Group 1: Performance and Operations - Lexus reported a global delivery volume of 882,231 vehicles in 2025, marking a 4% year-on-year increase and setting a record for the third consecutive year [2] - The North American market contributed nearly half of the sales, while the European market saw a slight decline. The share of electrified models surpassed 50% for the first time, reaching 52% [2] - Sales of pure electric vehicles surged by 119% year-on-year, driven by strong performances of the RZ and UX300e models, highlighting the brand's progress in electrification [2] Group 2: Strategic Initiatives - Lexus announced the establishment of a wholly-owned new energy company in Shanghai's Jinshan District in 2025, focusing on pure electric vehicle and battery research, with plans for domestic production by 2027 [3] - The brand aims to leverage the Yangtze River Delta industrial chain to accelerate collaboration with local tech companies, responding to market demands in China [3] Group 3: Industry and Market Analysis - The automotive market experienced a price reduction trend in January 2026, with an average drop of 14.9%, where luxury brands led the price cuts. However, Lexus managed to balance sales and brand premium through terminal discount strategies, achieving a 2% increase in imported sales in China to 184,100 units [4] - Industry analysis indicates that Lexus's hybrid technology and product matrix have supported its market recognition, although the potential dilution of the "pure import" label post-2027 may present new challenges [4] Group 4: Financial Performance and Strategic Direction - Toyota's net profit for the third quarter of the 2025 fiscal year increased by 64.37% to $6.32 billion, with revenue reaching $83.93 billion [5] - Lexus is undergoing a strategic upgrade, including the discontinuation of the classic LS sedan and the transformation into a diversified model family, exploring new directions [5] - The parent company's adjustment of the luxury brand's positioning may impact long-term resource allocation [5]

Core Insights - The 2025 model of the Tiguan L Pro has discontinued the three-year 80% buyback policy, which was previously a promotional strategy during its launch phase [3][6] - The cancellation of the buyback policy is seen as a disappointment, especially since the policy had contributed to a significant increase in sales for the Tiguan L family [3][6] - The sales of the Tiguan L family have declined in 2025, with April sales dropping to 13,600 units [6] Sales Performance - The Tiguan L Pro's buyback policy was effective in boosting sales, with monthly sales increasing from under 10,000 units to nearly 20,000 units within five months of its launch [3][6] - By December of the same year, the Tiguan family achieved over 26,000 units in monthly sales, marking a resurgence in the gasoline vehicle market [3][6] Market Comparison - The decision to discontinue the buyback policy may stem from financial considerations, as seen in the case of Lexus, which faced significant losses due to its buyback commitments [7][9] - The resale value of a one-year-old Tiguan L Pro is estimated to be between 180,000 to 200,000 yuan, reflecting a depreciation rate of 20% to 30% over three years [9] Product Strategy - The 2025 Tiguan L Pro features an upgrade to a 2.0T high-power engine while maintaining its price, indicating a commitment to value without increasing costs [11] - The company is encouraged to continue promoting the "smart gasoline vehicle" concept, leveraging advanced driver-assistance features to compete with leading electric vehicle models [11]

Core Viewpoint - The article discusses the introduction and potential impact of Steering-By-Wire (SBW) technology in the automotive industry, highlighting its advantages and challenges, as well as the competitive landscape among various manufacturers [4][6][16]. Group 1: Introduction of Steering-By-Wire Technology - Mercedes-Benz will be the first German automaker to mass-produce a vehicle with SBW technology, set to launch next year [4][6]. - SBW technology replaces traditional mechanical linkages with electronic signals for steering control, allowing for a fully decoupled steering system [5][19]. - The global market for electric steering systems is projected to grow from $2.7 billion in 2021 to $5.8 billion by 2031 [6]. Group 2: Advantages of Steering-By-Wire - SBW systems can enhance safety by reducing components that could endanger passengers during accidents and allowing for new airbag placements [22]. - The technology enables dynamic adjustment of steering ratios, improving maneuverability at low speeds and stability at high speeds [24]. - The design of the steering wheel can be more flexible, providing additional cabin space and better visibility for drivers [26]. - SBW allows for customizable steering characteristics through software, facilitating easier adaptation for different vehicle configurations [27]. Group 3: Challenges and Concerns - Critics express concerns about the loss of tactile feedback traditionally provided by mechanical systems, which could affect driver awareness of road conditions [29]. - The increased complexity of electronic components raises concerns about potential failures, but redundancy systems are designed to mitigate these risks [32]. - Initial costs for SBW systems are high, but prices may decrease as the technology becomes more widely adopted [33]. - Security concerns regarding potential hacking of electronic systems are addressed through advanced encryption and regular software updates [34]. Group 4: Manufacturer Developments - Mercedes-Benz's SBW system has undergone over 1 million kilometers of testing, ensuring high safety standards through redundant systems and precise sensors [39][40]. - Lexus's RZ model is the first in Europe to feature SBW technology, showcasing a decade of development [50]. - NIO's ET9 is the first mass-produced vehicle in China to adopt SBW technology, featuring advanced components from ZF [60][72]. - Tesla's Cybertruck utilizes a patented SBW system with redundancy, allowing for a highly responsive steering experience [75][80]. Group 5: User Experience and Feedback - Test drivers report that the SBW systems in vehicles like the Mercedes-Benz and NIO ET9 provide quick and precise steering responses, enhancing the driving experience [52][64]. - The SBW system in the Lexus RZ includes a "road feedback algorithm" to simulate traditional road feel, addressing concerns about the loss of tactile feedback [58]. - Users find the SBW systems intuitive and easy to adapt to, with many expressing surprise at the responsiveness compared to traditional systems [79].

产业竞赛。 作者 I 吴琼 报道 I 投资界PEdaily 上海招商迎来开门红。 2月5日，丰田中国宣布，已与上海市政府就共同助力中国社会绿色低碳发展相关举措达成合作意向。丰田决定在上海市金山 区成立LEXUS雷克萨斯纯电动汽车及电池的研发·生产公司。至此，国产雷克萨斯终于要来了。 雷克萨斯大家并不陌生，起初是丰田旗下抢夺美国市场的豪车品牌。自2004年进入中国市场后迅速占领市场。巅峰时期，雷 克萨斯在华一年销量曾超20万辆。但一直以全进口形式销售，直至这一次联手上海。 如今，雷克萨斯工厂落户金山区，仅一区之隔，就坐落在特斯拉超级工厂隔壁。 开年重磅招商 国产雷克萨斯，落户上海 在此之前，丰田在国内与中国一汽、广汽集团等通过合资合作，旗下雷克萨斯则一直保持进口销售方式。但如今，丰田也将 成为继特斯拉之后，第二家在中国独资建厂的外资车企。 来自雷克萨斯中国官网 据公告披露细节，新公司将依托上海市及长三角地区先进成熟的产业链基础、物流网络、人才体系及市场规模，研发LEXUS 雷克萨斯品牌纯电动车型，计划于20 27年投产。 实际上，这次合作早有端倪。去年底就曾有媒体报道称，丰田已经决定将在上海建一座全新的电动汽车 ...