运营 | 诗席 曾几何时，一汽大众在汽车市场曾拿下连续多年合资销冠的头衔，并在2020年成为国内首家销量突破200万辆的乘用车企业。 文 | 每人Auto 沐晴 编辑 | 凡言 然而，2022年比亚迪以新能源之姿强势登顶，不仅终结了德系双雄的霸榜时代，更是揭开了国内汽车新能源大变局的序幕。市场才意识到，这是新能源汽车 推动行业格局剧变的开端。 此后数年，一汽大众销量一直未能突破200万辆，哪怕是2023年依靠燃油基本盘重回增长，但整个合资阵营仍在"油电转型"的十字路口犹豫不决。 如今，新能源改革已驶入深水区，留给传统巨头的时间不多了。 "双冠军"背后：一场以价换量的豪赌 回望刚刚过去的2025年，一汽大众交出了一份还算亮眼的成绩单。 2025年，我国新能源渗透率达到了47.9%，较去年同期提高了7个百分点，在新能源渗透率持续攀升的情况下，燃油车依然能够抢占乘用车市场半壁江山， 这也是车企们无法忽视的基本盘。 2025年，一汽大众整车销量达到了158.71万辆，其中包括大众品牌90.21万辆，占整体销量比重达到一半以上，奥迪品牌销量达到了56.7万辆，包括进口车， 捷达品牌销量达到了11.8万辆。包括去年10月 ...

Core Insights - Volkswagen (VWAGY) surpassed Tesla (TSLA) to become the best-selling electric vehicle (EV) brand in Europe in 2025, marking a significant shift in the European EV market [1][7] Group 1: Volkswagen's Success Factors - Volkswagen's success is attributed to its broad electric vehicle lineup, including models like ID.3, ID.4, and ID.7, which appealed to various customer segments [2] - The company sold 274,417 electric vehicles in Europe in 2025, representing a 56% year-over-year increase, driven by strong demand for its key models [3][10] - Volkswagen's strong presence in European markets, characterized by high brand recognition, extensive dealer networks, and local manufacturing capabilities, enabled it to respond effectively to rising EV demand [4] Group 2: Tesla's Performance - Tesla's EV sales in Europe declined by 27% year-over-year to 238,765 vehicles in 2025, resulting in the loss of its top position in the region [5][10] - Despite the decline, Tesla's Model Y remained one of the best-selling electric vehicles in Europe, indicating continued strong appeal for its products [6] Group 3: Market Dynamics - The shift in leadership from Tesla to Volkswagen highlights increased competition and a more diversified electric vehicle landscape in Europe [7]

Group 1 - Volkswagen is undergoing a significant restructuring plan, aiming to reduce the number of board members from 29 to 19, effectively cutting one-third of the board [1][2] - The new organizational structure will centralize key functions such as R&D, procurement, and production at the headquarters in Wolfsburg, rather than delegating them to individual brands [2][4] - The restructuring is expected to save the company approximately €1 billion (around 8.1 billion yuan) by 2030, with €600 million in personnel costs and €400 million in manufacturing costs [9][12] Group 2 - The newly formed Brand Core Management Committee (BGC) will oversee the management of core brands, with a focus on improving efficiency and accelerating product development [4][11] - Volkswagen plans to consolidate its global factories into five regions, with China being managed separately due to its unique market conditions [9][12] - The company has announced plans to cut 35,000 jobs in Germany by 2030 and reduce production capacity, aiming for annual cost reductions of €15 billion (approximately 114.3 billion yuan) [12][16] Group 3 - Volkswagen's sales forecast for 2025 indicates a slight decline in global sales, with a drop of 0.5% compared to 2024, particularly in key markets like North America and China [14][16] - The company reported its first quarterly loss in five years, with a net loss of €1.072 billion, a significant decrease from a net profit of €1.558 billion in the previous year [14][15] - Volkswagen plans to launch over 20 new models in China by 2026, with a focus on electric and hybrid vehicles, aiming to increase its market presence [16]

这只是大众"裁员35000人"计划的一部分。不仅如此，大众的德国德累斯顿工厂，上个月正式停产， 也是大众88年来首次关停本土产线。 裁员、关厂、重组架构……为的都是开源节流，毕竟去年三季度财报出炉时，大众已经亏损上百亿 元。 但省钱也是为了更好地卖车，大众打算今年面向中国火力拉满，已经准备好20款多新能源车，来华投 放了。 以下文章来源于智能车参考 ，作者有车有据 智能车参考 . 追踪AI+汽车新进展。量子位旗下汽车频道 来源丨智能车参考 （ID： AI4Auto ） 作者丨 杰西卡 谁能想到，德系汽车工业老大哥 大众 ，降本已经到这个地步了…… 集团大裁员裁到董事会头上，近 1/3的董事会成员 ，都会在今年夏天前被裁撤。 大众计划裁掉三成董事会成员 大众最近刚在官网发布公告，宣布了裁员重组的消息： 大众汽车集团旗下的核心品牌集团（BGC），将在 今年夏季之前 ，将董事会成员的人数减少约 1/3 ， 从29人减少到19人 。 具体来说，大众旗下的主流品牌，包括大众乘用车、斯柯达、西雅特/Cupra、大众商用车等，管理 层都将只保留一位 CEO ，以及在 财务、销售和人力资源 方面各保留一位高管。 而各品牌 研 ...

Core Viewpoint - The article discusses the transformation of Volkswagen's software development strategy in China, emphasizing the importance of local adaptation and collaboration with Chinese technology firms to enhance their electronic and electrical architecture capabilities [4][21][40]. Group 1: Software Defined Architecture (SDA) - The Software Defined Architecture (SDA) was completed in 2023 by Changan Automobile, marking a significant advancement in China's automotive industry by enabling hardware and software decoupling, which is essential for achieving "software-defined vehicles" [6][9]. - Volkswagen recognized the need for self-developed software and electronic architecture as early as 2020, leading to the establishment of the CARIAD software division to create a unified software platform [9][11]. - CARIAD faced challenges such as delivery delays and continuous losses, which ultimately led to leadership changes within the organization [13][16]. Group 2: CARIAD China and Leadership Changes - CARIAD China was established in April 2022, and its leadership was crucial in addressing the competitive pressure from local Chinese automakers [11][21]. - The appointment of Han Sanchu, an expert in software and hardware integration, was seen as essential for revitalizing CARIAD China and adapting to local market needs [23][39]. - Han Sanchu's experience in developing the SDA at Changan provided him with the necessary expertise to lead CARIAD China effectively [35][39]. Group 3: Collaboration with Xiaopeng Motors - Volkswagen announced a collaboration with Xiaopeng Motors to leverage their electronic architecture technology, aiming to accelerate the development of a localized electronic architecture for the Chinese market [41][49]. - The collaboration involves knowledge transfer, where CARIAD's team will learn from Xiaopeng's source code and development practices [49][52]. - This partnership is designed to enhance CARIAD China's capabilities and align them with the standards of new Chinese automotive players [54]. Group 4: Development Timeline and Future Plans - The first version of the China Electrical Architecture (CEA1.0) is scheduled for delivery in December 2025, with plans for subsequent versions (CEA1.3 in September 2026 and CEA2.0 in June 2027) [56][61]. - The CEA architecture will support various vehicle types, including fuel, hybrid, and electric models, with the potential for Audi models to adopt this architecture in the future [62][65]. - Han Sanchu aims to establish a self-developed approach to intelligent driving, positioning Volkswagen among the top three in this domain [65].

Core Viewpoint - Volkswagen is closing its factory in Dresden, Germany, marking the first closure of a domestic plant in its 88-year history, driven by economic pressures and a need for restructuring [1][3][5]. Group 1: Factory Closure Details - The last vehicle left the Dresden factory on December 16, 2025, and the site will be transformed into a research park focusing on AI, robotics, and chip development, while remaining open to the public as a tourist attraction [1][3]. - The Dresden factory, established in 2002, initially produced the luxury Phaeton but later shifted to electric vehicle assembly, including models like the e-Golf and ID.3 [4]. Group 2: Economic Context - The European automotive market is facing significant challenges, with increased competition and declining competitiveness of Germany as a manufacturing base, prompting Volkswagen to take decisive action [5]. - Volkswagen's management has decided to terminate its employment protection agreement, which has been in place since 1994, to facilitate necessary structural adjustments for improved competitiveness [9]. Group 3: Financial Performance - In Q3 2025, Volkswagen reported a revenue of €80.3 billion, a 2.3% increase year-on-year, but faced an operating loss of €1.3 billion compared to a profit of €2.8 billion in the same period last year [10][11]. - The company experienced a net loss of €1.07 billion in Q3 2025, a significant decline of 168.8% compared to a profit of €1.56 billion in the previous year [10][12]. - The decline in performance is attributed to increased production of low-margin electric vehicles and additional burdens totaling €7.5 billion, including U.S. import tariffs and strategic adjustments at Porsche [12][13]. Group 4: Porsche's Performance - Porsche also faced financial difficulties, reporting a 6% decline in revenue to €26.86 billion in the first three quarters of 2025, with a drastic drop in sales profit to €4 million, down 99% from €403.5 million year-on-year [13][15]. - The brand's sales in China fell by 26% in the first three quarters, impacted by competition from domestic electric vehicle brands and a lag in its own electrification efforts [15].

Core Viewpoint - Volkswagen has closed its first domestic factory in Germany, signaling a significant shift in its operational strategy amid declining sales and increasing competition, particularly in the electric vehicle market [4][6][10]. Financial Performance - In Q3, Volkswagen reported revenues of €80.305 billion, a 2.3% increase year-on-year, but faced an operating loss of €1.299 billion, a stark contrast to the operating profit of €2.833 billion in the same period last year, marking a decline of over €4.1 billion [7][8]. - The net loss for the quarter was €1.072 billion, compared to a net profit of €1.558 billion in the previous year, representing a year-on-year decline of approximately 168.8% [7][8]. - For the first three quarters of the year, net profit dropped by 61.5% to €3.4 billion compared to the same period last year [7]. Market Challenges - Volkswagen's sales in North America have been severely impacted by a 25% import tariff, leading to a 9.8% year-on-year decline in Q3 sales, totaling 246,900 vehicles [11][12]. - In Europe, Volkswagen's sales have decreased by 2 million vehicles over the past four years, exacerbated by high energy costs and labor disputes, which have driven up production costs [13]. - The company has set aside €600 million to address potential fines for failing to meet CO2 emissions regulations in Europe, further eroding profits [13]. Strategic Adjustments - Volkswagen has revised its investment plan, reducing the total investment from €180 billion to €160 billion over the next five years due to anticipated near-zero net cash flow in its automotive division by 2025 [10]. - The company plans to launch over 20 new electric vehicle models in China by 2027, aiming to offer around 30 electric models by 2030 [22]. Consumer Sentiment - Volkswagen's sales in China have dropped from a peak of 423,000 vehicles in 2019 to an estimated 290,000 in 2024, a decline of over 30% [15]. - The majority of Volkswagen's sales in China still rely on traditional fuel vehicles, with 95% of sales in the first nine months of the year being fuel cars [15]. - Consumer dissatisfaction with the ID.3 electric model has been noted, with complaints regarding performance and safety issues, indicating a disconnect with current consumer preferences for electric vehicles [16][20][22].

Investment Rating - The report rates the automotive industry as "Positive" [5] Core Insights - The development of new energy vehicles (NEVs) in Europe from 2020 to 2025 has experienced three phases: "explosion period ➡ stagnation period ➡ return to growth" [15] - The EU's carbon emission targets are driving the cyclical growth of electric vehicles (EVs) [15] - Government incentives and infrastructure development are directly related to EV penetration rates [2] - Automakers are transitioning to new electric platforms and expanding their product matrix to include entry-level models [3] - The long-term trend for European EVs suggests a potential for steady growth beyond cyclical fluctuations [4] Summary by Sections 1. EU's Top-Level Design - Carbon Emission Targets - The EU has implemented stringent carbon emission regulations, tightening targets every five years, which has led to a cyclical growth pattern in NEVs [16] - The average carbon emission target for 2025 is set at 93.6 g/km, with penalties for non-compliance [34] - The introduction of a "new energy vehicle coefficient" allows automakers to count EV sales more favorably towards their carbon targets [24][34] 2. Government Efforts - Incentives & Infrastructure - Various countries have introduced diverse and robust incentive measures, including purchase subsidies, which have significantly boosted EV sales [45] - The correlation between charging station density and EV penetration is strong, with a coefficient of approximately 0.64 [2] - By 2025, Europe will need around 7 million charging stations to meet carbon emission targets, with current numbers at approximately 1.218 million [2] 3. Automakers' Efforts - Electrification Transition - Major automakers are shifting from internal combustion engine platforms to dedicated electric platforms, enhancing product capabilities such as range and charging speed [3] - Companies like Volkswagen and Renault are focusing on reducing vehicle prices to make EVs more accessible, targeting price points around €20,000 [3] - The competitive landscape is evolving with increased offerings from Chinese automakers in the European market [3] 4. Long-Term Trends for European EVs - The average EV penetration rate in Europe needs to reach 33% from 2025 to 2027 to meet carbon emission requirements, with projected rates of 25%, 32%, and 35% for those years [4] - The long-term market outlook is positive, with expected compound annual growth rates (CAGR) of approximately 16% from 2025 to 2030 [4]

Core Viewpoint - Volkswagen, representing the German automotive industry, is facing significant challenges, leading to the closure of its first domestic factory in Germany, raising concerns that Wolfsburg may become the next Detroit [2][3]. Financial Performance - In Q3, Volkswagen Group reported revenue of €80.305 billion, a year-on-year increase of 2.3%, but incurred an operating loss of €1.299 billion, a stark contrast to the operating profit of €2.833 billion in the same period last year, marking a decline of over €4.1 billion [6][7]. - The net loss for the quarter was €1.072 billion, a decrease of approximately 168.8% compared to a net profit of €1.558 billion in the previous year, representing the first quarterly loss in five years [6][7]. - For the first three quarters of the year, net profit dropped by 61.5% to €3.4 billion compared to the same period last year [6]. Market Challenges - Volkswagen is grappling with intense competition in China, high import tariffs in the U.S., and soaring costs associated with the transition to electric vehicles, leading to declines in all major markets [3][10]. - The company anticipates a financial loss of up to €5 billion due to U.S. tariff policies, which have severely impacted sales in North America, where Q3 sales fell by 9.8% year-on-year to 246,900 units [9][10]. - In Europe, Volkswagen's sales have decreased by 2 million units over the past four years, exacerbated by high energy costs and labor disputes, leading to increased production costs [10]. Strategic Adjustments - Volkswagen has revised its investment plan, reducing the total investment from €180 billion to €160 billion over the next five years due to anticipated net cash flow nearing zero in the automotive sector by 2025 [8]. - The company plans to launch over 20 new energy vehicles in China by 2027 and approximately 30 electric models by 2030, recognizing the need to adapt to changing consumer preferences [19]. Consumer Sentiment - Volkswagen's ID.3 electric vehicle has faced criticism for not meeting consumer expectations in China, with complaints about performance and safety issues, leading to a decline in market confidence [14][17]. - The sales composition in China remains heavily reliant on fuel vehicles, with 95% of sales in the first nine months being traditional vehicles, highlighting a disconnect with the growing demand for electric vehicles [13].

Core Viewpoint - Volkswagen is facing significant challenges, including factory closures, declining sales, and financial losses, raising concerns about its future in the automotive industry, particularly in Germany, which may resemble the decline of Detroit [4][5][7]. Financial Performance - In Q3, Volkswagen reported revenues of €80.31 billion, a 2.3% increase year-on-year, but faced an operating loss of €1.30 billion compared to an operating profit of €2.83 billion in the same period last year, marking a decline of over €4.1 billion [9]. - The net loss for the quarter was €1.07 billion, a significant drop of approximately 168.8% from a net profit of €1.56 billion in the previous year, representing Volkswagen's first quarterly loss in five years [9]. - For the first three quarters of the year, net profit decreased by 61.5% to €3.4 billion compared to the same period last year [9]. Market Challenges - Volkswagen's sales in North America have been severely impacted by a 25% import tariff effective from April 2025, leading to a 9.8% year-on-year decline in Q3 sales to 246,900 units [15][16]. - The company anticipates a financial loss of up to €5 billion due to the U.S. tariff policy [17]. - In Europe, Volkswagen's sales have decreased by 2 million units over the past four years, compounded by high energy costs and labor disputes, which have increased production costs [17]. Strategic Adjustments - Volkswagen has revised its investment plan, reducing the total investment from €180 billion to €160 billion over the next five years due to anticipated near-zero net cash flow in its automotive division by 2025 [12]. - The company is struggling to adapt to the electric vehicle (EV) market, with a significant reliance on fuel vehicles in China, where EV sales are rapidly increasing [20][21]. Consumer Sentiment - Volkswagen's ID.3 electric vehicle has faced criticism for not meeting consumer expectations in China, where it lacks competitive pricing and features compared to local brands [21][22]. - The ID.3 has been associated with numerous complaints, including safety issues and performance failures, which have further eroded consumer confidence [24][26]. Future Outlook - Volkswagen plans to launch over 20 new electric vehicle models in China by 2027 and aims to offer around 30 pure electric models by 2030 [26]. - The closure of the Dresden factory symbolizes the challenges Volkswagen faces in adapting to a rapidly changing automotive landscape, necessitating a complete overhaul of its strategies and operations [26].