全球汽车：2026年最值得期待的新车发布

Harry Martin, CFA+44 20 7676 8965harry.martin@bernsteinsg.comAlice Buckley+44 20 7676 6739alice.buckley@bernsteinsg.comStephen Reitman+44 20 7762 5535stephen.reitman@bernsteinsg.comSteve Pereira Fernandes, CFA+44 20 7676 7254steve.pereira-fernandes@bernsteinsg.comGali Salvatorelli Naraghi+44 20 7676 6741gali.salvatorelli-naraghi@bernsteinsg.comEunice Lee, CFA+852 2123 2606eunice.lee@bernsteinsg.comMasahiro Akita+81 3 6777 6998masahiro.akita@bernsteinsg.comTomohiro Kashimoto+81 3 6777 6975tomohiro.kashimoto@bernsteinsg.com 2025 was a turbulent year for autos (aren’t they all) but the intensityof new car launches showed no signs of easing this year includingsome genuinely great products. Xiaomi’s YU7 SUV took the Chinamarket by storm in July gaining 240,000 orders in the first 18 hourson sale, and European OEMs fought back at the IAA Munich showin September with headliners like BMW’s Neue Klasse iX3 andMercedes’ GLC Electric. for readers who have had a very good year, the 999 production runis not yet fully sold. Starting price: £850k, after options most likely >£1m. EXHIBIT 1:Aston Martin Valhalla In the US new product launches continue although tariffsand changing emission rules appear to be taking up most ofmanagement’s focus; with sales of its cars in the US down byalmost 8% yoy in 11M25, it is of little surprise that Tesla is ratheremphasizing its efforts in AI, Robotaxi operation and humanoidrobots. In Japan, despite the impact of US tariffs, many automakerscontinued to roll out new models. Toyota has confirmed the launchof its first SDV, the 6th-gen RAV4. In China, the introduction ofChina-exclusive models (e.g., Toyota’s bZ3X, Nissan’s N7) has alsoaccelerated. We compile our favourite launches to come in 2026, hopefullyproviding a useful guide to anyone entering the holidays withthoughts of a car upgrade next year. Source: Company website McLaren W1 The W1 is McLaren’s successor to the top of the range hypercar theP1. Launching on the back of an F1 championship win is perfecttiming, and McLaren also got new owners this year after beingacquired by CYVN Holdings of Abu Dhabi who also own luxury BEVstart up Forseven and a strategic interest in NIO. This new structureis set to accelerate the business, planning to launch one model peryear including McLaren’s first SUV (2028) and likely a BEV in theworks too. KEY LAUNCHES INTO EUROPE & U.S. IN 2026 LUXURY Aston Martin Valhalla The Valhalla is a leap forward for the Aston Martin brand as its first-ever mid-engine supercar with PHEV technology. This car wasactually first launched a decade ago, but saw delays and majorchanges to product (as well as many cancelled deposits) but isfinally hitting the road. First deliveries have already started in Q42025, with 500 set to be delivered in 2026 (BERNe). This car willprovide a cash-strapped business with major inflows (see Link), and Starting price: £2m EXHIBIT 2:McLaren W1 On 9 September 2025, Ferrari announced the launches of the849 Testarossa and the 849 Testarossa Spider. These succeedthe SF90 Stradale and the SF90 Spider, and share the concept ofa V8 powertrain supplemented by two conventional e-motors atthe front and an axial flux motor at the rear, supplied by YASA. 849Testarossa deliveries will begin in 2Q26 and the 849 TestarossaSpider deliveries will begin in 3Q26. The 849 Testarossa coupehas a base price of €460k and the Spider is priced at €500k,representing 7% and 6% increases over the base price of the SF90Stradale and the SF90 Spider. Starting price of 849 Testarossa and 849 Testarossa Spider:€460,000 and €500,000 respectively EXHIBIT 4:Ferrari 849Testarossa EXHIBIT 5:Ferrari 849Testarossa Spider Ferrari F80 The €3.6m F80 is the latest top-of-the-line supercar from Ferrari.The first “handful” of shipments of the planned 799 unit productionrun started in 4Q25. Shipments will ramp up during 2026, peakin 2027 and run down in 2028. The F80 succeeds the LaFerrari(2013-16) which was priced at €1.2m; this had a 499 unitsproduction run and was made available to Ferrari’s most loyalcollectors. The number of eligible customers who were interestedin having an allocation at the time was said to be double theplanned production amount. Ferrari stated in October 2024 thatdemand from eligible customers for the F80 exceeded its plannedproduction run by a factor of three, making it all but inevitable inour view that Ferrari launches an Aperta (convertible) version of theF80, just as it did with the LaFerrari Aperta (2016-18) after the F80coupe has finished its production run. Source: Ferrari Ferrari Amalfi On 2 July 2025, Ferrari announced the launch of the Amalfi, thesuccessor to the Roma, Ferrari’s entry model. The Roma begandeliveries in 4Q20, and was phased out in 3Q24. Upon its release,the Roma had a base price of €200,936, and which over its lifecycle rose to €219,071. The Amalfi is set to begin deliveries in1Q26 and has a base price of €240,000, a 9.6% increase over themost recent Roma pric