以下文章来源于日经中文网 ，作者日经中文网 编制日经指数的《日本经济新闻》的中文版。提供日本、中国、欧美财经金融信息、商务、企业、高科技报道、评论和专栏。 日野汽车的社长小木曾聪：虽然不像乘用车那么突出，但今后几年商用车的竞争也将越来越激烈。如果中国车比我们便宜，质量和售后服 务也更好，那么日本车的品牌和业绩就会难以发挥作用。在日本厂商认定"中国=便宜"的瞬间，就将失去未来…… 来源｜ 日经中文网（ID：rijingzhongwenwang） 封面来源 ｜ Unsplash 日经中文网 . 小木曾聪： 日野汽车将尊重与五十铃汽车对半出资的J-BUS（石川县小松市）之间的框架。合并后也将以J-BUS的计划重视巴士 业务。 中国的纯电动汽车（EV）大型企业比亚迪（BYD）等中国汽车企业正在以东南亚为中心扩大势力。日本的日野汽车的社长小木曾 聪表示，"商用车在数年内与中国的竞争也将变得激烈"，同时还称"如果日本企业只认为'中国车便宜'，那就没有未来"，表达了 危机感。 记者：中国汽车正在东南亚扩大市场份额。 小木曾聪： 虽然不像乘用车那么突出，但今后几年商用车的竞争也将越来越激烈。如果中国车比我们便宜，质量和售后服 ...

日野汽车的社长小木曾聪 日野汽车的社长小木曾聪：虽然不像乘用车那么突出，但今后几年商用车的竞争也将越来越 激烈。如果中国车比我们便宜，质量和售后服务也更好，那么日本车的品牌和业绩就会难以 发挥作用。在日本厂商认定"中国=便宜"的瞬间，就将失去未来…… 中国的纯电动汽车（EV）大型企业比亚迪（BYD）等中国汽车企业正在以东南亚为中心扩大 势力。日本的日野汽车的社长小木曾聪表示，"商用车在数年内与中国的竞争也将变得激 烈"，同时还称"如果日本企业只认为'中国车便宜'，那就没有未来"，表达了危机感。 记者 ：中国汽车正在东南亚扩大市场份额。 小木曾聪 ：虽然不像乘用车那么突出，但今后几年商用车的竞争也将越来越激烈。如果中国 车比我们便宜，质量和售后服务也更好，那么日本车的品牌和业绩就会难以发挥作用。 记者 ：将如何对抗中国企业呢？ 小木曾聪 ：（车辆）不需要是完全相同的价格，但我们只能因包括售后服务在内的总成本被 选中。（商用车）不能像乘用车那样靠品牌号召力来参与竞争。 在日本厂商认定"中国=便宜"的瞬间，就将失去未来。必须弄清哪些地方便宜，是人工费，还 是材料费。原材料少的日本具有不利因素，必须在其他方面弥补。还 ...

Core Viewpoint - Major American automakers, including Ford, General Motors, and Stellantis, have reported a total loss exceeding 8 trillion yen related to electric vehicles (EVs), indicating significant challenges in the EV sector due to shifting policies in the US and Europe [2][6]. Group 1: Financial Performance and Losses - Ford reported a final loss of $11.1 billion for the fourth quarter of 2022, primarily due to adjustments in its EV development plans [4]. - The total EV-related losses for Ford, GM, and Stellantis have reached 8.1 trillion yen, reflecting the adverse impact of policy reversals on EV support in the US and Europe [6]. - Ford's total loss for 2025 is projected to reach $8.2 billion, marking the highest level since the 2008 financial crisis [6]. Group 2: Policy Changes and Strategic Adjustments - The Biden administration initially implemented various support policies for EVs, such as tax credits for purchasing EVs assembled in North America, aimed at boosting domestic EV production [6]. - The Trump administration reversed tax credit policies and modified emissions regulations, allowing major automakers to prioritize investments in gasoline and hybrid vehicles over EVs [8]. - The EU has also postponed its target to ban the sale of new gasoline vehicles after 2035, indicating a broader retreat from aggressive EV policies [10]. Group 3: Collaborations and Market Strategies - Ford is seeking partnerships with Chinese companies like Geely and Xiaomi to develop low-cost EVs, despite opposition from US hardliners [10][11]. - CEO Jim Farley emphasized the need to adapt to changing regulatory environments by leveraging partnerships and expanding market share outside the US, while also focusing on more competitively priced EVs domestically [10]. - The collaboration with Chinese firms may serve as a gateway for Chinese companies to enter the US market, as they look to expand amid domestic demand challenges [11].

近日，吉利汽车表示，今年将密集推出混合动力汽车（HEV），未来燃油车全面HEV化，整个汽车行业都感受到了这一战略调整的分量。在新能源汽 车购置税减半征收政策落地、行业渗透率已突破50％的背景下，这种曾被插电式混动汽车（PHEV）和纯电动汽车（EV）挤压至边缘的车型，突然重回市场 中心。 2026年新能源汽车购置税减免政策的退坡，意外成为HEV的"政策红利"。根据规定，纯电与插混车型购置税从免征调整为减半征收，单辆减免上限1.5 万元。更严格的是PHEV的技术门槛：纯电续驶里程从43公里提升至100公里，亏电油耗需低于同级燃油车70％。"这直接将部分研发实力薄弱的PHEV企业 挡在门外，而HEV无需外接充电的特性和成熟技术路径，恰好填补了政策过渡的市场空白。"中国汽车工业协会专务副秘书长许海东的分析，点出了HEV复 苏的核心逻辑。在他看来，此次政策调整实际上为HEV创造了难得的市场窗口期。 同时，地方政策的倾斜更让HEV如虎添翼。近年来，广州、上海等城市的地方政策纷纷向HEV倾斜：广州市使其享受与新能源汽车同等的限行豁免政 策；上海则通过"节能车"标签间接提升HEV的市场认可度。这种政策端的"松绑"，让HEV在 ...

Group 1 - Toyota plans to increase the production of hybrid vehicles (HV) by 30% by 2028, reaching a total of 6.7 million units, compared to the planned production in 2026 [2][4] - The overall global production, including gasoline and electric vehicles, is expected to increase by 10% by 2028, reaching approximately 11.3 million units [4] - The proportion of HV in Toyota's global production will rise from 50% in 2026 to 60% in 2028 [4] Group 2 - The company will invest up to 1.5 trillion yen in the U.S. over the next five years, with an initial investment of 140 billion yen in five factories to increase HV-specific engine and component production [5] - The shift in EV policies in the U.S. and Europe has led to increased consumer interest in HV as an alternative eco-friendly vehicle [5][7] - Global Data predicts that by 2030, the combined global sales of HV and plug-in hybrid vehicles (PHV) will reach approximately 29 million units, an increase of about 2.8 million units compared to previous forecasts [5] Group 3 - Major automotive companies in the U.S. and Europe are adjusting their strategies, with Ford exiting the main EV development and Tesla repurposing its high-end EV production facilities for humanoid robots [7] - General Motors is collaborating with Hyundai to develop HV vehicles, while Volkswagen is working on improving fuel efficiency with new "full hybrid" technology [7] - Despite a slowdown in EV sales, it is still expected that EVs will surpass HV in the future, with predictions indicating that by 2031, EVs will account for 30% of the new car market [7] Group 4 - Toyota's strategy involves parallel development of HV, PHV, and EV, allowing for flexibility in a rapidly changing automotive market [7] - The funds generated from HV sales will be utilized for the development of the next generation of vehicles [7]

Core Viewpoint - Japan's strategies to secure rare earth supplies are ineffective against China's overwhelming price advantage, necessitating significant reserves to mitigate dependency on Chinese exports [2][6]. Group 1: China's Dominance in Rare Earths - China possesses vast reserves of rare earth minerals and low extraction costs, making it the most competitive supplier globally [4]. - Even with high-quality rare earth sources in Australia and the U.S., the cost of transporting and processing in China remains lower, reinforcing China's market position [4]. - China's production of electric vehicles (EVs) has shifted its focus from export markets to domestic consumption, allowing it to impose stricter export controls without economic repercussions [5]. Group 2: Japan's Dependency and Strategies - Japan's reliance on Chinese rare earths has decreased from 90% in 2012 to 70%, but efforts to diversify sources have not yielded significant results [6]. - The Japanese government is advised to maintain reserves equivalent to one year's global demand to support allies in times of need [10]. - Japanese companies have reportedly made adequate preparations for potential supply disruptions from China [10]. Group 3: Recycling and Alternatives - Recycling rare earths in Japan is costly and generates waste, making it less economically viable compared to direct procurement from China [8]. - Japan has advanced technology in rare earth recycling and alternative materials, which could contribute to global efforts in this field [9]. Group 4: Future Supply Dynamics - The global supply of rare earths is not at risk of depletion, with land-based reserves sufficient for over 1,000 years, even if the U.S. were to supply the market [12].

Core Viewpoint - Volkswagen's global new car sales are projected to slightly decrease in 2025, primarily due to a significant decline in the Chinese market, where sales are expected to drop by 8% [2][7]. Group 1: Global Sales Performance - Volkswagen's global new car sales are expected to reach 8,983,900 units in 2025, a slight decrease from 2024 [2]. - The company's electric vehicle (EV) sales globally increased by 32% to 983,100 units, with the proportion of EVs in new car sales rising from 8.2% in 2024 to 10.9% in 2025 [4]. - In Europe, EV sales rebounded significantly, growing by 66% to 742,800 units, driven by an expanded product line at competitive prices [4]. Group 2: Performance in China - Volkswagen's new car sales in China fell by 8% to 2,693,800 units, resulting in a market share of 10.9%, which is lower than BYD's 14.7% and Geely's 11% [2][7]. - The decline in EV sales in China was stark, with only 115,500 units sold, a 44% decrease, attributed to intense price competition and a strategic focus on maintaining profit margins over volume [6]. - Volkswagen plans to introduce new EV models in China starting in 2026, emphasizing a strategy that prioritizes high-margin engine vehicles [6].

Group 1 - Sony Group has stopped participating in the CES technology exhibition, raising questions about how it will maintain its presence as a technology company while shifting focus to entertainment [5] - CES, held annually in early January in Las Vegas, has evolved from a home appliance showcase to a major event featuring cutting-edge technologies across various industries [5] - Despite Sony's absence, its joint venture with Honda, Sony Honda Mobility Inc., continues to participate and will showcase the latest developments in electric vehicles (EVs) set to be supplied starting in 2026 [5]

Core Viewpoint - China's decision to strengthen export controls on dual-use items to Japan may include rare earth products, potentially impacting various Japanese industries such as automotive, electronic components, and machine tools [2][4]. Group 1: Export Controls and Implications - The Chinese government announced a ban on all dual-use items to military users in Japan, which may include rare earth elements, although it is currently unclear if rare earths are specifically included [4][7]. - Rare earths are considered essential in high-tech products, from electric vehicles (EVs) to weaponry, and their restriction could severely affect Japanese manufacturers [4][7]. - Japanese officials have expressed concerns over the potential impact on industries, particularly in the context of EVs and hybrid vehicles that rely on neodymium magnets, with key rare earth elements like dysprosium and terbium sourced primarily from China [7]. Group 2: Industry Responses and Adaptations - Japanese companies are actively seeking to diversify their supply chains and have been collaborating with countries like Australia in mining development to mitigate risks associated with rare earth supply disruptions [7][8]. - The Japanese Ministry of Economy, Trade and Industry is supporting private sector mining and smelting projects, expanding its focus beyond just copper to include critical minerals, with budget allocations for 2025 aimed at enhancing mineral resource reserves [8].

Core Viewpoint - The article discusses the recent appreciation of the Chinese yuan against the US dollar, highlighting the factors contributing to this trend and the potential implications for the economy and currency policy. Group 1: Yuan Appreciation - On January 5, the yuan reached a level of 6.97 against the dollar, marking the highest point in 2 years and 8 months, driven by trade surpluses and pressure to sell dollars and buy yuan [2] - The yuan surpassed the 7 yuan mark against the dollar on December 30, 2025, and further appreciated to 6.9770 on January 5, 2026 [3] - The trade surplus for China from January to November 2025 was $1.0758 trillion, a 21% year-on-year increase, marking the first time the annual trade surplus exceeded $1 trillion since 2000 [7] Group 2: Trade Dynamics - Exports to ASEAN and EU increased by 14% and 8% respectively, compensating for reduced exports to the US, thus driving overall export growth [7] - The CFETS RMB Index, reflecting the yuan's value against multiple currencies, rose to 97.99 by the end of 2025, indicating an increase of 3% from July 2025 [9] Group 3: Economic Concerns - Experts express concerns that continued yuan appreciation may not be tolerated by monetary authorities due to ongoing low consumer demand and potential economic downturns [10] - The People's Bank of China has shown a tendency to set the yuan's reference rate in a way that suggests a preference for depreciation, as seen in the recent trading patterns [10] - Analysts predict that the yuan will likely fluctuate within the 7 yuan range throughout the year, with limited potential for stabilization at the 6 yuan level [12]