知嘹汽車/陳壹

前段時間，《財富》雜誌發布最新嘅世界 500 強榜單，奇瑞汽車以 417.78 億美金嘅營業額位列第 383 位。

其實去年奇瑞就係世界 500 強，當時排名仲更高，第 233 名，唔同嘅係，今年奇瑞係作為上市公司主體獨立評核嘅，畢竟去年 9 月喺港交所上市咗嘛。

亦即係話，雖然連續兩年都係世界 500 強，但含金量係唔同嘅，今年奇瑞需要接受資本市場同工業體系嘅全面審視。

特別值得一提嘅係，今年進入世界 500 強嘅中國車企以及汽車部件企業，一共有 10 間，除咗奇瑞，仲有比亞迪、寧德時代、吉利、上汽等等，都係大家耳熟能詳嘅，其中呢，比亞迪嘅排名最高，營業額 1118.53 億美元，位列第 91 位。

喺內地，比亞迪而家係實至名歸嘅“一哥”，車賣得好，錢攞得多，去年比亞迪嘅新能源汽車銷量 460 萬輛，蟬聯全球新能源汽車銷量冠軍，全年營業額 8040 億，純利 326 億。

而且，佢仲好捨得砸錢搞研發，例如 2025 年，比亞迪喺研發方面嘅投入高達 634 億，連續兩年喺 A 股上市公司入面位居第一，截至而家，比亞迪嘅累計研發投入已經超過 2500 億。

重點係乜嘢，比亞迪嘅電池、芯片、馬達、電控等等，都係自己整嘅，以前大家覺得，這種“乜都自己整”嘅模式太重資產又太慢，但事實證明，只要你捱得過去，你就能用規模效應把成本進一步壓低。

比亞迪嘅護城河係乜？成本同規模，別人造台車花 100 蚊，比亞迪可能只需要 80 蚊；別人一年賣 100 台車，比亞迪能賣 200 台。

奇瑞呢？佢係另一種模式。

由 2001 年開始，奇瑞就已經把車賣到海外咗，嗰個年代大部分中國车企還在內地互相卷，所以嚴格嚟講，奇瑞算係第一批“出海”嘅中國車企。

當然啦，起初確實都難，2001 年奇瑞嘅出口量甚至都未超過 100 台，但它穩紮穩打，持續擴張海外版圖，截至而家，奇瑞嘅業務已經覆蓋全球 130 多個國家同地區，連續 23 年穩居中國品牌乘用車出口第一。

奇瑞“出海”唔係嗰種一錘子買賣，佢喺全球有 16 個生產基地，海外經銷商網絡超過 3100 間，巴西、印尼、泰國、馬來西亞等地都有奇瑞嘅本地化製造網絡。

外媒總結奇瑞嘅“出海”模式係“農村包圍城市”，咁講法倒係無乜錯，畢竟佢係先到中東、拉美、東南亞呢啲門檻較低嘅市場打知名度，賣瑞虎、艾瑞澤呢啲成熟嘅燃油車型，後先向歐洲等高法規市場滲透。

2025 年，奇瑞出口車輛 134.4 萬台，相當於平均每 23 秒就有一輛奇瑞被賣到海外，全年總營業額 3002.9 億，首次突破 3000 億大關，純利 195.1 億，海外營業額 1574.2 億。

就係咁講，奇瑞已經完全係一家“賣車一半靠海外”嘅中國車企咗。

更值得關注嘅係，奇瑞整體單車均價約 10.35 萬，海外單車均價 12.16 萬，同一台車，賣到海外比內地貴咗近兩萬。

所以你睇，奇瑞嘅成功邏輯好簡單，喺內地卷不過就出去賣。

同比亞迪相比，奇瑞嘅護城河係靠時間堆出嚟，二十幾年嘅累積，奇瑞喺海外嘅渠道、品牌認知同本地化營運能力，唔係隨隨便便就能複製嘅。

呢說明，成功嘅路徑唔係單一，“比亞迪模式”能成功，“奇瑞模式”都係能成功。

不過，呢兩間都有各自需要面對嘅問題，舉例嚟講，比亞迪點樣喺全球市場複製內地嘅模式？奇瑞又如何把內地嘅銷量提上來？......呢啲，都係必須解決嘅。

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當第 10 萬輛阿維塔 07 緩緩駛落生產線，呢輛即將遠赴海外嘅右軚車，就好似一針強心針扎入中國智造嘅脈搏。這唔係簡單嘅銷量里程碑，而係中國品牌喺全球高端市場撕開嘅一道裂口——阿維塔用實力證明：新勢力都能變成「國際玩家」。

阿維塔 07 點樣殺出重圍？答案藏喺佢嘅「六邊形戰力」入面：斬獲國際設計金獎嘅未來美學外觀、華為乾崑 ADS 4+ 鴻蒙座艙嘅智能組合拳、寧德時代電池嘅續航底气、太行智控底盤嘅操控基因……呢啲「技術神器」堆疊出降維打擊嘅優勢。更狠嘅係，佢將都市豪華頭等艙塞入 SUV，令用戶坐進車入面就自動開啟「爽點模式」。

但阿維塔嘅野心唔止於產品。佢背後嘅 5G 數智工廠先係真正嘅「秘密武器」：40 多項黑科技、全流程數字化生產、長安 + 華為 + 聯通嘅頂配聯盟——呢間超級工廠唔單止造出 10 萬輛高品質新車，仲造出中國智造嘅新範式。當傳統車企仲喺度講「工業 4.0」，阿維塔已經用 AI 同 5G 重構咗汽車製造嘅想像力。

而家，阿維塔嘅全球化版圖正瘋狂擴張：由新加坡到阿聯酋，43 個國家已經留低佢嘅腳印；明年殺入歐洲，2030 年劍指 110 個市場。呢波操作好似極咗「技術流玩家」嘅全球推塔，用產品力 + 智造力打破咗「中國車只能打性價比」嘅魔咒。

更犀利嘅棋局仲喺後手：隨著阿維塔 07L 開啓預售，雙車陣型會形成精準打擊——既要收割家庭用戶，亦唔放過個性玩家。當新勢力仲喺度捲價格嗰陣，阿維塔早已用技術、智造、全球化構建出多維護城河。

呢 10 萬輛下線嘅新車，唔單止係成績單，仲係戰書。阿維塔用行動嚟告訴世界：中國智造嘅逆襲，從來唔係偶然事件，而係技術主義者嘅必然勝利。

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

BYD: Export Hits New High Becomes Biggest Highlight

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

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

Chery: Sales Growth Leads the Top 5

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

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

Geely: New Energy Penetration Rate Breaks 56%

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

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

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

Changan: Multi-brand Matrix Balanced Effort

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

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

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

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

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

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

Final Thoughts

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

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

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

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

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