August 12, Chery Fengyun New Energy's brand-new compact pure electric SUV – Fengyun T7 officially starts pre-sale, the biggest suspense of tonight is finally revealed: a total of 3 trims launched, pre-sale price 109,900 - 129,900 Yuan, 600km Enjoy Version 109,900 Yuan, 600km Comfort Version 119,900 Yuan, 600km Smart Version 129,900 Yuan. As a "go overseas first, then return home" global car (Overseas name LEPAS L6, already launched in Thailand, South Africa), Fengyun T7 this time is not here to fill numbers, but to lift the "range – chassis – cabin" bottom line of the 100,000 Yuan class pure electric SUV one notch higher.

The first cut targets range: 600km for just 109,900 Yuan, no longer using low specs to attract traffic

In the past, the old formula for 100,000 Yuan class pure electric SUVs was "entry 400+ km, long range costs extra on mid-high trims", Fengyun T7 directly scrapped this gameplay – all models standardly equipped with 65.05kWh Rhino Lithium Iron Phosphate Battery, CLTC pure electric range all 600km, 30%—80% fast charge 20 minutes, also with 6.6kW external discharge. Based on daily commute 30km, basically charge every two weeks; 300km cross-city round trip also doesn't need to find charging piles halfway. Even tougher is, the official actual tested range reached 667km, stable working from -40℃ to 60℃, battery cycle life exceeds 2500 cycles. With this cut, Yuan PLUS, AION Y, Deepal S05, Changan Q05 and other competitors at the same price point, the "range shortcomings" of entry-level versions are instantly magnified.

Mechanical foundation not downsized: Front MacPherson + Rear Multi-link, Single motor 178kW

Body dimensions 4570/1852/1694mm, Wheelbase 2700mm, 5-seat layout, Flat floor in the second row, Trunk 422L+99L depressed wet/dry split cabin, Nearly 2m×1.3m camping bed after folding down. Chassis is Front MacPherson + Rear Multi-link independent suspension, in the price point of a bit over 100,000 Yuan, many opponents are still using torsion beam, this point counts as solid hardware. On power, equipped with 178kW (about 242 horsepower) single motor, Peak torque 275N·m, Top speed 180km/h.

Cabin and Intelligent Driving: 8775 Chip + Doubao Large Model, not "Big screen stacking of specs"

Interior wrap-around cabin, 8.8-inch digital instrument cluster + 15.6-inch 2.5K central control screen, Infotainment system uses 4nm process cabin-driving integrated 8775 Chip, 72TOPS computing power, System response about 80ms,接入 Doubao Large Model to do voice assistant. High spec 600km Smart Version can get LiDAR + Horizon J6M, realize Highway NOA, City NOA, 200+ scene automatic parking, 100m track backup; Mid-low specs also given L2, 540° panoramic, Sentry mode. Comfort features didn't cut corners either: Front row seat heating/ventilation, 9-layer structure seats, SONY audio, 50W air-cooled wireless charging, segmented panoramic sunroof with physical sunshade, all appeared on this 100,000 Yuan class car.

The real heavyweight is this "global car" identity

Fengyun T7 from 2022 pre-research calculation, Cumulative investment 963 test vehicles, Global durability 1.45 million km, According to 2026 version E-NCAP 5-star development, High-strength steel percentage 80%, Hot-formed steel 18.84%, 9 Airbags, 31-layer battery 6D protection, IP68 waterproof reaches national standard 96 times, Also did front pole impact, side pole impact, Under-ride, MCB collision stop after crash etc extreme conditions. This kind of "Slow work to build global car" narrative, at tonight's press conference venue was repeatedly emphasized – it is not a fast-fashion new car optimized only for the Chinese market, but first passed overseas regulations, then return domestic to fight price war.

Pre-sale benefits also given "Safety net feeling"

From now until before the official launch at end of August, Pay 1,000 Yuan deposit can enjoy: Deduct 2,000 Yuan purchase price, Value 6,000 Yuan exclusive colors (Blazing Orange/Mountain Smoke Purple etc 6 options), Power battery safety net, Assisted driving safety net, Whole vehicle lifetime warranty, 666 Yuan lifetime maintenance package, Priority car pickup right. That is to say, placing order now basically is "Bought too expensive, Breaks easily, Can't keep up with intelligent driving iterations" this type of anxieties first given to you addressed.

In one sentence wrapping up this press conference: 109,900 Yuan buy all standard 600km + Rear Multi-link + 8775 cabin, Fengyun T7 already rewritten the 100,000 Yuan class pure electric SUV passing line; What truly needs watching, is whether its launch price will probe a bit lower.

On the evening of August 12, Chery Fengyun T7 opened for pre-sale. The three trims are priced at 109,900, 119,900, and 129,900 RMB. The entire series is standardly equipped with a 65.05kWh Rhino battery, with CLTC range uniformly locked at 600km. Once these figures were released, this already blood-soaked market segment for entry-level pure electric SUVs around the 100,000 RMB mark saw another bomb dropped.

But today I don't want to discuss "cutthroat competition" with you.

As an industry observer who has seen too many new cars go dead silent upon launch, I would rather argue about one thing with you: What game is Chery actually playing?

Turning "600 Kilometers" from an Option into an Entry-Level Standard

Traditional entry-level pure electric SUVs around the 100,000 RMB price point have an unwritten rule: Want longer range? Pay more to upgrade to the high trim. The entry version offers over 400 kilometers just for show, while the high trim gets you 600, with a price gap of 20,000 to 30,000 RMB in between.

Fengyun T7 starts directly with the Joyful Edition at 109,900 RMB, offering 600km; Comfort Edition 119,900, Smart Edition 129,900, batteries are exactly identical. The extra money you previously had to pay for 600km, Chery has saved for you.

Even more impressive is that the officially tested range reached over 667km. While the term "reverse false labeling" has been overused, doing so at the 100,000 RMB price point is still an accomplishment only a reputable manufacturer can achieve.

With a foundation of 178kW front single motor, 275N·m torque, 180km/h top speed, and 12.9kWh/100km energy consumption, the "cost per 1,000 kilometers" for this vehicle in urban commuting scenarios can basically be reduced to 1/5 of a fuel car. This is what users in the 100,000 RMB segment truly care about.

The return of a "Global Car" to the local market requires immense power behind the scenes

Fengyun T7 has an identity often ignored by many — its platform-sibling Lepas L6 has already appeared at the Milan Design Week in overseas markets. In other words, this is a "Global Car" that went "reverse overseas" first before returning to the domestic market.

The implication of this is profound: Chery's 23 years of global technology accumulation, combined with extreme real-vehicle trials targeting the Southeast Asian rainy season, Middle Eastern high temperatures, and Indonesian high humidity, is equivalent to amortizing the overseas market's "validation costs" into R&D expenses, then using the cost advantages of domestic mass production to subsidize pricing.

Benefiting from the premium of overseas standards (2026 E-NCAP 5 stars, Functional Safety ASIL-D) while using the cost pricing of the domestic industry chain is not new in the auto industry, but Chery has compressed it down to the 100,000 level.

“Battery "If It Burns, We Replace with a New Car": How Did They Dare to Get So Big?

The most audacious move among the 7 purchase rights is "Power Battery Safety Coverage" — if thermal runaway damage is caused by quality issues within the battery itself, Chery compensates with the same model or same configuration new car; The autonomous driving coverage max compensation is 5 million RMB.

Pure electric vehicles have low second-hand residual value, the core anxiety is "Will the battery spontaneously catch fire one day?". Traditional manufacturers pass this risk to consumers, residual value determined by the market. Chery directly steps up to take the blame — You dare to buy, I dare to compensate. This move is equivalent to implicitly boosting battery credibility, increasing the vehicle's "credit premium".

Integrated Cabin & Drive 8775: Another Step Down for Intelligent Equality

15.6-inch 2.5K screen, 4nm process 8775 integrated cabin & drive chip, 72 TOPS computing power, 80ms response. The Falcon 500 intelligent driving system combines 3 millimeter-wave radars, 7 cameras, and 12 ultrasonic radars totaling 22 sensors, supporting 300+ scenarios of automatic parking and cross-floor memory parking.

Two years ago, this set of specifications would have been treatment reserved for the 200,000 RMB level. Now stuffed into the top trim of a 120,000+ RMB vehicle, it feels like witnessing the cost per unit of the 8775 chip plummeting cliff-like once it reaches mass production scale.

This is good news for consumers and bad news for peers. Especially for those competitors still relying on "Smart Driving Package" add-ons to squeeze profits, Fengyun T7's move is equivalent to smashing their bowl.

The "Squeezing Out Water" Moment for 100,000 RMB Level Pure Electric SUVs Has Arrived

Chery Fengyun T7's arrival let the "taken-for-granted compromises" of the past in 100,000 RMB level pure electric SUVs be redefined by this vehicle.

Of course, it does not lack shortcomings — the entire series is front-engine/front-wheel drive, fast charging 30%-80% takes about 20-22 minutes. In 2026 where 800V fast charging is everywhere, this is not top-tier. The differences between the three versions are mainly concentrated in the degree of intelligent driving function unlocking.

Yuan Plus, Galaxy E5, BYD Dolphin, etc., won't have an easy time in the coming days. And consumers — especially those who saved for half a year and are buying a pure EV for the first time as a family — this time are the winners. Slow craftsmanship makes good cars; they have waited long enough.

In the Malaysian SUV market, many buyers compare the Proton X70 and Chery Tiggo 7 Pro when choosing a car. The prices and positioning of these two cars are quite similar. Today, we will make a detailed comparison from multiple aspects to help you save time on research.

Price and Versions

The OTR price of the Proton X70 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.

The OTR price of the Chery Tiggo 7 Pro in Malaysia is RM 123,750 - 123,750, with a total of 2 versions, including 1.6L Turbo Standard (RM 125,000), 1.6L Turbo Premium (RM 140,000), etc.

From the price perspective, the starting price of the Proton X70 is indeed RM 16,950 cheaper than the Chery Tiggo 7 Pro. If your budget is limited, the Proton entry-level model can already meet daily needs. But you should also note that the few thousand cheaper may involve trade-offs in specifications, it depends on your specific needs.

Power and Fuel Consumption

The Proton X70 is equipped with 1.5L Turbo, 140 hp. Official fuel consumption is 7.0 L/100km.

The Chery Tiggo 7 Pro is equipped with 1.5L Turbo, 140 hp. Official fuel consumption is 7.0 L/100km.

Both cars use the same powertrain, the driving experience in daily use is basically the same. Fuel consumption is also similar, no need to worry too much about this point.

Space and Comfort

The Proton X70 body length is 4400 mm, trunk 400 L.

The Chery Tiggo 7 Pro body length is 4400 mm, trunk 400 L.

The dimensions of the two cars are almost the same, the interior space difference is not large. For this class of cars, it is completely sufficient for daily use.

Maintenance and Service

Proton X70 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.

Chery Tiggo 7 Pro warranty 3 years/100,000km, maintenance interval every 10,000km or 6 months.

Summary

In general, Proton X70 and Chery Tiggo 7 Pro are both very good models in the Malaysian market. Which one to choose, the key is to look at your personal needs and budget. We suggest everyone do research, compare quotes from multiple dealerships, and then go for a test drive to make the final decision. Buying a car is a big matter, spending time on research will never be wrong.

喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Proton X70 同 Toyota Yaris Cross 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。

價錢同版本

Proton X70 喺馬來西亞嘅 OTR 售價係 RM 106,800 - 122,300，一共有 3 個版本，包括 1.5L Standard 2WD（RM 106,800）、1.5L Executive 2WD（RM 115,800）、1.5L Premium 2WD（RM 122,300）等。

Toyota Yaris Cross 喺馬來西亞嘅 OTR 售價係 RM 99,900 - 109,900，一共有 2 個版本，包括 2026 1.5L Standard（RM 99,900）、2026 HEV 1.5L Standard（RM 109,900）等。

由價錢嚟睇，Toyota Yaris Cross 嘅起步價比 Proton X70 平咗 RM 6,900。老實講，喺呢個價位段，幾千蚊嘅差距其實唔算大，關鍵仲係睇整體嘅性價比同長期使用成本。

空間同舒適度

Proton X70 車身長 4400 mm，尾箱 400 L。

Toyota Yaris Cross 車身長 4400 mm，尾箱 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。

配備同科技

Proton X70 採用 FWD 驅動方式。

Toyota Yaris Cross 採用 FWD 驅動方式。

兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大區別。

適合邊類人

Proton X70 同 Toyota Yaris Cross 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，就揀配備更豐富嗰款。最終都係建議兩款都去試駕，親身體驗先至最重要。

總結

總體嚟講，Proton X70 同 Toyota Yaris Cross 都係馬來西亞市場幾唔錯嘅車型。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，好多買家喺揀車嘅時候都會拿 Proton X50 同 Chery Tiggo 9 嚟做比較。呢兩款車喺價位同定位上都好接近，今日我哋就從多個方面做一個詳細嘅對比，幫你省咗做功課嘅時間。

價錢同版本

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。

Chery 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。

從價錢睇嚟，Proton X50 嘅起步價確實比 Chery Tiggo 9 平咗 RM 77,000。如果你預算有限，Proton 嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能喺配備上會有取捨，具體要看你嘅需求。

配備同科技

Proton X50 採用 4WD 驅動方式。

Chery Tiggo 9 採用 FWD 驅動方式。

Proton 嘅 4WD 同 Chery 嘅 FWD 喺操控上會有唔同感受，建議試駕比較。

保養同維修

Proton X50 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。

Chery Tiggo 9 保修 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。

適合邊種人

Proton X50 同 Chery Tiggo 9 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，那就揀配置更豐富嗰款。最終都係建議兩款都去試駕，親身體驗先至最重要。

總結

總嘅嚟講，Proton X50 同 Chery Tiggo 9 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。

July 8, 2026, the leading global Physical AI company Momenta officially listed on the Hong Kong Stock Exchange, stock code 6880.HK, becoming the first "Physical AI" stock on HKEX. The opening price on the first day rose over 6%, with total market cap exceeding 7 billion HKD.

The IPO issue price for this offering is set at HKD 295.6 per share. If the greenshoe option is fully exercised, the global offering will be approximately 22.93 million shares, with total fundraising of about 6.8 billion HKD. Market subscription was extremely vigorous: the public offering was oversubscribed 414 times; the international offering received over 100 billion HKD in institutional orders, covering sovereign funds and long-term funds from 15 countries and regions. Excluding cornerstones, the oversubscription ratio was approximately 44 times.

Momenta introduced 14 cornerstone investors, with a total subscription amount of approximately 3 billion HKD. The Government of Singapore Investment Corporation (GIC) and Fidelity International each led with 100 million USD; BlackRock invested 25 million USD, and Oaktree Capital invested 20 million USD. In terms of industrial capital, Mercedes-Benz invested 25 million USD, and BYD invested 15 million USD — the two global top automakers are both old shareholders and partners, adding more as cornerstones this time. Mercedes-Benz and BYD's joint backing is not common in recent HKEX IPOs. Additionally, Chinese institutions such as Gao Yi, Boyu, Huaxia Fund, GF Fund, and CPIC each invested 10 million USD.

Deep bonding with the automotive industry is its core value. As of now, mass-produced vehicles equipped with the Momenta system have exceeded 1 million units, successfully delivering over 100 mass-produced models, with cumulative fixed-point models exceeding 210. Customers cover all mainstream passenger car enterprises domestically. Among the top 10 global automakers, 9 have partnered with them. Partner brands include joint ventures and luxury brands such as Mercedes-Benz, BMW, Audi, SAIC Volkswagen, GAC Toyota, and Dongfeng Nissan, as well as independent brands such as Hongqi, Chery Fenxiang, GAC Hyper, and IM Motors. Mass production delivery efficiency continues to surge — completing the first 100,000 units in 2022 took 24 months; now, delivering the same scale can be done in less than 40 days.

Financial data shows that from 2023 to 2025, Momenta's revenue grew from 743 million yuan to 2.413 billion yuan, with a CAGR of over 80%; gross margin improved from 17.5% to 71.6%, quadrupling in three years. By the end of 2025, the company's cash reserves exceeded 10 billion yuan. In the third-party urban NOA market, Momenta holds 65% market share.

From a technology perspective, Momenta is based on the R7 world model, supporting mass deployment in multiple scenarios such as passenger cars, autonomous taxis (Robotaxi), autonomous logistics vans (Robovan), and autonomous trucks (Robotruck). Mass production solutions have been deployed in more than 10 countries and regions including Asia, Europe, Oceania, Latin America, and North Africa; Robotaxi has partnered with global mobility platforms such as Uber, Grab, Lumo, Xiangdao Travel, and automakers like Mercedes-Benz.

At the listing ceremony, CEO Cao Xudong stated: "In the past ten years, we taught AI to drive, bringing a dedicated driver to every family; in the next ten years, we will bring robot service scenarios such as dedicated nannies, doctors, teachers, etc., to every family." Funds raised from this IPO will be used to promote next-generation intelligent driving solutions, expand autonomous business, and global layout. Momenta's listing is not only a milestone in the capitalization of the Physical AI track, but also highlights the industrial power of Chinese intelligent driving technology going global with "Chinese solutions".

喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拎 Perodua Ativa 同 Mitsubishi Xforce 黎做比較。呢兩款車喺價位同定位上都幾近，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。

價錢同版本

Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，一共有 3 個版本，包括 1.0L Turbo X（RM 62,500）、1.0L Turbo H（RM 67,300）、1.0L Turbo AV（RM 73,400）等等。

Mitsubishi Xforce 喺馬來西亞嘅 OTR 售價係 RM 109,930 - 119,930，一共有 2 個版本，包括 2026 1.5L Ultimate（RM 119,930）、2026 1.5L Urban（RM 109,930）等等。

由價錢睇，Perodua Ativa 嘅起步價的確比 Mitsubishi Xforce 平咗 RM 47,430。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需求。但亦要注意，平嗰幾千蚊，可能喺配備上會有取舍，具體要睇你嘅需求。

空間同舒適度

Perodua Ativa 車身長 4400 mm，後備箱 400 L。

Mitsubishi Xforce 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。

保養同維護

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

Mitsubishi Xforce 保養 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。

適合邊種人

Perodua Ativa 同 Mitsubishi Xforce 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常上落。如果你更看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，親身體驗先係最重要。

總結

總體嚟講，Perodua Ativa 同 Mitsubishi Xforce 都係馬來西亞市場唔錯嘅車型。揀邊部，關鍵都要睇你嘅個人需求同預算。建議大家做足功課，多比較幾間車行嘅報價，再去做試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。

编辑导语：首份招股书失效33天后阿维塔再向港交所递表，不过，其二次递表的当下，所面临的经营与行业挑战已较首次递表时更为严峻。竞争持续加剧、销量走跌的颓势下，阿维塔如何实现更稳定的长效发展，仍是待解的核心命题。

失效33天后再递表

一个月前因招股书期满失效冲刺港股IPO遇阻的阿维塔，再次递表港交所。6月30日，香港联交所网站披露，阿维塔已完成香港联交所主板挂牌上市申请资料的更新与递交。重新更新的招股书文件中，官方将财报数据更新到了2025年年底，更全面的展示了企业在2025年的发展状态。

数据显示，2025年，阿维塔全年实现营收256.31亿元，同比增长68.7%；同时，其毛利在2024年首次转正后，也在2025年进一步扩增至24.17亿元，毛利率升至9.4%，此外经营性现金流同样在2024年转正，且在2025年持续扩大至23.15亿元，显现出积极向好的一面。

不过，在关键的净利润指标上，阿维塔仍处于亏损区间。2025年，阿维塔净亏损为34.89亿元，虽较2024年减亏13%，但亏损规模仍处高位。结合两次招股书数据，2022年至2025年，阿维塔分别亏损20.16亿元、36.93 亿元、40.18亿元和34.89 亿元，四年累计亏损超132亿元。

5月27日，阿维塔去年11月27日递交的首份招股书因有效期届满自动失效。按照港交所规则，招股书自递交之日起6个月内若未完成上市聆讯及挂牌，申请文件将自动失效。彼时，阿维塔曾回应称，此次失效属于IPO过程中的常规技术性节点，公司正根据要求更新招股书，将尽快重新递交，整体上市推进节奏不受影响。

仅一个月便完成二次递表，凸显出阿维塔IPO的急迫感。而这与阿维塔的发展现状，也不无关联。招股书显示，阿维塔的现金及现金等价物由2024年末的193.23亿元降至2025年末的96.87亿元，截至2026年4月30日，又进一步降至62.49亿元。

此前，阿维塔还以115亿元战略入股华为引望，占用了大量营运资金。尽管这笔投资在2025年已开始贡献收益，但距离收回成本仍有很长距离。这意味着，即便经营性现金流转正，但在持续的研发投入与亏损消耗下，阿维塔的自有资金仍不足以支撑后续产品迭代、渠道扩张与海外布局。

阿维塔在招股书中表示，此次募资所得款项预计将用于产品开发及平台和技术开发，现有产品的提升及迭代以及持续实施全球营销战略等方面。

表现走跌 竞争加剧

需要关注的是，二次递表港交所背后，阿维塔的经营处境却已经较2025年首次递表时更为严峻。

其中，持续的亏损风险是阿维塔当前面临的重要挑战之一，首次递表时，阿维塔销量还处于增长阶段，数据显示，2025年，阿维塔累计销量突破12万辆，并实现连续10个月销量破万。规模增长带动营收提升的同时，也推动亏损同步收窄，构成了阿维塔彼时IPO的核心基本面支撑。

然而，在2026年，阿维塔的经营处境转头向下，三方数据显示，前1-5月，阿维塔累计销量2.49万辆，同比下滑49%。缺乏销量规模的支撑，意味着阿维塔今年将面临亏损扩大的风险。

此前，长安汽车董秘张德勇曾在长安汽车2024年度股东大会上表示，预计阿维塔将在2026年实现盈亏平衡。而在招股书中，阿维塔现表示，“可能于截至2026年12月31日止年度继续录得净亏损。”

阿维塔销量下行的背后，存在多方面原因，一方面源自2026年汽车市场环境整体低迷，需求不振，市场已经开始真正进入存量博弈的竞争阶段，这对品牌的综合竞争力提出了更高要求。而与此同时，阿维塔此前构建出来的核心竞争优势，却在不断激化的市场竞争中面临持续消解的风险。

当前，阿维塔的主力车型布局在20万-30万元中高端新能源市场，而这部分市场已是各大头部品牌的核心战场，竞品如林。此前，阿维塔的核心竞争力在于依托“长安+华为+宁德时代”铁三角的赋能，但随着华为在汽车行业的扩张，一定程度上正在稀释阿维塔的核心竞争力，在市场竞争中优势已经难以凸显。

在华为生态快速扩容背景下，其前沿技术几乎成全行业的“标配”。即便华为最新技术仍会在阿维塔首批搭载，但往往数月内便会普及至其他华为合作品牌，技术稀缺性大幅下降。此外，宁德时代的电池同样并非阿维塔独有，长安汽车旗下也有多品牌并行布局，铁三角的独家光环正逐渐淡化。

长安操盘 品牌迎整合

面对不断增长的压力与竞争挑战，阿维塔正从产品布局与组织架构两端寻求破局。结合招股书规划与官方公开信息，阿维塔将在与华为引望的协同模式下加速产品迭代，年内，其将推出阿维塔07L与旗舰大六座 SUV 两款重磅车型，分别切入大五座家用与高端六座SUV市场。

然而，无论是阿维塔07L所定位的大五座SUV还是旗舰大六座SUV市场。当前竞争已呈白热化趋势，头部车企密集落子、配置与价格竞争持续升级，阿维塔的新品能否成功突围仍存在重大不确定性。发展的不尽人意，已令长安汽车着手做出调整。4月时，长安汽车宣布阿维塔和深蓝汽车将进行战略整合。

长安汽车董事长朱华荣表示，深蓝与阿维塔的整合预计今年年底完成。整合核心思路是，两个品牌的独立运营与差异化定位，但在技术、供应链、体系能力等中后端实现深度共享。根据整合方案，深度协同后，能够直接降低20%-30%的公用成本，表现出通过集团化规模效应摊薄经营压力的思路。

此外，6 月，阿维塔董事长陈卓升任长安汽车副总裁，进入集团管理层。在业界看来，这一人事调整意味着阿维塔未来能够获得更多来自集团层面的资源倾斜与体系支撑。但必须正视的是，降本增效与组织整合只是改善经营基本面的第一步，真正决定品牌走向的，仍是市场端的实质性突破。

而还需要注意的是，当前汽车行业正经历整体估值重构，资本市场的评判标准已从早期的规模增速优先，转向盈利确定性与高质量发展能力。这也意味着对于冲刺港股上市的阿维塔而言，在未来一段时间，如何在行业存量竞争阶段，实现更稳定长效的发展，还待阿维塔交出答案。

二零二六年五月二十八日，上汽集團「全球第一億位用戶交車儀式」喺上海北外灘世界會客室舉行。上汽旗下十餘個整車品牌、十九款車型，以「全球接力交付」嘅方式，橫渡山海、跨越洲際、聯動全球，上汽集團由此成為首個累計產銷量突破一億輛嘅中國汽車集團，為中國汽車行業鑄就新嘅里程碑。

一九五五年，上海內燃機配件製造公司成立，上海汽車工業由此起步。一九五八年，工人們用榔頭敲出第一輛「鳳凰牌」轎車，實現上海轎車製造「零嘅突破」。七十餘年來，上汽親歷並推動咗中國汽車工業從無到有、從弱到強嘅全過程：一九八三年桑塔納下線，開啟合資合作；一九九七年上海通用成立，創造 23 個月建廠出車嘅「上海速度」；二零零六年自主品牌榮威誕生出，二零一六年推出全球首款網際汽車榮威 RX5；二零二零年高端智能電動品牌智己汽車成立。

貫穿呢一征程嘅，係上汽始終秉持嘅「懂車更懂你」用戶理念。從桑塔納國產化共同體到合資 2.0 技術共創，從網際汽車到全線控底盤、固態/半固態電池、AI 大模型上車——每一次跨越，都係「懂車」能力嘅進階，都係「懂你」初心嘅一脈相承。一億輛，更加係一億份用戶信賴嘅集中兌現。

第一億輛交付車型智己 LS9 Hyper 係上汽七十餘年技術積澱嘅集大成之作，開啟咗新能源車「新三大件」嘅嶄新時代。佢搭載咗下一代底盤技術，同級首發嘅全線控四輪轉向；下一代智駕硬體，520 線超視域激光雷達 + 英偉達 Thor 晶片，下一代三電——全域 800V 高壓平台與恆星超級增程。全面預埋咗面向 L3 及以上高階智駕持續進化嘅冗餘能力。

同時，智己 LS9 Hyper 首搭上汽金標颶風三電機，從容躋身性能 3 秒俱樂部；更聯合紫金實驗室，全球首發「內生安全」技術，將汽車安全邊界從「物理安全」拓展至「資訊與系統安全」，係 AI 時代嘅必備安全基石。

一億輛嘅背後，係上汽涵蓋整車、零部件、移動出行同服務、金融、國際經營、創新科技六大板塊嘅全價值鏈閉環。二零二六年 1-4 月，上汽累計銷售 130.2 萬輛，連續四個月位居中國車企銷量冠軍。其中自主品牌銷量 91 萬輛，佔比近 70%；新能源車銷售 41.2 萬輛；海外市場銷售 45.9 萬輛，同比大漲 50.2%。

交付儀式現場，上汽全品牌、全產品矩陣協同發力。自主品牌全線出擊：尚界 Z7、華境 S、榮威 M7、MG4 半固態電池版、五菱星光 560、大通 eDeliver5、紅岩重卡、躍進大拿 T1、申沃純電客車、依維柯聚星 EV 等相繼交付，覆蓋個人出行、家庭生活、商用運營、物流運輸等多元場景。

合資品牌集中亮出「合資 2.0」成果：大眾 ID. ERA 9X 將全球首發搭載 Momenta R7 強化學習世界模型，上市一個月交付突破 7000 臺；AUDI E7X 計劃成為奧迪全球首款實現 L3 級自動駕駛落地嘅車型；別克至境 E7 基於「逍遙」超級融合架構打造，上市一個月交付破 1 萬台。

從上海主會場出發，交付畫面喺南京、柳州、太原等國內多城及英國、印尼、新加坡等國家接續點亮，開創咗中國汽車品牌嘅全新敘事方式。

呢背後，係上汽全球化佈局嘅深厚根基。上汽係中國汽車企業「走出去」嘅先行者：喺海外擁有超 100 個零部件生產基地、超 3000 個經銷商網絡，建成倫敦等 3 大研發創新中心同泰國、印尼、印度、巴基斯坦 4 個生產製造中心；安吉物流擁有各類滾裝船 42 艘，8 條國際航線覆蓋東南亞、歐洲、美洲。

如今，上汽產品同服務遍佈 170 多個國家同地區，海外累計銷量突破 700 萬輛。二零二五年，上汽發佈海外「Glocal 戰略」（全球 + 本土），正加速由「產品出海」邁向「價值鏈出海」，令「中國智造」進一步走向世界。

「懂車更懂你」嘅最終落腳點，係每一個真實用戶嘅出行生活。得到 APP 創始人羅振宇作為華境 S 第 001 號體驗官，從跨年演講盛讚華為乾崑智駕到走進工廠見證下線；前留德國腳楊晨選擇 ID.ERA 9X，因其黃金增程與長期主義不謀而合；曹開亮全家訂車後，偶像周杰倫恰好成為別克 MPV 家族代言人；公益博主劉佳連續五年為廣西山區留守兒童理髮、送陪伴，別克第一時間援助，佢被至境 E7「滿分座艙」打動。從自媒體博主到村支書，從公益守護者到物流企業——每一位用戶都係真實生活嘅縮影，正係呢「懂車更懂你」最生動嘅詮釋。

一億輛係上汽七十餘年發展嘅階段性答卷，更加係上汽面向智電未來「二次創業」嘅全新起跑線。二零一四年，上汽積極落實「發展新能源車係我國從汽車大國邁向汽車強國嘅必由之路」嘅重要指示，率先全面轉型。十二年後，從智電轉型嘅「一馬當先」，到自主合資、乘用商用、海內海外嘅「萬馬奔騰」，上汽將不斷以「懂車更懂你」為用戶理念，令科技創新真正惠及每一位用戶。

從 1955 到 2026，從第一個用戶到第一億個用戶，從初創探索到行業引領——上汽將繼續同全球用戶、全球夥伴億路同行，共創美好出行新未來。

車型概覽

比亞迪M9 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。 呢篇會集中講值唔值得繼續觀望，幫你用買家角度篩走唔適合嘅選擇。 近期市場討論到「比亞迪又一款MPV即將登陸香港？【2026香港車博會】」，代表呢類車型仍然有一定關注度。

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

比亞迪M9 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 2026 標準版（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 比亞迪M9 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。

比亞迪M9 現階段最值得留意係車型定位同版本方向，詳細取捨應該等價格同規格更清楚再作決定。

優缺點分析

比亞迪M9 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：車型定位清楚，適合作為同級比較起點。

要留意嘅係，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 比亞迪M9 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。

如果你重視值唔值得繼續觀望，可以先問三件事：每日泊車會唔會麻煩、家人坐得舒唔舒服、長期開支係咪喺預算內。

同級對比內容

將 比亞迪M9 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。

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 比亞迪M9 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。

BYD officially released the May 2026 production and sales flash report, with new energy vehicles from all brands reaching a monthly sales volume of 383,453 vehicles, a slight increase of 0.26% year-on-year, achieving year-on-year positive growth in monthly sales after ten months; among them, passenger car deliveries reached 376,990 units, surging 19.4% month-on-month, wiping out the pain of previous model iterations, presenting a new pattern where the domestic base is stable, overseas sales are soaring, and high-end brands are scaling up across the board. Amidst the market environment of intensified competition in the domestic new energy sector, Tesla FSD entering China, and an intense launch of independent new products, it has forged a unique structural growth path.

The Dynasty and Ocean main brands combined sold 330,215 vehicles in May, accounting for over 80% of the group's total sales, remaining the stabilizer for BYD's sales volume. The full series had 8 models exceeding 20,000 units in monthly sales, covering products from 50,000 entry-level commuter to 200,000 home SUV.

Inside the Dynasty Network, the Yuan family sold 56,691 units, and the Song family 51,370 units. Both crossed the 50,000 threshold, becoming two major sales pillars for the brand, catering to home commuter and urban-rural travel needs; the Qin family followed closely with a stable performance of 28,360 units. The Han and Tang series maintained a volume in the six-thousand range, deeply cultivating the mid-to-large home sedan and SUV niche markets; the brand new model Xia is in the market cultivation phase, delivering 1,810 units monthly, with potential for steady volume growth as channels expand.

The Ocean Network's growth momentum is even more rapid, with 5 models entering the 20,000 club across the series: Sealion 42,615 units, Seal 34,117 units, Seagull 39,919 units, Dolphin 22,260 units, and Song PLUS 27,755 units. Among them, Seagull remains the best-selling entry-level commuter model thanks to its affordable pricing of 60,000-80,000. Sealion, as a new volume model, stands firm at the 40,000 level upon launch, filling the mid-size SUV product gap in the Ocean Network and perfecting the Ocean product tier layout. From commuter small cars to compact SUVs, the two main brands rely on DM-i hybrid and pure electric dual-line technologies to牢牢锁住 the mainstream home market share within 150,000 domestically.

The high-end matrix of Denza, Fang Cheng Bao, and Yangwang sold a combined 46,489 vehicles in May, officially breaking away from the niche positioning to become a new pivot for BYD's brand premium and profit growth, breaking the industry curse of difficulty in high-end breakthrough for domestic brands.

The off-road brand Fang Cheng Bao sold 30,186 units monthly, surging 139.7% year-on-year, creating a new high in monthly sales since the brand launched. Its Titanium 7 model sold 18,280 units monthly, while Leopard 5 and Leopard 8 output remained stable, continuously squeezing the survival space for joint venture and imported models in the 250,000-400,000 hardcore off-road niche market.

Denza delivered 16,303 units in May, with the MPV benchmark D9 selling 6,721 units, and the Z9 series close to 6,000 units. MPV and mid-to-large sedan dual-line efforts helped them stand firm in the luxury new energy track; the million-level ultra-luxury brand Yangwang continued its steady climb, delivering 286 units that month, a year-on-year increase of 105.8%, completing market verification of the domestic brand ceiling product and forming a full price range product layout from 100,000+ home, 300,000-400,000 off-road, 500,000 luxury MPV to million-level flagship.

In May, BYD's overseas sales of passenger cars and pickup trucks reached 160,177 units, surging 80.7% year-on-year. Exports accounted for over 42% of the full series total sales, setting a new historical high for brand export and becoming the core driving force to stabilize May overall sales and achieve year-on-year positive growth.

Southeast Asia, Europe, and Latin America became the main incremental markets. Seagull, Song PLUS, and Yuan series continued to top new energy best-seller lists in multiple countries; the SHARK pickup truck exceeded 4,000 units in monthly exports for two consecutive months. Relying on the completion of localization production in Thailand, Brazil, Hungary, and Uzbekistan with four overseas vehicle factories, localized production continues to land, avoiding tariffs while rapidly penetrating terminal channels. Against the background of stock market competition in the domestic auto industry and normalized price wars, the rapidly expanding overseas market effectively counteracts sales volatility brought by domestic model iterations, officially upgrading from a supplementary market to BYD's core growth engine. As of now, BYD's global cumulative new energy vehicle sales have exceeded 16.5 million units, with the globalization map continuously broadening.

May marked a key node in BYD's intelligent driving landing, with the God's Eye intelligent driving system becoming a core bonus point for models: the number of vehicles with advanced intelligent driving across all brands exceeded 3.15 million, with daily road test data exceeding 200 million kilometers; that month, BYD implemented City Pilot and Smart Parking dual safety backup services, becoming the world's first auto manufacturer to achieve dual intelligent driving backups. Three days after policy implementation, the activation rate of models equipped with the God's Eye system in cities surged 50%. Intelligent driving experience upgrades directly drove in-store order conversion, solidifying product competitiveness for subsequent models to continue volume sales, and facing the intelligent driving market shock brought by FSD entering China.

From data details, BYD's cumulative sales from January to May 2026 were 1,405,039 units, down 20.32% year-on-year. The core reason is that the full series of main models were concentratedly iterated, and the capacity ramp-up of the 2nd Gen Fast Charge Blade Battery was restricted. The new Flash Charge Battery upgraded fast charging and low-temperature performance. Full series iteration models prioritized installing new batteries, but production line retrofitting dragged down capacity release. Order backlogs on popular models and delayed deliveries compressed the May delivery volume to a certain extent.

As the end of the second quarter approaches and the 2nd Gen Blade Battery capacity continues to release, coupled with new models such as Denza N8L, Fang Cheng Bao Titanium 7 Pure Electric Version, Sealion 05, and Xia L landing the market, the industry generally predicts that BYD's full brand sales in June are expected to exceed 400,000 vehicles. Relying on the four-dimension development logic of low-end volume locking share, high-end raising profit, overseas pushing volume, and intelligence improving product power, amidst the intensified new energy elimination round in the domestic market, BYD's full category layout advantage continues to amplify, securing its status as the domestic new energy leader, accelerating steadily towards global top auto manufacturers.