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Real-time News
Toyota Motor Corporation (TM.N): October production of vehicles for the Japanese market only increased by 6.8% year-on-year to 326,832 units. October production for overseas markets only increased by 2.2% year-on-year to 600,155 units. October global sales to dealers only increased by 2.1% year-on-year to 922,087 units. October global production to dealers only increased by 3.8% year-on-year to 926,987 units.On November 27, Indian automaker Mahindra launched a seven-seat electric SUV called the XEV 9s, with a starting price of approximately 2 million rupees ($22,409.97), accelerating its efforts to gain dominance in Indias electric vehicle market.Tesla (TSLA.O): Austins self-driving taxi fleet will double in size next month.On November 27th, CMB International issued a report downgrading its rating on Li Auto (02015.HK) from "Buy" to "Hold" and lowering its target price to HK$70, corresponding to P/E ratios of 40 and 18 times for 2026 and 2027 respectively, due to a lack of catalysts in the coming months. The report believes that the current valuation premium already reflects the groups leading position in the autonomous driving field. The report stated that after excluding the one-off Mega recall costs, Li Autos third-quarter results and operating loss were largely in line with expectations, and its gross margin remained at a high level of approximately 20.4%. Considering the intense market competition for extended-range vehicles, the report believes that Li Auto may need to lower prices to boost sales of its new generation L series next year; therefore, a decline in gross margin in the next two quarters is likely not a short-term phenomenon.On November 27th, Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), stated that automobile production reached 27.33 million units from January to October 2025, a year-on-year increase of 11%. The automotive industrys revenue for the same period was 8.8778 trillion yuan, a year-on-year increase of 7.9%; costs were 7.8243 trillion yuan, an increase of 8.7%; and profits were 389.5 billion yuan, a year-on-year increase of 4.4%. The automotive industrys profit margin was 4.4%, which is still relatively low compared to the average profit margin of 6% for downstream industrial enterprises. Specifically, in October, the automotive industrys revenue was 1.0543 trillion yuan, a year-on-year increase of 8.6%; costs were 937.6 billion yuan, an increase of 9.4%; and profits were 41.2 billion yuan, a year-on-year increase of 13.7%. The automotive industrys profit margin was 3.9%, a significant decrease compared to September and still lower than the 4.1% in October last year. At the end of October, accounts receivable of industrial enterprises above designated size reached 27.69 trillion yuan, a year-on-year increase of 5.1%; and finished goods inventory reached 6.82 trillion yuan, an increase of 3.7%. The automotive industrys destocking and improved payment terms should be better than the overall level of industrial enterprises.
