a 50% stake. The first model, Fiesta, was launched in 2003, followed by other models like Mondeo and Focus [5]. - Jiangling Ford was jointly established by Jiangling Motors and Ford in 2021, with Jiangling holding a 51% stake and Ford 49%. The model range includes SUVs, MPVs, and light commercial vehicles [5]. Group 2: Market Performance - Changan Ford faced significant pressure in the competitive automotive market, with cumulative sales of approximately 77,000 units from January to May this year, marking a continuous decline for five months [5]. - Jiangling Ford has also experienced market pressure, with projected passenger vehicle sales of 48,000, 39,000, and 35,000 units from 2022 to 2024, indicating a consecutive decline over two years [5].

Core Viewpoint - Ford's strategy in China has shifted from ambitious growth plans to a more conservative approach focused on profitability, with recent signs of recovery in 2024 after years of losses [5][6][23]. Group 1: Strategic Shifts and Performance - In 2017, Ford announced its "China 2025 Plan," aiming to launch over 50 new models by the end of 2025, including 8 new SUVs and at least 15 electric vehicles [1][2]. - After six years of declining sales and losses, Ford China finally achieved profitability in 2024, earning $600 million, a significant turnaround from a $1.1 billion loss in 2018 [6][20]. - Ford's global revenue reached $176.2 billion, with the Ford Blue segment (traditional vehicles) generating $101.9 billion in revenue and $5.3 billion in profit, while the electric vehicle segment (Model e) reported $3.9 billion in revenue but a loss of $5.1 billion [7][13]. Group 2: Market Adaptation and Challenges - Ford's recent profitability in China is attributed to a strategic shift towards high-margin products and a reduction in low-margin offerings, focusing on personalized models [14][15]. - The company has leveraged its partnerships with Changan and Jiangling to establish China as a global export hub, with a 60% increase in exports in 2024, totaling 170,000 vehicles [16][17]. - Despite the positive performance, Ford faces challenges due to potential trade wars and tariffs, which could jeopardize its export strategy and profitability [4][22]. Group 3: Future Directions and Recommendations - Ford must accelerate local R&D efforts to develop a robust vehicle platform in China, addressing the unique preferences of Chinese consumers [29]. - The company needs to enhance its electric vehicle strategy, moving beyond a few imported models to a comprehensive platform that caters to the A and B segments [29]. - Ford's commercial vehicle segment remains a potential growth area, with opportunities to digitize fleet management and enhance after-sales services [30]. Group 4: Brand Perception and Market Position - Ford's brand image among younger consumers is mixed, necessitating a comprehensive rebranding strategy to resonate with the under-30 demographic [31]. - The competitive landscape in China is increasingly challenging, with local brands advancing rapidly in technology and pricing, leaving Ford at risk of falling behind [37]. - The year 2025 will be critical for Ford to demonstrate its ability to adapt and thrive in the Chinese market, moving beyond mere survival to a more aggressive market presence [38][40].

这些车型的消逝，不仅宣告了内燃机性能车与家用轿车的黄金时代终结，更折射出市场对智能化、新能源的狂热追逐——当"冰箱彩电大沙发"成为新 宠，燃油车时代的王者，难抵时代洪流的冲刷。 奔驰A级车将停产 奔驰已经确认A级车将停产，并且未来不会推出新一代车型。 撰文 / 路 行 设计 / shelly 全球汽车业接连传出标志性车型停产消息——诞生于1964年的迈锐宝，曾以千万销量铸就传奇，却因内饰老旧、品牌式微及生产线转型电动化而无奈 退场； "东瀛战神"GT-R R35终结18年征程，母公司处于风雨飘摇之中； 曾创下月销4万辆神话的福克斯，在自主品牌崛起与电动化战略的双重夹击下 走向沉寂。 除此之外，奔驰A级车、凯迪拉克XT4亦宣布退出历史舞台。这也是全球汽车产业剧变的缩影，燃油车时代的明星，在电动化与消费需求变革的浪潮 中渐行渐远。 这些车型的谢幕，表面看是销量持续低迷的直接结果，更深层的原因直指传统轿车市场的萎缩与电动化趋势的双重挤压：一方面，SUV热潮与消费偏 好转向大空间、高实用性车型，挤压了紧凑型轿车生存空间；另一方面，全球电动化进程加速，车企研发资源向电动平台倾斜，燃油车尤其是利润微 薄的入门级车型，逐渐 ...

Core Viewpoint - Ford is officially discontinuing the Focus model in November 2025, marking the end of a classic vehicle that has been a significant part of its lineup, particularly in the Chinese market [1][3][23]. Summary by Sections Discontinuation Announcement - Ford announced the discontinuation of the Focus model, with no replacement planned, highlighting a shift in focus towards electric vehicles and performance models like Bronco and Mustang [1][4]. Market Performance - The Focus's sales in China have drastically declined, with monthly sales dropping to single digits in 2023, indicating a significant loss of market relevance [3][21]. Historical Significance - The Focus was initially designed for the European market, gaining popularity for its sporty characteristics and handling, which resonated well with consumers [6][9][11]. Evolution of the Model - The Focus underwent several generations, with the third generation being particularly successful, achieving monthly sales of 30,000 units and becoming the best-selling sedan in China for three consecutive years [16][21]. Decline Factors - The introduction of a three-cylinder engine and a problematic dual-clutch transmission in later models led to consumer dissatisfaction and a decline in sales, with annual sales dropping from 400,000 units to just 22,500 by 2021 [17][20][21]. Shift in Company Strategy - Ford's strategic pivot towards electric vehicles and high-end off-road models reflects a broader industry trend, as traditional fuel-powered sedans struggle to compete in a rapidly changing market [22][23].

Core Viewpoint - The automotive industry is undergoing a significant transformation driven by electrification and intelligence, leading to the discontinuation of classic models like Mazda6 and Ford Focus, which once defined the golden age of family sedans [6][5][22]. Group 1: Discontinuation of Classic Models - Mazda has officially confirmed the end of Mazda6 production globally, which had already ceased in Japan last December, with overseas production ending as parts run out [3]. - Ford also announced that its Saarlouis plant in Germany will stop producing the Focus in November, marking the end of another iconic model [4]. - The discontinuation of these models signals a shift in the automotive landscape, where traditional fuel vehicles are being phased out in favor of electric and intelligent vehicles [6]. Group 2: Historical Significance of Mazda6 - Mazda6, first launched in 2002, was a flagship model for Mazda, known for its unique design and driving dynamics, which set it apart from competitors like Honda Accord and Volkswagen Passat [8][12]. - The model achieved global sales exceeding 3 million units, with nearly one-third of those sales coming from the Chinese market [19]. - However, the decline in sales was evident, with Japanese domestic sales plummeting from 25,000 units in 2003 to just 2,000 units in 2022 [17]. Group 3: Market Challenges and Strategic Shifts - Mazda's sales in China have been declining, with a 14.71% drop in cumulative sales in 2024, highlighting the brand's struggles in a competitive market [24]. - The introduction of the electric model EZ-6, intended as a successor to Mazda6, has not performed well, with sales figures showing a significant decline [25]. - Mazda is shifting its focus towards SUVs and crossovers, which are expected to account for over 70% of its product lineup, as part of a strategy to concentrate resources on high-profit models [27]. Group 4: Broader Industry Trends - The automotive industry is witnessing a trend where many classic models are being phased out due to the need for companies to balance profitability and survival amid the electrification wave [22][31]. - Ford's experience with the Focus illustrates the challenges faced by traditional automakers, as the model's profitability has significantly declined, leading to a strategic pivot towards electric vehicles and high-margin products [30].

Macro - The National People's Congress (NPC) is set to enhance the legal framework for the socialist market economy, including laws to promote the private economy and financial regulations [4] - The NPC will hold a press conference on March 9, addressing issues related to civil affairs, employment, housing, and health [4] - The Ministry of Commerce is actively engaging with foreign enterprises in Beijing to address their investment concerns [4] Domestic Stock Market - During the Two Sessions, proposals were made to strengthen investor protection and expedite the development of the REITs market [7][8] - There is a noticeable normalization in IPO activities, with some brokerages indicating an increase in project submissions [7] - A significant number of A-share companies are planning to list in Hong Kong, driven by globalization and favorable policy environments [8] Industry - Huawei has officially established a healthcare division, signaling its entry into the AI medical industry [12] - DeepSeek is gaining traction as a leading AI application, with significant interest from Microsoft and recognition in global rankings [12] - The demand for computing power is increasing, with major contracts signed for substantial amounts, indicating growth in the sector [13] International Stock Market - Japanese automakers reported mixed results in new car sales in China, with Toyota seeing a 15% increase while Honda and Nissan experienced declines [18] - The U.S. Department of Justice is investigating potential price-fixing in the egg market, focusing on major suppliers [18] - Porsche SE anticipates a significant loss in the upcoming fiscal year due to non-cash impairment losses [19] Commodity - Waste paper prices have risen significantly due to increased demand and rising costs of raw materials [21] Bonds - The NPC is establishing a government debt management reporting system to address debt risks and ensure stability [22] - Chengde Bank has been approved to issue 3.5 billion yuan in perpetual bonds [22]