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In Malaysia's SUV market, many buyers compare Proton X90 and Mitsubishi Xforce when choosing a car. Both cars are quite close in price and positioning. Today we will make a detailed comparison from multiple aspects to help you save time on research.
Proton X90 OTR price in Malaysia is RM 106,800 - 122,800, there are a total of 4 versions, including 2026 1.5T Prime X (RM 122,800), 2026 1.5T Prime (RM 116,800), 2026 1.5T Lite (RM 106,800), etc.
Mitsubishi Xforce OTR price in Malaysia is RM 109,930 - 119,930, there are a total of 2 versions, including 2026 1.5L Ultimate (RM 119,930), 2026 1.5L Urban (RM 109,930), etc.
In terms of price, Proton X90's starting price is indeed RM 3,130 cheaper than Mitsubishi Xforce. If your budget is limited, Proton's entry-level version can already meet daily needs. But also note, the difference of a few thousand RM might involve trade-offs in equipment, it depends on your specific needs.
Proton X90 uses FWD drive system.
Mitsubishi Xforce uses FWD drive system.
Both cars have the same drive system, both are FWD, there will not be much difference in daily driving experience.
Proton X90 Warranty 5 years/150,000km, Maintenance interval every 10,000km or 6 months.
Mitsubishi Xforce Warranty 3 years/100,000km, Maintenance interval every 10,000km or 6 months.
Proton X90 and Mitsubishi Xforce are both mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with better reputation; if you care more about cost-performance and equipment, then choose the model with richer configuration. Finally, it is still recommended to test drive both, personal experience is the most important.
Overall, Proton X90 and Mitsubishi Xforce are both quite good models in the Malaysian market. Which one to choose, the key still depends on your personal needs and budget. We suggest doing your homework, compare quotes from multiple dealerships, then go test drive to make the final decision. Buying a car is a big matter, spending some time doing homework will definitely not be wrong.
In Malaysia's SUV market, many buyers compare the Proton X90 and Chery Tiggo 8 PHEV when choosing a car. These two vehicles are quite close in price and positioning. Today, we will do a detailed comparison from multiple aspects to help you save time doing research.
The Proton X90 OTR price in Malaysia is RM 106,800 - 122,800, with a total of 4 versions, including 2026 1.5T Prime X (RM 122,800), 2026 1.5T Prime (RM 116,800), 2026 1.5T Lite (RM 106,800), etc.
The Chery Tiggo 8 PHEV OTR price in Malaysia is RM 159,750 - 159,750, with a total of 2 versions, including 1.6L Turbo Standard (RM 130,000), 1.6L Turbo Premium (RM 145,000), etc.
Looking at the price, the Proton X90's starting price is indeed RM 52,950 cheaper than the Chery Tiggo 8 PHEV. If your budget is limited, Proton's entry-level version can already meet daily needs. But note that the few thousand dollars difference might involve compromises in features, depending on your specific needs.
Proton X90 Body Length 4400 mm, Trunk 400 L.
Chery Tiggo 8 PHEV Body Length 4400 mm, Trunk 400 L.
The dimensions of both cars are almost the same, with little difference in interior space. For cars of this level, daily use is more than enough.
Proton X90 Warranty 5 years/150,000km, Maintenance Interval every 10,000km or 6 months.
Chery Tiggo 8 PHEV Warranty 3 years/100,000km, Maintenance Interval every 10,000km or 6 months.
Both Proton X90 and Chery Tiggo 8 PHEV are 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, as personal experience is the most important.
Overall, Proton X90 and Chery Tiggo 8 PHEV 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 deal, spending some time doing research will never be wrong.
豪擲 400 億回購
”
作者｜王磊
編輯｜秦章勇
寧德時代每次公佈財報，都能刷新行業認知。
上半年，實現營業額 2769.17 億元，比去年同期嘅 1789 億元，又多出近千億，純利潤 432.84 億元，按年同比上升 41.98%。
即係話每日賺 2.4 億元，一個鐘頭就能賺近 1000 萬.... 去年同期，寧王仲只係每日賺 1.7 億，一年過去，寧王嘅吸金能力仍喺狂奔。
同佢哋形成鮮明對比嘅，多家新能源整車企業陸續發佈半年業績預報，賺錢有壓力嘅企業眾多，其實背後有清晰嘅經濟邏輯：
2026 年 1 至 5 月，中國汽車行業利潤率只係 3.4%，整車製造環節利潤率更只剩 1.5%，動力電池佔整車成本 30% 至 40%，係絕對嘅“成本大頭”。
產業鏈嘅利潤，正肉眼可見地向電池環節集中，這也的確係寧德時代盈利嘅重要來源。不過，如果將寧德時代呢份財報翻到細節裏去睇，即便強如寧王，面對上游原材料嘅升價，都難以獨善其身。
01
絕對嘅“寧王”
今年上半年，寧德時代交出咗公司歷史上最高嘅上半年收入：2769.17 億元，同佢對應嘅係，第二季度亦貢獻咗季度歷史上最高嘅 1477.86 億元。
呢個增速對寧德時代本就超級龐大體量嘅公司嚟講，已經相當離譜。
歸母公司股東淨利潤達 432.8 億元，按年同比上升 41.98%；扣除非經常性損益後歸母公司股東淨利潤390.1 億元，按年同比上升 43.44%，上半年每日淨賺約 2.4 億元，人哋彎腰撿錢嘅手勢，寧王已經入賬 3000 元。
錢係點賺出嚟？寧德時代有一筆清晰嘅業務賬。
其中動力電池始終係寧德時代嘅基本盤，上半年實現收入 1921.2 億元，按年同比上升 46.02%，佔公司總營業額約69.38%。
同收入相匹配嘅係，寧德時代電池系統總產能 525GWh，上半年產量達到咗 498GWh，產能利用率攀升至 94.86%，意味著公司今年上半年產線幾乎全開，完全唔缺訂單，而且 498GWh 嘅產能對應上營業額 2769.17 億元，單 GWh 產值約 5.6 億元，高於行業平均水平。
更重要嘅係，市場份額返到嚟。
按知名機構 SNE Research 嘅全球動力電池裝機量統計數據，今年 1 到 5 月寧德時代全球市佔率 40.2%，同比提高 2.2 個百分點，連續第八年坐全球第一把交椅，中國以外嘅海外市場，亦提高咗 3.7 個百分點，達到 33.7%。
再睇國內，中國汽車動力電池產業創新聯盟嘅統計顯示，今年上半年寧德時代喺乘用車裝車量中嘅份額為46.7%，同比提高 5.6 個百分點，係近三年首次回升。特別係三元鋰電池嘅份額達到 75.2%，即係話每賣出 4 塊三元電池，有 3 塊就係寧德時代嘅。
除動力電池外，寧德時代上半年儲能電池收入開始加速追趕，收入達到 532.6 億元，同比暴漲 87.5%，佔總營業額嘅 19.2%，已經接近佢去年全年嘅收入。成為寧德時代上半年增長最快嘅板塊，亦成為拉動寧德時代收入增長嘅第二曲線。
呢樣同行業情況吻合，根據寧德時代半年報援引嘅 SMM 數據，上半年全球儲能電芯出貨量約 486GWh，按年同比上升 93%，AI 數據中心成為新增需求。
喺寧王三大主營業務中，今年上半年最亮眼嘅，反而係嗰個外界最容易忽略嘅“回收業務”，雖然體量唔大僅有 188.1 億元，但按年同比上升 67.2%，毛利率達到三大業務中最高嘅 27.0%，同比提升 5.8 個百分點。
喺最核心嘅指標表現良好嘅情況下，寧德時代嘅其他賬面數據上，基本都係全線飄紅。
上半年經營現金流淨額 602.17 億元，高於歸母公司股東淨利潤 432.84 億元。呢點好重要，說明公司利潤唔係“紙面利潤”，公司存貨 1,308.19 億元，期初係 945.26 億元，半年增長約 38.39%，結合產能利用率，亦都恰恰說明目前寧德時代喺手“餘糧”充足。
02
寧王都有脾氣
除咗餘糧充足，家底亦足夠厚，喺半年報發佈嘅同時，寧德時代仲拋出一份回購方案。
宣佈咗 A 股歷史上規模最大嘅單次股份回購計劃，擬斥資200 億至 400 億元回購 A 股並全部註銷，回購價格上限係 573 元/股。較當日收市價溢價近 50%。
呢個金額上限亦順便創下咗 A 股歷史上規模最大嘅單次回購方案，此前嘅紀錄由格力電器 2021 年嘅 150 億元保持。400 億元嘅上限，已經近乎寧德時代上半年嘅全部純利潤。
而且同以前企業回購股票嘅操作唔同，註銷式回購意味著減少註冊資本，回購嘅唔再流通，總股本實打實變少，直接增厚剩餘股東嘅每股收益同每股淨資產，按上限 400 億、573 元計算，最大回購約 6980.8 萬股，佔總股本嘅 1.5%。EPS 增厚約 1.5%。
從賬面睇，呢筆錢寧德時代確實掏得起，賬上貨幣資金 3720.5 億元，即便按上限 400 億全額回購，都只佔貨幣資金嘅 10.8%，按總資產 11388.8 億元算，400 億只佔 3.5%。
業績說明會上，談及回購嘅原因都好直白——自己嘅價值畀低估咗。
財報發佈當日，寧德時代 A 股收市價 383.01 元，而近 52 週高點係 468.75 元。業績創新高，股價卻喺半年裏跌咗將近兩成。
喺呢種前提下，真金白銀嘅 400 億回購，係寧德時代給予市場嘅態度。就係我賺得夠多、錢都多、對未來充滿信心。而市場畀寧德時代嘅定價，明顯低咗。
03
上游壓力傳導
儘管營業額狂奔，但寧德時代嘅盈利水平已經有所下滑，同去年同期嘅利潤增速遠超營業額增速相比，今年嘅寧王，利潤已經趕唔上收入嘅增速。上半年營業額按年同比上升 54.8%，歸母公司股東淨利潤增長 41.98%，比營業額慢咗將近 13 個百分點。
核心原因就係，整體毛利率由去年同期嘅 25.02% 降至23.93%，下滑約 1.1 個百分點。
拆分到業務，作為核心主力嘅動力電池，毛利下滑最嚴重，降 1.78 個百分點至 20.63%，儲能毛利率降 1.56 個百分點至 23.96%，只有體量最細嘅回收業務有所上升。
管理層喺業績會上將毛利率下降嘅原因，歸結為“數學問題”。毛利率=毛利/總收入，單位毛利冇變、分母收入變大，毛利率就被攤薄咗。
毛利下降嘅原因都唔難猜到，公開數據顯示，無論係磷酸鋰鐵，定係三元材料，今年以來嘅價格都出現咗升幅。
喺 1 月份，磷酸鋰鐵嘅價格為 5 萬元/噸，但在 5 月份價格最高嗰陣，已經超過咗 6 萬元，升幅超過 20%。而如果同去年同期相比，漲幅更大。
但原材料嘅升價無辦法即刻即刻轉移畀客戶，因為汽車嘅訂單一般係長期供貨價，無辦法及時調整，所以呢部分嘅成本壓力暫時只能由寧德時代承擔。
所以，佢喺業績會上強調，建議投資者多關注單位淨利而非毛利率，即將毛利減去稅金同三項費用，剩下嘅核心經營利潤，更接近主營嘅盈利水平。
按呢個口徑，上半年核心經營利潤 453.77 億元，按年同比上升 70.1%，核心經營利潤率從 14.91% 升到 16.39%。咁睇嚟，主營業務嘅狀態，比賬面上嘅毛利率看起來要好。
此外，仲有個好易畀忽略但足以影響整體利潤嘅細節，今年寧德時代嘅上半年財務費用為 -6.31 億元，上年同期為 -58.22 億元。
主要原因係持有嘅外幣貨幣性項目受匯率變動影響產生匯兌損失，也就是單單因為匯率波動，寧德時代就少賺咗 52 億元，而呢部分係實打實嘅利潤增量。
此外，車企逃離寧德時代開始從傳言變成現實，喺寧德時代交出嘅呢份半年報裏，46.7% 嘅國內乘用車裝車份額，雖然始終係行業第一。
但拉長時間線睇，寧德時代喺國內乘用車市場嘅份額，早已經由 2021 年巔峰時期超過 50%，回落係近几年 43% 到 48% 區間反覆橫跳，而且從最近上市嘅新車嚟睇，寧德時代都確實正在從車企採購清單入面嘅“唯一選項”，慢慢退化成“多選項”之一。
所以在呢種趨勢下，海外就成為寧王接下來嘅重點方向，而半年報中嘅海外業績表現亦都佐證咗寧王嘅判斷冇錯。
今年上半年，海外收入達到咗871.29 億元，佔比 31.46%，按年同比上升 42.35%，亮眼嘅係毛利率，高達 29.97%，比國內嘅 21.16% 高出近 9 個百分點，匈牙利、美國、印尼三座海外工廠陸續投產，客戶名單裏躺著福斯、寶馬、豐田呢些全球主流車企。
從“賺錢效率”上睇，海外明顯更香，這亦係寧德時代為乜寧願砸幾十億歐元都要去歐洲、東南亞建廠。
不過，海外既係機會，都係變數，業務同利潤空間大嘅同時，關稅、匯率同地緣風險都更多，但更係寧德時代下一輪規模擴張嘅起點
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 寶騰 X50 同 速霸陸 Crosstrek 嚟做比較。這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，幫住你省下做功課嘅時間。
寶騰 X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，總共有 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。
速霸陸 Crosstrek 喺馬來西亞嘅 OTR 售價係 RM 145,000 - 160,000，總共有 1 個版本，包括 2.0L e-Boxer（RM 150,000）等。
由價錢嚟睇，寶騰 X50 嘅起步價確實比 速霸陸 Crosstrek 平咗 RM 55,200。如果你預算有限，寶騰嘅入門版已經可以滿足日常需要。但都係要注意，平嗰幾千蚊，可能喺配備上會有取舍，具體要睇你嘅需要。
寶騰 X50 配備 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
速霸陸 Crosstrek 配備 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
動力方面，速霸陸 Crosstrek 嘅 1.5L Turbo 比 寶騰 X50 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。
寶騰 X50 車身長 4400 mm，後尾箱 400 L。
速霸陸 Crosstrek 車身長 4400 mm，後尾箱 400 L。
兩款車嘅尺寸幾乎一樣，車內空間分別唔大。呢個級別嘅車，日常使用完全夠用。
寶騰 X50 採用 4WD 驅動方式。
速霸陸 Crosstrek 採用 FWD 驅動方式。
寶騰嘅 4WD 同 速霸陸嘅 FWD 喺操控上會有唔同感覺，建議試駕比較。
寶騰 X50 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
速霸陸 Crosstrek 保修 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
總體嚟講，寶騰 X50 同 速霸陸 Crosstrek 都係馬來西亞市場好好嘅車型。揀邊一輛，關鍵仲係要睇你嘅個人需要同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事情，花少少時間做功課絕對唔會錯。
7 月底，上海浦東一個小區嘅地下車庫入面，老周盯住充電樁望咗好耐。綠燈亮咗，佢拔出槍頭，坐入 Model Y，往延安高架行。
晚高峰，高架塞死咗。佢左右睇，前後都係綠牌，5 輛車至少 3 輛掛住綠牌。
數年前換車嗰陣，老周算過一筆數：牌唔使錢，電比油平，保養省事。
計數完就換咗，慶幸揀係電動車，揀係特斯拉。
老周唔係孤例，幾年前買電車嘅人幾多都有啲嚐鮮意思，而家冇咗，因為電動車就係日常。
當日常到不能再日常嘅時候，就得諗一個問題：飽和之後，電動車接下來要賣畀邊個？
數據畀咗答案一個側面。
上半年乘用車零售 870.1 萬輛，比去年減少 20%。6 月常規燃油車只得 59.1 萬輛。
另一頭，新能源車佔比去到 62.8%，100 輛新車裡面超過 62 輛係綠牌。
老牌燃油車嘅展廳越來越空，順理成章，合資品牌嘅日子最難過。
一汽豐田上半年賣咗 27.37 萬輛，比去年減少快少少三分之一，少賣咗超過 10 萬輛車。以前靠榮放、卡羅拉銳放呢啲經典車型就可以撐起銷量，而家唔得咗。
10 萬到 20 萬呢個價格帶，自主品牌嘅插電混動同純電車密密麻麻鋪滿，大空間、智能座艙、輔助駕駛全部落嚟，光靠打價格戰好難頂住。
廣汽豐田處境要好唔少，上半年賣咗大約 34 萬輛，反超咗近 7 萬輛。分別喺佢多咗一款能走量嘅純電車铂智 3X，過去 12 個月賣咗超過 9 萬輛，已經達到主力燃油車嘅水準，接下來仲有铂智 7 上市，應該都會賣得唔錯。
呢就說明合資品牌仲有啲機會，只要能夠打造出高品質嘅新能源車，一樣可以同新勢力掰手腕。
再睇睇豪華品牌。上半年寶馬喺華銷量 26 萬多輛，同比跌咗 20%；奔馳 21 萬輛，跌咗近 30%；奧迪接近 22 萬輛，跌咗近 20%。
三大品牌加埋跌咗超過 20%，價格一跌再跌，奧迪 Q6 綜合優惠 13 萬，早年落地 50 萬嘅車而家裸車 33 萬就能拿到。寶馬 iX1 清庫存，全款 18 萬出頭。
而家，中國品牌乘用車嘅市場份額已經超過 75%，合資品牌加埋不到 1/4。6 月份合資品牌新能源滲透率只得 11.9%，自主品牌係 81.8%。
即便係合資之王一汽 - 大衆嘅新能源批發銷量市場份額只剩低 0.1%。
燃油車嘅老本在縮，電車又接唔住，合資品牌兩頭唔著數。
合資品牌喺往下跌，邊個喺往上走？幾個主要城市拉出嚟睇。
上海上半年 14.87 萬輛，全國第一，比去年漲咗 10%。
特斯拉上海工廠係大戶，產嘅車唔止國內賣，仲往韓國、日本、中東、南美發。上海能賣得咁好，靠嘅係免費牌照加特斯拉嘅產能，再加上到處都能充到電，不過呢招別處學唔到。
北京 14.46 萬輛，幾乎冇動，原因唔複雜，牌就得咁多。
2026 年北京畀咗家庭指標快 12 萬個，個人 3 萬多個，申請嘅有快 90 萬人。排咗 5 年隊嘅朋友講，而家佢唔盼牌了，盼一個答案，咩時候能輪到佢。北京嘅市場就係咁個結構，畀幾多牌，賣幾多車。
成都 13.64 萬輛，排第三。不限牌，超過 60% 人買電車，全靠產品自己講嘢。
深圳 12.20 萬輛，比去年少咗 16%。比亞迪嘅大本營，新能源佔比早過咗 60%，純電佔咗 70%；廣州 13.05 萬輛，杭州 12.35 萬輛，想買嘅都買咗。
一圈睇完就一個問題，呢啲城市仲有幾多空間？
一線同新一線嘅佔比已經觸頂咗，剩低嗰 40% 嘅人，要麼冇車位裝唔到樁，要麼擔心續航，要麼怕開幾年殘值崩盤，要麼就等車再平少少，呢啲人暫時係唔會掏錢買車嘅。
既然內需喺一線城市碰到咗天花板，增量得去別處搵，政策畀出嘅方向係往下走。
6 月，工信部、商務部等 5 個部門啟動咗今年新能源車下鄉，推薦咗 155 款車，比去年多 31 款。由 2020 年到而家，下鄉車型累計賣咗超過 2000 萬輛。
賬面上睇條件已經具備咗。到 5 月底，全國充電樁有 2249.7 萬個。拿日常使用嚟計，百公里 5 蚊電費，1 年養車唔夠 2000 蚊。呢筆賬喺縣鄉好計。
表面上睇條件齊咗，可下鄉唔係把城入面嘅套路搬落去，邏輯唔一樣。
真正嘅麻煩唔喺樁上，喺變壓器上。
鄉村嘅變壓器容量唔夠，一個村原本就有 100 千伏安，多裝幾台充電樁就容易跳閘。
更麻煩係修車，鄉鎮上識修新能源車嘅師傅冇幾多個，壞咗要拖到縣城甚至市度。
所以下鄉唔單係賣車，係樁、電網、售後、金融一齊落去，係一攬子嘅系統工程，唔使諗住把城賣唔到嘅、唔想要嘅電動車賣到鄉里去。
唔單止賣出去，仲要用得住，呢先係呢波電動車下鄉能走幾遠嘅關鍵。
內需處處係坎，另一條腿要往外伸。
上半年出口 509.6 萬輛，漲咗 65%。新能源出口 235.5 萬輛，翻咗一倍多。
中國車企出海呢條路，走過三個階段。
最早係整車出口，車喺中國造好裝船運走，投資少見效快，但都最容易挨打。
2024 年歐盟加徵最高 35.3% 嘅反補貼稅，上半年對歐純電出口直接跌咗 15%。
關稅一加，大家換咗條路走，第二階段係海外建廠。
比亞迪泰國工廠 16 個月建成投產，年產能 15 萬輛，關稅成本壓低咗 20%。匈牙利工廠年底都要出車，零跑借 Stellantis 喺西班牙嘅廠組裝，奇瑞接手咗日產巴塞羅那舊廠區。從整車出海到產能出海，呢係第一次切換。
而家一些頭部企業走到咗第三階段，生態共建。
蔚來喺阿聯酋設研發中心，長城喺泰國搞電池同充電網絡一體化，吉利入主寶騰之後，要求供應商採用中國嘅電池管理系統標準。產品出去咗，工廠出去咗，標準亦出去咗。
三個階段走完，海外市場正在起變化。
歐洲 5 月出現咗一個標誌性節點。比亞迪、上汽、吉利、奇瑞、零跑五家中國車喺 31 個歐洲國家賣咗 13.84 萬輛，第一次單月超過六家日系品牌嘅總和。
油管上，有個德國網友換咗比亞迪海豚，開心咁講：3 萬歐元，該有嘅全有，比日系平一大截。
需要點明表揚嘅係零跑，上半年出口接近 10 萬輛，超過去年全年，新勢力入面排第一。
靠整車出口衝量容易，賺錢難。要算過帳來，要本地化生產。比亞迪泰國、巴西工廠已經投產咗。
出海呢條路，最終都係要喺當地扎落根。
往外闖嘅同時，後院亦喺起變化。
2026 年 1 月 1 日起，新能源車購置稅從免征改為減半徵收，按 5% 執行，單車最高減 1.5 萬。一輛不含稅 30 萬嘅車，去年免 3 萬，今年要繳 1.5 萬。10 年嘅全額免征開始往回退咗。
政策紅利喺收窄，利潤端嘅問題更棘手。
上半年整車製造平均利潤率只得 1.5%，近 10 年最低。換算下，一輛 10 萬嘅車，廠家賺唔夠 1500 蚊，呢仲係價格戰打咗一年多之後嘅數字。
燃油車庫存高企，被迫大幅減價；新能源車為咗搶市場，都係主動減價。兩股力量向一處擠，平均降幅雙雙逼近 15% 同 3 萬。
價格戰打咗而家，一批車企已經虧咗。政策退咗，利潤薄咗，呢先係全行業最深層嘅隱憂。
中國汽車工業協會副總工程師許海東講過，一、二線快到頂咗，鄉村先係未來 10 年嘅增量藍海。
大個判斷係咁樣，落到個人頭上又係另一回事。
老周嗰台 Model Y 跑咗 6 萬公里，充滿電比新車少咗大概 40 公里，售後話係正常衰減。
延安高架上嘅綠牌仲喺增加，一輛接一輛，窗口仲開住，卻一年比一年窄。
回頭再睇，新舊交替從來唔係一個平滑嘅過程，而係充滿咗刀光劍影，你死我活。
車市越嚟越似養蠱，邊個活落嚟，誰就贏家通吃，縱橫四海。邊個死咗，就係落後嘅產能，亟待被出清嘅產能。
市場競爭，就係咁樸實無華.......
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Proton X50 同 Toyota Corolla Cross 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個詳細對比，幫你慳返做功課嘅時間。
Proton X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，一共有 4 個版本，包括 1.5T Executive（RM 89,800）、1.5T Premium（RM 101,800）、1.5T Flagship（RM 113,300）等等。
Toyota Corolla Cross 喺馬來西亞嘅 OTR 售價係 RM 133,800 - 148,800，一共有 3 個版本，包括 2026 HEV 1.8L GR Sport（RM 148,800）、2026 HEV 1.8L Standard（RM 140,800）、2026 1.8L Standard（RM 133,800）等等。
由價錢嚟睇，Proton X50 嘅入門價確實比 Toyota Corolla Cross 平咗 RM 44,000。如果你預算有限，Proton 嘅入門版已經可以滿足日常需求。但都要留意，平咗嗰啲幾千蚊，喺配備上可能有取舍，具體要睇你嘅需求。
Proton X50 車身長 4400 mm，行李箱 400 L。
Toyota Corolla Cross 車身長 4400 mm，行李箱 400 L。
兩款車嘅尺寸幾乎一樣，車內空間分別唔大。呢個級別嘅車，日常使用完全夠用。
Proton X50 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Toyota Corolla Cross 保修 5 年/無限制里程，保養間隔 每 10,000km 或 6 個月。
Proton X50 同 Toyota Corolla Cross 都係馬來西亞市場嘅主流選擇，適合家庭用途、日常通勤。如果你更重視品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更在意性價比同配備，那就揀配置更豐富嗰款。最終都係建議兩款都去試駕，親身體驗先係最重要。
總體嚟講，Proton X50 同 Toyota Corolla Cross 都係馬來西亞市場好唔錯嘅車款。揀邊輛，關鍵始終都要睇你嘅個人需求同預算。建議大家做足功課，多比較幾間車行嘅報價，再去試駕先做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
In the SUV market in Malaysia, many buyers compare the Perodua Aruz and Kia Sportage when choosing a car.
The Perodua Aruz has an OTR price of RM 72,900 - 77,900 in Malaysia, with a total of 2 versions, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.
The Kia Sportage has an OTR price of RM 129,639 - 179,320 in Malaysia, with a total of 4 versions, including 2025 1.6T DCT 4WD High (RM 179,320), 2025 1.6T DCT 2WD High (RM 159,320), 2025 2.0L AT 2WD High (RM 139,639), etc.
From the price perspective, the Perodua Aruz's starting price is indeed RM 56,739 cheaper than the Kia Sportage. If your budget is limited, the Perodua entry-level version is already sufficient for daily needs. However, note that saving that few thousand might mean trade-offs in equipment, depending on your needs.
The Perodua Aruz safety rating is 5★ (ASEAN NCAP), active safety systems include.
The Kia Sportage safety rating is 5★ (ASEAN NCAP), active safety systems include Drive Wise.
Both cars have the same safety rating, and safety features are quite comprehensive for this class. New cars nowadays are not lacking in safety, so there is no need to worry too much about this.
The Perodua Aruz body length is 4400 mm, trunk 400 L.
The Kia Sportage body length is 4400 mm, trunk 400 L.
The dimensions of both cars are almost identical, and the interior space difference is not significant. For this class of cars, it is fully sufficient for daily use.
The Perodua Aruz warranty is 5 years/150,000km, maintenance interval every 10,000km or 6 months.
The Kia Sportage warranty is 5 years/300,000km, maintenance interval every 10,000km or 6 months.
Overall, both the Perodua Aruz and Kia Sportage are very good models in the Malaysian market. Choosing which one depends mainly on your personal needs and budget. It is recommended to do your homework, compare quotes from several dealerships, and then test drive to make the final decision. Buying a car is a significant matter, and spending time doing research will never be wrong.
1.4 tons of water is approximately equal to two days of domestic water usage for a typical household.
This is also the water intake per unit produced by BMW Brilliance in 2025. More noteworthy is that this figure has decreased for eight consecutive years, reduced by nearly half compared to eight years ago.
This trend is clearly visible from data changes: In 2022, BMW Brilliance's water resource consumption per unit produced was 1.77 cubic meters/unit; in 2023 it dropped to 1.72 cubic meters/unit; in 2024 it further dropped to 1.57 cubic meters/unit; by 2025, it was compressed again to 1.4 cubic meters. Seemingly just changes after the decimal point, but looking at the Shenyang production base with an annual capacity exceeding 830,000 units, accounting for nearly 30% of BMW's global capacity, every decrease of 0.1 cubic meters creates very considerable resource saving benefits.
More importantly, this achievement is far below the industry average. According to industry standards, the advanced water quota for sedan manufacturing is about 4.0 cubic meters/vehicle, and the general value is about 6.29 cubic meters/vehicle. Currently, mainstream automakers generally remain in the 3.0—4.5 cubic meters/unit range, and even relatively advanced fuel vehicle factories domestically are mostly around 2.5—3.6 cubic meters/unit. However, BMW has almost "squeezed" single car production water consumption to the extreme.
But what BMW truly wants to answer is obviously not just "how to save more water".
For a long time in the past, the automotive industry focused more on sales, speed, and scale. After entering the new energy era, this competitive anxiety was further amplified, and the voice of "sales determine heroism" was once heard loudly. But after the industry entered the stage of deep competition, more and more people began to realize that a truly mature automotive industrial system is no longer just about how many cars are sold, but how to continuously reduce resource consumption and persist in the long-term commitment to low-carbon transformation within a huge manufacturing system.
In addition to the continuous decline in water usage, BMW Brilliance also gave its own thinking through 13 consecutive years of sustainable development reports. In 2025, its full value chain carbon emissions decreased year-on-year by more than 5.4 million tons, and supply chain carbon emissions decreased by 1 million tons compared to 2019. This means that sustainable development within BMW has long become a system capability that is executed long-term and iteratively.
And the efficient use of water resources is precisely one of the important benchmarks for measuring automotive green manufacturing capabilities. Compared to data that is easier to see like sales and capacity, water resource management often reflects a car company's long-term foundation at the manufacturing system level. In this regard, BMW is always committed to reducing water resource intake in production processes and daily operations, and relies on sound water resource management, as well as advanced water saving and water treatment technologies, to continuously reduce water demand from the source.
In 2025, BMW Brilliance achieved a dual decline in total water resource intake and per-unit production water intake. The total annual water resource intake was 752,100 cubic meters, a year-on-year decrease of 24% compared to 2024; the total water resource consumption was 439,481 cubic meters. At the same time, the total water intake of various factories has decreased for three consecutive years, with a decrease of over 40% compared to 2023.
Furthermore, BMW goes beyond "water saving" to rethink the relationship between industrial production and urban ecology. While strictly controlling the consumption of fresh tap water, it is also constantly exploring the potential for water resource recycling. Not only does it recycle wastewater by building efficient reclaimed water reuse facilities; it also creatively introduces municipal reclaimed water, integrating the factory water "small cycle" into the city water supply "large cycle". In 2025, the total use of reclaimed water exceeded 680,000 cubic meters, a year-on-year increase of 71.9%, and the saved water volume was enough to meet the annual domestic water needs of nearly 9,300 Shenyang households.
In fact, this exploration of BMW Brilliance's Shenyang production base is particularly important for Shenyang. As a typical water-scarce city in the north, Shenyang's per capita water resources are only one-sixth of the national average, and it is also a key region for the country to implement the "double control" strategy of total water usage and intensity.
Against this background, BMW Brilliance has continued to expand reclaimed water application scenarios since 2016, gradually covering municipal reclaimed water and internal reclaimed water systems. In 2025, the Shenyang Dadong Factory achieved breakthrough progress, where all production processes fully adopted reclaimed water substitution, and all production processes achieved zero tap water consumption. At the same time, based on the 100% use of municipal reclaimed water for factory greening and irrigation in 2024, it was further expanded in 2025 to the Tiexi Factory and Lida Plant coating workshop cooling tower operation, continuously improving overall water resource utilization efficiency and reducing the pressure on urban sewage treatment.
This concept revolving around water resource recycling is also continuously extending to BMW's entire supply chain system. Currently, 13 suppliers have installed advanced wastewater circulation and reuse systems, achieving the recycling and reuse of process water.
Not limited to the Shenyang production base, BMW is also promoting water saving practices at global production bases according to local conditions. For example, the Chennai factory in India and the Rayong factory in Thailand will collect rainwater intensively during the monsoon season, meeting about 50% of the water demand in the factory area throughout the year, and prioritizing its use for non-production scenarios such as toilet flushing, cleaning, and greening.
In fact, when the industry is increasingly competing on "parameters", "configurations", and "traffic", indicators like water resource utilization rate and supply chain carbon reduction, which seem "not eye-catching" or even "not mainstream", actually better reflect an enterprise's understanding of long-termism. Because a truly mature global car company must not only think about "how many cars were sold this year", but also think about ten, twenty years later, whether it still possesses the system capability and sustainable development capability to continue participating in global competition.
For the automotive industry today, this might also be an increasingly important question: What should a car company ultimately leave behind? Is it rapid overdraw after short-term scale sprinting, or the industrial system capability that can traverse cycles and continuously create long-term value.
In a sense, BMW's persistence on sustainable development over these 13 years has also made people re-understand another layer of meaning of "luxury". True luxury has never been just the accumulation of parameters and configurations, but rather a long-term awe of resource efficiency, environmental responsibility, and future development.
And as more and more car companies begin to rethink the relationship between "scale growth" and "long-term value", BMW's answer sheet regarding "water" may also be providing a reference with greater long-term significance for the entire industry to move towards a new stage of high-quality and sustainable development.
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 HighlightIn 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 5Chery 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 EffortChangan 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 ThoughtsFrom 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.
