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In Malaysia's SUV market, many buyers compare Perodua Ativa and Proton X70 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.
Perodua Ativa's OTR price in Malaysia is RM 62,500 - 73,400, with a total of 3 versions, including 1.0L Turbo X (RM 62,500), 1.0L Turbo H (RM 67,300), 1.0L Turbo AV (RM 73,400), etc.
Proton X70's 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.
Looking at the price, Perodua Ativa's starting price is indeed RM 44,300 cheaper than Proton X70. If your budget is limited, Perodua's entry-level version can already meet daily needs. But note that the few thousand cheaper price might involve compromises on specifications, which depends on your specific needs.
Perodua Ativa is equipped with 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
Proton X70 is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
In terms of power, Proton X70's 1.5L Turbo has 35 more horsepower than Perodua Ativa's 1.5L 4-cyl. However, for daily city driving, both cars have enough power and won't feel underpowered.
Perodua Ativa body length 4400 mm, trunk 400 L.
Proton X70 body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, and the interior space difference is not significant. For cars in this class, they are completely sufficient for daily use.
Perodua Ativa warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Proton X70 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Both cars have the same warranty conditions, no need to worry about this. Actual maintenance costs depend on the brand's service network and parts prices, it is suggested to ask real owners in car owner groups for their experience.
Overall, Perodua Ativa and Proton X70 are both quite good car 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 multiple dealerships, and then test driving to make a final decision. Buying a car is a big matter, spending some time on research is never wrong.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 現代 Santa Fe 同 富豪 XC40 嚟做比較。呢兩款車喺價位同定位上都幾接近嘅，今日我就由多個方面做一個詳細嘅比較，幫您節省做功課嘅時間。
現代 Santa Fe 喺馬來西亞嘅 OTR 售價係 RM 225,000 - 270,000，一共有 3 個版本，包括 2025 2.5T DCT 4WD Calligraphy 6 Seats（RM 270,000）、2025 HEV 1.6T AT 2WD Prestige 7 Seats（RM 245,000）、2025 HEV 1.6T AT 2WD Prime 7 Seats（RM 225,000） 等。
富豪 XC40 喺馬來西亞嘅 OTR 售價係 RM 278,888 - 278,888，一共有 1 個版本，包括 2025 2.0T Plus（RM 278,888） 等。
由價錢睇，現代 Santa Fe 嘅起步價確實比 富豪 XC40 平咗 RM 53,888。如果你預算有限，現代嘅入門版已經可以滿足日常需要。但都要注意，平咗嗰幾千蚊，可能喺配備上會有取捨，具體要睇你嘅需要。
現代 Santa Fe 搭載 2.0L 4-cyl，馬力 170 hp。官方油耗 8.0 L/100km。
富豪 XC40 搭載 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。
動力方面，富豪 XC40 嘅 2.0L Turbo 比 現代 Santa Fe 嘅 2.0L 4-cyl 多咗 50 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。
現代 Santa Fe 嘅安全評級係 TBD，主動安全系統包括 Basic。
富豪 XC40 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Pilot Assist, City Safety (標準)。
安全配備方面，兩款車都拿到唔錯嘅評級。不過 現代 Santa Fe 嘅 Basic 同 富豪 XC40 嘅 Pilot Assist, City Safety (標準) 喺功能上有啲分別，如果你比較重視主動安全嘅話，可以仔細對比吓兩者嘅功能列表。
現代 Santa Fe 車身長 4400 mm，行李廂 400 L。
富豪 XC40 車身長 4400 mm，行李廂 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。
現代 Santa Fe 保養 5 年/300,000km，保養間隔 每 10,000km 或 6 個月。
富豪 XC40 保養 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
總體嚟講，現代 Santa Fe 同 富豪 XC40 都係馬來西亞市場好唔錯嘅車款。揀邊架，關鍵仲要睇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 寶馬 X7 同 奧迪 Q5 嚟做比較。呢兩款車喺價錢同定位上都幾接近，今日我哋就從多個方面做一個詳細比較，幫你省下做功課嘅時間。
寶馬 X7 喺馬來西亞嘅 OTR 售價係 RM 635,800 - 694,800，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。
奧迪 Q5 喺馬來西亞嘅 OTR 售價係 RM 354,174 - 423,174，共有 2 個版本，包括 40 TDI（RM 320,000）、45 TFSI（RM 350,000） 等。
從價錢睇，奧迪 Q5 嘅起步價比 寶馬 X7 平咗 RM 281,626。坦白講，喺呢個價位段，幾千蚊嘅分別其實唔算大，關鍵仲係睇整體嘅性價比同長期使用成本。
寶馬 X7 配備 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。
奧迪 Q5 配備 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。
動力方面，寶馬 X7 嘅 3.0L Turbo 比 奧迪 Q5 嘅 2.0L Turbo 多咗 130 匹馬力，中段加速更有信心，尤其係行高速路超車嗰陣。不過 奧迪 Q5 嘅油耗可能更友善，日常市區通勤分別唔會太大。
寶馬 X7 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
奧迪 Q5 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Pre Sense + ACC。
安全配備方面，兩款車都攞到唔錯嘅評級。不過 寶馬 X7 嘅 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) 同 奧迪 Q5 嘅 Pre Sense + ACC 喺功能上有少少分別，如果你比較重視主動安全嘅話，可以仔細比較下兩者嘅功能列表。
寶馬 X7 保修 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
奧迪 Q5 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
寶馬 X7 同 奧迪 Q5 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，可以優先考慮口碑更好嗰一款；如果你更在乎性價比同配備，就揀配備更豐富嗰款。最終都係建議兩款都去試駕，親身體驗先係最重要嘅。
總體嚟講，寶馬 X7 同 奧迪 Q5 都係馬來西亞市場幾唔錯嘅車型。揀邊一架，關鍵仲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唔會錯。
喺馬來西亞嘅汽車市場，好多買家喺揀車嘅時候都會拿 Proton X90 同 Chery Tiggo Cross 嚟做比較。今日我哋由多個方面做一個詳細嘅對比，幫你節省做功課嘅時間。
Proton X90 喺馬來西亞嘅 OTR 售價係 RM 106,800 - 122,800，一共 4 個版本，包括 2026 1.5T Prime X（RM 122,800）、2026 1.5T Prime（RM 116,800）、2026 1.5T Lite（RM 106,800） 等。
Chery Tiggo Cross 喺馬來西亞嘅 OTR 售價係 RM 88,750 - 99,750，一共 2 個版本，包括 2025 HEV 1.5L CSH（RM 99,750）、2025 1.5T Standard（RM 88,750） 等。
就價錢嚟講，Chery Tiggo Cross 嘅起步價比 Proton X90 平咗 RM 18,050。老實講，喺呢個價位段，幾千蚊嘅差異其實唔算大，關鍵始終都係睇整體嘅性價比同埋長期使用成本。
Proton X90 車身長度 4400 mm，後備箱 400 L。
Chery Tiggo Cross 車身長度 4400 mm，後備箱 400 L。
兩部車嘅尺寸幾近一樣，車內空間差別唔大。呢個級別嘅車，日常使用完全夠用。
Proton X90 採用 FWD 驅動方式。
Chery Tiggo Cross 採用 FWD 驅動方式。
兩部車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大分別。
Proton X90 同 Chery Tiggo 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，可以優先考慮口碑好嗰部車；如果你更重視性價比同配備，嗰就揀配備更豐富嗰款。最終都建議兩部車都去試駕，親身體驗先至係最重要。
總體嚟講，Proton X90 同 Chery Tiggo Cross 都係馬來西亞市場幾唔錯嘅車型。揀邊一部，關鍵始終都係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，再去試駕先至做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
車型概覽
現代Kona EV 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。 呢篇會集中講家庭乘坐、行李同舒適度，幫你用買家角度篩走唔適合嘅選擇。
完稅價 HK$ 441,828 - 479,549 令預算位置更清楚，買家可以先估算月供、保險、泊車同日常開支。
購車價格指南
現代Kona EV 嘅購車預算可以先由 完稅價 HK$ 441,828 - 479,549 開始計。香港買車唔只係睇車價，月供、保險、牌費、泊車同能源成本都會影響每月壓力。
如果有幾個版本可揀，可以先將 2025 370km Standard（HK$ 441,828）、2025 505km Range+（HK$ 479,549） 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 現代Kona EV 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。
48.6/64.8 kWh 嘅電池容量，真正意義係可以幫你估算一星期通勤同周末出車要唔要中途補電。 99.26/150 kW、255 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 4355 mm、車闊 1825 mm、車高 1575 mm、軸距 2660 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 固定齒比、前置前駆 會影響起步順滑度、濕地穩定感同長途巡航性格。
優缺點分析
現代Kona EV 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：預算位置清楚，方便同同級車直接比較、電池同續航資訊有助安排通勤同補電、動力輸出對高速同上斜更有底氣。
要留意嘅係，要先確認屋苑、公司或常去商場嘅充電條件、香港停車場同窄路使用要留意車身闊度。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 現代Kona EV 之前，真正要問嘅唔係單一規格，而係佢可唔可以融入你每日嘅生活節奏。
常見疑問係「Hyundai Kona Electric 嘅行李空間有幾大？」簡單講，Kona Electric 嘅尾箱標準容量為 466 公升，將後排座椅放平後可擴展至 1,300 公升。尾箱開口夠大，擺 BB 車或者幾個大型行李喼都冇問題，日常家庭使用非常實用。 放到實際用車，就係要睇佢對通勤、泊車、家庭乘坐同長期成本有幾大幫助。
同級對比內容
將 現代Kona EV 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：先用 完稅價 HK$ 441,828 - 479,549 鎖定預算圈、再睇動力係咪足夠應付高速併線同滿載、再比較能源成本同補能便利、最後睇車身大小、座位同尾箱是否適合家人。
咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。
用車全周期指南
擁有 現代Kona EV 最重要係先諗清楚充電節奏。屋苑、公司或者常去商場只要有穩定充電選項，電動化用車就會容易相處好多。
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。
車型概覽
五菱凱捷 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。 呢篇會集中講同級車比較，幫你用買家角度篩走唔適合嘅選擇。
售價仍待確認，買家可以先把佢放入候選名單，等價格落實後再同同級車逐項比較。
購車價格指南
五菱凱捷 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 2024 1.5T CVT版（價格待確認） 放喺同一張清單。日常通勤重視舒適同易用，家庭買家就要優先睇後排、尾箱同安全配置。
核心規格重點
睇 五菱凱捷 嘅規格，重點唔係背數字，而係理解佢喺香港用車場景會帶嚟咩分別。
渦輪增壓、4 個 汽缸、1498 mL 排量 嘅動力底子，重點係市區跟車夠唔夠順、高速巡航會唔會吃力。 177 Ps / 130 kW、290 N·m 嘅輸出，對滿載、上斜同超車都比單睇馬力數字更有意思。 車長 4875 mm、車闊 1880 mm、車高 1695 mm、軸距 2800 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 無級變速(CVT)、前置前駆 會影響起步順滑度、濕地穩定感同長途巡航性格。
優缺點分析
五菱凱捷 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：動力輸出對高速同上斜更有底氣、空間同車身尺寸方便家庭買家預判實用性。
要留意嘅係，香港停車場同窄路使用要留意車身闊度、售價未清晰前唔應該太早用性價比落結論。呢啲唔一定係缺點，但係落訂前應該先諗清楚。
買家常見問題
買 五菱凱捷 之前，真正要問嘅唔係單一規格，而係佢可唔可以融入你每日嘅生活節奏。
常見疑問係「五菱 Wuling 凱捷 係一款咩類型嘅 MPV？」簡單講，五菱 Wuling 凱捷 係一款主打「大 4 座」理念嘅高端家庭 MPV。 放到實際用車，就係要睇佢對通勤、泊車、家庭乘坐同長期成本有幾大幫助。
同級對比內容
將 五菱凱捷 放入同級車清單時，唔建議只用外形或者品牌光環決定。比較順序可以係：先等售價落實，再決定佢應該同邊個級距比較、再睇動力係咪足夠應付高速併線同滿載、最後睇車身大小、座位同尾箱是否適合家人。
咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。
用車全周期指南
擁有 五菱凱捷 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。
你睇過印度嘅馬路嗎？
我喺網上見過。
畫面通常係咁，一輛轎車俾牛尾擋住，旁邊仲有亂竄嘅摩托，甚至周圍仲有賣奶茶嘅小夥，嗰叫一個“乾淨又衛生”。
然而，喺呢啲睇完好多人覺得生理不適嘅地方，豐田、鈴木、本田等日本車廠，卻決定將籌碼押落印度。
據印度“品牌質量基金會”網站顯示，三家車廠將喺印度投資近110 億美元建廠、提產能、搞出口。
對此有网友表示，三家日本車廠係咪錢多到無處花？
事實上，佢哋唔係錢多到花唔完，亦唔係被印度嘅咖哩蒙蔽咗心竅，呢啲日本車廠高層遠比我哋清醒。
而家嘅日系車，營業額、市場份額都喺下滑，原材料成本仲係升得飛起，打開世界地圖，搵一個能夠容納產能、拓充份額、競爭溫和嘅市場，唔係咁容易嘅事。
所以，唔係日本車廠選擇咗印度，而係因為冇得揀。
日本車廠之痛
曾經嘅日系車，嗰時妥妥係人哋個仔。
你問下十幾年前開過日系車嘅老司機，一提起日系車，幾乎就冇唔豎大拇指嘅，價錢平、省油、耐用又抵撞……
甚至好多日系車，仲要加價購買，但邊個諗到，呢個鐵打嘅江山，短短幾年時間就俾佢哋打得找唔著北。
隨著新能源汽車浪潮嚟到，電動化、智能化變成好多自主車廠“彎道超車”嘅目標，依托於中國強大嘅新能源汽車產業鏈優勢同車廠自身對研發、技術嘅堅持，中國自主品牌迅速實現咗“彎道超車”。
曾經被人吐槽嘅國產車，而家喺馬路越來越多人，甚至份額超越咗合資。
根據乘聯會嘅數據，喺2026 年4 月，自主品牌嘅份額已經高達62.5%，遠超日系嘅13.1%。
要知道，中國汽車市場係全球最大嘅汽車市場，喺中國市場失速，就相當於丟咗一塊巨大嘅蛋糕。
同時，中國市場近年嚟嘅主旋律依舊係價格戰，捲配置、捲價格、捲服務已經成為一種常態，亦對日系車嘅利潤產生咗巨大嘅影響。
除咗中國，日系車喺美國過得亦唔太好。
2025 年 1 月 20 日，特朗普宣誓就職第 47 任美國總統，自此開啟咗一連串搞搞震，其中就包括以國家安全為理由徵收額外嘅汽車關稅，導致進口日本汽車嘅關稅稅率一度高達 27.5%，雖然後嚟有所降低，但亦遠高於最初嘅稅率。
呢個操作，直接導致七大日本車廠喺2025 財政年度嘅關稅損失超2 萬億日元。
再睇日本本土，其實亦唔容易。
中東地緣衝突導致霍爾木茲海峽航運受阻，運輸成本、原材料成本暴漲，日本車廠都有苦難言。
高管們看著報表，背後發涼，只能尋找全新嘅增長曲線。
所以，日本車廠唔係愛上印度，係冇地方去。
揀選印度嘅深思熟慮
咁，印度點解咁有魔力，先至令日本車廠重資投入呢？
第一個優勢就係大。喺2025 年，印度汽車市場取得咗551.7 萬輛嘅新車銷量，同比增長 6%，刷新咗歷史紀錄，位居全球第三大汽車市場，已经连续四年超越日本，僅次於中國同美國。
呢個含金量唔使多講啦，而印度取得呢一成績，主要係因為印度一直喺推動減稅政策，促進消費，這導致國內消費意願出現咗明顯增強。
第二個優點係近，就係離日系車賣得動嘅地方近，如非洲等其他地區。
所以，印度對於日本車廠，更似一個建喺十字路口中央嘅便利店，你唔使將車分別運去八個國家，只需要喺印度呢站造好，然後一船一船甩去，就能削減唔少成本。
《日本經濟新聞》亦認為，印度有望轉變為佢哋全球嘅汽車供應中心。
第三個優點係穩。要知道，日系車嘅優勢就係燃油車，畢竟引擎、變速箱、底盤三大件，佢哋已經玩咗好多年，技術積累喺全球都係數一數二。
但係中國汽車市場已經全力推動電動化、智能化發展，導致日系車嘅優勢越來越弱，根本無法發揮出嚟，但印度唔一樣，佢擁有充電樁少、電動化進程緩慢嘅特點，印度老百姓買車，都仲係盯住平、省油、易修，而呢三點正係日系車嘅老本行。
尤其係鈴木，一直係印度汽車市場嘅常青樹，幾乎年年穩坐暢銷車型寶座，口碑好，勝過任何廣告。
所以，日本車廠大力佈局印度市場，顯然是經過深思熟慮嘅。
但，印度市場真係咁好混咩？
難啃嘅印度市場
當然，印度亦唔係完美得似個香口格，佢嘅缺點同佢嘅優點一樣明顯，而且每一個都夠日本車廠喝一壺。
先講電動化，冇錯，眼睇下印度充電樁少、電動車賣唔動，確實係日系燃油車嘅避風港。但你得諗諗，呢個“避風港”能避幾耐？
印度此前可係喊出咗 2030 年電動車佔新車 30% 嘅口號，雖然聽落似吹水，但抵唔住人哋真補錢、真建充電站。
試諗下，萬一有日印度突然開竅，開始大力推動電動化、搞基建，充電樁似雨後春筍咁冒出來，嗰日系車唔就傻眼？
呢唔係泰國市場嘅翻版咩？
當年日系車喺泰國都係躺贏，整個東南亞市場，都被稱為日系車嘅後花園，結果泰國率先推動電動化，中國電動車一嚟，直接就成咗香口格，再睇日系車，喺泰國嘅市場份額嘩嘩嚟咗落。
如果印度係電動化一加速，歷史大概率會重演，而而家呢次，日系車連逃嘅地方都快冇咗，點樣預防，將成為日本車廠嘅首要問題。
再講政策，印度嘅政策就似一鍋咖哩，你永遠唔知下一口食到係雞肉定係馬鈴薯。
呢個魔幻嘅國家，今日係低關稅鼓勵建廠，明日就可能罰你一筆巨款，更令人頭痛嘅係強制合資，外國車廠想喺印度賣車，要搵本地夥伴搭檔，等你工廠建好咗、供應鏈搭完咗，印度直接背刺你，到嗰陣無論係加錢定撤資，換嚟嘅都係心痛。
所以你看，印度呢個市場，就好似一個睇落好甜嘅芒果，咬落去第一口仲行，再啃幾口就摸著硬核。
日系車而家嘅算盤係，趁住核都未硌牙，趕緊多啃幾口，但核遲早會硌到，只係唔知係邊一日。
尾聲
日系車呢趟印度之旅，唔係去旅遊，係去搵食。
中國同東南亞嘅飯桌更擁擠，生產、運輸嘅成本又提高咗，放眼全球，就印度呢口鍋仲冒住熱氣，哪怕入面煮嘅係咖哩味嘅石頭，都要硬著頭皮啃落去。
日本車廠想擴大市場，印度想嘅係拉動經濟、解決就業，雙方都有各自嘅心思。
至於結局係日系車喺印度重新封神，定係好似當年嘅部分友商一樣灰溜溜走人，那就唔知啦。
但無論點樣，呢場戲先至開始，我哋慢慢睇就得啦。
反正印度嘅故事，從來唔會悶。
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.
Fang Cheng Bao Year-on-Year Surges 139.7%, Brand Upward Positioning Takes EffectThe 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.
Intelligent Driving Empowers Product Iteration, H2 New Products Prepare to Surge VolumeMay 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.
On May 28, 2026, the SAIC Motor Group's "Global 100 Millionth User Handover Ceremony" was held at the North Bund World Living Room in Shanghai. Over ten vehicle brands and nineteen models under SAIC, through "global relay delivery," crossed mountains and seas, spanned continents, and linked up globally. SAIC Motor Group thus became the first Chinese automotive group to break the 100 million cumulative production and sales milestone, casting a new milestone for China's automotive industry.
From "Phoenix" to "IM": 100 Million Units Witness the Striving and Original Aspiration of China's Automotive Industry
In 1955, the Shanghai Internal Combustion Engine Parts Manufacturing Company was established, marking the start of Shanghai's automotive industry. In 1958, workers hammered out the first "Phoenix" sedan, achieving a "zero breakthrough" in Shanghai sedan manufacturing. Over seven decades, SAIC has personally experienced and promoted the entire process of China's automotive industry from nothing to something, from weak to strong: In 1983, the first Santana was assembled and rolled out, opening the road of joint cooperation, and driving the establishment of China's modern automotive parts system; In 1997, Shanghai GM was established, creating the "Shanghai Speed" of 23 months from factory construction to car delivery, and simultaneously building China's first joint venture professional automotive design and R&D center; In 2006, the independent brand Roewe was born; In 2016, the world's first internet car Roewe RX5 was launched; In 2020, the high-end smart electric brand IM Motors was established, fully advancing into the smart and electrified era.
Underpinning this journey is SAIC's consistent user philosophy: "Know Cars, Know You Better." Knowing cars is the ultimate pursuit of core technology; knowing you is precisely landing every frontier technology into a perceived and enjoyable mobility experience for users. To practice this philosophy, SAIC has always gathered global wisdom with an open attitude of "beauty in unity": early on, deep cooperation with world-class vehicle and parts partners brought world-class quality mobility experiences to Chinese users; in the smart and electrified era, deep collaboration with top Chinese tech partners brings leading mechanical quality and smart mobility solutions to global users. From the Santana localization community to Joint Venture 2.0 technology co-creation, from internet cars to full-by-wire chassis, solid/semi-solid state batteries, and AI large models on board—each leap is an advancement in "knowing cars" capability and a continuity of the original aspiration of "knowing you". 100 million units is a measure of numbers, but also the concentrated fulfillment of trust from 100 million users.
100 Millionth Vehicle: IM LS9 Hyper, Gathering the Great Achievement of SAIC's 70+ Years of Technology
Amid the brilliant starlight of global relay delivery, the focus of the 100 Millionth Vehicle handover was set within the main venue of the North Bund World Living Room in Shanghai, where the IM LS9 Hyper made a shining appearance. The IM LS9 Hyper is precisely the culmination of SAIC's 70+ years of technological accumulation, pushing the strength of SAIC's flagship to a new height, and also opening a new era for new energy vehicle "new major components". It is equipped with next-generation chassis technology, the industry-first full-by-wire four-wheel steering; next-generation smart driving hardware, 520-line super-vision LiDAR + NVIDIA Thor chip, next-generation three-electric systems — global 800V high-voltage platform and Star Super Range Extension. It fully pre-embedded redundant capabilities for continuous evolution towards L3 and above high-end smart driving. At the same time, the IM LS9 Hyper is the first to equip SAIC's Golden Badge Hurricane Tri-Motor, comfortably joining the performance 3-second club; together with Purple Mountain Laboratories, it globally launched "endogenous security" technology, expanding automotive safety boundaries from "physical security" to "information and system security", becoming a necessary safety cornerstone for the AI era.
It is worth mentioning that the 100 Millionth User, Momenta CEO Cao Xudong, is precisely SAIC's core strategic partner in the field of smart driving. The smart driving technology jointly created by the two parties has empowered independent and joint venture brands, jointly driving the automotive industry to accelerate towards the vast world of smart mobility. This time "partner becomes owner", not only is it a satisfying delivery from manufacturer to user, but also a deep resonance between intelligent automotive ecosystem partners.
System Strength: Global Relay Delivery of SAIC's Full Brand Matrix
Behind the 100 million units is the deep industrial chain system and leading innovation chain layout built by SAIC over 70+ years of deep cultivation — covering six major sectors: vehicles, parts, mobility and services, finance, international business, and innovative technology, tightly collaborating, empowering each other, and integrated development, forming a full value-chain closed loop. This is where SAIC's core competitiveness lies.
Technological breakthroughs must ultimately translate into market recognition and user trust. Behind the 100 million units is SAIC Group's thorough accumulation of the strength of the full domain system. From January to April 2026, SAIC Motor Group cumulatively sold 1.302 million units, ranking first in China's auto sales for four consecutive months. Among them, independent brand sales were 910,000 units, accounting for nearly 70%; new energy vehicle sales were 412,000 units, firmly remaining in the industry's top tier; overseas sales were 459,000 units, surging 50.2% year-on-year.
At the delivery ceremony site, SAIC's full brands and full product matrix worked together to complete relay deliveries in many locations globally. Independent brands launched on all fronts, with both passenger and commercial lines advancing together: Shangjie Z7, Huajing S, Roewe M7 Black Horse Edition, MG4 Semi-Solid State Battery Edition, Wuling Starlight 560, Maxus eDeliver 5, Hongyan iJieshi, Yuejin Dan T1, Sunwin Pure Electric City Bus, IVECO Joystar EV, etc., were delivered successively, targeting diverse scenarios such as personal mobility, family life, commercial operations, urban traffic, and logistics transportation, achieving full product coverage.
Joint venture brands displayed "Joint Venture 2.0" results centrally: Volkswagen ID. ERA 9X, AUDI E7X, Cadillac Kaiweide, Buick Zhijing E7, Buick Zhijing Family, etc., all appeared on stage, becoming vivid footnotes to SAIC's role transition from "market for technology" to "technology co-creation". The Volkswagen ID. ERA 9X will globally launch first equipped with Momenta R7 Reinforced Learning World Model, with cumulative deliveries exceeding 7,000 units one month after launch; AUDI E7X plans to become the first model by Audi globally to achieve landing of L3-level autonomous driving; Buick Zhijing E7 is built based on the million-level "Xiaoyao" Super Fusion Architecture, with cumulative deliveries breaking 10,000 units one month after launch. In the Joint Venture 2.0 era, SAIC's technical role has moved from "local adaptation" to "technology definition".
Setting off from the Shanghai main venue, crossing the Eurasian continent, delivery scenes in Nanjing, Yangzhou, Liuzhou, Taiyuan and other domestic cities and countries like the UK, Indonesia, and Singapore were lit up successively, witnessed by a global audience through live streaming. This large-scale "Global Delivery Relay" with China as the origin and connecting the globe creates a flowing painting of the China's automotive industry's striving, and also pioneers a new narrative method for China's automotive brands.
From "Know Cars" to "Know You": A Delivery Ceremony Where Users are the Stars
Supporting this grand delivery was not only scale and systems, but also vivid users. The ultimate landing point of "Know Cars, Know You Better" is not technical parameters, not sales numbers, but the mobility life of every real user.
Tech self-media bloggers were moved by Huawei's smart driving in the Shangjie Z7; Luo Zhenyu, founder of the Get APP, was named Huajing S's No. 001 Experience Officer, from praising Huawei Qiankun Smart Driving in the annual New Year's speech to entering the factory to witness rollout; former German national team soccer player Yang Chen chose the ID.ERA 9X, because its Golden Range Extension and long-termism coincided; London intern doctor Natalia inherited her grandfather's MG sentiment; a couple returning to the country brought their MG memories from the UK back to China; automotive culture blogger Tang Xinzong faithfully reconstructed the Cadillac evolution road for 30 years; after Cao Kailiang's family ordered cars, his idol Jay Chou happened to become the Buick MPV family spokesperson; DHL, Jiading Bus, Henglongsheng Industry & Trade, Dishangtie, Henan Zhonglian Tourism, and other batch users covered logistics, infrastructure, public transport, and tourism, every commercial vehicle is a "wealth creation tool" for fighters; public welfare blogger Liu Jia continuously combed hair and accompanied left-behind children in Guangxi mountains for five years, Buick provided assistance immediately, he was moved by Buick Zhijing E7's "Full Score Cabin" — this original intention of protecting the micro-glows resonates with Buick Zhijing.
From self-media bloggers to national athletes, from couples returning home to village party secretaries, from public welfare guardians to logistics enterprises — every user is a microcosm of real life, and every car carries a unique life story. This is the most vivid interpretation of "Know Cars, Know You Better": SAIC not only understands technology, but also understands the life behind every user.
Global Layout: From Product Going Global to Value Chain Output
The delivery scenes spread globally during the ceremony also allowed people to see the deep foundation of SAIC's global layout. SAIC is the representative with the earliest steps and largest scale of "going out" among Chinese automotive enterprises. Currently, SAIC has over 100 parts production bases overseas, over 3,000 dealer networks, built three R&D innovation centers including London and four production and manufacturing centers in Thailand, Indonesia, India, Pakistan, and assembled China's number one, globally leading vehicle logistics self-operated ship fleet — Anji Logistics owns 42 various Ro-Ro ships, 8 international routes covering Southeast Asia, Europe, Americas and other major markets.
Today, SAIC's products and services have spread to over 170 countries and regions, with cumulative overseas sales breaking 7 million units. In the European market, SAIC MG has been the sales champion of Chinese brands in Europe for 11 consecutive years, with European annual sales breaking 300,000 units in 2025, becoming the first Chinese automotive brand to break one million cumulative sales in Europe and the UK; From January to April 2026, MG sold 120,000 units in Europe, up 22% year-on-year. In March this year, MG held a Technology Day in Frankfurt, Germany, globally launching SolidCore Semi-Solid State Battery and Hybrid+ Hybrid two core technologies, winning high praise from European media. MG Hybrid+ hybrid technology, considering both low fuel consumption and high performance, is deeply recognized by the market, with overseas monthly sales already breaking 20,000 units, becoming a new name card for Chinese intelligence manufacturing.
While leading the market with technology, SAIC is accelerating from "Product Going Global" to "Value Chain Going Global". MG is the first in the world to mass-produce semi-solid state batteries, IM IM AD Intelligent Driving System now covers five continents globally, overseas mobility i-Smart system global activation volume broke one million. In 2025, SAIC released the overseas "Glocal Strategy" (Global + Local), fully promoting the strategic upgrade from product export to value chain output, continuously improving the overseas product matrix covering SUV, sedan, MPV, pickup and other full categories, letting "Chinese Intelligence Manufacturing" further go to the world.
100 million units is a phased answer to SAIC's 70+ years of development, and is also SAIC's new starting line for "second entrepreneurial" towards the smart and electrified future. In 2014, SAIC actively implemented the important instruction "Developing new energy vehicles is the only way for China to move from a big car country to a strong car country", taking the lead in comprehensive transformation. Twelve years later, from "being in the lead" of smart and electrified transformation to "ten thousand horses galloping" of independent joint ventures, passenger commercial, domestic and overseas, SAIC will continue to take "Know Cars, Know You Better" as the user philosophy, letting technological innovation truly benefit every user.
From 1955 to 2026, from the first user to the 100 millionth user, from startup exploration to industry leadership — SAIC will continue to partner with global users and global partners for 100 million miles together, creating a new future for beautiful mobility.
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。
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。
On June 13, the 2026 Chongqing Auto Show grandly opened. Changan Mazda, themed "Still Mazda", brought the classic legendary sports car MX-5, global strategic new energy model MAZDA EZ-6 (hereinafter referred to as EZ-6), MAZDA EZ-60 (hereinafter referred to as EZ-60), and the April-launched EZ-60 Mazda Edition to the N8 Hall booth, comprehensively showcasing the latest results of the enterprise's new energy transformation, and simultaneously announced a series of user co-creation activities. At the same time, Changan Mazda launched the 618 Mid-Year Mega Promotion. Based on up to 20,000 RMB national subsidy and 17,000 RMB factory subsidy, purchasing designated models enjoys an exclusive premium package worth 7,999 RMB.
Global Vehicle Strength Endorsement, Setting a New Energy Value Benchmark
EZ-6 and EZ-60 were built from the beginning of product development with global standards. In terms of design, EZ-6 won the "2026 World Car of the Year Design" award, becoming the first Chinese new energy model to receive this honor. EZ-60 is even the only SUV globally to win 8 world-class top design awards simultaneously. Regarding safety, both models were built strictly according to China-Europe dual five-star standards. EZ-6 obtained 5 authoritative safety certifications including C-NCAP, E-NCAP, etc. EZ-60 battery safety meets new national standards and European standards in advance. Changan Mazda further promised all new energy users: "Lifetime fire compensation for batteries, no mileage limit, no owner limit".
In terms of handling, EZ-60 successfully took the championship in the SUV group of the venue race and the runner-up in the overall race results of the China New Energy Vehicle Rally Championship, verifying its ultimate handling strength. At the auto show site, Changan Mazda owner and also champion driver Ji Hao shared his journey of driving the original factory unmodified pure electric EZ-60 to compete in the China New Energy Vehicle Rally Championship. In the 6-day 910-kilometer devil schedule, facing competition from the vast majority of extended-range/ plug-in hybrid participating models, relying on EZ-60's ultimate quality stability and "human-machine integration" tuning, broke through from 100 participating cars of 27 brands, completing the extreme verification of EZ-60's original factory mass-produced car performance.
[Changan Mazda Owner, Champion Driver Ji Hao]
Currently, Changan Mazda has successfully obtained complete vehicle certifications from the three major markets of the EU, UK, and Australia, becoming the first domestic joint venture new energy vehicle enterprise to hold all three certifications simultaneously. Overwhelming global quality has won widespread recognition in international markets. At the end of May, more than 80 overseas dealers from Europe, Australia, and Thailand specially visited the Nanjing factory, giving high praise to the production process and quality control system. Currently, sales and pre-sale trends for EZ-6 and EZ-60 overseas continue to be positive. In the domestic market, EZ-60 has consecutive 7 months held the joint venture new energy mid-size SUV sales championship.
Changan Mazda Auto Sales Branch Executive Vice President Wu Xuxi stated: "Changan Mazda has become Mazda's global new energy complete vehicle design, R&D, manufacturing base and export center. We solemnly promise that every Mazda new energy user owns a true global vehicle."
[Changan Mazda Auto Sales Branch Executive Vice President Wu Xuxi]
Adhering to "User+" Thinking, Building a Value Community Between Brand and Users
The 5 million users in the Chinese market are partners in the development of the Changan Mazda brand and co-creators of value. In 2026, Changan Mazda will continue to practice "User+" thinking, launching a series of user co-creation activities, building a multi-dimensional, full-lifecycle user ecosystem, making the promise of "Still Mazda" not only reflected in the value details of products but also integrated into emotional resonance with every user. For users and Mazda fans who participate in Changan Mazda's series of activities, there will be opportunities to participate in the 2026 Fan Gala.
The "Wish Journey" launched at the beginning of the year, with the two-way rush of "User Wishes, Brand Support", allowed Changan Mazda to truly walk into users' lives. Behind every wish is a unique emotional connection between the user and Mazda. The "Owner Story Collection" launched cumulatively for 11 issues has become a display window for Mazda fan spirit: Here are public welfare experts who donated to poor primary schools for 7 consecutive years, love leaders who organized car clubs to care for special needs children for 4 consecutive years, and sweet couples who got to know each other because of Mazda. These real and vivid stories form the most moving background color of the Changan Mazda brand.
The "Joy Mazda Creator" and "Nationwide Broker" plans provide users with a platform to co-create brand value. Since the launch of the activities, a large number of Mazda fans who use lenses to record car ownership life and use reputation to convey product value have emerged. "Post-00s" EZ-60 owner Sun Jingyi shared her feelings as a "Joy Mazda Creator": "Usually busy with work, but can use my spare time to share driving feelings. I am a newbie, participating for the first time, but whether it's car friends or Changan Mazda staff, they will spare no effort to help me. If you are a Mazda owner, like to share and love making friends, welcome to join Joy Mazda Creator".
[Champion Driver Ji Hao (Left) / "Joy Mazda Creator" Sun Jingyi (Right) sharing their car ownership life]
The second season of the "Green Seedling Plan" officially launched in May is currently entering top universities nationwide, deepening communication with young students on Changan Mazda's practical results in design, handling, safety, intelligence, and other fields. The concurrently launched EZ-60 National University Modification Design Competition not only provides opportunities for excellent works to come true creatively, but also opens summer practice and internship quotas to the broad youth, further promoting the application of learning to practice and industry-academia integration.
The practice of social responsibility also cannot be separated from the joint participation of users. Since 2015, Changan Mazda has cumulatively donated and built 12 Hope Primary Schools in Yunnan, with a total investment of over 10 million yuan, benefiting tens of thousands of teachers and students. In June, Changan Mazda launched the "Goodness in Every Kilometer" public welfare action again, transforming every user's trip into a public welfare fund, all used to improve the learning and living conditions of Hope Primary Schools, letting love be delivered on the wheels.
618 Mid-Year Mega Promotion Arrives, Multiple Benefits to Reward Users
Taking the Chongqing Auto Show opportunity, Changan Mazda simultaneously launched the "Drive Enjoy Summer Flavor, Joy Enjoy 618 Big Promotion" activity. From now until June 30, all series models launched major car purchasing gifts: Up to 17,000 RMB replacement factory subsidy and 20,000 RMB trade-in national subsidy, purchase designated models get a premium package worth 7,999 RMB (original factory charging pile + Longmo Solar Film + TPE Floor Mats/Trunk Mats), enjoy 0 down payment 5 years low interest (annual fee rate 1.99%) and lifetime zero combustion rights worth 7,999 RMB. In addition, all users who visit the store to test drive new energy models will be given a National Intangible Cultural Heritage Jinling Gold Foil.
"Still Mazda" is never just a slogan. While inheriting the century-old brand genes, Changan Mazda always puts user needs first. Changan Mazda builds every product well with global standards, connects every user with sincerity, and provides users with "human-machine integration" driving pleasure. From June 13 to 21, the general public can visit the Changan Mazda booth at the Chongqing International Expo Center N8 Hall to experience the charm of global vehicles.
May 29 to June 7, 2026 (30th) Greater Bay Area Auto Show opens. BYD occupies Hall 1, creating an exclusive brand pavilion. BYD Commercial Vehicles makes its debut for the first time with a full matrix and full category lineup, comprehensively displaying the full scenario new energy traffic ecosystem layout.
As a global leader in new energy commercial vehicles, BYD Commercial Vehicles relies on the Group's core Three-Electric technology and whole industry chain advantages, builds a mature product system. This exhibition features two core categories: new energy buses and new energy trucks, establishing a benchmark for commercial green travel with hard-core technology, reliable products, and quality services.
In the truck sector, BYD debuts core models including pure electric light truck T5, sedan-truck T4, tractor Q3, water sprinkler truck T18, etc. The product line covers 3.5 tons to 31 tons, adapting to different scenario needs. Among them, the sedan-truck T4 adopts low resistance and lightweight design, achieving 100km electricity consumption of 18.5kWh (CLTC condition), balancing small truck practicality with sedan comfort, redefining pure electric sedan-truck. Since its domestic launch, the market response has been enthusiastic, and it has now successfully entered overseas markets such as Japan, Mexico, and Singapore. The 4.5-ton light truck T5 offers two choices: pure electric and hybrid, matching different bodies such as cargo fence, refrigerated, and box vehicles. Along with T4, it serves as a core model in the light commercial sector, adapting to logistics scenarios such as express delivery, supermarkets, and cold chain.
Pure electric tractor Q3 is equipped with multiple battery capacity versions, applicable to industrial parks, ports, and mid-to-short distance logistics transport, fully covering yard operations, short-distance distribution, and special transport. Pure electric water sprinkler truck T18 is equipped with a large capacity battery, maximum gradient exceeds 30%, easily adapting to various road conditions. The same series sanitation vehicles have escorted national ceremonies three times in ten years, demonstrating the hard power and green responsibility of Chinese new energy technology to the world with the highest recognition of new energy technology and quality.
As a global leader in bus electrification, BYD pure electric bus products cover 6 meters to 27 meters. On site, two major models pure electric bus B12 (European version) and C11 debut. Among them, the new bus C11 is built on the e-BUS platform 3.0, equipped with Blade Battery, CTC battery chassis integration, bus YunNian A, full-domain 1000V high voltage architecture and other core technologies, achieving comprehensive upgrades in safety, efficiency, and intelligence, creating a new high-quality travel choice for the road passenger transport sector.
As of now, BYD Commercial Vehicles global cumulative sales exceed 203,000 units, footprints cover 6 continents and over 70 countries and regions, being the first Chinese car brand to enter developed markets in Europe, America, Japan, and South Korea. In the future, BYD Commercial Vehicles will continue to leverage passenger-commercial synergy advantages, driving global commercial vehicle electrification development with technological innovation, helping build a green low-carbon traffic system.
你睇過印度嘅馬路嗎？
我喺網上見過。
畫面通常係咁，一輛轎車俾牛尾擋住，旁邊仲有亂竄嘅摩托，甚至周圍仲有賣奶茶嘅小夥，嗰叫一個“乾淨又衛生”。
然而，喺呢啲睇完好多人覺得生理不適嘅地方，豐田、鈴木、本田等日本車廠，卻決定將籌碼押落印度。
據印度“品牌質量基金會”網站顯示，三家車廠將喺印度投資近110 億美元建廠、提產能、搞出口。
對此有网友表示，三家日本車廠係咪錢多到無處花？
事實上，佢哋唔係錢多到花唔完，亦唔係被印度嘅咖哩蒙蔽咗心竅，呢啲日本車廠高層遠比我哋清醒。
而家嘅日系車，營業額、市場份額都喺下滑，原材料成本仲係升得飛起，打開世界地圖，搵一個能夠容納產能、拓充份額、競爭溫和嘅市場，唔係咁容易嘅事。
所以，唔係日本車廠選擇咗印度，而係因為冇得揀。
日本車廠之痛
曾經嘅日系車，嗰時妥妥係人哋個仔。
你問下十幾年前開過日系車嘅老司機，一提起日系車，幾乎就冇唔豎大拇指嘅，價錢平、省油、耐用又抵撞……
甚至好多日系車，仲要加價購買，但邊個諗到，呢個鐵打嘅江山，短短幾年時間就俾佢哋打得找唔著北。
隨著新能源汽車浪潮嚟到，電動化、智能化變成好多自主車廠“彎道超車”嘅目標，依托於中國強大嘅新能源汽車產業鏈優勢同車廠自身對研發、技術嘅堅持，中國自主品牌迅速實現咗“彎道超車”。
曾經被人吐槽嘅國產車，而家喺馬路越來越多人，甚至份額超越咗合資。
根據乘聯會嘅數據，喺2026 年4 月，自主品牌嘅份額已經高達62.5%，遠超日系嘅13.1%。
要知道，中國汽車市場係全球最大嘅汽車市場，喺中國市場失速，就相當於丟咗一塊巨大嘅蛋糕。
同時，中國市場近年嚟嘅主旋律依舊係價格戰，捲配置、捲價格、捲服務已經成為一種常態，亦對日系車嘅利潤產生咗巨大嘅影響。
除咗中國，日系車喺美國過得亦唔太好。
2025 年 1 月 20 日，特朗普宣誓就職第 47 任美國總統，自此開啟咗一連串搞搞震，其中就包括以國家安全為理由徵收額外嘅汽車關稅，導致進口日本汽車嘅關稅稅率一度高達 27.5%，雖然後嚟有所降低，但亦遠高於最初嘅稅率。
呢個操作，直接導致七大日本車廠喺2025 財政年度嘅關稅損失超2 萬億日元。
再睇日本本土，其實亦唔容易。
中東地緣衝突導致霍爾木茲海峽航運受阻，運輸成本、原材料成本暴漲，日本車廠都有苦難言。
高管們看著報表，背後發涼，只能尋找全新嘅增長曲線。
所以，日本車廠唔係愛上印度，係冇地方去。
揀選印度嘅深思熟慮
咁，印度點解咁有魔力，先至令日本車廠重資投入呢？
第一個優勢就係大。喺2025 年，印度汽車市場取得咗551.7 萬輛嘅新車銷量，同比增長 6%，刷新咗歷史紀錄，位居全球第三大汽車市場，已经连续四年超越日本，僅次於中國同美國。
呢個含金量唔使多講啦，而印度取得呢一成績，主要係因為印度一直喺推動減稅政策，促進消費，這導致國內消費意願出現咗明顯增強。
第二個優點係近，就係離日系車賣得動嘅地方近，如非洲等其他地區。
所以，印度對於日本車廠，更似一個建喺十字路口中央嘅便利店，你唔使將車分別運去八個國家，只需要喺印度呢站造好，然後一船一船甩去，就能削減唔少成本。
《日本經濟新聞》亦認為，印度有望轉變為佢哋全球嘅汽車供應中心。
第三個優點係穩。要知道，日系車嘅優勢就係燃油車，畢竟引擎、變速箱、底盤三大件，佢哋已經玩咗好多年，技術積累喺全球都係數一數二。
但係中國汽車市場已經全力推動電動化、智能化發展，導致日系車嘅優勢越來越弱，根本無法發揮出嚟，但印度唔一樣，佢擁有充電樁少、電動化進程緩慢嘅特點，印度老百姓買車，都仲係盯住平、省油、易修，而呢三點正係日系車嘅老本行。
尤其係鈴木，一直係印度汽車市場嘅常青樹，幾乎年年穩坐暢銷車型寶座，口碑好，勝過任何廣告。
所以，日本車廠大力佈局印度市場，顯然是經過深思熟慮嘅。
但，印度市場真係咁好混咩？
難啃嘅印度市場
當然，印度亦唔係完美得似個香口格，佢嘅缺點同佢嘅優點一樣明顯，而且每一個都夠日本車廠喝一壺。
先講電動化，冇錯，眼睇下印度充電樁少、電動車賣唔動，確實係日系燃油車嘅避風港。但你得諗諗，呢個“避風港”能避幾耐？
印度此前可係喊出咗 2030 年電動車佔新車 30% 嘅口號，雖然聽落似吹水，但抵唔住人哋真補錢、真建充電站。
試諗下，萬一有日印度突然開竅，開始大力推動電動化、搞基建，充電樁似雨後春筍咁冒出來，嗰日系車唔就傻眼？
呢唔係泰國市場嘅翻版咩？
當年日系車喺泰國都係躺贏，整個東南亞市場，都被稱為日系車嘅後花園，結果泰國率先推動電動化，中國電動車一嚟，直接就成咗香口格，再睇日系車，喺泰國嘅市場份額嘩嘩嚟咗落。
如果印度係電動化一加速，歷史大概率會重演，而而家呢次，日系車連逃嘅地方都快冇咗，點樣預防，將成為日本車廠嘅首要問題。
再講政策，印度嘅政策就似一鍋咖哩，你永遠唔知下一口食到係雞肉定係馬鈴薯。
呢個魔幻嘅國家，今日係低關稅鼓勵建廠，明日就可能罰你一筆巨款，更令人頭痛嘅係強制合資，外國車廠想喺印度賣車，要搵本地夥伴搭檔，等你工廠建好咗、供應鏈搭完咗，印度直接背刺你，到嗰陣無論係加錢定撤資，換嚟嘅都係心痛。
所以你看，印度呢個市場，就好似一個睇落好甜嘅芒果，咬落去第一口仲行，再啃幾口就摸著硬核。
日系車而家嘅算盤係，趁住核都未硌牙，趕緊多啃幾口，但核遲早會硌到，只係唔知係邊一日。
尾聲
日系車呢趟印度之旅，唔係去旅遊，係去搵食。
中國同東南亞嘅飯桌更擁擠，生產、運輸嘅成本又提高咗，放眼全球，就印度呢口鍋仲冒住熱氣，哪怕入面煮嘅係咖哩味嘅石頭，都要硬著頭皮啃落去。
日本車廠想擴大市場，印度想嘅係拉動經濟、解決就業，雙方都有各自嘅心思。
至於結局係日系車喺印度重新封神，定係好似當年嘅部分友商一樣灰溜溜走人，那就唔知啦。
但無論點樣，呢場戲先至開始，我哋慢慢睇就得啦。
反正印度嘅故事，從來唔會悶。
