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喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Proton X90 同 Kia Sportage 嚟做比較。呢兩款車喺價位同定位上都幾接近，今日我哋就由多個方面做一個詳細嘅對比，幫你省下做功課嘅時間。
Proton X90 喺馬來西亞嘅 OTR 售價係 RM 106,800 - 122,800，總共有 4 個版本，包括 2026 1.5T Prime X（RM 122,800）、2026 1.5T Prime（RM 116,800）、2026 1.5T Lite（RM 106,800）等。
Kia Sportage 喺馬來西亞嘅 OTR 售價係 RM 129,639 - 179,320，總共有 4 個版本，包括 2025 1.6T DCT 4WD High（RM 179,320）、2025 1.6T DCT 2WD High（RM 159,320）、2025 2.0L AT 2WD High（RM 139,639）等。
從價錢嚟睇，Proton X90 嘅起步價確實比 Kia Sportage 平咗 RM 22,839。如果你預算有限，Proton 嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千塊，可能在配備上會有取捨，具體要睇你嘅需求。
Proton X90 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
Kia Sportage 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
兩款車用緊同一套動力系統，日常開起嚟嘅感覺基本冇分別。油耗方面都係差唔多，唔使太糾結這一點。
Proton X90 車身長 4400 mm，後備箱 400 L。
Kia Sportage 車身長 4400 mm，後備箱 400 L。
兩款車嘅尺寸幾乎一樣，車內空間差別唔大。呢個級別嘅車，日常使用完全夠用。
Proton X90 採用 FWD 驅動方式。
Kia Sportage 採用 FWD 驅動方式。
兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大區別。
Proton X90 同 Kia Sportage 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，就揀配置更豐富嗰款。最終都係建議兩款都去試駕，親身體驗先係最重要。
總括嚟講，Proton X90 同 Kia Sportage 都係馬來西亞市場幾唔錯嘅車型。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，再嚟試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
In the Malaysian SUV market, many buyers compare Proton X90 and MG MG HS when choosing a car. Both cars are quite close in price and positioning. Today we will make a detailed comparison from multiple aspects to help you save time on research.
The OTR price of Proton X90 in Malaysia is RM 106,800 - 122,800, with a total of 4 versions, including 2026 1.5T Prime X (RM 122,800), 2026 1.5T Prime (RM 116,800), 2026 1.5T Lite (RM 106,800), etc.
The OTR price of MG MG HS in Malaysia is RM 130,450 - 146,450, with a total of 2 versions, including 1.5L Standard (RM 105,000), 1.5L Executive (RM 115,000), etc.
In terms of price, the starting price of Proton X90 is indeed RM 23,650 cheaper than MG MG HS. If your budget is limited, Proton's entry-level version can already meet daily needs. However, please note that the difference of a few thousand might involve trade-offs in features, depending on your specific needs.
Proton X90 safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
MG MG HS safety rating is TBD, active safety systems include Basic.
Regarding safety features, both cars received good ratings. However, there are some functional differences between Proton X90's ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) and MG MG HS's Basic. If you value active safety, you can compare their feature lists closely.
Proton X90 body length 4400 mm, trunk 400 L.
MG MG HS body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost identical, with little difference in interior space. For this class of cars, daily use is fully sufficient.
Proton X90 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
MG MG HS warranty 7 years/150,000km, maintenance interval every 10,000km or 6 months.
Proton X90 and MG MG HS are both mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with better reputation; if you care more about cost-performance ratio and features, choose the one with richer configurations. Ultimately, it is recommended to test drive both, as personal experience is the most important.
Overall, Proton X90 and MG MG HS are both very good car models in the Malaysian market. Which one to choose depends on your personal needs and budget. We suggest you do your research, compare quotes from several dealerships, and then test drive to make the final decision. Buying a car is a major decision, spending time on research will never be wrong.
售價 20 萬林吉特（約 7515 萬韓元）以內、最大功率 241 馬力以下進口電動車禁止銷售，政策意在引導車企本地建廠生產！
馬來西亞官方開始收緊以比亞迪為首的中國電動車企業進口管控。
馬來西亞 2025 年新車銷量達 820752 輛，創下歷史新高。此前東南亞汽車銷量榜首一直是印度尼西亞；新型冠狀病毒疫情前，印尼年新車銷量常年穩定突破 100 萬輛。
但受國內經濟環境影響，印尼 2025 年汽車銷量從 2024 年的 85.6 萬輛下滑 7.2%，降至 80.3 萬輛。反觀馬來西亞銷量同比小幅上漲 0.5%，登頂東南亞汽車市場銷量第一。
馬來西亞官方出台兩項進口電動車準入門檻：第一，車輛最大功率必須達到 241 馬力以上；第二，售價需超過 20 萬林吉特。簡單來說，非高端豪華電動車一律禁止進口銷售。
主打親民小型電動車搶占市場的比亞迪、主力車型為中型車的極氪（Zeekr）等品牌將直接受到衝擊。
比亞迪目前在馬來西亞布局 7 款車型，從入門款海豚、元 PLUS（Atto 3）到高端車型海獅 7（Sealion 7），全系起售價均低於 20 萬林吉特。極氪主力車型極氪 7X 起售價同樣不足 20 萬林吉特，無法滿足進口銷售標準。
極氪 7X
馬來西亞限制中國電動車進口，一方面是為了保護本土車企，另一方面是倒逼中國電動車企業赴當地投資建廠。馬來西亞交通部統計，中國電動車已佔據該國電動車市場約 60% 份額。
馬來西亞同時出台本地生產電動車限制條款，雙重防護本土市場：本地生產電動車最低定價 10 萬林吉特，且本地內銷份額不得超過 20%，至少 80% 產量必須用於出口，否則不允許投產。此外政策強制要求，焊接、塗裝、總裝三大核心工序必須在馬來西亞境內完成，以此遏制中國電動車大量湧入本土市場。
繼歐洲市場之後，東南亞經濟大國馬來西亞也對中國車企豎起貿易壁壘，中國電動車企業不得不調整海外銷售策略。據悉馬來西亞的限制政策已初見成效，小鵬、名爵、五菱等部分中國車企已計劃與當地企業合作，落地馬來西亞整車生產項目。
August 12, Chery Fengyun T7 officially opened pre-sale, three configurations pre-sale price 109,900 yuan to 129,900 yuan. The theme of this launch event is "Slow craftsmanship builds a good car, long awaited" — in the pace of new energy vehicles "change model every half year, change generation every year", not many car companies are willing to admit being "slow", Chery counts as one.
Go overseas first, then return home. The most noteworthy thing about Fengyun T7 is not the price, but its origin path
This car is called Lepas L6 overseas, South Africa has already opened pre-sale, Thailand launched on July 24, next it will go to Indonesia, EU, Australia-New Zealand, UK. First run around the world, accept overseas market inspection, then return to sell domestically — this reverse operation is indeed rare among local brands.
Why go through such trouble? A car must simultaneously meet regulations, climate, and road conditions of different markets such as EU, Southeast Asia, Middle East, Australia, etc., R&D cycle is destined to be long. Fengyun T7 planned for 2 years, developed for 3 years, spent 5 years in total. 81 durability test cars ran trials synchronously, whole vehicle cumulative test over 6 million km. Test environment covers Southeast Asia rainy season, Middle East high-temperature sun exposure, Indonesia high humidity, temperature range from minus 40 degrees to 55 degrees.
In today's industry where "launch a new car in 12 months" is pursued universally, spending 5 years to polish a 100,000 yuan class car, this pace is indeed somewhat unconventional. But the benefits brought by this slowness are real: it doesn't build a car first and then find ways to adapt it to different markets, but understands the needs of different markets first before starting to build cars.
Full series 600 km range, regardless of high or low trim
The old trick of 100,000 yuan class pure electric SUV is "entry level 400+ km, long range requires extra money for high trim". Fengyun T7's approach is: standard 65.05 kWh Rhino battery for the whole series, CLTC range unified at 600 km, actual test runs above 667 km. Entry version does not cut range, high trim does not add price to change range.
Fast charge 30% to 80% takes about 20 minutes. Battery cycle life over 2500 times. Whole domain thermal management system covers minus 30 degrees to 55 degrees. These parameters placed in 100,000 yuan class products, competitiveness is real.
Safety is another aspect that doesn't seem like "100,000 yuan class". Fengyun T7 is developed according to 2026 version E-NCAP five-star standard, functional safety reaches ASIL D highest level. Body 80% high-strength steel, 18.84% hot-formed steel, nine horizontal five vertical cage structure. Whole car 9 airbags, including 48L dual-chamber remote airbag and rear side airbag. Rhino battery IP68 waterproof is 96 times national standard.
These configurations usually appear on 200,000 yuan class products. Chery did not cut safety due to low price.
Intelligence and Space: 8775 Chip plus Falcon 500Smart cockpit uses 4nm process Qualcomm SA8775 chip, computing power 72 TOPS. 15.6 inch 2.5K center screen, supports CarPlay, Huawei HiCar, CarLink wireless connection. Lingxi Smart Cockpit 2.0 built-in nap, camping, pet, etc. scenario modes.
Falcon 500 driver assistance equipped with 22 sensors — 3 mmWave radars, 7 cameras, 12 ultrasonic radars. Supports 300+ scenario automatic parking, including dead-end parking and floor-spanning parking.
Dimensions 4570×1852×1694 mm, wheelbase 2700 mm. Rear seats folded form pure flat big bed. Chassis polished by former Maserati tuning team, rear-motor rear-drive layout rare at this price point.
During pre-sale period, pay 1,000 yuan deposit deductible 2,000 yuan car purchase price, two exclusive car colors limited time free. Two guarantees: battery thermal runaway due to battery itself reason compensate same new car; within one year of purchase due to intelligent driving system reason accident max compensate 5 million. Two lifelongs: whole vehicle including three-electric lifelong warranty, 666 yuan to buy lifelong basic maintenance.
100,000 yuan class pure electric SUV market is already a red ocean. BYD Yuan PLUS, Deepal S05, Geely Galaxy E5 are all fighting for this cake. Fengyun T7's differentiation lies in: using globally verified products to compete in domestic market, using full series 600 km range to establish identity, using European benchmark safety standards to build trust.
Chery ranked first in Chinese brand passenger car exports for consecutive 23 years, global users broke 20 million. Fengyun T7 is not a car pursuing "speed" — it spent 5 years to reach this pre-sale stage. But for consumers, a 100,000 yuan class pure electric SUV verified repeatedly by global markets, might be more worth looking at seriously than those rushed products.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿寶騰 X90 同馬自達 CX-8 做比較。這兩款車喺價位同定位上都相當接近，今日我哋就從多個方面做一個詳細嘅比較，幫你節省咗做功課嘅時間。
寶騰 X90 喺馬來西亞嘅 OTR 售價係 RM 106,800 - 122,800，合共 4 個版本，包括 2026 1.5T Prime X（RM 122,800）、2026 1.5T Prime（RM 116,800）、2026 1.5T Lite（RM 106,800）等。
馬自達 CX-8 喺馬來西亞嘅 OTR 售價係 RM 165,360 - 201,360，合共 5 個版本，包括 2025 2.5T 4WD High Plus Petrol（RM 201,360）、2025 2.2L 2WD High Plus Diesel（RM 193,123）、2025 2.5L 2WD High Plus Petrol（RM 186,360）等。
從價錢睇，寶騰 X90 嘅起步價的確比馬自達 CX-8 平咗 RM 58,560。如果你預算有限，寶騰嘅入門版已經可以滿足日常需要。但都要留意，平嗰幾千蚊，可能喺配備上要有所取捨，具體就要睇你嘅需求。
寶騰 X90 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
馬自達 CX-8 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 Brand ADAS。
兩款車嘅安全評級一樣，喺呢個級別入面安全配備都算給得好齊全。而家嘅新車安全性都不錯，唔使太擔心呢一點。
寶騰 X90 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
馬自達 CX-8 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
兩款車嘅保養條件一樣，呢方面唔使諗唔通。實際保養成本仲要看品牌嘅服務網絡同零件價格，建議去車友群問吓真實車主嘅經驗。
寶騰 X90 同馬自達 CX-8 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更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，那就揀配置更豐富嗰款。最終都係建議兩款都去試駕，親身感受先係最重要嘅。
總體嚟講，寶騰 X90 同馬自達 CX-8 都係馬來西亞市場好唔錯嘅車型。揀邊一輛，關鍵都係要看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，先至做最終決定。買車係件大事，花啲時間做功課絕對唔會錯。
In the Malaysian SUV market, many buyers compare Proton X90 and Mazda CX-3 when choosing a car. These two cars are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to help you save time on research.
Proton X90 in Malaysia OTR price is RM 106,800 - 122,800, with 4 versions in total, including 2026 1.5T Prime X (RM 122,800), 2026 1.5T Prime (RM 116,800), 2026 1.5T Lite (RM 106,800) etc.
Mazda CX-3 in Malaysia OTR price is RM 126,159 - 139,159, with 2 versions in total, including 2023 2.0L High (RM 139,159), 2023 2.0L Plus (RM 126,159) etc.
From a price perspective, Proton X90 starting price is indeed RM 19,359 cheaper than Mazda CX-3. If your budget is limited, Proton entry version can already meet daily needs. But note, the cheaper few thousand might have trade-offs in features, depends on your needs.
Proton X90 equipped with 1.5L Turbo, horsepower 140 hp. Official fuel consumption 7.0 L/100km.
Mazda CX-3 equipped with 1.5L Turbo, horsepower 140 hp. Official fuel consumption 7.0 L/100km.
Both cars use the same powertrain system, daily driving feeling basically no difference. Fuel consumption aspect also similar, no need to worry too much about this point.
Proton X90 safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Mazda CX-3 safety rating is 5★ (ASEAN NCAP), active safety systems include i-Activsense.
Both cars safety rating same, in this class safety features are considered very complete. New car safety nowadays not bad, no need to worry too much about this.
Proton X90 body length 4400 mm, trunk 400 L.
Mazda CX-3 body length 4500 mm, trunk 450 L.
Space aspect, Mazda CX-3 body longer than Proton X90 100 mm, seating space more advantageous. However Proton X90 in city parking more flexible, each has trade-offs.
Proton X90 adopts FWD drive method.
Mazda CX-3 adopts FWD drive method.
Both cars drive method same, all FWD, daily driving feeling won't have too big difference.
Overall, Proton X90 and Mazda CX-3 are both very good car models in Malaysian market. Choosing which one, key still depends on your personal needs and budget. Suggest everyone do homework, compare several car dealer quotes, then go for test drive to make final decision. Buying car is big matter, spend time doing homework absolutely won't be wrong.
In the Malaysian SUV market, many buyers compare the Proton X70 and Chery Tiggo 9 when choosing a car. These two cars have very similar pricing and positioning. Today we will make a detailed comparison from multiple aspects to help you save time on research.
The Proton X70 OTR price in Malaysia is RM 106,800 - 122,300. There are 3 versions in total, including 1.5L Standard 2WD (RM 106,800), 1.5L Executive 2WD (RM 115,800), and 1.5L Premium 2WD (RM 122,300).
The Chery Tiggo 9 OTR price in Malaysia is RM 166,800 - 179,800. There is 1 version in total, including 2026 2.0T Standard (RM 179,750).
In terms of price, the starting price of the Proton X70 is indeed cheaper by RM 60,000 than the Chery Tiggo 9. If your budget is limited, the Proton entry-level version can already meet daily needs. However, note that the few thousand ringgit cheaper price might involve trade-offs in features, it depends on your specific needs.
The Proton X70 is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
The Chery Tiggo 9 is equipped with 2.0L 4-cyl, 170 hp. Official fuel consumption 8.0 L/100km.
In terms of power, the Chery Tiggo 9's 2.0L 4-cyl has 30 more horsepower than the Proton X70's 1.5L Turbo. However, for daily city driving, the power of both cars is sufficient and you won't feel underpowered.
Proton X70 warranty 5 years / 150,000km, service interval every 10,000km or 6 months.
Chery Tiggo 9 warranty 3 years / 100,000km, service interval every 10,000km or 6 months.
Both the Proton X70 and Chery Tiggo 9 are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with better reputation; if you care more about value for money and features, then choose the one with richer configuration. Ultimately, it is recommended to test drive both cars, personal experience is the most important.
Overall, the Proton X70 and Chery Tiggo 9 are both very good car models in the Malaysian market. Which one to choose depends on your personal needs and budget. It is recommended that everyone do their research, compare quotes from a few dealerships, and then test drive to make the final decision. Buying a car is a big matter, spending some time doing research will definitely not go wrong.
In the SUV market in Malaysia, many buyers compare Proton X70 and Chery Tiggo 8 when choosing a car. Both cars are quite close in price and positioning, so today we will make a detailed comparison from multiple aspects to help you save time on research.
The OTR price of Proton X70 in Malaysia is RM 106,800 - 122,300. There are a total of 3 versions, including 1.5L Standard 2WD (RM 106,800), 1.5L Executive 2WD (RM 115,800), 1.5L Premium 2WD (RM 122,300), etc.
The OTR price of Chery Tiggo 8 in Malaysia is RM 129,750 - 129,750. There is a total of 1 version, including 2026 1.6T Standard (RM 129,750), etc.
From the price perspective, Proton X70's starting price is indeed RM 22,950 cheaper than Chery Tiggo 8. If your budget is limited, Proton's entry version can already meet daily needs. But also note, the few thousand RM savings might involve trade-offs in equipment, depending on your specific needs.
Proton X70's safety rating is 5★ (ASEAN NCAP). Active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Chery Tiggo 8's safety rating is TBD. Active safety systems include Basic.
Regarding safety equipment, both cars have received decent ratings. However, there are some differences in functionality between Proton X70's ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) and Chery Tiggo 8's Basic. If you value active safety, you can compare the feature lists of both carefully.
Proton X70 body length 4400 mm, trunk 400 L.
Chery Tiggo 8 body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, interior space difference is not large. Cars in this class are fully sufficient for daily use.
Proton X70 adopts FWD drive system.
Chery Tiggo 8 adopts FWD drive system.
The drive system of both cars is the same, both are FWD, daily driving experience will not have too much difference.
Overall, Proton X70 and Chery Tiggo 8 are both very good car models in the Malaysian market. Which one to choose depends on your personal needs and budget. We suggest doing your research, compare quotes from several dealerships, and go for a test drive to make the final decision. Buying a car is a big matter, spending time on research is never wrong.
8月1日，极氪公布最新交付数据：7月交付新车35837辆，同比增长111%，已连续6个月实现同环比双增长，品牌单车成交均价近37万元。今年1-7月，极氪累计交付超21万辆，同比增长99%，截至目前，极氪品牌全球累计交付已突破85万辆。
当见山高月更阔：旗舰车型领衔 产品力就是市场定力
值得一提的是，极氪销量海报引用了王阳明《蔽月山房》里的“当见山高月更阔”为主题，寓意着极氪正以更高的技术追求和更长期主义的用户视野，打造中国豪华新能源品牌，引领新的竞争格局。
今年以来，受原材料涨价、行业价格战等因素影响，国内汽车行业销量整体承压，在此背景下，极氪凭借全栈900V高压架构、浩瀚AI数字底盘、一体化压铸应用技术等领先科技，走出稳步向上的高质量发展路径，也与词意相符。
作为品牌向上的核心引擎，极氪9X在高端市场展现了强劲的销售势能。上半年斩获50万元以上全品类销量冠军，单车均价超53万元，打破“高价即低销”的常规市场预期。7月28日，极氪9X五座版上市，此次上市未举办线下发布会，而是直接开启大定，权益后限时售价45.19万元起，市场反馈热烈，Hyper版以上高配订单占比已超75%，显示出高端用户对这款旗舰产品的深度认同。
不止如此，极氪9X的影响力已经超越单纯的交通工具属性，成为高端圈层的“社交货币”。五座版上市次日，全球超奢改装品牌迈莎锐宣布首批抢订200辆极氪9X五座版，批量采购的背后，标志着极氪9X的产品力已经获得全球顶奢用车圈层的认可。
此外，“半个娱乐圈都是极氪车主”的现象级话题广为流传。随着张国立、唐国强、黄晓明等知名演员相继成为极氪9X五座版车主，极氪9X也成为继极氪009之后明星车主阵容最雄厚的中国旗舰车型之一。
本月，极氪7X、极氪猎装7月全球交付量双双破万。其中，极氪7X继上半年登顶中国香港、澳大利亚、马来西亚、墨西哥、埃及五大核心市场豪华细分销量No.1后，其产品足迹遍布全球50余个市场，全球累计交付近18万辆。
凭借原创猎装设计、全栈900V领先技术与安全性能的持续突破，极氪猎装累计销量已超39万辆，当前全球每售出10辆猎装车就有7辆来自极氪，进一步夯实其“猎装之王”的行业地位。
在竞品密集投放的红海中，极氪凭借技术硬实力与提前的产品布局，构建竞争壁垒，进一步带动品牌势能稳步向上。
技术护城河：全栈自研 900V高压架构等核心科技赋能全系车型
技术产品力正是支撑极氪交付量稳步向上的“定力”。极氪坚持全栈自研战略，极氪凭借全栈900V高压架构、浩瀚AI数字底盘、一体化压铸应用技术等领先科技，打通了从底层架构、动力能源、底盘操控到整车安全及智能驾驶的技术全链路。
这套技术体系已全面覆盖极氪 009、极氪 9X、极氪 8X 等多款旗舰及主流车型。凭借性能、安全与智能体验上的显著优势，极氪在纯电与混动双赛道上建立了技术领先性。
值得一提的是，极氪作为核心完成单位，联合产学研伙伴共同攻关的“一体化压铸用免热处理强韧化铝/镁合金及其应用技术”项目，近日荣获2025年度国家科学技术进步奖。该奖项是中国科技创新领域的最高荣誉之一，极氪是国内唯一获该国家级重磅科技奖项的新势力车企。该技术使得制造的车身更轻、更静、更安全，目前极氪旗下主流车型极氪9X、009、8X、7X、001、007GT等均已使用一体化压铸车身，进一步夯实了品牌的优质安全口碑。
口碑为王：稳居豪华品牌阵营，极氪9X获超8成用户主动推荐
权威调研机构杰兰路日前发布的《2026年度上半年新能源汽车品牌健康度研究》（下文简称为“报告”）报告统计，极氪9X用户净推荐值位列50万元以上全车型第一，获得超八成用户主动推荐。
报告同时指出，极氪在消费者品牌档次认知中，与BBA并列“豪华品牌”阵营，接近保时捷为代表的传统超豪华品牌。此外，极氪品牌用户净推荐值大幅提升，位列高端新能源头部阵营，品牌发展信心指数位居“强信心”品牌前列，品牌百人青睐指数超BBA、保时捷，增长势能强劲。
近一年来，极氪产品更新节奏透明、价格体系稳定，坚持与用户零距离坦诚沟通，品牌用户净推荐值大幅提升。通过推行《阳光服务公约》《极氪零距离》等常态化举措，推动用户口碑持续向好。在服务体系内部，极氪还创新性地设立售后服务“鸡腿基金”，将用户满意度与一线服务人员的表现挂钩，拉动用户体验提升。
近日，针对用户反映的“跨境自驾时车机因地理围栏触发限制”的问题，极氪快速上线跨境守护功能，优化出入境安全保障模块，并且将通过OTA推送把开关的选择主动权交给用户，以满足不同用户的需求。
全球化加速：进军欧洲豪华主场，中东市场迎来热销
国内市场稳步向上的同时，极氪正在加速推进全球化布局。
7月29日，极氪9X在荷兰阿姆斯特丹完成欧洲首秀，向欧洲用户展示了融合本土化团队设计、超级电混技术环保高效与极氪奢华科技体验的全方位实力。
在豪车云集的阿联酋，极氪9X已开启预售，其价格较国内高出20余万元，市场热度持续高涨，截至7月30日，预售订单已超过500辆，这一数据背后，是海外消费者对极氪产品力、品牌格调及智能化体验的高度肯定，证明中国品牌有能力在全球高端市场走通豪华路线。
极氪7X也快速在全球市场铺开规模效应。凭借过硬的全球品质标准和优秀的产品实力，极氪7X在上市一年内便成功进入全球50余个地区市场，成为中型豪华纯电SUV中全球化速度最快的车型之一。
面对芯片、电池等原材料价格大幅上涨，及行业价格战的多重挑战，极氪坚持以技术为基石、以用户为核心，走出了稳步向上的高质量发展路径，成为中国豪华新能源“ZAN”（极氪ZEEKR、问界AITO、蔚来NIO）格局中的关键引领力量。行业人士指出，ZAN已具备与BBA等传统豪华品牌深度竞争的能力，也将重新定义中国豪华品牌的全球竞争力。
近日，2026 絲綢之路萬里行·啟迪之路跨國全媒體活動喺西安正式啟航。車隊縱貫南北、連通陸海，溯源藥、瓷、絲、茶四大古絲路核心物產，串聯多座歷史文化名城。
全程覆蓋城市擁堵、高速巡航、山區隧道等複雜路況，閃充同智駕雙核協同，為萬里征途全程保駕護航。
7 月 24 日，發車儀式喺西安大唐西市金市廣場舉行。
千年之前，呢度正係萬商輻輳嘅隋唐西市，無數商隊由此啟程西行。
2026 年恰逢中國—東盟建立全面戰略關係五週年，車隊喺完成國內段文明採集後，仲會跨海深入泰國、馬來西亞、新加坡三國，圍繞文明互鑑、科技創新、產業互聯三大維度展開全景式探訪。
車隊沿古商路主線行進，抵達亳州參加香藥採集儀式，以本草為媒將亳州正式納入絲路文明採集版圖。沿途經過合肥，前往景德鎮取瓷、赴杭州採絲，入閩登武夷山收茶，匯於深圳，令東方雅韻喺呢度重煥新生，揚帆出海。
智行絲路傳遞中國智造，作為核心保駕夥伴，比亞迪攜全系新能源車隊全程隨行，以閃充電態同天神之眼輔助駕駛系統兩大技術支柱，為遠征全程兜底。
呢場遠征對車輛嘅考驗近乎苛刻：33 天連續高強度行駛，跨越平原、丘陵、山地同海岸，經歷盛夏高溫濕熱同跨海跨國嘅長途奔襲——任何一次補能耽擱、任何一處駕駛疏忽，都會被萬里行程無限放大。比亞迪全系新能源車隊以技術為刃，直面呢場全場景大考。
補能唔設限，遠行先至自由。比亞迪閃充技術可以做到「5 分鐘充好、9 分鐘充飽」，配合全國 325 座城市 7018 座閃充站嘅網絡化布局，車隊無論行至城市、高速定山野鄉鎮，均可就近快速補能。「出行用閃充，全程都輕鬆」唔係口號，而係貫穿萬里嘅真實體驗。
「5 分鐘充好、9 分鐘充飽」為全球量產車型嘅最快水平。
而 7018 座閃充站仲只係起點：按照「閃充中國」戰略，到 2026 年底全國閃充站將擴充至 2 萬座，其中 1.8 萬座落子城市、2000 座佈局高速。萬里絲路走到邊度，補能網絡就跟到邊度。
智駕唔缺席，萬里皆從容。面對多變路況，天神之眼輔助駕駛系統依靠日均超 2.1 億公里真實駕駛數據閉環持續進化，越用越好開。
喺城區、山區、高速等場景中準確識別風險、智能決策避險，大幅緩解長途駕駛疲勞。作為全球首個實現城市領航同智能泊車「雙兜底」嘅車廠，比亞迪以技術守護同責任兜底嘅雙重防線，令每一位同行者沉浸式享受旅程，毋須顧慮其他。
長途遠征最怕嘅唔係路遠，而係人倦。城市擁堵路段，系統精準跟車、平穩啟停，將頻繁踩踏嘅煩躁擋喺車外。
高速巡航途中，車道居中、智能變道一氣呵成，枯燥里程俾人悄悄「摺疊」。
駛入山區隧道，光線驟變、彎道連綿，系統依然穩定識別、提前預判；抵達駐地，智能泊車一鍵收尾。
將精力留畀風景同文化，將重複同疲勞交畀系統，技術兜底之外，仲有責任兜底，呢份「雙兜底」承諾，令「敢用、愛用」成為全車隊 33 日裏嘅共識。
從駝鈴通商、香藥流轉，到新能源車隊智行萬里、文脈出海，千年絲路互通互聯嘅精神一脉相承。呢場遠征既係文明溯源之旅，亦係中國新能源技術交出一份萬里答卷。
車輪丈量山河萬里，科技連結絲路未來。從千年駝鈴嘅互通互聯，到今日新能源汽車嘅智行萬里，跨越千年嘅絲路精神一脉相承。
未來，比亞迪將持續以綠色創新技術為核心，深耕新能源出行，以科技搭建中外交流橋樑，讓喺絲綢之路行嘅比亞迪車隊，成為新時代最鮮活、最亮眼嘅流動中國名片，持續向世界彰顯中國智造嘅創新力量同大國匠心。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會揀 寶騰 X70 同 豐田 Corolla Cross 黎做比較。呢兩款車喺價碼同定位上都幾接近嘅，而家我哋就從多個方面做一個詳細嘅對比，幫你節省做功課嘅時間。
寶騰 X70 喺馬來西亞嘅 OTR 售價係 RM 106,800 - 122,300，合共 3 個版本，包括 1.5L Standard 2WD（RM 106,800）、1.5L Executive 2WD（RM 115,800）、1.5L Premium 2WD（RM 122,300）等等。
豐田 Corolla Cross 喺馬來西亞嘅 OTR 售價係 RM 133,800 - 148,800，合共 3 個版本，包括 2026 HEV 1.8L GR Sport（RM 148,800）、2026 HEV 1.8L Standard（RM 140,800）、2026 1.8L Standard（RM 133,800）等等。
由價錢嚟睇，寶騰 X70 嘅起步價的確比 豐田 Corolla Cross 平咗 RM 27,000。如果你預算有限，寶騰嘅入門版已經可以滿足日常需要。但都需要注意，平嗰啲幾千蚊，可能喺配備上會有取捨，具體就要睇你嘅需要。
寶騰 X70 嘅安全评分係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
豐田 Corolla Cross 嘅安全评分係 5★ (ASEAN NCAP)，主動安全系統包括 TSS (PCS, LDA, ACC, LTA)。
兩款車嘅安全评分一樣，喺呢個級數裡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。
寶騰 X70 採用 FWD 驅動方式。
豐田 Corolla Cross 採用 FWD 驅動方式。
兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大分別。
寶騰 X70 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
豐田 Corolla Cross 保修 5 年/無限制里程，保養間隔 每 10,000km 或 6 個月。
總體嚟講，寶騰 X70 同 豐田 Corolla Cross 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵都要睇你嘅個人需要同預算。建議大家做好功課，多比較幾間車行嘅報價，再去做試駕先做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
In the Malaysian SUV market, many buyers compare Proton X50 and Chery Tiggo 9 when choosing a car. These two models are quite close in price and positioning. Today, we will do a detailed comparison from multiple aspects to save you time doing research.
The OTR price of Proton X50 in Malaysia is RM 89,800 - 113,300, with a total of 4 versions, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300), etc.
The OTR price of Chery Tiggo 9 in Malaysia is RM 166,800 - 179,800, with a total of 1 version, including 2026 2.0T Standard (RM 179,750), etc.
From a price perspective, the starting price of Proton X50 is indeed RM 77,000 cheaper than Chery Tiggo 9. If your budget is limited, Proton's entry-level version can already meet daily needs. However, also note that with the lower cost of a few thousand, there might be trade-offs in specifications, depending on your specific needs.
Proton X50's safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Chery Tiggo 9's safety rating is TBD, active safety systems include Basic.
Regarding safety features, both vehicles received decent ratings. However, there are some differences in functionality between Proton X50's ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) and Chery Tiggo 9's Basic. If you value active safety, you can compare the feature lists of both in detail.
Proton X50 body length is 4400 mm, trunk 400 L.
Chery Tiggo 9 body length is 4400 mm, trunk 400 L.
The dimensions of the two vehicles are almost the same, with little difference in interior space. For cars in this class, daily use is completely sufficient.
Proton X50 adopts 4WD drive mode.
Chery Tiggo 9 adopts FWD drive mode.
Proton's 4WD and Chery's FWD will have different handling experiences, it is recommended to test drive and compare.
Overall, Proton X50 and Chery Tiggo 9 are both quite good models in the Malaysian market. Which one to choose depends on your personal needs and budget. It is recommended to do your research, compare quotes from several dealerships, and then test drive to make the final decision. Buying a car is a big deal, spending time on research will definitely not be wrong.
喺馬來西亞嘅 SUV 市場，好買車喺揀車嗰陣都會拿 Proton X50 同 Chery Tiggo 9 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個詳細比較，幫你節省做功課嘅時間。
Proton X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，合共 4 個版本，包括 1.5T Executive（RM 89,800）、1.5T Premium（RM 101,800）、1.5T Flagship（RM 113,300）等。
Chery Tiggo 9 喺馬來西亞嘅 OTR 售價係 RM 166,800 - 179,800，合共 1 個版本，包括 2026 2.0T Standard（RM 179,750）等。
睇返價錢，Proton X50 嘅起步價確實比 Chery Tiggo 9 平咗 RM 77,000。如果你預算有限，Proton 嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能會喺配備上有取舍，具體睇你嘅需求。
Proton X50 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
Chery Tiggo 9 嘅安全評級係 TBD，主動安全系統包括 Basic。
安全配備方面，兩款車都拿到唔錯嘅評級。不過 Proton X50 嘅 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) 同 Chery Tiggo 9 嘅 Basic 喺功能上有啲差異，如果你比較重視主動安全嘅話，可以仔細對比下兩者嘅功能列表。
Proton X50 採用 4WD 驅動方式。
Chery Tiggo 9 採用 FWD 驅動方式。
Proton 嘅 4WD 同 Chery 嘅 FWD 喺操控上會有唔同感受，建議試駕比較。
Proton X50 同 Chery Tiggo 9 都係馬來西亞市場嘅主流選擇，適合家庭用、日常通勤。如果你更重視品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更在意性價比同配備，那就揀配置更豐富嗰款。最終仲係建議兩款都去試駕，親身體驗先最重要。
總體嚟講，Proton X50 同 Chery Tiggo 9 都係馬來西亞市場好唔錯嘅車型。揀邊架車，關鍵仲係要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行之報價，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。
Momenta 上市，即係佢自己嘅關鍵時刻，亦係整個自動駕駛同物理 AI 產業嘅一次公開答辯。
文丨智駕網 零醬 雨來
編輯丨浪浪山與明知山
喺何小鵬宣佈 GX 係物理 AI 第一輛車，李想將全新 L9 稱之為具身智能旗艦之後，大衆忽然明白，智能汽車、自動駕駛喺資本市場已經唔係嗰個令人興奮、趨之若鶩嘅當紅美人咗。
昨日仲係小甜甜，今日已經係牛夫人。
Momenta 即時放棄咗自動駕駛呢個過時嘅概念，頭頂物理 AI 第一股喺資本市場迎來咗一轮認購高潮。
7 月 8 日，Momenta 正式喺港交所挂牌，以 301 港元開出，高於 295.6 港元/股嘅招股價，盤中最高觸及 314.80 港元，市值一度突破 700 億港元，尾盤回落至 299 港元附近。
由於 Momenta 公開發售部分獲得 414 倍超額認購，佢「綠鞋」（超額配股權）大概率會全額行使，這意味著佢將發售約 2,293 萬股，募集資金總額達到約 68 億港元，超過佢最初預計嘅 58.9 億港元近 10 億港元。
令 Momenta 團隊值得驕傲嘅一點，即係佢受到咗國際資本嘅高度青睞，國際發售部分獲得超過 1,000 億港元嘅機構訂單，覆蓋咗來自 15 個國家同地區嘅主權基金同長線基金。
包括新加坡政府投資公司（GIC）、富達國際（Fidelity International）、貝萊德集團（BlackRock）、富蘭克林鄧普頓基金集團（Franklin Templeton）、阿布達比投資局（ADIA）、加拿大養老金計劃投資委員會（CPPIB）、淡馬錫（Temasek）、威靈頓（Wellington）、施羅德（Schroders）等全球頂級機構。
而喺上市之前，Momenta 引入嘅 14 間基石投資者，佢陣容堪稱豪華，佢認購額約 30 億港元超過咗佢募集總額嘅一半。
如此嘅瘋狂，呢個係物理 AI 第一股引發嘅瘋狂嗎？
顯然並唔那麼單純。
01.
降溫嘅智駕與升溫嘅「物理 AI」
頗具戲劇性嘅一面，喺 7 月 8 日共有五間公司喺港交所同時敲鐘，其中即有一家同 Momenta 定位接近嘅無人駕駛公司易控智駕，二者同係蔚來資本投資嘅企業。
兩間企業喺 IPO 階段同上市首日演繹咗一轮不同嘅劇本。
易控智駕面向礦區無人駕駛，同 Momenta 規模甚細，喺定價上同 Momenta 嘅一口價模式相比，佢招股區間定咗喺 81.16 至 87.92 港元，但最終也實現咗以上限定價。
同 Momenta 大受追捧相比，喺上市前一晚嘅暗盤交易中，佢成交均價為 87.07 港元，不但低於發行價，盤中更一度下探近兩成，收盤漲幅僅 4%，振幅接近 25%，多空分歧明顯。
但喺 7 月 8 日正式上市之後，同 Momenta 高开但午後回落相比，中間一度跌破發行價，易控智駕則最終錄得較發行價上漲 9.99%，總市值佔上 142.99 億港元。
冇物理 AI 概念加持嘅易控智駕同 Momenta 一樣都冇實現盈利，都依然深陷虧損之中，仲冇明確嘅盈利時間表，資本市場對兩間公司嘅熱情與看空都聚焦於未來。
自動駕駛嘅概念係咪真係過時咗呢？
從融資額度而言，握住最多量產客戶嘅 Momenta 嘅融資規模並冇超過小馬智行去年喺港交所 IPO 時 77 億港元融資，但高於喺芯片、算法同時佈局嘅地平線。
但喺 AI 嘅潮水氾濫之下，呢啲已上市嘅智駕公司嘅股價多數較發行價已經腰斬。
智駕概念喺資本市場嘅熱度下降亦係事實。
但 Momenta 同樣唔可否認嘅係令佢未來變得可觸摸，更有想像空間嘅依然係佢喺乘用車市場建立嘅地位。
02.
驚嘅 70% 毛利率
喺 Momenta 上市之前發佈嘅招股書中公佈嘅 2025 年高至 71.6% 嘅毛利率一度引發咗車企同 Momenta 嘅一場爭論。
喺汽車業內普遍認為華為乾崑過於昂貴，所以轉身擁抱 Momenta、卓驭呢啲以性價比著稱嘅智駕公司後，唔曾想佢哋嘅毛利率居然超過咗 50%！
相比之下，而家傳統車企中最成功有迪鏈護體嘅比亞迪其毛利率只有 18.81%，新入局嘅小米汽車嘅毛利率則係 20.1%，鴻蒙智行中最成功嘅賽力斯毛利率較高也不過 26.24%，中國汽車企業嘅毛利率普遍低於 15%，部分企業甚至喺個位數徘徊，而喺產業鏈端，一度被視為眼中釘肉中刺嘅寧德時代喺今年一季度嘅毛利率都剛剛 24.82%。
呢背後嘅邏輯其實並唔複雜，以製造業嘅毛利率同軟件公司相比本身就係關公戰秦瓊。
同 Momenta 喺同一賽道嘅地平線 2025 年嘅毛利率為 64.5%（芯片 + 智駕方案綜合毛利率），文遠知行嘅毛利率亦接近 30%，小馬智行雖然僅有 15.7%，呢同佢生產營運 Robotaxi 同研發投入過高有關。
而 Momenta 嘅超高毛利率在於佢即將跨過盈虧平衡點。
Momenta 自 2023 年至 2025 年營收由 7.43 億元增至 24.13 億，毛利率亦係一步步由 17.5% 提升至 71.6%；2025 年研發投入為 18.7 億，佔收入 77.5%。
財務指標（人民幣千元）
2023 年
2024 年
2025 年
營業收入
742,745
1,324,688
2,412,523
毛利率
17.5%
49.0%
71.6%
研發開支
(1,281,138)
(1,508,270)
(1,868,906)
賬面淨虧損
(2,570,342)
(3,205,730)
(3,457,912)
優先股公允價值變動
(1,190,108)
(1,967,501)
(2,842,919)
經調整淨虧損 (Non-IFRS)
(1,093,037)
(959,204)
(302,804)
雖然淨虧損仍在擴大，從 5.7 億、32.1 億擴大到 34.6 億，但若剔除股份支付等因素，經調整虧損已由 2023 年嘅 10.9 億收窄至 2025 年嘅 3 億；截至 2025 年底，公司現金儲備超過 100 億。
呢幾個數字傳遞嘅信號非常明確：
Momenta 仲未盈利，但佢已經唔係一家單靠融資活命嘅純研發型公司，而係一家收入增長快、毛利改善快、商業模型已經被市場看懂嘅公司。
Momenta 喺上市前夕宣佈佢量產搭載規模突破 100 萬台，成功交付超過 100 款車，累計定點車超 210 款；全球前十大車企中已有 9 家同佢合作。
喺智駕尤其係高級智駕市場，真正同 Momenta 喺規模上相當嘅企業唯有華為乾崑。
對於毛利高，Momenta 自己解釋係佢營收構成大致分為兩個部分：
技術開發服務，即係為車企定制開發與之適應嘅智能駕駛方案；
軟件授權許可，即車型量產後，按銷量收取智駕系統使用費。
前者同 Momenta 嘅合作車型數量相關，後者同車型銷量掛鉤。
2025 年，Momenta 技術開發服務收入為 14.5 億，軟件授權許可收入為 9.7 億，而喺 2023 年，佢技術服務開發收入佔比超過 90%，僅僅過咗兩年時間，佢軟件授權許可收入佔比已經達到咗 40.1%。
軟件授權許可收入係一種邊際成本趨近於零，唔使付出太高嘅人力成本，近似於「躺著收錢」嘅業務模式，大幅拉高咗 Momenta 嘅毛利率。
Momenta 嘅毛利率近三年翻四倍，2025 年 71.6% 嘅毛利率已經達到同軟件公司 SaaS 公司嘅水平，正係智駕公司實現夢寐以求嘅技術復利，喺一套系統成熟後可以喺市場上迅速複製。
Momenta CEO曹旭東表示：「自動駕駛有非常強嘅規模效應同先發優勢，佢嘅效應比芯片行業更強。自動駕駛係軟件，邊際成本係零，因此佢規模效應更強。」
不過呢種模式，並非屬於 Momenta 獨有，喺而家競爭越來越激烈嘅智駕供應商市場，已有好多智駕公司將技術開發模式同軟件授權模式結合為一，以零成本向主機廠開發或提供佢哋智駕方案。
以低於自身成本嘅方式向主機廠提供解決方案開始有年。
相比而言，Momenta 喺一定程度上建立咗自己嘅護城河，呢條護城河即係同眾多車企建立咗資本同技術嘅雙重連接。
喺 Momenta 同全球 24 間整車廠建立嘅合作中，覆蓋咗全球前十大整車廠集團中嘅九家（如梅賽德斯 - 奔馳、豐田、寶馬中國等）同中國前十大整車廠全部。
而喺呢啲用戶中，上汽、通用、奔馳、豐田、比亞迪、現代、奇瑞等 7 間具備全球影響力嘅車企都係 Momenta 嘅投資人。
而奔馳、比亞迪更加喺 Momenta 嘅 IPO 中成為咗基石投資者。
喺產業鏈端則覆蓋咗博世、德賽西威、立訊精密，出行平台囊括咗 Uber、Grab、Stone Venture 等，科技巨頭則包括騰訊、阿里雲、螞蟻集團、京東等。
智己汽車則同 Momenta 實現咗雙向持股，上汽集團係 Momenta 第一大機構股東，Momenta 同時反向持股智己汽車。
一個被 Momenta 多次引用嘅案例係，從 2017 年奔馳投資 Momenta 始，到 2025 年底量產，用咗整整 8 年。但一旦實現突破，幾乎就一步到位：Momenta 喺 2024 年拿到咗奔馳所有嘅電車同油車嘅業務。
Momenta 正喺智駕領域複製寧德時代同車企通過多種方式實現雙向嘅深度綁定，讓車企參與自己嘅利潤成長。
不過，主機廠從來都係勢力嘅，比亞迪不僅投資咗 Momenta，亦深度投資咗卓驭，更加喺 Momenta IPO 嘅敏感時刻，王傳福同地平線創世人余凯同窗引發外界聯想。
以比亞迪、奇瑞為代表嘅車企，一方面幾乎同所有嘅智駕供應商建立咗合作，一方面依然喺投入巨資進行自研。
70% 嘅毛利固係擋唔住嘅誘惑，喺技術路線收斂之後，所有嘅團隊似乎都睇到智駕終局已經唔遠。
「地卓華魔」一方面彼此圍著全球主機廠劃分勢力範圍，一轉身同時要防備主機廠自研替代。
呢一幕喺智駕芯片領域已經上演過一次，今年蔚小理嘅自研芯片相繼量產上車，作為呢一市場嘅中國本土明星公司地平線股價經歷咗一轮腰斬式嘅跳水。
「物理 AI」正係咁同時講畀主機廠同資本市場嘅新敘事。
從「自動駕駛解決方案供應商」走向「物理 AI 基座模型構建者」，呢並唔係 Momenta 一家公司嘅選擇，而係幾乎所有智駕供應商嘅共同選擇。
03.
「物理 AI」背後藏住平台公司嘅野望
本質上，自動駕駛就係物理 AI，物理 AI 就係萬物智駕，二者冇區別。
只係物理 AI 打開咗資本嘅想像空間，佢精准嘅描述咗一條智駕公司從單維依賴主機廠嘅供應商到升維為 AI 平台類公司嘅清晰願景。
物理 AI 呢個由黃仁勳推動走紅嘅概念，係相對數字 AI 而言嘅。喺數字 AI 一片紅海嘅競爭中，智駕公司成為物理 AI 嘅先行者，對於部分頭部玩家更同時擁有咗數據優勢同規模優勢。
Momenta 無疑同時喺這兩個領域都係佼佼者，Momenta 表示已透過 100 萬台量產車跑通咗數據同商業嘅 Scaling。
而令 Momenta 自信打造世界基座模型嘅時機已經成熟，係英偉達推出嘅世界模型正從智駕公司嘅仿真工具，生成數據來訓練或測試嘅主模型變成可應用於「端到端基座模型預訓練」嘅理解世界物理規律嘅基座模型，透過把物理世界嘅規律壓縮到模型裡面，使 World Model 具備物理世界嘅常識。
Momenta 推出嘅 R7 世界模型，宣稱使系統嘅整體產品性能同上限實現咗 10 到 100 倍嘅代際躍昇。
世界模型可憑藉同一套底層系統架構，同時賦能乘用車、Robotaxi、Robovan 同 Robotruck 四大業務形態，並有望延展到具身智能等領域。
Momenta 對於物理 AI 嘅願景係 All-in-One Platform，實現技術跨場景落地，成為一家 AI 平台公司。
呢種極簡架構，將徹底終結過往各場景孤立開發嘅模式，核心底層技術嘅跨場景複用極大地攤銷咗多業務線並行嘅研發成本，提升咗系統嘅整體迭代效率。
Momenta 將其描述為：「一套模型、多維共生」，可以大大攤薄研發成本，並隨業務邊界拓展，指數級放大先發優勢，形成「贏家通吃」嘅行業終局。
佢嘅毛利率甚至將遠超 70%。
曹旭東認為：「任何一個人工智能應用，一旦接近人類嘅水平，就會喺很短嘅時間內大幅超過人類嘅水平。」
呢意味著，前面可能花十年、二十年爬坡，但超越人可能就發生喺一兩年內。而家幾乎所有嘅智駕公司都已宣佈向物理 AI 轉型，佢嘅緊迫性亦喺於此。
而家，無論係堅持世界模型路線定係同樣大熱嘅 VLA 模型嘅智駕公司基本都已經打通咗 L2 到 L4。
Momenta 堅持經年嘅「一個飛輪兩條腿」戰略，基於統一算法同傳感器架構，實現咗 L2++ 數據流同 L4 技術流嘅打通，佢嘅技術可以喺乘用車同 Robotaxi 複用。
不過，而家呢個越來越接近「Android」嘅智駕平台最大嘅市場依然喺乘用車市場。
喺 Momenta 自己引用嘅 CIC 灼識諮詢嘅預測數據顯示：
到 2030 年，全球 Robo 市場規模（Robotaxi、Robovan、Robotruck）將達 1998 億美金，其中 Robotaxi 全球同中國市場規模將分別增長至約 818 億美金同 381 億美金，中國 Robotaxi 滲透率預計將達到 11.9%，高於全球嘅 5.7%；Robovan 全球同中國市場規模將分別達到約 850 億美金同 535 億美金，市場滲透率將達 6.9% 同 14.0%；Robotruck 全球同中國市場規模將分別達到約 330 億美金同 165 億美金，市場滲透率將達 0.6% 同 1.2%。
但量產輔助駕駛市場規模到 2030 年，全球市場規模將達 3059 億美金，依然遠超 Robo 市場：
2025 年，全球同中國 L2 級 - 高速 NOA / L2 級 - 城市 NOA 輔助駕駛及更高級別智能駕駛市場分別達到約 204 億美金同 130 億美金，預期到 2030 年將擴大至 3,059 億美金同 1,666 億美金，複合年增長率分別為 71.9% 同 66.5%。
而 Robotaxi 市場因城市准入政策，各地唔同嘅監管法規、營運成本存在巨大嘅唔確定性。
Momenta 此次 IPO 嘅集資約 20% 將投向 Robotaxi 商業化同規模化，一方面 L4 有巨大嘅想像空間，但亦係唔確定性最高嘅部分，Robotaxi 何時真正貢獻清晰收入仲冇清晰嘅時間表。
與此同時，喺乘用車市場，Momenta 雖然優勢明顯，但並冇殺死比賽。
喺傳統所謂嘅地平線、華為乾坤智駕、卓驭之外，仲有文遠、小馬智行；同樣喺籌備 IPO 嘅輕舟智航、元戎啟行。
喺 L4 市場同樣建立一定優勢嘅仲有馭勢科技、百度阿波羅等。
04.
智駕市場尚未形成贏家通吃
一個類似於 Android 嘅智駕平台終將出現，但最終花落誰家，仲冇一家公司確立絕對優勢。
呢令 Momenta 嘅高毛利嘅可持續性同樣存在唔確定性。
其一，單車軟件授權單價持續下行已成行業趨勢。隨著賽道玩家增多、低端車型滲透加速，城市 NOA 軟件許可費從早期數千元降至千元級別，部分輕量化方案單價更低。
Momenta 為搶佔中低端車型市場，主動下沉定價，喺規模化擴張嘅同時，必然面臨單車型利潤收縮嘅壓力。
其二，客戶集中度極高，議價能力脆弱。
過去三年中，前五名客戶貢獻咗 62.6% 至 86.7% 嘅收入，2025 年最大客戶（推測為比亞迪）收入佔比達 21.6%。一旦核心客戶因銷量唔及預期或轉向自研/競爭對手，許可費收入將戛然而止。比亞迪作為 Momenta 最大客戶，全年搭載量約 30 萬輛，佢嘅戰略選擇將直接影響 Momenta 嘅收入穩定性。
第三，車企自研嘅反抗正在加速。吉利、比亞迪、蔚來等頭部車企嘅實踐表明，唯有以自主技術打破外部捆綁，先至可以重奪定價權。
吉利堅持三電、智駕、座艙全棧自研，極氪 9X 搭載自研千里浩瀚 G-ASD 智駕系統，毛利率穩定喺 20% 以上；蔚來宣佈全系換裝自研神玑 NX9031 芯片，單車成本直接降低 1 萬。
可以話，對於 Momenta 而言，71.6% 嘅毛利率既係護城河，亦係火藥桶。
曹旭東預測「長期睇第三方供應會係市場主流」，但最終形成 2-3 家「贏家通吃」嘅行業終局顯然唔係主機廠希望睇到嘅。
Momenta 有機會成為中國智能駕駛公司入面，最早被市場當做平台型 AI 企業嚟看待嗰一個，但如果遲遲無法實現壟斷優勢，佢都可能有快被拉回「高研發、重投入、未盈利」嘅傳統智能駕駛估值框架。
從呢個角度講，Momenta 上市，既係佢自己嘅關鍵時刻，亦係整個智能駕駛同物理 AI 產業嘅一次公開答辯。
寫於最後
喺具身智能、物理 AI 呢啲概念進入大眾語境之後，智能駕駛變得似乎失去咗魅力，一個直觀地表現係大量嘅智能駕駛人才湧入具身智能創業，馬斯克拆除 Model S/X 生產線轉產機器人嘅一幕粗暴而令人瞠目結舌。
咁為智能駕駛帶上一頂物理 AI 嘅王冠係咪可以吸引數字 AI 引發嘅資本狂熱呢？
創立不過五年之久嘅 Anthropic 實現 9650 億美金嘅驚天估值當然並冇喺 Momenta 身上復現。
可以說明嘅一點即係，物理 AI 呢個概念有一定嘅欺騙性，佢同數字 AI 並唔完全係隔離同相對嘅，對於 OpenAI、Gemini 呢啲數字大模型而言，同樣可以進入物理 AI 所聚焦嘅任何一個商業賽道。
今年 5 月 16 日，卓驭科技 CEO 沈劭劼向自己嘅同行發出警告：
「我非常擔心搞大模型嘅嚟做智駕，嗰對我哋係降維打擊。我真係怕嘅，係做數字 AI 嘅大模型公司反過嚟將我哋給滅咗。」
「除咗特斯拉，冇一家智駕公司真正落地咗 Scaling Law（模型隨算力 / 數據 / 參數擴大而質變）；但 OpenAI、字節已經將 Scaling Law 跑通咗。」
而係以 OpenAI 為代表嘅大模型公司走嘅係「多模態 + 世界模型 + 自回歸推理」，天然適合「視覺預測 + 物理推理 + 長時序決策」，正係智駕系統嘅技術核心。
大模型唔使從零學開車，只須微調，就快達到甚至超越 L2+/L4 能力。
換句話說，雖然同 Momenta 定位最接近嘅係華為引望同地平線，但呢啲智駕公司嘅長期競爭對手既唔係彼此，亦唔係主機廠自研，而可能來自於門外嘅野蠻人。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Perodua Aruz 同 Mazda CX-30 嚟比較。呢兩部車喺價錢同定位上都幾接近，而家我哋就由多個方面做個詳細比較，幫你慳返做功課嘅時間。
Perodua Aruz 喺馬來西亞嘅 OTR 售價係 RM 72,900 - 77,900，合共有 2 個版本，包括 1.5L X（RM 72,900）、1.5L AV（RM 77,900）等。
Mazda CX-30 喺馬來西亞嘅 OTR 售價係 RM 122,409 - 146,409，合共有 4 個版本，包括 2025 2.0L High+ Premium（RM 146,409）、2025 2.0L High+（RM 138,409）、2025 2.0L High（RM 130,409）等。
由價錢睇，Perodua Aruz 嘅起步價確係比 Mazda CX-30 平咗 RM 49,509。如果你預算有限，Perodua 嘅入門版已經可以满足日常需要。不過都要留意，平嗰幾千蚊，可能喺配備上會有取舍，具體要看你嘅需求。
Perodua Aruz 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括。
Mazda CX-30 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 i-Activsense。
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。
Perodua Aruz 車身長 4400 mm，行李廂 400 L。
Mazda CX-30 車身長 4500 mm，行李廂 450 L。
空間方面，Mazda CX-30 嘅車身比 Perodua Aruz 長咗 100 mm，乘車空間更有優勢。不過 Perodua Aruz 喺市區停車會靈活少少，各有取舍。
Perodua Aruz 保用 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Mazda CX-30 保用 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
兩部車嘅保用條件一樣，呢方面唔使糾結。實際保養成本仲要看品牌嘅服務網絡同零件價格，建議去車友群問吓真實車主嘅經驗。
總括嚟講，Perodua Aruz 同 Mazda CX-30 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵仲係要看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，先至去試駕做最終決定。買車係件大事，花啲時間做功課絕對唔會錯。
要講兩年比較內捲嘅汽車細分市場，「方盒子」肯定名列前茅，作為有住百年傳承嘅經典造型，哪怕汽車設計經歷過如此長時間嘅演變，佢仍然係永不過時嘅高分佳作。面對呢一市場需求，各大車企亦紛紛加碼方盒子市場，就導致競爭狀況亦愈趨激烈，消費者亦喺方盒子市場挑花咗眼。咁就來咗問題，在手頭握有 10 多萬預算嘅情況下，邊部方盒子更加值得選購呢？
10 萬級超大方盒子
既然講到呢度，我哋肯定要先睇銷量數據，畢竟能夠令大多數消費者都選購嘅車型，佢嘅綜合實力同產品品質一定夠硬。呢個，喺剛過去嘅 6 月就有一部方盒子以超過 8000 部嘅耀眼成績，登頂十萬級細分市場嘅銷量冠軍，佢就係售價只得 9.99 萬起嘅「BJ30 旅行家」。
了解北京越野嘅都清楚，作為公認嘅「中國越野車發明者」，無論係喺越野圈，定係方盒子領域，佢都有住絕對嘅話語權。喺擁有如此深厚歷史底蘊同雄厚技術實力嘅背景下，北京越野自然係知道用戶想要邊種車。
因此，我哋可以見到 BJ30 旅行家喺傳承方盒子呢一經典硬派造型嘅同時，仲喺入面融入咗好多華夏文化元素，好似同級獨有嘅五闋星環貫穿燈組，再搭配全套電感潮改套件同靚麗配色，既可大幅提升外觀辨識度，又能滿足年輕人追求嘅科技感同年輕化。
將目光轉向車內，大家就會發現，定位 A 級 SUV 嘅 BJ30 旅行家，座艙空間竟然要比好多中型 SUV 更加大，呢個係得益於經過優化嘅車身設計，令到車身闊度超過 1 米 9，軸距更加超 2 米 8，搭配支援加熱通風等功能嘅座椅，哪怕係坐滿五個人都能坐住非常寬敞舒適，並且仲可以滿足外出露營時嘅載物需求。
唔止呢啲，考慮到年輕用戶好注重智能體驗，BJ30 旅行家喺座艙配置上都冇含糊，由 15.6 吋中控大屏、全液晶儀表盤等多項科技配置，到支援智能語音識別控制、手機與車互連、OTA 升級同多項常用功能嘅車載系統，以上呢啲全部都係標配，智能體驗完全不輸同價位嘅新能源車型。
同時，為了令出行變得更加省心安心，BJ30 旅行家仲搭載咗 L2 級智能駕駛輔助系統，佢唔只擁有多達近 20 個高感知硬件，仲支援 540 度全景影像、車輛偏離預警、前後方碰撞預警、DOW 開門預警、變線輔助同主動煞車等多項主動駕駛輔助功能，令用戶喺長途行車時可以一定程度上解放雙手雙腳，從而降低長時間駕駛疲勞感，並提升行車安全性。
「越野 + 慳錢」一應俱全
睇到呢度，相信好多人肯定好期待一點，就係作為一部硬派 SUV，佢嘅越級實力點樣呢？呢就要講 BJ30 旅行家搭載嘅「三擎四驅六模 HEV 混動架構」，呢個係由 41% 熱效率混動專用引擎 + 前驅動電機 + 後驅動電機組成，透過各自擅長嘅長距離節能、實時補能同瞬間爆發，令到呢架車具備涵蓋全場景出行嘅實力。
我哋嚟睇最直觀嘅數據，以剛推出嘅 BJ30 旅行家混動高光版為例，佢嘅後電機喺原本嘅基礎上又將功率增大至 70kW，呢樣就令到擁有全車雙電機總功率達到驚人嘅 200kW，比好多燃油越野車配備嘅高功率六缸引擎仲要犀利，搭配可自動選擇最優模式嘅智能四驅系統，同埋能量中鎖、四輪電子限滑同智電 ATS 全地形控制系統等硬核越野配備，亦令到呢架硬派方盒子能輕鬆應付泥地、沙地等較高難度嘅越野場景，從而令到呢個價位嘅方盒子 SUV 告別「樣品貨」嘅使用槽點。
大家亦唔使擔心性能強勁嘅同時，能耗亦會隨之增加，作為中國方盒子 SUV 品類嘅首款 HEV 混動車型，配備高效混動系統嘅 BJ30 旅行家，經過南非、印尼、阿聯酋、波蘭、墨西哥嘅五國汽車博主實測，均跑出百公里油耗唔超 5L 嘅成績，比同級別嘅燃油 SUV 低咗接近一半，真正實現兼顧可城可野嘅全場景出行需求。
大俠車談：無可置疑，BJ30 旅行家之所以能喺競爭如此激烈嘅細分市場，迅速登頂十萬級方盒子市場嘅銷量冠軍，核心原因就喺佢喺 10 萬級呢個價位區間，令到喜愛越野但又想兼顧家用嘅用戶，買到一部能真正實現涵蓋全場景需求嘅硬派方盒子！
Malaysia's four-year electric vehicle import tax exemption policy has officially ended. The new regulations implemented on July 1 directly tightened the entry threshold for imported electric vehicles. Regarding complete vehicle imports, the new regulations require that the CIF price of all CBU electric vehicles must not be lower than 200,000 Ringgit (approximately 320,000 RMB), and the motor output power must not be lower than 180 kW (about 241 hp). Both conditions must be met simultaneously; neither can be missing.
Relying on the previously relaxed environment, Chinese brands once captured 60% of the new energy vehicle market share in Malaysia. Now, the local market intends to replicate the industrialization model of local automakers, forcing foreign investment to shift from complete vehicle trading to local manufacturing. After all, no one wants to be just a dumping ground for goods.
Electric Vehicle New Policy Heavy Implementation in July
After the four-year electric vehicle import tariff exemption period ends, Malaysia significantly tightened complete vehicle import rules, upgrading the previously duty-free 100,000 Ringgit CIF threshold to a mandatory 200,000 Ringgit entry baseline, while rigidly binding a 180 kW motor power lower limit; both conditions are indispensable. Previously, the 100,000 Ringgit was only the tariff exemption line, the price point perfectly fit the pricing system of main home-use models going overseas, BYD Dolphin, entry-level Atto 3, and other volume-selling models relied on cost advantages during the tax exemption period, becoming core products for Chinese brands to seize the local market.
After the CIF price is raised to 200,000 Ringgit, adding import tariffs, domestic sales tax, and dealer markups, estimated based on the current tax and fee structure of the Malaysian automotive market, the final vehicle price will reach above 300,000 Ringgit, converting to RMB, it is close to 480,000. Most Malaysian households' car purchasing budgets are in the range of 100,000 to 250,000 Ringgit, this price range of 300,000 Ringgit is a niche market where Tesla and BBA pure electric models have already dug deep, there are very few models domestically that can cross both rigid thresholds, the price-friendly family car base that Chinese brands originally stabilized via pure import routes is essentially locked by the policy; while vehicles assembled locally via CKD can still legally cover the mainstream family consumption price range of 100,000 to 250,000 Ringgit.
Many brands can choose to rent existing local factories for knocked-down assembly production, Leapmotor uses Stellantis idle production lines to launch C10, Xpeng partners with local manufacturers to launch right-hand drive G6, by reusing existing capacity to avoid the strict clauses of 80% mandatory export for new factories, this is the easiest flexible method to implement at present. However, this light-asset OEM model has many hidden dangers from the perspective of long-term industrial layout.
Car companies do not own production lines, unable to independently expand production schedules during peak order surges, production line modifications for model updates are also subject to the partner's will, the production rhythm is hard to control completely by themselves. More critically, core components like batteries, electronic controls still rely on being shipped separately from domestic sources, localization only stays at the final process. Referencing Indonesia's practice of continuously raising local component ratios, the local 2030 target for new energy vehicle local component penetration rate is set at 80%, the overall industrial orientation in Southeast Asia is forcing upstream supply chains to land locally, the model of only simple assembly will eventually face policy constraints.
Moreover, this detour route itself has no permanent guarantee at the legal level, Malaysia can update industrial regulations at any time later, including existing factory cooperation projects into export quota supervision, this shortcut could be tightened or blocked at any moment. The export strategy of only doing trade output and unwilling to deeply bind local industrial chains has no more sustainable space.
Chinese Automakers Face Major Differentiation
Geely Holdings is the biggest indirect beneficiary of this round of policies. Geely holds 49.9% of shares in Malaysia's traditional state-owned automaker Proton, and Proton itself holds original CKD production qualifications, it does not belong to the new foreign investment factory construction projects approved after September 2025. This means the strictest 80% mandatory export quota in the new regulations cannot constrain Proton from the start. Proton has no ratio restrictions on sales in the local market, and can long-term enjoy policy inclinations for local component support, effectively standing in the safe zone by nature within the environment of tightening policies.
In addition, Xpeng Motors relies on EPMB's existing factory in Melaka State to carry out CKD complete knocked-down assembly, Leapmotor uses Stellantis's own complete vehicle factory located in Kulim, Kedah, Malaysia for local assembly. Both types of projects belong to reusing existing local capacity, and can be exempted from the requirement of 80% mandatory export quota in the new regulations.
While BYD's wholly-owned new factory planned in Perak State, Chery's new industrial park planned in Selangor State, both belong to new manufacturing projects approved after September 2025, will be strictly constrained by the 80% export quota; brands like Great Wall Motors relying on pure imports of affordable models, directly face the impact of losing the access qualification for main models.
The core logic of the new regulations is actually setting up a double barrier for "new foreign players", clearly not welcoming foreign enterprises that only focus on building capacity in the local market. The remaining options for foreign brands are very limited: either introduce high-end models via pure import routes, giving up the mainstream volume market; or rent existing local production lines for knocked-down assembly, production capacity rhythm and cost control are all subject to others, hard to form scaled price competitiveness.
Viewing the entire Southeast Asian market dimension, this logic is not unfamiliar. Thailand and Indonesia's industrial policy directions have been highly consistent in the past two years: the threshold for complete vehicle imports continues to rise, the core conditions for market access are gradually shifting from product competitiveness to the depth of localization investment.
In early years, when most Chinese electric vehicle brands first entered Southeast Asia, they followed a typical trade route: controlling costs by relying on the scale advantages of the domestic supply chain, and rapidly distributing goods after complete vehicles are shipped by sea, relying on price differences, most stayed at the superficial cooperation stage of "selling products". However, a few brands like Geely have already completed deep localization layout through the method of investing in local car companies.
Now, the demands of ASEAN core markets have shifted from "richening consumption choices" to "driving local industrial upgrades", the exchange chips for market access have also changed from pure product power to capacity landing, technology transfer, and supply chain driving capabilities. Brands that only do commodity output and are unwilling to do industrial binding will sooner or later be squeezed into niche peripheral markets by gradually tightening rules.
In other words, the export 1.0 stage relying purely on complete vehicle distribution has reached its end in the Southeast Asian market.
Consumer Car Review
Actually, the screening logic of the Southeast Asian market has never changed: It welcomes co-builders who bring the industrial chain, not passersby who only sell products. When rules tighten step by step, the winning hand of going overseas has long shifted from product costs, pricing strategies, to the ability to predict industrial rules, and the depth of layout rooted in the local area.
After all, a model without an industrial anchor point will ultimately not go far.
