此前Stellantis的股价已长期承压，其在巴黎上市股份2024年下跌33%，2025年跌幅达18%，2026年1月又 下跌了12%。此次超25%的单日暴跌进一步加剧了投资者的担忧。 说起斯特兰蒂斯，可能很多人都不太了解。但如果提起标致、雪铁龙、Jeep以及玛莎拉蒂这些品牌，可 能大部分人都知道。而上述汽车品牌，都是斯特兰蒂斯旗下的。 来源：环球零碳 来源：Getty Images 黑天鹅突袭，全球第四大汽车巨头，突然爆雷。 当地时间2月6日，全球第四大汽车制造商斯特兰蒂斯集团（Stellantis）美股开盘后股价大幅下挫，盘中 一度跌超26%，截至收盘跌23.79%。 此前，在欧洲交易时段，斯特兰蒂斯欧洲股价一度暴跌近30%，最终大幅收跌25.24%，创下了有史以来 单日跌幅最高纪录。 公开资料显示，Stellantis集团是由法国标致雪铁龙集团与意大利-美国菲亚特克莱斯勒集团合并而来。 合并后集团在巴黎、米兰及纽约证券交易所上市，旗下拥有Jeep、玛莎拉蒂、标致、雪铁龙等14个品 牌。 最新数据显示，2025年四季度，Stellantis销量为150万辆，同比增长9%；2025年全年销量541.7万辆， ...

随着2025年中国新能源汽车渗透率突破50%大关，全球车企的销量排名发生了新的变化，中国车企的排 名再度攀升。 据各车企发布的销量数据（下同），2025年，全球汽车销量前10名的排名序列较为稳定，丰田、大众汽 车、现代起亚仍旧稳坐前三甲，销量分别约为1132万辆、898万辆、727万辆。 | | | 2025年全球车企销量TOP 10 | | | | --- | --- | --- | --- | --- | | 排名 | 车企 | 相较2024年排名 | 销量(万辆) | 核心车型 | | 1 | 丰田集团 | 不要 | 1132 | RAV4、卡罗拉 | | WN | 大众集团 现代起亚 | 不要 不变 | 898 727 | ID.4、高尔夫 途胜 | | 4 | Stellantis | 不要 | 约538 (预估) | 雪铁龙、标致 | | 5 | 比亚迪 | 不变 | 460 | 汉、宋系列 | | 6 | 通用汽车 | 不要 | 450 | 索罗德皮卡 | | | 吉利控股 | 前进3位 | 411 | 银河E5、星愿 | | 8 | 本出 | 不要 | 352 | CR-V | | 9 | 福 ...

紧随其后，两家中国车企在榜单中的成绩尤为亮眼。比亚迪依然超越通用汽车、福特汽车两家美系车 企，以年销460万辆的成绩，稳居全球车企销量第5名。吉利控股集团的排名由2024年的第10名上升至 2025年的第7名，年度销量首超福特、本田、日产三大全球车企。 稳步上升的中国车企。 随着2025年中国新能源汽车渗透率突破50%大关，全球车企的销量排名发生了新的变化，中国车企的排 名再度攀升。 据各车企发布的销量数据（下同），2025年，全球汽车销量前10名的排名序列较为稳定，丰田、大众汽 车、现代起亚仍旧稳坐前三甲，销量分别约为1132万辆、898万辆、727万辆。 | | | LULJ == M == L == L == = | | | | --- | --- | --- | --- | --- | | 排名 | 车企 | 相较2024年排名 | 销量(万辆) | 核心车型 | | 1 | 丰田集团 | 不少 | 1132 | RAV4、卡罗拉 | | 2 | 大众集团 | 不要 | 898 | ID.4、高尔夫 | | 3 | 现代起亚 | 不要 | 727 | 途胜 | | 4 | Stellantis | 不 ...

Dataforce数据显示，2025年ID.4在欧洲销量达80,123辆，同比增长23.8%，但仍落后于特斯拉Model Y（151,331辆）等竞争对手。 茨维考工厂将逐步停止ID.4的制造，转而聚焦奥迪Q4 e-tron、Cupra Born及部分ID.3车型，并部分转型为车辆回收中心。 大众汽车宣布对电动车战略进行重大调整，核心是自2026年11月起，德国埃姆登工厂生产的改款ID.4将更名为ID. Tiguan。德国金属业工会IG Metall埃姆登 分会已证实此消息，生产周期至2031年底。ID.5因销量不佳将在今年内停产。 此举旨在利用大众汽车传统燃油车型的品牌认知度，提升电动车型的市场竞争力。原定名为ID.2的B级电动掀背车已更名为ID. Polo，ID.s2 X SUV概念车也 将更名为ID. Cross。 1. Tiguan将基于升级版MEB+平台打造，配备新入门级驱动电机，基础版本有望采用磷酸铁锂（LFP）电池。设计上，将弱化ID系列标志性的"鱼形"轮 廓，向燃油版Tiguan靠拢，并更换为传统拉手式门把手。内饰将增加物理按键，提升用料品质。 大众汽车同时宣布重组主流品牌组织架构，设立统一的 ...

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 Group's Zwickau plant in Germany will temporarily halt production for one week starting October 8, 2023 [1][3] - The Emden plant is also expected to implement a work reduction plan, leading to several days of production stoppage [1][3] - Both Zwickau and Emden plants are dedicated to electric vehicle production, with Zwickau focusing on models like ID.3, ID.4, and Audi Q4 e-tron, while Emden primarily produces ID.7 and some ID.4 models [3] Group 2 - Volkswagen has become the largest electric vehicle brand in the EU, surpassing Tesla in sales during the first half of the year [3] - Despite strong sales growth, Volkswagen faces challenges such as overcapacity and slowing market demand [3] - To address these challenges and avoid large-scale factory closures, Volkswagen plans to cut 35,000 jobs in the German market by 2030, although this will not affect employees at Zwickau and Emden due to job protection agreements [3]

Group 1 - The core issue for Volkswagen is the significant decline in sales of the ID.4 electric vehicle in the U.S. market, leading to production cuts and employee layoffs [1][2][3] - The ID.4's sales dropped from 38,000 units in 2023 to an expected 17,000 units in 2024, with a staggering 65% decline in the second quarter of 2025 [3][5] - The reduction in federal subsidies, particularly the loss of the $7,500 tax credit, has severely impacted the ID.4's market performance [4][5] Group 2 - Volkswagen's financial performance has deteriorated, with a 32.8% drop in operating profit to €6.7 billion and a 38% decrease in net profit to €4.477 billion in the first half of 2025 [10] - Despite a 46.7% increase in global electric vehicle deliveries to 465,500 units, the overall profitability of the company has been negatively affected by high import tariffs and restructuring costs [11] - The company is facing challenges in its electric vehicle transition, particularly due to software issues that have hindered user experience and market competitiveness [12][14] Group 3 - Volkswagen's sales in China have also declined, with a 2.3% drop in deliveries to 1.31 million units in the first half of 2025, leading to a lowered annual sales forecast [16][17] - The company is navigating a competitive landscape in China, characterized by aggressive pricing strategies among over 130 brands, with predictions that over 90% of car manufacturers will not be profitable in 2024 [17][18] - Volkswagen is pursuing a dual strategy of maintaining its fuel vehicle lineup while investing heavily in electric vehicles, including partnerships with local companies to accelerate development [18][19]

Core Viewpoint - Volkswagen is facing significant challenges in the U.S. electric vehicle market, particularly with the ID.4 model, which has seen a drastic decline in sales due to the withdrawal of federal subsidies and increased competition [1][4][5]. Group 1: Sales Performance - The ID.4, which was once a strong competitor against Tesla's Model Y, saw its sales drop from 38,000 units in 2023 to 17,000 units in 2024, with a further decline of 19% year-on-year in the first half of 2025 and a staggering 65% drop in Q2 2025, resulting in fewer than 2,000 units sold in that quarter [3][5]. - The loss of the $7,500 tax credit in January 2025 was a critical turning point for ID.4's sales, leading to a drastic decline in market performance [5][6]. - Following the end of subsidies on September 30, 2024, the market share for electric vehicles in the U.S. is expected to plummet to below 4%, approximately half of the current level [6]. Group 2: Financial Performance - Volkswagen's financial results for the first half of 2025 revealed a slight decrease in sales revenue to €158.4 billion, while operating profit plummeted by 32.8% to €6.7 billion, and net profit fell by 38% to €4.477 billion [8]. - The decline in profits is attributed to increased import tariffs in the U.S., resulting in a loss of €1.3 billion, and restructuring provisions in the Audi, Volkswagen passenger car, and Cariad software divisions amounting to €700 million [8]. Group 3: Software Challenges - Volkswagen's electric vehicle transition has been hampered by significant software issues, which have been identified as a core shortcoming compared to competitors [10][12]. - Despite early investments in electric vehicle development, Volkswagen has struggled with software problems that have affected user experience and market competitiveness [12][13]. - The company has initiated collaborations with Chinese tech firms to enhance its software capabilities, but the effectiveness of these measures remains to be seen [14]. Group 4: Market Strategy in China - Volkswagen has a long-standing presence in China, having established joint ventures that have significantly contributed to its sales, with over 28 million units sold [15][17]. - However, the company is currently facing challenges in the Chinese market, with a slight decline in deliveries and a forecasted 10% drop in sales for 2024 [17]. - Volkswagen's strategy includes maintaining its fuel vehicle lineup while investing heavily in smart electric vehicles, partnering with XPeng to accelerate new vehicle development [19]. Group 5: Future Outlook - The company is at a critical juncture, navigating the challenges of electric vehicle adoption, software development, and competitive pressures in both the U.S. and Chinese markets [21]. - The upcoming launch of approximately 30 new electric models in 2026 is seen as a pivotal moment for Volkswagen to regain its footing in the rapidly evolving automotive landscape [21].

Core Viewpoint - The European automotive market is experiencing a recovery driven by policy support, expanding demand, and technological advancements, particularly in electric and hybrid vehicles [1][2]. Market Overview - In July, the European new car market (EU + EFTA + UK) saw a year-on-year growth of 5.9% to 1.0854 million units, marking the largest increase since April 2024, primarily due to the popularity of electric and hybrid vehicles [3][4]. - Despite the growth in July, the cumulative new car registrations in Europe as of July still showed a slight year-on-year decrease of 0.04% [4]. Electric and Hybrid Vehicle Trends - Plug-in hybrid vehicles (PHEVs) have emerged as the dominant force in reshaping the market, with sales in July increasing by 52% year-on-year [5]. - In Spain, new car registrations surged by 17.1% in July, supported by the "Moves III plan," which allocates €400 million for electric vehicle purchases and charging infrastructure [5][6]. Regional Insights - In Northern Europe, the share of pure electric vehicles exceeds 80%, with Norway's electric vehicle registration in July growing by 56.6% to 9,291 units, achieving a 97.2% market share [6]. - Overall, from the beginning of the year to July, the sales of pure electric vehicles in Europe increased by 25.9% to 1,376,720 units, with a market share growth of 17.4% compared to the previous year [7]. Manufacturer Performance - In July, BYD's new car registrations surged by 225.3%, while Volkswagen Group's registrations grew by 11.6%, maintaining its leading position in the European market [10][11]. - The ID series from Volkswagen has been particularly successful, with the ID.7 achieving a monthly sales record of 2,402 units in Germany, tripling year-on-year [8][10]. Future Developments - BYD plans to introduce two new hybrid models in Germany this year to cater to diverse consumer needs [13]. - The introduction of low-cost electric vehicles is becoming a key battleground for automakers in Europe, with several new models priced below €25,000 expected to launch [14]. Battery Technology and Supply Chain - The export volume of lithium iron phosphate (LFP) batteries from China reached 39.4 GWh in the first seven months, a year-on-year increase of 42% [19]. - Major Chinese battery manufacturers are increasingly partnering with European automakers, with companies like Gotion High-Tech and Guoxuan High-Tech supplying LFP batteries to brands like Mercedes and Volkswagen [20][21]. Conclusion - The European automotive market is undergoing significant transformation, with electric and hybrid vehicles leading the charge, supported by favorable policies and technological advancements, while Chinese manufacturers are making substantial inroads into the market through strategic partnerships and innovative products [1][2][4].

Group 1 - Volkswagen announced a reduction in production of its ID.4 electric SUV at the Chattanooga plant in the U.S. due to underwhelming sales performance [1][3] - The sales of ID.4 in the U.S. are projected to be approximately 17,000 units in 2024, a significant decline from 38,000 units in 2023, with a further 19% year-on-year drop expected in the first half of 2025 [3] - The company will adjust the assembly quantity per production shift for the ID.4 model, but maintains its long-term commitment to the ID.4, electrification strategy, and the Chattanooga team [3] Group 2 - The production adjustment only affects the ID.4 electric vehicle, while the production levels of the Atlas and Atlas Cross Sport models will remain unchanged [3]