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8 月 12 日，奇瑞風雲 T7 開啟預售，10.99 萬至 12.99 萬元。喺呢場以「慢功造好車」為主題嘅發布會上，奇瑞傳遞咗一個喺當下略顯另類嘅信號——唔捲速度，捲標準。
風雲 T7 嘅研發路徑好有意思：反向出海試煉。倚靠奇瑞 23 年全球化技術積累，呢台車喺東南亞雨季、中東高溫、印尼高濕等全球極端環境完成驗證，整車測試超 600 萬公里，耐用專項 145 萬公里。這種「先出海、再返屋企」嘅開發邏輯，喺 10 萬級純電 SUV 入面確實少見。
產品力層面，六大剛需嘅定位清晰務實。全系標配 65.05kWh 電池，CLTC 續航 600km，實測 667km——反向虛標係奇瑞嘅慣用操作，但對用戶嚟講，呢種「超預期」恰恰係最實在嘅。30%-80% 快充 20 分鐘，配合 -30°C 到 55°C 寬域熱泵，南北用戶都係可以放心用。
安全係風雲 T7 嘅重頭戲。對標 2026 版 E-NCAP 五星標準、ASILD 最高功能安全等級、80% 高強度鋼 +18.84% 熱成型鋼籠式車身、9 安全氣囊（含雙腔遠端氣囊同後排側氣囊）、IP68 級犀牛電池——喺 10 萬級 SUV 上見到呢套配置，說明奇瑞把安全優先級放得好高。
艙駕一體 8775 晶片、15.6 吋 2.5K 屏、獵鷹 500 智駕、300+ 場景泊車，智能層面冇明顯短板。空間方面得房率 84%、後排放倒秒變 1.95 米純平大牀，瑪莎拉蒂前底盤專家調校嘅懸掛——呢啲係家庭用戶感知明顯嘅加分項。
兩項兜底權益值得注意：電池熱失控換新車、智駕事故最高賠償 500 萬——呢啲唔單止係誠意，更係對產品自信嘅量化表達。
風雲 T7 嘅「慢」，換來咗一台唔需要用戶妥協嘅 10 萬級純電 SUV。佢唔係最快嘅，但係可能係喺呢個價位入面最讓人放心嘅。
In the Malaysian SUV market, many buyers compare the Proton X50 and Mitsubishi Xforce when choosing a car. These two 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.
The OTR price of Proton X50 in Malaysia is RM 89,800 - 113,300, with a total of 4 versions, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300), etc.
The OTR price of Mitsubishi Xforce in Malaysia is RM 109,930 - 119,930, with a total of 2 versions, including 2026 1.5L Ultimate (RM 119,930), 2026 1.5L Urban (RM 109,930), etc.
From a price perspective, the starting price of Proton X50 is indeed RM 20,130 cheaper than Mitsubishi Xforce. If your budget is limited, Proton's entry-level version is already sufficient for daily needs. But note that the few thousand ringgit difference might involve trade-offs in features, depending on your needs.
Proton X50 is equipped with a 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
Mitsubishi Xforce is equipped with a 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
In terms of power, the Mitsubishi Xforce's 1.5L Turbo has 35 more horsepower than the Proton X50's 1.5L 4-cyl. However, for daily city driving, both cars have enough power and won't feel underpowered.
The safety rating of Proton X50 is 5★ (ASEAN NCAP). Active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
The safety rating of Mitsubishi Xforce is 5★ (ASEAN NCAP). Active safety systems include MI-PILOT.
Both cars have the same safety rating, and safety features are quite comprehensive in this class. New car safety nowadays is not poor, so no need to worry too much about this.
Proton X50 body length is 4400 mm, trunk 400 L.
Mitsubishi Xforce body length is 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, with little difference in interior space. For this class of cars, daily use is completely sufficient.
Both Proton X50 and Mitsubishi Xforce are 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 value for money and features, then choose the one with richer configuration. Ultimately, it is recommended to test drive both, as personal experience is the most important.
Overall, both Proton X50 and Mitsubishi Xforce are quite good models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. It is recommended to do research, compare quotes from several dealers, and then test drive to make the final decision. Buying a car is a big matter, spending time doing research will definitely not go wrong.
Momenta 上市，即係佢自己嘅關鍵時刻，亦係整個自動駕駛同物理 AI 產業嘅一次公開答辯。
文丨智駕網 零醬 雨來
編輯丨浪浪山與明知山
喺何小鵬宣佈 GX 係物理 AI 第一輛車，李想將全新 L9 稱之為具身智能旗艦之後，大衆忽然明白，智能汽車、自動駕駛喺資本市場已經唔係嗰個令人興奮、趨之若鶩嘅當紅美人咗。
昨日仲係小甜甜，今日已經係牛夫人。
Momenta 即時放棄咗自動駕駛呢個過時嘅概念，頭頂物理 AI 第一股喺資本市場迎來咗一轮認購高潮。
7 月 8 日，Momenta 正式喺港交所挂牌，以 301 港元開出，高於 295.6 港元/股嘅招股價，盤中最高觸及 314.80 港元，市值一度突破 700 億港元，尾盤回落至 299 港元附近。
由於 Momenta 公開發售部分獲得 414 倍超額認購，佢「綠鞋」（超額配股權）大概率會全額行使，這意味著佢將發售約 2,293 萬股，募集資金總額達到約 68 億港元，超過佢最初預計嘅 58.9 億港元近 10 億港元。
令 Momenta 團隊值得驕傲嘅一點，即係佢受到咗國際資本嘅高度青睞，國際發售部分獲得超過 1,000 億港元嘅機構訂單，覆蓋咗來自 15 個國家同地區嘅主權基金同長線基金。
包括新加坡政府投資公司（GIC）、富達國際（Fidelity International）、貝萊德集團（BlackRock）、富蘭克林鄧普頓基金集團（Franklin Templeton）、阿布達比投資局（ADIA）、加拿大養老金計劃投資委員會（CPPIB）、淡馬錫（Temasek）、威靈頓（Wellington）、施羅德（Schroders）等全球頂級機構。
而喺上市之前，Momenta 引入嘅 14 間基石投資者，佢陣容堪稱豪華，佢認購額約 30 億港元超過咗佢募集總額嘅一半。
如此嘅瘋狂，呢個係物理 AI 第一股引發嘅瘋狂嗎？
顯然並唔那麼單純。
01.
降溫嘅智駕與升溫嘅「物理 AI」
頗具戲劇性嘅一面，喺 7 月 8 日共有五間公司喺港交所同時敲鐘，其中即有一家同 Momenta 定位接近嘅無人駕駛公司易控智駕，二者同係蔚來資本投資嘅企業。
兩間企業喺 IPO 階段同上市首日演繹咗一轮不同嘅劇本。
易控智駕面向礦區無人駕駛，同 Momenta 規模甚細，喺定價上同 Momenta 嘅一口價模式相比，佢招股區間定咗喺 81.16 至 87.92 港元，但最終也實現咗以上限定價。
同 Momenta 大受追捧相比，喺上市前一晚嘅暗盤交易中，佢成交均價為 87.07 港元，不但低於發行價，盤中更一度下探近兩成，收盤漲幅僅 4%，振幅接近 25%，多空分歧明顯。
但喺 7 月 8 日正式上市之後，同 Momenta 高开但午後回落相比，中間一度跌破發行價，易控智駕則最終錄得較發行價上漲 9.99%，總市值佔上 142.99 億港元。
冇物理 AI 概念加持嘅易控智駕同 Momenta 一樣都冇實現盈利，都依然深陷虧損之中，仲冇明確嘅盈利時間表，資本市場對兩間公司嘅熱情與看空都聚焦於未來。
自動駕駛嘅概念係咪真係過時咗呢？
從融資額度而言，握住最多量產客戶嘅 Momenta 嘅融資規模並冇超過小馬智行去年喺港交所 IPO 時 77 億港元融資，但高於喺芯片、算法同時佈局嘅地平線。
但喺 AI 嘅潮水氾濫之下，呢啲已上市嘅智駕公司嘅股價多數較發行價已經腰斬。
智駕概念喺資本市場嘅熱度下降亦係事實。
但 Momenta 同樣唔可否認嘅係令佢未來變得可觸摸，更有想像空間嘅依然係佢喺乘用車市場建立嘅地位。
02.
驚嘅 70% 毛利率
喺 Momenta 上市之前發佈嘅招股書中公佈嘅 2025 年高至 71.6% 嘅毛利率一度引發咗車企同 Momenta 嘅一場爭論。
喺汽車業內普遍認為華為乾崑過於昂貴，所以轉身擁抱 Momenta、卓驭呢啲以性價比著稱嘅智駕公司後，唔曾想佢哋嘅毛利率居然超過咗 50%！
相比之下，而家傳統車企中最成功有迪鏈護體嘅比亞迪其毛利率只有 18.81%，新入局嘅小米汽車嘅毛利率則係 20.1%，鴻蒙智行中最成功嘅賽力斯毛利率較高也不過 26.24%，中國汽車企業嘅毛利率普遍低於 15%，部分企業甚至喺個位數徘徊，而喺產業鏈端，一度被視為眼中釘肉中刺嘅寧德時代喺今年一季度嘅毛利率都剛剛 24.82%。
呢背後嘅邏輯其實並唔複雜，以製造業嘅毛利率同軟件公司相比本身就係關公戰秦瓊。
同 Momenta 喺同一賽道嘅地平線 2025 年嘅毛利率為 64.5%（芯片 + 智駕方案綜合毛利率），文遠知行嘅毛利率亦接近 30%，小馬智行雖然僅有 15.7%，呢同佢生產營運 Robotaxi 同研發投入過高有關。
而 Momenta 嘅超高毛利率在於佢即將跨過盈虧平衡點。
Momenta 自 2023 年至 2025 年營收由 7.43 億元增至 24.13 億，毛利率亦係一步步由 17.5% 提升至 71.6%；2025 年研發投入為 18.7 億，佔收入 77.5%。
財務指標（人民幣千元）
2023 年
2024 年
2025 年
營業收入
742,745
1,324,688
2,412,523
毛利率
17.5%
49.0%
71.6%
研發開支
(1,281,138)
(1,508,270)
(1,868,906)
賬面淨虧損
(2,570,342)
(3,205,730)
(3,457,912)
優先股公允價值變動
(1,190,108)
(1,967,501)
(2,842,919)
經調整淨虧損 (Non-IFRS)
(1,093,037)
(959,204)
(302,804)
雖然淨虧損仍在擴大，從 5.7 億、32.1 億擴大到 34.6 億，但若剔除股份支付等因素，經調整虧損已由 2023 年嘅 10.9 億收窄至 2025 年嘅 3 億；截至 2025 年底，公司現金儲備超過 100 億。
呢幾個數字傳遞嘅信號非常明確：
Momenta 仲未盈利，但佢已經唔係一家單靠融資活命嘅純研發型公司，而係一家收入增長快、毛利改善快、商業模型已經被市場看懂嘅公司。
Momenta 喺上市前夕宣佈佢量產搭載規模突破 100 萬台，成功交付超過 100 款車，累計定點車超 210 款；全球前十大車企中已有 9 家同佢合作。
喺智駕尤其係高級智駕市場，真正同 Momenta 喺規模上相當嘅企業唯有華為乾崑。
對於毛利高，Momenta 自己解釋係佢營收構成大致分為兩個部分：
技術開發服務，即係為車企定制開發與之適應嘅智能駕駛方案；
軟件授權許可，即車型量產後，按銷量收取智駕系統使用費。
前者同 Momenta 嘅合作車型數量相關，後者同車型銷量掛鉤。
2025 年，Momenta 技術開發服務收入為 14.5 億，軟件授權許可收入為 9.7 億，而喺 2023 年，佢技術服務開發收入佔比超過 90%，僅僅過咗兩年時間，佢軟件授權許可收入佔比已經達到咗 40.1%。
軟件授權許可收入係一種邊際成本趨近於零，唔使付出太高嘅人力成本，近似於「躺著收錢」嘅業務模式，大幅拉高咗 Momenta 嘅毛利率。
Momenta 嘅毛利率近三年翻四倍，2025 年 71.6% 嘅毛利率已經達到同軟件公司 SaaS 公司嘅水平，正係智駕公司實現夢寐以求嘅技術復利，喺一套系統成熟後可以喺市場上迅速複製。
Momenta CEO曹旭東表示：「自動駕駛有非常強嘅規模效應同先發優勢，佢嘅效應比芯片行業更強。自動駕駛係軟件，邊際成本係零，因此佢規模效應更強。」
不過呢種模式，並非屬於 Momenta 獨有，喺而家競爭越來越激烈嘅智駕供應商市場，已有好多智駕公司將技術開發模式同軟件授權模式結合為一，以零成本向主機廠開發或提供佢哋智駕方案。
以低於自身成本嘅方式向主機廠提供解決方案開始有年。
相比而言，Momenta 喺一定程度上建立咗自己嘅護城河，呢條護城河即係同眾多車企建立咗資本同技術嘅雙重連接。
喺 Momenta 同全球 24 間整車廠建立嘅合作中，覆蓋咗全球前十大整車廠集團中嘅九家（如梅賽德斯 - 奔馳、豐田、寶馬中國等）同中國前十大整車廠全部。
而喺呢啲用戶中，上汽、通用、奔馳、豐田、比亞迪、現代、奇瑞等 7 間具備全球影響力嘅車企都係 Momenta 嘅投資人。
而奔馳、比亞迪更加喺 Momenta 嘅 IPO 中成為咗基石投資者。
喺產業鏈端則覆蓋咗博世、德賽西威、立訊精密，出行平台囊括咗 Uber、Grab、Stone Venture 等，科技巨頭則包括騰訊、阿里雲、螞蟻集團、京東等。
智己汽車則同 Momenta 實現咗雙向持股，上汽集團係 Momenta 第一大機構股東，Momenta 同時反向持股智己汽車。
一個被 Momenta 多次引用嘅案例係，從 2017 年奔馳投資 Momenta 始，到 2025 年底量產，用咗整整 8 年。但一旦實現突破，幾乎就一步到位：Momenta 喺 2024 年拿到咗奔馳所有嘅電車同油車嘅業務。
Momenta 正喺智駕領域複製寧德時代同車企通過多種方式實現雙向嘅深度綁定，讓車企參與自己嘅利潤成長。
不過，主機廠從來都係勢力嘅，比亞迪不僅投資咗 Momenta，亦深度投資咗卓驭，更加喺 Momenta IPO 嘅敏感時刻，王傳福同地平線創世人余凯同窗引發外界聯想。
以比亞迪、奇瑞為代表嘅車企，一方面幾乎同所有嘅智駕供應商建立咗合作，一方面依然喺投入巨資進行自研。
70% 嘅毛利固係擋唔住嘅誘惑，喺技術路線收斂之後，所有嘅團隊似乎都睇到智駕終局已經唔遠。
「地卓華魔」一方面彼此圍著全球主機廠劃分勢力範圍，一轉身同時要防備主機廠自研替代。
呢一幕喺智駕芯片領域已經上演過一次，今年蔚小理嘅自研芯片相繼量產上車，作為呢一市場嘅中國本土明星公司地平線股價經歷咗一轮腰斬式嘅跳水。
「物理 AI」正係咁同時講畀主機廠同資本市場嘅新敘事。
從「自動駕駛解決方案供應商」走向「物理 AI 基座模型構建者」，呢並唔係 Momenta 一家公司嘅選擇，而係幾乎所有智駕供應商嘅共同選擇。
03.
「物理 AI」背後藏住平台公司嘅野望
本質上，自動駕駛就係物理 AI，物理 AI 就係萬物智駕，二者冇區別。
只係物理 AI 打開咗資本嘅想像空間，佢精准嘅描述咗一條智駕公司從單維依賴主機廠嘅供應商到升維為 AI 平台類公司嘅清晰願景。
物理 AI 呢個由黃仁勳推動走紅嘅概念，係相對數字 AI 而言嘅。喺數字 AI 一片紅海嘅競爭中，智駕公司成為物理 AI 嘅先行者，對於部分頭部玩家更同時擁有咗數據優勢同規模優勢。
Momenta 無疑同時喺這兩個領域都係佼佼者，Momenta 表示已透過 100 萬台量產車跑通咗數據同商業嘅 Scaling。
而令 Momenta 自信打造世界基座模型嘅時機已經成熟，係英偉達推出嘅世界模型正從智駕公司嘅仿真工具，生成數據來訓練或測試嘅主模型變成可應用於「端到端基座模型預訓練」嘅理解世界物理規律嘅基座模型，透過把物理世界嘅規律壓縮到模型裡面，使 World Model 具備物理世界嘅常識。
Momenta 推出嘅 R7 世界模型，宣稱使系統嘅整體產品性能同上限實現咗 10 到 100 倍嘅代際躍昇。
世界模型可憑藉同一套底層系統架構，同時賦能乘用車、Robotaxi、Robovan 同 Robotruck 四大業務形態，並有望延展到具身智能等領域。
Momenta 對於物理 AI 嘅願景係 All-in-One Platform，實現技術跨場景落地，成為一家 AI 平台公司。
呢種極簡架構，將徹底終結過往各場景孤立開發嘅模式，核心底層技術嘅跨場景複用極大地攤銷咗多業務線並行嘅研發成本，提升咗系統嘅整體迭代效率。
Momenta 將其描述為：「一套模型、多維共生」，可以大大攤薄研發成本，並隨業務邊界拓展，指數級放大先發優勢，形成「贏家通吃」嘅行業終局。
佢嘅毛利率甚至將遠超 70%。
曹旭東認為：「任何一個人工智能應用，一旦接近人類嘅水平，就會喺很短嘅時間內大幅超過人類嘅水平。」
呢意味著，前面可能花十年、二十年爬坡，但超越人可能就發生喺一兩年內。而家幾乎所有嘅智駕公司都已宣佈向物理 AI 轉型，佢嘅緊迫性亦喺於此。
而家，無論係堅持世界模型路線定係同樣大熱嘅 VLA 模型嘅智駕公司基本都已經打通咗 L2 到 L4。
Momenta 堅持經年嘅「一個飛輪兩條腿」戰略，基於統一算法同傳感器架構，實現咗 L2++ 數據流同 L4 技術流嘅打通，佢嘅技術可以喺乘用車同 Robotaxi 複用。
不過，而家呢個越來越接近「Android」嘅智駕平台最大嘅市場依然喺乘用車市場。
喺 Momenta 自己引用嘅 CIC 灼識諮詢嘅預測數據顯示：
到 2030 年，全球 Robo 市場規模（Robotaxi、Robovan、Robotruck）將達 1998 億美金，其中 Robotaxi 全球同中國市場規模將分別增長至約 818 億美金同 381 億美金，中國 Robotaxi 滲透率預計將達到 11.9%，高於全球嘅 5.7%；Robovan 全球同中國市場規模將分別達到約 850 億美金同 535 億美金，市場滲透率將達 6.9% 同 14.0%；Robotruck 全球同中國市場規模將分別達到約 330 億美金同 165 億美金，市場滲透率將達 0.6% 同 1.2%。
但量產輔助駕駛市場規模到 2030 年，全球市場規模將達 3059 億美金，依然遠超 Robo 市場：
2025 年，全球同中國 L2 級 - 高速 NOA / L2 級 - 城市 NOA 輔助駕駛及更高級別智能駕駛市場分別達到約 204 億美金同 130 億美金，預期到 2030 年將擴大至 3,059 億美金同 1,666 億美金，複合年增長率分別為 71.9% 同 66.5%。
而 Robotaxi 市場因城市准入政策，各地唔同嘅監管法規、營運成本存在巨大嘅唔確定性。
Momenta 此次 IPO 嘅集資約 20% 將投向 Robotaxi 商業化同規模化，一方面 L4 有巨大嘅想像空間，但亦係唔確定性最高嘅部分，Robotaxi 何時真正貢獻清晰收入仲冇清晰嘅時間表。
與此同時，喺乘用車市場，Momenta 雖然優勢明顯，但並冇殺死比賽。
喺傳統所謂嘅地平線、華為乾坤智駕、卓驭之外，仲有文遠、小馬智行；同樣喺籌備 IPO 嘅輕舟智航、元戎啟行。
喺 L4 市場同樣建立一定優勢嘅仲有馭勢科技、百度阿波羅等。
04.
智駕市場尚未形成贏家通吃
一個類似於 Android 嘅智駕平台終將出現，但最終花落誰家，仲冇一家公司確立絕對優勢。
呢令 Momenta 嘅高毛利嘅可持續性同樣存在唔確定性。
其一，單車軟件授權單價持續下行已成行業趨勢。隨著賽道玩家增多、低端車型滲透加速，城市 NOA 軟件許可費從早期數千元降至千元級別，部分輕量化方案單價更低。
Momenta 為搶佔中低端車型市場，主動下沉定價，喺規模化擴張嘅同時，必然面臨單車型利潤收縮嘅壓力。
其二，客戶集中度極高，議價能力脆弱。
過去三年中，前五名客戶貢獻咗 62.6% 至 86.7% 嘅收入，2025 年最大客戶（推測為比亞迪）收入佔比達 21.6%。一旦核心客戶因銷量唔及預期或轉向自研/競爭對手，許可費收入將戛然而止。比亞迪作為 Momenta 最大客戶，全年搭載量約 30 萬輛，佢嘅戰略選擇將直接影響 Momenta 嘅收入穩定性。
第三，車企自研嘅反抗正在加速。吉利、比亞迪、蔚來等頭部車企嘅實踐表明，唯有以自主技術打破外部捆綁，先至可以重奪定價權。
吉利堅持三電、智駕、座艙全棧自研，極氪 9X 搭載自研千里浩瀚 G-ASD 智駕系統，毛利率穩定喺 20% 以上；蔚來宣佈全系換裝自研神玑 NX9031 芯片，單車成本直接降低 1 萬。
可以話，對於 Momenta 而言，71.6% 嘅毛利率既係護城河，亦係火藥桶。
曹旭東預測「長期睇第三方供應會係市場主流」，但最終形成 2-3 家「贏家通吃」嘅行業終局顯然唔係主機廠希望睇到嘅。
Momenta 有機會成為中國智能駕駛公司入面，最早被市場當做平台型 AI 企業嚟看待嗰一個，但如果遲遲無法實現壟斷優勢，佢都可能有快被拉回「高研發、重投入、未盈利」嘅傳統智能駕駛估值框架。
從呢個角度講，Momenta 上市，既係佢自己嘅關鍵時刻，亦係整個智能駕駛同物理 AI 產業嘅一次公開答辯。
寫於最後
喺具身智能、物理 AI 呢啲概念進入大眾語境之後，智能駕駛變得似乎失去咗魅力，一個直觀地表現係大量嘅智能駕駛人才湧入具身智能創業，馬斯克拆除 Model S/X 生產線轉產機器人嘅一幕粗暴而令人瞠目結舌。
咁為智能駕駛帶上一頂物理 AI 嘅王冠係咪可以吸引數字 AI 引發嘅資本狂熱呢？
創立不過五年之久嘅 Anthropic 實現 9650 億美金嘅驚天估值當然並冇喺 Momenta 身上復現。
可以說明嘅一點即係，物理 AI 呢個概念有一定嘅欺騙性，佢同數字 AI 並唔完全係隔離同相對嘅，對於 OpenAI、Gemini 呢啲數字大模型而言，同樣可以進入物理 AI 所聚焦嘅任何一個商業賽道。
今年 5 月 16 日，卓驭科技 CEO 沈劭劼向自己嘅同行發出警告：
「我非常擔心搞大模型嘅嚟做智駕，嗰對我哋係降維打擊。我真係怕嘅，係做數字 AI 嘅大模型公司反過嚟將我哋給滅咗。」
「除咗特斯拉，冇一家智駕公司真正落地咗 Scaling Law（模型隨算力 / 數據 / 參數擴大而質變）；但 OpenAI、字節已經將 Scaling Law 跑通咗。」
而係以 OpenAI 為代表嘅大模型公司走嘅係「多模態 + 世界模型 + 自回歸推理」，天然適合「視覺預測 + 物理推理 + 長時序決策」，正係智駕系統嘅技術核心。
大模型唔使從零學開車，只須微調，就快達到甚至超越 L2+/L4 能力。
換句話說，雖然同 Momenta 定位最接近嘅係華為引望同地平線，但呢啲智駕公司嘅長期競爭對手既唔係彼此，亦唔係主機廠自研，而可能來自於門外嘅野蠻人。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣，都會拿 Perodua Aruz 同 Chery Tiggo 8 嚟比較。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比較，幫你節省做功課嘅時間。
Perodua Aruz 喺馬來西亞嘅 OTR 售價係 RM 72,900 - 77,900，一共有 2 個版本，包括 1.5L X（RM 72,900）、1.5L AV（RM 77,900）等。
Chery Tiggo 8 喺馬來西亞嘅 OTR 售價係 RM 129,750 - 129,750，一共有 1 個版本，包括 2026 1.6T Standard（RM 129,750）等。
從價錢嚟睇，Perodua Aruz 嘅起步價確實比 Chery Tiggo 8 平咗 RM 56,850。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需要。但都要注意，平嗰幾千蚊，可能喺配備上會有取舍，具體要睇你嘅需要。
Perodua Aruz 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Chery Tiggo 8 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
動力方面，Chery Tiggo 8 嘅 1.5L Turbo 比 Perodua Aruz 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。
Perodua Aruz 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括。
Chery Tiggo 8 嘅安全評級係 TBD，主動安全系統包括 Basic。
Perodua Aruz 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Chery Tiggo 8 保修 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
Perodua Aruz 同 Chery Tiggo 8 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更睇重品牌口碑同二手價，可以优先考虑口碑更好嗰一款；如果你更在意性價比同配備，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，Perodua Aruz 同 Chery Tiggo 8 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵仲係要睇你嘅個人需要同預算。建議大家做功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係一件大事，花少少時間做功課絕對唔會錯。
車型概覽
奇瑞瑞虎5x 值唔值得睇，第一步唔係望牌子或者外形，而係睇佢能唔能夠配合你嘅香港日常。 呢篇會集中講整體購車判斷，幫你用買家角度篩走唔適合嘅選擇。
售價仍待確認，買家可以先把佢放入候選名單，等價格落實後再同同級車逐項比較。
購車價格指南
奇瑞瑞虎5x 目前售價仍未清晰，較理性嘅做法係先睇版本、車身大小同動力形式，等價格落實後再決定值唔值得落訂。
如果有幾個版本可揀，可以先將 2025 1.5T 手動版（價格待確認）、2025 1.5T CVT版（價格待確認） 放喺同一張清單。日常通勤重視舒適同易用，家庭買家就要優先睇後排、尾箱同安全配置。
核心規格重點
睇 奇瑞瑞虎5x 嘅規格，重點唔係背數字，而係理解佢喺香港用車場景會帶嚟咩分別。
渦輪增壓、4 個 汽缸、1498 mL 排量 嘅動力底子，重點係市區跟車夠唔夠順、高速巡航會唔會吃力。 156 Ps / 115 kW、230 N·m 嘅輸出，對滿載、上斜同超車都比單睇馬力數字更有意思。 車長 4400 mm、車闊 1830 mm、車高 1588 mm、軸距 2630 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 手動(MT) / 無級變速(CVT)、前置前駆 會影響起步順滑度、濕地穩定感同長途巡航性格。
優缺點分析
奇瑞瑞虎5x 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：動力輸出對高速同上斜更有底氣、空間同車身尺寸方便家庭買家預判實用性。
要留意嘅係，香港停車場同窄路使用要留意車身闊度、售價未清晰前唔應該太早用性價比落結論。呢啲唔一定係缺點，但係落訂前應該先諗清楚。
買家常見問題
買 奇瑞瑞虎5x 之前，真正要問嘅唔係單一規格，而係佢可唔可以融入你每日嘅生活節奏。
常見疑問係「購買奇瑞瑞虎 5x 可享香港環保車稅優嗎？」簡單講，奇瑞瑞虎 5x 為燃油 SUV，不適用香港新能源車稅務減免。 放到實際用車，就係要睇佢對通勤、泊車、家庭乘坐同長期成本有幾大幫助。
同級對比內容
將 奇瑞瑞虎5x 放入同級車清單時，唔建議只用外形或者品牌光環決定。比較順序可以係：先等售價落實，再決定佢應該同邊個級距比較、再睇動力係咪足夠應付高速併線同滿載、最後睇車身大小、座位同尾箱是否適合家人。
咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。
用車全周期指南
擁有 奇瑞瑞虎5x 唔係買車一刻就完結，之後仲有保險、輪胎、保養、泊車同日常能源成本要處理。
如果你主要喺市區行，視野、低速順滑度同泊車輔助會好影響心情；如果經常行高速或跨區，座椅舒適度、隔音同動力從容感會更重要。
Have you ever seen the roads in India?
I've seen them online.
The scene is usually like this: a sedan blocked behind a cow, motorcycles running wild nearby, even milk tea vendors nearby, so "clean and hygienic".
However, in a place where many feel physically uncomfortable after watching, Toyota, Suzuki, Honda and other Japanese car companies decided to bet on India.
According to the Indian "Brand Quality Foundation" website, the three car companies will invest nearly $11 billion to build factories, increase capacity, and develop exports in India.
Some netizens commented: Did the three Japanese car companies have too much money?
In fact, they didn't have endless money to spend, nor were they bewildered by Indian curry. These Japanese car executives are much clearer than us.
Current Japanese car revenue and market share are declining. Raw material costs are soaring. Looking at the world map, finding a market that can accommodate capacity, expand share, and has gentle competition is not easy.
So, it wasn't that Japanese car companies chose India, but because they had no choice.
The Pain of Japanese Car Companies
Past Japanese cars were truly the envy of others.
Ask old drivers who drove Japanese cars over ten years ago, talking about Japanese cars, almost no one doesn't give a thumbs up, cheap price, fuel saving, durable...
Even many Japanese cars needed to be bought at a markup, but who would think this iron fortress would be beaten out of sight in a few short years.
With the wave of new energy vehicles coming, electrification and intelligence became the goal for many domestic car companies to "leapfrog". Relying on China's strong new energy vehicle industry chain advantages and car companies' own persistence on R&D and technology, Chinese independent brands quickly achieved "leapfrogging".
Domestic cars once criticized are now becoming more and more common on the roads, even surpassing joint ventures in share.
According to CPCA data, in April 2026, the share of independent brands reached as high as 62.5%, far exceeding Japan's 13.1%.
You need to know, the Chinese car market is the largest car market in the world. Losing speed in the Chinese market is like losing a huge piece of cake.
Meanwhile, the main theme of the Chinese market in recent years is still price wars. Racing on configuration, price, and service has become a normal state, which also had a huge impact on Japanese cars' profits.
Apart from China, Japanese cars are also not doing well in the US.
On January 20, 2025, Trump swore in as the 47th US President, starting a series of chaotic operations, including imposing additional car tariffs in the name of national security, causing the tariff rate for imported Japanese cars to reach as high as 27.5% at one point. Although it decreased later, it was still far higher than the initial tax rate.
This operation directly led to a tariff loss of over 2 trillion yen for seven Japanese car companies in fiscal year 2025.
Looking at Japan itself, it is actually not easy either.
Middle East geopolitical conflicts blocked shipping in the Strait of Hormuz, transportation costs and raw material costs soared, Japanese car companies also had to suffer in silence.
Executives looking at the reports, their backs went cold, only to find a new growth curve.
So, Japanese car companies didn't fall in love with India, there was nowhere else to go.
Deep Thought on Choosing India
So, what magic does India have, to make Japanese car companies invest heavily?
The first advantage is big. In 2025, the Indian car market achieved 5.517 million new car sales, up 6% year-on-year, breaking the historical record, ranking as the third largest car market in the world, exceeding Japan for four consecutive years, second only to China and the United States.
The value of this doesn't need me to say much. India achieved this result mainly because India has been promoting tax reduction policies to promote consumption, which led to a significant increase in domestic consumption willingness.
The second advantage is close, meaning it is close to places where Japanese cars sell well, such as Africa.
So, India for Japanese car companies is more like a convenience store built in the center of a crossroad. You don't need to ship cars to eight countries separately, just build well at this stop in India, then unload ship by ship, and you can save a lot of costs.
The Nikkei also believes that India is expected to become its global car supply center.
The third advantage is stability. You know, Japanese cars' advantage is fuel cars, after all, the three major components of engines, gearboxes, and chassis, they have played for many years, technology accumulation is number one in the world.
But the Chinese car market has fully promoted electrification and intelligence development, leading to Japanese cars' advantage becoming weaker and weaker, impossible to play out. But India is different, it has the characteristics of few charging piles and slow electrification process. Indian old people buying cars still look for cheap, fuel saving, easy to fix, and these three points are exactly Japanese cars' old trade.
Especially Suzuki, always been India's car market evergreen, almost always sitting on the best-selling model throne, reputation of being worry-free, better than any advertisement.
So, Japanese car companies' vigorous layout of the Indian market is obviously carefully considered.
But, is the Indian market really that easy to mix?
The Hard-to-Bite Indian Market
Of course, India is not perfect like a hot commodity, its disadvantages are as obvious as its advantages, and every one is enough for Japanese car companies to face a hard time.
First talk about electrification. Yes, right now India has few charging piles and electric cars don't sell well, it is indeed a shelter for Japanese fuel cars. But you have to think, how long can this "shelter" avoid?
India previously shouted the slogan of 30% of new cars being electric vehicles by 2030. Although it sounds like bragging, but can't help but they really give subsidies, really build charging stations.
Imagine, what if one day India suddenly wakes up, starts vigorously promoting electrification, doing infrastructure, charging piles popping out like mushrooms after rain, then Japanese cars will be dumbfounded?
Isn't this a version of the Thai market?
Back then Japanese cars in Thailand won easily. The entire Southeast Asian market was called Japanese cars' backyard. Result Thailand took the lead in promoting electrification. Chinese electric vehicles came in, directly became a hot commodity. Look at Japanese cars again, share in Thailand falling down rapidly.
If India accelerates electrification, history will likely repeat, and this time, Japanese cars don't even have a place to flee, how to prevent will become the first problem for Japanese car companies.
Next talk about policy. India's policy is like a pot of curry, you never know if you will eat chicken or potato next time.
This magical country, today low tariff encourages building factories, tomorrow may fine you a huge amount. What's more annoying is mandatory joint venture. Foreign car companies want to sell cars in India, have to find local partners to partner up. When your factory is built, supply chain is done, India directly backstabs you. At that time whether adding money or withdrawing capital, what you get is heartache.
So you see, this market like India is like a mango that looks very sweet, bite the first mouth it's okay, chew two more mouths hit the hard core.
Japanese cars now is calculating, while the core hasn't bit the tooth, hurry up to nibble a few more mouths, but the core will bite sooner or later, just don't know which day.
Epilogue
Japanese cars this trip to India, not go for tourism, is go to make a living.
Chinese and Southeast Asian dining tables are more crowded, production and transportation costs have risen. Looking around the world, only this pot in India is still steaming, even if what is boiling inside is curry-flavored stones, have to bite hard and chew down.
Japanese car companies want to expand market, India wants to pull economy, solve employment, both sides have their own thoughts.
As for the ending is Japanese cars in India regain their glory, or like past competitors shamefully walk away, then is not known.
But no matter how, this play just started, we slowly watch is okay.
Anyway India's story, never bored.
