从濒临崩盘到集体上扬，合资车企的销量增长动力究竟何在？ 备受瞩目的合资车企电动化转型计划，是否到了"开花结果"的 时刻？ 作者： 周菊 封图：图虫创意 2024年合资车企销量全线下滑的颓势仍历历在目，但短短半年后，"逆袭"大戏就已上演。2025 年上半年，除了本田两家合资公司与东风日产仍未摆脱下滑态势外，其他合资车企均实现销量增 长。其中，一汽丰田以16%增速领跑，一汽-大众、上汽大众分别增长3.5%、2.3%，广汽丰田增 长11%，销量连续数年下滑的上汽通用也同比增长8.6%。 "目前尚未获取上半年完整的合资车企零售数据，但从今年1—5月销量来看，头部的德系和日系车 企，如大众、丰田均呈现正增长态势。大部分合资品牌在4月、5月的确呈现出降幅收窄、甚至由 负转正的趋势。"德勤中国企业技术与绩效事业群总裁周令坤向经济观察报表示。 从濒临崩盘到集体上扬，合资车企的销量增长动力究竟何在？备受瞩目的合资车企电动化转型计 划，是否到了"开花结果"的时刻？ 增量从何而来 过去的2024年，合资车企市场份额集体失守。其中，上汽通用同比下滑56.54%，日系三强在华 销量集体下跌（丰田跌6.9%、本田跌30.9%至十年来最低 ...

Core Insights - Cerevance is a clinical-stage biopharmaceutical company focused on developing therapies for neurodegenerative diseases and obesity, with presentations scheduled at the Alzheimer's Association International Conference (AAIC) 2025 [1] Group 1: Upcoming Presentations - Cerevance will present a Phase 1 study on CVN293, an investigational inhibitor targeting NLRP3-mediated neuroinflammation, on July 28, 2025 [2] - Another presentation will focus on the NETSseq platform, revealing insights into astrocyte function in Alzheimer's disease, scheduled for July 30, 2025 [2] Group 2: NETSseq Platform - The NETSseq platform allows for the identification of subtle molecular changes driving disease progression by analyzing brain tissue from over 20,000 donors aged 8 to 104 [3] - This platform aids in identifying low-level expressed targets and rare cell types, enhancing the understanding of neurodegenerative diseases [3] Group 3: CVN293 Overview - CVN293 is a selective oral inhibitor of KCNK13, aimed at reducing neuroinflammation and potentially modifying disease progression in neurodegenerative disorders [4] - The mechanism of CVN293 may also provide therapeutic benefits for obesity, identified through the NETSseq platform [4] Group 4: Company Pipeline - Cerevance's lead investigational treatment, solengepras, is in Phase 3 development for Parkinson's disease, while CVN766 targets binge eating disorder and schizophrenia [5] - CVN293 represents a novel intervention point for both neurodegenerative disorders and obesity [5]

Core Viewpoint - The Chinese automotive market experienced record sales in June 2025, driven by government subsidies and aggressive pricing strategies from manufacturers, leading to significant shifts in market dynamics among domestic, joint venture, and luxury brands [2][3][4][11]. Group 1: Market Performance - In June 2025, retail sales of passenger vehicles reached 2.084 million units, a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [3]. - The first half of 2025 saw cumulative retail sales of 10.901 million units, reflecting a year-on-year growth of 10.8% [3]. - Domestic brands achieved a retail volume of 1.34 million units in June, marking a year-on-year increase of 30% and a market share of 64.2% [8]. Group 2: Factors Driving Growth - The "two new" policy subsidies significantly reduced consumer costs, with 70% of private car buyers benefiting from the vehicle trade-in program [4][5]. - A surge in sales was also attributed to manufacturers lowering prices to boost sales as they approached mid-year targets, with over ten brands participating in price cuts [6][7]. Group 3: Competitive Landscape - The competitive landscape has shifted, with domestic brands gaining pricing power but facing challenges from aggressive price wars, leading to a breakdown of traditional pricing structures [11][12]. - Joint venture brands showed signs of recovery, with notable sales increases for major players like FAW-Volkswagen and SAIC-GM, indicating a stabilization of their market positions [22][23][25]. Group 4: Luxury Market Decline - The luxury vehicle segment is experiencing a downturn, with traditional luxury brands losing market share to both domestic and joint venture brands, marking a significant shift in consumer preferences [31][39]. - Despite the overall decline, Audi managed to achieve a year-on-year sales increase of 15.7% in the first half of 2025, highlighting potential opportunities for luxury brands that adapt to local market conditions [41][43].

Group 1: Global Expansion and Production Facilities - BYD has accelerated its global expansion with the inauguration of its first passenger car factory in Camasari, Bahia, Brazil, marking a new phase in its globalization strategy [1] - The company announced a total investment of 5.5 billion Brazilian Reais (approximately 7.1 billion RMB) for a large production complex in Brazil, which will have a planned capacity of 150,000 vehicles and create 20,000 local jobs [1] - In Cambodia, BYD is establishing its first electric vehicle production base, with a 521% year-on-year increase in orders expected by Q1 2025 [2] Group 2: Sales Performance and Market Position - Since entering the Brazilian market in 2021, BYD has seen continuous sales growth, becoming the top seller of electric vehicles in Brazil with over 20,000 units sold in Q1 2023 [1] - BYD ranked fourth in retail sales among car brands in Brazil as of May, achieving a market share of 9.7% [1] - In Japan, BYD's monthly registration volume surpassed 400 units for the first time, entering the top ten of imported car brands, largely driven by the strong performance of the SEALION7 model [3] Group 3: Product Development and Market Strategy - BYD launched the "Seagull" model in 15 European countries, marking its eighth electric vehicle introduction in Europe over the past three years [3] - The company plans to expand its product matrix in Japan by introducing plug-in hybrid vehicles and light electric K-Cars to meet local demand [3] - In Australia, BYD has established 46 stores across major cities, offering a full range of electric and hybrid vehicles [4] Group 4: Logistics and Transportation - BYD is developing its own fleet of automobile transport ships to enhance global delivery capabilities, with the sixth ship, "BYD CHANGSHA," recently launched [4] - The operational fleet has already transported over 70,000 BYD electric vehicles [4] Group 5: Financial Performance - BYD's overseas revenue reached approximately 160.2 billion RMB in the previous year, reflecting a year-on-year growth of 75.2% [5]

Core Insights - The article discusses the resurgence of range-extended electric vehicle (REEV) technology among joint venture and luxury brands, highlighting its potential to influence their future product strategies [1][8][39] - Companies like SAIC Volkswagen and GAC Toyota are set to introduce new vehicles utilizing REEV technology, while BMW and Mercedes-Benz are also considering entering this market [2][7][27] - The article reflects on the initial skepticism surrounding REEV technology, particularly during the early days of Li Auto, and contrasts it with the current renewed interest from established brands [6][22][39] Group 1: Industry Trends - The adoption of REEV technology is seen as a strategic pivot for traditional and luxury brands, which previously focused on pure electric and hydrogen technologies [8][22] - GAC Toyota's decision to implement REEV in models like the next-generation Highlander and Sienna indicates a shift towards more family-oriented vehicles [10][12] - The article notes that GAC Toyota's diverse powertrain options, including hybrid and hydrogen, make their move into REEV somewhat unexpected [9][10] Group 2: Company Strategies - SAIC Volkswagen's "Joint Venture 2.0" strategy emphasizes a collaborative approach, integrating local technology and consumer insights into product development [18][20] - The article highlights that the success of GAC Toyota's recent models is linked to their willingness to empower local teams, suggesting that this approach could enhance their competitiveness in the domestic market [17][21] - BMW's exploration of REEV technology for models like the sixth-generation X5 reflects a broader trend among luxury brands to reconsider their technological strategies in response to market demands [27][29] Group 3: Consumer Insights - The article emphasizes that consumer preferences in China are shifting towards vehicles that offer low energy consumption, convenient refueling options, and extended range, rather than a strict adherence to specific technologies [27][39] - Li Auto's focus on creating a "mobile home" experience for users illustrates the importance of addressing practical consumer needs in the design of electric vehicles [35][39] - The discussion around REEV technology serves as a litmus test for how well traditional brands can adapt to the evolving expectations of Chinese consumers [37][39]

Group 1 - Nissan has formed a new joint venture with Dongfeng Motor Group, with a registered capital of 1 billion RMB, where Nissan (China) Investment Co., Ltd. holds 60% and Dongfeng holds 40% [2] - The joint venture aims to expand Nissan's automobile export business, positioning China as a key export base for the company [2][5] - Nissan plans to leverage resources from its joint ventures in China to enhance its global revival strategy, with a focus on exports, product development, and brand enhancement by 2025 [2][5] Group 2 - Nissan's electric vehicle model N7, developed locally in China, has shown strong sales performance, with 6,189 units sold by June 2025 and over 10,000 units delivered since mid-May [3] - The company aims to accelerate its electric vehicle development in China, with plans to invest over 10 billion RMB by the end of 2026 to enhance R&D capabilities [4] - The "Re:Nissan" revival plan includes cost optimization strategies, targeting a total cost reduction of 500 billion JPY by the fiscal year 2024 [5]

要闻提示 NEWS REMIND 4.传前阿里公关一号位王帅回归，王帅回应：有事情搭把手再正常不过 1.罗马仕多个电商旗舰店关闭！多名高管被指4月起就已退群，员工担忧"复工存疑" 2.蔚来自研全球首颗车规5nm芯片！李斌：神玑NX9031量产非常不容易，将对全行业开放 3.奇瑞成立国内业务事业群：下设星途、艾虎、风云、QQ四大事业部，李学用兼任总经理 5.DeepSeek罕见领英扩招AGI人才，一周内发布10个岗位 6.俞敏洪道歉原因曝光：义卖海报"主播微笑"被质疑缺乏敬畏 7.苹果曾高调宣传不锈钢/钛金属，如今iPhone 17 Pro放弃使用 8.美区TikTok或于9月上线新App，旧版明年停用，1.7亿用户将被迁移 今日头条 HEADLINE NEWS 罗马仕多个电商旗舰店关闭！多名高管被指4月起就已退群，员工担忧"复工存疑" 7月7日，罗马仕迎来停工停产首日，其深圳总部聚集大批员工，现场打包物品互相倾诉。据员工透 露，"从4月份开始，罗马仕雷桂强、雷灿锋、雷桂斌、李秋华、雷灿伙五位主要负责人就已经全部退出钉 钉群了，企业钉钉也查不到他们任何信息，目前已经几个月没露面了"。有员工称，本想借领取物品机会 ...

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在企业发展战略上，东风日产将继续坚持"双线并进"的路径：一方面巩固燃油车的市场根基，另一方面 加速布局新能源赛道。副总经理高政浩表示，东风日产将在燃油车领域保持领先地位，同时稳步推进电 动化转型。 7月2日，东风日产正式推出全新奇骏·荣誉车型，共计两款，官方指导价分别为16.08万元和16.68万元， 限时诚意价下探至11.98万元与12.58万元，性价比显著提升。 据东风日产汽车销售有限公司总经理刘新宇介绍，此次新车升级广泛吸纳用户反馈，在科技配置、内部 空间和外观设计等方面全面优化。作为日产全球战略车型，奇骏基于CMF平台打造专业级SUV底盘， 搭载Nissan Connect超智联2.0+系统，实现语音控制、远程监测、远程启停等智能功能，软硬件协同升 级，科技感显著提升。 在产品开发方面，日产计划大幅缩短研发周期：首款车型开发周期将压缩至37个月，家族化车型进一步 缩短至30个月。尤其针对中国市场，研发周期将缩减至24个月，并在保证品质与安全的前提下加快产品 迭代。同时，日产将通过70%的零部件复杂度削减、平台架构整合等手段，到2035财年将平台数量从13 个压缩至7个。 在销量表现方面，日产汽车在中国 ...

7月4日凌晨，腾势销售事业部总经理赵长江在微博上发布了一封"公开信"，确认了他即将就任新岗位的消息。 此前一天，外界有消息称，根据比亚迪轮岗制度：赵长江由腾势销售事业部总经理转任腾势方程豹直营事业部总经理；李慧由腾势方程豹直营事 业部总经理转任腾势销售事业部总经理，二者岗位对调。 赵长江（左）与李慧（右） 比亚迪内部一直有轮岗制度，分析认为这样的调整可通过多元化管理经验赋能不同业务板块，进一步强化组织活力。但外界也有观点认为此次调 岗不乏腾势的高端化进程没有达成预期的原因。 2022年，赵长江牵头对腾势品牌启动战略焕新。他在公开信中表示，品牌焕新三年已经顺利完成前两阶段目标，"不仅实现海内外市场多点开花， 更在品牌与销量上取得双重突破。"但从腾势品牌目前的几款车型来看，赵长江在腾势D9一举取得成功后，承担不小的压力，腾势N7、腾势N8、 腾势Z9/Z9 GT等一系列后续车型被指"上市即高开低走"，没有达到既定目标，导致腾势品牌目前"独木难支"。 腾势在2024年的销量目标为20万辆，最终实际销量为12.6万辆，完成率为63.02%；2023年时，其销量目标为15万辆，而最终销量12.78万辆，完成 率为84. ...