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In the Malaysian SUV market, many buyers compare Perodua Aruz and Hyundai Tucson 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.
Perodua Aruz OTR price in Malaysia is RM 72,900 - 77,900, with a total of 2 versions, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.
Hyundai Tucson OTR price in Malaysia is RM 143,888 - 197,888, with a total of 5 versions, including 2025 HEV 1.6T AT 2WD Prestige (RM 197,888), 2025 1.6T DCT 4WD Prestige (RM 186,888), 2025 1.6T DCT 2WD Prime (RM 164,888), etc.
In terms of price, the starting price of Perodua Aruz is indeed RM 70,988 cheaper than Hyundai Tucson. If your budget is limited, Perodua's entry-level version can already meet daily needs. However, it should also be noted that the savings of a few thousand might involve compromises on features, depending on your specific needs.
Perodua Aruz is equipped with 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
Hyundai Tucson is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
In terms of power, Hyundai Tucson's 1.5L Turbo has 35 hp more than Perodua Aruz's 1.5L 4-cyl. However, for daily city driving, the power of both cars is sufficient, and you won't feel it's underpowered.
Perodua Aruz body length 4400 mm, trunk 400 L.
Hyundai Tucson body length 4400 mm, trunk 400 L.
The dimensions of the two cars are almost the same, and the interior space difference is not significant. For cars of this class, daily use is fully sufficient.
Perodua Aruz warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Hyundai Tucson warranty 5 years/300,000km, maintenance interval every 10,000km or 6 months.
Overall, both Perodua Aruz and Hyundai Tucson are very good car models in the Malaysian market. Which one to choose mainly depends on your personal needs and budget. We suggest you do your research, compare quotes from several car dealers, and then test drive to make a final decision. Buying a car is a big matter, spending some time on research is never wrong.
In the Malaysian SUV market, many buyers compare Perodua Aruz and GWM Haval H6 when choosing a car. These two models are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to help you save time on research.
Perodua Aruz's OTR price in Malaysia is RM 72,900 - 77,900, with a total of 2 versions, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.
GWM Haval H6's OTR price in Malaysia is RM 139,750 - 139,750, with a total of 2 versions, including 1.5L Turbo Standard (RM 140,000), 1.5L Turbo Premium (RM 155,000), etc.
From a price perspective, Perodua Aruz's starting price is indeed RM 66,850 cheaper than GWM Haval H6. If your budget is limited, Perodua's entry-level version can already meet daily needs. However, be aware that the few thousand difference might involve trade-offs in features, depending on your specific needs.
Perodua Aruz is equipped with 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
GWM Haval H6 is equipped with Hybrid, 170 hp. Official fuel consumption 4.5 L/100km.
In terms of power, GWM Haval H6's Hybrid has 65 more horsepower than Perodua Aruz's 1.5L 4-cyl. However, for daily city driving, both cars have enough power and won't feel underpowered.
Perodua Aruz body length 4400 mm, trunk 400 L.
GWM Haval H6 body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, with little difference in interior space. Cars in this class are more than enough for daily use.
Perodua Aruz adopts FWD drive mode.
GWM Haval H6 adopts FWD drive mode.
Both cars have the same drive mode, both are FWD, and the daily driving experience will not differ much.
Perodua Aruz warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
GWM Haval H6 warranty 7 years/150,000km, maintenance interval every 10,000km or 6 months.
Overall, Perodua Aruz and GWM Haval H6 are both very good models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. We suggest doing your homework, comparing quotes from several dealerships, and then test driving to make a final decision. Buying a car is a big matter, spending some time on research will never be wrong.
On July 16, as a right-hand drive GAC Trumpchi M8 PHEV slowly rolled off the production line, GAC Group officially reached the milestone of producing its 30 millionth complete vehicle. From the first complete vehicle rolling off the line to breaking through the 30 million mark, GAC has traversed a 29-year development journey. This number is not merely a report card on the scale of a car manufacturer, but also encapsulates the evolution of China's automotive industry: from starting with joint ventures and growing independently to breaking through in new energy globalization. In the current era of deep industry reshaping and escalating competition, GAC's 30 million moment combines the persistence of the manufacturing original intention with transformation strategies for the future, offering a referenceable practical path for the high-quality development of Chinese car companies.
The underlying support for the 30 million scale is the long-term persistence on quality and safety. As one of the earliest car companies in China to carry out joint venture cooperation, GAC systematically absorbed mature experiences of Honda's comprehensive quality management and Toyota's lean production in its early development, and combined it with its own practice for fusion innovation, forming a quality management system with unique characteristics. This quality gene runs through the entire chain from R&D to manufacturing. Before the launch of each new car, it must undergo extreme environment tests such as 'Five Highs, One Mountain, One Dust' (high cold, high heat, high altitude, etc.), complete 'Two Winters and One Summer' on-site road tests, covering over a thousand verification sub-items for the whole vehicle; at the production end, represented by the GAC AION Smart Eco Factory, digital intelligent manufacturing guarantees the stability of mass production quality, becoming the world's first new energy vehicle lighthouse factory. Safety technology and service guarantee are increased simultaneously, forming the second line of defense of quality. The eight key systems of the Xingling Security Guard System feature dual redundant designs, the Magazines Battery installed on 1.5 million vehicles with over 160 billion kilometers of safe driving, and the industry-first independent brand 'Three Responsibilities' policy, forming a complete closed loop from technology bottom layer to service bottom line. In the stage where China's car market shifts from incremental to stock, the core ruler of user choice is returning to the essence of products. GAC's 30 million user trust accumulated over 29 years is essentially holding the bottom line of manufacturing that 'quality is not waived', which is also the core foundation of China's automotive industry from becoming large to strong.
Another signal of this milestone ceremony is the comprehensive acceleration of GAC's electrification and intelligence transformation. The 29,999,995 to 29,999,999 complete vehicles shown on site are all new energy models, covering six brands: GAC Honda, GAC Toyota, GAC Trumpchi, GAC AION, GAC Hyper, and Qijing Auto; and the right-hand drive Trumpchi M8 PHEV as the 30 millionth vehicle was finally delivered to a Thailand owner's hands, linking the two major trends of new energy transformation and globalization going out. Data confirms the actual results of the transformation. In the first half of this year, GAC Group's overall sales were 773,100 vehicles, a year-on-year increase of 2.35%; among them, new energy vehicle sales increased by 68.8% year-on-year, and overseas exports broke through 120,000 vehicles, a year-on-year increase of 132%. Under the industry background where the fuel car market is generally under pressure, new energy and exports are becoming the dual engines pulling growth. This growth is built on long-term R&D investment. As of now, GAC's cumulative R&D investment has exceeded 62 billion yuan, and its global R&D team has over 6,800 people. From Xingyuan Power's three technical routes, to the Quark Electric Drive with efficiency breaking 99%, to the completion of the all-solid-state battery pilot production line and the continuous evolution of Xingling Architecture, technical reserves are gradually being converted into product competitiveness. Unlike the path of some car companies betting solely on independent new energy, GAC promotes dual-line transformation of joint ventures and independence, forming a collaborative and complementary new energy matrix. In the current situation where joint venture car companies are generally facing transformation pain, this model retains the quality and manufacturing advantages of the joint venture system, and uses the technology vitality of the independent sector to drive overall upgrades, exploring a feasible direction for the electrification of joint venture brands.
The accumulation of 30 million users further validates the industry consensus of 'user-centric'. Current car market competition has long extended from the product end to the full lifecycle experience, and user operation capability has become an important component of the brand moat. GAC's practice lands on mechanism and service ends. On the mechanism level, it regularly holds face-to-face exchanges of 'User Open Mic', establishes demand full-process closed-loop management, and sets up a dedicated user insight department, guaranteeing user voices reach the decision layer from the organizational structure. On the service network level, it promotes channel sinking to counties, plans to add 1,000 county-level authorized stores this year, launches 'Super Steward' to achieve rapid response, and improves user experience with efficiency improvement. To address the charging pain points of new energy users, GAC built a '9 Vertical 10 Horizontal' charging network, with over 27,000 self-operated charging piles, achieving 'a station within 1 kilometer straight line' in core urban areas, alleviating user anxiety with infrastructure perfection. From 'selling products' to 'operating users' is a common transformation direction in the industry, and GAC's practice shows that user operation is not marketing jargon, but needs to be implemented in a full chain from organization, channels to ecosystem. 30 million users are both the accumulation of past reputation and the starting point of the future user ecosystem. Only by truly placing user demands in the core position can scale effects be converted into continuous brand value.
Looking back at the node of 30 million vehicles, GAC's development track is a microcosm of the upgrade of China's automotive industry, from learning advanced manufacturing experience through joint ventures, to independent mastery of core technology to achieve overtaking by changing lanes, and then participating in global competition with new energy products. In 29 years, Chinese car companies have completed the leap from catching up to running side by side, and then to leading in some fields. Behind the number of 30 million is the era trend of the entire industry from scale expansion to value leap. 30 million is not the end, but the starting point of a new round of competition.
去年，中國汽車出口量超越日本，登頂全球第一；今年上半年，出口量再增 65.3%，全年有望突破千萬輛大關。呢個數據好有衝擊力，但光鮮背後，一個尷尬嘅現實正在浮現：車係越賣越多，但面對嘅規則之牆亦越來越高。
歐盟對中國產純電動汽車加徵最高 35.3% 嘅反補貼稅，綜合稅率突破 45%；巴西自 7 月 1 日起將進口電動車關稅統一上調至 35%；泰國實施「產能對賭」機制，要求每進口 1 輛車須喺本地生產 2 輛；南非亦喺考慮將中印整車進口關稅提升至 50%。
從歐洲到拉美，從東南亞到非洲，中國汽車正喺遭遇四面合圍。靠國內生產、銷往外國嘅輕資產模式，天花板已經觸手可及。
2026 年 7 月 3 日，奇瑞喺南非比勒陀利亞落下一子，正式接管日產營運咗近六十年嘅羅斯林工廠。呢睇落只係日產止蝕、奇瑞擴產嘅一筆普通交易，但如果喺「中國車企點樣真正喺海外扎根」呢個命題嚟睇，分量就唔一樣啦。
日產甩包袱，奇瑞接產能
羅斯林工廠嘅出售，係日產全球重組計劃「Re:Nissan」嘅一部份。2024 同 2025 兩個財年，日產合計虧損超過 1.2 兆日元。按照重組計劃，日產將喺 2027 財年前關閉全球 7 間工廠、裁員約 2 萬人，全球生產基地由 17 間縮減至 10 間。
呢座工廠曾生產 Navara 皮卡、NP200 等車型，產品輻射四十多個非洲國家。但近年產能利用率持續走低。NP200 於 2024 年 3 月停產後，Navara 成為工廠唯一在產車型，然而月銷量只係數百臺。2025 年 5 月，日產宣布 Navara 本地生產亦將終止。呢座工廠對日產而言，已經由資產變成咗包袱。
對奇瑞嚟講，接手現成工廠比從零開始建廠更有效率。奇瑞自 2021 年進入南非市場，增長曲線陡峭。喺快速擴張嘅節點上，本地產能意味著規避匯率同關稅風險，亦能為下一步擴大份額提供硬件基礎。
更加重要係，呢筆收購係奇瑞「體系出海」棋局當中的一子。今年以嚟，奇瑞唔再只係賣車出去，而係將研發、製造、運營、標準一整套產業根系深植海外市场。
喺歐洲，西班牙巴塞羅那嘅歐洲運營中心同研究院已經啟用，同 EBRO 嘅合資工廠亦已投產運營；喺東南亞，越南 8 億美元嘅新工廠正喺推進。南非羅斯林工廠則定位為輻射南部非洲嘅綜合性汽車樞紐。
三地佈局，互相策應，一個全球製造網絡正喺成型。
南非呢局嘅真正挑戰
工廠交接完，真正嘅考驗或許先至開始。
奇瑞承諾保留全部 692 名員工，計劃 2027 年中投產，遠期單班產能 5 萬輛，並力爭 2028 年前實現 40% 嘅本地化率。而呢 40%，先至係核心難題。
目前南非對整車進口徵收約 25% 嘅關稅，政府正醞釀將稅率提高至 WTO 允許嘅上限 50%。一旦落實，以中國同印度品牌為主嘅進口車型將面臨直接成本壓力。
這對奇瑞嚟講反而係利好。不過亦有隱憂，一旦本地化進度跟唔上，零件進口成本會快速拉升整車製造成本。
更現實係，南非本土市場規模有限，年新车銷量約 55 萬輛，遠唔足以支撐大規模產能嘅消化。如果羅斯林工廠嘅產能打滿，奇瑞必須將南非作為出口基地，把車賣到南部非洲乃至更遠嘅市場。但非洲大多數國家嘅汽車市場規模極細、基礎設施薄弱，出口通道並唔順暢。
與此同時，南非本地零部件產業基礎並唔樂觀。南非汽車工業協會數據顯示，2025 年只有 33% 嘅車輛喺南非本地製造，較此前超過 50% 嘅水平大幅下滑。
南非本地零部件產業長期依賴跨國車企嘅訂單生存，隨著通用、福特、日產等品牌陸續撤出或縮減本地生產，零部件供應商體系已經出現萎縮。
奇瑞要喺三年內把本地化率做到 40%，意味著需要從零搭建或恢復一整套供應鏈，引入中國零部件供應商，並完成本地化認證同生產準備，時間表相當緊迫。
結語
羅斯林工廠呢顆棋子落咗下去，棋盤上面嘅格局就開始變咗。呢係中國汽車出海由「貿易型」轉向「扎根型」嘅一個標誌性節點。
喺關稅壁壘四面合圍嘅背景下，靠整車出口嘅輕資產模式已難以為繼。奇瑞揀咗一條更可持續嘅路，把研發、製造、供應鏈、標準一整套產業根系，深植喺海外市场。
呢條路並非坦途。40% 嘅本地化率、脆弱嘅零部件體系、有限嘅市場容量，每一道都係需要跨越嘅門檻。但奇瑞並非從零開始。
二十多年喺海外摸爬滾打積累嘅運營經驗，仲有中國汽車供應鏈嘅全球競爭力提供咗成本同技術支撐，佢喺西班牙、越南、南非三地佈局正喺形成網絡效應。
用奇瑞自己喺社交媒體上嗰句說話作結或許最合適「一個新時代即將來臨。從此刻起，奇瑞汽車將自豪地為南非服務，喺南非製造。」
呢句話講嘅唔止係一座工廠嘅命運，亦係中國汽車出海正喺經歷嘅一次根本性轉變，從賣一輛車到紮一處根，先至係真真正正意義上嘅全球化。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Perodua Aruz 同 Toyota Corolla Cross 做比較。呢兩款車喺價位同定位上都相當接近，而家我哋就從多個方面做一個詳細嘅比較，幫你省返做足功課嘅時間。
Perodua Aruz 喺馬來西亞嘅 OTR 售價係 RM 72,900 - 77,900，合共 2 個版本，包括 1.5L X（RM 72,900）、1.5L AV（RM 77,900） 等。
Toyota Corolla Cross 喺馬來西亞嘅 OTR 售價係 RM 133,800 - 148,800，合共 3 個版本，包括 2026 HEV 1.8L GR Sport（RM 148,800）、2026 HEV 1.8L Standard（RM 140,800）、2026 1.8L Standard（RM 133,800） 等。
睇返價錢，Perodua Aruz 嘅起步價確實比 Toyota Corolla Cross 平咗 RM 60,900。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需求。但都要留意，平嗰幾千蚊，可能喺配備上會有所取捨，具體就要睇你嘅需求。
Perodua Aruz 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 。
Toyota Corolla Cross 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 TSS (PCS, LDA, ACC, LTA)。
兩款車嘅安全評級一樣，喺呢個級數入面安全配備都算給好齊全。而家嘅新車安全性都唔差，唔使太擔心呢一點。
Perodua Aruz 車身長 4400 mm，行李廂 400 L。
Toyota Corolla Cross 車身長 4400 mm，行李廂 400 L。
兩款車嘅尺寸幾乎一樣，車內空間差別唔大。呢個級數嘅車，日常使用完全夠用。
Perodua Aruz 採用 FWD 驅動方式。
Toyota Corolla Cross 採用 FWD 驅動方式。
兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會太大分別。
總括嚟講，Perodua Aruz 同 Toyota Corolla Cross 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵都要睇你個人嘅需求同預算。建議大家做足功課，多比較幾間車行嘅報價，先至去試駕做最終決定。揀車係件大事，花少少時間做功課絕對唔會錯。
廣汽集團甩出一份 2026 年半年成績單，數字好驚——預計上半年淨虧損 40.6 億元到 45.7 億元。扣除非經常損益後嘅淨利潤更是蝕咗 48 億到 56 億。四十多個億，一日蝕掉兩千幾萬，睇落幾唔理想。
但你再看看另一組數字——上半年廣汽賣咗 77.31 萬輛車，同比增長 2.35%。新能源車銷量佔比超過六成，自主品牌賣咗 34.6 萬輛，大漲 35.69%。埃安更勁，18.16 萬輛，同比增長 67.08%。海外出口 12.15 萬輛，同比增長 132%，半年出口規模已經接近去年全年水平。銷量升咗，新能源轉型亦喺提速，出口更加係翻倍增長——但賬面上卻蝕得更嚴重。呢筆賬，點計㗎？
廣汽集團
官方點講？
廣汽嘅公告寫得好實在，三個原因：
第一，內地市場競爭加劇，自主品牌持續加大銷售投入，加上產品銷售結構變動、上游原材料成本上漲，自主品牌利潤下滑。
第二，合資品牌經營承受壓力。具體嚟講，終端銷量下滑、銷售投入持續加大、原材料上漲等都係重要因素，公司投資收益同比減少。
蝕錢原因
第三，匯率波動產生匯兌損失，又斬咗一刀。顯然，對於上半年虧損嘅原因，廣汽集團給予咗較為明晰嘅解釋。
翻譯下，可能係自主品牌利潤唔及之前咁高，合資品牌壓力比較大，同時匯率都對利潤造成咗一定嘅損失。
綜合以上各種因素，2026 年上半年，廣汽集團預計虧損。而且，虧損額度預計達到咗 40.6 億元到 45.7 億元，仲幾高。
不過，車宇世界認為，如果你只睇住「蝕」字看，可能就錯過咗真正嘅故仔。
預計虧損公告
合資：一個「承受壓力」，一個「穩陣咗」
廣汽集團官方數據顯示，廣汽本田上半年賣咗 6.83 萬輛車，同比下跌 55.82%，幾乎跌咗六成。6 月單月 1.4 萬輛，雖然環比上漲咗五成多，但係同比跌咗 53%。
曾經年銷 70 萬嘅合資巨頭，而家上半年平均月銷一萬幾臺。雅閣、飛度、繽智、型格呢啲經典車型，月銷普遍唔及之前咁高。
顯然，從銷量嚟睇，2026 年上半年，廣汽本田依然下跌得相當嚴重，達到咗五成以上，承受咗一定嘅壓力。
產銷快報
但廣汽豐田嘅表現，卻唔一樣，整體表現依然穩健。而且，喺內地車市合資品牌整體承受壓力嘅情況下，佢嘅銷量仲係穩中有升。
廣汽集團官方數據顯示，2025 年上半年廣汽豐田賣咗 35.6 萬輛，月均銷量直逼 6 萬臺。同比增長 3.29%。3 月、4 月、5 月連續三個月登頂合資車企銷量榜首。7 月 2 日，廣汽豐田仲迎來咗第 1000 萬臺量產車下線，躋身「千萬量級大廠」。
而且，車宇世界發現，支撐廣汽豐田嘅唔係低價走量車，而係凱美瑞、漢蘭達、賽那三大旗艦持續發力，智能電混雙擎車型佔比達到 54% 。鉑智品牌上半年賣咗 5.2 萬臺，鉑智 3X 連續 10 個月蟬聯合資純電銷量冠軍。
一個繼續承受壓力，一個穩住，合資呢張牌，廣汽仲未打完。
鉑智 7
自主同海外市场，係真正嘅亮點
車宇世界認為，如果話廣汽上半年嘅成績單入面有咩讓人眼前一亮嘅嘢，那一定係海外市场同自主銷量大漲。
官方數據顯示，2026 年上半年，廣汽傳祺累計銷量為 16.4 萬台。與去年同期相比，銷量上漲咗 12.36%。
埃安漲得更勁。官方數據顯示，2026 年上半年，廣汽埃安嘅累計銷量為 18.1 萬台。相比去年同期，銷量上漲咗 67.08%。
海外市场方面，上半年自主品牌出口 12.15 萬輛，同比增長 132%，半年出口規模已接近去年全年。美洲、亞太、中東、非洲、歐洲五大區域同步實現高速增長。
傳祺 E8
墨西哥市場，AION ES 與 AION UT 双双躋身新能源 BEV 銷量前十。玻利維亞，GAC 品牌連續多個月蟬聯中國品牌乘用車銷量冠軍。新加坡、泰國、馬來西亞、印尼——廣汽嘅海外版圖正在多點開花。
廣汽年初訂咗海外目標係全年 25 萬輛、衝刺 30 萬輛。上半年搞咗 12.15 萬輛，完成率接近一半。喺內地市場卷唔掂嘅時候，海外成咗廣汽最有力嘅增長曲線。
AION N60
轉型嘅賬，唔單單睇眼前
2025 年啟動嘅「番禺行動」，正一步步落地。
總部搬到咗番禺，離生產一線更近。馮興亞講咗一句說話好有意思——「我哋將辦公室搬到離炮火最近嘅地方，讓聽到炮聲嘅人呼喚炮火」。業務單位（BU）重組完成咗，昊鉑埃安 BU 率先組建，2026 年 1 月傳祺 BU 也成立咗。廣汽自主品牌已經形成以 BU 為核心嘅全新運行架構。
同華為嘅合作亦出咗成果。聯手打造嘅高端品牌「啟境」首款車型 GT7，6 月 26 日喺杭州上市。售價 20.99 萬到 32.99 萬元，上市 24 小時大定訂單突破 5200 臺，90 後、00 後用戶佔比超過六成。預訂時 5 小時訂單就破萬。全國 90 座城市 300 間門市陸續啟動。
啟境 GT7 搭載咗華為乾崑智駕 ADS 5。呢係廣汽同華為深度合作嘅第一款車，亦係「番禺行動」後面向市場嘅一場硬仗。
呢啲動作，短期都係「錢」——研發要錢，渠道要錢，品牌建設要錢。但放喺更長嘅時間維度睇，呢啲投入係為下一階段蓄力。廣汽把 2026 年定位為「內部裝修」攻堅階段，可能就係這個意思——先將地基夯實，再傾蓋高樓。
AION N60
本文結語：
廣汽年初訂嘅全年目標係 200 萬輛，上半年完成率唔到四成。下半年要賣近 123 萬輛，月均超 20 萬輛。喺合資承受壓力、新能源競爭白熱化嘅當下，呢個任務有多難，無須多講。
但車宇世界認為，廣汽手入嘅牌仲未打完。合資有廣汽豐田穩住，自主有埃安同傳祺喺衝，海外喺放量，啟境剛開局。
呢啲牌點打、什麼時候打，或者會成為廣汽集團什麼時候走出轉型陣痛嘅重要因素。呢啲，我哋仲係讓時間畀一個答案。
轉型呢件事，從來都係先苦後甜，亦從來唔係只睇眼前。你點睇？評論區傾計。
聲明：本文涉及到相關事件，來源於品牌官方或權威媒體消息，僅供參考，具體以官方資料為準。如有筆誤等造成嘅信息、數據不符，以官方資料為準。希望大家理性看待，唔信謠、唔傳謠。
本文聲明：
本文係車宇世界原創文章，凌清/劉帥審閱，總第 14186 期，部分圖片來自網絡，標注來源嘅數據同相關資料均係引用。車宇世界原創版權所有，侵權必究。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拎 Perodua Ativa 同 Chery Tiggo Cross 嚟做比較。呢兩輛車喺價位同定位上都好相近，今日我哋就由多個方面做一個詳細嘅比較，幫你節省做功課嘅時間。
Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，合共 3 個版本，包括 1.0L Turbo X（RM 62,500）、1.0L Turbo H（RM 67,300）、1.0L Turbo AV（RM 73,400） 等。
Chery Tiggo Cross 喺馬來西亞嘅 OTR 售價係 RM 88,750 - 99,750，合共 2 個版本，包括 2025 HEV 1.5L CSH（RM 99,750）、2025 1.5T Standard（RM 88,750） 等。
從價錢嚟睇，Perodua Ativa 嘅起步價確實比 Chery Tiggo Cross 平咗 RM 26,250。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需求。但都要留意，平嗰幾千蚊，可能喺配備方面要有取捨，具體要睇你嘅需求。
Perodua Ativa 車身長 4400 mm，行李廂 400 L。
Chery Tiggo Cross 車身長 4400 mm，行李廂 400 L。
兩輛車嘅尺寸幾近相同，車內空間分別唔大。呢個級別嘅車，日常使用完全夠用。
Perodua Ativa 採用 FWD 驅動方式。
Chery Tiggo Cross 採用 FWD 驅動方式。
兩輛車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大分別。
Perodua Ativa 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；如果你更關心性價比同配備，咁就揀配備更豐富嗰款。最終都建議兩款都去試駕，親身體驗先至係最緊要。
總體嚟講，Perodua Ativa 同 Chery Tiggo Cross 都係馬來西亞市場幾唔錯嘅車款。揀邊輛，關鍵仲要睇你嘅個人需求同預算。建議大家做好功課，多比較間車行嘅報價，再落去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
車型概覽
比亞迪海鷗 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。 呢篇會集中講高速巡航、併線同超車信心，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
比亞迪海鷗 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 2025 305km 前驅版（價格待確認）、2025 405km 前驅版（價格待確認） 放喺同一張清單。日常通勤重視舒適同易用，家庭買家就要優先睇後排、尾箱同安全配置。
核心規格重點
睇 比亞迪海鷗 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。
30.08/38.88 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。 305/405 km 嘅續航參考，對住喺新界、九龍同港島之間跨區行車嘅用家會更實際。 55 kW、135 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 3780 mm、車闊 1715 mm、車高 1540 mm、軸距 2500 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。
優缺點分析
比亞迪海鷗 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：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、空間同車身尺寸方便家庭買家預判實用性。
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 比亞迪海鷗 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「比亞迪海鷗於香港的落地價大約係幾多？」簡單講，比亞迪海鷗於香港的落地價大約介乎 160,000–200,000 港元，視乎版本而定。 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 比亞迪海鷗 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、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 比亞迪海鷗 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
富豪XC60 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。 呢篇會集中講花出去嘅錢係咪換到每日都用得着嘅便利，幫你用買家角度篩走唔適合嘅選擇。
完稅價 HK$ 548,000 - 608,000 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
富豪XC60 嘅購車預算可以先由 完稅價 HK$ 548,000 - 608,000 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 2026 2.0T Plus（HK$ 548,000）、2026 2.0T Ultra（HK$ 608,000） 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 富豪XC60 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。
250 Ps / 184 kW、360 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 4708 mm、車闊 1902 mm、車高 1655 mm、軸距 2865 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 手自一體(AT)、前置四駆 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
富豪XC60 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、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，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 富豪XC60 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「Volvo XC60 Mild Hybrid 同 Plug-in Hybrid（PHEV）有咩分別？」簡單講，Volvo XC60 Mild Hybrid（輕混能）嘅電池較細，主要係輔助引擎起步同加速，唔可以外部充電，亦唔可以純電行駛。XC60 Plug-in Hybrid（T8 插電混能）嘅電池較大，可以外部充電，純電模式下可行駛約 64 公里（WLTC），適合短途市區代步做到零油耗。PHEV 版本綜合馬力達 455 匹，性能更強。 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 富豪XC60 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$ 548,000 - 608,000 鎖定預算圈、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 富豪XC60 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。
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。
比亞迪正式發布 2026 年 5 月產銷快報，全品牌新能源汽車單月銷量 383453 輛，同比微增 0.26%，時隔十個月實現單月銷量同比轉正；其中乘用車交付 376990 輛，環比大漲 19.4%，一掃前期車型換代陣痛，呈現國內基本盤穩固、海外銷量狂飆、高端品牌全線放量的全新格局，在國內新能源內捲加劇、特斯拉 FSD 入華、自主新品密集上市的市場環境中，走出獨有的結構性增長路線。
王朝 + 海洋兩大主力品牌 5 月合計售出 330215 輛，佔據集團總銷量超八成，仍是比亞迪銷量壓艙石，全系列共 8 款車型單月銷量突破 2 萬台，產品從 5 萬入門代步到 20 萬家用 SUV 實現全覆蓋。
王朝網內部，元家族 56691 輛、宋家族 51370 輛。雙雙跨過五萬門檻，成為品牌兩大銷量支柱，兼顧家用代步與城鄉出行需求；秦家族緊隨其後交出 28360 台穩定表現，漢、唐系列月銷維持六千級體量，深耕中大型家用轎車、SUV 細分市場；全新車型夏處於市場培育期，單月交付 1810 台，後續隨渠道鋪開有望穩步上量。
海洋網增長勢頭更為迅猛，全系五款車型跨入兩萬俱樂部：海獅 42615 台、海豹 34117 台、海鷗 39919 台、海豚 22260 台、宋 PLUS 27755 台。其中海鷗憑藉 6-8 萬親民定價穩居入門代步銷冠，海獅作為全新走量車型上市即站穩四萬量級，補齊海洋網中型 SUV 產品空白，完善海洋產品梯隊佈局。從代步小車到緊湊 SUV，兩大主品牌依托 DM-i 混動與純電雙線技術，牢牢鎖住 15 萬以內國內主流家用市場份額。
方程豹同比暴漲 139.7% 品牌向上落地見效騰勢、方程豹、仰望組成的高端矩陣 5 月合計銷售 46489 輛，正式擺脫小眾定位，成為比亞迪品牌溢價與利潤增長新支點，打破自主品牌高端化難破局的行業魔咒。
越野品牌方程豹單月 30186 輛，同比暴漲 139.7%，創下品牌上市以來月度銷量新高，旗下鎦 7 單月 18280 台，豹 5、豹 8 穩定輸出，在 25-40 萬硬派越野細分市場持續擠壓合資、進口車型生存空間。
騰勢 5 月交付 16303 台，MPV 標桿 D9 售出 6721 台，Z9 系列近 6000 台，MPV、中大型轎車雙線發力，站穩豪華新能源賽道；百萬元級超豪華品牌仰望穩步爬坡，當月交付 286 台，同比增幅 105.8%，完成自主品牌天花板產品的市場驗證，形成從十幾萬家用、三四十萬越野、五十萬豪華 MPV 到百萬元級旗艦的全價格帶產品佈局。
5 月比亞迪乘用車和皮卡海外銷量 160177 輛，同比大漲 80.7%，出口佔全系總銷量突破 42%，創下品牌出海歷史新高，成為穩住 5 月整體銷量、實現同比轉正的核心驅動力。
東南亞、歐洲、拉美成為主力增量市場，海鷗、宋 PLUS、元系列持續登頂多國新能源熱銷榜單，SHARK 皮卡連續兩月單月出口突破 4000 台；依托泰國、巴西、匈牙利、烏茲別克斯坦四大海外整車工廠落地投產，本地化生產持續落地，規避關稅同時快速下沉終端渠道。在國內車市存量競爭、價格戰常態化背景下，高速擴容的海外市場有效對沖國內車型換代帶來的銷量波動，正式從補充市場升級為比亞迪核心增長引擎。截至當前，比亞迪新能源汽車全球累計銷量已經突破 1650 萬輛，全球化版圖持續拓寬。
智駕賦能產品迭代 下半年新品蓄力衝量5 月比亞迪智能化落地迎來關鍵節點，天神之眼智駕系統成為車型核心加分項：全品牌搭載高級智駕車型保有量突破 315 萬輛，日均路測數據超 2 億公里；當月比亞迪落地城市領航、智能泊車雙安全兜底服務，成為全球首家實現兩項智駕兜底的車企，政策落地三天後，搭載天神之眼系統車型的城市 NOA 激活率暴漲 50%，智能化體驗升級直接拉動終端到店訂單轉化，為後續車型持續走量築牢產品競爭力，直面 FSD 入華帶來的智駕市場衝擊。
從數據細節來看，2026 年 1-5 月比亞迪累計銷量 1405039 輛，同比下滑 20.32%，核心誘因是全系主力車型集中換代、第二代閃充刀片電池產能爬坡受限。新款閃充電池升級快充與低溫性能，全系換代車型優先換裝新電池，但產線改造拖累產能釋放，熱門車型訂單積壓、交付延後，一定程度壓縮 5 月交付體量。
隨著二季度末二代刀片電池產能持續釋放，疊加騰勢 N8L、方程豹鎦 7 純電版、海獅 05、夏 L 等多款新車陸續登陸市場，業內普遍預判比亞迪 6 月全品牌銷量有望突破 40 萬輛。依托低端走量鎖份額、高端提利潤、海外衝增量、智能化提產品力的四維發展邏輯，在國內新能源淘汰賽加劇的當下，比亞迪全品類佈局優勢持續放大，坐穩國內新能源龍頭，加速向著全球頭部車企穩步邁進。
Have you ever seen the roads in India?
I've seen them online.
The scene is usually like this: a sedan blocked behind a cow, motorcycles running wild nearby, even milk tea vendors nearby, so "clean and hygienic".
However, in a place where many feel physically uncomfortable after watching, Toyota, Suzuki, Honda and other Japanese car companies decided to bet on India.
According to the Indian "Brand Quality Foundation" website, the three car companies will invest nearly $11 billion to build factories, increase capacity, and develop exports in India.
Some netizens commented: Did the three Japanese car companies have too much money?
In fact, they didn't have endless money to spend, nor were they bewildered by Indian curry. These Japanese car executives are much clearer than us.
Current Japanese car revenue and market share are declining. Raw material costs are soaring. Looking at the world map, finding a market that can accommodate capacity, expand share, and has gentle competition is not easy.
So, it wasn't that Japanese car companies chose India, but because they had no choice.
The Pain of Japanese Car Companies
Past Japanese cars were truly the envy of others.
Ask old drivers who drove Japanese cars over ten years ago, talking about Japanese cars, almost no one doesn't give a thumbs up, cheap price, fuel saving, durable...
Even many Japanese cars needed to be bought at a markup, but who would think this iron fortress would be beaten out of sight in a few short years.
With the wave of new energy vehicles coming, electrification and intelligence became the goal for many domestic car companies to "leapfrog". Relying on China's strong new energy vehicle industry chain advantages and car companies' own persistence on R&D and technology, Chinese independent brands quickly achieved "leapfrogging".
Domestic cars once criticized are now becoming more and more common on the roads, even surpassing joint ventures in share.
According to CPCA data, in April 2026, the share of independent brands reached as high as 62.5%, far exceeding Japan's 13.1%.
You need to know, the Chinese car market is the largest car market in the world. Losing speed in the Chinese market is like losing a huge piece of cake.
Meanwhile, the main theme of the Chinese market in recent years is still price wars. Racing on configuration, price, and service has become a normal state, which also had a huge impact on Japanese cars' profits.
Apart from China, Japanese cars are also not doing well in the US.
On January 20, 2025, Trump swore in as the 47th US President, starting a series of chaotic operations, including imposing additional car tariffs in the name of national security, causing the tariff rate for imported Japanese cars to reach as high as 27.5% at one point. Although it decreased later, it was still far higher than the initial tax rate.
This operation directly led to a tariff loss of over 2 trillion yen for seven Japanese car companies in fiscal year 2025.
Looking at Japan itself, it is actually not easy either.
Middle East geopolitical conflicts blocked shipping in the Strait of Hormuz, transportation costs and raw material costs soared, Japanese car companies also had to suffer in silence.
Executives looking at the reports, their backs went cold, only to find a new growth curve.
So, Japanese car companies didn't fall in love with India, there was nowhere else to go.
Deep Thought on Choosing India
So, what magic does India have, to make Japanese car companies invest heavily?
The first advantage is big. In 2025, the Indian car market achieved 5.517 million new car sales, up 6% year-on-year, breaking the historical record, ranking as the third largest car market in the world, exceeding Japan for four consecutive years, second only to China and the United States.
The value of this doesn't need me to say much. India achieved this result mainly because India has been promoting tax reduction policies to promote consumption, which led to a significant increase in domestic consumption willingness.
The second advantage is close, meaning it is close to places where Japanese cars sell well, such as Africa.
So, India for Japanese car companies is more like a convenience store built in the center of a crossroad. You don't need to ship cars to eight countries separately, just build well at this stop in India, then unload ship by ship, and you can save a lot of costs.
The Nikkei also believes that India is expected to become its global car supply center.
The third advantage is stability. You know, Japanese cars' advantage is fuel cars, after all, the three major components of engines, gearboxes, and chassis, they have played for many years, technology accumulation is number one in the world.
But the Chinese car market has fully promoted electrification and intelligence development, leading to Japanese cars' advantage becoming weaker and weaker, impossible to play out. But India is different, it has the characteristics of few charging piles and slow electrification process. Indian old people buying cars still look for cheap, fuel saving, easy to fix, and these three points are exactly Japanese cars' old trade.
Especially Suzuki, always been India's car market evergreen, almost always sitting on the best-selling model throne, reputation of being worry-free, better than any advertisement.
So, Japanese car companies' vigorous layout of the Indian market is obviously carefully considered.
But, is the Indian market really that easy to mix?
The Hard-to-Bite Indian Market
Of course, India is not perfect like a hot commodity, its disadvantages are as obvious as its advantages, and every one is enough for Japanese car companies to face a hard time.
First talk about electrification. Yes, right now India has few charging piles and electric cars don't sell well, it is indeed a shelter for Japanese fuel cars. But you have to think, how long can this "shelter" avoid?
India previously shouted the slogan of 30% of new cars being electric vehicles by 2030. Although it sounds like bragging, but can't help but they really give subsidies, really build charging stations.
Imagine, what if one day India suddenly wakes up, starts vigorously promoting electrification, doing infrastructure, charging piles popping out like mushrooms after rain, then Japanese cars will be dumbfounded?
Isn't this a version of the Thai market?
Back then Japanese cars in Thailand won easily. The entire Southeast Asian market was called Japanese cars' backyard. Result Thailand took the lead in promoting electrification. Chinese electric vehicles came in, directly became a hot commodity. Look at Japanese cars again, share in Thailand falling down rapidly.
If India accelerates electrification, history will likely repeat, and this time, Japanese cars don't even have a place to flee, how to prevent will become the first problem for Japanese car companies.
Next talk about policy. India's policy is like a pot of curry, you never know if you will eat chicken or potato next time.
This magical country, today low tariff encourages building factories, tomorrow may fine you a huge amount. What's more annoying is mandatory joint venture. Foreign car companies want to sell cars in India, have to find local partners to partner up. When your factory is built, supply chain is done, India directly backstabs you. At that time whether adding money or withdrawing capital, what you get is heartache.
So you see, this market like India is like a mango that looks very sweet, bite the first mouth it's okay, chew two more mouths hit the hard core.
Japanese cars now is calculating, while the core hasn't bit the tooth, hurry up to nibble a few more mouths, but the core will bite sooner or later, just don't know which day.
Epilogue
Japanese cars this trip to India, not go for tourism, is go to make a living.
Chinese and Southeast Asian dining tables are more crowded, production and transportation costs have risen. Looking around the world, only this pot in India is still steaming, even if what is boiling inside is curry-flavored stones, have to bite hard and chew down.
Japanese car companies want to expand market, India wants to pull economy, solve employment, both sides have their own thoughts.
As for the ending is Japanese cars in India regain their glory, or like past competitors shamefully walk away, then is not known.
But no matter how, this play just started, we slowly watch is okay.
Anyway India's story, never bored.
港交所網站掛出一咗一份熟悉嘅招股書。
5 月 28 日，繼去年 10 月首次遞表失效後，智能駕駛解決方案提供商蘇州天瞳威視電子科技股份有限公司（天瞳威視）再次向港股主板發起重衝，由匯豐及華泰國際聯席保薦。
喺智能駕駛賽道從「講故事」轉向「拼量產」嘅 2026 年，天瞳威視嘅二次遞表唔單止係一次資本試探，更係一場關於中國智駕供應商生存現狀嘅集中檢閱。
呢間被認為係「算力效率派」代表嘅公司，一邊連住從采埃孚到上汽、北汽嘅豪華產業資本陣營，一邊卻面臨住現金流緊繃、海外明顯回落嘅現實困境。喺呢場 IPO 嘅博弈中，光鮮同陣痛並存。
01
邊個係「天瞳威視」？
天瞳威視嘅創辦人王曦係一位典型嘅「回國」技術派。佢畢業於北京航空航天大學，後喺英國雷丁大學攻讀計算機科學博士學位。
喺決定創業之前，王曦曾經喺汽車零部件供應商天合汽車（TRW）及采埃孚擔任算法工程師同技術負責人，深度參與咗早期 ADAS 系統嘅開發。
2016 年，王曦捕捉到國內汽車智能化嘅風口，回國喺蘇州創立咗天瞳威視，定位係「以軟件算法驅動智能駕駛」嘅本土解決方案提供商。
公司嘅名字「天瞳」寓意「天之眼」，意在打造車輛感知萬物嘅視覺中樞。佢從最初嘅視覺感知算法起步，逐步擴展至行泊一體域控制器、L4 級自動駕駛系統等軟硬件結合嘅整體方案。
天瞳威視融資情況。資料來源：企查查
成立後不久，天瞳威視就獲得德聯資本、盛世投資嘅天使輪融資。此後十年時間，天瞳威視累計完成咗超過 10 輪融資，融資總額近 10 億元。
從招股書披露嘅股權結構嚟睇，天瞳威視構建咗深度綁定嘅「產業 + 資本」生態圈。
一方面，產業夥伴站台，全球汽車零部件巨頭采埃孚唔單止係其 C 輪領投方，亦係其戰略合作夥伴，持有天瞳威視 6.93% 嘅股份，位列第四大股東；國內方面，上汽集團通過上汽北美產投持股，北汽集團通過北汽產投佈局其中，地平線同商湯科技亦係戰略投資者。
另一方面，地方國資護航，唐山機器人基金、吳中金控等國資背景基金喺 D 輪及 D+ 輪入場，提供咗約 5.23 億元嘅資金支持。
截至最後實際可行日期股權架構
截至目前，王曦透過直接持股同員工持股平台合共控制公司約 40.84% 嘅權益，依然保持住對公司嘅控制權。
02
「兩條腿」行路
天瞳威視喺業務佈局上採取咗「雙軌並行」嘅策略。
喺 L2-L2+ 級輔助駕駛領域，天瞳威視嘅選擇非常務實。佢並冇盲目追逐算力堆疊嘅「軍備競賽」，而係走咗一條高性價比路線。
作為典型嘅視覺派智駕供應商，佢喺 L2 量產方案上以視覺感知為主，融合毫米波雷達同超聲波雷達，能夠喺較低算力平台上實現高級功能。例如，基於地平線 J6B 芯片（約 20TOPS）嘅方案即可支持行泊一體、高速 NOA。
呢種打法擊中咗 10 萬 -20 萬級主流車款對成本敏感嘅痛點。根據灼識諮詢嘅數據，按 2024 年裝機量計，天瞳威視係中國第二大同時提供行車同泊車解決方案嘅以軟件為核心嘅 L2-L2+ 級方案提供商，市場份額為 14.3%。
2024 年中國具備行泊一體能力嘅以軟件為核心供應商格局
截至最後實際可行日期，天瞳威視獲得 23 個汽車品牌嘅 198 款車款嘅 L2-L2+ 級解決方案定點函，並實現 6 個汽車品牌嘅 105 款車款嘅量產；獲得定點函嘅 198 款車款中有 87 款覆蓋海外市場，其中 59 款已實現量產。
但值得注意嘅係，L2-L2+ 市場正在經歷劇烈嘅「紅海化」。
一方面，經緯恆潤、福瑞泰克等本土 Tier1 正在加速追趕；另一方面，部分頭部車廠開始將低階智駕方案從外購轉為內部集成。
天瞳威視能否維持佢喺「性價比方案」領域嘅領先地位，取決於佢能否持續保持算法對低算力平台嘅優化能力，而這需要喺研發投入上持續加碼。
喺高級 L4 級自動駕駛領域，天瞳威視更多扮演「先鋒」角色。這亦係佢近兩年增長最快嘅板塊。
早在 2019 年，佢就參與咗上海洋山港嘅 5G 智能重卡項目。目前佢嘅 L4 方案覆蓋 Robobus、Robotaxi 同 Robotruck。其中，Robobus 係佢最具代表性嘅產品線，已喺蘇州、天津等城市嘅公開道路投入常態化試營運。
2025 年，天瞳威視從 L4 級解決方案產生收入 3.75 億元，佔公司總收入嘅 68% 以上，大部分收入來自 L4 級軟件解決方案。
然而，硬幣嘅另一面係商業化嘅曲折。雖然 L4 業務營收暴增，但佢嘅交付形態目前以「軟硬件一體解決方案」為主，呢種模式本質上接近「項目制交付」或「小規模車隊部署」，與 L2 業務中「純軟件授權 + 白盒交付」嘅高毛利、大規模複製邏輯存在顯著差異。
呢就直接導致 L4 業務毛利率嘅大幅波動：喺部分自研硬件佔比较高嘅項目中，毛利率一度低至 15%。
截至遞表日，公司雖手握超 10 億元嘅 L4 意向訂單，涵蓋 2500 架車，但呢啲訂單預計要喺未來三至五年內先會陸續交付，短期內對現金流嘅改善作用有限。
此外，天瞳威視仲有部分應收來自工程服務，主要涉及道路測試、數據收集支援及數據標註服務以及公司嘅專有工具鏈。
03
財務嘅雙面鏡
招股書嘅財務部分，展現咗智駕行業最真實嘅「B 面」：規模同虧損嘅極限拉扯，同埋賬面現金同營運消耗之間嘅緊張博弈。
營收高增長，但結構劇烈波動。
財務數據顯示，公司嘅營收呈現爆發式增長，從 2022 年嘅 1.72 億元增長至 2024 年嘅 4.83 億元，複合年增長率高達 67.7%。2025 年全年營收進一步增長至 5.5 億元。
但收入結構嘅變化明顯。2023 年，公司依賴 L2-L2+ 業務，佔比 90.2%；去到 2024 年，L4 業務佔比升至 50.2%；2025 年，L4 業務佔比進一步拉高至 68%。呢種「斷崖式」嘅結構切換，雖然證明佢 L4 技術搵到咗落地場景，但亦令市場質疑佢 L2 業務係咪已觸及天花板。
毛利率同純利潤嘅背離，呢係天瞳威視面臨嘅最大挑戰。
從毛利睇，整體毛利率喺 30% 左右徘徊，喺呢個技術密集型嘅智駕行業屬於中等水平。但細拆睇嚟，L2-L2+ 業務嘅毛利率通常能維持喺 40% 以上，純軟件授權模式，而 L4 業務嘅毛利率則因「軟硬件一體」交付中硬件佔比提高而被顯著拉低。
從純利潤睇，雖然表面虧損額較大，2024 年虧損 4.63 億、2025 年虧損約 2 億，呢度包含大量因優先股公平值變動帶來嘅「紙面虧損」。剔除呢個因素後嘅經調整純利潤更能反映公司嘅真實經營狀況：2024 年已收窄至 -438 萬元，但 2025 年並未如市場預期實現轉正，而係錄得約 -1086 萬元，虧損較 2024 年有所擴大。
呢個背後有一個不可回避嘅關鍵前提：調整後嘅「減虧」乃至「接近盈虧平衡」，係喺公司持續壓縮研發投入嘅基礎上實現嘅，研發費用從 2024 年嘅 1.17 億元降至 2025 年嘅 9231 萬元，研發費用率從 2024 年嘅 24.3% 進一步降至 16.8%，而 2022 年呢個數字曾高達 108.7%。對於一家科技公司嚟講，研發強度嘅「退坡」是否會影響未來嘅技術護城河，係一個潛在風險點。
現金流持續告急，最令人擔憂嘅信號。
根據最新招股書，截至 2025 年 12 月 31 日，公司賬上嘅現金及現金等价物為 2.35 億元，較 2025 年 6 月 30 日嘅 3.74 億元淨減少 1.39 億元，現金消耗速度較快。
更值得警惕嘅係經營現金流由正轉負且缺口持續擴大嘅趨勢。2023 年，公司經營活動現金流淨額為正向流入 1.15 億元，但 2024 年迅速轉為淨流出 1.89 億元，2025 年進一步惡化至淨流出 2.93 億元。
與此同時，應收賬款周轉急劇惡化。公司嘅貿易應收款項從 2023 年嘅 0.89 億元升至 2025 年嘅 5.48 億元，三年增長超過五倍，而同期營收增幅僅約 2.7 倍。
更令人擔憂嘅係應收款項周轉天數從 2023 年嘅 191 天同 2024 年嘅 166 天，到 2025 年驟升至 300 天，意味著公司從完成交付到收回款項平均需要接近一年時間。呢相當於變相為客戶提供長期無息墊資，喺資金本就緊張嘅情況下進一步加劇咗流動性壓力。
此外，雖然天瞳威視係首家出海嘅中國智駕軟件供應商，但 2025 年佢嘅海外業務遭遇咗明顯回落。2023 年天瞳威視海外收入為 1.27 億元，佔總營收比重達到 62.2%；到 2025 年海外收入降至 1100 萬元，佔比僅 2.0%。
喺而家全球地緣政治複雜、部分國家對智能汽車數據監管趨嚴嘅背景下，為佢嘅全球化故事增添咗一絲不確定性。
04
結語
天瞳威視嘅二次闖關，係智能駕駛行業進入「淘汰賽」階段嘅一個縮影。
從好嘅方面睇，佢踩準咗 L2 性價比同 L4 場景化落地嘅雙重節奏，且經調整純利潤喺特定口徑下已接近盈虧平衡，呢啲都畀投資者提供咗「有亮點可講」嘅故事線。
但從風險嘅角度睇，情況遠比首次遞表時更為嚴峻。業務重心嘅急速漂移、L4 業務商業化初期嘅盈利磨難、研發投入嘅被動收縮，呢啲此前就已存在嘅問題並未緩解。
天瞳威視 L4 級智能巴士
而真正令此次 IPO 帶「求生」色彩嘅，係現金流數據嘅實質性惡化：2.35 億元嘅賬面現金，面對每年近 3 億元嘅经营性現金淨流出，安全邊際已不足一年。疊加 300 天嘅應收賬款周轉天數，意味著公司每交付一筆訂單，都要墊付近一年嘅資金成本。
換言之，天瞳威視正處喺一個危險嘅財務窗口期：賬上嘅錢僅夠維持唔足一年嘅正常運作，而 L4 業務嘅大規模交付同回款卻需要更長時間。喺呢個智駕資本熱潮退去、一級市場融資邊際收緊嘅時刻，公司已冇太多等待嘅餘地。
首次遞表失效後僅隔半年便再次衝擊港股，對天瞳威視而言，與其話係戰略選擇，唔如話係現金倒逼下嘅必然之舉。
In May, China's automotive market overall presented a gentle recovery trend, with domestic brands still being the sales backbone of the market. Recently, BYD, Geely, Chery, Changan, and Great Wall, the top 5 domestic automakers, successively released their monthly performance reports. From the data, these five companies show a general characteristic of "stable total growth, divergence between domestic and international markets, and accelerated new energy penetration". Overseas exports and new energy vehicles have become the most core growth engines; export business has evolved from a "bonus item" to the "core foundation" for some companies. BYD's "dominant leader" status is further consolidated, Chery achieved high growth via exports, Geely's new energy penetration rate broke 56%, Changan focused steadily on balanced development, while Great Wall appeared slightly under pressure during structural transformation.
BYD: Export Hits New High Becomes Biggest HighlightIn May, BYD stood firmly at the top of domestic brands with a monthly sales volume of 383,500 vehicles, maintaining positive growth both year-on-year and month-over-month under a large base. Its two main brands, Dynasty and Ocean, sold a combined 330,200 vehicles, contributing 86.1% of total sales; Fangchengbao's monthly sales broke 30,000 units to reach 30,200, a year-on-year increase of 139.7%, setting a new high for the year; Denza sold 16,300 vehicles, and Yangwang delivered 286 vehicles. From a model perspective, BYD had eight models in May with monthly sales exceeding 20,000 vehicles. The Song Family and Yuan Family both broke 50,000 units, selling 51,370 and 56,691 vehicles respectively. The Sea Lion Family followed closely with 42,615 vehicles, and Seagull sales were also close to 40,000 vehicles.
BYD's biggest highlight in May was exports. Overseas new energy vehicle sales reached 160,600 units, an 80.4% year-on-year increase, accounting for about 42%. The sharp expansion of export scale effectively countered the phased weakness in domestic demand. Cumulative exports from January to May exceeded 620,000 vehicles. High export growth mainly benefited from continued ramping up of overseas factory capacity, improved ocean shipping capacity, and accelerated channel network expansion. In the domestic market, BYD promoted Megawatt Super Charging and intelligent strategies simultaneously—Megawatt charging achieved about 90% charge in 9 minutes; 20,000 super charging stations are planned to be built by 2026; all series models are available with Sky Eye B intelligent driving solutions and city navigation safety fallback plans, accelerating the popularization of high-level intelligent driving. As Gen 2 Blade Battery capacity gradually releases, the company's orders are expected to continue rising.
Chery: Sales Growth Leads the Top 5Chery Group's total sales volume in May was 247,800 vehicles, a significant year-on-year increase of 20.5%, ranking first in growth speed among the top 5. Exports remained its most core growth engine—May exports reached 181,900 vehicles, an 80.5% year-on-year increase, accounting for 73.4% of total sales that month, continuously breaking the single-month export record for Chinese brands for three months. In terms of new energy, Chery New Energy sold 100,300 vehicles, a 58.8% year-on-year increase. April and May consecutively saw monthly new energy sales breaking 100,000 vehicles.
The strong performance in exports benefited from Chery's long-term deep cultivation of overseas channel advantages and localized operation capabilities. While overseas orders continued to rise, high export growth formed a sharp contrast with domestic sales—Chery's domestic sales in May were only 60,000 vehicles, accounting for one-quarter of total sales. From cumulative data, Chery Group accumulated 1.101 million sales from January to May, but against the annual goal of 3.2 million vehicles, monthly averages need to reach about 420,000 vehicles later, and pressure remains significant.
Geely: New Energy Penetration Rate Breaks 56%Geely Auto's total sales volume in May was 237,600 vehicles, a 1% year-on-year increase, achieving month-over-month double growth for three consecutive months. In terms of structure, Geely's "New Four Transformations" transformation showed significant results: new energy vehicle sales reached 133,400 units, accounting for 56% of total sales, with new energy share exceeding 50% for four consecutive months.
From sub-brands, performance was significantly divergent. Zeekr brand sales in May reached 34,400 vehicles, a 82% year-on-year increase; Zeekr 9 Series and 8 Series models combined sales approached 50% of total sales, showing bright performance in the high-end market; Galaxy brand sales were 81,700 vehicles; Geely brand sales were 182,500 vehicles, among which China Star Series sales reached 100,800 vehicles; Lynk & Co brand sales were 20,700 vehicles, with new energy vehicle sales share rising to 71%.
In terms of exports, Geely's overseas vehicle exports in May reached 85,100 vehicles, a explosive 184% year-on-year increase, setting a brand single-month export record high. Among exported products, new energy vehicles reached 40,800 units, accounting for nearly half; hybrid and pure electric products have successively landed in Southeast Asia, Middle East, Latin America, and other markets, highlighting the results of global strategy implementation.
Changan: Multi-brand Matrix Balanced EffortChangan Auto's delivery volume in May was 209,100 vehicles, among which new energy deliveries were 92,400 vehicles, a 5.8% year-on-year increase, with new energy share about 44%. In terms of exports, overseas deliveries reached 70,700 vehicles, a 38% year-on-year increase, becoming another major growth highlight for Changan in May.
In the sub-brand matrix, Changan Qiyuan delivered 34,500 vehicles in May; All-New Q05 delivered 15,800 units, with orders breaking 3,000 units within three days of listing in Thailand; Deepal sales in May were 33,200 vehicles, a 30% year-on-year increase; January to May overseas cumulative sales were 28,700 vehicles, a significant 167% year-on-year increase; Avatr delivered 7,336 vehicles in May; Changan Auto (Gravity) delivered nearly 49,000 vehicles in May.
Changan Auto's balanced layout was fully reflected in May: the fuel car base remained stable, new energy brands Deepal and Qiyuan accelerated volume growth, high-end brand Avatr continued to break through in technical cooperation, and overseas markets simultaneously achieved breakthrough growth. The pattern of five brands working together, driven by both new energy and exports, is initially taking shape.
Great Wall: Overseas Sales Growth Year-on-Year 46.75%Great Wall Motor's sales in May were 100,400 vehicles, slightly down compared to last May's 102,200 vehicles, making it the only company among the top 5 to show a year-on-year negative growth. From sub-brands, Haval brand sales in May were 55,500 vehicles, remaining Great Wall's most important sales pillar; Tank brand sales were 17,100 vehicles; both Haval and Tank brand sales showed year-on-year declines; Wey brand sold 8,119 vehicles, a 31.78% year-on-year increase, achieving growth against the trend; Ora brand performance was most stunning, with sales of 6,018 vehicles, a significant 206.88% year-on-year increase. In terms of new energy, Great Wall sold 30,400 new energy vehicles in May, with new energy vehicle transformation gradually accelerating.
The overseas market became Great Wall's biggest highlight in May, with overseas sales growing 46.75% year-on-year. Against the background of pressure on the domestic market, strong growth in overseas business effectively made up for the decline in the domestic market. Great Wall Motor's current core contradiction lies in: Haval and Tank, the two traditional main-selling brands, face weak growth, while Wey and Ora brands, although growing notably, have relatively small volume and are not yet enough to support overall growth. How to complete the "relay" between old and new brands is the key issue Great Wall must solve subsequently.
Final ThoughtsFrom May data, the growth pattern of the top 5 domestic brands has clearly diverged, but there are three common trends worth noting: First, exports have become a key engine for domestic brands to seek stability and growth. Second, new energy transformation is still accelerating, but paths differ among enterprises. Third, technological innovation continues to deepen brand moats. Looking ahead to the second half of the year, competition in the automotive industry will continue to upgrade around these three trends. Although everyone has a common direction, these three trends are all competing for the entire enterprise's industrial chain strength, and the strong will remain strong, which has almost become an inevitable outcome.
On the first day of the 2026 Chongqing Auto Show, Changan Mazda brought a factory-stock unmodified pure electric EZ-60 to the forefront. Not here to parade, but to show off its track record. Champion driver Ji Hao, who is also an ordinary Changan Mazda owner, stood on the exhibition platform and shared his experience of driving the mass-production EZ-60 to fight in the China New Energy Vehicle Rally Championship: a 6-day 910km course, 27 brands with 100 participating vehicles. Facing competition from most extended-range and plug-in hybrid models, this factory-stock pure electric SUV won the SUV category champion in the circuit race and the runner-up in the overall rally results.
The significance of this championship does not lie in the ranking itself, but in that it was run with a mass-production vehicle, with no modifications, no special tuning. The result directly corresponds to every ordinary user who bought an EZ-60.
Both the EZ-6 and EZ-60 models were developed according to global standards from the very beginning of the project. EZ-6 won the 2026 World Car of the Year Design award, being the first Chinese new energy model to receive this honor; EZ-60 simultaneously won 8 world-class top design awards, currently the only one in the SUV category. Design awards themselves cannot directly equate to product power, but it shows Mazda's design remains captivating, and it is top-tier under international aesthetic standards.
In the safety field, EZ-6 has passed 5 authoritative safety certifications such as C-NCAP, E-NCAP, with China-Europe dual five-star standards as its clear development baseline. EZ-60's battery safety meets new national standards and European standards requirements in advance. Furthermore, Changan Mazda offers a Battery Lifetime Spontaneous Combustion Compensation promise to all new energy users under its brand, with unlimited mileage and unlimited owners. This means after used car transactions, new owners also enjoy this benefit, which has a positive impact on resale value and second-hand circulation.
Progress in going global is one of the key information disclosed by Changan Mazda at this auto show. Currently, the brand has obtained whole vehicle certification for the EU, UK, and Australian three major markets, being the first domestic joint venture new energy automotive enterprise to secure all three certifications simultaneously. At the end of May, over 80 overseas dealers from Europe, Australia, and Thailand specially visited the Nanjing Factory for inspection, giving extremely high praise to the production process and quality control system. The EZ-6 and EZ-60 models are currently in a continuously advancing stage for overseas sales and pre-sales.
At the same time, EZ-60 has held the sales champion title for joint venture new energy mid-size SUVs continuously for 7 months in the domestic market. Although the scale of this niche track is not large, it shows that the product acceptance among the target user group is very stable.
Changan Mazda continues its consistent community strategy, with activities like Wish Journey, Owner Story Collection, Joy Mazda Creator, and Citizen Agent continuing to advance, aiming to establish a longer-term user emotional connection beyond the product. The Young Sprouts Plan Season 2 launched this May entered universities nationwide and simultaneously opened the EZ-60 University Modification Design Competition, opening summer practice slots to students. Since 2015, Changan Mazda has cumulatively donated and built 12 Hope Primary Schools in Yunnan, with a total investment exceeding 10 million yuan. In June, it initiated the Every Kilometer Has Kindness charity action again, converting user travel mileage into charity funds.
Worth mentioning is that at this auto show, Mazda also brought the MX-5, this classic convertible sports car that has existed for decades with multiple iterations but is still on sale. It appeared in an auto show themed on new energy, in a sense declaring to the outside world that Mazda's product logic has never been to follow the trend; it has the courage to embrace China's new energy, and also the persistence on classic fuel cars. Leveraging this Chongqing International Auto Show moment, Changan Mazda simultaneously launched the 618 Mid-Year Promotion. Until June 30, consumers purchasing vehicles can enjoy up to 20,000 yuan National Trade-in Subsidy, combined with 17,000 yuan Manufacturer Subsidy Replacement Subsidy. Purchasing designated models also gifts a worth 7,999 yuan Exclusive Set (containing original factory charging pile, LLumar solar film, TPE floor mats, and trunk mats), and offers a 0 down payment, 5-year low-interest plan, with an annualized rate of 1.99%. Additionally, it gifts a worth 7,999 yuan Lifetime Zero Fuel Benefit, and the test drive gold foil giveaway event is still continuing.
In May, China's automotive market overall presented a gentle recovery trend, with domestic brands still being the sales backbone of the market. Recently, BYD, Geely, Chery, Changan, and Great Wall, the top 5 domestic automakers, successively released their monthly performance reports. From the data, these five companies show a general characteristic of "stable total growth, divergence between domestic and international markets, and accelerated new energy penetration". Overseas exports and new energy vehicles have become the most core growth engines; export business has evolved from a "bonus item" to the "core foundation" for some companies. BYD's "dominant leader" status is further consolidated, Chery achieved high growth via exports, Geely's new energy penetration rate broke 56%, Changan focused steadily on balanced development, while Great Wall appeared slightly under pressure during structural transformation.
BYD: Export Hits New High Becomes Biggest HighlightIn May, BYD stood firmly at the top of domestic brands with a monthly sales volume of 383,500 vehicles, maintaining positive growth both year-on-year and month-over-month under a large base. Its two main brands, Dynasty and Ocean, sold a combined 330,200 vehicles, contributing 86.1% of total sales; Fangchengbao's monthly sales broke 30,000 units to reach 30,200, a year-on-year increase of 139.7%, setting a new high for the year; Denza sold 16,300 vehicles, and Yangwang delivered 286 vehicles. From a model perspective, BYD had eight models in May with monthly sales exceeding 20,000 vehicles. The Song Family and Yuan Family both broke 50,000 units, selling 51,370 and 56,691 vehicles respectively. The Sea Lion Family followed closely with 42,615 vehicles, and Seagull sales were also close to 40,000 vehicles.
BYD's biggest highlight in May was exports. Overseas new energy vehicle sales reached 160,600 units, an 80.4% year-on-year increase, accounting for about 42%. The sharp expansion of export scale effectively countered the phased weakness in domestic demand. Cumulative exports from January to May exceeded 620,000 vehicles. High export growth mainly benefited from continued ramping up of overseas factory capacity, improved ocean shipping capacity, and accelerated channel network expansion. In the domestic market, BYD promoted Megawatt Super Charging and intelligent strategies simultaneously—Megawatt charging achieved about 90% charge in 9 minutes; 20,000 super charging stations are planned to be built by 2026; all series models are available with Sky Eye B intelligent driving solutions and city navigation safety fallback plans, accelerating the popularization of high-level intelligent driving. As Gen 2 Blade Battery capacity gradually releases, the company's orders are expected to continue rising.
Chery: Sales Growth Leads the Top 5Chery Group's total sales volume in May was 247,800 vehicles, a significant year-on-year increase of 20.5%, ranking first in growth speed among the top 5. Exports remained its most core growth engine—May exports reached 181,900 vehicles, an 80.5% year-on-year increase, accounting for 73.4% of total sales that month, continuously breaking the single-month export record for Chinese brands for three months. In terms of new energy, Chery New Energy sold 100,300 vehicles, a 58.8% year-on-year increase. April and May consecutively saw monthly new energy sales breaking 100,000 vehicles.
The strong performance in exports benefited from Chery's long-term deep cultivation of overseas channel advantages and localized operation capabilities. While overseas orders continued to rise, high export growth formed a sharp contrast with domestic sales—Chery's domestic sales in May were only 60,000 vehicles, accounting for one-quarter of total sales. From cumulative data, Chery Group accumulated 1.101 million sales from January to May, but against the annual goal of 3.2 million vehicles, monthly averages need to reach about 420,000 vehicles later, and pressure remains significant.
Geely: New Energy Penetration Rate Breaks 56%Geely Auto's total sales volume in May was 237,600 vehicles, a 1% year-on-year increase, achieving month-over-month double growth for three consecutive months. In terms of structure, Geely's "New Four Transformations" transformation showed significant results: new energy vehicle sales reached 133,400 units, accounting for 56% of total sales, with new energy share exceeding 50% for four consecutive months.
From sub-brands, performance was significantly divergent. Zeekr brand sales in May reached 34,400 vehicles, a 82% year-on-year increase; Zeekr 9 Series and 8 Series models combined sales approached 50% of total sales, showing bright performance in the high-end market; Galaxy brand sales were 81,700 vehicles; Geely brand sales were 182,500 vehicles, among which China Star Series sales reached 100,800 vehicles; Lynk & Co brand sales were 20,700 vehicles, with new energy vehicle sales share rising to 71%.
In terms of exports, Geely's overseas vehicle exports in May reached 85,100 vehicles, a explosive 184% year-on-year increase, setting a brand single-month export record high. Among exported products, new energy vehicles reached 40,800 units, accounting for nearly half; hybrid and pure electric products have successively landed in Southeast Asia, Middle East, Latin America, and other markets, highlighting the results of global strategy implementation.
Changan: Multi-brand Matrix Balanced EffortChangan Auto's delivery volume in May was 209,100 vehicles, among which new energy deliveries were 92,400 vehicles, a 5.8% year-on-year increase, with new energy share about 44%. In terms of exports, overseas deliveries reached 70,700 vehicles, a 38% year-on-year increase, becoming another major growth highlight for Changan in May.
In the sub-brand matrix, Changan Qiyuan delivered 34,500 vehicles in May; All-New Q05 delivered 15,800 units, with orders breaking 3,000 units within three days of listing in Thailand; Deepal sales in May were 33,200 vehicles, a 30% year-on-year increase; January to May overseas cumulative sales were 28,700 vehicles, a significant 167% year-on-year increase; Avatr delivered 7,336 vehicles in May; Changan Auto (Gravity) delivered nearly 49,000 vehicles in May.
Changan Auto's balanced layout was fully reflected in May: the fuel car base remained stable, new energy brands Deepal and Qiyuan accelerated volume growth, high-end brand Avatr continued to break through in technical cooperation, and overseas markets simultaneously achieved breakthrough growth. The pattern of five brands working together, driven by both new energy and exports, is initially taking shape.
Great Wall: Overseas Sales Growth Year-on-Year 46.75%Great Wall Motor's sales in May were 100,400 vehicles, slightly down compared to last May's 102,200 vehicles, making it the only company among the top 5 to show a year-on-year negative growth. From sub-brands, Haval brand sales in May were 55,500 vehicles, remaining Great Wall's most important sales pillar; Tank brand sales were 17,100 vehicles; both Haval and Tank brand sales showed year-on-year declines; Wey brand sold 8,119 vehicles, a 31.78% year-on-year increase, achieving growth against the trend; Ora brand performance was most stunning, with sales of 6,018 vehicles, a significant 206.88% year-on-year increase. In terms of new energy, Great Wall sold 30,400 new energy vehicles in May, with new energy vehicle transformation gradually accelerating.
The overseas market became Great Wall's biggest highlight in May, with overseas sales growing 46.75% year-on-year. Against the background of pressure on the domestic market, strong growth in overseas business effectively made up for the decline in the domestic market. Great Wall Motor's current core contradiction lies in: Haval and Tank, the two traditional main-selling brands, face weak growth, while Wey and Ora brands, although growing notably, have relatively small volume and are not yet enough to support overall growth. How to complete the "relay" between old and new brands is the key issue Great Wall must solve subsequently.
Final ThoughtsFrom May data, the growth pattern of the top 5 domestic brands has clearly diverged, but there are three common trends worth noting: First, exports have become a key engine for domestic brands to seek stability and growth. Second, new energy transformation is still accelerating, but paths differ among enterprises. Third, technological innovation continues to deepen brand moats. Looking ahead to the second half of the year, competition in the automotive industry will continue to upgrade around these three trends. Although everyone has a common direction, these three trends are all competing for the entire enterprise's industrial chain strength, and the strong will remain strong, which has almost become an inevitable outcome.
Have you ever seen the roads in India?
I've seen them online.
The scene is usually like this: a sedan blocked behind a cow, motorcycles running wild nearby, even milk tea vendors nearby, so "clean and hygienic".
However, in a place where many feel physically uncomfortable after watching, Toyota, Suzuki, Honda and other Japanese car companies decided to bet on India.
According to the Indian "Brand Quality Foundation" website, the three car companies will invest nearly $11 billion to build factories, increase capacity, and develop exports in India.
Some netizens commented: Did the three Japanese car companies have too much money?
In fact, they didn't have endless money to spend, nor were they bewildered by Indian curry. These Japanese car executives are much clearer than us.
Current Japanese car revenue and market share are declining. Raw material costs are soaring. Looking at the world map, finding a market that can accommodate capacity, expand share, and has gentle competition is not easy.
So, it wasn't that Japanese car companies chose India, but because they had no choice.
The Pain of Japanese Car Companies
Past Japanese cars were truly the envy of others.
Ask old drivers who drove Japanese cars over ten years ago, talking about Japanese cars, almost no one doesn't give a thumbs up, cheap price, fuel saving, durable...
Even many Japanese cars needed to be bought at a markup, but who would think this iron fortress would be beaten out of sight in a few short years.
With the wave of new energy vehicles coming, electrification and intelligence became the goal for many domestic car companies to "leapfrog". Relying on China's strong new energy vehicle industry chain advantages and car companies' own persistence on R&D and technology, Chinese independent brands quickly achieved "leapfrogging".
Domestic cars once criticized are now becoming more and more common on the roads, even surpassing joint ventures in share.
According to CPCA data, in April 2026, the share of independent brands reached as high as 62.5%, far exceeding Japan's 13.1%.
You need to know, the Chinese car market is the largest car market in the world. Losing speed in the Chinese market is like losing a huge piece of cake.
Meanwhile, the main theme of the Chinese market in recent years is still price wars. Racing on configuration, price, and service has become a normal state, which also had a huge impact on Japanese cars' profits.
Apart from China, Japanese cars are also not doing well in the US.
On January 20, 2025, Trump swore in as the 47th US President, starting a series of chaotic operations, including imposing additional car tariffs in the name of national security, causing the tariff rate for imported Japanese cars to reach as high as 27.5% at one point. Although it decreased later, it was still far higher than the initial tax rate.
This operation directly led to a tariff loss of over 2 trillion yen for seven Japanese car companies in fiscal year 2025.
Looking at Japan itself, it is actually not easy either.
Middle East geopolitical conflicts blocked shipping in the Strait of Hormuz, transportation costs and raw material costs soared, Japanese car companies also had to suffer in silence.
Executives looking at the reports, their backs went cold, only to find a new growth curve.
So, Japanese car companies didn't fall in love with India, there was nowhere else to go.
Deep Thought on Choosing India
So, what magic does India have, to make Japanese car companies invest heavily?
The first advantage is big. In 2025, the Indian car market achieved 5.517 million new car sales, up 6% year-on-year, breaking the historical record, ranking as the third largest car market in the world, exceeding Japan for four consecutive years, second only to China and the United States.
The value of this doesn't need me to say much. India achieved this result mainly because India has been promoting tax reduction policies to promote consumption, which led to a significant increase in domestic consumption willingness.
The second advantage is close, meaning it is close to places where Japanese cars sell well, such as Africa.
So, India for Japanese car companies is more like a convenience store built in the center of a crossroad. You don't need to ship cars to eight countries separately, just build well at this stop in India, then unload ship by ship, and you can save a lot of costs.
The Nikkei also believes that India is expected to become its global car supply center.
The third advantage is stability. You know, Japanese cars' advantage is fuel cars, after all, the three major components of engines, gearboxes, and chassis, they have played for many years, technology accumulation is number one in the world.
But the Chinese car market has fully promoted electrification and intelligence development, leading to Japanese cars' advantage becoming weaker and weaker, impossible to play out. But India is different, it has the characteristics of few charging piles and slow electrification process. Indian old people buying cars still look for cheap, fuel saving, easy to fix, and these three points are exactly Japanese cars' old trade.
Especially Suzuki, always been India's car market evergreen, almost always sitting on the best-selling model throne, reputation of being worry-free, better than any advertisement.
So, Japanese car companies' vigorous layout of the Indian market is obviously carefully considered.
But, is the Indian market really that easy to mix?
The Hard-to-Bite Indian Market
Of course, India is not perfect like a hot commodity, its disadvantages are as obvious as its advantages, and every one is enough for Japanese car companies to face a hard time.
First talk about electrification. Yes, right now India has few charging piles and electric cars don't sell well, it is indeed a shelter for Japanese fuel cars. But you have to think, how long can this "shelter" avoid?
India previously shouted the slogan of 30% of new cars being electric vehicles by 2030. Although it sounds like bragging, but can't help but they really give subsidies, really build charging stations.
Imagine, what if one day India suddenly wakes up, starts vigorously promoting electrification, doing infrastructure, charging piles popping out like mushrooms after rain, then Japanese cars will be dumbfounded?
Isn't this a version of the Thai market?
Back then Japanese cars in Thailand won easily. The entire Southeast Asian market was called Japanese cars' backyard. Result Thailand took the lead in promoting electrification. Chinese electric vehicles came in, directly became a hot commodity. Look at Japanese cars again, share in Thailand falling down rapidly.
If India accelerates electrification, history will likely repeat, and this time, Japanese cars don't even have a place to flee, how to prevent will become the first problem for Japanese car companies.
Next talk about policy. India's policy is like a pot of curry, you never know if you will eat chicken or potato next time.
This magical country, today low tariff encourages building factories, tomorrow may fine you a huge amount. What's more annoying is mandatory joint venture. Foreign car companies want to sell cars in India, have to find local partners to partner up. When your factory is built, supply chain is done, India directly backstabs you. At that time whether adding money or withdrawing capital, what you get is heartache.
So you see, this market like India is like a mango that looks very sweet, bite the first mouth it's okay, chew two more mouths hit the hard core.
Japanese cars now is calculating, while the core hasn't bit the tooth, hurry up to nibble a few more mouths, but the core will bite sooner or later, just don't know which day.
Epilogue
Japanese cars this trip to India, not go for tourism, is go to make a living.
Chinese and Southeast Asian dining tables are more crowded, production and transportation costs have risen. Looking around the world, only this pot in India is still steaming, even if what is boiling inside is curry-flavored stones, have to bite hard and chew down.
Japanese car companies want to expand market, India wants to pull economy, solve employment, both sides have their own thoughts.
As for the ending is Japanese cars in India regain their glory, or like past competitors shamefully walk away, then is not known.
But no matter how, this play just started, we slowly watch is okay.
Anyway India's story, never bored.
Folks, today let's talk about big news on going global—not selling cars, but selling "drivers". On June 2, WeRide and Uber jointly announced a plan: to launch the country's first commercial Robotaxi pilot service in Madrid, Spain. In other words: Spanish residents will soon be able to hail a driverless taxi via Uber. This is the first time WeRide and Uber are partnering to enter the European market. Madrid also becomes the 12th city globally where WeRide's Robotaxi arrives.
According to official news, with the support of the Madrid regional government, this service will officially launch within this year. At that time, friends in Madrid can open the Uber App and call WeRide's Robotaxi with one click. It's just like calling an ordinary ride-hailing service, the difference is the arriving car has no driver—at least initially, there is still a difference. In the initial operation phase, a professionally trained safety monitor will be on board, as it's just launched, safety comes first.
This company, WeRide, you might have heard of it, or you might not. A brief introduction: Established in 2017, it has been dedicated to Robotaxi technology R&D and commercialization. Currently, its Robotaxis cover Guangzhou, Beijing, Singapore, Abu Dhabi, Dubai, Riyadh, Zurich... plus Madrid now, totaling 12 cities. Spain is also the 5th European market WeRide has entered—previously entered Switzerland, France, Belgium, Slovakia. According to the plan agreed by WeRide and Uber in May 2025, they plan to deploy Robotaxi services in 15 new international cities within five years, deploying tens of thousands of Robotaxis globally. With the Madrid launch, the deployment in 4 cities has been completed, and 11 more will be covered successively before 2030.
To be honest, it's not the first time Chinese autonomous driving companies are going global, but the combination of Chinese technology + global mobility platform + European market is quite interesting. Madrid is one of the European Robotaxi markets with the most commercial potential, with a large population, high travel demand, and friendly local policies. Being able to take root in this market is a significant milestone for WeRide. For Uber, introducing Robotaxis is also a way to reduce costs—after all, drivers don't need salaries. For Madrid residents, hailing a taxi might be cheaper in the future.
