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In Malaysia's SUV market, many buyers compare Proton X90 and Mazda CX-8 when choosing a car. These two cars are quite close in price and positioning. Today, we will do a detailed comparison from multiple aspects to help you save time on 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 Mazda CX-8 OTR price in Malaysia is RM 165,360 - 201,360, with a total of 5 versions, including 2025 2.5T 4WD High Plus Petrol (RM 201,360), 2025 2.2L 2WD High Plus Diesel (RM 193,123), 2025 2.5L 2WD High Plus Petrol (RM 186,360), etc.
From a price perspective, the starting price of the Proton X90 is indeed RM 58,560 cheaper than the Mazda CX-8. If your budget is limited, Proton's entry-level version can already meet daily needs. But note also that the few thousand cheaper might involve trade-offs in features, depending on your specific needs.
The Proton X90 safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
The Mazda CX-8 safety rating is 5★ (ASEAN NCAP), active safety systems include Brand ADAS.
Both cars have the same safety rating, safety features are quite comprehensive for this class. New cars' safety is generally good these days, so no need to worry too much about this point.
Proton X90 body length 4400 mm, trunk 400 L.
Mazda CX-8 body length 4500 mm, trunk 450 L.
In terms of space, the Mazda CX-8 body is 100 mm longer than the Proton X90, offering more passenger space advantage. However, the Proton X90 is slightly more flexible for parking in the city, each has trade-offs.
Proton X90 uses FWD drive type.
Mazda CX-8 uses FWD drive type.
Both cars have the same drive type, both are FWD, daily driving experience will not differ much.
Overall, both Proton X90 and Mazda CX-8 are very good models in the Malaysian market. Which one to choose ultimately depends on your personal needs and budget. It is recommended to do your homework well, compare quotes from several dealerships, and then test drive to make a final decision. Buying a car is a big matter, spending time on research will never be wrong.
In Malaysia's SUV market, many buyers compare Proton X70 and Chery Tiggo 7 PHEV 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.
Proton X70 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.
Chery Tiggo 7 PHEV OTR price in Malaysia is RM 129,750 - 129,750, with a total of 2 versions, including 2025 1.5T 90km CSH (RM 129,750), What charging methods does the Tiggo 7 PHEV support? Can it be charged using a home power socket? (RM 117,478) etc.
From the price perspective, the starting price of Proton X70 is indeed RM 22,950 cheaper than Chery Tiggo 7 PHEV. If your budget is limited, Proton's entry-level version can already meet daily needs. But be aware, the cheaper few thousand might have compromises in equipment, it depends on your needs.
Proton X70 safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Chery Tiggo 7 PHEV safety rating is TBD, active safety systems include Basic.
Regarding safety equipment, both cars received good ratings. However, there are some differences in functionality between Proton X70's ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) and Chery Tiggo 7 PHEV's Basic. If you value active safety, you can compare their feature lists in detail.
Proton X70 adopts FWD drive configuration.
Chery Tiggo 7 PHEV adopts FWD drive configuration.
Both cars have the same drive configuration, both are FWD, daily driving experience will not have much difference.
Proton X70 Warranty 5 years/150,000km, Maintenance interval every 10,000km or 6 months.
Chery Tiggo 7 PHEV Warranty 3 years/100,000km, Maintenance interval every 10,000km or 6 months.
Overall, Proton X70 and Chery Tiggo 7 PHEV are both very good car models in the Malaysian market. Which one to choose depends on your personal needs and budget. We suggest doing your research, comparing quotes from several dealers, and then test driving to make the final decision. Buying a car is a big matter, spending some time doing research will definitely not be wrong.
近日，第八屆「中國卓越管理公司」（BMC）榜單在雄安新區揭曉。中國輪胎商務網（Tirechina.net）獲悉，凌龍輪胎成功蟬聯這一被譽為「中國企業管理奧斯卡」的權威獎項，成為輪胎行業唯一連續兩屆獲此殊榮的企業。
「中國卓越管理公司」（BMC）項目是德勤擁有 32 年歷史的全球性權威獎項，也是目前中國唯一針對企業管理體系進行全面評估的國際獎項。本屆評選歷時 6 個月，評審團通過閉門推薦、企業家訪談及專家調研，運用全球統一的「德勤 BMC 卓越管理標準」，對企業進行了全方位、高標準的嚴格評估。
本屆 BMC 評選釋放出清晰信號：中國領先民營企業正從「中國冠軍」邁向「世界冠軍」。玲瓏連續兩年獲獎，不僅體現了國際專業機構對其全球化戰略佈局、數字化轉型成效以及可持續發展理念的高度認可，更是對其作為中國輪胎行業領軍者地位的有力背書。
以卓越管理定義行業標杆
作為蟬聯 BMC 大獎的輪胎企業，玲瓏輪胎在技術研發、全球佈局、智能製造與綠色轉型等關鍵領域持續深耕，構成了此次蟬聯的深層底氣。
技術研發與產品創新：搶佔新能源與綠色材料制高點。 公司持續將研發投入向新能源賽道傾斜，聚焦低滾阻、靜音棉、超耐磨等電動車專用技術攻關，已形成覆蓋全系列新能源車型的產品矩陣。2026 年，玲瓏大師二代產品依托第七代技術平台全面上市，實現了濕地操控、靜謐駕乘、超長里程等「全週期巔峰性能」，高附加值產品佔比穩步提升。今年以來，玲瓏產品在歐洲權威測評中頻傳捷報：《Auto Bild》夏季胎預選奪得第一，德國《Netzwelt》測試總分第二、獲評「最具價值」，ACE 歐洲汽車俱樂部測試中成為唯一入圍並表現優異的中國品牌。
全球化產能與市場協同：從「產品出海」到「體系出海」全面落地。 玲瓏已建成中國、德國、美國「三國八地」全球研發體系，泰國與塞爾維亞兩大海外基地實現穩定量產，其中塞爾維亞工廠作為中國輪胎在歐洲的首個生產基地，已通過大眾、奧迪、寶馬等德系豪華品牌審核，進入歐洲主流供應鏈。公司與全球十大車企中八家建立配套合作，累計配套輪胎超 3 億條。在國內市場，玲瓏構建了近 3 萬家店門渠道網絡及四級配送體系，新零售「智慧門店系統」實現庫存、銷售、服務的全鏈路數據化管理。
智能製造與數字化轉型：以數據驅動「零缺陷」製造。 玲瓏持續推進工廠智能化改造，依托工業互聯網平台實現從原材料採購到生產製造、終端配送的全流程數據貫通與質量可控，人工質檢誤差率顯著降低。供應鏈協同平台打通了跨工廠、跨區域的產能調配鏈路，訂單交付效率持續優化，為全球客戶提供了更具韌性的供應保障。
ESG 與綠色供應鏈建設：將可持續發展刻入企業基因。 玲瓏明確了「2030 年碳達峰、2050 年碳中和」的清晰路線圖，較巴黎協定目標提前十年。公司已在多個生產基地推進屋頂光伏覆蓋，2026 年可再生能源使用比例穩步提升。與此同時，玲瓏聯合下游夥伴共建廢舊輪胎再生循環網絡，推動輪胎全生命週期管理，以實際行動構建循環經濟模式。
作為輪胎行業唯一連續兩屆入選「中國卓越管理公司」的企業，玲瓏輪胎此次蟬聯，既是德勤全球統一評估體系對其綜合管理能力的權威背書，也為國內輪胎行業的高質量發展樹立了管理標杆。
當前中國輪胎產業正處於向全球化、智能化、綠色化轉型關鍵階段，企業間的競爭早已從單一的產品比拼升級為體系化管理能力的較量。玲瓏在技術研發、全球產能協同、智能製造與 ESG 全鏈條管理上的實踐成果，印證了系統化管理對企業長期發展的支撐作用，也為行業提供了從「產品出海」邁向「體系出海」的參考樣本。後續玲瓏在管理升級與品牌向上路徑上的進展，值得全行業持續關注。
近日，長城汽車歐拉品牌登陸泰國曼谷潮流地標 EMSphere，正式完成戰略新車歐拉 5（ORA 5）的全球首發。本次發布會不僅只是一款新車的亮相，更是歐拉品牌全面升級、技術迭代、深耕全球市場的一次重磅系統性發布，為中國精品汽車出海注入全新活力。
依托全球超 60 萬用戶的口碑積澱，深耕市場七年的歐拉品牌，正式完成戰略煥新升級。品牌告別單一女性細分定位，從「更愛女性的新能源汽車」，全新升級為全球時尚精品汽車品牌。服務對象亦拓展至全球廣闊年輕都市用戶，品牌理念升級為「活出光芒」，以「POP 歐拉，時尚歐拉」的全新姿態，配合全球年輕人的審美與生活方式。
此次煥新並非顛覆過往，而是突破發展邊界。歐拉 5 延續品牌獲獎無數的「流體雕塑」設計，外貌配合全球年輕消費者審美。如今品牌立足「全球、時尚、精品、多選」四大核心，把汽車從單純的出行工具，升級為彰顯個人態度與生活品味的時尚單品，全力進軍全球主流大眾汽車市場。
為適配全球各地不同的路面狀況、補能條件和用車習慣，歐拉徹底打破純電車款的單一局限，依托全新智能多動力平台，實現技術全面突破。歐拉 5 支援 BEV 純電、HEV 混動、PHEV 插混、ICE 燃油全動力佈局，可衍生出 SUV、轎跑、旅行車等多款車型，真正做到「一車多動力、一車多品類」，精準適配全球多元化用車場景。
針對泰國及東南亞市場現狀，歐拉重點推出 HEV 混動版本，標誌著長城汽車在當地正式從純電單一路線，轉向多動力並行的靈活發展模式，完美配合當地補能基礎設施現狀。據悉，長城汽車將持續深耕泰國市場，計劃 2026 年在泰達成 40% 銷量增長，追加 100 億泰銖投資，歐拉 5 正是達成這一目標的核心主力車款。
對一般消費者而言，這套全新平台技術帶來實實在在的用車好處。用戶可根據自身出行場景自由選車，城市日常通勤選純電、長途出遊選混動、補能不便地區選燃油，無需為車型動力被動妥協。同時，歐拉 5 相較同級車型，購入成本降低 5%，維修保養成本下降 15%，搭配全球化統一品控標準，保值率與用車穩定性全面升級。
2026 年將成為歐拉產品大年，品牌將依托全新平台完善產品陣列。除歐拉 5 家族全覆蓋各級別主流車型外，芭蕾貓、閃電貓、好貓等經典車型亦將完成全面煥新。以泰國為核心支點，歐拉後續將逐步開拓歐洲、大洋洲、中東、拉美、非洲等全球市場，讓中國時尚精品汽車走向世界六大洲。
動力層面，歐拉 5 配備兩套成熟可靠的實用方案，兼顧不同用戶的出行需求。其中 HEV 混動版搭載長城自研兩擋 DHT 混動架構，憑藉雙電機佈局與專屬脫離機構，實現動力、平順、節能的均衡表現，綜合油耗低至 4.5L/100km，長途出行省油又安心。
燃油版則搭載百萬級裝配認證的 1.5T+7DCT 黃金動力組合，經歷極寒、高溫、高原等多重極限環境嚴苛測試，性能穩定可靠，綜合油耗僅 6.4L/100km，為補能不便地區用戶提供高性價比、高可靠性的出行選擇。
值得關注的是，歐拉 5 實現業界領先的「油電同智」，徹底抹平不同動力車型的智能體驗差距。全車全系標準配備 Coffee OS 3 智能座艙、15.6 英寸 2.5K 超清中控螢幕與 4nm 高性能晶片，20TOPS 超高運算能力，開機速度不足 3 秒。搭配 Coffee GPT 語音大模型，支援方言識別、一語十意、智能閒聊等豐富功能，人機交互更流暢便捷。
智能駕駛層面，新車全系搭載 Coffee Pilot 3 輔助駕駛系統，操作簡單易上手。支援全場景無圖 NOA、200+ 泊車場景、100 米循跡倒車、3km 跨樓層記憶泊車等實用功能，搭配透明底盤、全景影像、自動駐車等配置，輕鬆解決城市通勤、高速巡航、複雜地庫泊車等日常用車難題。
從品牌煥新、平台升級到多動力佈局、油電智能平權，曼谷全球首發的歐拉 5，完成了從產品到品牌的全方位價值躍升。這款車型不僅展現了長城汽車成熟的技術實力與開放的全球化思維，更詮釋了中國汽車企業的全球化新理念：不做一刀切的產品輸出，而是尊重各地市場差異，用多元適配的產品方案，為全球用戶打造高品質、高適配的時尚精品座駕。
隨著歐拉 5 正式啟航，歐拉品牌將以全新姿態征戰全球市場，帶著中國汽車的時尚美學與硬核技術，在全球舞臺持續綻放光芒，開啟中國精品汽車全球化發展的全新篇章。
In the Malaysian SUV market, many buyers compare Proton X50 and Chery Tiggo Cross 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 Chery Tiggo Cross in Malaysia is RM 88,750 - 99,750, with a total of 2 versions, including 2025 HEV 1.5L CSH (RM 99,750), 2025 1.5T Standard (RM 88,750), etc.
In terms of price, the starting price of Chery Tiggo Cross is RM 1,050 cheaper than Proton X50. Honestly, in this price range, a difference of a few thousand is not really big. The key is still to look at the overall cost-performance ratio and long-term usage cost.
Proton X50 is equipped with 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
Chery Tiggo Cross is equipped with 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
Both cars use the same powertrain, and the driving experience feels basically the same. Fuel consumption is also similar, so no need to worry too much about this point.
Proton X50 body length 4400 mm, boot 400 L.
Chery Tiggo Cross body length 4400 mm, boot 400 L.
The dimensions of the two cars are almost the same, and the interior space difference is not big. For cars of this class, daily use is more than enough.
Proton X50 and Chery Tiggo Cross are both mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale price more, you can prioritize the one with better reputation; if you care more about cost-performance ratio and equipment, choose the one with richer configuration. Ultimately, it is recommended to test drive both, and personal experience is the most important.
Overall, Proton X50 and Chery Tiggo Cross are both very good models in the Malaysian market. Which one to choose depends on your personal needs and budget. We suggest doing your research well, comparing quotes from several dealerships, and then test driving to make the final decision. Buying a car is a big matter, spending some time doing research is never wrong.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拎 Proton X50 同 Mazda CX-3 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比較，幫你省咗做功課嘅時間。
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。
Mazda CX-3 喺馬來西亞嘅 OTR 售價係 RM 126,159 - 139,159，一共有 2 個版本，包括 2023 2.0L High（RM 139,159）、2023 2.0L Plus（RM 126,159） 等。
從價錢嚟睇，Proton X50 嘅起步價確實比 Mazda CX-3 平咗 RM 36,359。如果你預算有限，Proton 嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能喺配備上面有取舍，具體要睇你嘅需求。
Proton X50 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Mazda CX-3 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
動力方面，Mazda CX-3 嘅 1.5L Turbo 比 Proton 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。
Proton X50 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
Mazda CX-3 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 i-Activsense。
兩款車嘅安全評級一樣，喺呢個級別入面安全配備都算好齊全。而家嘅新車安全性都唔錯，唔使太擔心呢一點。
Proton X50 車身長 4400 mm，行李箱 400 L。
Mazda CX-3 車身長 4500 mm，行李箱 450 L。
空間方面，Mazda CX-3 嘅車身比 Proton X50 長咗 100 mm，乘坐空間更有優勢。不過 Proton X50 喺城市入面停車會靈活一點，各有取舍。
Proton X50 同 Mazda CX-3 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更加看重品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更加在意性價比同配備，那就揀配置更豐富嗰款。最後都建議兩款都去試駕，親身體驗先係最重要。
總嘅嚟講，Proton X50 同 Mazda CX-3 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵都要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行之嘅報價，再去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
In the Malaysian SUV market, many buyers compare Perodua Aruz and Mitsubishi Xforce when choosing a car. These two cars are quite close in price and positioning, so today we will do a detailed comparison from multiple aspects to help you save time on research.
The OTR price for Perodua Aruz in Malaysia is RM 72,900 - 77,900, with a total of 2 versions, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.
The OTR price for 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 pricing perspective, the starting price of Perodua Aruz is indeed RM 37,030 cheaper than Mitsubishi Xforce. If your budget is limited, Perodua's entry-level version can already meet daily needs. However, note that that few thousand ringgit difference might involve trade-offs in features, depending on your specific needs.
Perodua Aruz is equipped with 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
Mitsubishi Xforce is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
In terms of power, Mitsubishi Xforce's 1.5L Turbo has 35 more horsepower than Perodua Aruz's 1.5L 4-cyl. However, for daily city driving, the power of both cars is sufficient, you will not feel underpowered.
Perodua Aruz body length 4400 mm, trunk 400 L.
Mitsubishi Xforce body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost identical, interior space difference is minimal. For this class of cars, daily use is more than sufficient.
Perodua Aruz and Mitsubishi Xforce are both mainstream choices in the Malaysian market, suitable for family use, daily commuting. If you value brand reputation and resale value more, you may prioritize the one with better reputation; if you care more about cost-performance ratio and features, then choose the one with richer configuration. Ultimately, it is recommended to test drive both, personal experience is the most important.
Overall, Perodua Aruz and Mitsubishi Xforce are both very good models in the Malaysian market. Choosing which one depends mainly on your personal needs and budget. We recommend doing your research, compare quotes from multiple dealerships, then test drive to make a final decision. Buying a car is a big matter, spending some time on research will never be wrong.
喺馬來西亞嘅 SUV 市場，好多買家在揀車嗰陣都會拿 Perodua Aruz 同 Chery Tiggo 7 Pro 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 7 Pro 喺馬來西亞嘅 OTR 售價係 RM 123,750 - 123,750，一共有 2 個版本，包括 1.6L Turbo Standard（RM 125,000）、1.6L Turbo Premium（RM 140,000） 等。
睇返價錢，Perodua Aruz 嘅入場價確實比 Chery Tiggo 7 Pro 便宜咗 RM 50,850。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需要。但都要留意，平啲嗰幾千蚊，喺配備上可能有取捨，具體要看你嘅需要。
Perodua Aruz 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括。
Chery Tiggo 7 Pro 嘅安全評級係 TBD，主動安全系統包括 Basic。
Perodua Aruz 車身長 4400 mm，後廂 400 L。
Chery Tiggo 7 Pro 車身長 4400 mm，後廂 400 L。
兩款車嘅尺寸幾乎一樣，車內空間差別唔大。呢個級別嘅車，日常使用完全夠用。
Perodua Aruz 保養期 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Chery Tiggo 7 Pro 保養期 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
Perodua Aruz 同 Chery Tiggo 7 Pro 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，可以優先考慮口碑更好嗰款；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，親身體驗先至最重要。
總體嚟講，Perodua Aruz 同 Chery Tiggo 7 Pro 都係馬來西亞市場好唔錯嘅車型。揀邊一輛，關鍵都係睇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，再去試駕做最終決定。買車係件大事，花少少時間做功課絕對無錯。
In the Malaysian SUV market, many buyers compare Perodua Aruz and Honda HR-V 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.
Perodua Aruz OTR price in Malaysia is RM 72,900 - 77,900, with 2 versions available, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.
Honda HR-V OTR price in Malaysia is RM 115,900 - 143,900, with 4 versions available, including 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900), etc.
From a price perspective, Perodua Aruz starting price is indeed RM 43,000 cheaper than Honda HR-V. If your budget is limited, Perodua's entry-level version can already meet daily needs. But also note, the few thousand difference in price might involve trade-offs in features, depending on your specific needs.
Perodua Aruz safety rating is 5★ (ASEAN NCAP), active safety systems include.
Honda HR-V safety rating is 5★ (ASEAN NCAP), active safety systems include Honda SENSING (ACC, CMBS, LKAS, RDM).
Both cars have the same safety rating, safety features are quite complete in this class. New cars nowadays do not have poor safety, so there is no need to worry too much about this.
Perodua Aruz body length 4400 mm, trunk 400 L.
Honda HR-V body length 4500 mm, trunk 450 L.
Regarding space, Honda HR-V body is 100 mm longer than Perodua Aruz, offering better passenger space. However, Perodua Aruz is a bit more flexible for parking in the city, each has its trade-offs.
Perodua Aruz warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Honda HR-V warranty 5 years/unlimited mileage, maintenance interval every 10,000km or 6 months.
Overall, Perodua Aruz and Honda HR-V are both very good models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. We suggest doing your research, comparing quotes from several dealerships, and then test driving before making a final decision. Buying a car is a big matter, spending time on research is never wrong.
猫头鹰车志（ID:owlauto）讯，曾经加价30万元仍一车难求的超豪华品牌宾利，如今在中国市场遭遇了新车与二手车价格的双重下滑。中国汽车流通协会与精真估联合发布的《2026年6月中国汽车保值率研究报告》显示，宾利飞驰3年车龄保值率已从2024年的近75%降至62%，一年内下降超过12个百分点。
新车市场价格同步失守。2026款宾利飞驰的综合现金优惠在35万至45万元区间，贷款购车优惠可达50万元。老款车型降幅更为显著——2024款飞驰V8标准版官方指导价279.3万元，经销商渠道折后价已低至199.3万元，单台降价80万元。
保值率下滑并非宾利独有的现象。同一份保值率报告显示，保时捷三年保值率已降至58.5%，首次跌破六成；奔驰从59.2%降至54.8%，雷克萨斯从60.5%降至56.3%，宝马从54.3%降至48.2%，奥迪从51.4%降至47.4%。超豪华与普通豪华品牌的保值率防线均被击穿。
二手车市场的价格变动更为剧烈。在青岛陆海汽车交易市场，车龄8年以上的宾利飞驰挂牌价已降至26.8万元。据二手车商透露，这类车型正常二手价格应在70万至80万元区间。2025年同期，同年限宾利飞驰的挂牌价还维持在55万元左右。
销量数据反映了市场需求的变化。宾利在华销量于2021年达到4212辆的历史峰值，此后逐年下滑——2022年4033辆、2023年3006辆、2024年2608辆、2025年仅剩2030辆。进入2026年，前四个月累计销量489辆，同比下滑30%；5月单月进口115辆，同比下跌36%。2025年，宾利在中国内地及香港市场的销量占总销量的19%，而2024年这一比例为23%。
宏观市场环境正在发生结构性变化。2026年5月，国内新能源乘用车渗透率突破62.9%，当月燃油车零售量同比下滑39%，乘用车销量榜单前十全部被新能源车型占据。在超豪华车细分市场，2025年上半年零售价101.7万元以上车型的销量仅为3.7万辆，同比下跌49%。
新车持续降价压低了二手车残值的天花板。与此同时，尊界、仰望等国产高端新能源品牌推出多款百万级车型，凭借智能化配置和本土化产品体验分流了传统超豪华品牌的核心客群。宾利市售主力仍以大排量燃油车为主，智能座舱与车机系统落后于行业主流节奏。
从2022年底保时捷三年保值率一度高达100.3%的行业高点，到如今宾利飞驰等车型跌破62%，超豪华品牌曾经稳固的残值体系正经历一轮显著调整。
【導語：阿維塔 L3 路測牌照到手，這意味著佢喺高階智駕領域屬於華為合作體系中嘅第一梯隊。不過，與此同時，市場端銷量承壓、二次衝刺 IPO、品牌整合喺即，阿維塔正處於「技術長板、資源長板」與「商業短板」並存嘅冰火狀態。】
作者：蔡言
剛踏入 7 月，阿維塔宣佈已獲得 L3 級自動駕駛測試牌照，依托華為乾崑 ADS 高級智駕系統，阿維塔將喺重慶開放路段展開最高 120km/h 嘅智駕路測，並規劃喺 2026 年下半年推出搭載 L3 功能嘅量產車型。
阿維塔喺 L3 智駕方面取得嘅進展，標誌住品牌高級智駕技術，從研發正式邁入實地測試階段，未來有望成為品牌突破行業內捲、扭轉銷量低迷嘅現狀嘅關鍵抓手。
近日，阿維塔向港交所遞交嘅更新版招股書披露咗另一組數據。阿維塔 2026 年 1 至 5 月累計交付僅 20160 輛，月均不足 4032 輛，同比降幅超過 50%，如果計入 6 月交付嘅 7459 輛，半年僅完成咗年度目標（22 萬輛）嘅 12.5%。
同期，國內汽車市場整體即便同樣處於持續承壓狀態，月度與累計銷量同比呈雙位數下滑，新能源市場整體降幅約 15%。但係，具體到「新勢力、創二代」細分陣營，頭部新勢力單月銷量門檻早已突破 3 萬輛，鴻蒙智行品牌月均銷量穩定喺 5 萬台左右，零跑更是斷層式領先。
而與阿維塔處於同一競爭生態位嘅智己汽車，2026 年 1-5 月銷量亦達到咗 3.1 萬輛，同比增長 114%。要知道，智己 2025 年表現並唔及阿維塔。
阿維塔正處於一個充滿矛盾嘅節點上，L3 牌照係阿維塔技術實力嘅一次證明，但佢無法掩蓋一個殘酷嘅現實：喺品牌定位同銷量層面，阿維塔經過短暫衝高之後，仍然喺承壓。
高開低走
阿維塔作為「創二代」中，出生資源豪華嘅汽車品牌之一，長安整車製造、華為高級智駕、寧德動力電池核心能力，三方巨頭嘅合力托舉，CHN 模式一度成為高端造車嘅標杆樣本。
自 2022 年 12 月開始交付以來，總交付量由 2023 年嘅 2 萬輛，至 2025 年迎來品牌高光。
2025 全年交付量 12.27 萬輛，12 月單月銷量達 1.04 萬輛，實現連續 10 個月銷量破萬嘅成績，全年營收達 256.31 億元，同比增長 68.7%，毛利率為 9.4%。營收從 2023 年到 2025 年同樣喺漲，阿維塔三年累計營收約 465 億元，年均複合增長率超 113%，營收喺三年間增長 4.5 倍，整車業務收入三年增長約 4.3 倍。
阿維塔品牌經歷 3 年成長，憑藉一身豪華資源，確實收穫咗唔錯嘅賬面數據，但繼續深挖能夠發現，現階段阿維塔嘅銷量規模，始終冇填上虧損。阿維塔喺招股書中直言：「可能喺截至 2026 年 12 月 31 日止年度繼續錄得淨虧損」。
更關鍵嘅係，對比阿維塔兩次衝擊 IPO 嘅招股書，初版招股書上，2025 上半年嘅毛利率依然係 10.1%，營收為 122.08 億元，而最近嘅招股書，喺下半年營收同環比增長嘅情況下，毛利率唔升反跌（9.4%），進一步說明其盈利能力有所下滑。
阿維塔營收暴漲與虧損持續，背後最關鍵嘅原因在於：品牌認知同市場規模。
首先係品牌認知，2022~2023 年正處於中國新能源產品從規模擴張轉向品質升級嘅關鍵階段，當時三大巨頭合力托舉嘅阿維塔確實屬於係「要流量有流量，要實力有實力，要獨特性有獨特性」，阿維塔成立之初，僅有唔到 5 間企業擁有華為嘅技術加持。
可惜嘅係，喺品牌問世之初，阿維塔冇高開高走，反而沿用咗傳統品牌一貫嘅務實風格，因此錯過咗品牌最佳傳播節點。
自從 2024 年越來越多車企擁抱華為之後，阿維塔呢套「中國汽車工業富二代」嘅獨特敘事，被「五界三境」快速拉平。
以今次 L3 路測為例，廣汽同華為乾崑打造嘅啟鏡 GT7，同樣獲得咗廣州 L3 級自動駕駛道路測試許可。如此一來，啟鏡 GT7 同樣搭載華為智駕嘅情況下，阿維塔便難於獲得「稀缺感」。
前不久，2026 年華為乾崑技術大會公布嘅數據，截至 4 月，華為乾崑合作品牌已經超 25 間，量產搭載華為 ADS 嘅車型超 50 款。
呢種情況並唔止出現喺智駕技術方面，去年寧德時代官宣由阿維塔發首批搭載驍遙超級增混電池，喺幾個月內就有少少列車企跟進配套，包括同級競品智駕 R7。
人們記住咗華為嘅智駕、寧德時代嘅電池，卻記唔住阿維塔品牌本身，即便阿維塔有「首批採用」優勢、係「引望股東」，但阿維塔尚未建立清晰嘅市場品牌認知，呢個成為比虧損更嚴重嘅問題。
講到底，阿維塔缺嘅唔係技術，而係「非我唔可」嘅理由。
尤其係現階段 20~40 萬最捲嘅價格區間，無論係極氪、問界、特斯拉、小米定係蔚來、小鵬，只要提到呢啲品牌，消費者都能清晰聯想到，呢個品牌核心賣點係乜，而阿維塔卻係模糊嘅。
論設計，阿維塔有唔錯嘅原創設計，確實能夠打动部分年輕消費者嘅心，但喺高端市場，審美同設計只係敲門磚。論智駕，市場上搭載華為乾崑全家桶嘅車型，已經多到數唔完，甚至定價比阿維塔平。論電池，消費者往往只會記住品牌，而唔係具體嘅電池型號。而家，中國 20~40 萬消費者已經被訓練出一套揀車模型，佢哋需要嘅係差異化，獨特性，而唔係簡單嘅巨頭拼盤。
多方調整
對於銷售規模帶來嘅影響，阿維塔已經喺招股書中坦言，「相對較細嘅採購量局限咗我哋同零部件供應商嘅議價能力」。
長安汽車喺今年 4 月已宣佈對阿維塔、深藍汽車實施戰略性整合。深藍與阿維塔將喺研發、採購、供應鏈、渠道等多個維度實現深度協同，最終實現降低 20%~30% 嘅綜合營運成本。
當然，整合同樣並唔係局限成本嘅降低，點樣保證兩個品牌嘅獨立性同差異化，以及未來點解決阿維塔核心競爭力唔被內部稀釋等等問題，將會係長安汽車接下來嘅核心挑戰。目前市場上，吉利旗下嘅領克同極氪就係中端品牌同高端品牌細分得幾好嘅範本。
值得一提嘅係，目前阿維塔喺出海同渠道層面已經幾有成效。
2025 年，阿維塔海外收入從 2.23 億元增至 13.98 億元，收入佔比提升至 5.5%，截至 2025 年底，阿維塔已經喺 38 個國家同地區，佈局超過 80 個銷售網點。其中阿維塔 11 喺泰國長期穩坐豪華電動車頭把交椅，喺阿聯酋佔據高端電動車 10% 嘅市場份額。
渠道層面，阿維塔自 2024 年 5 月啟動渠道轉型，目前大部分門市都告別咗純自營模式，只喺核心一線城市保留少少直營店。渠道調整嘅效果立竿見影，分銷收入佔比從 2023 年嘅 1.1% 躍升至 2025 年嘅 49.2%。更關鍵嘅係銷售效率大為提升，阿維塔 2025 年銷售費用只增加咗 2.4 億元，但撬動咗 104 億元嘅收入增長。
今年下半年，阿維塔嘅新車銷量、L3 商业化、海外拓展進展，以及上市點會唔會順利推進，呢啲皆係阿維塔能否突圍嘅核心變量。
點評
現階段，阿維塔最需要面對嘅最現實問題，手握 115 億合資股權、拿下 L3 測試牌照、推進品牌整合等等舉措，都只係「戰術加分項」，而真正嘅救命稻草依然係「品牌敘事」嘅深化。畢竟，一個品牌最可怕嘅事，就係冇戰略，淨係有戰術。品牌搭建由嚟都冇捷徑，目前阿維塔嘅方向已經明確調整，動作已經铺开，剩下就畀時間同產品了。
（本文係《禾顏閱車》原創，未經授權，不得轉載）
In the Malaysia SUV market, many buyers compare Perodua Ativa and Honda WR-V 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 Perodua Ativa in Malaysia is RM 62,500 - 73,400. There are 3 versions in total, including 1.0L Turbo X (RM 62,500), 1.0L Turbo H (RM 67,300), 1.0L Turbo AV (RM 73,400), etc.
The OTR price of Honda WR-V in Malaysia is RM 89,900 - 107,900. There are 4 versions in total, including 2023 1.5L V (RM 99,900), 2023 1.5L E (RM 95,900), 2023 1.5L S (RM 89,900), etc.
From a price perspective, the starting price of Perodua Ativa is indeed RM 27,400 cheaper than Honda WR-V. If your budget is limited, Perodua's entry-level version can already meet daily needs. However, keep in mind that the savings of a few thousand might come with trade-offs in features, depending on your specific needs.
Perodua Ativa is equipped with 1.5L 4-cyl, 105 hp. Official fuel consumption is 6.0 L/100km.
Honda WR-V is equipped with 1.5L 4-cyl, 105 hp. Official fuel consumption is 6.0 L/100km.
Both cars use the same powertrain, and the driving experience feels basically the same. Fuel consumption is also similar, so no need to worry too much about this point.
Perodua Ativa's safety rating is 5★ (ASEAN NCAP). Active safety systems include ASA 3.0 + ACC + LDA + LKA + BSM + RCTA.
Honda WR-V's safety rating is 5★ (ASEAN NCAP). Active safety systems include Honda SENSING.
Both cars have the same safety rating. In this class, safety features are quite comprehensive. New cars nowadays are not lacking in safety, so no need to worry too much about this.
Perodua Ativa adopts FWD drive mode.
Honda WR-V adopts FWD drive mode.
Both cars have the same drive mode, both are FWD, so there won't be much difference in daily driving experience.
Both Perodua Ativa and Honda WR-V are mainstream choices in the Malaysia market, suitable for family use and daily commuting. If you value brand reputation and resale value more, prioritize the one with the better reputation; if you care more about cost-performance ratio and features, choose the model with richer configuration. Ultimately, it is recommended to test drive both, as personal experience is the most important.
Overall, both Perodua Ativa and Honda WR-V are very good models in the Malaysia market. Which one to choose mainly depends on your personal needs and budget. It is recommended to do your research, compare quotes from several car dealerships, and then test drive to make the final decision. Buying a car is a major matter, taking some time to research will definitely not go wrong.
July 9, 2026 (Singapore), Avatr Technology announced that Nobel Prize in Physics Laureate, Graphene Discoverer Professor Konstantin Novoselov officially became the 100,000th Avatr 07 owner. This new car delivery ceremony was held at Avatr's Singapore store. The trust and choice from top scientists globally not only affirm Avatr's product strength but also serve as another example of Chinese brands continuously rising in the global high-end market.
At the delivery ceremony, Professor Konstantin Novoselov stated: "When I visited Chongqing this May, I experienced the Avatr models up close. Its unique, elegant futuristic design, tech-filled cocoon cockpit, and emotional smart interaction left a lasting impression on me. I chose the Avatr 07 because it fully fits my aesthetic standards and daily driving needs. This is my first Chinese brand car; its innovation strength and luxury quality are astounding."
The Avatr 07 chosen by Professor Konstantin Novoselov this time is positioned as a Smart-Aesthetic Urban Luxury SUV. With original futuristic aesthetic design, urban luxury first-class cabin experience, six major hardcore tech features, and excellent safety quality, it brings users an unprecedented fully-spec experience across four dimensions: luxury, intelligence, performance, and safety. Since its launch, the Avatr 07 has gained recognition from 100,000 users globally, becoming Avatr's main sales model and helping the brand's global cumulative sales break 260,000 units.
The Avatr 07 starting price in the Singapore market exceeds 1,000,000 RMB, positioning it in the core price range of local luxury brands, highlighting Singaporean users' recognition of Avatr's product strength and new luxury brand value. Since entering the Singapore market in July 2025, Avatr has partnered with high-end automotive group DPL Premium Automobiles for deep cooperation, accelerating offline channel layout implementation, continuously improving the localized operation system, and creating an ultimate luxury car-owning life experience for Singaporean users.
In addition to Professor Konstantin Novoselov, elites and celebrities such as the Thai Deputy Prime Minister, the King of Bhutan, and Qatari Royal Family Members had previously chosen Avatr as their vehicle. As of now, Avatr has entered 43 countries and regions and will accelerate expansion into Middle East, Southeast Asia, and European markets. It plans to enter over 110 countries and regions by 2030, grasping overseas high-end market growth opportunities with localized product and service systems, and continuously building a global leader brand in new luxury smart electric vehicles.
July 8, 2026, the global leading physical AI company Momenta officially listed on the Hong Kong Stock Exchange, stock code 6880.HK, becoming the 'first physical AI stock'. Trading was hot at the first-day opening, stock price surged over 6% at open, total market cap broke through 70 billion HKD.
According to the placement results announced by Momenta earlier, the listing price is 295.6 HKD/share. Assuming the 'greenshoe' (oversubscription option) is fully exercised, the global offering is approximately 22.93 million shares, with total fundraising amounting to approximately 6.8 billion HKD. Market subscription response was enthusiastic: public offering part received 414 times oversubscription; international offering part received over 100 billion HKD in institutional orders, covering sovereign funds and long-term funds from 15 countries and regions. Total subscription oversubscription (excluding cornerstone, before greenshoe) reached approximately 44 times.
It is reported that Momenta's anchor subscription lineup this time is luxurious, including Singapore Government Investment Corporation (GIC), Fidelity International, BlackRock Group, Franklin Templeton Funds Group, Abu Dhabi Investment Authority (ADIA), Canada Pension Plan Investment Board (CPPIB), Temasek, Wellington, Schroders, and other top global institutions; at the same time, the all-round optimism from domestic long-term capital further confirms Momenta's core status and strategic value in the domestic market: domestic top long-term private equity, public funds, and insurance capital gathered rarely, forming a solid local capital base. Only long-term fund subscription amount exceeded 15 times, showing confidence of global long-term investors in Momenta's long-term value. Additionally, it is learned that Momenta's IPO this time introduced 14 institutions to form an ultra-luxurious cornerstone investor lineup, with cornerstone subscription total approximately 3 billion HKD (approximately $376 million). The composition of the entire cornerstone investor lineup is rare in the Hong Kong stock market's initial public offerings in recent years: it includes international top long-term funds and sovereign funds focused on ultra-long cycle value growth, as well as industry 'top-spec' strategic investors, and also includes Chinese capital top long-term institutions, fully demonstrating Momenta's scarce status in the HK stock market, having become the 'common choice of global long-term investors'.
Just the day before, Momenta announced that the scale of its mass production business installations has broken through 1 million units.
At the listing ceremony, Momenta CEO Cao Xudong stated: 'Ten years ago, we founded Momenta, just to pursue a simple yet firm mission: Better AI, Better Life. Better AI stems from our curiosity. Obsession and curiosity about artificial intelligence make our lives 'vibrant'. Better Life carries our sense of mission. Believing the value of technology lies in making people's lives safer, freer, and better. So, we set three ten-year visions: ten years to save a million lives, ten years to liberate 100% of time, ten years to double logistics and travel efficiency. Today, we have brought a safer and more reassuring driving experience to over 1 million users.'
When talking about the company's future development direction, Cao Xudong started from the company's past technical accumulation, extending to the next stage of intelligent scenarios, 'In the past ten years, we let AI learn to drive, bringing dedicated drivers to every family; in the next ten years, we will bring service scenarios of robots such as dedicated nannies, doctors, teachers, etc. to every family, creating the 'GPT moment' of physical AI. Hope to write the Oriental Silicon Valley legend together with all Chinese AI companies, embrace the whole world, and also let the whole world embrace Chinese technology.'
Common Choice of Global Long-term Investors: Anchored Subscription by Dozens of Top Long-term Funds, Consistent OptimismCarefully reviewing Momenta's anchor subscription institutions and cornerstone investor list, one can find it has extremely high gold content; every single one is a leader in global finance, industry, and other sub-fields.
For example, sovereign funds focusing on long-cycle value investment gathered Singapore Government Investment Corporation, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, Temasek, Oman Investment Authority, etc. Asset management institutions gathered 'All-Star' lineups including Fidelity International, BlackRock, Goldman Sachs, JPMorgan, UBS, CIC, etc., fully demonstrating consistent recognition of Momenta's financial performance and long-term value in the physical AI field.
In the cornerstone list, Singapore Government Investment Corporation and Fidelity International strongly led the investment, both allocated 100 million USD; BlackRock Group invested 25 million USD, Oaktree Capital invested 20 million USD, Franklin Templeton Funds Group invested 10 million USD. Industry 'top-spec' strategic investors include leaders of international and Chinese car companies - Mercedes-Benz and BYD, investing 25 million USD and 15 million USD respectively; industry chain partner GigaDevice invested 6 million USD. Top Chinese capital long-term private equity, public funds, and insurance capital include China's top private equity funds Gao Yi and Boyu, China's top public funds Huaxia and GF, as well as the leader in long-term insurance capital Pacific Insurance, each investing 10 million USD.
The past investment history of the two leading investors can be described as impressive. Among them, the globally renowned sovereign fund Singapore Government Investment Corporation has invested in a series of globally known tech companies in recent years, including large model leader company Anthropic, TSMC, etc., previously investing in well-known industry leaders such as Alibaba, Meituan, Kuaishou, etc. And the global top asset management institution Fidelity International has made long-term investments in Tencent, Alibaba, BYD, CATL, etc., and in recent years has also invested in many AI field leaders such as Zhongji Xuchuang, Cambricon, etc. through its funds via its funds. Choosing to lead the investment in Momenta may mean they have regarded Momenta as one of the core targets in the AI track.
It is worth noting that Mercedes-Benz and BYD also appeared on Momenta's cornerstone list, and joined hands to support. As a benchmark of the global automotive industry and a leader in new energy vehicle companies, Mercedes-Benz and BYD are not only old shareholders of Momenta but also partners. This time, continuing to increase investment as cornerstone and accompanying all the way, fully demonstrating recognition of Momenta's physical AI technology leading advantage and commercial prospects, and further deepening the moat of their strategic cooperation.
Before the IPO, Momenta has already obtained multiple rounds of financing. The shareholder lineup gathered the world's most core industry and technology strategic investors, as well as global top financial investors. The ultra-luxurious and diversified shareholder lineup not only provided strategic and capital support for Momenta, but also helped Momenta achieve high-speed growth from aspects such as business synergy, user growth, and global layout.
Mass Production Breaks 1 Million Units: One Model 'Conquers the World', Accelerating Towards the 'General Physical AI' EraMomenta was founded in 2016 and is a globally leading physical AI company, committed to creating a better life through breakthrough AI technology. Momenta takes the world model as the foundation, based on 'data flywheel' technology insights, mass production business (Mass Production) and scalable unmanned business (Scalable Robo) 'two legs' running in parallel, bringing physical AI into real life.
In April this year, Momenta R7 World Model mass production debut, opening the 'chapter of physical AI'. Momenta is committed to building the physical AI foundation platform, supporting mass production of passenger cars, unmanned logistics vehicles (Robovan), autonomous driving trucks (Robotruck), and autonomous driving taxis (Robotaxi), and will also expand to fields such as robots. As the foundation model of physical AI, R7 World Model is expected to become the key breakthrough point to stimulate physical AI 'GPT moment', and lead the industry to accelerate towards the 'General Physical AI' era.
Relying on the first-mover advantage in physical AI, world models, and commercialization, Momenta's 'flywheel effect' has fully manifested: the first 100,000 units of mass production in 2022 took 24 months, while now the fastest can complete 100,000 unit delivery in less than 40 days. Currently, the scale of mass production vehicles equipped with Momenta system has broken through 1 million units, successfully delivered over 100 mass production models, cumulative fixed models exceed 210 models. Momenta's customers have covered all domestic mainstream passenger car enterprises, and among the top 10 global car companies, 9 have already carried out cooperation with it.
The prospectus shows that Momenta achieved leapfrog growth in revenue scale in the past three years: from 2023 to 2025, Momenta's operating revenue grew from 743 million yuan to 2.413 billion yuan, tripled in three years, with a compound annual growth rate of over 80%. Among them, the growth of licensing revenue was particularly bright, tripling 42 times in three years. At the same time, Momenta's gross margin continued to rise, from 17.5% in 2023 to 71.6% in 2025, quadrupling in three years. As of the end of 2025, the company's cash reserves exceeded 10 billion yuan, providing strong support for accelerating Robo market and global development.
In terms of global layout, Momenta's mass production solutions have been implemented in 10 countries and regions including Asia, Europe, Oceania, Latin America, and North Africa. Momenta Robotaxi has established cooperation with global travel platforms such as Uber, Grab, Lumo, Xiangdao Travel, etc., and car companies such as Mercedes-Benz. It has been implemented in Asia, Europe, and the Middle East regions, and plans to implement in many new cities and regions globally this year.
This IPO going to Hong Kong will not only inject strong momentum into Momenta's technology evolution and business expansion, but also set a new benchmark for the capitalization and scaling development of the physical AI industry, becoming an important milestone for global physical AI to shift from theoretical research to commercial implementation. At the same time, the IPO is also expected to further accelerate Momenta's global process, and promote the progress of the global physical AI industry with a 'China solution' in the wave of AI technology going overseas.
喺馬來西亞嘅 SUV 市場，好多買家在揀車嘅時候都會拿 Perodua Ativa 同 Proton X50 嚟做比較。呢兩款車喺價位同定位上都幾接近，今日我哋就從多個方面做一個詳細比較，幫你節省咗做功課嘅時間。
Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，合共 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，合共 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 嘅入門版已經足夠應付日常需要。但都要留意，平嗰幾千蚊，可能喺配備上會有取捨，具體就要睇返你嘅需要。
Perodua Ativa 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ASA 3.0 + ACC + LDA + LKA + BSM + RCTA。
Proton X50 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
兩款車嘅安全評級一樣，喺呢個級別入面安全配備都算給得好齊全。而家嘅新車安全性唔差，唔使太擔心呢一點。
Perodua Ativa 車身長 4400 mm，後備箱 400 L。
Proton X50 車身長 4400 mm，後備箱 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。
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。如果你更睇重品牌口碑同二手價，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，就揀配置更豐富嗰款。最終都建議兩款都去試駕，親身體驗先至最重要。
總嘅嚟講，Perodua Ativa 同 Proton X50 都係馬來西亞市場幾不錯嘅車型。揀邊一輛，關鍵仲要睇返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，再去做試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
喺馬來西亞嘅 SUV 市場，好多買家揀車嗰陣都會拎 Mazda CX-5 同 Ford Everest 嚟做比較。呢兩款車喺價位同定位上都好接近，今日我就從多個方面做個詳細比較，幫你節省做功課嘅時間。
Mazda CX-5 喺馬來西亞嘅 OTR 售價係 RM 135,469 - 166,760，一共有 3 個版本，包括 2025 2.0L AT 35 週年紀念（RM 316,154）、2025 2.0L AT（RM 296,154）、2025 2.0L MT（RM 294,154） 等。
Ford Everest 喺馬來西亞嘅 OTR 售價係 RM 266,338 - 430,838，一共有 6 個版本，包括 2026 3.0T 4WD Platinum（RM 430,838）、2026 2.0T 4WD Platinum（RM 348,838）、2026 2.0T 4WD Sport（RM 316,838） 等。
由價錢睇嚟，Mazda CX-5 嘅起步價確實比 Ford Everest 平咗 RM 130,869。如果你預算唔夠多，Mazda 嘅入門版已經可以應付日常需要。但都要注意，平嗰幾千塊，可能喺配備方面要有取捨，具體要睇你嘅需要。
Mazda CX-5 嘅安全评分係 5★ (ASEAN NCAP)，主動安全系統包括 。
Ford Everest 嘅安全评分係 5★ (ASEAN NCAP)，主動安全系統包括 Co-Pilot360。
兩款車嘅安全评分一樣，喺呢個級距入面安全配備都算好齊全。依家嘅新車安全性唔算差，唔使太擔心呢一點。
Mazda CX-5 採用 FWD 驅動方式。
Ford Everest 採用 FWD 驅動方式。
兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感覺唔會有太大分別。
Mazda CX-5 同 Ford Everest 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，就揀配置更豐富嗰款。最尾都係建議兩款都去試駕，親身體驗先係最重要。
總括嚟講，Mazda CX-5 同 Ford Everest 都係馬來西亞市場好好嘅車型。揀邊一輛，關鍵始終要睇你個人需要同預算。建議大家做足功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花啲時間做功課絕對唔會錯。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會將奇瑞 Tiggo 9 同起亚 Sportage 做比較。呢兩款車喺價錢同定位上都比较接近，今日我哋就從多個方面做一次詳細嘅對比，幫手節省做功課嘅時間。
奇瑞 Tiggo 9 喺馬來西亞嘅 OTR 售價係 RM 166,800 - 179,800，一共有 1 個版本，包括 2026 2.0T Standard（RM 179,750） 等。
起亚 Sportage 喺馬來西亞嘅 OTR 售價係 RM 129,639 - 179,320，一共有 4 個版本，包括 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） 等。
從價錢嚟睇，起亚 Sportage 嘅起步價比奇瑞 Tiggo 9 平咗 RM 37,161。講真，喺呢個價位段，幾千塊嘅差距其實唔算大，關鍵仲係睇整體嘅性價比同長期使用成本。
奇瑞 Tiggo 9 搭載 2.0L 4-cyl，馬力 170 匹。官方油耗 8.0 公升/100 公里。
起亚 Sportage 搭載 1.5L Turbo，馬力 140 匹。官方油耗 7.0 公升/100 公里。
動力方面，奇瑞 Tiggo 9 嘅 2.0L 4-cyl 比起亚 Sportage 嘅 1.5L Turbo 多咗 30 匹，中段加速更有信心，尤其係跑高速公路超車嘅時候。不過起亚 Sportage 嘅油耗可能更友好，日常市區通勤差別唔會太大。
奇瑞 Tiggo 9 嘅安全評級係 TBD，主動安全系統包括 Basic。
起亚 Sportage 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 Drive Wise。
安全配備方面，兩款車都拿到唔錯嘅評級。不過奇瑞 Tiggo 9 嘅 Basic 同起亚 Sportage 嘅 Drive Wise 喺功能上有些差異，如果你比較重視主動安全嘅話，可以仔細對比下兩者嘅功能列表。
奇瑞 Tiggo 9 車身長 4400 mm，後尾箱 400 公升。
起亚 Sportage 車身長 4400 mm，後尾箱 400 公升。
兩款車嘅尺寸幾乎一樣，車內空間差別唔大。呢個級別嘅車，日常使用完全足夠。
奇瑞 Tiggo 9 採用 FWD 驅動方式。
起亚 Sportage 採用 FWD 驅動方式。
兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感覺唔會有太大區別。
總體嚟講，奇瑞 Tiggo 9 同起亚 Sportage 都係馬來西亞市場好唔錯嘅車型。揀邊一輛，關鍵仲係要看你嘅個人需求同預算。建議大家做功課，多比較幾間車行嘅報價，再去試駕做最後決定。買車係件大事，花少少時間做功課絕對唔會錯。
港交所網站掛出一咗一份熟悉嘅招股書。
5 月 28 日，繼去年 10 月首次遞表失效後，智能駕駛解決方案提供商蘇州天瞳威視電子科技股份有限公司（天瞳威視）再次向港股主板發起重衝，由匯豐及華泰國際聯席保薦。
喺智能駕駛賽道從「講故事」轉向「拼量產」嘅 2026 年，天瞳威視嘅二次遞表唔單止係一次資本試探，更係一場關於中國智駕供應商生存現狀嘅集中檢閱。
呢間被認為係「算力效率派」代表嘅公司，一邊連住從采埃孚到上汽、北汽嘅豪華產業資本陣營，一邊卻面臨住現金流緊繃、海外明顯回落嘅現實困境。喺呢場 IPO 嘅博弈中，光鮮同陣痛並存。
01
邊個係「天瞳威視」？
天瞳威視嘅創辦人王曦係一位典型嘅「回國」技術派。佢畢業於北京航空航天大學，後喺英國雷丁大學攻讀計算機科學博士學位。
喺決定創業之前，王曦曾經喺汽車零部件供應商天合汽車（TRW）及采埃孚擔任算法工程師同技術負責人，深度參與咗早期 ADAS 系統嘅開發。
2016 年，王曦捕捉到國內汽車智能化嘅風口，回國喺蘇州創立咗天瞳威視，定位係「以軟件算法驅動智能駕駛」嘅本土解決方案提供商。
公司嘅名字「天瞳」寓意「天之眼」，意在打造車輛感知萬物嘅視覺中樞。佢從最初嘅視覺感知算法起步，逐步擴展至行泊一體域控制器、L4 級自動駕駛系統等軟硬件結合嘅整體方案。
天瞳威視融資情況。資料來源：企查查
成立後不久，天瞳威視就獲得德聯資本、盛世投資嘅天使輪融資。此後十年時間，天瞳威視累計完成咗超過 10 輪融資，融資總額近 10 億元。
從招股書披露嘅股權結構嚟睇，天瞳威視構建咗深度綁定嘅「產業 + 資本」生態圈。
一方面，產業夥伴站台，全球汽車零部件巨頭采埃孚唔單止係其 C 輪領投方，亦係其戰略合作夥伴，持有天瞳威視 6.93% 嘅股份，位列第四大股東；國內方面，上汽集團通過上汽北美產投持股，北汽集團通過北汽產投佈局其中，地平線同商湯科技亦係戰略投資者。
另一方面，地方國資護航，唐山機器人基金、吳中金控等國資背景基金喺 D 輪及 D+ 輪入場，提供咗約 5.23 億元嘅資金支持。
截至最後實際可行日期股權架構
截至目前，王曦透過直接持股同員工持股平台合共控制公司約 40.84% 嘅權益，依然保持住對公司嘅控制權。
02
「兩條腿」行路
天瞳威視喺業務佈局上採取咗「雙軌並行」嘅策略。
喺 L2-L2+ 級輔助駕駛領域，天瞳威視嘅選擇非常務實。佢並冇盲目追逐算力堆疊嘅「軍備競賽」，而係走咗一條高性價比路線。
作為典型嘅視覺派智駕供應商，佢喺 L2 量產方案上以視覺感知為主，融合毫米波雷達同超聲波雷達，能夠喺較低算力平台上實現高級功能。例如，基於地平線 J6B 芯片（約 20TOPS）嘅方案即可支持行泊一體、高速 NOA。
呢種打法擊中咗 10 萬 -20 萬級主流車款對成本敏感嘅痛點。根據灼識諮詢嘅數據，按 2024 年裝機量計，天瞳威視係中國第二大同時提供行車同泊車解決方案嘅以軟件為核心嘅 L2-L2+ 級方案提供商，市場份額為 14.3%。
2024 年中國具備行泊一體能力嘅以軟件為核心供應商格局
截至最後實際可行日期，天瞳威視獲得 23 個汽車品牌嘅 198 款車款嘅 L2-L2+ 級解決方案定點函，並實現 6 個汽車品牌嘅 105 款車款嘅量產；獲得定點函嘅 198 款車款中有 87 款覆蓋海外市場，其中 59 款已實現量產。
但值得注意嘅係，L2-L2+ 市場正在經歷劇烈嘅「紅海化」。
一方面，經緯恆潤、福瑞泰克等本土 Tier1 正在加速追趕；另一方面，部分頭部車廠開始將低階智駕方案從外購轉為內部集成。
天瞳威視能否維持佢喺「性價比方案」領域嘅領先地位，取決於佢能否持續保持算法對低算力平台嘅優化能力，而這需要喺研發投入上持續加碼。
喺高級 L4 級自動駕駛領域，天瞳威視更多扮演「先鋒」角色。這亦係佢近兩年增長最快嘅板塊。
早在 2019 年，佢就參與咗上海洋山港嘅 5G 智能重卡項目。目前佢嘅 L4 方案覆蓋 Robobus、Robotaxi 同 Robotruck。其中，Robobus 係佢最具代表性嘅產品線，已喺蘇州、天津等城市嘅公開道路投入常態化試營運。
2025 年，天瞳威視從 L4 級解決方案產生收入 3.75 億元，佔公司總收入嘅 68% 以上，大部分收入來自 L4 級軟件解決方案。
然而，硬幣嘅另一面係商業化嘅曲折。雖然 L4 業務營收暴增，但佢嘅交付形態目前以「軟硬件一體解決方案」為主，呢種模式本質上接近「項目制交付」或「小規模車隊部署」，與 L2 業務中「純軟件授權 + 白盒交付」嘅高毛利、大規模複製邏輯存在顯著差異。
呢就直接導致 L4 業務毛利率嘅大幅波動：喺部分自研硬件佔比较高嘅項目中，毛利率一度低至 15%。
截至遞表日，公司雖手握超 10 億元嘅 L4 意向訂單，涵蓋 2500 架車，但呢啲訂單預計要喺未來三至五年內先會陸續交付，短期內對現金流嘅改善作用有限。
此外，天瞳威視仲有部分應收來自工程服務，主要涉及道路測試、數據收集支援及數據標註服務以及公司嘅專有工具鏈。
03
財務嘅雙面鏡
招股書嘅財務部分，展現咗智駕行業最真實嘅「B 面」：規模同虧損嘅極限拉扯，同埋賬面現金同營運消耗之間嘅緊張博弈。
營收高增長，但結構劇烈波動。
財務數據顯示，公司嘅營收呈現爆發式增長，從 2022 年嘅 1.72 億元增長至 2024 年嘅 4.83 億元，複合年增長率高達 67.7%。2025 年全年營收進一步增長至 5.5 億元。
但收入結構嘅變化明顯。2023 年，公司依賴 L2-L2+ 業務，佔比 90.2%；去到 2024 年，L4 業務佔比升至 50.2%；2025 年，L4 業務佔比進一步拉高至 68%。呢種「斷崖式」嘅結構切換，雖然證明佢 L4 技術搵到咗落地場景，但亦令市場質疑佢 L2 業務係咪已觸及天花板。
毛利率同純利潤嘅背離，呢係天瞳威視面臨嘅最大挑戰。
從毛利睇，整體毛利率喺 30% 左右徘徊，喺呢個技術密集型嘅智駕行業屬於中等水平。但細拆睇嚟，L2-L2+ 業務嘅毛利率通常能維持喺 40% 以上，純軟件授權模式，而 L4 業務嘅毛利率則因「軟硬件一體」交付中硬件佔比提高而被顯著拉低。
從純利潤睇，雖然表面虧損額較大，2024 年虧損 4.63 億、2025 年虧損約 2 億，呢度包含大量因優先股公平值變動帶來嘅「紙面虧損」。剔除呢個因素後嘅經調整純利潤更能反映公司嘅真實經營狀況：2024 年已收窄至 -438 萬元，但 2025 年並未如市場預期實現轉正，而係錄得約 -1086 萬元，虧損較 2024 年有所擴大。
呢個背後有一個不可回避嘅關鍵前提：調整後嘅「減虧」乃至「接近盈虧平衡」，係喺公司持續壓縮研發投入嘅基礎上實現嘅，研發費用從 2024 年嘅 1.17 億元降至 2025 年嘅 9231 萬元，研發費用率從 2024 年嘅 24.3% 進一步降至 16.8%，而 2022 年呢個數字曾高達 108.7%。對於一家科技公司嚟講，研發強度嘅「退坡」是否會影響未來嘅技術護城河，係一個潛在風險點。
現金流持續告急，最令人擔憂嘅信號。
根據最新招股書，截至 2025 年 12 月 31 日，公司賬上嘅現金及現金等价物為 2.35 億元，較 2025 年 6 月 30 日嘅 3.74 億元淨減少 1.39 億元，現金消耗速度較快。
更值得警惕嘅係經營現金流由正轉負且缺口持續擴大嘅趨勢。2023 年，公司經營活動現金流淨額為正向流入 1.15 億元，但 2024 年迅速轉為淨流出 1.89 億元，2025 年進一步惡化至淨流出 2.93 億元。
與此同時，應收賬款周轉急劇惡化。公司嘅貿易應收款項從 2023 年嘅 0.89 億元升至 2025 年嘅 5.48 億元，三年增長超過五倍，而同期營收增幅僅約 2.7 倍。
更令人擔憂嘅係應收款項周轉天數從 2023 年嘅 191 天同 2024 年嘅 166 天，到 2025 年驟升至 300 天，意味著公司從完成交付到收回款項平均需要接近一年時間。呢相當於變相為客戶提供長期無息墊資，喺資金本就緊張嘅情況下進一步加劇咗流動性壓力。
此外，雖然天瞳威視係首家出海嘅中國智駕軟件供應商，但 2025 年佢嘅海外業務遭遇咗明顯回落。2023 年天瞳威視海外收入為 1.27 億元，佔總營收比重達到 62.2%；到 2025 年海外收入降至 1100 萬元，佔比僅 2.0%。
喺而家全球地緣政治複雜、部分國家對智能汽車數據監管趨嚴嘅背景下，為佢嘅全球化故事增添咗一絲不確定性。
04
結語
天瞳威視嘅二次闖關，係智能駕駛行業進入「淘汰賽」階段嘅一個縮影。
從好嘅方面睇，佢踩準咗 L2 性價比同 L4 場景化落地嘅雙重節奏，且經調整純利潤喺特定口徑下已接近盈虧平衡，呢啲都畀投資者提供咗「有亮點可講」嘅故事線。
但從風險嘅角度睇，情況遠比首次遞表時更為嚴峻。業務重心嘅急速漂移、L4 業務商業化初期嘅盈利磨難、研發投入嘅被動收縮，呢啲此前就已存在嘅問題並未緩解。
天瞳威視 L4 級智能巴士
而真正令此次 IPO 帶「求生」色彩嘅，係現金流數據嘅實質性惡化：2.35 億元嘅賬面現金，面對每年近 3 億元嘅经营性現金淨流出，安全邊際已不足一年。疊加 300 天嘅應收賬款周轉天數，意味著公司每交付一筆訂單，都要墊付近一年嘅資金成本。
換言之，天瞳威視正處喺一個危險嘅財務窗口期：賬上嘅錢僅夠維持唔足一年嘅正常運作，而 L4 業務嘅大規模交付同回款卻需要更長時間。喺呢個智駕資本熱潮退去、一級市場融資邊際收緊嘅時刻，公司已冇太多等待嘅餘地。
首次遞表失效後僅隔半年便再次衝擊港股，對天瞳威視而言，與其話係戰略選擇，唔如話係現金倒逼下嘅必然之舉。
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.
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.
