汽车行业周报 智驾领域催化多 ，岚图与引望达成深化战略合作 中游制造/汽车 1 月 11 日至 1 月 17 日，汽车行业整体上涨 0.7%。本周，智能驾驶领域，北汽 新能源与小马智行于近日达成"五位一体"全面深化战略合作，开启双方合作 2.0 阶段；文远知行全球 Robotaxi 车队达到 1023 辆；Uber 发布定制无人驾驶出租 车，将在旧金山推出服务，标志着 Uber 正式进入自动驾驶出行服务领域。岚图 与引望达成深化战略合作，联合开发智能驾驶/智能座舱。 ❑ 市场板块行情回顾 本周 CS 汽车+0.7%。本周（1 月 11 日至 1 月 17 日，下同）上证 A 指周度 涨跌幅为-0.4%，深证 A 指涨跌幅为+1.0%，创业板涨跌幅为+1.0%。本周各 行业板块下跌居多，涨幅较大的行业板块为 CS 计算机（+4.3%）、CS 电子 （+3.6%）和 CS 传媒（+3.3%），下跌幅度较大的行业板块为 CS 国防军工 （-5.7%）、CS 农林牧渔（-3.5%）和 CS 煤炭（-3.3%）。 汽车产业链各板块行情：本周，汽车行业二级板块多数下跌，其中汽车服务 板块周度涨幅最高，周涨幅为+3.4%； ...

销量不够，定语来凑 出品 | 虎嗅汽车组 作者 | 魏微 头图 | 视觉中国 2025年BBA的销量季上演"定语大比拼"："40万以上市场头名""燃油豪华车销冠"等话术刷屏，被业内戏称 为"又到了考验定语的时刻"。 此前部分国产品牌赖以"上周销量榜头名"的文字技巧，竟然被传统豪华品牌拿来主义了。 这些细分口径虽非虚构，却精准掩盖了三巨头集体失速的核心事实。 乘联分会数据显示，2025年全年中国新能源渗透率逼近60%，自主品牌份额升至65%，年末燃油车零售同 比骤降30%——而这正是合资品牌深耕多年的优势领域，BBA也无法独善其身。 2025年，奔驰、宝马、奥迪在华销量分别同比下滑19%、12.5%、4.9%，全年销量均跌至70万辆以下，终 结了此前五年的高位稳定态势。 | 品品牌牌 | 22002255年年在在华华销销量量（（万万辆辆）） | 同同比比变变动动 | | --- | --- | --- | | 宝马（含BMW、MINI） | 62.55 | -12.5% | | 奥迪（一汽+上汽） | 61.7 | -5% | | 奔驰（含商用车） | 57.5 | -19% | 传统豪华品牌用文字游戏切割颓势 ...

Core Viewpoint - Audi has officially retracted its goal for full electrification by 2033, indicating a shift in strategy under the new CEO Gernot Döllner, who plans to continue producing combustion engine vehicles until around 2035 or longer, while maintaining a parallel development of combustion, hybrid, and electric vehicles until 2035 [1][2][3]. Group 1: Strategic Decisions - The previous CEO's aggressive electrification timeline is deemed outdated, leading to a more flexible approach to product offerings that includes combustion, hybrid, and electric vehicles [1][2]. - Other German luxury car manufacturers, including BMW and Mercedes-Benz, have also adjusted their electrification plans, indicating a collective shift among major players in the industry [2]. - Audi's financial performance has suffered due to strategic missteps, with a projected revenue of €64.5 billion in 2024, a 7.6% decline year-on-year, and a significant drop in operating profit by 37.8% to €3.903 billion [3][11]. Group 2: Market Performance - Audi's electric vehicle sales have not met expectations, with global sales of pure electric vehicles at 118,200 units in 2022 and 178,000 units in 2023, accounting for less than 10% of total sales [5][9]. - The launch of the Q6 e-tron has been delayed due to software development issues, resulting in a projected delivery of only 15,000 units in 2024 [5][6]. - In 2024, Audi's global sales are expected to decline by 11.8%, with significant drops in major markets: China down 10.9%, the U.S. down 14%, and Germany down 21.3% [9][11]. Group 3: Operational Changes - Audi has initiated a series of reforms, including the closure of its Brussels plant, which produced 53,000 electric vehicles in 2023, representing about 30% of its total electric vehicle deliveries [9][13]. - The company plans to cut 7,500 jobs in Germany by 2029 and aims to reduce material costs by €8 billion and labor costs by €10 billion by 2030 [13]. - Audi's new CEO has emphasized the need for a more competitive product lineup, with plans to launch over 20 new models in the next two years, including the Q6 e-tron and Q3 [15][16].

Core Insights - The Shanghai Auto Show 2023 highlighted the dominance of new energy vehicles (NEVs), with over 70% of the 1,300 exhibited vehicles being NEVs, while traditional fuel vehicles still accounted for 30% of the new models presented [1][11]. Group 1: New Energy Vehicles - NEVs were the main attraction at the Shanghai Auto Show, with major brands like BBA and Porsche showcasing multiple electric models [1][3]. - The presence of new energy brands such as Hongmeng Zhixing and NIO drew significant crowds, indicating a strong consumer interest in electric vehicles [1][3]. Group 2: Fuel Vehicles - Despite the rise of NEVs, fuel vehicles experienced a resurgence in interest, with many consumers drawn to classic models and unique offerings at the show [5][11]. - The presence of iconic models like the Lexus LS400 and the new Volvo XC90 attracted considerable attention, suggesting a nostalgic appeal among consumers [5][10]. Group 3: Consumer Preferences - Over 40% of consumers still prefer fuel vehicles, valuing the mechanical feel and driving experience that electric vehicles cannot replicate [11][16]. - Many consumers expressed a desire for a balance between the emotional value of fuel vehicles and the technological advancements of NEVs, indicating a potential market for hybrid offerings [20][23]. Group 4: Market Trends - The automotive market is likely to see a coexistence of fuel and electric vehicles, with each catering to different consumer needs [20][23]. - Fuel vehicles must innovate and incorporate smart technologies to remain competitive against the rapid advancements in NEVs [20][23].

Core Viewpoint - The 2025 Shanghai Auto Show reflects a significant shift in the automotive industry, where traditional competition based on speed and concepts is replaced by a focus on product quality, technology, brand strength, and comprehensive capabilities. The transition to electric and intelligent vehicles is now a consensus, but many companies face survival challenges in an increasingly competitive market [1][27]. Group 1: Absence of Brands - Several notable automotive brands, including Beijing Hyundai, Kia, and luxury brands like Rolls-Royce and Lamborghini, were absent from the 2025 Shanghai Auto Show, indicating strategic decisions or difficulties in surviving a highly competitive market [1][5]. - Neta Auto, once a rising star in the new energy vehicle sector, has faced severe operational challenges, with sales plummeting to just 487 units in January and February 2025, and no data available for March [3][5]. Group 2: Traditional Brands Struggling - Korean brands like Beijing Hyundai and Kia have seen a significant decline in market presence, with their absence from the auto show marking a historic low since entering the Chinese market in 2002. Their slow adaptation to the electric vehicle market has contributed to their decline [5][7]. - French brands under Dongfeng, such as Citroën and Peugeot, are also struggling, with their market share falling behind Korean brands and facing challenges in keeping up with the rapid pace of model updates in the domestic market [7][9]. Group 3: New Forces and Market Dynamics - The automotive market is witnessing a clear divide among leading players, with companies like BYD and Huawei maintaining strong market presence and technological innovation, while some new entrants are facing resource constraints and market exits due to financial difficulties [9][27]. - The trend of "reverse joint ventures" is gaining momentum, with companies like Toyota and BMW shifting decision-making power to their Chinese teams to better align with local market demands [10][12]. Group 4: Technological Competition - The auto show has transformed into a platform for technological competition, with advancements in charging speed, battery technology, and autonomous driving systems becoming critical for market success. L2-level driving assistance systems are becoming standard, with a penetration rate exceeding 65% [18][20]. - The presence of international technology suppliers at the auto show highlights the growing importance of global collaboration in the automotive supply chain, with many foreign companies showing keen interest in Chinese innovations [20][22]. Group 5: Global Expansion - Chinese automotive companies are increasingly focusing on global markets, with Chery and SAIC Motors leading the way in exports. Chery has become the top exporter of Chinese brands, while SAIC plans to launch 17 new models for overseas markets in the next three years [22][24]. - The presence of overseas dealers and media at the auto show indicates that international markets will be a key growth driver for Chinese automotive companies moving forward [26]. Conclusion - The 2025 Shanghai Auto Show signifies a critical juncture for the automotive industry, where the competition is intensifying, and companies must adapt to new technologies and market dynamics to survive. The industry is poised for a significant transformation, with potential for higher quality and performance vehicles for consumers in the future [27].