Core Insights - Ford outperformed top-line expectations for its fourth quarter driven by strong demand for its internal combustion engine (ICE) vehicles, indicating robust sales performance in this segment [1] - The company reported a miss on earnings due to one-time restructuring charges associated with its electric vehicle (EV) business, highlighting challenges in transitioning to EVs [1] Financial Performance - The strong demand for ICE vehicles contributed significantly to Ford's revenue growth in the fourth quarter, showcasing the continued relevance of traditional vehicle sales [1] - The restructuring charges in the EV segment suggest that while Ford is investing in future technologies, it is currently facing financial pressures that may impact short-term profitability [1]

Group 1 - In January, China's automobile exports reached 681,000 units, marking a year-on-year increase of 44.9% but a month-on-month decrease of 9.5% [3][4] - The export market is expected to be a significant growth point due to the transition of new energy vehicle purchase tax policies and the annual alternation of local purchase subsidy policies [7] Group 2 - Ford's global sales for 2025 are projected to be 4.395 million units, with total revenue of $187.3 billion and a profit of $6.8 billion [8][9] - Ford has achieved annual revenue growth for five consecutive years, with a strong balance sheet showing nearly $29 billion in cash and $50 billion in liquidity [11] - Despite impressive revenue, Ford's profit margins are under pressure due to increasing market competition, although Ford China has reported nine consecutive quarters of profitability [13]

Recent Events - In January 2026, domestic passenger car retail sales reached 1.544 million units, a year-on-year decline of 13.9%, primarily due to the effects of policy withdrawal [2] - The export market showed strong performance, with 576,000 passenger cars exported in January, marking a 52% year-on-year increase and setting a historical record for the same period, including 286,000 new energy vehicles, which saw a significant increase of 103.6% [2] - On February 6, autonomous driving company Pony.ai announced a strategic partnership with domestic GPU company Moore Threads to advance the large-scale application of Level 4 autonomous driving technology [2] Stock Performance - Zotye Auto (000980) announced on February 11 that it is fully committed to resuming production in its vehicle segment [3] - On February 12, Xinwanda (300207) reported that its subsidiary reached a settlement regarding battery cell quality issues with Weir Electric Vehicles, which is expected to impact the company's net profit attributable to shareholders by 500 million to 800 million yuan for 2025 [3] - Ford Motor Company reported a fourth-quarter adjusted EBIT of $1.04 billion on February 11, a significant year-on-year decrease of 51% [3] Financial Report Analysis - Ford's total revenue for the fourth quarter was $45.9 billion, a year-on-year decrease of 4.8%, with adjusted earnings per share at $0.13, down from $0.39 in the previous year, reflecting the challenges faced by U.S. automakers in their transition to electrification [4] - General Motors emphasized on February 11 that its localization rate in the Chinese supply chain has exceeded 95%, showcasing its deep localization strategy in the Chinese market [4] Strategic Advancements - Li Auto's CEO Li Xiang previewed the new Li Auto L9 on February 5, describing it as the "pioneering work of embodied intelligent robots" [5] - Xiaomi Auto announced on February 12 the first batch of its new generation SU7 to be available in 30 stores across 7 cities, with an expected launch in April [5] - Changan Automobile (000625) officially launched its global sodium battery strategy on February 5, unveiling the world's first mass-produced passenger vehicle powered by sodium batteries [5] - Multiple new energy vehicle startups announced a dense lineup of new product plans for 2026 [5]

Core Viewpoint - BYD is projected to achieve global sales of 4.6 million vehicles by 2025, surpassing traditional automotive giant Ford for the first time [1] Group 1: Sales Performance - Ford's global wholesale sales for 2025 are expected to be slightly below 4.4 million vehicles, reflecting a year-on-year decline of nearly 2% [1] - BYD has become the first Chinese automotive brand to enter the top five global automotive groups in terms of sales volume [1] Group 2: Market Leadership - BYD has maintained its position as the global sales champion for new energy vehicles for four consecutive years [1]

Group 1 - Ford's wholesale sales for 2025 are projected to be less than 4.4 million units, which is lower than BYD's previously announced target of 4.6 million units for the same year [1] - This marks the first time BYD has surpassed the century-old automaker Ford in terms of projected sales, positioning BYD among the top six global automakers by 2025 [1]

面对业绩困境，福特宣布停止部分纯电车型生产，将资源向混合动力、增程式车型倾斜，同时开发更贴合市场需求的小型纯电产品。在 业务布局上，福特持续巩固传统优势板块，燃油及混动业务、商用车业务2025年保持盈利，成为公司业绩的重要支撑，其中混动车型销 量同比增长超20%，商用车板块利润率达10.3%。 对于未来发展，福特管理层明确了盈利优先的核心方向，预计电动汽车业务仍将面临短期亏损，但亏损规模将逐步收窄，2026年调整后 息税前利润有望回升至80亿至100亿美元。同时，公司正开拓电池储能等新盈利赛道，改造原有电动车电池工厂布局储能业务，推动企业 从规模扩张向质量增长转型。 （校对/黄仁贵） 当地时间2月10日，福特汽车发布2025年第四季度及全年财报，数据显示公司全年营收实现1873亿美元，同比微增1.23%，连续五年保持 营收增长态势，但净利润由盈转亏，全年净亏损达81.82亿美元，第四季度单季净亏损更是达到111亿美元。 此次业绩大幅亏损核心原因源于电动化业务的持续承压与战略调整成本。福特电动化部门2025年亏损48亿美元，累计亏损已超百亿美 元，为缩减电动化业务规模，公司计提195亿美元特殊项目费用，且大部分 ...

Core Viewpoint - The company is shifting its focus from traditional vehicles to the manufacturing of large batteries for utilities, data centers, businesses, and homeowners [1] Group 1 - The company has historically concentrated on cars and trucks [1] - The new initiative marks a significant diversification into the energy storage market [1] - Large batteries are increasingly essential for various sectors, including utilities and data centers [1]

Group 1 - Ford Motor has shut down a battery factory and laid off 1,600 workers due to the reduction of government support for electric vehicles by President Trump and Republicans [1]

日前，福特汽车（中国）有限公司根据《缺陷汽车产品召回管理条例》和《缺陷汽车产品召回管理 条例实施办法》的要求，受委托向国家市场监督管理总局备案了召回计划。 福特汽车（中国）有限公司将以挂号信等方式，通知相关用户。林肯品牌授权经销商也会主动联系 相关用户，安排受影响的车辆回店检查。用户可致电林肯客户服务热线：400-988-6789，了解此次召回 的详细信息。此外，也可登录市场监管总局召回中心网站www.samrdprc.org.cn，关注微信公众号 （SAMRDPRC），了解更多信息，反映缺陷线索。 召回编号S2026M0019V：自即日起，召回2025年8月5日至2025年11月27日期间生产的部分林肯航 海家汽车，共计1706辆。 本次召回范围内部分车辆，由于生产问题，左外后视镜可能装配了平面镜镜片，导致驾驶员左后方 视野范围减小，存在安全隐患。 福特汽车（中国）有限公司将委托林肯品牌授权经销商，为召回范围内的车辆免费检查左外后视镜 镜片，如果为平面镜镜片，则更换为凸面镜镜片，以消除安全隐患。 ...

Core Viewpoint - UBS expresses increased confidence in Ford Motor Company's (F.US) Q4 2025 performance and 2026 outlook, highlighting a potential EBIT exceeding expectations by 69% when excluding a $900 million unexpected headwind from tariff recovery delays [1] Group 1: 2026 Performance Outlook - UBS maintains a "Neutral" rating on Ford with a target price of $15, indicating that the adjusted EBIT for 2026 is approximately 20% higher than the company's guidance, with a profit margin target of 8% by 2029 supporting an EPS of $2.90 [1] - The 2026 EBIT guidance is projected at $9 billion, an increase of $2.2 billion year-over-year, driven by several factors including a $1 billion reduction in Novelis-related costs and improvements in Model E business [1][2] - The company faces significant risks, including execution challenges, near-zero free cash flow in 2026, and aggressive assumptions regarding tariff refunds that may raise investor concerns about growth potential [1][2] Group 2: 2027 and Beyond - UBS anticipates that normalized profit improvements could lead to stronger performance in 2027, with an optimistic EBIT projection potentially exceeding $12 billion, supported by increased SuperDuty production and narrowing losses in Model E [2] - The company reaffirms its target of an 8% adjusted EBIT margin by 2029, which could correspond to an EPS of approximately $2.90 under low single-digit revenue growth assumptions [2] - Historical context shows that Ford previously set a 10% profit margin target for 2026, while the current guidance is around 5%, indicating a significant shift in expectations [2] Group 3: Earnings Forecast Adjustments - UBS raises its EPS forecasts for 2026 and 2027 from $1.49 and $1.78 to $1.55 and $1.86, respectively, reflecting a more normalized profit level [3] - The forward P/E ratio for 2027 is adjusted from 8.5x to 8x, which remains slightly above the average of 7.3x since 2022, suggesting a reasonable valuation given the potential for future earnings adjustments [3]