Key Takeaways Mustang Mach-E sales slid 19.5% due to a global recall over faulty electronic door latches. Ford's overall EV slump was due to Mach-E issues and factory shutdowns for 2025 model prep. Ford plans a new EV lineup launching in 2027 with starting prices below $30,000.Ford (F) currently has three models in its electric vehicle lineup —Mustang Mach-E SUV, F-150 Lightning pickup truck and E-Transit van. The company reported that in the second quarter, its EV sales plunged 31.4%. EV deliveries dropp ...

导语 ：马斯克表示，他已将重心转向自动驾驶，预计到2026年底，美国将有数十万辆可供车 主出租的完全自动驾驶特斯拉在路上运行，类似于Uber或Airbnb模式。 在竞争激烈和消费者偏好转变的背景下，特斯拉第二季度的汽车销量下降了13.5%，延续了销售低 迷的趋势。 尽管汽车仍然是特斯拉收入的主要来源，马斯克却将重点转向了自动驾驶汽车和机器人。 投资者仍然基于马斯克的愿景，维持着近1万亿美元的公司估值，而分析师却将特斯拉的汽车业务 估值大大低于这一数字。 特斯拉的销量陷入低谷。尽管第二季度特斯拉的全球汽车销量同比下降了13.5%，且交付量也有所 下降，但马斯克仍坚称他并不在乎。 特斯拉面临的挑战不仅来自竞争对手——从通用汽车（General Motors）到中国的比亚迪 （BYD），这些公司推出了高科技汽车，抢占了市场份额。与此同时，美国国会也准备停止对电动 汽车的税收优惠——恰逢消费者开始转回购买传统汽车。 "我鼓励大家超越眼前道路上的颠簸和坑洞，抬头看向山顶上那座闪耀的城堡。"马斯克在四月对投 资者表示。山顶上的"城堡"是马斯克关于自动驾驶出租车和人形机器人（Optimus）的承诺。 尽管特斯拉大约1000 ...

Sales Performance - General Motors Company (GM) experienced a 7.3% year-on-year sales growth in Q2, with total deliveries reaching 746,588 vehicles, following a 16.7% increase in Q1, resulting in a 12% rise in the first half of 2025, marking GM's best first-half performance since 2019 [1][7] - In contrast, Tesla, Inc. (TSLA) reported a decline in deliveries, with 384,122 vehicles delivered in Q2, representing a 14% decrease from the previous year, marking the second consecutive quarter of double-digit declines [1] Electric Vehicle (EV) Market - GM has launched 11 EV models over the past two years, with Chevrolet achieving a remarkable 134% growth in H1 sales, driven by the Equinox EV, which is now among the top three best-selling EVs [2] - Cadillac emerged as the leader in the luxury EV market share in Q2, contributing to GM's overall EV market share of 16%, closely aligning with its total market share of 17% in the same quarter [2] Strategic Investments - The increase in sales is attributed to GM's investments in crossovers, SUVs, and pickups, both gas and electric, which allowed the company to surpass the estimated 4% total auto industry growth [3] - To further enhance production capabilities and mitigate the effects of tariffs and government policies, GM plans to invest approximately $4 billion in U.S. production [3][7]

Core Viewpoint - Ford and General Motors have outperformed Tesla in Q2 vehicle sales, with Tesla experiencing a 13% decline due to weaker demand and political issues surrounding Elon Musk [1] Q2 & H1 Auto Sales - Ford's Q2 vehicle sales increased by 14% year over year to 612,095 units, leading to a total of 1.113 million units sold in H1, a 6% increase from H1 2024 [3] - GM's Q2 vehicle sales rose by 7% to 746,588 units, with H1 sales totaling 1.4 million units, an 11% increase [4] EV Expansion - GM's EV sales surged by 111% to 46,280 units in Q2, making Chevrolet the best-selling EV brand during the quarter [5] - Ford's hybrid vehicle sales increased by 6% to 82,886 units, although pure EV sales dropped over 30% [6] Stock Performance & Valuation Comparison - Ford's stock rose by 18% in 2025, outperforming the S&P 500's 5% and the Zacks Automotive-Domestic Market's 2% [7] - GM's stock is down 1%, while Tesla has seen declines of over 20% [7] - Over the past three years, GM's stock gained over 60%, while Ford's stock only increased by 4% [8] - GM stock trades at 5X forward earnings, while Ford trades at 10X, below the industry average of 11X and the S&P 500's 23X [9] Dividend Comparison - Ford offers an annual dividend yield of 5.29%, while GM's yield is 1.15% [11] Bottom Line - Both Ford and GM have shown strong Q2 sales, leading to a Zacks Rank 3 (Hold) for both companies, indicating potential long-term value for shareholders [12][15]

Production Expansion - GM will invest $4 billion to augment current plants to boost US production [1] - This investment will enable GM to assemble over 2 million vehicles annually [1] - The expansion is expected to create 3,000 to 4,000 union jobs [1] - Production of gas-powered Chevy Blazer and Chevy Equinox will increase in the US [1] - Production of some gas-powered full-size SUVs and light duty pickups like the Silverado will move to Michigan [2] Trade and Tariff Impact - The production shift is a response to 25% sector tariffs on autos and USMCA imports [3] - These moves are viewed as a long-term mitigation effort [3] - GM anticipates $4 billion to $5 billion in tariff costs [3]

◆国内新闻 商务部国际贸易谈判代表：中美原则上达成协议框架 当地时间6月10日，中美磋商机制首次会议在伦敦举行。商务部国际贸易谈判代表兼副部长李成钢表示，中美双方进行了专 业、理性、深入、坦诚的沟通。双方原则上就落实两国元首6月5日通话共识以及日内瓦会谈共识达成了框架。 市场监管总局：开展试点工作，加强汽车CCC认证指定机构国际化能力建设 6月11日，据市场监管总局网站消息，近日，国家认监委印发通知，在汽车领域部署开展强制性产品认证（CCC认证）试点 工作，支持和指导CCC认证检测机构加强国际化能力建设，为我国汽车出口补齐质量基础设施短板，服务汽车国际贸易。通过 开展试点，将积极推动我国汽车认证检测机构加快海外合作和建设，为中国汽车企业提供目标市场更加高效精准的市场环境、 政策法规、认证检测制度等出口信息，有效应对国际汽车市场技术性贸易措施（TBT）影响，助力我国汽车出海。 特朗普计划签署废除加州电动汽车法规的决议 据美媒报道，美国总统特朗普计划在6月12日签署三项决议，撤销加州自行设定汽车尾气排放标准的权力。曾参与起草废除 加州电动汽车销售要求决议的弗吉尼亚州参议员雪莱·摩尔·卡皮托（Shelley Moo ...

General Motors is investing $4 billion in its U.S. plants over the next two years to boost the manufacturing of gas and electric vehicles.With the multibillion-dollar investment, the Michigan-based automaker will be able to assemble more than 2 million vehicles per year in the U.S. The latest investment comes just two weeks after the company announced it earmarked $888 million for its Tonawanda Propulsion plant near Buffalo, New York, to support production of its next-generation V-8 engine.Prior to the inve ...

General Motors (GM) 2025 Conference June 11, 2025 09:35 AM ET Speaker0 Welcome, everyone. My name is Edison Yu. I lead the US Auto's Equity Research at the bank. It's my pleasure to welcome the CFO of GM, Hulkett Jacobsen. Thank you so much for joining. Thanks for having us. Appreciate it, Ashley. It's been a dynamic start to the year to say the least. We have tectonic shifts in in US policy. Generally speaking, I think most people would agree US automakers, US based automakers are the relative winners. You ...

这项投资布局与白宫的关税政策密切相关。今年4-5月，特朗普政府先后对进口整车及零部件加征25% 关税，直接推高跨国车企运营成本。尽管通用汽车此前采取"观望"策略，但最新产能调整显示，关税压 力已实质性改变其生产决策。公司首席财务官保罗·雅各布森上月坦言："关税影响可能没有市场反应的 那么剧烈"，并透露企业正通过供应链优化抵消30%-50%的关税成本。 通用汽车预计，此次本土化投资将使其美国年产能突破200万辆大关。值得注意的是，尽管加码燃油车 生产，但公司并未放弃电动化转型：奥赖恩工厂在改造后将成为通用在美国的第二座纯电动车专用工 厂，形成"燃油+电动"双线并进格局。2025年资本支出预算仍维持在100亿-110亿美元区间，但2027年预 期已上调至100亿-120亿美元。 "我们坚信，未来交通将由美国创新驱动。"首席执行官玛丽·博拉在声明中强调，此次投资既是对美国 制造承诺的兑现，也是对消费者多元化需求的响应。随着Blazer和Equinox两大畅销车型逐步回归，通用 汽车在北美市场的本土化率将显著提升，而墨西哥工厂的未来定位仍悬而未决。这场由关税倒逼的产业 链重构，正深刻改写北美汽车产业格局。 智通财经A ...

Group 1 - General Motors announced a significant investment plan of approximately $4 billion over the next two years to enhance the production of gas-powered vehicles at three U.S. factories [1][4] - The Orion Assembly plant in Michigan is set to start production of gas-powered full-size SUVs and light-duty pickups in early 2027, raising questions about GM's commitment to cease gas-powered vehicle production by 2035 [4] - The investment decision has been welcomed by the White House, which has imposed high tariffs on imported vehicles to encourage domestic production [4][5] Group 2 - The Fairfax Assembly plant in Kansas will play a crucial role, beginning production of the all-electric Chevrolet Bolt by the end of this year and gas-powered Chevrolet Equinox by mid-2027 [4][5] - GM also announced an $888 million investment in New York to increase gas engine production and plans to boost production of the gas-powered Chevrolet Blazer in Spring Hill, Tennessee, starting in 2027 [5] - GM's annual capital expenditure is expected to range between $10 billion and $12 billion by 2027, reflecting increased U.S. investments and prioritization of key projects [5]