8月1日，极氪公布最新交付数据：7月交付新车35837辆，同比增长111%，已连续6个月实现同环比双增长，品牌单车成交均价近37万元。今年1-7月，极氪累计交付超21万辆，同比增长99%，截至目前，极氪品牌全球累计交付已突破85万辆。

当见山高月更阔：旗舰车型领衔 产品力就是市场定力

值得一提的是，极氪销量海报引用了王阳明《蔽月山房》里的“当见山高月更阔”为主题，寓意着极氪正以更高的技术追求和更长期主义的用户视野，打造中国豪华新能源品牌，引领新的竞争格局。

今年以来，受原材料涨价、行业价格战等因素影响，国内汽车行业销量整体承压，在此背景下，极氪凭借全栈900V高压架构、浩瀚AI数字底盘、一体化压铸应用技术等领先科技，走出稳步向上的高质量发展路径，也与词意相符。

作为品牌向上的核心引擎，极氪9X在高端市场展现了强劲的销售势能。上半年斩获50万元以上全品类销量冠军，单车均价超53万元，打破“高价即低销”的常规市场预期。7月28日，极氪9X五座版上市，此次上市未举办线下发布会，而是直接开启大定，权益后限时售价45.19万元起，市场反馈热烈，Hyper版以上高配订单占比已超75%，显示出高端用户对这款旗舰产品的深度认同。

不止如此，极氪9X的影响力已经超越单纯的交通工具属性，成为高端圈层的“社交货币”。五座版上市次日，全球超奢改装品牌迈莎锐宣布首批抢订200辆极氪9X五座版，批量采购的背后，标志着极氪9X的产品力已经获得全球顶奢用车圈层的认可。

此外，“半个娱乐圈都是极氪车主”的现象级话题广为流传。随着张国立、唐国强、黄晓明等知名演员相继成为极氪9X五座版车主，极氪9X也成为继极氪009之后明星车主阵容最雄厚的中国旗舰车型之一。

本月，极氪7X、极氪猎装7月全球交付量双双破万。其中，极氪7X继上半年登顶中国香港、澳大利亚、马来西亚、墨西哥、埃及五大核心市场豪华细分销量No.1后，其产品足迹遍布全球50余个市场，全球累计交付近18万辆。

凭借原创猎装设计、全栈900V领先技术与安全性能的持续突破，极氪猎装累计销量已超39万辆，当前全球每售出10辆猎装车就有7辆来自极氪，进一步夯实其“猎装之王”的行业地位。

在竞品密集投放的红海中，极氪凭借技术硬实力与提前的产品布局，构建竞争壁垒，进一步带动品牌势能稳步向上。

技术护城河：全栈自研 900V高压架构等核心科技赋能全系车型

技术产品力正是支撑极氪交付量稳步向上的“定力”。极氪坚持全栈自研战略，极氪凭借全栈900V高压架构、浩瀚AI数字底盘、一体化压铸应用技术等领先科技，打通了从底层架构、动力能源、底盘操控到整车安全及智能驾驶的技术全链路。

这套技术体系已全面覆盖极氪 009、极氪 9X、极氪 8X 等多款旗舰及主流车型。凭借性能、安全与智能体验上的显著优势，极氪在纯电与混动双赛道上建立了技术领先性。

值得一提的是，极氪作为核心完成单位，联合产学研伙伴共同攻关的“一体化压铸用免热处理强韧化铝/镁合金及其应用技术”项目，近日荣获2025年度国家科学技术进步奖。该奖项是中国科技创新领域的最高荣誉之一，极氪是国内唯一获该国家级重磅科技奖项的新势力车企。该技术使得制造的车身更轻、更静、更安全，目前极氪旗下主流车型极氪9X、009、8X、7X、001、007GT等均已使用一体化压铸车身，进一步夯实了品牌的优质安全口碑。

口碑为王：稳居豪华品牌阵营，极氪9X获超8成用户主动推荐

权威调研机构杰兰路日前发布的《2026年度上半年新能源汽车品牌健康度研究》（下文简称为“报告”）报告统计，极氪9X用户净推荐值位列50万元以上全车型第一，获得超八成用户主动推荐。

报告同时指出，极氪在消费者品牌档次认知中，与BBA并列“豪华品牌”阵营，接近保时捷为代表的传统超豪华品牌。此外，极氪品牌用户净推荐值大幅提升，位列高端新能源头部阵营，品牌发展信心指数位居“强信心”品牌前列，品牌百人青睐指数超BBA、保时捷，增长势能强劲。

近一年来，极氪产品更新节奏透明、价格体系稳定，坚持与用户零距离坦诚沟通，品牌用户净推荐值大幅提升。通过推行《阳光服务公约》《极氪零距离》等常态化举措，推动用户口碑持续向好。在服务体系内部，极氪还创新性地设立售后服务“鸡腿基金”，将用户满意度与一线服务人员的表现挂钩，拉动用户体验提升。

近日，针对用户反映的“跨境自驾时车机因地理围栏触发限制”的问题，极氪快速上线跨境守护功能，优化出入境安全保障模块，并且将通过OTA推送把开关的选择主动权交给用户，以满足不同用户的需求。

全球化加速：进军欧洲豪华主场，中东市场迎来热销

国内市场稳步向上的同时，极氪正在加速推进全球化布局。

7月29日，极氪9X在荷兰阿姆斯特丹完成欧洲首秀，向欧洲用户展示了融合本土化团队设计、超级电混技术环保高效与极氪奢华科技体验的全方位实力。

在豪车云集的阿联酋，极氪9X已开启预售，其价格较国内高出20余万元，市场热度持续高涨，截至7月30日，预售订单已超过500辆，这一数据背后，是海外消费者对极氪产品力、品牌格调及智能化体验的高度肯定，证明中国品牌有能力在全球高端市场走通豪华路线。

极氪7X也快速在全球市场铺开规模效应。凭借过硬的全球品质标准和优秀的产品实力，极氪7X在上市一年内便成功进入全球50余个地区市场，成为中型豪华纯电SUV中全球化速度最快的车型之一。

面对芯片、电池等原材料价格大幅上涨，及行业价格战的多重挑战，极氪坚持以技术为基石、以用户为核心，走出了稳步向上的高质量发展路径，成为中国豪华新能源“ZAN”（极氪ZEEKR、问界AITO、蔚来NIO）格局中的关键引领力量。行业人士指出，ZAN已具备与BBA等传统豪华品牌深度竞争的能力，也将重新定义中国豪华品牌的全球竞争力。

Currently, the fierce competition in the domestic new energy vehicle market is already obvious. Many brands have long used price cuts to exchange for sales volume, forcibly narrowing the competition track. In stark contrast, Avatr recently welcomed a key milestone: the 100,000th Avatr 07 vehicle successfully went off the assembly line. Significantly, this commemorative model is a right-hand drive version, sent overseas immediately after completion, showing that from the beginning, its focus was never limited to the domestic market.

Since launch, the 07 has consistently held the throne of the brand's sales champion, helping the brand's overall sales climb, successfully breaking through the 260,000 unit mark. The key to maintaining its hot sales status for a long time lies in refusing to blindly follow trends, abandoning homogeneous appearances, and relying on a unique design style to win international design awards. Whether in Southeast Asia or the Middle East markets, it has won high recognition from local people. Daily driving experience focuses on comfort and balance, whether it's city commuting or family short trips, it can perfectly fit, with no obvious shortcomings, precisely covering the diverse vehicle usage needs of ordinary families at home and abroad.

Stable delivery of 100,000 units is inseparable from the factory's digital production model. The whole online control process simplifies many manufacturing links, supporting both mass production and personalized selection of different interiors and colors. Unified quality control standards ensure the vehicle experience delivered to different countries is not far apart, which is also the basis for its mass export.

Going overseas is absolutely not a marketing strategy born of impulse, but a long-term strategic layout of the brand. Currently, its models have successfully entered markets such as Singapore, Thailand, UAE, etc., and the offline sales network has expanded to 43 countries. According to the established brand plan, it will enter the European market this year, and by 2030, it plans to achieve comprehensive coverage of over 110 countries. Unlike many models that expand overseas markets using low-price strategies, Avatr firmly focuses on the high-end smart electric vehicle track, dedicated to shaping the excellent image of domestic high-end electric cars overseas. However, the level of recognition of this positioning by the overseas high-end market still needs to be tested by subsequent long-term market practice.

Coinciding with the achievement of the 100,000 unit milestone, the Avatr 07L also started pre-sale simultaneously. The current 07 precisely focuses on urban daily commuting scenarios, while the new model, after an extended design, better fits the travel needs of multi-member families. The two cars collaborate to layout, comprehensively covering consumer groups with diverse budgets and differentiated vehicle usage demands, thereby deeply expanding the user group, effectively resolving the sales risks brought by relying on a single model alone.

Looking at the overall picture of the new energy industry, relying solely on price-cut strategies to seize the local market has already entered a predicament that is difficult to sustain. Avatr 07's advancement trajectory brings new insights to the industry: rely on products that fit daily needs and precisely connect with needs to build a solid domestic foundation, rely on a complete and mature intelligent manufacturing system to successfully open up the overseas map, and then expand the audience group comprehensively with diversified model layout. The achievement of 100,000 units is merely a milestone on the brand's journey ahead, deeply cultivating the domestic family travel field, while steadily planning the global market. This dual-track parallel strategic layout is the core support for the brand to achieve continuous advancement.

喺馬來西亞嘅 SUV 市場，好多買家喺選車嘅時候都會拿 Perodua Ativa 同 Honda HR-V 嚟做比較。呢兩款車喺價位同定位上都幾接近，今日我哋就從多個方面做一個詳細嘅對比，幫你節省做功課嘅時間。

價錢同版本

Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，一共有 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。

Honda HR-V 喺馬來西亞嘅 OTR 售價係 RM 115,900 - 143,900，一共有 4 個版本，包括 2026 e:HEV 1.5L RS（RM 143,900）、2026 1.5T V（RM 137,900）、2026 1.5T E（RM 130,900） 等。

從價錢嚟睇，Perodua Ativa 嘅起步價確實比 Honda HR-V 平咗 RM 53,400。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能喺配備上會有取捨，具體要看你嘅需求。

動力同油耗

Perodua Ativa 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。

Honda HR-V 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。

動力方面，Honda HR-V 嘅 1.5L Turbo 比 Perodua Ativa 嘅 1.5L 4-cyl 多咗 35 匹馬力。不過日常喺市區開，兩款車嘅動力都夠用，唔會覺得唔夠力。

空間同舒適度

Perodua Ativa 車身長 4400 mm，車尾箱 400 L。

Honda HR-V 車身長 4500 mm，車尾箱 450 L。

空間方面，Honda HR-V 嘅車身比 Perodua Ativa 長咗 100 mm，乘坐空間更有優勢。不過 Perodua Ativa 喺城市入面泊車會靈活啲，各有取捨。

配備同科技

Perodua Ativa 採用 FWD 驅動方式。

Honda HR-V 採用 FWD 驅動方式。

兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大分別。

保養同維護

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

Honda HR-V 保修 5 年/無限制里程，保養間隔 每 10,000km 或 6 個月。

總結

總嚟講，Perodua Ativa 同 Honda HR-V 都係馬來西亞市場好唔錯嘅車型。揀邊一輛，關鍵都係要看你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最後決定。買車係件大事，花啲時間做功課絕對唔會錯。

Author | Guo Yue

Editor | Zhihao

He Xiaopeng: Not only looking at scale but also long-term development, three new cars queued up in the second half of the year, welcoming the strongest sales growth.

CarDaily reported on May 28. Just now, Xpeng Group Chairman and CEO He Xiaopeng spent most of the time on the first-quarter earnings conference call responding to Xpeng's business layout in intelligent cars, Robotaxi, humanoid robots, and other aspects.

Regarding new cars, three new cars will be released globally in the second half of this year, and Xpeng will welcome the strongest sales growth curve in history.

Regarding overseas business, in April this year, Xpeng's overseas sales volume broke through 6,000 units for the first time, with a goal to continue exceeding 10,000 units per month in the fourth quarter. Starting from the second quarter, the revenue contribution from international business is expected to exceed 20%.

Regarding Robotaxi, the Xpeng GX fleet has already started small-scale L4 testing. Xpeng's goal is to start Robotaxi demonstration operation services in Guangzhou in the third quarter of this year. After the second-generation VLA lands overseas, Xpeng will also actively explore deploying affordable Robotaxis in both domestic and overseas markets.

Regarding humanoid robots, the software and hardware R&D progress of Xpeng's new generation IRON humanoid robots for mass production version is proceeding smoothly, planned to debut officially in the third quarter of this year. Xpeng aims to achieve mass production of high-end humanoid robots by the end of this year, first trial commercialized in Xpeng stores, and delivered to Chinese and overseas commercial customers starting next year.

Starting next year, humanoid robot hardware revenue and AI model revenue will become one of the important drivers of Xpeng Group's revenue and gross profit growth.

Just today, Xpeng Group released the Q1 2026 financial report.

▲ Xpeng Q1 2026 Financial Data

Specifically, Xpeng's Q1 2026 delivery volume reached 62,700 units, a year-on-year decline of 33%, total revenue of 13.03 billion Yuan, a year-on-year decline of 17.6%; gross margin improved year-on-year by 5 percentage points to 20.6%, net loss increased to 1.78 billion Yuan. These performances are partly due to the continued increase in R&D investment. In the first quarter of this year, its R&D expenses were 2.91 billion Yuan, a year-on-year increase of 46.8%, and further increased compared to the 2.87 billion Yuan in the fourth quarter of last year.

Regarding Q1 performance, He Xiaopeng stated that Xpeng did not just focus on scale when the market challenge was downward, but focused more on the balance between sales volume and operating quality and long-term development. He is very confident that the sales volume of every quarter in the rest of this year will grow significantly quarter-on-quarter.

As of the time of reporting, Xpeng Group's US stock price was reported at $16.845 (approximately 114.2 RMB) / share, up 2.4%, with a market cap of $16.124 billion (approximately 109.3 billion RMB).

▲ Xpeng Group US Stock Price as of Publication Time

01.

He Xiaopeng 11 Questions Show Determination:

New Cars, Robotaxi, and Robots Will All Be Globalized Well

On the Xpeng Group earnings conference call held tonight, Xpeng Group Chairman and CEO He Xiaopeng and Executive Vice Chairman and Co-President Brian Gu provided detailed responses on the key focus and planning for future development.

▲ Xpeng Group Chairman and CEO He Xiaopeng (right in picture), Executive Vice Chairman and Co-President Brian Gu (left in picture)

Below is the main content of this conference call, edited by CarDaily without changing the original meaning:

Q1: After the new model GX was on the market for a week, the response was enthusiastic. What is the current total order volume? What is the single-unit gross margin level? What is the expectation for its monthly sales target?

He Xiaopeng: As of now, the order performance of GX has exceeded our expectations, and the situation is very good. We observed some interesting data: First, the waiting time for the pure electric flagship model has exceeded 30 weeks, and orders for the flagship version are still growing rapidly.

▲ Xpeng GX

From the order structure, in the early stage of GX launch, the flagship version accounted for more than 80% of the share, and it is still the model with the highest sales proportion. At the same time, the sales proportion of GX's Max version is less than 5%, lower than our initial expectations.

In terms of powertrain type, the initial order volume of the extended-range version was lower than the pure electric version, but it is now gradually moving closer to the pure electric version, especially after we strengthened marketing in areas where we were originally not good at marketing, such as the north and west, this trend is more obvious.

For GX, our primary task is to push for capacity ramp-up to the fullest extent, while adhering to providing high-quality service and quality, ensuring GX can achieve long-term stable delivery. I am most concerned about the sustained performance of GX.

As a flagship model of Xpeng, GX's gross margin is very good. Previously, when I communicated with the media, I mentioned that if there is only one SKU, the gross margin may not meet expectations; but in reality, GX's gross margin is better than our overall gross margin level.

I also want to add a point: Starting from this year, all new cars of Xpeng will focus on two new priorities. First, how to pursue commercial quality in commercial configuration and commercial pricing. Second, we do not pursue an initial sales surge followed by a decline, but pursue a more stable sales performance.

To this end, we have established a new system in supply chain management, modularization, ramp-up processes, and supply chain security.

I believe that starting from GX, we will be able to better balance business benefits and scale, achieving more stable long-term sales.

Q2: What are the plans for Robotaxi business operations domestically and going global? Has the recent tightening of domestic regulations affected business progress? How do you view the potential impact of B-side business on Xpeng's C-side passenger vehicle sales?

He Xiaopeng: We noticed the recent tightening of domestic regulations on autonomous driving, but this has not affected our overall pace.

From my perspective, the real business opportunity for Robotaxi will arrive in 2028. Currently, Xpeng is trying to run through this model both domestically and globally, landing and implementing the VLA 2.0 system in China and overseas.

In China, we will conduct rapid R&D and testing through existing models and plan to launch an economy vehicle for Robotaxi scenarios in 2027.

Regarding the business model, I want to emphasize two points: First, we only provide products and offer a commission model, not participating in operations directly, so we will have a large number of partners. Second, the main battlefield for Robotaxi is the global market, and I believe the global market has huge business value.

Regarding your concern about the impact of B-side Robotaxi on C-side sales, I want to add a few points of view.

First, Robotaxi testing at the current stage is actually having a positive impact on the C-side, because the future VLA system will provide various different intelligent assisted driving strategies.

Secondly, as policies and regulations gradually relax and commercial operation gradually lands, Robotaxi vehicles will gradually separate from C-side vehicles, forming a second independent vehicle track, becoming a new type of transportation tool.

Q3: In the second half of this year to about a year in the future, what important trends and changes will the VLA 2.0 OTA bring?

He Xiaopeng: I think that within this year, Xpeng's VLA capabilities will experience two important nodes.

▲ Xpeng VLA 2.0 Push First Month Assisted Driving Mileage Proportion Breaks 50%

The first node may appear in the third quarter of this year.

In the past period, Xpeng VLA mainly focused on engineering, safety, and basic customer experience, without focusing on improving performance upper limits. In the third quarter of this year, we will greatly improve the performance upper limit of VLA. The user experience will manifest as vehicles being smarter, having stronger generalization capabilities, and greatly reducing the disengagement rate.

The second node is the end of this year.

We hope to fuse VLA and VLM capabilities through organizational mergers. At that time, vehicles will not only have the "driver ability" of autonomous driving but also possess language communication capabilities, and even lay the foundation for future "car butler" capabilities.

We believe this will be the preliminary form of L5 level capabilities. We hope to gradually achieve this goal.

Q4: What differentiation advantages does the humanoid robot have in hardware costs in the next year? What is the business model overseas?

He Xiaopeng: The mass production version of IRON is designed according to automotive-grade safety and reliability. Recently, we have completed the development of self-developed dexterous hands. Flexibility has significantly improved, while costs have significantly decreased.

In the process of robot mass production, we encountered many challenges different from car mass production. For example, the hardware of current humanoid robots does not fully consider safety, reliability, stability, and maintainability—it does not follow automotive-grade standards.

▲ Xpeng Plans to Mass Produce Humanoid Robots by the End of 2026

In addition, many energy groups have not considered how to scale, how to solve supply chain yield rate and quality issues, nor have they considered whether the underlying architecture of hardware and software should be placed locally or in the cloud, and if placed in the cloud, how to solve a series of issues such as data privacy, traffic, computing power, latency, etc.

For this reason, we have become a robot company that almost self-develops core hardware and software in full-stack (except for battery cells) since the beginning of last year. This enables us to achieve high integration.

I believe the initial hardware cost structure of robots will be close to a car, but in the long run, we will gradually obtain more economical scale solutions. But today, the robot's cost structure is very close to a car.

Regarding overseas markets, just like our car business, our robots have considered globalization from the first product.

The sales logic of robots may be more adaptable globally than in China, and acceptance among grassroots employees overseas is higher.

We have done a lot of work on how hardware meets overseas policies and how software and data meet local regulations.

For example, Xpeng's current VLA data processing volume is about 200 million Tokens per hour. If the robot model is placed in the cloud, it is estimated that 500 million to 1 billion Tokens per hour will be required, and traffic costs may exceed 100GB. Therefore, completely relying on cloud computing power is not feasible.

We comprehensively considered overseas hardware, software, data privacy, comprehensive usage costs, and commercial logic from the beginning. As domestic business advances, we hope to see new changes in robot business overseas next year as well.

Q5: Besides Guangzhou, can you reveal the Robotaxi city expansion plan and timeline as well as progress in applying for the corresponding license?

He Xiaopeng: Currently, our Robotaxi business only considers Guangzhou. We have already obtained the Guangzhou testing operation license and hope to run through the complete technology, product, and business model in Guangzhou first.

Afterwards, we will find more partners domestically and overseas for them to operate locally.

Since announcing this plan, we have received a large number of requests from overseas and some domestic partners. They are very interested in observing our overall progress in the next year.

After we launch economy vehicles suitable for Robotaxi scenarios and better overall solutions in 2027, I believe everyone will see our continuous improvement in Robotaxi commercialization capabilities.

▲ Xpeng Will Launch Three Robotaxis in 2026

Q6: What are the guidance for vehicle gross margin and company overall gross margin in the second quarter?

Brian Gu: Our overall gross margin in the first quarter is very close to the fourth quarter of last year. We indeed observed a trend of rising raw material costs, some of which have been reflected in the first quarter. We expect these cost factors to continue in subsequent quarters of this year.

In the second quarter, we launched the full-size SUV GX, and delivery will start in subsequent quarters. GX's gross margin is at the highest level in our entire product portfolio.

From the product structure perspective, we expect to see better model combinations in the second quarter and the second half of the year. Comprehensive factors, we expect the company's total gross margin in the second quarter to maintain a level roughly similar to the first quarter.

Q7: Can you talk about the growth catalysts for the overseas market, as well as sales and profit contributions in the next three years? Also, which model's profit is better, export or local production?

He Xiaopeng: The overseas market is one of the most important strategic directions for Xpeng. I hope that in the next five years, the sales volume of the overseas market will account for half of our total sales volume. At that time, the revenue and profit contribution from overseas will exceed domestic.

I am very confident that as Xpeng launches multiple global models in the second half of this year, Xpeng's globalization speed will be significantly improved in the next two years.

Whether in hardware, AI software, channels, services, or supercharging capabilities, we will make huge investments overseas, and overseas profit performance will also be very good.

Our R&D investment in cars this year is mainly concentrated in the overseas market. Therefore, I am very confident about achieving accelerated growth in the overseas market in the next three years.

Brian Gu: I will add a few points. First, from the latest international sales figures, overseas sales volume has accounted for nearly 20% of our total sales volume. And last year, international sales volume accounted for about 10% of the global total sales volume.

Second point, even when facing some tariff issues and cost increases this year, the single-vehicle profit of our international business is still significantly better. The contribution of international business to our profit is very considerable.

We expect this growth momentum to last throughout the year. I believe maintaining the proportion of overseas sales volume at around 20% throughout the year is sustainable. Of course, the Chinese market itself is also expected to have significant growth.

Regarding going global, we are increasing overseas localization investments. The overseas market will make an important contribution to the company's overall momentum and profitability.

Q8: In this year and next year, what proportion of models is expected to be produced in local factories? Will this proportion differ across different regions?

Brian Gu: Currently, we have two factories in Southeast Asia, located in Indonesia and Malaysia, mainly serving the local markets. In addition, we cooperate with Magna in Austria to produce vehicles for the European market.

These three manufacturing bases will increase capacity this year, and there will be new models produced in those local markets.

For Southeast Asian countries, localized production mainly satisfies local market demands; while the Austria factory serves the European market.

I expect most of our European sales will come from localized production. In other regions where manufacturing facilities have not been established, we will continue to maintain the current business model.

As we improve sales and market share in these large markets, we are actively exploring ways to increase localized production capabilities to meet localization content rules and gradually move towards a deeper localized production model.

Q9: Can you give a few specific examples to explain the commercial functions and application scenarios of Xpeng robots in its own stores and customer stores? What is the price strategy for sales to the outside? Since its cost structure is close to a car, can the sales strategy also be analogous to cars?

He Xiaopeng: Our robots are different from most robots. We hope it is used in an environment interacting with humans. Therefore, we first consider commercial environments, and the initial application scenarios are tour guide, sales guide.

▲ Xpeng New Generation IRON Service Scenario

Whether in China or overseas, robots can introduce products in stores, for example, introducing vehicles in our stores. Although the final transaction may still need to be handled by humans, company introduction, product introduction, performance explanation, and other work can be assisted by robots.

Based on the fact that tour guiding and sales guiding have been verified in a large number of jobs globally, we hope to expand to deeper scenarios of sales retail, such as cashier positions. The number of cashier and retail sales positions is very large globally.

Therefore, from the commercialization path perspective, Xpeng will focus on deepening from the sales guide perspective, while we will open up a lot of cooperation.

If our partners have different job requirements, they can generate data with us, perform pre-training and post-training, and thus generate different models. These models can be placed on our external cooperation platform for users to download and activate.

Regarding future commercialization pricing, we are still discussing. But it can be seen that our robots are very similar to cars, so their sales price will certainly be more expensive than an ordinary car.

There will be good gross margins on hardware in the early stage. At the same time, our robots also have a large amount of data processing in the cloud, so we hope to take a faster step in software charging.

We believe that break-even targets can be achieved within a few months in the overseas market, while it may take slightly longer in the domestic market.

Therefore, we are constantly thinking about the commercial logic of robots from the perspective of how customers use them, why they buy them, and how they get value.

Q10: Can you share your thoughts on the evolution of the group's long-term business model? How do you view the timing of revenue generation from various strategic sectors, as well as changes in the medium-to-long-term revenue structure?

He Xiaopeng: At the current stage, the group's main revenue source is certainly scale effects, mainly from hardware; if looking at the ecosystem, it is system effects.

But looking globally, very few car manufacturers can build a software platform on top of the scale effect of hardware to form the next level of network effects - that is, achieve software charging and multi-sided network effects.

Further back, with the rise of overall intelligent AI capabilities, there will also be ant colony effects. Just like ant colonies, forming new synergy between centralized and decentralized.

These three effects will gradually overlap. Each effect involves different competitive barriers and corresponds to different business logic.

Q11: How is the service revenue trend this year? Is there a possibility for technical licensing or technical services with our partners to expand overseas?

Brian Gu: We continue to maintain the previous guidance: In 2026, the total revenue from technology, services, and IP licensing will be roughly the same as in 2025.

Starting from the second quarter of this year, we will scale up delivery of Turing Chips to partners.

▲ Xpeng Turing Chip Obtained Volkswagen Confirmation

We continue to believe that achieving technology commercialization and monetization through such cooperation is a very attractive business model for us.

Given that Xpeng internally possesses a large amount of proprietary technology, we hold a very open attitude towards expanding such technology commercialization opportunities.

02.

Gross Margin Growth Highlights Operating Resilience

Expected Delivery Volume and Revenue to Increase Significantly in Second Quarter

From the Q1 2026 financial report of Xpeng Group, the total revenue of Xpeng Group in Q1 2026 was 13.03 billion Yuan, down 17.6% compared to Q1 2025, and down 41.4% compared to Q4 2025.

▲ Xpeng Q1 2026 Financial Data

Among them, Xpeng's automotive sales revenue in Q1 2026 was 11.0 billion Yuan, down 23.5% compared to the same period of Q1 2025, and down 42.3% compared to Q4 2025. 

Regarding net loss, its net loss in Q1 2026 was 1.78 billion Yuan. In Q1 2025, this figure was 660 million Yuan. Net profit in Q4 2025 was 380 million Yuan.

Regarding gross margin, Xpeng Group's gross margin in Q1 2026 was 20.6%, exceeding Li Auto (7.9%) and NIO (19.0%), with automotive gross margin at 12.1%. In comparison, it was 10.5% in the same period of Q1 2025, and 13.0% in Q4 2025.

▲ Xpeng Q1 2026 Gross Margin Steady

As of Q1 2026, Xpeng's cash on hand was 42.09 billion Yuan.

For the second quarter of this year, Xpeng Group expects delivery and revenue scale to achieve significant increases.

▲ Xpeng Q2 2026 Performance Guidance

Regarding delivery volume, the official forecast expects vehicle deliveries for the quarter to reach 100,000-106,000 units, with a year-on-year change of approximately -3.08% to 2.73%, and a quarter-on-quarter growth of approximately 59.54% to 69.11%.

Regarding revenue, the official forecast expects total revenue for the quarter to be 19.6 billion to 20.8 billion Yuan, with a year-on-year increase of 7.25% to 13.82%, and a quarter-on-quarter increase of 50.38% to 59.59%.

Brian Gu stated: "We will accelerate the large-scale commercialization of Physical AI applications with company-level strategic priority."

03.

Conclusion: Xpeng Accelerates Towards the End Game of Physical AI

From the information disclosed in the Q1 2026 financial report and conference call, Xpeng is on the eve of Physical AI applications moving from mass production landing to explosive scale growth.

Its Physical AI layout is welcoming a historic breakthrough in commercialization mass production: The proportion of second-generation VLA smart driving mileage broke through 50%, the first full-stack self-developed Robotaxi has rolled off the production line, the humanoid robot goal is to mass produce by the end of the year, flying cars are entering the eve of mass production. Multiple business lines are simultaneously approaching explosive scale growth, jointly building a solid foundation for Xpeng to move towards the era of Physical AI.

Under this circumstance, Xpeng Group's gross margin still maintained at a high level of 20.6%, showing strong operating resilience. From the obvious rebound in delivery guidance in the second quarter, Xpeng is expected to welcome strong sales growth.

With VLA architecture iteration, the successive landing of multiple new cars and robot products, Xpeng is expected to build a more complete business ecosystem in the fields of intelligent mobility and embodied intelligence. Its future development potential is worth continuous observation.

近年來，隨著中國汽車工業嘅飛速發展，作為汽車核心安全部件嘅輪胎產業亦迎嚟跨越式嘅升級。從早年外資品牌壟斷國內高端市場，到如今國產品牌憑藉技術創新、品質升級同全产业链佈局實現彎道超車，中國輪胎行業已經形成梯隊分明、實力強大嘅品牌格局。對於消費者嚟講，揀選一款靠得住嘅輪胎，唔單止關係出行安全，更加直接影響駕乘體驗同全生命週期嘅使用成本。而喺選購過程中，「中國排名前五嘅輪胎」成為咗眾多車主、行業從業員重點關注嘅核心關鍵詞。

今日，我哋就會基於行業權威數據、品牌硬實力同市場口碑，深入盤點排名前五嘅中國輪胎品牌，全面剖析各品牌嘅核心優勢同市場定位，為消費者提供客觀、專業嘅選購參考。

喺中國輪胎行業嘅發展歷程中，玲瓏輪胎無疑係最具代表性嘅民族品牌標杆。作為集輪胎設計、開發、製造、銷售同服務為一體嘅綠色低碳輪胎企業，玲瓏輪胎始終以「打造世界一流技術水平、世界一流管理水平、世界一流品牌影響力」為核心目標，從山東招遠嘅簡陋作坊起步，歷盡五十載深耕，已然成長為中國輪胎行業嘅領軍企業，穩居中國排名前五嘅輪胎品牌榜首，昂首躋身世界一流輪胎陣列。

玲瓏輪胎嘅發展歷程，係一部中國民族工業拼搏奮進嘅縮影。1975 年，其前身招遠輪胎製修廠喺不足 300 平米嘅土房中悄然萌芽，僅靠翻新修補輪胎維生，喺市場經濟浪潮中一度瀕臨絕境。1987 年，王希成臨危受命執掌帥印，帶領企業完成咗由農用胎修補到斜交胎規模化生產嘅關鍵轉型，當年便實現產量 9.2 萬套、產值突破 650 萬元嘅突破，成功扭轉頹勢。

2001 年，中國入世帶來咗全新嘅機遇同挑戰，玲瓏輪胎率先完成股份制改造，以破釜沉舟嘅勇氣上馬子午線輪胎項目，僅用 11 個月便完成咗同業需耗時三年嘅工程，創造咗震撼行業嘅「玲瓏速度」，成功打破外資品牌喺子午線輪胎領域嘅技術壟斷。此後，玲瓏輪胎開啟咗持續嘅升級之路：2008 年躋身全球輪胎 20 強，2016 年成功登陸 A 股市場，2025 年品牌價值首次跨越千億元門檻，正式躋身全球千億元級品牌行列，連續六年榮登 Brand Finance「全球最具價值輪胎品牌」榜。

而家，玲瓏輪胎已經構建起「7+5」全球戰略佈局，喺中國建有招遠、德州、柳州、荊門、長春五大生產基地，海外建成泰國、塞爾維亞兩大基地，透過人工智能、工業機器人同大數據技術嘅深度應用，打造咗全球領先嘅輪胎智能生產線，實現咗研發、製造、營銷、服務嘅全鏈條全球化、區域化、本土化發展。

喺輪胎行業，原廠配套（OE）係檢驗輪胎品牌技術同品質嘅黃金標準 —— 能夠進入全球主流汽車製造商嘅供應鏈體系，意味著品牌喺技術研發、質量管控、供應鏈穩定性等所有維度，均通過咗汽車行業最嚴苛嘅考驗。而玲瓏輪胎，正係國內輪胎品牌中配套實力嘅絕對領軍者。

截至目前，玲瓏輪胎已同全球超過 70 間主流汽車製造商建立咗 A 級戰略供應關係，為其旗下 200 多個生產基地提供原廠配套服務，累計配套輪胎交付量已突破 3 億條，配套網絡深度覆蓋德系、美系、日系、歐系及所有中國主流車系。更值得一提係，玲瓏輪胎成功突破咗技術壁壘，進入咗對品質要求極為嚴苛嘅豪華品牌供應鏈：作為大衆集團全球核心供應商，不但為大衆帕薩特、ID 系列等主力車型配套，更成功進入奧迪配套體系；為寶馬部分車型提供技術要求極高嘅「★星標」缺氣保用輪胎；實現中國頂級豪華品牌紅旗嘅全系車型戰略配套。

喺汽車行業向新能源轉型嘅浪潮中，玲瓏輪胎更加搶占先機，成为全球新能源汽車配套輪胎嘅銷量冠軍，配套客戶囊括咗特斯拉、比亞迪（漢、唐等全系核心車型）、大衆 ID 系列、通用五菱（全系）、紅旗、零跑、賽力斯等全球頂尖及主流新能源品牌，多年穩居中國新能源汽車輪胎配套第一梯隊。

喺強手如林嘅輪胎市場，玲瓏輪胎嘅致勝法寶，始終係持續加碼嘅創新研發。自 2001 年以來嘅 20 多年間，玲瓏輪胎研發費用佔銷售收入比例年均 3%-5%，遠超中國乃至國際輪胎企業嘅平均水準，構建起咗「三國八地」全球化開放式研發體系，喺北京、上海、濟南、煙台、美國阿克倫、德國漢諾威均設立咗研究分院，倚靠國家認定企業技術中心、國家級工業設計中心、國家認可實驗室，建成咗中國首家大型室外綜合輪胎試驗場 —— 中亞輪胎試驗場，為產品研發同測試提供咗頂級嘅硬件支撐。

針對用戶核心關注嘅耐磨、舒適、節油、操控四大核心需求，玲瓏輪胎打造咗完整嘅技術矩陣：

• 耐磨領域：源自「國家技術發明獎」嘅「分子鏈調控耐磨配方」，從分子層面減少分子摩擦、降低內能損耗，顯著提升橡膠嘅抗磨損性能同抗老化性能，搭配「壓力均衡輪廓設計」，從根本上抑制異常偏磨，實現磨損均一化。 • 舒適領域：「源頭抑制 - 路徑阻斷 - 結構吸收」三位一體嘅 NVH 控制哲學，搭配 LNC 低噪音技術、LLST 靜音棉技術、「赫姆霍茲共振器」靜音花紋塊設計，實現咗頂級嘅靜音舒適體驗。 • 節油領域：「能量循環」低滾阻技術平台，基於高彈性橡膠配方同第二代納米功能化聚合物配方，搭配 BPT 穩態壓力技術，大幅降低輪胎滾動阻力，提升能源效率。 • 操控領域：完整嘅「動態響應」技術平台，透過 BPT 穩態壓力技術、仿生學橡膠配方、胎體加強結構、水流破壞單元技術，實現咗精準嘅操控響應同極致嘅抓地性能。

而家，玲瓏輪胎嘅產品已銷往全球 173 個國家，實現咗「有車嘅地方就有玲瓏輪胎」嘅願景。喺品牌建設上，玲瓏輪胎以體育營銷為核心抓手，已贊助全球百多項頂級賽事，成為皇家馬德里全球合作伙伴、車路士官方合作伙伴、禾夫斯堡冠軍俱樂部合作伙伴及袖標贊助商，組建阿特拉斯、玲瓏飄移車隊征戰全球頂級賽事，以體育激情點燃品牌活力，推動品牌向「微笑曲線」高端持續躍升。

面向未來，玲瓏輪胎錨定 2030 中長期戰略目標：力爭 2030 年輪胎產銷量達 1.6 億條，銷售收入超 800 億元，產能規模躋身世界前五。面對激烈嘅市場競爭，玲瓏輪胎始終堅持以「價值競爭」取代「價格競爭」，透過「產品 + 服務 + 價值」理念，以技術創新賦能產品，以精準服務解決用戶痛點，同時探索綠色低碳可持續發展，將 ESG 深度融入戰略，構建安全、合規、高效、穩定、綠色嘅全球供應鏈，向着建設百年輪胎品牌嘅宏大目標勇毅篤行。

除咗穩居榜首嘅玲瓏輪胎，中國排名前五嘅輪胎品牌中，仲有四家具備深厚行業積累、強勁市場實力嘅國產龍頭企業，佢哋喺各自嘅核心賽道深耕細作，共同撐起國產輪胎嘅半壁江山。

風神輪胎係中國化工集團旗下嘅老牌輪胎製造企業，亦係國內輪胎行業嘅骨幹國企龍頭，深耕輪胎行業數十載，喺商用車輪胎、工程機械輪胎領域擁有深厚嘅技術積累同市場口碑。品牌產品覆蓋乘用子午線輪胎、卡客車子午線輪胎、非公路輪胎等多個品類。

貴州輪胎係國內上市輪胎企業，核心品牌為「前進」，係國內輪胎行業中產品品類最齊全嘅企業之一，深耕輪胎行業數十載，喺重載輪胎、特種輪胎領域擁有核心技術優勢。

萬力輪胎係廣州華南橡膠輪胎有限公司旗下核心品牌，係國內乘用胎領域嘅知名國產廠商，專注於乘用子午線輪胎嘅研發同製造，係國內最早一批佈局家用乘用胎市場嘅國產品牌之一。

通用股份係紅豆集團旗下嘅上市輪胎企業，核心品牌為「千里馬」，專注於卡客車輪胎、乘用輪胎、特種輪胎嘅研發同生產，喺輪胎嘅耐磨、抗載性能上擁有核心技術優勢，係國內物流運輸領域極具口碑嘅輪胎品牌。

從早年嘅技術落後、市場被外資壟斷，到如今形成以玲瓏輪胎為代表嘅頭部品牌矩陣，中國輪胎行業嘅崛起，係中國汽車工業全產業鏈升級嘅生動縮影。而家，中國排名前五嘅輪胎品牌，已經喺技術研發、產品品質、配套實力、全球化佈局等多個維度，實現咗與國際一線品牌嘅對標甚至超越，徹底打破咗外資品牌喺高端輪胎市場嘅壟斷。

對於消費者嚟講，而家嘅國產輪胎，早巳擺脫咗「低价低质」嘅標籤，以玲瓏輪胎為代表嘅頭部品牌，能夠為用戶提供兼具安全、性能、舒適、性價比嘅全場景解決方案，無論係家用代步、長途出行，定係專業越野、賽道駕駛，都能揾到合適嘅國產優質輪胎產品。

未來，隨著新能源汽車產業嘅持續發展，以及國產輪胎品牌喺技術研發、品牌建設上嘅持續投入，中國輪胎行業仲會迎嚟更大嘅發展機遇，以玲瓏輪胎為代表嘅國產龍頭，亦將繼續向全球頂級輪胎品牌行列邁進，令「中國智造」嘅輪胎產品，走向全球嘅每一條道路。

兄弟姐妹們，今日講一個出海嘅大新聞——唔係賣車，係賣「司機」。6 月 2 號，文遠知行同 Uber 聯合宣佈咗一件事：計劃喺西班牙馬德里推出該國首個商業化 Robotaxi 試點服務。意思就係：西班牙人好快就可以用 Uber 叫到一台冇司機嘅出租車。呢次係文遠知行同 Uber 第一次一齊進入歐洲市場。馬德里亦成為文遠知行 Robotaxi 駛入嘅全球第十二個城市。

官方消息話，喺馬德里自治區政府嘅支持下，呢項服務今年內就會正式啟動。到嗰陣，馬德里嘅朋友哋打開 Uber App，就有一鍵呼叫文遠知行嘅 Robotaxi。同叫普通網約車一樣，分別係嚟嘅車冇駕駛員——至少喺初期，仲係有分別嘅。運營初期，車入面會配備經過專業培訓嘅安全員，終究係剛上線，穩妥第一。

文遠知行呢間公司，你可能聽過，也可能冇聽過。簡單介紹下：2017 年成立，一直埋頭搞 Robotaxi 技術研發同商業化。而家佢嘅 Robotaxi 已經覆蓋咗廣州、北京、新加坡、阿布達比、迪拜、利雅得、蘇黎世……加埋而家嘅馬德里，一共 12 個城市。西班牙亦係文遠知行進入嘅第五個歐洲市場——之前已經入咗瑞士、法國、比利時、斯洛伐克。按照文遠知行同 Uber 喺 2025 年 5 月達成嘅規劃，佢哋要喺五年內新增 15 個國際城市部署 Robotaxi 服務，全球部署數萬輛 Robotaxi。隨著馬德里落地，目前已經完成咗 4 個城市嘅佈局，仲有 11 個會喺 2030 年前陸續覆蓋。

講真嘅，中國自動駕駛公司出海唔係頭一回，但中國技術 + 全球出行平台 + 歐洲市場呢個組合，定係好有意思。馬德里係歐洲最具商業潛力嘅 Robotaxi 市場之一，人口多、出行需求大，當地政策都好友善。喺呢個市場站穩腳根，對文遠知行嚟講係個唔小嘅里程碑。對 Uber 嚟講，引進 Robotaxi 都係為咗降低成本——終究司機唔使發人工。對馬德里市民嚟講，以後打車可能更平。