Name: 賓士要垮了？！ 三芒星光芒不再，為何讓它陷入危機？ (Mercedes in Crisis? Why the Three-Pointed Star Is Losing Its Shine)
Uploaded: 2026-03-15T23:11:04.000Z
Duration: 13 min 7 s

Is the sheen of the three pointed star fading?

Has stiff competition from software forward?

軟體帶來的激烈競爭是否讓情況變得更糟？

Chinese brands dealt Mercedes a knockout blow.

中國品牌給 Mercedes Benz 致命一擊。

All foreign automakers who have been operating in China were hit hard by this price.

所有在中國營運的外國汽車製造商都受到了這個價格的重創。

And has the German heavyweight's own strategy of luxury first simply not paid off?

而德國巨頭自己「豪華優先」的策略是否沒有見效？

Mercedes have pushed far too high up market.

Mercedes Benz 究竟是哪裡出了問題？

這顆墜落的明星能否再次崛起？

We have a rock solid balance sheet to take on the next phase of transformation.

我們有穩固的資產負債表來面對下一個轉型階段。

Rev delves in 2025 was a turbulent year for Mercedes Benz.

2025 年對 Mercedes Benz 來說是動盪的一年。

A 57% plunge in operating profits, a 9% dip in global car sales and a 19% drop in sales in China, its most important market.

營運利潤驟降 57%，全球汽車銷量下滑 9%，而在其最重要的市場中國，銷量更是下降了 19%。

Tariffs imposed by the US totaled roughly $1.2 billion.

美國加徵的關稅總計約 12 億美元。

High energy prices in Europe, a fallout of Russia's invasion of Ukraine pushed up production costs consistently.

歐洲高昂的能源價格，俄羅斯入侵烏克蘭的後果，持續推高了生產成本。

That meant earnings generated abroad translated into fewer euros on the balance sheets.

這意味著在國外產生的收益，換算成資產負債表上的歐元就變少了。

While all these factors go some way towards explaining the reasons behind the dramatic decline, they don't indicate when this downturn might end.

雖然這些因素在某種程度上解釋了這次急劇下滑的原因，但它們並沒有說明這次低迷何時會結束。

Indeed, Mercedes own projections suggest that profit margins will remain compressed in 2026.

事實上，Mercedes 自己的預測顯示，利潤率在 2026 年仍將受到擠壓。

這就引出了一個根本性的問題。

Is this a temporary blip or is it something deeper shifting within the company?

這是一次短暫的失誤，還是在公司內部發生了更深層次的轉變？

To answer this, we need to look beyond the numbers and examine the strategy that shaped Mercedes in recent years.

為了回答這個問題，我們需要跳脫數字，看看近年來塑造 Mercedes 的策略。

They made some strategic moves or strategic decisions that turned out to be not like the best.

他們做出了一些策略性的舉動或決策，結果不如預期。

And they corrected some structures strategic mistakes of the past.

而且他們修正了過去一些策略上的錯誤。

In particular we saw like four strategic U turns within the last 18 months.

特別是我們看到在過去 18 個月內，有四次策略上的大轉彎。

The first was Mercedes focus on the luxury segment.

第一個是 Mercedes 專注於豪華車市場。

Something CEO Ola Kalanius had been sure was the right move for the brand.

這是執行長 Ola Kalanius 確信對品牌來說是正確的舉動。

在他的「慾望經濟學」策略下。

The company's goal was to sell more luxury cars.

公司的目標是賣出更多豪華車。

It proved to be a tightrope walk that didn't pay off.

這證明是一場走鋼索的挑戰，並沒有見效。

The trouble is that luxury is more than just about the sophistication of the car, the price of the car and so on.

問題是，豪華不只關乎汽車的精緻度、價格等等。

You cannot have mass volume presence with luxury because you erode that exclusivity.

你不可能在豪華車市場擁有大量市佔，因為這會侵蝕那份獨特性。

And so this is a very difficult line to tread for a company like Mercedes, which has, you know, quite a lot of high fixed cost.

所以，像 Mercedes 這樣擁有相當高固定成本的公司，要走這條路非常困難。

That strategy has been largely reversed now with attention being refocused on volume oriented offerings like the A class.

這項策略現在已經大致被推翻，注意力重新聚焦在像 A-Class 這類以銷量為導向的產品。

Despite initial hiccups, the A class was a success.

儘管初期有些小波折，A-Class 仍是成功的。

The first generation sold around 1.1 million units between 1997 and 2004, proving it was a volumes product.

第一代在 1997 年到 2004 年間賣出了約 110 萬輛，證明瞭它是一款走量的產品。

But since the car didn't align with the brand's luxury only strategy.

但由於這款車與品牌「只有豪華」的策略不符。

Now not only does the A class remain in production, a successor is in the works.

現在 A-Class 不僅仍在生產，下一代也正在開發中。

Mercedes had also positioned itself as a leader in assisted driving.

Mercedes 在輔助駕駛方面也將自己定位為領導者。

It was the first manufacturer to receive international approval for Level 3 Autonomous driving technology with its drive pilot system.

它是第一家獲得國際認可，憑藉其 drive pilot 系統實現 Level 3 自動駕駛技術的製造商。

But with limited demand and regulatory frameworks proving to be slow, the resources devoted to expensive driverless tech have now been reduced and reallocated.

但由於需求有限且監管框架進展緩慢，投入昂貴的無人駕駛技術的資源現已減少並重新分配。

Perhaps Mercedes biggest u turn relates to its EV strategy.

或許 Mercedes 最大的轉變與其電動車策略有關。

The brand initially focused on large premium electric models with significant battery capacity and even more significant price tags.

該品牌最初專注於大型豪華電動車，配備大容量電池，價格更是高昂。

But these only appealed to a very small demographic.

但這些只吸引了非常小眾的客群。

They've tried to sell large SUV style or very expensive sports car style electric vehicles for which there is a limited demand at the best of times.

他們試圖銷售大型 SUV 或非常昂貴的跑車風格電動車，而這些車的需求本來就有限。

Instead of integrating electric vehicles seamlessly into Mercedes core design language, the company created a separate identity with distinct styling and branding.

Mercedes 沒有將電動車無縫融入其品牌核心設計語言，反而創造了一個獨立的身份，具有獨特的造型和品牌標誌。

The intention was to signal a bold electric future.

這樣做的目的是為了展現一個大膽的電動化未來。

But it diluted one of Mercedes strongest assets, its instantly recognizable design and heritage.

但這卻稀釋了 Mercedes 最強大的資產之一，也就是其辨識度極高的設計和品牌傳承。

The fallout was dramatic, particularly in China, its most crucial market.

後果是戲劇性的，尤其是在其最重要的市場中國。

Right now we have like more than 100 EV brands arising within China and compete against each other.

目前中國有超過一百個電動車品牌崛起，彼此競爭。

And in this kind of situation, Mercedes decided to not use their biggest asset like their iconic design, their brand, and

在這種情況下，Mercedes 決定不使用他們最大的資產，像是標誌性的設計、品牌，

just like introduce a new brand and be just one of many.

而是推出一個新品牌，讓自己成為眾多品牌中的一員。

Mercedes is now reintegrating its EVs into its core brand identity, ditching the EQ sub brand.

Mercedes 現在正將其電動車重新整合到其品牌核心身份中，捨棄了 EQ 這個子品牌。

It hopes this will revive sales, especially in China.

公司希望這能重振銷量，尤其是在中國。

As it seems here, Mercedes mistakes were amplified the most.

在這裡看來，Mercedes 的錯誤似乎被放大了。

Reduction in sales is mainly down to managing the fierce competition in China.

銷量下降主要是因為要管理中國激烈的競爭。

So that is where you will find the major part of that reduction, where we don't go for market share at all cost.

所以這就是我們不惜一切代價爭奪市佔率的主要原因。

For all German car makers, China is a vital market and one that's embraced the transition to EVs.

對所有德國汽車製造商來說，中國是一個至關重要的市場，也是一個擁抱電動車轉型的市場。

In 2025, new energy vehicles comprised over 50% of all car sales in China.

2025年，新能源汽車佔中國汽車總銷量的50%以上。

And its car market is saturated with sleek, futuristic EVs from domestic manufacturers, often priced more competitively than any EVs Mercedes has on offer.

它的汽車市場充斥著國內製造商推出的時尚、未來感十足的電動車，價格通常比 Mercedes 提供的任何電動車都更有競爭力。

All foreign automakers who have been operating in China were hit hard by this price war.

所有在中國營運的外國汽車製造商都受到了這場價格戰的重創。

A lot of the value you pay when you buy a Mercedes is connected to the brand.

你購買 Mercedes 時支付的許多價值都與品牌有關。

If you see a Mercedes with a discount of 30 to 40%, then kind of consumer perception is shifting.

如果你看到 Mercedes 打了七折到六折，那消費者的觀感就開始轉變了。

Is this really the luxury brand, which I always learned it was?

這還算是那個我一直以來認知的豪華品牌嗎？

And while traditional German carmakers, including Mercedes, suffered growing pains trying to go electric, some Chinese carmakers started with a clean slate.

傳統的德國汽車製造商，包括 Mercedes，在電動化轉型過程中經歷了陣痛期，但有些中國汽車製造商卻是從零開始。

Now they're building tech packed machines that appeal to the average Chinese car buyer, who at around 30 is 20 years younger than the average German one.

現在他們正在打造充滿科技感的汽車，吸引平均年齡約30歲、比德國車主年輕20歲的中國消費者。

In China, cars are often thought of as connected devices, valued for software interfaces and updates, not just engineering and heritage alone.

在中國，汽車常被視為連網裝置，其價值在於軟體介面和更新，而不僅僅是工程技術和品牌傳承。

In China, German car brands and especially Mercedes are bought for their combustion cars.

在中國，德國汽車品牌，尤其是 Mercedes，是為了購買他們的燃油車而存在的。

But when consumers want to buy a software defined ev, a German brand is not what comes to their mind.

但當消費者想購買軟體定義的電動車時，德國品牌並不是他們的首選。

You see some of the sophistication of that coming out of China at the moment is quite astonishing.

你會發現，目前中國在汽車方面的精緻度，確實令人驚豔。

The cleverness in the design, inside the sophistication, the flexibility just outpaces anything that you see in Europe.

設計上的巧思，內在的精緻，這種靈活性遠遠超越了你在歐洲看到的任何東西。

And so I think there has to be a lot more work on developing things which the industry has traditionally called surprise and delight features.

所以我認為，我們需要在開發那些產業傳統上稱為「驚喜與愉悅」的功能上，做更多努力。

There's not enough of that inspirational aha moment coming out of German industry and German design at the moment.

目前德國的產業和設計，還沒有足夠讓人驚豔的「啊哈！」時刻。

In 2024, Mercedes sold around 680,000 cars in China, down south 7% from the year before.

2024年，Mercedes在中國賣了約68萬輛車，比前一年下滑了7%。

The further drop in sales in 2025 doesn't just have to do with the vehicles on offer.

2025年銷量進一步下滑，不只跟車款有關。

It's also a product of China's current economic climate, where a property sector crash and deflation mean people simply aren't buying as many cars as they used to.

這也是中國當前經濟環境的結果，房地產市場崩盤和通貨緊縮，意味著人們不像以前那麼常買車了。

Though even taking that decline into account, China remains the industry's most important battleground.

即使把這個下滑考慮進去，中國仍然是這個產業最重要的戰場。

China is kind of the ground zero right now of the automotive industry.

中國現在可以說是汽車產業的「零號戰場」。

Meanwhile, Chinese brands are expanding globally, exporting their EV expertise and proving to be stiff competition for legacy carmakers.

同時，中國品牌正在全球擴張，輸出他們的電動車專業知識，並證明他們對傳統汽車製造商來說是強勁的競爭對手。

For decades, German manufacturers relied on their engineering know how, believing a well built machine would be successful anywhere in the world.

幾十年來，德國製造商依賴他們的工程專業知識，相信一臺製造精良的機器能在世界任何地方取得成功。

But there is no one size fits all product strategy that works across multiple markets.

不過，沒有一個一體適用的產品策略能適用於所有市場。

Although for many years the car industry has tried to create a more homogenous global market for cars in the interest of economies of scale in manufacturing, that basically hasn't worked, that we still see strong, at least regional differences in markets.

雖然汽車產業多年來為了製造規模經濟，試圖創造一個更同質化的全球汽車市場，但這基本上並未成功，我們仍然看到市場上存在強烈的區域差異。

Which is precisely why, although it's cost intensive, a brand like Mercedes cannot afford to abandon any powertrain.

這也正是為什麼，儘管成本高昂，像Mercedes這樣的品牌也不能放棄任何一種動力系統。

Under the Trump administration, combustion engines remain crucial in the United States and in emerging markets.

在川普政府時期，燃燒引擎在美國和新興市場仍然至關重要。

Hybrids offer a transitional bridge where infrastructure or consumer readiness is still evolving.

混合動力車提供了一個過渡橋樑，適用於基礎設施或消費者準備度仍在發展的地區。

And electric vehicles are essential in China as well as for Europe's Climate goals.

電動車在中國以及實現歐洲氣候目標方面都至關重要。

我們生活在一個多元化的世界。

Adoption towards electrification in the 150 plus markets that we serve around the world.

我們服務的全球一百五十多個市場，都在朝向電動化發展。

And it is clear to us that for the foreseeable future, minimum, the next 10 years, probably a little bit longer, it will be.

對我們來說很明顯，在可預見的未來，至少未來十年，甚至可能更長一些，情況都會是如此。

字幕列表影片播放

賓士要垮了？！三芒星光芒不再，為何讓它陷入危機？ (Mercedes in Crisis? Why the Three-Pointed Star Is Losing Its Shine)

crucial

significant

strategy

average

賓士要垮了？！ 三芒星光芒不再，為何讓它陷入危機？ (Mercedes in Crisis? Why the Three-Pointed Star Is Losing Its Shine)

crucial

significant

strategy

average

賓士要垮了？！三芒星光芒不再，為何讓它陷入危機？ (Mercedes in Crisis? Why the Three-Pointed Star Is Losing Its Shine)