中经记者 夏治斌 石英婧 上海报道 日前，零部件巨头采埃孚集团将其高级驾驶辅助系统（ADAS）业务出售给美国座舱电子领域领导者哈 曼。双方约定的收购价格为15亿欧元。该交易还需要获得必要的监管审批。 通过出售，采埃孚也推动了行业资源的优化整合。据悉，哈曼和采埃孚的高级驾驶辅助系统（ADAS） 业务专长相结合，将使新组建的组织能够根据不同车辆制造商的战略提供集成或模块化解决方案。同 时，该组织通过安全、感知、智能、互联和车载系统等业务的整合，将为驾驶员及乘客提供全面的驾乘 体验，使公司成为全球领先的跨域汽车电子供应商之一。 对于采埃孚此番的业务剥离，马蒂亚斯·米德莱希表示："哈曼对采埃孚高级驾驶辅助系统（ADAS）业 务的这一收购，使得采埃孚集团战略调整达到一个重要的里程碑。" "割肉"ADAS业务 "哈曼是我们理想的合作伙伴，助力我们充分释放在乘用车驾驶辅助业务的增长和创新潜力，并为员工 创造了最优的发展前景。同时，该交易将有助于采埃孚显著减少金融负债，并将资源集中用于核心技 术，如底盘、动力总成、商用车和工业应用，在这些技术领域，我们是全球领导者。"对于上述交易对 象和可能带来的积极影响，马蒂亚斯·米德莱希 ...

12月23日，全球汽车零部件行业传来重磅消息：韩国三星电子旗下哈曼以15亿欧元价格，收购德国零部件巨头采埃孚的高级驾驶辅助系统（ADAS） 业务。该交易需经相关监管机构审批，预计将在2026年下半年完成。对于深陷债务危机的采埃孚来说，这不仅是一笔急需的"救命钱"，更是其战略收缩、 聚焦核心业务的关键一步。 ■偿债与补位的双向奔赴 此次交易的核心标的，是采埃孚电子与ADAS事业部中极具竞争力的业务板块。根据协议，采埃孚将剥离该事业部中的计算解决方案、智能摄像头、 雷达技术、ADAS软件功能等ADAS相关业务，3750名相关员工将在交易完成后转岗至哈曼集团。至于核心的底盘电子元件和用于被动安全技术的电子元 件业务则仍将保留在采埃孚。采埃孚也将持续推进商用车领域的驾驶辅助及自动驾驶业务。 对于收购方哈曼而言，这是其进军高附加值自动驾驶领域的重要布局。作为美国知名音响和车载科技公司，哈曼2017年被韩国三星电子收购，目前聚 焦"音频+车载智联"双引擎，此次收购将填补其在驾驶辅助核心技术上的空白。哈曼CEO兼汽车事业部总裁克里斯蒂安・索博特卡直言，这是哈曼实现战 略目标的重要一步，旨在打造更智能、更安全的车辆互联未来。 ...

采埃孚（ZF）还是把自己的辅助驾驶业务卖掉了。 汽车音响制造商——哈曼集团宣布，已与采埃孚集团达成最终协议，收购采埃孚的高级驾驶辅助系统（ADAS）业务，交易估值达15亿欧元（约合人民币 124亿）。 但这项交易需经相关监管机构审批，预计将在2026年下半年完成，而哈曼集团的背后则是另一个电子巨头——三星。 在协议达成的现场，采埃孚的新任CEO Mathias Miedreich看起来似乎相当开心。 因为采埃孚终于有钱还债了，截至2025上半年，还背着约106亿欧元的巨额债务，此时的采埃孚财务捉襟见肘，用Mathias Miedreich的话来讲，集团的利 润基本用于偿债。 这不仅是一笔急需的"救命钱"，同样也是在战略收缩下，一场残酷而必要的结构性出清。 01 员工也"卖"掉 采埃孚这次卖掉的并不是整个ADAS事业部，而是将其中的几个核心业务板块统一打包售卖。 根据协议，采埃孚将剥离事业部中的计算解决方案、智能摄像头、雷达技术、ADAS软件功能等ADAS相关业务，像底盘电子元件和用于主动安全技术的 电子元件业务则仍将保留在采埃孚，用以继续推进商用车领域的驾驶辅助及自动驾驶业务。 等待相关监管机构批准后，这些资 ...

1、 吉利汽车与极氪完成整合； 哈曼国际进军辅助驾驶行业； 北京发放首批L3专用号牌； 关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新 能源圈大事小事 ，看我们就够啦～ 今日新闻要点： 吉利汽车与极氪完成整合 12月22日， 吉利汽车宣布已正式完成极氪私有化及合并事项的交易。极氪汽车已从纽交所退市， 成为吉 利汽车的全资附属公司。 哈曼通过收购成熟的产业入局，可以减少前期的大量时间投入和经济投入， 跃居车用智能摄像头领域领先 地位。而对采埃孚来说，此举可以缓解其不 断上升的债务问题。目前 传统零配件供应商并不算好过，可 以期待一下后续能否拿出实质上的成绩。 3、 北京发放首批L3专用号牌 12月23日，北京市公安局交通管理局宣布，北京市首批L3级高速公路自动驾驶车辆专用号 牌，已经正式发放给北京出行汽车服务有限公司名下的3辆北汽极狐智能网联汽车。这也是国内首批发放 的L3级高速公路自动驾驶车辆专用号牌。 极氪依然是吉利旗下的高端子品牌，整合后有利于吉利集团成本缩减， 研发、供应链、制造体系全部整 合， 极氪可用吉利的全 ...

根据协议条款，采埃孚在欧洲、美洲及亚洲的大约3750名员工将在交易完成后转入哈曼国际。本次交易 预计于2026年下半年完成，具体取决于相关监管审批的进度。 12月23日，三星电子旗下公司哈曼国际宣布，已达成最终协议，将以15亿欧元（约合18亿美元）收购德 国采埃孚集团的高级驾驶辅助系统（ADAS）业务。 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 三星电子正加速发展其汽车电子业务，并将其视为未来的增长引擎。该公司通过旗下子公司哈曼收 购了德国采埃孚的高级驾驶辅助系统（ADAS）业务，从而将其业务范围从数字座舱扩展到核心自 动驾驶技术。此举被视为三星为迎接软件定义汽车（SDV）时代而采取的全面举措，旨在增强其 在汽车电子领域的竞争力。 三星电子于23日宣布，将通过其子公司哈曼收购德国采埃孚股份公司（以下简称"采埃孚"）的 ADAS业务。 此次对 ZF ADAS 业务的收购价值 15 亿欧元（约合 2.6 万亿韩元），是三星电子自 2017 年收购 哈曼以来，八年来首次收购汽车电子业务。 三星电子正积极投资，以确保未来的增长引擎，今年将完成大规模并购交易，包括收购空调（德国 Fläkt 集团）、电气设备（德国 ZF ADAS 业务）、音频（美国 Masimo 音频业务）和数字健康 （美国 Gels）。 近年来，汽车通过结合信息技术和软件，正在向软件定义汽车（SDV）发展，并向集成数字座舱 和高级驾驶辅助系统（ADAS）的集中式控制器结构过渡。 通过此次收购，哈曼的旗舰产品——数字座舱，将把ADAS集成到集中式控制器 ...

两名知情人士透露，中国自动驾驶技术研发企业 Momenta 已秘密提交香港首次公开募股（IPO）申请。 知情人士表示，在美国与中国紧张局势加剧的背景下，Momenta 放弃了在纽约上市的计划，目前它正 加入越来越多、拟在这座亚洲金融中心挂牌的中国企业行列。 路透社曾在 9 月报道，由于中国证券监管机构此前授予的赴美上市许可已于 6 月到期，Momenta 正考 虑将 IPO 地点从纽约改为香港。 目前，该公司香港 IPO 计划的具体细节（包括发行规模和时间表）尚未公布。 Momenta 的投资方包括日本丰田汽车（Toyota Motor）和德国汽车零部件供应商博世（Bosch）等。截 至发稿，Momenta 未立即回应路透社的置评请求；香港市场运营商香港交易及结算所有限公司 （HKEX，简称 "港交所"）也拒绝置评。 因相关信息未公开，上述知情人士要求匿名。 2025 年是香港交易所自 2021 年以来新股上市表现最好的一年。据迪罗基（Dealogic）数据显示，截至 11 月中旬，香港 IPO 市场募资总额已达 320 亿美元，较去年同期增长超 200%。 目前，该公司香港 IPO 计划的具体细节（包括发行 ...

Summary of Xiaoma Zhixing Conference Call Company Overview - **Company**: Xiaoma Zhixing (小马智行) - **Industry**: Autonomous Ride-Hailing (Robotaxi) Key Points Financial Performance and Business Model - Xiaoma Zhixing achieved breakeven for its Robotaxi, with an average daily revenue of 299 RMB per vehicle, completing 23 rides per day, each approximately 5.2 kilometers long, indicating a preliminary success in its business model and government recognition [2][3][5] - The company plans to deploy 1,000 Robotaxis in 2025 and at least 3,000 in 2026, leveraging a light-asset model in collaboration with taxi and leasing companies to increase vehicle numbers and reduce wait times [2][6] - In November 2025, Xiaoma Zhixing raised $993 million on the Hong Kong Stock Exchange, netting over $800 million, which, combined with a cash reserve of $600 million, totals over $1.4 billion, the highest fundraising for a RoboTaxi company this year [2][7] Cost Management and Efficiency - The company aims to reduce the cost of its autonomous driving kit (ADK) by 20% by 2026 through increased procurement volume and engineering optimizations (VAVE) [2][8] - The cost of Advanced Driver Assistance Systems (ADAS) has decreased from 150,000 RMB to 120,000 RMB, lowering the total cost of a Robotaxi to 270,000 RMB, which enhances profitability by reducing depreciation costs [2][9] Market Strategy and Expansion - Xiaoma Zhixing's strategy in second-tier cities involves gradual entry with small fleets and collaboration with local taxi companies to facilitate traditional company upgrades [4][12] - The company is focusing on building a robust operational system that includes vehicle maintenance, charging, and cleaning, which is crucial for the success of autonomous ride-hailing [11] Competitive Landscape - The commercial viability of autonomous ride-hailing relies on a combination of technology, policy, production, and logistics, requiring long-term partnerships with manufacturers and a comprehensive operational framework [11] User Engagement and Market Potential - The average daily order volume in Guangzhou has increased from 15 to 23, indicating significant room for growth as more vehicles are deployed [6][13] - User retention rate is approximately 70%, suggesting a solid customer base that can be expanded as vehicle availability increases [17] Challenges and Future Outlook - The company faces challenges in second-tier cities, including the need for education and collaboration with local taxi firms, which may slow down expansion [12] - The operational cycle for new vehicles is currently around three months but is expected to shorten to one or two months as processes become more streamlined [18][22] Transparency and Information Disclosure - Xiaoma Zhixing plans to enhance transparency and provide more detailed updates to investors, aiming for quicker and more comprehensive reporting in the future [19] Conclusion - Xiaoma Zhixing is positioned for growth in the autonomous ride-hailing market, with a clear strategy for cost reduction, market expansion, and operational efficiency, while also addressing challenges in user engagement and competitive dynamics [2][6][11]

Core Insights - Volkswagen Group is intensifying its commitment to the Chinese market through its "In China, For China" strategy, focusing on smart and connected vehicle transformation [1][4][10] - The establishment of a joint venture with Horizon Robotics, CARIZON, marks a significant step towards independent research and development of system-on-chip (SoC) technology in China [1][8] - The company is transitioning from a focus on electrification to a more comprehensive approach that includes smart technology, with plans to deliver over 20 electric smart models by 2027 [10][12] Group 1: Strategic Developments - Volkswagen's board members are actively engaged in discussions to deepen the "In China, For China" strategy, showcasing their commitment during the China International Import Expo [1][4] - The management's long-term commitment is reflected in the three-year contract extension for CEO Berndt, who has been pivotal in navigating the rapidly changing Chinese automotive market [3][5] - The company is restructuring its business model to adapt to the evolving market, with a focus on local R&D and collaboration with both traditional partners and new tech firms [5][6] Group 2: Technological Advancements - The new SoC chip developed in partnership with Horizon Robotics is designed to handle complex driving scenarios in China, with processing capabilities of 500 to 700 TOPS [8] - Volkswagen's R&D center in Hefei has become the largest outside Germany, employing over 3,000 engineers to accelerate the development of smart vehicles [5][6] - The company is also collaborating with XPeng Motors to enhance its electronic and electrical architecture, achieving significant reductions in development time and costs [9] Group 3: Market Positioning - Volkswagen is entering the "delivery phase" of its smart transformation, with a clear roadmap for the rollout of new models equipped with advanced driving assistance systems [10][12] - The focus is shifting from price competition to value competition, emphasizing the importance of technology and user experience in the automotive market [12][13] - The company is committed to adapting to new regulations and safety standards set by the Chinese government, ensuring that quality and safety remain paramount in its product offerings [13]

Core Insights - The report from J.P. Morgan highlights that autonomous driving technology is becoming a decisive trend, with its maturity potentially outpacing the realization of zero-emission goals [2] - The global autonomous driving market is on the brink of explosion, with the penetration rate of high-level autonomous vehicles (Level 3 to Level 5) expected to rise from less than 5% in 2025 to approximately 15% by 2030, and around 45% by 2040 [2][3] Global Market Dynamics - The report outlines a tri-polar structure in the global autonomous driving landscape, focusing on the strategies of major players in China, the U.S., and Europe [4] - China is positioned as a future leader in Level 4/5 autonomous driving, with significant players like Baidu and Pony.ai leading the Robotaxi services [5] - The U.S. market exhibits a dual-track system, with companies like Waymo focusing on Level 4 Robotaxi technology, while Tesla leads in the consumer market with Level 2+ systems [6] - Europe leads in Level 3 consumer systems but lags in Level 4 Robotaxi development due to stringent regulations and public trust issues [7] Technological and Economic Challenges - The report identifies two core obstacles to achieving the autonomous driving vision: the need for technological maturity and a significant reduction in the costs of technology and hardware [3] - J.P. Morgan estimates that a Robotaxi must achieve at least 80% utilization to break even, highlighting the economic challenges in scaling deployment [3][15] Ecosystem and Competitive Landscape - The autonomous driving ecosystem consists of five key layers: OEMs, AV technology and software suppliers, fleet operators, financial stakeholders, and demand platforms [9] - Nvidia is currently the dominant player in the semiconductor space, with its "cloud-to-car" vertical integration providing a competitive edge [10] - Rideshare platforms like Uber and Didi are seen as essential participants in the autonomous driving ecosystem, facilitating demand and supply matching [11] Future Implications for Industries - The rise of autonomous driving will not only transform transportation but also disrupt related industries such as insurance [13] - The insurance industry is expected to shift from retail to commercial models due to the transfer of accident liability from drivers to manufacturers or technology providers [14] - The report warns that insurance companies heavily reliant on traditional retail models may face elimination risks as autonomous vehicle adoption increases [14]