喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拎 GWM Haval H6 同 Subaru Outback 嚟做比較。呢兩款車喺價位同定位上都幾接近，今日我哋就從多個方面做一個詳細嘅比較，幫你慳返做功課嘅時間。

價錢同版本

GWM Haval H6 喺馬來西亞嘅 OTR 售價係 RM 139,750 - 139,750，合共有 2 個版本，包括 1.5L Turbo Standard（RM 140,000）、1.5L Turbo Premium（RM 155,000） 等。

Subaru Outback 喺馬來西亞嘅 OTR 售價係 RM 260,000 - 280,000，合共有 2 個版本，包括 2025 2.4T R-Touring EyeSight（RM 310,340）、2025 2.5L Touring EyeSight（RM 280,340） 等。

從價錢嚟睇，GWM Haval H6 嘅起步價確實比 Subaru Outback 平咗 RM 120,250。如果你預算有限，GWM 嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能喺配備上會要做取捨，具體要睇你嘅需求。

動力同油耗

GWM Haval H6 搭載 Hybrid，馬力 170 hp。官方油耗 4.5 L/100km。

Subaru Outback 搭載 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。

動力方面，Subaru Outback 嘅 2.0L Turbo 比 GWM Haval H6 嘅 Hybrid 多咗 50 匹馬力。不過日常喺市區開，兩款車嘅動力都夠用，唔會覺得唔夠力。

安全配備

GWM Haval H6 嘅安全評級係 TBD，主動安全系統包括 Basic。

Subaru Outback 嘅安全評級係 TBD，主動安全系統包括 Basic。

兩款車嘅安全評級一樣，喺呢個級別裡面安全配備都算給得好齊全。而家嘅新车安全性都唔差，唔使太擔心呢一點。

空間同舒適度

GWM Haval H6 車身長 4400 mm，行李箱 400 L。

Subaru Outback 車身長 4400 mm，行李箱 400 L。

兩款車嘅尺寸好相近，車內空間分別唔大。呢個級別嘅車，日常使用完全夠用。

適合邊種人

GWM Haval H6 同 Subaru Outback 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更睇重品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更在意性價比同配備，那就揀配備更豐富嗰款。最終都好建議兩款都去試駕，親身體驗先係最重要嘅。

總結

總計嚟講，GWM Haval H6 同 Subaru Outback 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵仲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。買車係件大事，花點時間做功課絕對唔會錯。

喺馬來西亞嘅轎車市場，好多買家喺揀車嗰陣都會將本田思域 Type R 同寶馬 3 Series 嚟做比較。呢兩款車喺價位同定位上都好接近，今日我哋就從多個方面做一個詳細嘅比較，幫你省返做功課嘅時間。

價錢同版本

本田思域 Type R 喺馬來西亞嘅 OTR 售價係 RM 399,900 - 399,900，總共有 3 個版本，包括 2023 2.0T Standard（RM 399,900）、OTR NI（RM 399,900）、Volvo ES90（RM 339,888） 等。

寶馬 3 Series 喺馬來西亞嘅 OTR 售價係 RM 267,800 - 392,800，總共有 2 個版本，包括 320i Sport（RM 248,000）、330i M Sport（RM 298,000） 等。

由價錢睇，寶馬 3 Series 嘅起步價比本田思域 Type R 平咗 RM 132,100。老實講，喺呢個價位段，幾千塊嘅差距其實唔算大，關鍵仲係睇整體嘅性價比同長期使用成本。

動力同油耗

本田思域 Type R 搭載 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。

寶馬 3 Series 搭載 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。

兩款車用嘅係同一套動力系統，日常開落嚟嘅感受基本無咩差別。油耗方面都差不多，唔使太糾結呢一點。

空間同舒適度

本田思域 Type R 車身長 4450 mm，后备箱 470 L。

寶馬 3 Series 車身長 4400 mm，后备箱 400 L。

空間方面，本田思域 Type R 嘅車身比寶馬 3 Series 長咗 50 mm，車內乘坐空間會稍微寬鬆啲，尤其係後座腿部空間。如果你經常載家下或者需要放嬰孩車，大一點嘅車身確實更啱用。

適合邊類人

本田思域 Type R 同寶馬 3 Series 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更睇重品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更在意性價比同配備，那就揀配備更豐富嗰款。最終都係建議兩款都去試駕，親身感受先係最重要嘅。

總結

總嘅嚟講，本田思域 Type R 同寶馬 3 Series 都係馬來西亞市場好唔錯嘅車型。揀邊一輛，關鍵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。買車係件大事，花點時間做功課絕對唔會錯。

7月1日，吉利汽车控股有限公司（0175.HK）公布最新销量数据：1-6月累计销量1,422,958辆，创同期新高。其中，6月销量240,799辆，连续4个月同环比双增长。

新能源方面，上半年新能源（含吉利、领克、极氪）累计销量799,454辆，同比增长10%，其中，6月销量161,449辆，同比增长32%，环比增长21%，新能源销量占比67%。海外出口销量大涨，再创单月新高。6月海外出口达102,874辆，同比增长157%，环比增长21%，连续六个月实现同环比双增长。1-6月海外出口销量474,228辆，超过2025年全年出口销量，其中，新能源产品出口销量277,189辆，同比劲增585%，6月新能源出口销量占比达61%。下半年，吉利汽车全面提速。极氪9X将于三季度正式出海，首站登陆中东地区，未来将进入欧洲、拉美、中亚等全球主要市场；极氪009光辉将于四季度登陆中国香港；极氪8X千里浩瀚G-ASD H9版型即将开启交付；全新车型吉利银河战舰700和吉利银河TT官图已曝光，上市计划持续稳步推进中。

車型概覽

吉利幾何C 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

吉利幾何C 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 400km 前驅版（價格待確認）、2022 550km 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 吉利幾何C 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。

53/70 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。 150 kW、310 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 4432 mm、車闊 1833 mm、車高 1560 mm、軸距 2700 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 固定齒比、前置前駆 會影響起步順滑度、濕地穩定感同長途巡航性格。

優缺點分析

吉利幾何C 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 吉利幾何C 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「吉利幾何 C 適唔適合香港上班族代步？」簡單講，吉利幾何 C 電耗低、好泊車、性價比高，最適合香港上班族日常代步。 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 吉利幾何C 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 吉利幾何C 最重要係先諗清楚充電節奏。屋苑、公司或者常去商場只要有穩定充電選項，電動化用車就會容易相處好多。

如果你主要喺市區行，視野、低速順滑度同泊車輔助會好影響心情；如果經常行高速或跨區，座椅舒適度、隔音同動力從容感會更重要。

車型概覽

五菱Air BEV 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。

HK$ 89,800 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

五菱Air BEV 嘅購車預算可以先由 HK$ 89,800 開始計。香港買車唔只係睇車價，月供、保險、牌費、泊車同能源成本都會影響每月壓力。

如果有幾個版本可揀，可以先將 2025 300km 標準版（HK$ 89,800） 放喺同一張清單。日常通勤重視舒適同易用，家庭買家就要優先睇後排、尾箱同安全配置。

核心規格重點

睇 五菱Air BEV 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。

26.7 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。 300 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。 30 kW、110 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 2974 mm、車闊 1505 mm、車高 1631 mm、軸距 2010 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

五菱Air BEV 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：預算位置清楚，方便同同級車直接比較、電池同續航資訊有助安排通勤同補電、動力輸出對高速同上斜更有底氣。

要留意嘅係，要先確認屋苑、公司或常去商場嘅充電條件、香港停車場同窄路使用要留意車身闊度。呢啲唔一定係缺點，但係落訂前應該先諗清楚。

買家常見問題

買 五菱Air BEV 之前，真正要問嘅唔係單一規格，而係佢可唔可以融入你每日嘅生活節奏。

常見疑問係「五菱 Air EV 於香港之落地價格大約係幾多？」簡單講，五菱 Air EV 於香港之落地價大約介乎 140,000 至 180,000 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 五菱Air BEV 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 HK$ 89,800 鎖定預算圈、再睇動力係咪足夠應付高速併線同滿載、再比較能源成本同補能便利、最後睇車身大小、座位同尾箱是否適合家人。

咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。

用車全周期指南

擁有 五菱Air BEV 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。

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.

兄弟姐妹們，今日講一個出海嘅大新聞——唔係賣車，係賣「司機」。6 月 2 號，文遠知行同 Uber 聯合宣佈咗一件事：計劃喺西班牙馬德里推出該國首個商業化 Robotaxi 試點服務。意思就係：西班牙人好快就可以用 Uber 叫到一台冇司機嘅出租車。呢次係文遠知行同 Uber 第一次一齊進入歐洲市場。馬德里亦成為文遠知行 Robotaxi 駛入嘅全球第十二個城市。

官方消息話，喺馬德里自治區政府嘅支持下，呢項服務今年內就會正式啟動。到嗰陣，馬德里嘅朋友哋打開 Uber App，就有一鍵呼叫文遠知行嘅 Robotaxi。同叫普通網約車一樣，分別係嚟嘅車冇駕駛員——至少喺初期，仲係有分別嘅。運營初期，車入面會配備經過專業培訓嘅安全員，終究係剛上線，穩妥第一。

文遠知行呢間公司，你可能聽過，也可能冇聽過。簡單介紹下：2017 年成立，一直埋頭搞 Robotaxi 技術研發同商業化。而家佢嘅 Robotaxi 已經覆蓋咗廣州、北京、新加坡、阿布達比、迪拜、利雅得、蘇黎世……加埋而家嘅馬德里，一共 12 個城市。西班牙亦係文遠知行進入嘅第五個歐洲市場——之前已經入咗瑞士、法國、比利時、斯洛伐克。按照文遠知行同 Uber 喺 2025 年 5 月達成嘅規劃，佢哋要喺五年內新增 15 個國際城市部署 Robotaxi 服務，全球部署數萬輛 Robotaxi。隨著馬德里落地，目前已經完成咗 4 個城市嘅佈局，仲有 11 個會喺 2030 年前陸續覆蓋。

講真嘅，中國自動駕駛公司出海唔係頭一回，但中國技術 + 全球出行平台 + 歐洲市場呢個組合，定係好有意思。馬德里係歐洲最具商業潛力嘅 Robotaxi 市場之一，人口多、出行需求大，當地政策都好友善。喺呢個市場站穩腳根，對文遠知行嚟講係個唔小嘅里程碑。對 Uber 嚟講，引進 Robotaxi 都係為咗降低成本——終究司機唔使發人工。對馬德里市民嚟講，以後打車可能更平。

 車圈數據話

你信唔信？有啲車廠賣 20 萬輛，恨不得敲鑼打鼓放三天假；可長安賣咗 20.91 萬輛，愣係有人盯住同比下滑嗰 6.78% 放唔落，整出一副「天要塌咗」嘅表情。老實講，我看完 5 月銷量第一反應唔係「慘」，而是——呢幫人係唔係對「慘」有啲誤解？

6 月 1 日，長安汽車亮出官方銷量數據：2026 年 5 月整體銷量 20.91 萬輛。新能源 9.24 萬輛，佔比 44.2%；海外出口 7.07 萬輛，同比猛增 38%。三大子品牌入面，啟源、深藍雙雙站係 3.4 萬輛階梯，阿維塔 7336 輛。

車宇世界發現，放眼全中國，月銷過 20 萬嘅自主品牌，總共也就四個。長安穩穩坐喺第四把交椅上，前面係比亞迪 38.3 萬、奇瑞 24.78 萬、吉利 23.78 萬。

你覺得呢個成績，夠唔夠資格講句「唔錯」？

長安啟源 A07 

我哋得將話講公道

20.91 萬輛，環比 5 月仲有細微增長。咩概念咋？放喺三年前，呢個係能把大部分合資品牌踩喺腳底摩擦嘅數字。

即便放喺而家呢個卷成麻花嘅市場入面，長安依然係中國汽車嘅頭部玩家之一。嗰啲一開頭就只係盯「長安下滑咗」而睇唔見其他嘅人，不妨問吓自己——你屋企條街落邊，有幾間 4S 店能夠一個月賣 2000 輛？

所以，第一個結論好明確：長安 5 月嘅銷量，唔但唔丟面，反而好能打。

但車宇世界亦理解，點解下滑會被關注。因為長安去年同期賣咗 22.43 萬輛，今年少咗 1.52 萬輛。同比下滑 6.78%，喺「只爭頭一名、唔問第二」嘅輿論場入面，確實容易被放大。再加上新能源增幅只得 5.8%，低於行業平均增速，嗰時引起關注，亦不足為奇。

 深藍 S07

唔急，我哋將賬目一笔一笔計清楚

睇下新能源。9.24 萬輛，佔比 44.2%。呢個比例高唔高？放喺去年呢個時候，長安嘅新能源滲透率仲未達 35%。

一年升咗差唔多十個百分點，呢個叫跟唔上趟？嗰叫跑步前進。不過呢條賽道上嘅對手跑得更瘋狂——比亞迪已經全域新能源，滲透率 100%；吉利、奇瑞都係拼命追趕。

長安嘅 5.8% 增速確實唔高，但車宇世界認為，你應該知道，長安嘅燃油基礎仲有 CS75PLUS、逸動呢啲「現金牛」喺穩定輸血。佢唔係 All in 新能源一條腳行路，而係兩條腳都在出力。車宇世界認為，呢種「穩中求進」嘅打法，喺而家呢個經濟環境下，亦未必係壞事。

 阿維塔 07L

再睇海外。7.07 萬輛出口，同比增長 38%。泰國、中東、拉美、歐洲，長安嘅步子好大。深藍頭 5 個月海外暴增 167%，說明海外市場開始認可中國品牌嘅新能源產品。唔好睇細呢個 38%，當國內市場競爭白熱化、價格戰打得血流成河嘅時候，海外市場就係長安最可靠嘅「第二戰場」。而且，一般嚟講，海外賣嘅車，利潤率往往比國內要高出一截。呢筆買賣，好抵。

最後睇品牌結構。啟源 34528 輛，深藍 33243 輛，兩個加埋接近 6.8 萬輛，撐起長安新能源大半邊天。

阿維塔 7336 輛，雖然數字唔大，但平均價超過 30 萬，係長安真正意義上衝高端嘅「獨苗」。有人說阿維塔賣得唔夠好，但你要承認，30 萬以上嘅純電市場，原本就唔係走量嘅地方。阿維塔能穩定喺七千多，再加上華為智駕嘅加持，呢個成績其實算唔差。

真正要看嘅係下半年——阿維塔嘅新車款可唔可以打開局面，可唔可以講清楚「我究竟點解值得你買」。呢個問題解決咗，阿維塔就可能起飛。

長安 

咁長安有無煩惱或問題？

當然有。任何一個年銷 200 多萬輛嘅大廠，都唔可能完美無缺。

比方話，其中一個隱憂，我反而覺得唔係同比下滑嗰 6.78%，而係「啟源同深藍到底有無內耗」嘅問題。

客觀嚟講，呢兩個品牌喺某啲方面可能存在一定程度嘅重合，例如部分車款價格重疊、目標客戶亦有一定重疊等等。事實上，呢個問題，應該亦引起過長安方面嘅思考。長安要想清楚：啟源同深藍，到底邊個係守門員，邊個係前鋒？

另一個問題，係長安嘅「新品牌聲量」故事點樣講。呢唔係產品嘅問題，可能係傳播同定位嘅問題。

 官方或許亦關注到呢個問題

車宇世界認為，長安手上有技術、有產能、有渠道，不過，深藍、阿維塔、啟源，如果構建一個能夠讓消費者「一眼記住、一講就明」嘅品牌故事，或許係值得品牌方思考嘅問題。當然，呢只係個人嘅意見。

佢嘅全年銷量目標，可唔可以完成？長安 2026 年嘅總體銷量目標係 330 萬輛，同比增長 13.3%；其中新能源 140 萬輛，同比增長 26.2%；海外 75 萬輛，同比增長 17.7%。

按照長安公佈嘅數據，今年 1-5 月份，其累計交付量 101.22 萬台，完成率係 30.7%。即係話，長安汽車要喺剩餘嘅 7 個月入面，平均每月完成 32.6 萬台。

顯然，依照長安目前嘅銷量水準嚟講，呢應該係有壓力。但話回來，車宇世界認為，呢啲都唔係致命傷。對於一個賣咗 20 多萬輛、而家持續擴海外、增新能源佔比嘅車廠嚟講，呢啲問題充其量叫「成長煩惱」，唔係「生死危機」。

深藍 

我想講句掏心窩嘅說話：

我哋對長安嘅要求，係唔係有啲太高咗？當然，這可能係愛之深，責之切。你總係覺得佢應該更好。

20.91 萬輛，放喺全球任何一個汽車市場，都係值得開香檳嘅數字。中國消費者俾「月銷 30 萬」「月銷 40 萬」呢啲數字衝擊咗，睇到 20 萬反而覺得唔夠癮。但冷靜諗諗，全世界能夠穩定月銷 20 萬以上嘅車廠，數住手指都數得曬。

車宇世界認為，長安唔係冇焦慮，亦並冇冇壓力或者轉型陣痛。只係，佢選擇嘅方式唔係哭窮，而係默默出海、默默推新、默默將新能源佔比做到 44%。呢種悶聲做大事嘅勁，反而令我覺得踏實。

當然，下半年嘅考試亦好關鍵。啟源同深藍可唔可以再上一個階梯？阿維塔可唔可以講出新故事？海外市場可唔可以頂住貿易壁壘等壓力？呢啲問題，長安自己心入面或許有數，我哋作為旁觀者，不妨多畀啲耐心。

逸動經典版 

最後，我想將話筒遞畀你：

你覺得長安而家嘅打法，係「穩紮穩打」，定係「過於保守」？如果你係長安嘅規劃師，你會首先解決啟源同深藍嘅可能重疊或者內耗問題，定係先將阿維塔、深藍、啟源嘅故事講透？嚟評論區，我哋一邊嗑瓜籽一邊傾。

最後，本文涉及嘅相關數據，來源於品牌官方同權威媒體消息，僅供參考，具體以官方回應為準。如有筆誤等造成嘅資訊、數據不符，以官方資訊為準。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，第 14088 期，部分圖片來源於網絡，標註來源嘅數據及相關資料均係引用。車宇世界原創版權所有，侵權必究。

吉利5月23.8万辆的销量数字，说实话，本身并不算惊艳，但这个数字背后藏着一场关乎未来的根本性变革。吉利连续三个月同环比双增长只是表象，出口暴涨183.7%、极氪量价齐升、新能源渗透率突破56%，这三个核心亮点，正在重塑吉利的增长逻辑，中国汽车如何走的更远的秘密，就在这个月的销量数据里。

出口破8.5万：中国车企出海2.0的标杆

5月最震撼的数据，无疑是吉利85144辆的海外出口量。这个数字不仅创下了吉利历史新高，更意味着吉利每卖出3辆车，就有1辆卖到了海外。更关键的是，这183.7%的同比增长，不是靠低价燃油车堆出来的，而是新能源车型撑起了半壁江山——5月吉利出口车型中新能源占比达到47.9%，接近一半。

这标志着中国车企出海已经彻底告别了1.0时代的“低价走量”模式，进入了2.0时代的“品牌输出+技术输出”阶段。过去，中国车企在海外只能卖几万块的入门级燃油车，利润微薄还容易被贴上“廉价”标签。而现在，吉利带着星愿、银河E5、极氪009等新能源车型，在欧洲、拉美、非洲等多个市场同时发力。

极氪009拿下马来西亚、中国香港豪华纯电MPV销冠，帝豪在墨西哥一季度销量暴涨334%，吉利新能源正式登陆埃及、摩洛哥，这些成绩都证明，中国汽车品牌已经有能力在全球市场与传统巨头正面竞争。

更值得一提的是，吉利的全球化不是单点突破，而是体系化布局。从收购宝腾深耕东南亚，到极氪进入全球50多个国家，再到成为2026年英联邦运动会英格兰队官方汽车合作伙伴，吉利正在一步步构建自己的全球品牌影响力。这种体系化的优势，比单月出口数字更有价值，也让吉利的全球化增长具备了可持续性。

极氪量价齐升：打破高端化“以价换量”怪圈

如果说出口是吉利的未来，那么极氪就是吉利现在最硬的底气。5月极氪交付34377辆，同比增长81.8%，连续4个月实现同环比双增长。但比销量更重要的是，极氪的单车成交均价同比飙升52.4%，突破了36万元，超过了宝马、奥迪在中国市场的平均成交价。

这是一个里程碑式的突破。过去，很多中国高端品牌都陷入了“以价换量”的怪圈，销量上去了，但价格下来了，品牌力始终没有建立起来。而极氪用实际行动证明，中国品牌完全可以在30万以上的高端市场站稳脚跟，而且是靠产品力和品牌力，而不是靠降价促销。

极氪的成功，离不开其清晰的高端定位和差异化的产品策略。从极氪001开创猎装轿跑市场，到极氪009重新定义豪华MPV，再到极氪8X、9X持续完善产品矩阵，极氪每一款车型都精准击中了传统豪华品牌的短板。更难得的是，极氪在销量增长的同时，还保持了极高的用户口碑，品牌NPS同比增长49.5个百分点，这会让极氪在高端市场的品牌力呈现滚雪球式的增长。

新能源转型深化：多路线布局的韧性开始显现

5月吉利新能源销量133355辆，占总销量的56.1%，连续4个月保持在50%以上。这说明吉利的新能源转型已经进入了规模化阶段。但更值得关注的是其能源结构的变化：插电混动销量56700辆，同比增长32%，增速显著高于纯电。

在纯电市场增速放缓、价格战愈演愈烈的当下，吉利坚持纯电+插混两条腿走路的策略，展现出了极强的韧性。插混车型不仅弥补了纯电市场的缺口，还为吉利带来了更广泛的用户群体。尤其是在三四线城市和长途出行场景中，搭载雷神混动和星睿AI云动力的插混车型优势更加明显。

同时，吉利的产品结构也在持续升级。中国星系列5月销量突破10万辆，占吉利品牌总销量的55.2%，这意味着吉利品牌已经全面进入了高端化时代。星耀7MAX上市23小时大定破万，领克品牌新能源占比突破70.8%，这些都证明吉利的新能源产品已经得到了市场的广泛认可。

结语：吉利5月的销量成绩单，本质上是一场战略的胜利。它不再依赖国内单一市场的增长，而是形成了国内+海外双轮驱动的格局；它不再靠低价走量，而是通过高端化提升了品牌溢价；它不再押注单一能源路线，而是通过多路线布局增强了抗风险能力。

这种结构性的质变，比短期的销量排名更重要。它不仅让吉利在激烈的市场竞争中站稳了脚跟，也为中国汽车行业的转型提供了一个清晰的方向。未来，随着全球化布局的进一步深化和高端化战略的持续推进，吉利有望在全球汽车市场中占据更加重要的位置。

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。

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

Eight Models Break 20,000 Monthly Sales, Song and Yuan Brands Stabilize at 50,000

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

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

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

Fang Cheng Bao Year-on-Year Surges 139.7%, Brand Upward Positioning Takes Effect

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

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

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

Overseas Explosion: 160,600 Units in Single Month, Accounting for Over 40% of Total Sales, Becomes Second Growth Curve

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

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

Intelligent Driving Empowers Product Iteration, H2 New Products Prepare to Surge Volume

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

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

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

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

Eight Models Break 20,000 Monthly Sales, Song and Yuan Brands Stabilize at 50,000

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

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

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

Fang Cheng Bao Year-on-Year Surges 139.7%, Brand Upward Positioning Takes Effect

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

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

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

Overseas Explosion: 160,600 Units in Single Month, Accounting for Over 40% of Total Sales, Becomes Second Growth Curve

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

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

Intelligent Driving Empowers Product Iteration, H2 New Products Prepare to Surge Volume

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

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

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

At the beginning of each month, major automakers reveal their report cards, and the "good student" Tesla is no exception.

According to the latest data from the China Passenger Car Association, Tesla Shanghai Factory deliveries in May exceeded 85,000 units, the highest single-month delivery this year.

This Tesla Shanghai Gigafactory was established in Lingang in 2019, completing the entire process of groundbreaking, production launch, and delivery in that year. It is now already Tesla's global production powerhouse, contributing more than half of the brand's deliveries. Whether sold domestically or exported overseas, most originate from here. The local parts rate exceeds 95%, with a car rolling off the line every 30-plus seconds on average. The so-called "Tesla Speed" is no mere talk.

So, what contributed to this record-breaking delivery this time?

First, the overseas market contributed significantly. The main models Model 3 and Model Y have consistently ranked high in premium pure electric rankings in Thailand, South Korea, Hong Kong and Macao, etc., so demand is naturally substantial.

Returning to the domestic market, regarding auto financing plans, Tesla recently launched an "Easy Loan" service, lowering the purchase threshold and stimulating many hesitant users to place orders.

Additionally, the charging network. Tesla has opened its Superchargers to vehicles of other brands, with over 1,000 stations, starting from 1.5 yuan/kWh, usable nationwide. No matter what brand of car you drive, having an extra charging option on the road allows many consumers hesitant about recharging to put their worries aside.

To be honest, in the current highly competitive environment for new energy vehicles, Tesla being able to achieve this result indeed shows some real skill.

However, after capacity and speed increase, the test on quality will be greater. Whether subsequent quality control remains stable is also a concern for many.

Plus, there are many uncertain factors overseas such as policies and tariffs, so export business may not always go smoothly.

So, do you think it can maintain this good performance in the second half of the year? Let's chat in the comments.

唔知有幾多朋友最近期關注 10 萬內純電 SUV 市場？近段時間睇嚟，呢個細分市場好熱鬧。就講長安啟源全新 Q05 同零跑 A10，上個月銷量分別達 15814 輛同 14372 輛，全部挺進 2026 年 4 月銷量排行全品類前 10，長安啟源全新 Q05 甚至奪得緊緊湊型純電 SUV 市場嘅銷冠。

（長安啟源全新 Q05）

值得留意係，兩款大熱門產品亮點亦唔少，9 萬級可以得到 500km+嘅續航，零跑 A10 甚至配備激光雷達，有高級智駕輔助需求嘅朋友嚟講，呢架車吸引力的確唔低。但係喺價格上，同為高配嘅長安啟源全新 Q05 506Max+ 同零跑 A10 505 激光雷達版，終端價格分別係 9.59 萬同 8.68 萬，手握 9 萬左右預算嘅朋友都可以考慮。明顯係，又去到決賽圈二揀一環節。

（零跑 A10）

如果對預算比較敏感，咁喺長安啟源全新 Q05 同零跑 A10 之間，後者可能更受歡迎，畢竟終端價格實打實平咗幾千元。而且，高配 A10 配有激光雷達，市區/高速情況均能啟動領航輔助駕駛，呢個就係佢嘅優勢所在。當然，如果預算允許，揀長安啟源全新 Q05 高配，都有帶激光雷達嘅高級輔助駕駛。

（長安啟源全新 Q05）

但既然係買車前嘅橫評，唔少全方位對比。首先從尺寸睇，作為緊湊型 SUV，長安啟源全新 Q05 長寬高分別係 4435*1855*1595mm，軸距為 2735mm。而零跑 A10 車型級別就係小型 SUV，長寬高分別係 4270*1810*1635mm，軸距為 2605mm。

（零跑 A10）

如果只係考慮代步、通勤，零跑 A10 嘅細個嘅略有優勢，方便行街串巷。但實際上，好多人買車都要兼顧家用，10 萬內預算也多以剛需用車群體為主。既然係剛需，且有家用需求，嗰空間自然唔好掉鏈子。

（長安啟源全新 Q05）

（零跑 A10）

講返日常家庭出行嚟講，兩車之間 130mm 軸距差異，直接反映喺後排體驗。坐入長安啟源全新 Q05 後排，腿部空間平整兼寬敞，一齊坐 3 位成年人都唔會太擠；但係坐入零跑 A10 後排，無論坐寬定係腿部空間都會細少少。媽咪喺後排照顧孩子，長安啟源全新 Q05 後排更加寬敞嘅空間會更加方便佢操作，孩子都能有更大嘅活動空間。

（長安啟源全新 Q05）

（零跑 A10）

除咗空間，通勤黨同家庭用戶對舒適配置都比較關注。睇嚟對比，兩車都有配電動尾門、無匙進入、自適應遠近光等外部配置。但係從車廂內睇，零跑 A10 副駕無法電動調節，後排靠背都唔支援角度調節，同埋缺少後排空調出風口、車內 PM2.5 過濾裝置等。

（長安啟源全新 Q05）

（零跑 A10）

反觀長安啟源全新 Q05，除咗副駕支持電動調節，前排仲集成咗加熱/通風/按摩/副駕腿托功能，對比零跑 A10 只提供前排座椅加熱，佢嘅品質無疑更上一層樓。包括後排乘員都有少少照顧，例如靠背角度可調、配有後排空調出風口、後排中央扶手/杯架等，更加適合家人同行呢類場景。

（長安啟源全新 Q05）

（零跑 A10）

除咗舒享體驗，行駛系統嘅對比我哋都唔好忽略。首先從大家關注嘅續航睇，長安啟源全新 Q05 同零跑 A10 分別搭載 51.9kWh、53kWh 電池，CLTC 純電續航做到 506km、505km，差異大可忽略。但從電芯供應鏈睇，前者出自寧德時代，後者就係國軒高科/江蘇正力，若論品牌含金量，“寧王”順位自然靠前，更值得信賴。另外，兩車都有全球品質，按照全球嚴苛嘅標準打造，零跑 A10 符合國內、歐盟雙標準，長安啟源全新 Q05 已經喺泰國上市，未來仲會相繼落地多個國家地區，最終開拓歐洲區域，此外仲有央企背書，質量品質都好可靠。

因為本文討論嘅係 A10 嘅 505 版本，採用電池液冷技術，溫控較好，而如果係 403 版本，採用成本低嘅風冷技術，散熱效果較差。呢點上，全新 Q05 做得更好，入門就採用電池直冷技術，高配用嘅係液冷技術，能更好地實現熱管理，保證電池安全。

（長安啟源全新 Q05）

（零跑 A10）

動力方面，長安啟源全新 Q05 同零跑 A10 都係前置單電機佈局，電機最大動力輸出分別係 120kW/190N·m、90kW/150N·m，0-100km/h 加速時間分別做到 8.9 秒同 10.6 秒。坦率嚟講，兩款車喺純電陣營加速性能都中規中矩；但係相對嚟講，長安啟源全新 Q05 嘅 8 秒級零百加速，喺山路行駛、高速超車等情況下會比零跑 A10 更加分。

（長安啟源全新 Q05）

（零跑 A10）

總結嚟講，零跑 A10 505 激光雷達版優勢突出：價格更低、智駕輔助覆蓋範圍更廣，適合預算優先 + 科技嘗鮮嘅消費者。而長安啟源全新 Q05 更強調“全面”二字：加少少預算同樣可以獲得高級輔助駕駛，而且尺寸更大、舒適配置更高、採用頭部電芯供應鏈，動力亦更強，綜合表現更全能。總括嚟講，預算 9 萬級追求面面俱到嘅家用體驗，長安啟源全新 Q05 506Max+ 更加值得考慮。

兄弟姐妹們，今日講一個出海嘅大新聞——唔係賣車，係賣「司機」。6 月 2 號，文遠知行同 Uber 聯合宣佈咗一件事：計劃喺西班牙馬德里推出該國首個商業化 Robotaxi 試點服務。意思就係：西班牙人好快就可以用 Uber 叫到一台冇司機嘅出租車。呢次係文遠知行同 Uber 第一次一齊進入歐洲市場。馬德里亦成為文遠知行 Robotaxi 駛入嘅全球第十二個城市。

官方消息話，喺馬德里自治區政府嘅支持下，呢項服務今年內就會正式啟動。到嗰陣，馬德里嘅朋友哋打開 Uber App，就有一鍵呼叫文遠知行嘅 Robotaxi。同叫普通網約車一樣，分別係嚟嘅車冇駕駛員——至少喺初期，仲係有分別嘅。運營初期，車入面會配備經過專業培訓嘅安全員，終究係剛上線，穩妥第一。

文遠知行呢間公司，你可能聽過，也可能冇聽過。簡單介紹下：2017 年成立，一直埋頭搞 Robotaxi 技術研發同商業化。而家佢嘅 Robotaxi 已經覆蓋咗廣州、北京、新加坡、阿布達比、迪拜、利雅得、蘇黎世……加埋而家嘅馬德里，一共 12 個城市。西班牙亦係文遠知行進入嘅第五個歐洲市場——之前已經入咗瑞士、法國、比利時、斯洛伐克。按照文遠知行同 Uber 喺 2025 年 5 月達成嘅規劃，佢哋要喺五年內新增 15 個國際城市部署 Robotaxi 服務，全球部署數萬輛 Robotaxi。隨著馬德里落地，目前已經完成咗 4 個城市嘅佈局，仲有 11 個會喺 2030 年前陸續覆蓋。

講真嘅，中國自動駕駛公司出海唔係頭一回，但中國技術 + 全球出行平台 + 歐洲市場呢個組合，定係好有意思。馬德里係歐洲最具商業潛力嘅 Robotaxi 市場之一，人口多、出行需求大，當地政策都好友善。喺呢個市場站穩腳根，對文遠知行嚟講係個唔小嘅里程碑。對 Uber 嚟講，引進 Robotaxi 都係為咗降低成本——終究司機唔使發人工。對馬德里市民嚟講，以後打車可能更平。