喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 寶騰 X50 同 奇瑞 Tiggo 8 PHEV 來比較。呢兩款車喺價位同定位上都幾接近，今日我哋就從多個方面做一個詳細嘅對比，幫你省下做功課嘅時間。

價錢同版本

寶騰 X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，一共有 4 個版本，包括 1.5T Executive（RM 89,800）、1.5T Premium（RM 101,800）、1.5T Flagship（RM 113,300） 等等。

奇瑞 Tiggo 8 PHEV 喺馬來西亞嘅 OTR 售價係 RM 159,750 - 159,750，一共有 2 個版本，包括 1.6L Turbo Standard（RM 130,000）、1.6L Turbo Premium（RM 145,000） 等等。

從價錢嚟睇，寶騰 X50 嘅起步價確實比 奇瑞 Tiggo 8 PHEV 平咗 RM 69,950。如果你預算有限，寶騰嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能喺配備上會會有取舍，具體要看你嘅需求。

動力同油耗

寶騰 X50 裝載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。

奇瑞 Tiggo 8 PHEV 裝載 Hybrid，馬力 170 hp。官方油耗 4.5 L/100km。

動力方面，奇瑞 Tiggo 8 PHEV 嘅 Hybrid 比 寶騰 X50 嘅 1.5L 4-cyl 多咗 65 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。

安全配備

寶騰 X50 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。

奇瑞 Tiggo 8 PHEV 嘅安全評級係 TBD，主動安全系統包括 Basic。

安全配備方面，兩款車都拿到唔錯嘅評級。不過 寶騰 X50 嘅 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) 同 奇瑞 Tiggo 8 PHEV 嘅 Basic 喺功能上有啲差異，如果你比較睇重主動安全嘅話，可以仔細對比一下兩者嘅功能列表。

配備同科技

寶騰 X50 採用 4WD 驅動方式。

奇瑞 Tiggo 8 PHEV 採用 FWD 驅動方式。

寶騰嘅 4WD 同 奇瑞嘅 FWD 喺操控上會有唔同感受，建議試駕對比。

適合邊種人

寶騰 X50 同 奇瑞 Tiggo 8 PHEV 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更睇重品牌口碑同二手價，可以優先考慮口碑更好嗰款；如果你更在意性價比同配備，那就選配置更豐富嗰款。最終都係建議兩款都去試駕，親身體驗先至最重要。

總結

總體嚟講，寶騰 X50 同 奇瑞 Tiggo 8 PHEV 都係馬來西亞市場好唔錯嘅車型。揀邊架，關鍵都要睇你嘅個人需求同預算。建議大家做好功課，多比較間間車行嘅報價，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。

First half of the year, Geely submitted a report card that the entire industry envied.

In the domestic market, terminal retail volume exceeded 1.02 million units, the sales champion without any qualifier, and the only domestic brand breaking the million mark in terminal sales.

Note, here refers to retail volume, not wholesale volume. Compared to wholesale volume, retail volume more directly and objectively reflects the brand's competitiveness and popularity.

Just like the domestic market, export volume also grew strongly.

First half of the year Geely overseas export volume exceeded 470,000 units, already exceeding last year's total export volume, year-on-year growth at 158%, single month export volume in June of this year exceeded 100,000 units.

Geely is constantly raising the total export volume expectation, from the previous 640,000 expectation, raised to 750,000 expectation, recently raised to 1 million annual export volume expectation.

I can only say, no car company can stop Geely now.

From an industry perspective, Geely Auto's market share is 11.7%, followed closely by BYD's 11.4%, then FAW-Volkswagen's 6.4%, and Changan Auto's 6.3%.

Data directly shows, more people are willing to choose Geely, and Geely Auto reclaiming the sales champion title this time, fully demonstrates that this enterprise's technical reserves and system layout have extremely strong resilience.

Currently it is a new market dominated by new energy, June industry data, new energy vehicle sales share is around 65%, 2/3 of consumers chose new energy, 1/3 of consumers are still sticking to gasoline cars.

Geely's strategy is, seize the electric car opportunities, secure the gasoline car base.

A large number of car companies, either choose All in new energy, or electric car development speed is slow, but Geely Auto is completely different! Regarding gasoline cars, it has stored a large amount of internal combustion engine technology, and has secured the gasoline car base.

For example, China Star which focuses more on gasoline cars, first half sales exceeded 580,000 units, leading the fuel passenger car market for 9 consecutive years.

Electric car market, Geely Galaxy first half sales close to 520,000 units, truly achieved balanced development of gasoline and electric cars!

Both satisfied the needs of gasoline car user groups, and also seized new energy users who wanted to try electrification, such a steady, not imbalanced development model, determines Geely Auto's development space, far exceeding other enterprises.

Regarding the matter of "Why buy Geely", we also participated in market research.

In the Chinese market, many phenomenon-level products have emerged, from Wuling Hongguang S, Haval H6 to Tesla Model Y, each era has labels of its own.

The most influential model at present is Geely Xingyuan.

In 2025, Geely Xingyuan sales exceeded 460,000 units, single month sales in June of this year exceeded 50,000! Absolute sales advantage, both reflecting the industry consumption direction, and reflecting Geely's advantages in product design.

It is able to generate strong resonance with consumers.

For example, 60,000-80,000 pricing range, pure electric architecture, large space, good craftsmanship standards, both brought users the "best within budget" driving experience, and greatly reduced driving costs.

Many industry analysis and research institutions have treated Geely Xingyuan as a model for enterprise transformation, deeply analyzing its core reasons for success.

But in fact, the success of this Xingyuan car, almost cannot be copied, except for the high value and strong experience feeling of the product itself needing manufacturing and design thresholds, Xingyuan's profit model, is also difficult to be copied.

At this stage, Xingyuan is the core model for Geely Galaxy exports, it through domestic sales volume basic advantages, amortized manufacturing costs, by high pricing in overseas markets to earn profits.

In the 50,000 sales volume of June, export volume exceeded 40%, domestic sales volume, amortize manufacturing costs, optimize product power. Sell high prices abroad, earn profits.

Take Brazil market as an example, Xingyuan pricing 160,000-180,000, far exceeding domestic, Mexico, Indonesia and other markets, Xingyuan sales continue to strengthen, this profit model, industrial structure, both compete in design, manufacturing capabilities, and compete in overseas sales, global markets.

In fact, Geely Xingyuan is a model launched less than two years ago, but has already achieved brilliant results, and has pushed the industry consumption direction towards A0-level electric cars.

For Geely, Xingyuan is a symbol, it represents Geely in the electrification market, already possessing very strong technical reserves, after all only strong technology, excellent research capability, complete suppliers, can create such a hit car model.

When all enterprises think the industry is difficult and new car sales cannot be sustained, Geely repeatedly produces hit results.

From Geely Xingyuan, Galaxy E5, to Xingyue L, Boyue L, Binyue, then to high-end ZEEKR 9X, ZEEKR 8X, Geely's value is being seen by the entire industry.

The success and results of this enterprise, actually difficult to be copied, core reason is Geely truly opened up internally, multi-brand coordinated operations, unified architecture, constrain suppliers, reduce unnecessary waste, improve work efficiency.

First solve platform architecture, three-electric system problems, achieve full-stack self-research, supply + production self-control, reduce costs from the source, improve product power.

Enterprises that can penetrate the system like Geely are not many, at the same time Geely also has a clear development plan, gasoline cars, electric cars parallel development, guarantees market coverage 100% perfection.

From the results of the stage, Geely's first is unquestionable, and in the second half of the year, Geely has prepared more models, from Galaxy TT, Galaxy Battleship 700, to Lynk & Co 800, Xingrui L90, the second half of the year market segments will also welcome a stronger wave of competition.

The current passenger car market is incredibly complex, traditional enterprises, new forces, domestic brands' "car sea tactics" want to seize the market, consumption direction has already diverted.

But for Geely, it seems to not have been directly affected.

Geely Xingyuan single month sales 50,000 result explained one thing, as long as product is excellent, pricing reasonable, good products never lack sales volume, and wanting to do well, extremely tests car enterprise's design, R&D, manufacturing capability.

For Geely, since it has sat on the sales champion throne, it is difficult to be surpassed by successors.

喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Perodua Ativa 同 Chery Tiggo Cross 嚟做比較。呢兩款車喺價格同定位上都幾接近，今日我哋就由多個方面做一個詳細比較，幫你節省咗做功課嘅時間。

價格同版本

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

Chery Tiggo Cross 喺馬來西亞嘅 OTR 售價係 RM 88,750 - 99,750，一共有 2 個版本，包括 2025 HEV 1.5L CSH（RM 99,750）、2025 1.5T Standard（RM 88,750）等等。

從價錢嚟睇，Perodua Ativa 嘅起步價的確比 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。但都要注意，平嗰啲幾千蚊，可能喺配備上會有取捨，具體就要睇你嘅需求。

動力同油耗

Perodua Ativa 配備 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。

Chery Tiggo Cross 配備 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。

兩款車用咗同一套動力系統，日常開落嘅感受基本冇咩分別。油耗方面都差唔多，唔使太糾結呢一點。

空間同舒適度

Perodua Ativa 車身長 4400 mm，車尾箱 400 L。

Chery Tiggo Cross 車身長 4400 mm，車尾箱 400 L。

兩款車嘅尺寸差唔多一樣，車廂空間差別唔大。呢個級別嘅車，日常使用完全足夠。

配備同科技

Perodua Ativa 採用 FWD 驅動方式。

Chery Tiggo Cross 採用 FWD 驅動方式。

兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大分別。

保養同維修

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

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

總結

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，再去試駕做最終決定。買車係一件大件事，花少少時間做功課絕對唔會錯。

In the Malaysian SUV market, many buyers compare Perodua Ativa and Proton X90 when choosing a car. These two cars are quite close in price and positioning, so today we will make a detailed comparison from multiple aspects to help you save time doing research.

Price and Versions

The OTR price for Perodua Ativa in Malaysia is RM 62,500 - 73,400, with 3 versions in total, including 1.0L Turbo X (RM 62,500), 1.0L Turbo H (RM 67,300), 1.0L Turbo AV (RM 73,400) etc.

The OTR price for Proton X90 in Malaysia is RM 106,800 - 122,800, with 4 versions in total, including 2026 1.5T Prime X (RM 122,800), 2026 1.5T Prime (RM 116,800), 2026 1.5T Lite (RM 106,800) etc.

Looking at the price, Perodua Ativa's starting price is indeed RM 44,300 cheaper than Proton X90. If your budget is limited, Perodua's entry-level version can already meet daily needs. But also note that the few thousand RM difference might involve trade-offs in features, specifically depending on your needs.

Safety Features

Perodua Ativa's safety rating is 5★ (ASEAN NCAP), active safety systems include ASA 3.0 + ACC + LDA + LKA + BSM + RCTA.

Proton X90's safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).

Both cars have the same safety rating, and in this class safety features are quite comprehensive. New car safety is not bad nowadays, no need to worry too much about this point.

Maintenance and Service

Perodua Ativa warranty 5 years/150,000km, service interval every 10,000km or 6 months.

Proton X90 warranty 5 years/150,000km, service interval every 10,000km or 6 months.

Both cars have the same warranty conditions, no need to worry about this aspect. Actual maintenance costs still depend on the brand's service network and parts prices, it is recommended to ask real owners in car groups for experience.

Suitable For Whom

Perodua Ativa and Proton X90 are both mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and second-hand price more, you can prioritize the one with better reputation; if you care more about cost-performance ratio and features, then choose the one with richer configuration. Ultimately it is recommended to test drive both, personal experience is the most important.

Conclusion

Overall, Perodua Ativa and Proton X90 are both very good models in the Malaysian market. Which one to choose, the key still depends on your personal needs and budget. It is recommended that everyone do their homework, compare quotes from multiple dealerships, then go test drive to make the final decision. Buying a car is a big matter, spending some time doing homework will definitely not be wrong.

July 8, 2026, globally leading Physical AI company Momenta officially listed on the Hong Kong Stock Exchange with stock code 6880.HK, becoming the "First Physical AI Stock". The opening market on the first day was hot, with the stock price surging over 6% at the opening, and the total market cap breaking 70 billion HKD.

According to the placement results previously announced by Momenta, the listing price was 295.6 HKD/share. Assuming the "Green Shoe" (oversubscription option) is fully exercised, this global offering is approximately 22.93 million shares, with total funds raised at approximately 6.8 billion HKD. The market subscription response was enthusiastic: the public offer portion received 414 times oversubscription; the international offering portion received institutional orders exceeding 100 billion HKD, covering sovereign funds and long-term funds from 15 countries and regions. Total oversubscription (excluding cornerstone, before Green Shoe) reached approximately 44 times.

It is reported that Momenta's anchor subscription lineup this time was luxurious, including Singapore Government Investment Corporation (GIC), Fidelity International (Fidelity International), BlackRock Group (BlackRock), Franklin Templeton Fund Group (Franklin Templeton), Abu Dhabi Investment Authority (ADIA), Canada Pension Plan Investment Board (CPPIB), Temasek (Temasek), Wellington (Wellington), Schroders (Schroders), and other global top institutions; at the same time, the all-round optimism of domestic long-term capital further confirmed Momenta's core position and strategic value in the domestic market: domestic top long-term private, public, and insurance capital gathered rarely, forming a solid domestic capital foundation. The long-term capital subscription amount alone exceeded 15 times, showing global long-term investors' confidence in Momenta's long-term value. Additionally, it is understood that Momenta's IPO this time introduced 14 institutions to form a super-luxury cornerstone investor lineup, with total cornerstone subscription at approximately 3 billion HKD (approximately 376 million USD). The composition of the entire cornerstone investor lineup is rare in recent Hong Kong Stock Market IPOs: it includes international top long-term funds and sovereign funds focusing on ultra-long cycle value growth, industry "top-spec" strategic investors, and Chinese capital top long-term institutions, fully highlighting Momenta's scarce status in the Hong Kong Stock Market and becoming the "Common Choice of Global Long-Term Investors".

Just the day before, Momenta announced that its mass production vehicle installation scale has broken 1 million units.

At the listing ceremony, Momenta CEO Cao Xudong stated: "Ten years ago, we founded Momenta, just to follow a simple yet firm mission: Better AI, Better Life. Better AI stems from our curiosity. Obsession and curiosity about artificial intelligence make our lives 'vibrant'. Better Life carries our sense of mission. Believing that the value of technology lies in making people's lives safer, freer, and better. Therefore, we set three ten-year visions: save millions of lives in ten years, free up 100% of time in ten years, and double logistics and travel efficiency in ten years. Now, we have brought a safer and more reassuring driving experience to over 1 million users."

When talking about the company's future development direction, Cao Xudong started from the company's past technical accumulation and extended to the next stage intelligent scenarios. "In the past ten years, we taught AI to drive, bringing professional drivers to every family; in the next ten years, we will bring service scenarios for professional nannies, doctors, teachers, and other robots to every family, creating the 'GPT Moment' for Physical AI. Hope to work with all Chinese AI companies to write the Oriental Silicon Valley legend, embrace the world, and let the world also embrace Chinese technology."

Global Long-Term Common Choice: Anchored Subscription by Dozens of Top Long-Term Funds, Consistently Bullish

Carefully reviewing Momenta's anchor subscription institutions and cornerstone investor list, you can find that it has extremely high value, every one is a leader in global finance, industry, and other niche fields.

For example, sovereign funds focusing on long-cycle value investment gathered Singapore Government Investment Corporation, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, Temasek, Oman Investment Authority, etc. Asset management institutions gathered a "all-star roster" including Fidelity International, BlackRock, Goldman Sachs, JPMorgan, UBS, CIC, etc., fully showing consistent recognition of Momenta's financial performance and long-term value in the Physical AI field.

In the cornerstone list, Singapore Government Investment Corporation and Fidelity International led the investment strongly, both receiving an allocation of 100 million USD; BlackRock Group invested 25 million USD, Oaktree Capital invested 20 million USD, Franklin Templeton Fund Group invested 10 million USD. Industry "top-spec" strategic investors include leaders of international and Chinese car companies - Mercedes-Benz and BYD, investing 25 million USD and 15 million USD respectively; industry chain partner GigaDevice invested 6 million USD. Chinese capital top long-term private, public, and insurance capital includes China's top private funds High-Flyer and Boyu, China's top public funds Huaxia and GF, and long-term insurance capital leader Pacific Insurance, each investing 10 million USD.

The past investment history of the two leading investors can be said to be remarkable. Among them, the globally well-known sovereign fund Singapore Government Investment Corporation has invested in a series of globally well-known technology companies in recent years, including large model leader company Anthropic, TSMC, etc., and previously invested in well-known industry leaders like Alibaba, Meituan, Kuaishou, etc. And global top asset management institution Fidelity International has made long-term investments in Tencent, Alibaba, BYD, CATL, etc. In recent years, it has also invested in many AI field leaders like Zhongji Xuchuang, Cambricon, etc. through its funds. Choosing to lead Momenta may mean they have already viewed Momenta as one of the core targets of the AI track.

Notably, Mercedes-Benz and BYD also appeared in Momenta's cornerstone list, joining hands to support. As a benchmark of the global automotive industry and leader of new energy vehicle companies, Mercedes-Benz and BYD are both Momenta's old shareholders and partners. This time as cornerstone continuing to add investment and accompanying along the way, it fully reflects recognition of Momenta's physical AI technology leadership advantage and commercial prospects, and further deepens the moat of each other's strategic cooperation.

Before IPO, Momenta has obtained multiple rounds of financing. The shareholder lineup gathered the world's most core industry and technology strategic investors, as well as global top financial investors. The super-luxury, diverse shareholder lineup not only provided strategic and capital support to Momenta but also helped Momenta grow rapidly from aspects of business synergy, user growth, and global layout.

Mass Production Breaks 1 Million Units: One Model "Conquers All", Accelerating Towards "General Physical AI" Era

Momenta was founded in 2016 and is a globally leading Physical AI company, committed to creating a better life through breakthrough AI technology. Momenta uses World Model as the foundation, based on "Data Flywheel" technology insights, Mass Production Business (Mass Production) and Scalable Robo Business (Scalable Robo) "two legs" running in parallel, letting Physical AI walk into real life.

This April, Momenta R7 World Model Mass Production Debut, opening the "Physical AI Preface". Momenta is committed to building the foundation platform of Physical AI, supporting passenger cars, autonomous logistics vehicles (Robovan), autonomous trucks (Robotruck), and autonomous taxis (Robotaxi) scaled landing, and will also extend to fields such as robots. As the foundation model of Physical AI, R7 World Model is expected to become the key breakthrough point to stimulate Physical AI's "GPT Moment", and lead the industry to accelerate towards the "General Physical AI" era.

Relying on the first-mover advantage in Physical AI, World Model, and Commercialization, Momenta's "Flywheel Effect" has fully manifested: in 2022, the first 100,000 units mass production took 24 months, now the fastest 100,000 units delivery can be completed in less than 40 days. Currently, the scale of mass-produced vehicles equipped with Momenta system has broken 1 million units, successfully delivered over 100 mass production models, cumulative targeted model count exceeds 210 models. Momenta's customers have covered all domestic mainstream passenger car enterprises, and 9 out of the top 10 global car companies have cooperated with it.

The prospectus shows that Momenta's revenue scale achieved leapfrog growth in the past three years: from 2023 to 2025, Momenta's operating income grew from 743 million CNY to 2.413 billion CNY, tripled in three years, compound annual growth rate exceeds 80%. Among them, licensing revenue growth performance was particularly bright, increasing 42 times in three years. At the same time, Momenta's gross margin continued to rise, from 17.5% in 2023 to 71.6% in 2025, increasing four times in three years. As of the end of 2025, company cash reserves exceeded 10 billion CNY, providing strong support for accelerating Robo market and global development.

In terms of global layout, Momenta's mass production solution has been landed in more than 10 countries and regions in Asia, Europe, Oceania, Latin America, and North Africa. Momenta Robotaxi has cooperated with global ride-hailing platforms such as Uber, Grab, Lumo, Ridego, and car companies such as Mercedes-Benz, etc. Currently landed in Asia, Europe, and Middle East regions, and plans to land in multiple new cities and regions globally this year.

This Hong Kong IPO will not only inject strong momentum into Momenta's technology evolution and business expansion but also set a new benchmark for the capitalization and scaled development of the Physical AI industry, becoming an important milestone for global Physical AI from theoretical research to commercial landing. At the same time, the IPO is also expected to further accelerate Momenta's globalization process, promoting the progress of the global Physical AI industry with "Chinese Solution" in the wave of AI technology going global.

喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 馬自達 CX-8 同 奇瑞 Tiggo 8 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嘅比較，幫你節省做功課嘅時間。

價錢同版本

馬自達 CX-8 喺馬來西亞嘅 OTR 售價係 RM 165,360 - 201,360，一共有 5 個版本，包括 2025 2.5T 4WD High Plus Petrol（RM 201,360）、2025 2.2L 2WD High Plus Diesel（RM 193,123）、2025 2.5L 2WD High Plus Petrol（RM 186,360） 等。

奇瑞 Tiggo 8 喺馬來西亞嘅 OTR 售價係 RM 129,750 - 129,750，一共有 1 個版本，包括 2026 1.6T Standard（RM 129,750） 等。

從價錢嚟睇，奇瑞 Tiggo 8 嘅起步價比 馬自達 CX-8 平咗 RM 35,610。老實講，喺呢個價位段，幾千蚊嘅差距其實唔算大，關鍵仲係睇整體嘅性價比同長期使用成本。

配備同科技

馬自達 CX-8 採用 FWD 驅動方式。

奇瑞 Tiggo 8 採用 FWD 驅動方式。

兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感覺唔會有太大分別。

保養同維護

馬自達 CX-8 保用 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。

奇瑞 Tiggo 8 保用 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。

適合邊種人

馬自達 CX-8 同 奇瑞 Tiggo 8 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更重視品牌聲譽同二手價，可以優先考慮聲譽更好嗰一款；如果你更在意性價比同配備，就揀配備更豐富嗰款。最終都係建議兩款都去試駕，親身體驗先係最重要嘅。

總結

總括嚟講，馬自達 CX-8 同 奇瑞 Tiggo 8 都係馬來西亞市場好唔錯嘅車款。揀邊一輛，關鍵仲係要睇你嘅個人需求同預算。建议大家做好功課，多比較幾間車行嘅報價，先去試駕先做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。

車型概覽

深藍汽車S05 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。 呢篇會集中講香港停車場同窄路使用，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

深藍汽車S05 目前售價仍未清晰，較理性嘅做法係先睇版本、車身大小同動力形式，等價格落實後再決定值唔值得落訂。

如果有幾個版本可揀，可以先將 2026 EREV 215km 後驅版（價格待確認）、2026 BEV 620km 後驅版（價格待確認）、2024 EREV 1.5L 200km 後驅版（價格待確認）、2024 BEV 510km 後驅版（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 深藍汽車S05 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。

28.39/68.82/27.28/56.12 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。 215/620/200/510 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。 16/12.7 kWh/100km 嘅耗電表現，會影響你去快充站或者屋苑充電位嘅頻率。 98 Ps / 72 kW / 175 kW / 200 kW、320 N·m 嘅輸出，令高速併線同短距離超車更有信心。

優缺點分析

深藍汽車S05 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：日常能源成本有基本參考、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 深藍汽車S05 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「深藍 S05 (Deepal S05) 係咩車？」簡單講，深藍 S05 (Deepal S05) 係一部緊湊型純電/增程 SUV。 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 深藍汽車S05 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 深藍汽車S05 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

吉利星瑞 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。 呢篇會集中講售價未落實前點樣先篩選，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

吉利星瑞 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 1.5T 雙離合版（價格待確認）、2025 2.0T 自動版（價格待確認）、2026 1.5T 雙離合版（價格待確認）、2026 2.0T 自動版（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 吉利星瑞 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、1499/1969 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。 181 Ps / 133 kW / 238 Ps / 175 kW、290/350/400 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 4785/4825 mm、車闊 1869 mm、車高 1469 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。 濕式雙離合(DCT) / 手自一體(AT)、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

吉利星瑞 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 吉利星瑞 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「吉利星瑞於香港的落地價大約係幾多？」簡單講，吉利星瑞於香港的落地價大約介乎 240,000–280,000 港元，視乎配置而定。 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 吉利星瑞 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 吉利星瑞 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。

5 月 26 日，台灣輪胎巨頭正新橡膠召開股東大會，順利完成董事會全面改選，核心高層團隊實現交棒。創始人次子羅才仁正式接替陳榮華出任董事長，原總經理李進昌升任副董事長，而總經理一職則由正新“第三代生力軍”羅元隆接掌。此舉標誌著正新橡膠正式進入新老交接與戰略升級嘅新階段。

核心管理層落定：老將坐鎮與新銳領航

此次高層變動體現了正新橡膠“穩中求進”嘅交接思路。新任董事長羅才仁（1953 年生，台灣彰化人），其早年曾長期深耕一線，歷任正新輪胎（中國）總經理與董事長，對中國大陸市場極為熟悉。據相關資料，羅才仁家族財富達 195 億元。

升任副董事長嘅李進昌為原總經理，其豐富嘅經營管理經驗將繼續為集團保駕護航；而新任總經理羅元隆嘅履新，則代表著正新第三代接班人正式走向台前，承擔起一線營運重任。

在新一屆董事會陣容中，除上述核心三人外，還包括正新總裁陳秀雄、美利達董事長曾嵩柱及陳涵琦。獨立董事則由吳中書、朱博湧、許捷忠組成，專業背景涵蓋宏觀經濟、企業戰略等領域，將為公司管治提供獨立視角。

瞄準全球高階市場，確立四大核心成長引擎

面對全球汽車產業與輪胎市場嘅激烈競爭，正新橡膠新經營團隊已明確戰略方向，制定出四大核心成長引擎以驅動未來業績：

打入歐洲高階汽車供應鏈：持續深化與全球頂尖汽車廠商嘅 OEM 合作，提升品牌喺高端整車市場嘅滲透率與話語權。

開發高附加值產品：聚焦高性能輪胎嘅研發與製造，優化產品結構，提升整體盈利能力。

重兵布陣印度與印尼市場：將南亞與東南亞作為關鍵增長極，搶佔新興市場嘅人口與汽車增量紅利。

數位化賦能競賽型輪胎：運用數位化技術研發運動及競賽型輪胎，以賽道級科技反哺民用市場，確保公司喺技術領域嘅領先地位。

內地深耕與百億版圖

作為全球輪胎橡膠行業嘅大型製造商，正新橡膠嘅中國營運總部設於江蘇崑山，旗下「正新/Maxxis」品牌已具備廣泛嘅全球影響力。2024 年，正新橡膠全年營收達 960 億新臺幣。在全新嘅管理團隊與四大引擎嘅驅動下，這家老牌輪胎巨頭能否喺高端化與全球化嘅新賽道上實現跨越，值得業界持續關注。

車型概覽

東風小康風光iX5 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。 呢篇會集中講售價未落實前點樣先篩選，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

東風小康風光iX5 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 2022 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 東風小康風光iX5 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。 150 Ps / 110 kW、220 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 4685 mm、車闊 1865 mm、車高 1645 mm、軸距 2790 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

東風小康風光iX5 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 東風小康風光iX5 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「東風小康 DFSK Fengon iX5 喺香港賣幾多錢？」簡單講，東風小康 DFSK Fengon iX5 喺香港嘅售價大約係港幣 $240,000 起。 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 東風小康風光iX5 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 東風小康風光iX5 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。

 The prestige of domestic automakers can no longer be hidden!

On June 1, Changan Automobile released an impressive performance report: Delivered 209,100 units in May! Among them, 70,700 units were delivered overseas, surging 38% year-on-year; NEV deliveries totaled 92,400 units, increasing 5.8% year-on-year.

🌍Going global at full speed, another move in the European market

The 2.0 version of the globalization "All Seas Gather" plan unleashed another big move—Changan officially became the Global Official Partner of the Portuguese National Football Team. This move directly placed "China Smart" beside European giants, maximizing the prestige!

⚡️All sub-brands performing exceptionally well, one outperforms the other

Changan Qiyuan: Delivered 34,528 units in May. The star model, all-new Q05, launched in Thailand with orders exceeding 3,000 in 3 days, becoming a huge hit in the Southeast Asian market.

Deepal: Sales totaled 33,243 units in May, a 30% year-on-year increase. Overseas cumulative sales from January to May reached 28,704 units, surging 167% year-on-year—this is the true "ceiling of overseas growth speed".

Avatr: Delivered 7,336 units in May. The Avatr 07L just appeared in the MIIT announcement, equipped with Huawei Qiankun ADS 5 in the first batch, leaving tech enthusiasts unable to sit still.

Changan Gravity: Delivered 48,900 units in May. The CS75 PLUS & Eado Blue Whale Super Engine dual cars launched, purchase price starting from 79,900, ICE car fans rejoiced: "Fuel consumption cut in half, truly great!"

Changan Kaicheng: Delivered 21,100 units in May, NEV sales increased 21% year-on-year.

🧠 Dual-wheel drive of Tech + Energy, Changan bet right

Intelligence: The self-developed "Polaris Navigation End-to-End Technology" is coming to mass production soon, the "Beidou Polaris 2.0" plan achieves another victory.

New Energy: The Blue Whale Super Engine dual cars have started deliveries across thousands of stores in hundreds of cities, fuel consumption of Blue Whale vehicles directly halved—the "Shangri-La" plan is truly delivered.

🔥 One sentence summary: Domestic competition is fierce, overseas market is ruthless, Changan's move is worth your like!

6 月 12 日，北京越野喺株洲超級工廠舉行咗場發佈會。一方面係為咗慶祝 BJ30 旅行家第十五萬台下線，另一方面係推出咗一個新嘅版本——高光版。呢台車定位係輕越野 SUV，全系畀咗一個 3 萬元嘅置換政策，計落嚟超級置換價 6.99 萬起步。新上市嘅高光版，超級置換後係 8.29 萬起。現場仲有個幾有趣嘅環節，北京越野聯合央視財經，直播拆解咗一台已經跑咗 15 萬公里嘅 BJ30 旅行家，話話要讓全网睇睇呢台車跑咗咁長時間，到底品質點樣。

講下呢個十五萬台嘅數據。北汽集團嘅副總經理、亦都係北京越野嘅董事長張國富喺現場講，BJ30 旅行家係中國輕越野 SUV 入面最快達成 15 萬台嘅車型。佢原話係，呢十五萬台承載住市場、行業同全球用戶嘅信任，唔單止係速度嘅突破，更加係十五萬次選擇、十五萬份用戶鑄成嘅品質豐碑。呢台車用嘅係 HEV 混動技術，佢話呢個係中國 HEV 技術畀世界嘅答卷。

那這個 HEV 混动到底有咩？北京越野自己搞咗個叫「三擎四驅六模」嘅混動架構，BJ30 旅行家係國內方盒子 SUV 入頭第一款用上 HEV 混动嘅車型。所謂三擎，指嘅係一台混动專用引擎加上前後兩個驅動電機。呢個引擎嘅熱效率做到咗 41%，前電機主要負責實時補能，後電機負責瞬間爆發。四驅系統反應速度係 30 毫秒，0.5 秒就能把峰值扭矩推畀出嚟。六個模式唔使司機操心，系統自己會揀最優嘅工作模式，保證動力一直喺最佳狀態。再加上能量中鎖、四輪電子限滑同埋一套智電 ATS 全地形控制系統，泥地、沙地呢啲場景都能應付。

空間方面，呢台車係三排七座嘅佈局。軸距 2820 毫米，得房率係 66%，尾箱最大能到 1496 升。後排座椅放平之後，能變成一張 1.92 米長嘅大牀。第三排空間佢哋自己話係 B 級方盒子嘅標準，1 米 8 嘅成年人坐落去唔會覺得擠。全車一共有 38 處儲物空間，應該放手機嘅地方、應該放水杯嘅地方都有專門嘅位置。

油耗係 BJ30 旅行家一直拎出嚟講嘅事。最近有來自南非、印尼、阿聯酋、波蘭、墨西哥五個國家嘅汽車博主，用當地嘅路況實測呢車嘅油耗，每個國家跑出嚟嘅成績都係每百公里唔超過 5 升。一箱油能跑 1000 多公里。因為係 HEV，唔使搵充電樁，加油就能行。另外首任車主能享受整車終身質保，冇高壓電池包嗰種安全隱患，保養都相對簡單，配件供應比較充足。

跟住講下新上市嘅高光版。呢個版本係喺原來超野、超大、超省嘅基礎上，又對顏值、性能同體驗做咗升級。外觀上用咗經典嘅方盒子造型，有一個叫五闕星環嘅貫穿燈組，配咗全套嘅電感潮改套件同專屬嘅星環輪轂，前後保險槓同車身係同色嘅。內飾用咗全新嘅橙色，加上金屬紋理嘅飾板。性能上嘅變化主要係幾個硬件：換咗一塊高性能、長命嘅專用 AGM 電瓶，循環壽命講話係普通電瓶嘅 3 倍；渦輪增壓技術同保時捷用嘅係同款，整車充電效率到咗 99%；後電機功率從 55 千瓦提到咗 70 千瓦。咁樣一來，匝道匯入、路口起步、緊急避讓呢啲場景下，動力響應會更快。體驗方面，車身比普通 SUV 高，視野更好，有座椅加熱、通風同方向盤加熱。系統能感應到落雨，會自動關窗。64 色氛圍燈可以跟住音樂嘅節奏變化。

再回到嗰個拆車嘅事。15 萬公里大概相當於一個普通家庭用咗接近十年嘅里程。拆開之後，現場睇到嘅情況係咁樣嘅：引擎渦輪比較乾淨，積碳好少，動力輸出仲係好充沛嘅；變速箱外殼冇漏油，內部齒輪都冇磨損嘅坑洼；電池包冇鼓包、漏液，都冇內部變質減弱嘅情況；副車架、懸掛擺臂冇鏽蝕，都冇滲油漏油。整個底盤嘅平整度同規整度同新車差別唔大。用佢哋嘅話說，呢個可以帶俾用戶更低嘅維修成本、更長嘅換車周期。

央視嘅鏡頭仲進入咗株洲嘅超級工廠。焊接車間有幾百台機械臂，自動化率係百分之百，塗膠嘅誤差控制喺一根頭髮絲以內。沖壓車間用嘅係五千幾噸嘅巨型沖壓設備，一次成型。噴塗車間都係幾十台機械臂全自動操作，用嘅係環保水性漆，有害揮發物質比傳統塗料降低六成以上。每道工序都有品控檢查。

最後講下政策。除咗 3 萬元嘅超級置換補貼，仲有五重禮。質保禮係送價值 6000 元嘅整車終身質保，限首任非營運車主。金融禮係 0 首付等多種方案。呼朋禮係老客轉介紹成交，獎勵最高 800 元京東卡。升級禮係全系終身 OTA 免費升級。流量禮係基礎流量終身免費，娛樂流量 2 年唔限量。另外因為正正趕上世界盃，北京越野仲搞咗個活動，喺全國任何授權門店買車，可以拿到競猜資格，如果能夠精準猜中世界盃冠軍同決賽比分，再俾 5 萬嘅買車補貼。

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。

2026 年 5 月 28 日，上海北外灘。當智己 LS9 Hyper 嘅匙交俾 Momenta CEO 曹旭東手中嗰陣，上汽集團正式達成咗「中國首個產銷量突破一億」嘅成就。

一億輛，這唔單單係一個冰冷嘅工業數據，更係中國汽車工業由無到有、由弱到強嘅生動註腳。從 1955 年弄堂入面嘅敲敲打打，當時嘅人恐怕唔會想到，70 幾年後，呢個「小弄堂」能夠到而家嘅「億」鳴驚人，簡直係中國汽車嘅「逆襲爽文」。

而家，我哋就嚟扒一扒，呢位「老牌頂流」究竟係點樣做到而家嘅地位。

踩「風口」、搶 C 位係上汽嘅獨門秘訣

回顧上汽呢大半輩子，只有一個感覺：呢位兄弟嘅「KPI」定得太準啦！其他人係被時代推住行，上汽係掐住秒錶搶 C 位，每一次技術變革，佢都好似提前拿到咗答案。

上世紀 50 年代，嗰時係草台班子嘅硬核開局。嗰陣時冇高精尖設備，冇歸國技術大牛，只係滿腔熱血同埋一把榔頭。1958 年，工人硬係喺簡陋嘅條件下敲出咗「鳳凰牌」轎車。就好似其他人仲喺玩泥巴，上汽已經開始搞「手工定制」啦。雖然嗰陣時嘅車可能「皮薄餡大」，但嗰份「我要造车」嘅倔强，絕對係嗰個時代最硬核嘅宣言。

上世紀 80 年代，上汽抱咗「大膊頭」，順手完成咗「逆襲」。改革開放嘅風口，上汽直接拉來咗大衆。桑塔納一出，邊個同佢爭鋒？嗰陣時嘅桑塔納，可係「財力」嘅代名詞。但上汽啲正點？正佢冇只諗住賣車，係搞出咗「桑塔納國產化共同體」，硬係將零件產業盤活咗。呢波操作，唔單止令自己賺得盆滿缽滿，仲順手畀中國汽車工業整咗個樣。

進入 2000 年後，上汽開始左手「財力」，右手「黑科技」。當其他人仲喺燃油夾縫入面求生存嗰陣，上汽早在 2006 年就已經搞出咗榮威，2016 年仲係聯手阿里搞出咗全球首輛互聯網汽車榮威 RX5。嗰陣時，友商嘅車機仲喺研究點樣播放 CD，上汽嘅車已經喺刷淘寶、傾微信啦。呢波「降維打擊」，直接令上汽喺智能化賽道上搶佔先機。

來到 2026 年，上汽開始技術「端上嚟」，價格「打落嚟」。智能化下半場，上汽直接祭出咗「技術全家桶」：智己嘅全线控底盤、Momenta 嘅智駕、華為嘅乾崑，連緊啲固態電池都裝車啦（MG4 半固態版）。

最正係咩？係上汽將呢啲原本幾十萬豪車先至有嘅配置，下放喺十幾萬嘅車上面。呢邊係幾時造車，呢簡直係「科技平權」嘅踐行者，令普通老百姓都能享受到「未來座艙」嘅快樂。

一億份「真愛」：呢車最終賣俾邊個啦？

產銷量突破一億，聽落去係個冷冷冰冰嘅數字，但睇完今次嘅交車儀式，只想講：呢邊係交車，分明係一場全球粉絲大聯歡！今次嘅陣容，簡直係「全品牌 Cosplay 大會」。由上海到倫敦，由印尼到新加坡，上汽將旗下十幾個品牌嘅幾十款車型一次過交付，呢排場，比車展仲車展。

喺高端局，嗰時係大佬互捧，場面一度失控。第 1 億位車主係 Momenta 嘅 CEO 曹旭東，呢個叫「雙向奔赴」。智己 LS9 Hyper 畀咗技術大佬，奧迪 E7X 畀咗時尚主編，呢個叫「專業嘅人開專業嘅車」。特別係智己 LS9 Hyper，搭載咗全线控四輪轉向同埋英偉達 Thor 芯片，呢啲配置，簡直係將「未來」焊喺底盤上。

喺家用局，上汽仲展現咗接地氣嘅一面，因為接地氣，先至最有底氣。別克至境 E7 畀咗公益博主劉佳，五菱榮光純電版畀咗村支書龐富強。特別係嗰位村支書，以前用三輪車送飯，唔單止慢仲顛得慌，而家開住五菱，直言「送餐效率拉滿，腰都唔疼啦」。呢就係咪「人民需要咩，五菱就造咩」嘅最好證明？先係真正嘅「接地氣，長出參天樹」。

喺全球局，中國車，都係世界車。英國小哥喜提 MG4，印尼國腳開走五菱星光。而家嘅 MG 喺歐洲可係銷冠，呢啲說明咩？說明我哋嘅車，唔單止中國人愛開，老外都覺得「City 唔 City」（時髦唔時髦）。上汽呢波「出海」，簡直係將「中國智造」變咗「全球爆款」。

耿直點評：上汽贏喺邊？

站喺汽車媒體嘅角度看，上汽能夠坐穩呢個「億級」寶座，絕對唔係靠運氣，而係實打實嘅「硬核實力」。

首先係戰略定力。好多車企鍾意追風口，PPT 造車、名字亂改。上汽由 2014 年開始全面轉型新能源，砸咗 1500 億研發，呢先至有今日嘅「技術紅利」。長期主義，永遠係打敗投機取巧嘅王炸。

其次係開放心態。上汽從來都唔覺得自己能夠搞定一切。造車有大大衆通用，搞智駕拉埋 Momenta，玩生態牽手華為阿里。呢種「你負責優秀，我負責將你嘅優秀裝落車入面」嘅策略，效率極高，簡直係「最強輔助」。

最後係良心底線。無論係早期嘅桑塔納「絕唔搞瓜菜代」，定係而家嘅魔方電池「零自燃」，上汽喺品控上一直比較「軸」。喺呢個爛尾樓都能買車嘅時代，靠譜，就係最大嘅豪華。

當然，完美男神都有「小瑕疵」

當然，人冇完人，車都一樣。我哋要客觀公正，唔好淨係講好聽嘢。雖然上汽今次交車儀式搞到風生水起，但喺日常嘅產品細節上面，有時仲會被吐槽「審美掉線」。例如某些低端車型嘅設計，有時會令人覺得「設計師係咪飲咗多？」另外，喺純電平台嘅迭代速度上，有時亦會被新勢力追得有點緊，偶爾會令人有一種「起得大早，趕咗晚集」嘅錯覺。當然，呢僅係小編我嘅個人觀點，切勿狂噴。

唔過，瑕不掩瑜。總括嚟講，上汽呢 70 年，用三個字概括：贏足晒。

最後仲想講多兩句

由 1955 到 2026，由鳳凰牌到智己，上汽呢 70 年，係一部奮鬥史，亦係一部「爽文」。都話而家國內汽車市場超級捲，但對我哋消費者嚟講，最大嘅贏家其實係自己。因為只有車企捲得好勁，我哋先用更少嘅錢，買到更爽嘅車！下一個一億輛，我哋拭目以待！

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.

2026 年，CTCC 電動賽車盃&XRACING ETCR CUP 將繼續展開賽季的爭奪，旨在推動中國電動賽車運動規範化、專業化正向發展。目前，賽事的初步賽歷正式揭曉，將橫跨國內多地專業賽道，聯動國際知名賽場，以多元賽道陣容開啟全新電動競速征程。

9 月 19 日至 20 日，賽事將在上海天馬賽車場，打響年度揭幕戰。作為長三角經典場地賽道，緊湊多彎的天馬賽車場將全面考驗 ETCR 賽車的操控與調校實力。

隨後，賽事將在 10 月 10 日至 11 日移師寧波國際賽道。這條依山而建、彎道組合複雜多變的賽道，將再度迎來 ETCR 的極限比拼。

10 月 24 日至 25 日，賽事將轉戰湖南國際賽車場，與 CTCC、TCR World Tour 國際汽聯汽車世界巡迴賽同場聯動，聯袂獻上高規格競速盛宴。

11 月 21 日至 22 日，ETCR 賽車將以靜態展示形式在澳門格蘭披治大賽車賽事期間亮相，向車迷集中展現國內電動賽車運動的發展成果。

12 月 12 日至 13 日，賽季收官戰將在馬來西亞雪邦國際賽車場打響。作為東南亞唯一的 FIA 一級認證賽道，雪邦賽車場寬闊的佈局與高速路段，將為年度總冠軍的誕生埋下懸念，為賽季畫上圓滿句號。

電驅馳騁、逐風競速，2026 賽季 CTCC 電動賽車盃&XRACING ETCR CUP 大幕即將拉開。敬請期待！

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.

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。

八大車型月銷破兩萬 宋元雙車站穩 5 萬

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。

海外爆發：單月 16.06 萬輛，佔總銷量超四成 成第二增長曲線

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。

 Auto Industry Data Says

Do you believe it? Some car companies sell 200,000 units, wishing to beat drums and announce holidays for three days; but Changan sold 209,100 units, yet people still fixate on the 6.78% year-on-year decline, making an expression as if 'the sky is falling'. To be honest, my first reaction after reading May sales was not 'bad', but rather — do these people have some misunderstanding of 'bad'?

On June 1, Changan Auto revealed official sales data: Overall sales for May 2026 were 209,100 units. New energy 92,400 units, accounting for 44.2%; overseas exports 70,700 units, surging 38% year-on-year. Among the three sub-brands, Qiyuan and Deepal both reached the 34,000 unit milestone, Avatr 7,336 units.

CheYu World found, looking across all of China, there are only four domestic brands with monthly sales over 200,000. Changan sits firmly in the fourth spot, ahead of BYD 383,000, Chery 247,800, and Geely 237,800.

Do you think this performance deserves a 'good job'?

Changan Qiyuan A07 

We need to speak fairly

209,100 units, showing a slight growth compared to May. What does that mean? Put three years ago, this is a number that could crush most joint-venture brands.

Even in today's fiercely competitive market, Changan remains one of China's top car players. Those who just fixate on 'Changan is down' without seeing anything else, might as well ask themselves — how many 4S dealers on the street downstairs from your home can sell 2,000 units in a month?

So, the first conclusion is clear: Changan's May sales are not face-losing, but quite capable.

But CheYu World also understands why the decline is watched. Because Changan sold 224,300 units last year at this time, 15,200 units less this year. A 6.78% year-on-year decline, in an opinion field of 'fight for first, don't ask for second', is indeed easily amplified. Plus, new energy growth was only 5.8%, lower than the industry average growth rate, so attracting attention here is not surprising.

 Deepal S07

Take it easy, let's calculate the accounts one by one

First, look at new energy. 92,400 units, accounting for 44.2%. Is this ratio high? Put last year at this time, Changan's new energy penetration rate was less than 35%.

Increased nearly ten percentage points in a year, do you call this 'failing to keep up with the rhythm'? That's called running forward. It's just that rivals on this track run crazier — BYD is fully new energy, penetration rate 100%; Geely and Chery are also scrambling to catch up.

Changan's 5.8% growth rate is indeed not high, but CheYu World believes you must know, Changan's fuel base still has CS75PLUS, Eado these 'cash cows' stably pumping blood. It is not 'All in' new energy walking on one leg, but both legs are exerting force. CheYu World believes, this 'steady progress' approach, in the current economic environment, is not necessarily a bad thing.

 Avatr 07L

Next look at overseas. 70,700 units exports, 38% year-on-year growth. Thailand, Middle East, Latin America, Europe, Changan's strides are quite large. Deepal overseas surged 167% in the first 5 months, indicating the overseas market is starting to recognize Chinese brand new energy products. Don't underestimate this 38%, when domestic market competition is heated, price wars kill until rivers of blood flow, overseas market is Changan's most reliable 'second battlefield'. Moreover, generally, cars sold overseas, profit margins are often higher than domestic by a margin. This deal, is worth it.

Finally look at brand structure. Qiyuan 34,528 units, Deepal 33,243 units, the two together nearly 68,000 units, supporting most of Changan's new energy.

Avatr 7,336 units, although number is small, average price over 300,000, is Changan's 'only seed' truly charging premium. Some say Avatr sells not good enough, but you must admit, the pure electric market above 300,000, originally is not about moving volume. Avatr can stabilize at over 7,000, plus Huawei intelligent driving support, this performance actually is not bad.

What really needs watching is the second half of the year — Avatr's new models can open the situation, can explain clearly 'why I am worth your buy'. Once this problem is solved, Avatr might take off.

Changan 

So does Changan have worries or problems?

Of course there are. Any large factory selling over 2 million units a year, cannot be perfect without flaws.

For example, one hidden worry, I feel it is not the 6.78% decline year-on-year, but the question of 'whether Qiyuan and Deepal actually have internal friction'.

Objectively speaking, these two brands may have some overlap in some aspects, such as, some model prices overlapping, target customers may also have some overlap, etc. In fact, this question, should have also caused Changan side to think. Changan needs to think clearly: Qiyuan and Deepal, who is the goalkeeper, who is the striker?

Another problem, is how Changan's 'new brand voice' story is told. This is not a product problem, might be a communication and positioning problem.

 The official might have also noticed this problem

CheYu World believes, Changan has technology, has capacity, has channels, but, Deepal, Avatr, Qiyuan, if building a brand story that allows consumers to 'remember at a glance, understand upon talking', might be a question worth the brand side thinking about. Of course, this is just personal opinion.

Its full year sales target, can it be completed? Changan 2026 overall sales target is 3.3 million units, 13.3% year-on-year growth; Among them new energy 1.4 million units, 26.2% year-on-year growth; Overseas 750,000 units, 17.7% year-on-year growth.

According to Changan announced data, this year Jan-May, its cumulative delivery amount 1.0122 million units, completion rate 30.7%. Meaning, Changan Auto needs in remaining 7 months, average per month complete 326,000 units.

Obviously, according to Changan current sales level, this should have pressure. But speaking back, CheYu World believes, these are not fatal injuries. For a car company selling 200,000+ units, still continuously expanding overseas, increasing new energy ratio, these problems at best called 'growing pains', not 'life or death crisis'.

Deepal 

I want to say a heart-to-heart words:

Do our requirements for Changan, is it a bit too high? Of course, this might be 'love is deep, criticism is sharp'. You always think it should be better.

209,100 units, put in any global car market, are numbers worth popping champagne. Chinese consumers are impacted by 'monthly sales 300,000', 'monthly sales 400,000' these numbers, seeing 200,000 feel instead unsatisfied. But you think calmly, globally car companies that can stabilize monthly sales over 200,000, counting on fingers are limited.

CheYu World believes, Changan is not without anxiety, also not without pressure or transformation pangs. It's just, the way it chose is not crying miserably, but quietly going overseas, quietly launching new, quietly doing new energy ratio to 44%. This 'working quietly on big things' spirit, instead makes me feel secure.

Of course, second half of the year exam is also key. Qiyuan and Deepal can step up again? Avatr can tell new stories? Overseas market can withstand trade barriers etc pressure? These problems, Changan itself inside might have number, we as bystanders, might as well give more patience.

Eado Classic Version 

Finally, I want to pass the microphone to you:

You think Changan current gameplay, is 'steady and sure', or 'too conservative'? If you are Changan planner, would you first solve Qiyuan and Deepal possible overlap or internal friction problem, or first tell Avatr, Deepal, Qiyuan stories through? Come comment section, we chat while eating sunflower seeds.

Finally, this article involves related data, sourced from brand official and authoritative media news, for reference only, specific details shall prevail according to official response. If there are typos etc caused information, data mismatch, as official information. Hope everyone view rationally, do not believe rumors, do not spread rumors.

Article Statement:

This article is CheYu World original article, Issue No. 14088, some images sourced from internet, marked source data and related materials all are cited. CheYu World original copyright owned, infringement will be pursued.