7 月 16 日，當吉利銀河發布雷霆 16 合 1 智能電驅時，一個長期隱於幕後嘅名字——星驅科技，被推至台前。佢並非一夜成名，而係經過数年積累，手握超過 1000 項專利、五大智能製造基地、年產能 300 萬台電驅總成嘅體系級存在。呢個被吉利視為電驅領域「隱形冠軍」嘅企業，正以驚人嘅速度向全球輸出中國動力技術。佢嘅崛起，說明一個真理：喺新能源時代，真正嘅壁壘唔係單一爆款，而係全鏈條嘅產業統治力。

一、體系為王，生態築底

星驅科技嘅精妙之處在於，佢唔係一家單純嘅製造企業，而係一個橫跨亞歐、打通研發製造與驗證嘅產業聯合體。喺研發端，佢以中國無錫、杭州、寧波、上海為據點，聯同瑞典哥德堡嘅海外團隊，構建起 24 小時不間斷嘅全球研發網絡。超過 1000 項專利中，發明專利佔比超 60%，覆蓋 400V 到 900V 全電壓平台。從全球首個 900V 鎂合金電驅到行業集成最高嘅 16 合 1，每一款產品都係對現有技術邊界嘅衝擊。呢種「研發無疆界」嘅布局，令星驅科技始終站喺技術最前沿。

製造端嘅實力同樣令人側目。五大生產基地最高自動化率超過 95%，核心設備加工精度達到微米級。MES、LES、PLM 等數字化系統全線打通，實現生產流程 100% 智能追溯。更關鍵嘅係，產線具備多平台柔性共線能力，唔同規格、唔同功率段嘅產品可以喺同一條線上無縫切換。這意味著星驅科技能夠高效響應從家用代步到高端性能嘅多元化需求，用規模效應壓低成本，用柔性定制滿足市場。呢唔係簡單嘅工廠，而係一臺精密運轉嘅工業母機。

而驗證體系則係技術落地嘅最後一環。星驅實驗中心已獲 CNAS 認證，擁有全球首個 30000rpm 單電機直驅試驗台架。從環境適應性到腐蝕耐久性，三大維度、超 9000 項測試全部覆蓋。AI 試驗數據平台可實時分析 30 萬小時歷史數據，利用失效預測模型提前鎖定隱患。呢種「研發 - 製造 - 驗證」三位一體嘅閉環，令星驅科技喺交付每一台電驅時，都能做到品質零差異。體系優勢一旦成型，競爭對手便難以複製。

二、全球版圖，競合破局

星驅科技嘅全球野心唔止於技術，更在於市場。2026 年上半年，其驅動電機裝機量已穩居行業 TOP3。產品與技術服務唔僅覆蓋吉利、極氪、領克、沃爾沃等國內品牌，更滲透進蓮花、捷豹路虎、雷諾等國際頂級車企，甚至與英國、法國、德國等歐洲頂部車企簽下長期訂單。這意味著，中國電驅唔再係「備選方案」，而係全球供應鏈中不可或缺嘅核心組件。星驅科技用實力把「中國製造」嘅標籤貼到咗歐洲主機廠嘅發動機艙入面。

呢種全球化佈局並非簡單嘅出口貿易，而係深度參與全球競爭。喺瑞典設立研發與售後服務中心，馬來西亞規劃製造基地，星驅科技正喺編織一張覆蓋亞洲、歐洲、非洲嘅全球服務網絡。佢透過與 HORSE、舍弗勒、采埃孚、麥格納動力總成等國際巨頭建立合作關係，形成咗技術共研、產能共享嘅開放生態。呢種「競合」姿態，既避免咗孤立作戰嘅風險，又把中國動力技術輸出成咗全球性標準。喺新能源時代，誰掌握標準，誰就掌握話語權。

更值得關注嘅係，星驅科技正喺改變國際用戶對中國電驅嘅認知。過去，外資品牌對中國三電系統嘅印象停留喺「低成本、低性能」，但雷霆 16 合 1 嘅效率同可靠性直接打破咗刻板印象。配合神盾金磚電池、雷神 AI 電混 2.0 等王牌產品，吉利喺混動、電池、電驅三大領域形成咗陣列式壓制。從國內品牌到國際豪車，從東亞到歐洲，星驅科技嘅產品已經證明咗「中國動力」可以同任何對手正面抗衡。

三、格局重塑，壁壘高築

這場電驅革命正喺重塑整個行業嘅競爭邏輯。過去，車企之間比拼嘅係電機單體性能或電池容量，而而家，競爭焦點已經轉向系統集成能力同全生命週期效率。雷霆 16 合 1 將 16 個功能模組融為一體，唔僅減重減空間，更關鍵係降低咗系統複雜度帶嚟嘅故障風險。與之相比，嗰啲仲係靠拼湊方案應對競爭嘅友商，要么陷入成本泥潭，要么無法兼顧性能與可靠。吉利透過星驅科技自上而下咁掌握咗定義電驅嘅主動權。

而喺產業壁壘層面，星驅科技嘅「隱形冠軍」身份意味著佢唔僅係吉利嘅技術底座，更係整個中國電驅產業向外開疆拓土嘅尖兵。當其他品牌仲係依賴外部供應商提供核心模組時，吉利已經實現咗從晶片到外殼、從算法到驗證嘅全棧自研。呢種垂直整合能力帶來嘅成本優勢同技術迭代速度，係任何單純依賴採購嘅企業都難以追上嘅。未來，電驅賽道嘅勝負關鍵唔再係某一款產品，而係誰擁有一套能夠自我進化嘅生態體系。

從行業影響來看，星驅科技嘅崛起等於把中國電驅嘅門檻拉到咗一個更高嘅水位線。佢迫使所有參與者必須投入更多資源喺集成度、效率、可靠性等維度進行硬核創新。嗰啲只想喺低端市場「躺贏」嘅玩家來說，呢種競爭壓力無疑係一記警鐘。同時，佢亦向全球釋放咗一個信號：中國唔再只係全球電驅最大嘅消費市場，而係正喺變成技術輸出嘅策源地。當「隱形冠軍」走到台前，整個行業嘅遊戲規則都將被重寫。

結語：

星驅科技嘅故事，本質上係吉利對「自主掌握核心技術」這一國家戰略嘅最佳詮釋。佢唔追求短期聲量，而係用十年如一日嘅研發投入、全球佈局同體系化驗證，默默築起一面堅固嘅產業壁壘。「千淘萬漉雖辛苦，吹盡狂沙始到金。」當雷霆 16 合 1 搭載銀河 TT 破紀錄嘅時候，世界終於看清咗呢位「隱形冠軍」嘅真正面目。佢唔僅係吉利嘅技術後盾，更係中國汽車動力走向全球嘅開路先鋒。

喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Perodua Aruz 同 Chery Tiggo 7 Pro 嚟做比較。兩款車喺價位同定位上都幾近，今日我哋就從多個方面做一個詳細嘅比較，幫你省下做功課嘅時間。

價錢同版本

Perodua Aruz 喺馬來西亞嘅 OTR 售價係 RM 72,900 - 77,900，一共有 2 個版本，包括 1.5L X（RM 72,900）、1.5L AV（RM 77,900） 等。

Chery Tiggo 7 Pro 喺馬來西亞嘅 OTR 售價係 RM 123,750 - 123,750，一共有 2 個版本，包括 1.6L Turbo Standard（RM 125,000）、1.6L Turbo Premium（RM 140,000） 等。

由價錢睇，Perodua Aruz 嘅起跳價確實比 Chery Tiggo 7 Pro 平咗 RM 50,850。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需要。但都要注意，便宜嗰幾千蚊，可能喺配備上會有取捨，具體要睇你嘅需求。

安全配備

Perodua Aruz 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 。

Chery Tiggo 7 Pro 嘅安全評級係 TBD，主動安全系統包括 Basic。

保養同維修

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

Chery Tiggo 7 Pro 保養 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。

適合邊類人

Perodua Aruz 同 Chery Tiggo 7 Pro 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，嗰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，Perodua Aruz 同 Chery Tiggo 7 Pro 都係馬來西亞市場好唔錯嘅車型。揀邊一部，關鍵都要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。

【第一商用車網 原創】

據第一商用車網統計，在 2026 年 6 月（2026 年 6 月 1 日 -2026 年 6 月 28 日）嘅 4 周內，國內 9 家主流重型卡車品牌「重型卡車第一影響力指數」嘅總得分為 2240 分，環比 2026 年 5 月嘅 4 周得分（1728 分）增長 29.6%，較去年同期得分（2180 分）增長 2.8%。

雖然市場進入 6 月淡市，但國內各重型卡車品牌傳播熱度依然唔減，「重型卡車第一影響力指數」亦都迎來環同比雙提升，呢啲成績既顯示出市場嘅活躍度，亦再一次展示咗各重型卡車品牌對市場嘅決心與信心。

2026 年 6 月「重型卡車第一影響力」傳播事件統計

解放再度領漲 重汽穩紮穩打

6 月份，「重型卡車第一影響力指數」名單依然係一汽解放同中國重汽領銜，兩大品牌喺傳播領域亦都各有各嘅精彩，各有各嘅擔當。

一汽解放影響力得分嘅增長源自傳播力度嘅加大。6 月初，一汽解放新能源 CTB 電池產品上市嘅相關報道陸續釋出，該產品以極致輕量化、超低高度、高效節能、全域高安全等核心技術突破受到行業關注；月中，一汽解放 J6V Pro 上市發佈會喺上海舉行，標誌住其喺中高端載貨車市場佈局邁上新嘅台階；同期，一汽解放評為 2025 年度央企「科改行動」標桿企業；一汽解放董事長、黨委書記李勝赴拉丁美洲國家市場一線開展調研，期間出席多場戰略及訂單簽約活動，累計簽約 1640 輛，收穫滿滿；月底，一汽解放動力總成事業部面向海外市場重點研發嘅全新頂拉式 12 擋重型卡車變速箱成功實現量產。

6 月份嘅中國重汽同樣穩紮穩打，喺不同領域展現出自身「國之重器」嘅實力。6 月初，河北省首單至土耳其 TIR 多式聯運專線發車儀式喺石家莊舉辦，40 輛汕德卡跨境牽引車同步完成交付；月中，銷量數據顯示，中國重汽 5 月重型卡車市場佔有率 31.5%，每賣 3 輛就有 1 輛係重汽；中國重汽父親節 MV《爸爸，聽我嘅話》重磅發布，為奔波喺路上嘅卡友送上專屬節日心意；月底，中國重汽&迎達物流 100 輛戰略簽約暨首批 50 輛豪沃 TX 新能源產品交付儀式喺福建漳州舉行。

東風商用車海內外「全面開花」乘龍品牌日引爆話題

6 月營銷力度最大、話題傳播度最廣嘅要數東風商用車，無論係國內定海外，無論係訂單交付定賽事營銷，東風商用車都做到咗優秀。

喺國內外市場，東風商用車嘅營銷活動都收穫滿滿。6 月初，2026 愛跑·中國環塔國際拉力賽喺新疆阿克蘇圓滿收官，東風天龍新 KL 全程護航，展現出硬核可靠本色；同期，批量東風天錦 KR 喺東風進出口越南經銷商煌輝集團 4S 店正式交付俾越南終端大客戶；中旬，東風進出口公司喺吉隆坡舉辦東風商用車新品發佈會，面向馬來西亞市場正式發布 D320 系列牽引車、D310 系列工程車及攪拌車，並與當地合作夥伴簽署 200 輛訂單；東風商用車喺武漢舉行 150 輛東風天龍牽引車簽約暨首批 80 輛交付儀式；月底，東風天龍 KH630/580 燃氣車·西北節氣王挑戰賽圓滿落幕，賽事覆蓋陝西、甘肅、寧夏、青海、新疆、內蒙古六省區，歷時 42 天。

6 月份，最具代表性嘅營銷活動，要數東風柳汽第十屆 67 品牌客戶日嘅舉辦。月初，東風柳汽就發出預告，乘龍新一代新能源商用車將重磅發布，品牌日當天，更有技術發布、產品首發、政策讓利、專屬關懷、公益升級五大重磅內容呈現，多款前沿新能源車型集中登場，其中乘龍翼威 5 新能源超充版載貨車成為行業關注焦點；下旬，東風柳汽乘龍創富家年華走進山東臨沂，現場斬獲訂單達 168 輛。

除上述事件外，6 月份，重型卡車市場較有影響力嘅傳播話題仲包括：徐工以 3946 輛嘅 5 月銷量連續第六個月摘得新能源牽引車市場冠軍；陝汽重卡喺北京舉辦 6000 平台系列新品上市、德龍 X6000、G6000 臻選版燃氣快遞快運牽引車批量交付及戰略合作簽約系列活動；北奔重汽拿下中蒙邊境跨境運輸項目 300 輛新能源重型卡車大單；批量北京重卡藍夢 7 新能源重型卡車交付榆林，賦能陝北煤炭運輸綠色轉型等。

編後語

雖然每年暑期係傳統淡市，但目前來看，重型卡車市場淡市唔淡嘅苗頭已經顯現。接下來嘅 7 月，各重型卡車品牌仲能保持同樣嘅傳播力度嗎？請持續關注本站報道。

喺馬來西亞嘅 SUV 市場，好多買家揀車嘅時候都會拿 Mazda CX-5 同 Chery Tiggo 7 Pro 嚟比較。呢兩款車喺價錢同定位上都幾接近，今日我哋就從多方面嚟做一個詳細嘅比較，幫你慳返做功課嘅時間。

價錢同版本

Mazda CX-5 喺馬來西亞嘅 OTR 售價係 RM 135,469 - 166,760，一共有 3 個版本，包括 2025 2.0L AT 35th Anniversary（RM 316,154）、2025 2.0L AT（RM 296,154）、2025 2.0L MT（RM 294,154） 等。

Chery Tiggo 7 Pro 喺馬來西亞嘅 OTR 售價係 RM 123,750 - 123,750，一共有 2 個版本，包括 1.6L Turbo Standard（RM 125,000）、1.6L Turbo Premium（RM 140,000） 等。

從價錢來看，Chery Tiggo 7 Pro 嘅起步價比 Mazda CX-5 平咗 RM 11,719。老實講，喺呢個價位段，幾千蚊嘅差距其實唔算大，關鍵都係睇整體嘅性價比同長期使用成本。

動力同油耗

Mazda CX-5 裝載 1.5L Turbo，馬力 140 hp。廠方油耗 7.0 L/100km。

Chery Tiggo 7 Pro 裝載 1.5L Turbo，馬力 140 hp。廠方油耗 7.0 L/100km。

兩款車用住同一套動力系統，日常開動嘅感覺基本上冇咩分別。油耗方面都差不多，唔使太糾結這一點。

保養同維修

Mazda CX-5 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。

Chery Tiggo 7 Pro 保養 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。

適合邊種人

Mazda CX-5 同 Chery Tiggo 7 Pro 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更加重視品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更加在意性價比同配備，那就揀配備更豐富嗰款。最終都係建議兩款都去試駕，親身體驗先係最重要。

總結

總嘅嚟講，Mazda CX-5 同 Chery Tiggo 7 Pro 都係馬來西亞市場好唔錯嘅車型。揀邊一輛，關鍵都係睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，先去試駕先做最終決定。買車係件大事，花啲時間做功課絕對唔會錯。

喺馬來西亞嘅 SUV 市場，好多人買車嗰陣都會將 奇瑞 Tiggo Cross 同 GWM 哈弗 H6 拎嚟比較。呢兩部車嘅價位同定位都幾接近，而家我哋就從多個方面做個詳細對比，幫大家省下做功課嘅時間。

價錢同版本

奇瑞 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。

GWM 哈弗 H6 喺馬來西亞嘅 OTR 售價係 RM 139,750 - 139,750，一共有 2 個版本，包括 1.5L Turbo Standard（RM 140,000）、1.5L Turbo Premium（RM 155,000） 等。

從價錢來看，奇瑞 Tiggo Cross 嘅起步價確實比 GWM 哈弗 H6 平咗 RM 51,000。如果你預算有限，奇瑞嘅入門版已經可以滿足日常需要。但都要注意，便宜嗰幾千蚊，可能喺配備上會有取舍，具體要睇你嘅需要。

安全配備

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

GWM 哈弗 H6 嘅安全評級係 TBD，主動安全系統包括 Basic。

兩部車嘅安全評級一樣，喺呢個級別入面安全配備都算好齊全。而家嘅新車安全性都唔差，唔使太擔心呢一點。

配備同科技

奇瑞 Tiggo Cross 採用 FWD 驅動方式。

GWM 哈弗 H6 採用 FWD 驅動方式。

兩部車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大分別。

保養同維修

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

GWM 哈弗 H6 保修 7 年/150,000km，保養間隔 每 10,000km 或 6 個月。

適合邊種人

奇瑞 Tiggo Cross 同 GWM 哈弗 H6 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更看重品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更在意性價比同配備，就揀配置更豐富嗰款。最終都係建議兩部都去試駕，親身體驗先係最重要。

總結

總體嚟講，奇瑞 Tiggo Cross 同 GWM 哈弗 H6 都係馬來西亞市場幾唔錯嘅車型。揀邊一部，關鍵仲係要睇你嘅個人需要同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花啲時間做功課絕對無錯。

喺馬來西亞嘅轎車市場，好買喺揀車嗰陣都會拿 Honda Civic Type R 同 BMW 3 Series 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，幫大家省返做功課嘅時間。

價錢同版本

Honda Civic Type R 喺馬來西亞嘅 OTR 售價係 RM 399,900 - 399,900，一共有 3 個版本，包括 2023 2.0T Standard（RM 399,900）、OTR NI（RM 399,900）、Volvo ES90（RM 339,888） 等。

BMW 3 Series 喺馬來西亞嘅 OTR 售價係 RM 267,800 - 392,800，一共有 2 個版本，包括 320i Sport（RM 248,000）、330i M Sport（RM 298,000） 等。

從價錢嚟睇，BMW 3 Series 嘅起步價比 Honda Civic Type R 平咗 RM 132,100。老實講，喺呢個價位段，幾千蚊嘅差距其實唔算大，關鍵仲要睇整體嘅性價比同長期使用成本。

空間同舒適度

Honda Civic Type R 車身長 4450 mm，尾箱 470 L。

BMW 3 Series 車身長 4400 mm，尾箱 400 L。

空間方面，Honda Civic Type R 嘅車身比 BMW 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。如果你經常載家人或者需要放嬰兒車，大一點嘅車身確實更實用。

保養同維護

Honda Civic Type R 保養 5 年/無限制里數，保養間隔 每 10,000km 或 6 個月。

BMW 3 Series 保養 5 年/無限里數，保養間隔 每 10,000km 或 6 個月。

適合邊種人

Honda Civic Type R 同 BMW 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款；如果你更在意性價比同配備，那就揀配置更豐富嗰款。最終都係建議兩款都去試駕，親自體驗先係最重要嘅。

總結

總之嚟講，Honda Civic Type R 同 BMW 3 Series 都係馬來西亞市場好唔錯嘅車型。揀邊一輛，關鍵仲要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，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。

車型概覽

東風風行菱智Electric 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。 呢篇會集中講值唔值得繼續觀望，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

東風風行菱智Electric 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 EREV 90km 後驅版（價格待確認）、2025 EREV 110km 後驅版（價格待確認）、2025 BEV 420km 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 東風風行菱智Electric 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。

19/19.09/64.4 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。 90/110/420 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。 102 Ps / 75 kW / 60 kW / 70 kW、130/175 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 5135 mm、車闊 1720 mm、車高 1990 mm、軸距 3000 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

東風風行菱智Electric 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 東風風行菱智Electric 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「東風風行 菱智新能源 適合送貨嗎？」簡單講，非常適合，東風風行 菱智新能源 零排放且營運成本低，係市區送貨首選。 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 東風風行菱智Electric 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 東風風行菱智Electric 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。

6月11日，中国香港演员吴镇宇走进东风风行生产基地，参观总装车间、研发试验中心与试验场，近距离感受智能制造与品质验证环节的严苛标准，并深度体验刚刚上市的2027款星海V9。

作为智能制造的核心环节，东风风行的总装车间按照工艺结构分为内饰、底盘、整车、调试四大工艺段，拥有122个生产工位，设计极限节拍可达50台/小时。在东风风行星海V9产品总监陈正宇的讲解中，吴镇宇近距离观摩了AGV自动牵引车精准配送物料、动力总成合装、五轴拧紧机对轮胎螺母进行扭矩检测等关键工序。

东风风行完整的体系力，不仅体现于高效的总装线，也离不开总投资超5亿元、国内领先的自主研发测试基地。在研发试验中心，吴镇宇走进消声室、四通道道路模拟试验室等专业试验室，体验2027款星海V9极致静谧、出色耐久背后的技术沉淀，并表示：“以后收音，想借用风行的消声室。”

东风风行占地460亩的研发试验场同样令吴镇宇印象深刻，他评价说：“这么大的场地，很适合电影取景。”该研发试验场是国内极少数由车企自建、能同时满足全系列商用车与乘用车的综合型专业试验场，场内建有性能路、动态广场、强化坏路、NVH评价路、坡道等7大类55种特殊路面，可开展整车在动力性、经济性、可靠性、环保噪声及主观评价等领域的全面道路测试。

在试验场，吴镇宇亲自体验了20度冲坡、30度下坡，驶过鹅卵石路和商用车测试规格的涉水路，对2027款星海V9在复杂路况下的底盘滤震、通过性及车身稳定性表示认可。内部测试道路上，2027款星海V9加速到160km/h以上，提速快、加速稳的表现赢得吴镇宇连连点赞。

吴镇宇对星海V9并不陌生，半年之前他就曾下定星海V9老友高定版，但刚刚上市的2027款星海V9，依然带给他新的惊喜。

通透明亮的超广角全景天窗让吴镇宇感到满意，他表示“能让我晒到太阳”。车内的小桌板与车载冰箱，被习惯在车上品尝美食的他评价为“非常实用”。2027款星海V9的85.2%得房率、220mm二排通道和第三排4/6比例下沉放平设计，让吴镇宇想到剧组转场时的真实需求：“2027款星海V9的空间大，特别是第三排，非常宽敞。”此外，他还关注到产品的外放电功能：“这个功能很实用，如果以后有机会去内蒙古拍戏，可以用来吃火锅。”

智能化方面，在升级后的自动泊车、遥控泊车和50米循迹倒车功能辅助下，2027款星海V9在柳州市区穿行、泊车时灵活从容。智能座舱层面，新车搭载高通骁龙8295P芯片、双15.6英寸大屏，以及百度文心一言与DeepSeek双AI大模型，人机交互流畅自然。

值得一提的体验期间，吴镇宇看到了即将上市的风行星海V6。这款“亲民智慧大六座”产品搭载华为乾崑智驾系统，拥有10个摄像头、12个超声波雷达和3个毫米波雷达，满足跨城出行、市区代步所需，结合2900mm轴距和第三排座椅下沉式收纳，实现华为智驾能力与家庭空间需求的深度融合。

从智能制造到研发验证，从星海V9到星海V6，东风风行用二十余年的专注，构建起覆盖高端商务与家庭出行的丰富产品矩阵。2027款星海V9以17.99万元起的指导价，将豪华配置与智电体验带入更广阔的市场；即将上市的星海V6依托华为乾崑智驾，进一步满足家庭用车的智能化需求。

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。

On May 28, 2026, the "SAIC Motor Global 100 Millionth User Delivery Ceremony" was held at the World Living Room in North Bund, Shanghai. Over a dozen SAIC passenger car brands and 19 models achieved global linkage, crossing mountains and seas and spanning continents through the method of "Global Relay Delivery", making SAIC Motor the first Chinese automotive group to surpass 100 million cumulative production and sales, casting a new milestone for China's automotive industry.

From "Phoenix" to "IM": 100 Million Units Witness the Striving and Original Aspiration of China's Automotive Industry

In 1955, the Shanghai Internal Combustion Engine Parts Manufacturing Company was established, marking the start of Shanghai's automotive industry. In 1958, workers used hammers to forge the first "Phoenix" brand sedan, achieving a "zero breakthrough" in Shanghai's sedan manufacturing. Over the past seventy-plus years, SAIC has witnessed and driven the entire process of China's automotive industry from nothing to something, from weak to strong: In 1983, the Santana rolled off the line, opening joint venture cooperation; In 1997, Shanghai GM was established, creating the "Shanghai Speed" of 23 months from factory construction to vehicle delivery; In 2006, the independent brand Roewe was born; In 2016, the world's first Internet car Roewe RX5 was launched; In 2020, the high-end intelligent electric brand IM Motors was established.

Woven throughout this journey is SAIC's long-held user philosophy of "Understanding Cars, Understanding You Better". Understanding cars is the extreme pursuit of core technologies; understanding you is precisely landing every frontier technology into a perceivable and enjoyable travel experience for users. From the Santana localization community to Joint Venture 2.0 technology co-creation, from Internet cars to full-wire chassis, solid/semi-solid state batteries, and AI large models on vehicles — every leap is an advancement in the ability to "Understand Cars", and a continuation of the original aspiration to "Understand You". 100 Million units represent the concentrated realization of 100 million user trust.

100 Millionth Unit: IM LS9 Hyper, Gathering the Best of SAIC's 70+ Years of Technology

The first 100 millionth delivery vehicle, IM LS9 Hyper, is the culmination of SAIC's 70-plus years of technology accumulation, ushering in a new era of "New Three Major Components" for new energy vehicles. It is equipped with next-generation chassis technology, the industry-first full-wire controlled four-wheel steering; next-generation intelligent driving hardware, 520-line super-visibility LiDAR + NVIDIA Thor chip; next-generation three electrics — all-domain 800V high-voltage platform and Stellar Super Extended Range. It comprehensively pre-embedded redundant capabilities for continuous evolution towards L3 and above advanced intelligent driving. At the same time, IM LS9 Hyper is the first to adopt SAIC Gold Label Hurricane Tri-Motor, comfortably entering the Performance 3-second Club; it also jointly launched "Intrinsic Security" technology with Purple Mountain Laboratory with the world, extending the automotive safety boundary from "Physical Safety" to "Information and System Safety", a necessary safety foundation for the AI era.

The 100 millionth user, Momenta CEO Cao Xudong, is exactly SAIC's core strategic partner in the intelligent driving field. The intelligent driving technology deeply co-created by both sides has empowered multiple autonomous and joint venture brands. "Partners become Owners" is not only a satisfactory delivery between manufacturers and users, but also a deep resonance among smart vehicle ecosystem partners.

System Strength: Global Relay Delivery of SAIC's Full Brand Matrix

Behind the 100 million units is the full value chain closed loop of SAIC covering six sectors: passenger cars, parts, mobility and services, finance, international operations, and innovative technology. From January to April 2026, SAIC cumulatively sold 1.302 million units, ranking first in Chinese automotive sales for four consecutive months. Among them, independent brand sales reached 910,000 units, accounting for nearly 70%; New energy vehicle sales reached 412,000 units; Overseas market sales reached 459,000 units, up 50.2% year-over-year.

At the delivery ceremony site, SAIC's full brands and full product matrix collaborated. Independent brands attacked across the line: Shangjie Z7, Huajing S, Roewe M7, MG4 Semi-Solid State Battery Version, Wuling Starlight 560, MAXUS eDeliver5, Hongyan Heavy Truck, Yuejin Danake T1, SUNWIN Electric Bus, IVECO Juxing EV, etc. were delivered successively, covering diversified scenarios such as personal travel, family life, commercial operations, and logistics transportation. Joint venture brands concentrated on showcasing "Joint Venture 2.0" results: Volkswagen ID. ERA 9X will be globally launched with Momenta R7 Reinforcement Learning World Model; over one month after launch, deliveries exceeded 7,000 units; AUDI E7X plans to become Audi's first global vehicle to achieve L3-level autonomous driving landing; Buick Zhijing E7 is built based on the "Xiaoyao" Super Fusion Architecture, with delivery exceeding 10,000 units one month after launch.

Starting from the main venue in Shanghai, delivery scenes continued to light up in multiple domestic cities such as Nanjing, Liuzhou, Taiyuan, and in countries such as the UK, Indonesia, and Singapore, pioneering a new narrative mode for Chinese automotive brands. Behind this lies SAIC's deep foundation of global layout. SAIC is a pioneer in Chinese automotive enterprises "going out": possessing over 100 parts production bases overseas, over 3,000 dealer networks, built 3 major R&D innovation centers such as London, and 4 production manufacturing centers in Thailand, Indonesia, India, and Pakistan; Anji Logistics possesses 42 various types of RoRo ships, 8 international routes covering Southeast Asia, Europe, and the Americas. Nowadays, SAIC's products and services cover over 170 countries and regions, with cumulative overseas sales exceeding 7 million units. SAIC MG has ranked first in Chinese brands in Europe for 11 consecutive years; European annual sales exceeded 300,000 units in 2025, becoming the first Chinese automotive brand to exceed 1 million cumulative sales in Europe and the UK. In March this year, MG held a Technology Day in Frankfurt, Germany, globally launching semi-solid state batteries and Hybrid+ hybrid technology; the Hybrid+ family's overseas single-month sales have exceeded 20,000 units. In 2025, SAIC released the overseas "Glocal Strategy" (Global + Local), accelerating the shift from "Product Export" to "Value Chain Export", allowing "Made in China" to further move towards the world.

From "Understanding Cars" to "Understanding You": A Delivery Ceremony Where Users Take the Lead

The ultimate focus of "Understanding Cars, Understanding You Better" is the travel life of every real user. Luo Zhenyu, founder of DAPP, as the 001st Experience Officer of Huajing S, praised Huawei Qiankun Intelligent Driving in the year-end speech and then entered the factory to witness the off-the-line production; Former German league player Yang Chen chose ID.ERA 9X, as its golden extended range and long-termism coincided; After Cao Kailiang's whole family ordered a car, his idol Jay Chou happened to become the spokesperson for the Buick MPV family; Charity blogger Liu Jia cut hair and sent companionship for left-behind children in Guangxi mountains for five consecutive years; Buick provided immediate aid, and he was moved by the "Perfect Score Cabin" of Zhijing E7. From social media bloggers to village secretaries, from charity guardians to logistics enterprises — every user is a microcosm of real life, which is the most vivid interpretation of "Understanding Cars, Understanding You Better".

100 million units are a phased answer sheet for SAIC's 70-plus years of development, and even more a new starting line for SAIC to face the future of intelligence and electricity "Second Startup". In 2014, SAIC actively implemented the important instruction of "Developing New Energy Vehicles is the Only Way for China to Move from an Automotive Big Country to an Automotive Powerhouse", taking the lead in comprehensive transformation. Twelve years later, from the "Leading the Charge" of intelligence and electricity transformation to the "Ten Thousand Horses Galloping" of autonomous and joint venture, passenger and commercial, domestic and overseas, SAIC will continuously use the user philosophy of "Understanding Cars, Understanding You Better" to let technological innovation truly benefit every user.

From 1955 to 2026, from the first user to the 100 millionth user, from initial exploration to industry leadership — SAIC will continue to travel together with global users and global partners to create a new future of美好 travel.

In May, China's automotive market overall presented a gentle recovery trend, with domestic brands still being the sales backbone of the market. Recently, BYD, Geely, Chery, Changan, and Great Wall, the top 5 domestic automakers, successively released their monthly performance reports. From the data, these five companies show a general characteristic of "stable total growth, divergence between domestic and international markets, and accelerated new energy penetration". Overseas exports and new energy vehicles have become the most core growth engines; export business has evolved from a "bonus item" to the "core foundation" for some companies. BYD's "dominant leader" status is further consolidated, Chery achieved high growth via exports, Geely's new energy penetration rate broke 56%, Changan focused steadily on balanced development, while Great Wall appeared slightly under pressure during structural transformation.

BYD: Export Hits New High Becomes Biggest Highlight

In May, BYD stood firmly at the top of domestic brands with a monthly sales volume of 383,500 vehicles, maintaining positive growth both year-on-year and month-over-month under a large base. Its two main brands, Dynasty and Ocean, sold a combined 330,200 vehicles, contributing 86.1% of total sales; Fangchengbao's monthly sales broke 30,000 units to reach 30,200, a year-on-year increase of 139.7%, setting a new high for the year; Denza sold 16,300 vehicles, and Yangwang delivered 286 vehicles. From a model perspective, BYD had eight models in May with monthly sales exceeding 20,000 vehicles. The Song Family and Yuan Family both broke 50,000 units, selling 51,370 and 56,691 vehicles respectively. The Sea Lion Family followed closely with 42,615 vehicles, and Seagull sales were also close to 40,000 vehicles.

BYD's biggest highlight in May was exports. Overseas new energy vehicle sales reached 160,600 units, an 80.4% year-on-year increase, accounting for about 42%. The sharp expansion of export scale effectively countered the phased weakness in domestic demand. Cumulative exports from January to May exceeded 620,000 vehicles. High export growth mainly benefited from continued ramping up of overseas factory capacity, improved ocean shipping capacity, and accelerated channel network expansion. In the domestic market, BYD promoted Megawatt Super Charging and intelligent strategies simultaneously—Megawatt charging achieved about 90% charge in 9 minutes; 20,000 super charging stations are planned to be built by 2026; all series models are available with Sky Eye B intelligent driving solutions and city navigation safety fallback plans, accelerating the popularization of high-level intelligent driving. As Gen 2 Blade Battery capacity gradually releases, the company's orders are expected to continue rising.

Chery: Sales Growth Leads the Top 5

Chery Group's total sales volume in May was 247,800 vehicles, a significant year-on-year increase of 20.5%, ranking first in growth speed among the top 5. Exports remained its most core growth engine—May exports reached 181,900 vehicles, an 80.5% year-on-year increase, accounting for 73.4% of total sales that month, continuously breaking the single-month export record for Chinese brands for three months. In terms of new energy, Chery New Energy sold 100,300 vehicles, a 58.8% year-on-year increase. April and May consecutively saw monthly new energy sales breaking 100,000 vehicles.

The strong performance in exports benefited from Chery's long-term deep cultivation of overseas channel advantages and localized operation capabilities. While overseas orders continued to rise, high export growth formed a sharp contrast with domestic sales—Chery's domestic sales in May were only 60,000 vehicles, accounting for one-quarter of total sales. From cumulative data, Chery Group accumulated 1.101 million sales from January to May, but against the annual goal of 3.2 million vehicles, monthly averages need to reach about 420,000 vehicles later, and pressure remains significant.

Geely: New Energy Penetration Rate Breaks 56%

Geely Auto's total sales volume in May was 237,600 vehicles, a 1% year-on-year increase, achieving month-over-month double growth for three consecutive months. In terms of structure, Geely's "New Four Transformations" transformation showed significant results: new energy vehicle sales reached 133,400 units, accounting for 56% of total sales, with new energy share exceeding 50% for four consecutive months.

From sub-brands, performance was significantly divergent. Zeekr brand sales in May reached 34,400 vehicles, a 82% year-on-year increase; Zeekr 9 Series and 8 Series models combined sales approached 50% of total sales, showing bright performance in the high-end market; Galaxy brand sales were 81,700 vehicles; Geely brand sales were 182,500 vehicles, among which China Star Series sales reached 100,800 vehicles; Lynk & Co brand sales were 20,700 vehicles, with new energy vehicle sales share rising to 71%.

In terms of exports, Geely's overseas vehicle exports in May reached 85,100 vehicles, a explosive 184% year-on-year increase, setting a brand single-month export record high. Among exported products, new energy vehicles reached 40,800 units, accounting for nearly half; hybrid and pure electric products have successively landed in Southeast Asia, Middle East, Latin America, and other markets, highlighting the results of global strategy implementation.

Changan: Multi-brand Matrix Balanced Effort

Changan Auto's delivery volume in May was 209,100 vehicles, among which new energy deliveries were 92,400 vehicles, a 5.8% year-on-year increase, with new energy share about 44%. In terms of exports, overseas deliveries reached 70,700 vehicles, a 38% year-on-year increase, becoming another major growth highlight for Changan in May.

In the sub-brand matrix, Changan Qiyuan delivered 34,500 vehicles in May; All-New Q05 delivered 15,800 units, with orders breaking 3,000 units within three days of listing in Thailand; Deepal sales in May were 33,200 vehicles, a 30% year-on-year increase; January to May overseas cumulative sales were 28,700 vehicles, a significant 167% year-on-year increase; Avatr delivered 7,336 vehicles in May; Changan Auto (Gravity) delivered nearly 49,000 vehicles in May.

Changan Auto's balanced layout was fully reflected in May: the fuel car base remained stable, new energy brands Deepal and Qiyuan accelerated volume growth, high-end brand Avatr continued to break through in technical cooperation, and overseas markets simultaneously achieved breakthrough growth. The pattern of five brands working together, driven by both new energy and exports, is initially taking shape.

Great Wall: Overseas Sales Growth Year-on-Year 46.75%

Great Wall Motor's sales in May were 100,400 vehicles, slightly down compared to last May's 102,200 vehicles, making it the only company among the top 5 to show a year-on-year negative growth. From sub-brands, Haval brand sales in May were 55,500 vehicles, remaining Great Wall's most important sales pillar; Tank brand sales were 17,100 vehicles; both Haval and Tank brand sales showed year-on-year declines; Wey brand sold 8,119 vehicles, a 31.78% year-on-year increase, achieving growth against the trend; Ora brand performance was most stunning, with sales of 6,018 vehicles, a significant 206.88% year-on-year increase. In terms of new energy, Great Wall sold 30,400 new energy vehicles in May, with new energy vehicle transformation gradually accelerating.

The overseas market became Great Wall's biggest highlight in May, with overseas sales growing 46.75% year-on-year. Against the background of pressure on the domestic market, strong growth in overseas business effectively made up for the decline in the domestic market. Great Wall Motor's current core contradiction lies in: Haval and Tank, the two traditional main-selling brands, face weak growth, while Wey and Ora brands, although growing notably, have relatively small volume and are not yet enough to support overall growth. How to complete the "relay" between old and new brands is the key issue Great Wall must solve subsequently.

Final Thoughts

From May data, the growth pattern of the top 5 domestic brands has clearly diverged, but there are three common trends worth noting: First, exports have become a key engine for domestic brands to seek stability and growth. Second, new energy transformation is still accelerating, but paths differ among enterprises. Third, technological innovation continues to deepen brand moats. Looking ahead to the second half of the year, competition in the automotive industry will continue to upgrade around these three trends. Although everyone has a common direction, these three trends are all competing for the entire enterprise's industrial chain strength, and the strong will remain strong, which has almost become an inevitable outcome.

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。

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.

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。

香港著名词曲家、广告人黄霑曾创作出“人头马一开，好事自然来”的经典广告语，时至今日依然是人头马白兰地的核心口号。要说开一瓶酒和好事来临有什么必然联系，可能有些牵强，但就是这样一个通俗易懂、吉利讨喜的短句，朗朗上口很好记，迎合了消费者想要讨个口彩的心理，成为了酒类市场中的一个经典广告。

讨个口彩，smart需要被人记住

最近smart喊出了一个新口号：“先开精灵6，好事随其后”，也有异曲同工之妙。首先是“6”和“后”押韵，说起来十分顺口，便于记忆和传播。“先”“后”顺序暗示消费者只要开了精灵6，就会好运连连，给人以美好的祝愿。而且“开”这个字也很有意义，不管买不买，先坐进车内开一圈，让人更有拥抱新鲜事物的体验感。

对于smart来说，现在的它太需要一个让人记住的标签了。曾经我们被科比坐进smart车内所震惊，知道了这是一款奔驰旗下的灵巧小车，时尚、精致、好停好开。但是现在迈入新能源时代，身材不再那么娇小的smart，失去了曾经的精致两门小车标签，开始和其他新势力友商竞争，希望获得更多年轻客群的青睐。最新推出的精灵6号轿车产品，有望通过朗朗上口的广告语，时尚精致的形象，以及合理的定价，让原本准备购买豪华品牌入门款车型的消费者，转向smart的怀抱。

源自奔驰的豪华氛围，有望组成“36C”

6月11日，smart精灵6号正式上市，新车推出三个配置版本，限时售价17.79-21.79万元。精灵6不仅想要给用户带来好运，更希望自己能够成为把原来豪华品牌入门车阵营的“34C”改写为“36C”——精灵6号替代奥迪A4L，与宝马3系、奔驰C级轿车一起组成“36C”的新组合，成为手握20万元预算的年轻消费者的入门豪华选择。

精灵6号车身B柱有奔驰logo，车头的PixelTalk智感交互光阵、真风道，车尾电动尾翼，无框车门，以及车内的涡轮出风口、奔驰风格座椅调节按键、飞碟悬浮升降扬声器、256色环抱氛围灯、Nappa真皮+90%软包等设计，都让这款掀背轿车充满了豪华品牌的仪式感。另外，新车还配备激光雷达智驾方案，智能化方面的表现也值得期待。

写在最后

精灵6号是smart品牌面对中国市场的一次大胆尝试，延续着奔驰设计的时尚、精致魅力，同时又凭借更实用的空间，更智能的科技，满足中国消费者的喜好。smart想要真正融入“36C”阵容，最大的挑战还是品牌认知，绝大多数消费者都认识四个圈的奥迪，对smart的印象还停留在精致小车上。如今smart推出精灵6号这样一款“大车”，强调奔驰基因，给人以“好事随其后”的好彩头，或许能够让更多人重新认识smart。

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.