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In the Malaysian SUV market, many buyers compare Toyota Harrier and Audi Q5 when selecting a car. These two cars are quite close in price and positioning. Today, we will conduct a detailed comparison from multiple aspects to help you save time on research.
The OTR price of Toyota Harrier in Malaysia is RM 289,000 - 289,000, with a total of 1 version, including 2026 HEV 2.5L Standard (RM 289,000), etc.
The OTR price of Audi Q5 in Malaysia is RM 354,174 - 423,174, with a total of 2 versions, including 40 TDI (RM 320,000), 45 TFSI (RM 350,000), etc.
From the price perspective, the starting price of Toyota Harrier is indeed RM 65,174 cheaper than Audi Q5. If your budget is limited, the Toyota entry-level version can already meet daily needs. However, be aware that the few thousand cheaper price might involve trade-offs in features, depending on your needs.
Toyota Harrier is equipped with a 2.0L Turbo, 220 hp. Official fuel consumption is 9.5 L/100km.
Audi Q5 is equipped with a 2.0L Turbo, 220 hp. Official fuel consumption is 9.5 L/100km.
Both cars use the same powertrain, and the daily driving experience is basically the same. Fuel consumption is also similar, so there is no need to worry too much about this.
Toyota Harrier safety rating is 5★ (ASEAN NCAP), active safety systems include Brand ADAS.
Audi Q5 safety rating is 5★ (Euro NCAP), active safety systems include Pre Sense + ACC.
In terms of safety features, both cars have received good ratings. However, the Brand ADAS of Toyota Harrier and Pre Sense + ACC of Audi Q5 have some functional differences. If you value active safety, you can compare their feature lists carefully.
Toyota Harrier body length is 4400 mm, trunk 400 L.
Audi Q5 body length is 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, and the difference in interior space is not significant. Cars of this level are fully sufficient for daily use.
Toyota Harrier adopts FWD drive method.
Audi Q5 adopts FWD drive method.
Both cars share the same drive configuration, both are FWD, and there will not be a big difference in daily driving experience.
Overall, both Toyota Harrier and Audi Q5 are very good models in the Malaysian market. Which one to choose depends on your personal needs and budget. We suggest doing your research, comparing quotes from multiple dealers, and test-driving before making a final decision. Buying a car is a major decision, spending some time on research is never wrong.
On October 22, outside the lobby building of the Denza Headquarters in Shenzhen, the official departure ceremony for the first batch of APEC official designated vehicles, themed 'Shenzhen Takes Off, China Denza', was officially held. Nearly 700 Denza vehicles were ready for departure, with over 600 units being the second-generation Denza D9, which will provide high-spec travel support in November 2026 for high-ranking officials, delegations, and overseas and domestic media of the 21 economies at the APEC meeting.
At the departure ceremony scene, Denza Auto General Manager Li Hui: "Denza involvement in global major events is never just a slogan, but hard power tested by numerous international grand events. Today, cars made in Shenzhen welcome an international grand event organized in Shenzhen, this is not only Shenzhen's green answer sheet to the world, but also a contemporary footnote to the upward development of China's automotive industry — Shenzhen Takes Off, China Denza!"
Shenzhen Hosts the World, China Denza Bears Heavy Responsibilities
This year marks China's third time hosting the APEC meeting, and Shenzhen's first time hosting this top-level international grand event. In past international large-scale conferences, high-end reception vehicles were long occupied by overseas luxury brands, in the market's default evaluation system, 'Foreign Luxury' was almost equivalent to 'Diplomatic Reception Standards'. This time, BYD, as the 2026 APEC meeting official partner, with the Denza brand undertaking core travel service guarantees, means this industry convention lasting for many years is being completely rewritten.
The screening for official designated vehicles for world-class conferences has never been a single-product competition, but a systematic verification of the brand's full-chain capabilities. From vehicle safety, stability, supply scale, to service team dispatch response, cross-scenario adaptation capabilities, every link must undergo multiple rounds of strict verification.
That Denza could secure a service order of nearly 700 units, behind it is the industry-unprecedented large-scale delivery and synchronous guarantee capability — this not only requires the brand to complete the centralized delivery of hundreds of high-quality vehicles in a short time, but also build an operation, dispatch, and emergency response system covering the entire conference cycle, this level of comprehensive service capability belongs to the first tier in the global high-end MPV market.
Top Grand Event 'Regular Guest': Denza D9 Product Power and Service Dual Verification
Before this APEC departure ceremony, Denza D9 had already completed the service landing of multiple top-level international grand events in 2026: from guest reception at the Boao Forum for Asia, to full-scenario business commuting at the China-ASEAN Expo, and to travel support at the Summer Davos Forum, Denza D9 has become a 'regular guest' in top-level political and business activities. This high-frequency top-level scenario landing is not a coincidental marketing cooperation, but a natural result after product strength and service capabilities were repeatedly verified.
As a high-end new energy brand under BYD, the Denza D9 is equipped with the DiSus-C Intelligent Damping Body Control System, relying on the Road Preview 2.0 technology, can adjust suspension stiffness at the millisecond level, achieving a driving experience of 'no head lift when starting, no nodding when braking, no motion sickness when riding', perfectly adapting to the extreme requirements for stability in diplomatic reception. Its second-row zero-gravity aviation seats are equipped with 16-point massage, ventilation and heating functions, combined with 'Privacy Sound Shield' acoustic isolation technology, creating an independent private negotiation space inside the vehicle, meeting the needs of prestige and business privacy simultaneously during mobile travel. While the low fuel consumption and long range characteristics brought by DM-i Super Hybrid Technology, and the supercharging capability of the pure electric version's 800V high-voltage platform, also allow the centralized dispatch of hundreds of vehicles and long-distance cross-regional travel to be freed from energy replenishment anxiety.
At the market end, Denza D9 also turned in a phenomenological industry report: Since its launch in 2022, cumulative sales have broken through 350,000 units, winning the Chinese all-category MPV annual sales championship for three consecutive years, becoming the world's first new energy MPV to reach this milestone, while topping the list of '2026 Hurun China New Energy MPV Brand TOP10'. From the user structure perspective, 90% of Denza D9 users come from additional purchases or trade-ins, among whom 50% come from converting from traditional luxury brands, even including many Rolls-Royce and Bentley owners, this cross-layer user recognition allows Denza D9 to break out of the traditional positioning of 'New Energy Substitute', truly establishing a luxury value system belonging to Chinese brands.
Denza's APEC Moment is a New Starting Point for Chinese Automotive Globalization
Nearly 700 Denza units serving APEC, the industry impact of this matter, far exceeds a single brand exposure. It is equivalent to handing over a 'China Card' to the global luxury MPV market: In the past, when global users mentioned high-end MPVs, the first thought was overseas brands, now, Denza uses actual service performance at world-class grand events, to redefine the standards of 'Luxury New Energy MPV'.
Before this, Denza had already secured the first place in luxury MPV sales in multiple Southeast Asian countries, even in mature automotive markets like Singapore, Denza D9's sales price exceeded traditional imported luxury MPVs, and still gained recognition from a large number of high-end users. And this global communication of this APEC, is equivalent to giving Denza's globalization path a most weighty 'credit endorsement' — in the future, political and business activities in more countries globally, high-end users, will all, because of the travel experience of this world-class grand event, re-understand the strength of Chinese luxury new energy vehicles.
When over 600 second-generation Denza D9s slowly drove out from the Shenzhen headquarters, what this departure ceremony carried, was long not just travel support for a meeting. It is a green smart manufacturing card handed by Shenzhen to the world, but also a contemporary footnote to China's automotive industry moving from 'Chasers' to 'Leaders'. On the track of the global new energy vehicle industry, Chinese brands represented by Denza, are redefining the standards of luxury MPVs, also showing the world, the upward breakthrough of China's automotive industry, has already moved from the product market, truly to the center of the world stage. (Written by Chen)
In the Malaysian SUV market, many buyers compare the Toyota Fortuner and Audi Q5 when choosing a vehicle. These two models are quite comparable in terms of price and positioning. Today, we will conduct a detailed comparison from multiple aspects to help you save time on research.
The Toyota Fortuner OTR price in Malaysia is RM 195,880 - 241,880, with a total of 3 versions, including 2024 2.8T VRZ Diesel (RM 241,880), 2024 2.7L SRZ Petrol (RM 202,880), 2024 2.4L Standard Diesel (RM 195,880), etc.
The Audi Q5 OTR price in Malaysia is RM 354,174 - 423,174, with a total of 2 versions, including 40 TDI (RM 320,000), 45 TFSI (RM 350,000), etc.
In terms of price, the Toyota Fortuner's starting price is indeed RM 158,294 cheaper than the Audi Q5. If your budget is limited, Toyota's entry-level version already meets daily needs. However, note that saving a few thousand might involve trade-offs in features, depending on your specific requirements.
The Toyota Fortuner features a 2.5L Diesel engine with 187 hp. Official fuel consumption is 8.5 L/100km.
The Audi Q5 features a 2.0L Turbo engine with 220 hp. Official fuel consumption is 9.5 L/100km.
In terms of power, the Audi Q5's 2.0L Turbo has 33 more horsepower than the Toyota Fortuner's 2.5L Diesel. However, for daily city driving, the power of both cars is sufficient and won't feel lacking.
The Toyota Fortuner safety rating is 5★ (ASEAN NCAP), active safety systems include.
The Audi Q5 safety rating is 5★ (Euro NCAP), active safety systems include Pre Sense + ACC.
The Toyota Fortuner comes with a 5-year/unlimited mileage warranty, service interval every 10,000km or 6 months.
The Audi Q5 comes with a 5-year/150,000km warranty, service interval every 10,000km or 6 months.
Both the Toyota Fortuner and Audi Q5 are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, consider the one with better reputation first; if you care more about price-performance ratio and features, choose the one with richer configurations. Ultimately, it is recommended to test drive both; personal experience is the most important.
Overall, the Toyota Fortuner and Audi Q5 are both very good models in the Malaysian market. Which one to choose depends primarily on your personal needs and budget. We suggest doing your research, comparing quotes from multiple dealerships, and then test driving to make a final decision. Buying a car is a big deal; taking time to do research will never go wrong.
喺馬來西亞嘅 SUV 市場，好多買家在揀車嘅時候都會用 Toyota Fortuner 同 Ford Everest 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次詳細嘅比較，幫你省返做功課嘅時間。
Toyota Fortuner 喺馬來西亞嘅 OTR 售價係 RM 195,880 - 241,880，一共有 3 個版本，包括 2024 2.8T VRZ Diesel（RM 241,880）、2024 2.7L SRZ Petrol（RM 202,880）、2024 2.4L Standard Diesel（RM 195,880）等等。
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）等等。
從價錢嚟睇，Toyota Fortuner 嘅起價確實比 Ford Everest 平咗 RM 70,458。如果你預算有限，Toyota 嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能會喺配備上有取舍，具體要看你嘅需求。
Toyota Fortuner 配備 2.5L Diesel，馬力 187 hp。官方油耗 8.5 L/100km。
Ford Everest 配備 2.5L Diesel，馬力 187 hp。官方油耗 8.5 L/100km。
兩款車用緊同一套動力系統，日常開起嚟嘅感受基本冇差別。油耗方面都差唔多，唔使太糾結這一點。
Toyota Fortuner 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，日常駕駛感受唔會有太大分別。
Toyota Fortuner 保用 5 年/無限制里程，保養間隔 每 10,000km 或 6 個月。
Ford Everest 保用 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
Toyota Fortuner 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。
總體嚟講，Toyota Fortuner 同 Ford Everest 都係馬來西亞市場幾唔錯嘅車型。揀邊部車，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。
In the Malaysian SUV market, many buyers compare Toyota Fortuner and Chery Tiggo 7 PHEV when choosing a car. These two models 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 OTR price of Toyota Fortuner in Malaysia is RM 195,880 - 241,880. There are 3 versions in total, including 2024 2.8T VRZ Diesel (RM 241,880), 2024 2.7L SRZ Petrol (RM 202,880), 2024 2.4L Standard Diesel (RM 195,880), etc.
The OTR price of Chery Tiggo 7 PHEV in Malaysia is RM 129,750 - 129,750. There are 2 versions in total, 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 Chery Tiggo 7 PHEV is RM 66,130 cheaper than Toyota Fortuner. Honestly, in this price range, a difference of a few thousand is not that significant. The key is to look at overall value for money and long-term running costs.
Toyota Fortuner is equipped with 2.5L Diesel, horsepower 187 hp. Official fuel consumption 8.5 L/100km.
Chery Tiggo 7 PHEV is equipped with Hybrid, horsepower 170 hp. Official fuel consumption 4.5 L/100km.
In terms of power, Toyota Fortuner's 2.5L Diesel has 17 more horsepower than Chery Tiggo 7 PHEV's Hybrid, providing more confidence in mid-range acceleration, especially when overtaking on highways. However, Chery Tiggo 7 PHEV's fuel consumption might be more friendly, and the difference in daily city commuting won't be too large.
Toyota Fortuner body length 4400 mm, trunk 400 L.
Chery Tiggo 7 PHEV body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, and the interior space is not much different. For cars at this level, daily use is completely sufficient.
Toyota Fortuner and Chery Tiggo 7 PHEV are both mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with better reputation; if you care more about value for money and equipment, choose the one with more configurations. Ultimately, it is recommended to test drive both models; personal experience is the most important.
Overall, Toyota Fortuner and Chery Tiggo 7 PHEV are both very good car models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. We recommend 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 some time on research will definitely not go wrong.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Toyota Yaris Cross 同 Mazda CX-5 嚟做比較。呢兩部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，幫你省返做功課嘅時間。
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。
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 35th Anniversary（RM 316,154）、2025 2.0L AT（RM 296,154）、2025 2.0L MT（RM 294,154） 等。
由價錢睇嚟，Toyota Yaris Cross 嘅起步價確實比 Mazda CX-5 平咗 RM 35,569。如果你預算有限，Toyota 嘅入門版已經可以滿足日常需要。但都要注意，平嗰啲幾千蚊，可能喺配備上會有取捨，具體要睇你嘅需要。
Toyota Yaris Cross 車身長 4400 mm，後車廂 400 L。
Mazda CX-5 車身長 4500 mm，後車廂 450 L。
空間方面，Mazda CX-5 嘅車身比 Toyota Yaris Cross 長咗 100 mm，乘坐空間更有優勢。不過 Toyota Yaris Cross 喺城市入面泊車會靈活少少，各有取捨。
Toyota Yaris Cross 保養 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
Mazda CX-5 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Toyota Yaris Cross 同 Mazda CX-5 都係馬來西亞市場嘅主流選擇，適合家庭用、日常通勤。如果你更重視品牌口碑同二手價，可以優先考慮口碑更好嗰款；如果你更在意 CP 值同配備，那就揀配置更豐富嗰款。最終都係建議兩款都去試駕，親身感受先係最重要。
總體嚟講，Toyota Yaris Cross 同 Mazda CX-5 都係馬來西亞市場好正嘅車型。揀邊輛，關鍵仲係要睇你嘅個人需要同預算。建議大家做好功課，多比較間車行嘅報價，再去試駕做最終決定。買車係一件大事，花少少時間做功課絕對唔會錯。
Author | Hao Wen
Editor | Qujie Business News Group
In this round of car manufacturers developing batteries in-house, what might be rewritten is not just the supplier list, but also CATL's profit model relying on a complete battery system to obtain premiums.
On the evening of September 18, after the Xpeng G9L launch event, Xpeng founder He Xiaopeng stated in response to media inquiries about whether they would develop batteries in-house, "Starting this year, Xpeng will handle batteries entirely in-house;" previously, Li Auto also announced that self-developed batteries will gradually cover all models.
Car manufacturers' accelerated commitment to developing batteries quickly formed a response in the capital market. On September 18, CATL's A-share closed at 301.95 yuan/share, a drop of more than 35% from the year's high of 467.34 yuan on May 7. The HK share closed at 507 HKD/share, a new intraday low since March 10. The total market capitalization of A+H shares evaporated by more than 700 billion yuan from the peak.
Image Source: Baidu Screenshot
The market generally views car manufacturers developing batteries in-house as two things: saving costs and ensuring supply. But the changes happening in the industry are far more than just replacing suppliers. Car manufacturers are seeking to regain product definition rights over batteries. CATL's past profit path relying on complete battery system solutions to obtain premiums is being impacted, and the original business model is facing structural adjustments.
1. Definition Rights Shift Down, Manufacturing Rights Remain CentralFirst, clearly see what car manufacturers are actually doing. They are not fully building battery cell factories themselves, but are keeping product definition rights such as battery formulas, fast-charging logic, BMS strategies, and vehicle integration standards in their own hands, while handing over the battery cell manufacturing process to battery suppliers.
For example, Xiaomi's "Longjia Battery" involves Xiaomi responsible for product definition and battery pack design and development, with CALB and Sunwoda customizing battery cells according to Xiaomi standards; Li Auto's battery self-research involves self-developed and self-made battery packs, with cells produced by Sunwoda and CALB; Xpeng has taken back the entire battery pack chain, retaining only the procurement of battery cells.
This exactly hits CATL's core source of high gross margins. In the past, it delivered a complete set of "battery solutions + exclusive designated supply", obtaining technology, system solutions, and pricing dividends from exclusive supply in one order. Nowadays, car manufacturers hold formulas, structures, vehicle integration, and other links in their own hands, only purchasing customized battery cells from battery manufacturers. CATL's business space for obtaining premiums relying on complete battery packs is facing obvious squeezing.
Changes are also reflected in financial report data. In the first half of 2026, CATL's largest revenue source - power battery system gross margin dropped to 20.63%, a year-on-year decline of 1.78 percentage points.
Image Source: Semi-Annual Report Screenshot
The rising logic of second-tier battery factories has also become clear. In addition to their own technology iterations, the key lies in being willing to adapt to car manufacturers' product definitions and undertake deep customization development. Li Auto injected 2.65 billion yuan to increase capital in Sunwoda, becoming its second-largest shareholder. CALB has also grown into Xpeng's main supplier. Under the current industry chain pattern, manufacturers capable of implementing car manufacturer customized battery cell solutions are expected to capture the incremental share released by CATL.
2. "Know How to Build Cars, Not Necessarily How to Build Batteries"Car manufacturers regaining definition rights is essentially a redistribution of profits.
In the past few years, profits in the new energy vehicle industry chain have concentrated heavily on the battery segment. In the first half of 2026, CATL's net profit attributable to parent company was 43.284 billion yuan, while according to statistics, the combined net profit of 15 mainstream listed car manufacturers such as BYD, SAIC, Geely, Chery, etc., was 21.048 billion yuan, less than half of CATL alone. As early as 2022, GAC Group's then Chairman Zeng Qinghong openly complained: "Batteries account for 60% of the vehicle cost, aren't I just working for CATL?"
Image Source: Semi-Annual Report Screenshot
In this round, car manufacturers developing batteries in-house combined with multiple suppliers running in parallel, the goal is to squeeze excess profits in the battery segment and promote profits to flow back to the vehicle end. The lithium battery industry may return from past phased high returns to a relatively fair profit level of manufacturing.
But inferring "CATL will be replaced" based on this is still premature. Car manufacturers' battery self-research has a natural ceiling. He Xiaopeng explicitly stated in an interview that Xpeng does not intend to enter the production of battery cells itself; investing in battery cells is ultimately for others.
Car manufacturers are good at vehicle product definition and system integration, but face high thresholds in yield, consistency, and cost control of mass production of battery cells; battery cell manufacturing belongs to capital-intensive industries, only sufficient scale can dilute costs. Once sales fluctuate, capital-intensive capacity will drag down the car manufacturer's balance sheet. CATL's Chief Manufacturing Officer Ni Jun once openly stated: "Knowing how to build cars doesn't mean knowing how to build batteries, professionals should do professional things."
Definition rights can be contested, but barriers to mass production are difficult to migrate quickly. In the first half of this year, CATL's battery system capacity utilization rate reached 94.86%, with 764 GWh of capacity under construction; the German plant has already achieved profitability, and bases in Hungary, Spain, and Indonesia are landing successively. According to data released by Korean market research firm SNE Research, from January to May 2026, CATL's global power battery market share broke through 40% for the first time, reaching 40.2%.
Image Source: Semi-Annual Report Screenshot
CATL has even started to fight back for definition rights. It launched the 75# standardized battery swapping block for heavy trucks, laid out passenger car integrated smart chassis, packaged "battery + chassis" into a standardized solution that vehicle manufacturers can procure, trying to turn itself back into the "person who sets standards". On high-end models above 300,000 yuan, Qilin and Shenxing supercharging remain the mainstream technical solutions in terms of performance and safety. Although car manufacturers generally introduce second and third suppliers and carry out diversified supply chain layouts, for main-selling high-end flagship models, most will still keep CATL in the supplier list.
Therefore, the industry is unlikely to move towards simple substitution. In the domestic power battery track, a two-way check and balance pattern is more likely to form: car manufacturers strive for product definition rights, promoting more industry chain profits to flow back to the vehicle end; CATL guards the core capabilities of high-end manufacturing.
However, challenges still objectively exist. If more high-end models deeply dominate battery definitions later, the product performance advantages of leading battery enterprises gradually turn into industry general capabilities, and CATL's existing product premiums still have the possibility of being continuously compressed.
Facing the gaming pressure of the domestic market, CATL has not bet all its chips on domestic car manufacturers' power battery businesses. Overseas markets and energy storage businesses have become important growth pillars. In the first half of the year, the energy storage business achieved revenue of 53.261 billion yuan, a year-on-year increase of 87.54%; overseas revenue was 87.129 billion yuan, a year-on-year increase of 42.35%, with overseas business gross margin at 29.97%, significantly higher than the domestic business's 21.16%.
For CATL, the real risk does not lie in being completely replaced by car manufacturers, but in whether it can adapt to the gross margin in the domestic market that is tending to thin out, relying on manufacturing advantages, global layout, and energy storage business to continuously obtain reasonable returns.
In the Malaysian SUV market, many buyers compare Honda HR-V and Subaru Forester 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.
Honda HR-V OTR price in Malaysia is RM 115,900 - 143,900, with a total of 4 versions, 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.
Subaru Forester OTR price in Malaysia is RM 174,000 - 197,000, with a total of 3 versions, including 2024 2.0L S EyeSight GT Edition (RM 189,538), 2024 2.0L S EyeSight (RM 177,538), 2024 2.0L L EyeSight (RM 167,538), etc.
From the price perspective, Honda HR-V's starting price is indeed RM 58,100 cheaper than Subaru Forester. If your budget is limited, Honda's entry-level version can already meet daily needs. But note that the difference of a few thousand might involve trade-offs in features, depending on your specific needs.
Honda HR-V is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Subaru Forester is equipped with 2.0L 4-cyl, 170 hp. Official fuel consumption 8.0 L/100km.
In terms of power, Subaru Forester's 2.0L 4-cyl has 30 more horsepower than Honda HR-V's 1.5L Turbo. However, for daily city driving, both cars have sufficient power, you won't feel underpowered.
Honda HR-V safety rating is 5★ (ASEAN NCAP), active safety systems include Honda SENSING (ACC, CMBS, LKAS, RDM).
Subaru Forester safety rating is 5★ (Euro NCAP), active safety system includes EyeSight.
Regarding safety features, both cars received good ratings. However, Honda HR-V's Honda SENSING (ACC, CMBS, LKAS, RDM) and Subaru Forester's EyeSight have some differences in functionality. If you value active safety highly, you can carefully compare their feature lists.
Honda HR-V body length 4500 mm, trunk 450 L.
Subaru Forester body length 4400 mm, trunk 400 L.
In terms of space, Honda HR-V's body is 100 mm longer than Subaru Forester, interior seating space is slightly more spacious, especially rear legroom. If you frequently carry family or need to fit a stroller, the larger body is indeed more practical.
Honda HR-V uses FWD drive type.
Subaru Forester uses FWD drive type.
Both cars have the same drive type, FWD, there won't be much difference in daily driving experience.
Overall, Honda HR-V and Subaru Forester are both very good models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. We recommend doing research, comparing quotes from several dealerships, and then test driving to make the final decision. Buying a car is a major event, spending time on research will definitely not go wrong.
Monthly sales of 100,000, yet market cap only half of competitors: Why can't Leapmotor's scale earn valuation?
Evening of August 24, Leapmotor released an interim performance report with almost flawless data: First half deliveries 356,487 units, YoY growth 60.8%, ranking first among New EV makers; Revenue 38.11 billion yuan, growth 57.2%; Net profit attributable 208 million yuan, achieving profitability for two consecutive half-years. July single-month deliveries 101,267 units, becoming the first domestic New EV maker to break 100,000 monthly sales. Established for 11 years, cumulative deliveries exceeded 1.6 million units.
Leapmotor displayed its full series of models at a promotion event | Source: Leapmotor official website
But the reaction from the capital market was quite interesting. As of the August 26 market close, Leapmotor's HK stock market cap was approximately HKD 45.36 billion; on the same day, Nio was about HKD 85.5 billion, XPeng about HKD 88.4 billion, and Li Auto about HKD 97.7 billion. The one selling the most, its market cap is less than half of Li Auto. More importantly, Li Auto's second-quarter net loss was 1.705 billion yuan, XPeng's second-quarter net loss was 1.34 billion yuan — they are making losses, yet the market is willing to give them higher prices.
Being the sales champion doesn't beat the market cap, this is not just a problem for Leapmotor, but it is Leapmotor's most prominent issue. This deep dive wants to clearly break down three things: how exactly these 200 million in profit was squeezed out; why that overseas report is Leapmotor's real trump card; and what evidence the market is waiting for before re-pricing this company.
01 How the 200 Million in Profit was "Squeezed" OutFirst, let's look at the profit structure. First half revenue of 38.11 billion yuan and 11.7% comprehensive gross margin, corresponds to gross profit of approximately 4.45 billion yuan. After deducting R&D, sales, administrative and other period expenses and taxes, final operating profit was 128 million yuan, with net profit attributable to shareholders of 208 million yuan.
Converted to per unit: 356,487 vehicles, with an average profit of only about 585 yuan per car. A 100,000 yuan level car, profit isn't enough for a decent meal. Net margin 0.55%, thin as a blade.
Leapmotor 2026 Semi-Annual Report · Performance Highlights | Source: Leapmotor official website
These 208 million are pieced together from several parts. The first part is selling cars itself. Management gave whole vehicle gross margin guidance of 10~11 percentage points at the conference call — meaning selling cars is low profit high volume, the bulk of gross margin depends on scale rolling. The second part is carbon credits, contributing 800 to 900 million yuan in the first half, about 500 million yuan in the second quarter. This is the profit's "plug-in", and its unit price is declining, management original words: "Carbon credit sales unit price fell compared to last year", "Just like the path our country walked back then". The third part is R&D service revenue, contributed in the first half but not much; the fourth part is Leapmotor International, slightly profitable but with a small loss in the first half due to exchange rates, management expects to recover in the second half.
The trend of gross margin also hides structure: First half comprehensive gross margin 11.7%, YoY decline of 2.4 percentage points, but second quarter single quarter recovered to 12.6%, QoQ improvement 3.2 percentage points. Full year guidance is 13%~14%. Management attributed the improvement to scale effect and raw material price stabilization — to translate: volume growth is diluting per-unit cost, but carbon credit decline is pulling profit margin back from the other side.
Compare with peers, the irony is stronger. Li Auto second-quarter net loss 1.705 billion yuan, deliveries 98,330 units, YoY still declined 11.5%; XPeng second-quarter net loss 1.34 billion yuan. Full market only Leapmotor, the only New EV maker stable in making money, market cap yet bottomed out. In Tech Jungle's view, the market is not that it doesn't recognize profit, but doesn't recognize "profit of doubtful gold content" and "profit that hasn't proven sustainable scaling".
02 Going Overseas: The Real Profit Pool is FormingLeapmotor interim report's most eye-catching numbers are actually not in the domestic market. First half exports 96,294 units, YoY growth 372.6%, already exceeded 2025 full year export total, accounting for 27% of total sales; July single month exports 17,569 units. European market revenue 8.875 billion yuan, YoY surge 379.7%, accounting for about 23% of total revenue.
Leapmotor exceeded 900,000 global deliveries in June | Source: Leapmotor official website
Overseas per-unit gold content is far higher than domestic: Same platform models selling price in Europe is several times that of domestic, even after incurring freight, tariffs and channel costs, per-unit gross margin is clearly better than the involution of domestic market. This is the real meaning of "Second growth curve" — not selling tens of thousands more cars, but selling a market with higher profit margin.
Local assembly map also unfolds simultaneously: Malaysia relies on Stellantis Kedah plant, C10 already mass production, B10 planned Q3 mass production launch; European Spain Zaragoza plant completed retrofit, B10 Q3 start production, B05 trial production within the year, 2027 formal mass production, supporting battery plant Q3 start mass production; South America selected Brazil Goiania plant, B10 planned 2027 second half start production. Management stance is: This year overseas expected around 200,000 units (start of year target 100,000~150,000 units), next year target 350,000~400,000 units, internal challenge 400,000 units.
But management also said two sentences worth noting truths. First is local production gross margin indeed better than whole vehicle export has improvement, "but improvement not as obvious as imagined", profit margin's real improvement needs to wait for "policy changes" — simply put, wait for EU tariff and local procurement rules to clear. Second is RoRo ship capacity tight, company has reached cooperation with Shipping Group, "Full year 200,000 units is guaranteed". Going overseas doesn't lack orders, lacks capacity and policy window.
There is also a detail ignored by most interpretations: Leapmotor International is Leapmotor 49%, Stellantis 51% joint venture, when established agreed on previous three years lower gross margin split. Management explicitly said at conference call, both parties "3-year agreement period" gradually approaching, will sit down to re-communicate. This is both an area where first half comprehensive gross margin was "structurally suppressed" dark corner, also potential option for gross margin upward repair in future one to two years — Stellantis sells every car, after re-pricing may contribute more profit.
03 Balance Sheet: Where Did Money and Goods GoSeveral numbers on the interim report balance sheet explain Leapmotor's current strategy better than income statement.
Leapmotor 2026 Semi-Annual Report · Financial Performance | Source: Leapmotor official website
Cash and equivalents 38.59 billion yuan, borrowing only 2.39 billion yuan, net cash over 36 billion yuan. A car company with annual sales of hundreds of thousands of units holding such scale of cash, at least on cash flow there is no danger signal.
What is truly worth pondering is inventory: 9.27 billion yuan, QoQ increase 103.7%, approximately equal to 1.65 months cost of sales. Why prepare so much inventory? Two months ago this number was not even half. The answer is written in the timeline: A05 launched on August 11, A10 enter ramp-up, D19 and C series volume, second half delivery target obviously is to go high; plus exports in transit whole vehicles and parts all floating at sea, inventory double more like intentional "ammo".
More ruthless is accounts payable: 47.08 billion yuan, is 5.1 times inventory. This shows in supply chain system, upstream suppliers are advancing funds for Leapmotor. Use suppliers' goods first, then pay money, account period dragged longer, Leapmotor cash more abundant. This is an invisible low cost financing, also realization of scale effect — only when your procurement volume large enough no one dares easily cut supply, this chain then can move. Huawei-style "V-formation supply chain" in auto industry replicate difficulty compared to consumer electronics is much bigger, but Leapmotor is trying to run with same logic.
Future two years still need to spend a big sum: As of end of June, company for purchase of properties, factory and equipment capital commitments were 7.76 billion yuan, first half capital expenditure 2.03 billion yuan, mainly used for new factory equipment and new car production line introduction. Where do these money go? Answer is 2027 — management's words "very big product big year": D series brand new models, C series existing brand new and also replacement, B series new products. 2026 profit, largely is for 2027 product matrix storing water.
04 FAW and Stellantis: Two "Technology for Market" AccountsAugust 24, same day financial report release, Leapmotor and China FAW signed deepening cooperation framework, listed ten major synergy fields: Battery, Electric Drive, Chassis, Intelligent Cockpit, Intelligent Driving, Auto Electronics, Whole Vehicle Design Manufacturing, Export, Supply Chain, and Embodied AI Robot. Time line extended look, March 3, 2025 both parties signed strategic cooperation MOU, December 28, 2025 FAW subscribed about 5% domestic shares with 3.744 billion yuan (per share 50.03 yuan) — this investment's book floating loss, according to Chegulu Media calculation already exceeded 1 billion yuan (Aug 19); and concurrently, founder Zhu Jiangming was reported multiple announcements increase holdings.
Leapmotor and China FAW signed deepening strategic cooperation agreement | Source: Leapmotor official website
A state-owned giant floating loss, founder investing against trend, both parties again on financial report day announced ten major synergy — this set of signals put together, reads like a "Long-termist mutual confirmation" agreement. Leapmotor wants one FAW R&D synergy and policy resources, FAW wants Leapmotor full domain self-developed powertrain ready-made capability, use money and technology double binding.
Another line is Stellantis. 2023 shareholding, May 2024 established Leapmotor International, May 2026 both parties announced cooperation upgrade (Opel etc brand dedicated production line and technical support, according to public reports). Conference call management revealed, cooperation direction with Stellantis is "Empowerment based on mature powertrain component supply capability", and "Recent very likely there will be further good news"; With FAW, Stellantis R&D service cooperation, "Very soon everyone will receive external announcement".
This words actually already fulfilled half: FAW framework agreement is announcement day hammered. Leapmotor is upgrading "Selling cars" into "Selling cars + Selling technology + Selling supply chain capability" three parts income. This is also Zhu Jiangming repeatedly publicly expressing "Market cap undervalued" confidence source — market gives Leapmotor valuation according to whole vehicle manufacturer, but its financial statements are growing into technology exporter shape.
05 Robots: Second Curve Waiting Behind AnnouncementAnd FAW's ten synergy list appeared "Embodied AI Robot", this is official level first time writing robot into cooperation framework. Accompanying public business information (Leapmotor power subsidiary business scope newly added robot related content), and conference call management "Company has robot related planning, very soon will formal announcement" statement, Leapmotor's robot business has entered "Night before official announcement" from "Rumors".
But to speak rigorous: Robot currently still is expectation, not profit. Before announcement landing, it is just valuation imagination option. Management at conference call also confirmed, September 16 will hold technology launch conference in Huzhou, Zhejiang, heavyweight content concentrated on Intelligent Driving, Battery and Electric Drive — this is future few weeks most immediately visible catalyst, Robot is farther that "Easter egg".
Risks also need to be mentionedOutside bullish, a few risks worth listing on table.
First is carbon credit decline. First half 80~900 million points income pushed net profit to 200 million, but unit price is returning towards "Country back then path". If next year points income shrinks, and whole vehicle gross margin not substantially stand at 13%~14%, profit statement will be hit back to original form. Leapmotor needs to use real material scale effect, to fill points decline dug hole.
Second is customer concentration. Financial report disclosed single largest customer contribution accounted for about 23.3% revenue ratio — combine European revenue scale and joint relationship, overseas big customers are double-edged sword: It supports growth, also handed over fate's much part into others hands.
Third is policy window. EU localization procurement proportion requirement is rising, anti-subsidy tax and price commitment "Soft landing" whether continue, directly decides 2027 400,000 units overseas target whether can fulfill; and localization profit margin improvement, management also said "Needs policy changes".
Fourth is execution difficulty. Next year overseas 350,000~400,000 units, means need to on this year about 200,000 units basis close to double, capacity, channel, localization capacity three lines parallel, any link fail chain will transmit to report.
Conclusion: Monthly Sales of 100,000 is Just an Entry Ticket
Leapmotor full series of models lineup | Source: Leapmotor official website
In Tech Jungle's view, market cap repair not rely on shouting, market wants three verifiable evidence: Whole vehicle gross margin whether can stabilize 13%~14% and continue upward, prove "Selling cars itself can make money"; Carbon credits decline after profit not empty, prove "Profit is real"; Overseas 350,000~400,000 units and robot announcement quality, prove "Second curve is not an empty promise".
This half year, Leapmotor proved itself can use extremely low per-unit profit roll up scale, also can hold cash firmly in hand — Net cash over 36 billion, Accounts payable leverage 470 billion supply chain account period, this is not every New EV maker can do. But capital market not pay for "Amazing", only pay for "Proven sustainability".
Monthly sales of 100,000 is just an entry ticket, net profit of 200 million is a passing score, and dozens of times market cap gap, need to rely on next one or two years' report page by page to fill.
In the SUV market in Malaysia, many buyers compare the Proton X90 and Honda WR-V when choosing a car. Both cars are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to help you save time on research.
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 Honda WR-V OTR price in Malaysia is RM 89,900 - 107,900, with a total of 4 versions, 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 the Honda WR-V is RM 16,900 cheaper than the Proton X90. Honestly, in this price range, a gap of a few thousand is not really that big. The key is to look at the overall cost-performance ratio and long-term usage costs.
The Proton X90 safety rating is 5★ (ASEAN NCAP), with active safety systems including ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
The Honda WR-V safety rating is 5★ (ASEAN NCAP), with active safety systems including Honda SENSING.
Both cars have the same safety rating. In this class, safety equipment is quite complete. New cars nowadays have good safety, so there is no need to worry too much about this.
The Proton X90 body length is 4400 mm, and trunk capacity is 400 L.
The Honda WR-V body length is 4400 mm, and trunk capacity is 400 L.
The dimensions of both cars are almost the same, and the interior space difference is not significant. Cars in this class are completely sufficient for daily use.
The Proton X90 warranty is 5 years/150,000 km, and maintenance intervals are every 10,000 km or 6 months.
The Honda WR-V warranty is 5 years/unlimited mileage, and maintenance intervals are every 10,000 km or 6 months.
Both the Proton X90 and Honda WR-V are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with better reputation; if you care more about cost-performance and equipment, then choose the one with richer configurations. Ultimately, it is recommended to test drive both. Experiencing it personally is the most important.
Overall, both the Proton X90 and Honda WR-V are very good models in the Malaysian market. Choosing one depends mainly on your personal needs and budget. We recommend doing your homework, comparing quotes from several dealerships, and then test driving to make the final decision. Buying a car is a major matter. Taking some time to do your homework will never go wrong.
