In Malaysia's SUV market, many buyers compare Proton X70 and Subaru Forester when choosing a car. These two models are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to help you save time on research.

Price and Versions

Proton X70's OTR price in Malaysia is RM 106,800 - 122,300, with a total of 3 versions, including 1.5L Standard 2WD (RM 106,800), 1.5L Executive 2WD (RM 115,800), 1.5L Premium 2WD (RM 122,300), etc.

Subaru Forester's OTR price in Malaysia is RM 174,000 - 197,000, with a total of 3 versions, including 2024 2.0L S EyeSight GT Edition (RM 189,538), 2024 2.0L S EyeSight (RM 177,538), 2024 2.0L L EyeSight (RM 167,538), etc.

In terms of price, the starting price of Proton X70 is indeed RM 67,200 cheaper than Subaru Forester. If your budget is limited, Proton's entry-level version is already sufficient for daily needs. However, note that the few thousand difference in price might involve trade-offs in features, depending on your specific needs.

Power and Fuel Consumption

Proton X70 is equipped with a 1.5L Turbo, 140 hp. Official fuel consumption is 7.0 L/100km.

Subaru Forester is equipped with a 2.0L 4-cyl, 170 hp. Official fuel consumption is 8.0 L/100km.

In terms of power, Subaru Forester's 2.0L 4-cyl has 30 more horsepower than Proton X70's 1.5L Turbo. However, for daily driving in the city, the power of both cars is sufficient, and you won't feel underpowered.

Maintenance and Service

Proton X70 warranty is 5 years/150,000 km, maintenance interval every 10,000 km or 6 months.

Subaru Forester warranty is 3 years/100,000 km, maintenance interval every 10,000 km or 6 months.

Who is this suitable for?

Proton X70 and Subaru Forester are both mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, prioritize the one with better reputation; if you care more about cost-performance ratio and features, choose the one with richer configuration. Ultimately, it is recommended to test drive both models, as experiencing them personally is the most important.

Summary

In general, Proton X70 and Subaru Forester are both very good models in the Malaysian market. Choosing which one depends mainly on your personal needs and budget. We suggest doing your research, comparing quotes from several dealerships, and then test driving to make the final decision. Buying a car is a big matter; spending time on research will never be wrong.

2026 年上半年，中國汽車市場乘用車累計零售約 875 萬輛，同比下滑約 20%；與此同時，新能源滲透率在 5 月突破 63% 創歷史新高，6 月進一步攀升至約 63.6%。

大盤下行與結構性升級並行，可以說是這半年的主題，在這樣的背景下，真正的新能源頭部玩家開始浮出水面。

比亞迪，177.74 萬輛的銷量，让其持續位居銷量榜首；吉利汽車緊隨其後，上半年累計銷量 142.3 萬輛，創歷史同期新高，兩者合計拿下了中國新能源市場約 38.7% 的份額，超過三分之一的新能源車，不是出自比亞迪就是出自吉利。

至此，“兩超多強”的新能源市場格局已經形成，而且頭部兩家車企正在和追隨者拉開更大的距離，眾多車企在新能源市場打了這麼多年，淘汰賽逼近尾聲、自主品 牌市佔率突破 73%，中國新能源市場的“霸權戰爭”，基本上已經鎖定在這兩家企業之間。

比亞迪和吉利，各自以不同的路徑攻城略地，一個是整合產業鏈的強手，一個是梳理體系的能手，著這場“霸權爭奪戰”中，最終究竟是以雙雄並立收場？還是有誰能夠一舉奪權？

#比亞迪與吉利，甩開後面幾個身位？#

把時間軸拉長到 2025 年，中國新能源車市場格局的基本輪廓就已經顯現。

比亞迪，2025 年全年新能源汽車銷量 4,602,436 輛，同比增長 7.73%，其中純電動汽車銷量 225.67 萬輛，首次超越特斯拉成為全球純電動汽車年度銷冠，國內新能源汽車市場市佔率超 35%，2025 年全年銷量首次擠進全球汽車集團銷量前五。

吉利，2025 年全年銷量 302.46 萬輛，首次突破 300 萬輛，同比增長 39%，新能源銷量超 168 萬輛，同比增長 90%，全年營收 3452 億元，同比增長 25%，核心歸母淨利潤 144.1 億元，同比增長 36%。

進入 2026 年上半年，比亞迪 177.74 萬輛（同比 -15.9%），吉利 142.3 萬輛（同比 + 約 1%）。依舊是國內銷量的前二，從市場份額看，2026 年上半年中國新能源乘用車市場約 550 萬輛，比亞迪份額約 32.3%，吉利份額約 14.5%。

可以這麼說，中國的新能源市場裡面，這兩個品牌拿下了近半壁江山，要知道，在六年前，吉利新能源佔比還是个位數，比亞迪也遠未形成如今的規模，至此，中國新能源市場的格局基本已定，多品牌混戰演變成“兩級多超”。

#規模和體系，哪個是拿下市場霸權的關鍵？#

中國新能源市場那麼多品牌、那么多車，再加上政策的扶持，為什麼能夠形成統治力的是比亞迪和吉利？

先看比亞迪，當下其最大的護城河就是其龐大的規模，這種規模除了能夠保自身之外，也能夠擋住競爭對手的入侵，那麼這種規模從何而來？

中國新能源市場發展之初，可以說是完全的藍海，當時就算是龐大的全球汽車集團也不敢輕易涉足，畢竟這是一種根本性的能源轉換，進入這一市場就意味着此前燃油車時代的盈利模型、生產製造體系、產品定義模式要完全推到重來，不光要付出時間成本，更要算一筆經濟賬。

但是在中國，有一個不可忽略的點，就是政策導向的扶持，比亞迪之所以能夠成為當今新能源行業的霸主，也是賭對了政策的方向，在當時 ALL IN 新能源的決策下，順利成為第一個攻下新能源市場的中國車企，進而幫助自身快速拿下市場的大把份額。

在此之上，其通過垂直整合的路徑，從鋰礦開採到電池製造，從芯片設計到整車生產，比亞迪自身構筑了一套完整的產業鏈閉環。

其優勢在於，就算現在行業整體利潤率只剩 3.2%，比亞迪仍能靠自產電池、自產芯片、自產電控來壓低成本，2025 年，比亞迪之所以能夠在國內市場達到 35% 的市佔率，靠的就是“別人搞降價，我也能賺錢”。

那麼此時，這種先發優勢再加上成本的控制，就能夠讓其在市場的競爭當中擁有主動權，不用被其他對手牽著鼻子走，而是讓自己成為那個先出招的人，當掌握了主動權，那麼其在市場當中就更游刃有餘，進而快速形成規模的擴張。

但是歷史經驗表明，當規模擴張到一定程度，自然會放緩甚至回落，就算是強如比亞迪也沒有逃脫這個定律，今年上半年，其銷量出現了下跌，主力車型宋 PLUS、秦 PLUS、海鷗所在市場銷量出現同比下滑。

當價格戰紅利全面退潮，單純價格策略已難形成差異化壁壘，王傳福在股東大會上承認：當前技術領先度不及前幾年，技術成果的市場驚艷度有所下降，行業同質化特徵逐漸明顯。

對此，在 2026 年 6 月，比亞迪啟動成立以來最大規模的整車業務組織變革，將王朝、海洋、騰勢、方程豹四大品牌重組為獨立經營單元，實行獨立核算、自負盈虧，研發體系重構為“集團技術中台 + 品牌研究院”，這個目的很明確，在實現擴張之後，逐漸從“規模驅動”轉向“利潤與效率驅動”。

再看吉利，其打法和比亞迪完全不同，它不是用一條產業鏈築牆，而是用一套體系結構來布陣。

這樣一個體系基礎，是建立在李書福“一個吉利”的戰略之下，關停冗餘主體，整合研發、採購與智能化資源，千里浩瀚智駕系統跨品牌複用，這種統一技術底座，靠品牌形成產品差異化的打法，正在形成傳統大廠對抗快速迭代與價格戰的後發優勢。

具體來說，吉利銀河承擔了市場主流新能源車走量的任務，其上半年累計銷量 519793 輛；中國星系列穩燃油車基盤，上半年累計 580580 輛；極氪以 35 萬元均價拉升品牌溢價，上半年交付 17.83 萬輛，同比增長 97%；領克兼顧中高端新能源與海外拓展。

這種各司其職的分工，讓吉利在中國價格戰越演越烈的背景下保持了自身品牌發展的健康性，反映在數據上的是一季度單車核心淨利潤達 6429 元，同比增長 30%，毛利率提升至 17.5%，在行業整體普遍下滑超 20% 的背景下，這個成績具有一定的說服力。

並且吉利在產品的佈局上比較有針對性，其拿下了 10-20 萬這段最走量的市場，依靠的是產品的密集覆蓋，以及動力類型的全覆蓋，這一點對於提升消費者的認知有很強的作用，其中吉利星願一款車貢獻 34.6% 的集團銷量。

與此同時，海外市場正在成為吉利的第二增長曲線，上半年出口 47.42 萬輛，同比增 158%，已超過 2025 年全年出口總量；新能源產品出口 27.72 萬輛，同比增 585%，6 月出口首次突破 10 萬輛，目前吉利已經連續兩次上調出口目標至 100 萬輛。

結合以上內容可以看到，比亞迪的規模化讓其在市場中有足夠強的曝光，而且這種規模效應對於品牌來說也能夠帶來一定的積極影響，與此同時，針對如今規模化發展到一定程度的瓶頸，比亞迪也开始放權來考慮效率的問題，以求每個子品牌能夠更靈活應對市場。

吉利在“一個吉利”戰略背景下，過去分散的資源重新集中，根據自身旗下子品牌的不同定位來對不同市場進行有針對性的佈局，減少內耗的同時，對於消費者群體來說也更容易、更精準地在對應市場看到吉利的產品，進而帶動銷量的提升。

這兩個路徑雖然不同，但是目的都是一個，就是在存量市場當中提升自身的競爭力，如今中國汽車市場早已經進入飽和狀態，那麼此時能夠在此活得更好，依靠的就是規模和體系能力，這一點通過比亞迪和吉利的例子，可以印證這一發展模式的正確性，二者在市場雖然是競爭關係，但發展模式殊途卻同歸。

除了國內市場之外，海外市場正在成為決定兩強格局的一個因素，有意思的是，比亞迪與吉利這個在國內走不同路線的銷量霸主，在海外的佈局依舊是兩種不同的路徑。

比亞迪走的是重資產獨資路線，在巴西、泰國、匈牙利等地自建工廠，意在保持技術與管理自主權，泰國工廠是當前唯一已投產的海外全工藝工廠，匈牙利工廠 2026 年 Q2 投產，“本地生產 + 國內出口”共同提升交付彈性。

吉利走的是輕資產協同路線，借助沃爾沃、寶騰、雷諾等既有合作網絡切入當地製造與渠道，收購福特西班牙瓦倫西亞工廠產線、簽約瑞士經銷商 Emil Frey、這種模式避免了大規模自建工廠的重資產負擔。

兩種路線各有優劣，比亞迪的獨資模式能守住技術主權，但資金壓力大、落地慢；吉利的協同模式能快速鋪開，但對合作方的依賴度高、品牌控制力弱，從 2026 年上半年的數據看，吉利的出口增速（157%）是要超過比亞迪（70%），但比亞迪的海外銷量絕對值（78.94 萬輛）仍領先吉利（47.42 萬輛）。

後續，這兩個巨頭在海外市場的表现或許將成為影響其品牌整體發展的關鍵要因，在歐盟 IAA 法案將外資持股鎖死在 49% 的背景下，吉利的合資協同模式可能面臨更低的政策合規成本，而比亞迪的獨資路線可能面臨更大的制度性壁壘。

#頭部格局確立，成功路徑追隨者難以複製？#

當市場有了成功的模板，自然其他人就像照搬複製，那麼比亞迪與吉利的這種發展模式是否可以複製？

比亞迪的垂直整合，建立在二十多年的產業深耕之上，從電池起家到整車製造，這是一條無法速成的路，寧德時代是電池巨頭，但它不造車；蔚來、理想是造車新勢力，但它們不產電池，要把整條產業鏈攥在手里，需要時間、資金和戰略定力，三者缺一不可。

吉利的體系化能力，建立在多品牌收購和整合的長期積累之上，沃爾沃、寶騰、路特斯、極星等等，這些品牌不是一夜之間買來的，是十幾年持續佈局的結果，沒有這個“品牌池”，“一個吉利”戰略就失去了協同的基礎，新勢力只有一兩個品牌，傳統車企大多只有一個主品牌，都不具備吉利這種“多品牌矩陣協同”的條件。

所以說，這兩條路，比亞迪和吉利走得通，不代表別人也能走，那麼是否有別的路子能夠擠進中國新能源“強者”的陣營當中？我們不妨看看後續追隨者是如何應對的。

目前，依靠品牌溢價和單車型效率這兩個發展路徑，是大部分市場追隨者的普遍招數，其中特斯拉和小米算是兩個代表。

從品牌的統計口徑來看，排在比亞迪和吉利身後的新能源品牌是特斯拉，2026 年上半年特斯拉‌中國國內市場零售銷量約為 32.5 萬輛‌；若指上海超級工廠‌上半年總交付量（含出口）為 46.8 萬輛‌。

但是需要注意的是，特斯拉的產品陣營庫已經許久沒有更新，兩款旗艦車型 Model S 和 Model X 在今年上半年已經停產，目前在售的主力車型就是 Model 3 和 Model Y，那麼什麼是助推其銷量的原因？答案很簡單，就是其品牌的影響力。

如果換做別的品牌，或者說大部分自主品 牌，只有兩款車型在市場當中的競爭力顯然不夠，不然其也不會在國內市場佈局眾多車型，要知道今年僅上半年的時間，中國汽車市場就有 500 餘款新車與換代車型進入市場，其主要目的就是通过短時間、多頻次的聲量去換取消費者的注意與銷量。

但是特斯拉的優勢在與其品牌的影響力，一個是入局早，算是電動市場的絕對先行者，而且有自己 的補能體系，再加上品牌創始人的個人魅力加成，很多消費者若不考慮價格等因素，便會將其作為首要或者主要的選擇之一。

再說小米，這其實可以算作一個單車型高效率的樣本，2026 年上半年，小米汽車累計交付超 18 萬輛基本上能夠達到一個月均 3 萬的程度，其第一年只靠一款車，如今也只是兩款在售車型。

如果將其和比亞迪放在一起，就能夠看出其單車效率達到什麼水平，兩款車 18 萬的銷量，對比 66 款車型的 119.6 萬輛，其單車型的平均銷量遠高於市面其他大多數品牌，基本上能夠達到行業平均水平的 3 倍以上。

這兩條路徑為什麼它們值得被單獨討論？特斯拉和小米的案例，恰恰回答了“比亞迪和吉利的路徑是否可複製”這個問題。

比亞迪的規模，需要二十年產業鏈深耕；吉利的體系，需要十餘年品牌併購整合，這兩件事，其他品牌幾乎無法複製，那麼其他品牌想要在市場獲得存在感，就要有其他的差異化優勢，要不依靠品牌，要不依靠自身生態，要不就從別的法門入手。

而且還有一點，相對於規模化和體系化這種不會被輕易擊破的壁壘，其他方式可能都存在一定的不確定性。

比如特斯拉的品牌影響力，特斯拉在 2026 年一季度國內零售銷量同比下降 16.2%，1 月份 Model Y 更是跌至零售榜第 20 位，其今年 4 月純電零售市場份額僅 3.06%，這些都在說明一個問題，就是品牌的影響力可能會被競爭對手稀釋。

再有小米的單車效率，如果市場對產品的接受度尚可，那麼單車的極致效率就是一種優勢，若單車在市場的吸引力下降，那麼對於品牌來說就是嚴重的打擊，甚至可能出現一款車定生死的局面。

所以說，比亞迪和吉利所建立起來的這種“霸權”，是基於時間等多個因素疊加的效果，短期內想複製這種品牌發展路徑難於上青天，所以後續中國新能源市場的終局不會是“比亞迪 + 吉利”的雙頭壟斷，但是其所處的頭部格局已然固化，這種壁壘不會被後來者輕易打破，相反，這些巨頭則可能會“吸收”掉市場中難以維系的中小品牌。

#一家獨大，還是一山容下二虎？#

俗話說，一山不容二虎，那麼這一點是否會反映在比亞迪與吉利的“霸權”爭奪上？

短期看，比亞迪出現了規模擴張後的陣痛，國內銷量出現下滑、組織變革剛剛啟動，但它的底牌相對來說還是足夠厚的，畢竟是全球最大的新能源產能、有完整的產業鏈佈局、還有目前新能源領域最大的用戶基盤，如果組織變革能夠激活各自品牌的戰鬥力，比亞迪的規模優勢仍有擴張的希望。

中長期看，吉利的增長動能或許還有更長的持續期，上半年單車淨利潤創新高、海外出口暴增、新能源滲透率穩步提升，各大品牌的互補結構讓它在任何單一市場波動時都有緩衝。

與此同時，誰能把海外市場從增量變成利潤，誰就能獲得領先對手的希望，比亞迪的獨資模式在巴西、泰國已驗證可行性；吉利的協同模式在歐洲正加速落地，兩條路都能走通，但哪條路能走得更好，取決於誰能在本地化運營、品牌建設和成本控制之間找到更好的平衡。

客觀來說，中國新能源市場的終局，一家獨大很難，雙雄並立的概率顯然更高，這一點在全球多個市場已有印證，不管是比亞迪的規模還是吉利的體系，這兩種武器都能殺人，但是市場當中更重要的一點是誰更會變通，此時，不管是比亞迪的組織調整，還是吉利整合的理念，都是應對當下問題所產生的變通答案。

至於最後霸權的爭奪，誰能夠率先在規模擴張與效率、產品覆蓋面與技術聚焦、發展速度和產品質量之間找到那個關鍵的平衡點，誰就有可能在焦灼的霸權爭奪戰中找到領先對手的時機。

喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Perodua Ativa 同 Proton X50 嚟做比較。呢兩款車喺價位同定位上都好接近，今日我哋就從多個方面做一個詳細嘅比較，幫您節省做功課嘅時間。

價錢同版本

Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，共有 3 個版本，包括 1.0L Turbo X（RM 62,500）、1.0L Turbo H（RM 67,300）、1.0L Turbo AV（RM 73,400） 等。

Proton X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，共有 4 個版本，包括 1.5T Executive（RM 89,800）、1.5T Premium（RM 101,800）、1.5T Flagship（RM 113,300） 等。

由價錢睇，Perodua Ativa 嘅起步價確實比 Proton X50 平咗 RM 27,300。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需要。但亦要留意，平幾千蚊，可能喺配備上會有取舍，具體要看你嘅需求。

空間同舒適度

Perodua Ativa 車身長 4400 mm，尾箱 400 L。

Proton X50 車身長 4400 mm，尾箱 400 L。

兩款車嘅尺寸幾乎一樣，車廂空間差別唔大。呢級嘅車，日常使用完全夠用。

保養同維護

Perodua Ativa 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。

Proton X50 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。

兩款車嘅保養條件一樣，呢方面唔使糾結。實際保養成本仲要睇品牌嘅服務網絡同零件價錢，建議去車友群問問真實車主嘅經驗。

適合邊種人

Perodua Ativa 同 Proton X50 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更重視品牌口碑同二手價，可以優先考慮口碑好嗰款；如果你更在意性價比同配備，嗰就揀配置更豐富嗰款。最後都係建議兩款都去試車，親身經歷先係最重要。

總結

總體嚟講，Perodua Ativa 同 Proton X50 都係馬來西亞市場好唔錯嘅車型。揀邊一輛，關鍵都要睇你嘅個人需要同預算。建議大家做足功課，多比較幾間車行嘅報價，再去試車做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。

In May, China's automotive market overall presented a gentle recovery trend, with domestic brands still being the sales backbone of the market. Recently, BYD, Geely, Chery, Changan, and Great Wall, the top 5 domestic automakers, successively released their monthly performance reports. From the data, these five companies show a general characteristic of "stable total growth, divergence between domestic and international markets, and accelerated new energy penetration". Overseas exports and new energy vehicles have become the most core growth engines; export business has evolved from a "bonus item" to the "core foundation" for some companies. BYD's "dominant leader" status is further consolidated, Chery achieved high growth via exports, Geely's new energy penetration rate broke 56%, Changan focused steadily on balanced development, while Great Wall appeared slightly under pressure during structural transformation.

BYD: Export Hits New High Becomes Biggest Highlight

In May, BYD stood firmly at the top of domestic brands with a monthly sales volume of 383,500 vehicles, maintaining positive growth both year-on-year and month-over-month under a large base. Its two main brands, Dynasty and Ocean, sold a combined 330,200 vehicles, contributing 86.1% of total sales; Fangchengbao's monthly sales broke 30,000 units to reach 30,200, a year-on-year increase of 139.7%, setting a new high for the year; Denza sold 16,300 vehicles, and Yangwang delivered 286 vehicles. From a model perspective, BYD had eight models in May with monthly sales exceeding 20,000 vehicles. The Song Family and Yuan Family both broke 50,000 units, selling 51,370 and 56,691 vehicles respectively. The Sea Lion Family followed closely with 42,615 vehicles, and Seagull sales were also close to 40,000 vehicles.

BYD's biggest highlight in May was exports. Overseas new energy vehicle sales reached 160,600 units, an 80.4% year-on-year increase, accounting for about 42%. The sharp expansion of export scale effectively countered the phased weakness in domestic demand. Cumulative exports from January to May exceeded 620,000 vehicles. High export growth mainly benefited from continued ramping up of overseas factory capacity, improved ocean shipping capacity, and accelerated channel network expansion. In the domestic market, BYD promoted Megawatt Super Charging and intelligent strategies simultaneously—Megawatt charging achieved about 90% charge in 9 minutes; 20,000 super charging stations are planned to be built by 2026; all series models are available with Sky Eye B intelligent driving solutions and city navigation safety fallback plans, accelerating the popularization of high-level intelligent driving. As Gen 2 Blade Battery capacity gradually releases, the company's orders are expected to continue rising.

Chery: Sales Growth Leads the Top 5

Chery Group's total sales volume in May was 247,800 vehicles, a significant year-on-year increase of 20.5%, ranking first in growth speed among the top 5. Exports remained its most core growth engine—May exports reached 181,900 vehicles, an 80.5% year-on-year increase, accounting for 73.4% of total sales that month, continuously breaking the single-month export record for Chinese brands for three months. In terms of new energy, Chery New Energy sold 100,300 vehicles, a 58.8% year-on-year increase. April and May consecutively saw monthly new energy sales breaking 100,000 vehicles.

The strong performance in exports benefited from Chery's long-term deep cultivation of overseas channel advantages and localized operation capabilities. While overseas orders continued to rise, high export growth formed a sharp contrast with domestic sales—Chery's domestic sales in May were only 60,000 vehicles, accounting for one-quarter of total sales. From cumulative data, Chery Group accumulated 1.101 million sales from January to May, but against the annual goal of 3.2 million vehicles, monthly averages need to reach about 420,000 vehicles later, and pressure remains significant.

Geely: New Energy Penetration Rate Breaks 56%

Geely Auto's total sales volume in May was 237,600 vehicles, a 1% year-on-year increase, achieving month-over-month double growth for three consecutive months. In terms of structure, Geely's "New Four Transformations" transformation showed significant results: new energy vehicle sales reached 133,400 units, accounting for 56% of total sales, with new energy share exceeding 50% for four consecutive months.

From sub-brands, performance was significantly divergent. Zeekr brand sales in May reached 34,400 vehicles, a 82% year-on-year increase; Zeekr 9 Series and 8 Series models combined sales approached 50% of total sales, showing bright performance in the high-end market; Galaxy brand sales were 81,700 vehicles; Geely brand sales were 182,500 vehicles, among which China Star Series sales reached 100,800 vehicles; Lynk & Co brand sales were 20,700 vehicles, with new energy vehicle sales share rising to 71%.

In terms of exports, Geely's overseas vehicle exports in May reached 85,100 vehicles, a explosive 184% year-on-year increase, setting a brand single-month export record high. Among exported products, new energy vehicles reached 40,800 units, accounting for nearly half; hybrid and pure electric products have successively landed in Southeast Asia, Middle East, Latin America, and other markets, highlighting the results of global strategy implementation.

Changan: Multi-brand Matrix Balanced Effort

Changan Auto's delivery volume in May was 209,100 vehicles, among which new energy deliveries were 92,400 vehicles, a 5.8% year-on-year increase, with new energy share about 44%. In terms of exports, overseas deliveries reached 70,700 vehicles, a 38% year-on-year increase, becoming another major growth highlight for Changan in May.

In the sub-brand matrix, Changan Qiyuan delivered 34,500 vehicles in May; All-New Q05 delivered 15,800 units, with orders breaking 3,000 units within three days of listing in Thailand; Deepal sales in May were 33,200 vehicles, a 30% year-on-year increase; January to May overseas cumulative sales were 28,700 vehicles, a significant 167% year-on-year increase; Avatr delivered 7,336 vehicles in May; Changan Auto (Gravity) delivered nearly 49,000 vehicles in May.

Changan Auto's balanced layout was fully reflected in May: the fuel car base remained stable, new energy brands Deepal and Qiyuan accelerated volume growth, high-end brand Avatr continued to break through in technical cooperation, and overseas markets simultaneously achieved breakthrough growth. The pattern of five brands working together, driven by both new energy and exports, is initially taking shape.

Great Wall: Overseas Sales Growth Year-on-Year 46.75%

Great Wall Motor's sales in May were 100,400 vehicles, slightly down compared to last May's 102,200 vehicles, making it the only company among the top 5 to show a year-on-year negative growth. From sub-brands, Haval brand sales in May were 55,500 vehicles, remaining Great Wall's most important sales pillar; Tank brand sales were 17,100 vehicles; both Haval and Tank brand sales showed year-on-year declines; Wey brand sold 8,119 vehicles, a 31.78% year-on-year increase, achieving growth against the trend; Ora brand performance was most stunning, with sales of 6,018 vehicles, a significant 206.88% year-on-year increase. In terms of new energy, Great Wall sold 30,400 new energy vehicles in May, with new energy vehicle transformation gradually accelerating.

The overseas market became Great Wall's biggest highlight in May, with overseas sales growing 46.75% year-on-year. Against the background of pressure on the domestic market, strong growth in overseas business effectively made up for the decline in the domestic market. Great Wall Motor's current core contradiction lies in: Haval and Tank, the two traditional main-selling brands, face weak growth, while Wey and Ora brands, although growing notably, have relatively small volume and are not yet enough to support overall growth. How to complete the "relay" between old and new brands is the key issue Great Wall must solve subsequently.

Final Thoughts

From May data, the growth pattern of the top 5 domestic brands has clearly diverged, but there are three common trends worth noting: First, exports have become a key engine for domestic brands to seek stability and growth. Second, new energy transformation is still accelerating, but paths differ among enterprises. Third, technological innovation continues to deepen brand moats. Looking ahead to the second half of the year, competition in the automotive industry will continue to upgrade around these three trends. Although everyone has a common direction, these three trends are all competing for the entire enterprise's industrial chain strength, and the strong will remain strong, which has almost become an inevitable outcome.