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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拎寶騰 X50 同本田 HR-V 嚟做比較。呢兩款車喺價位同定位上都幾咁接近，今日我哋就由多個方面嚟做一個詳細比較，幫你節省咗做功課嘅時間。
寶騰 X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，一共有 4 個版本，包括 1.5T Executive（RM 89,800）、1.5T Premium（RM 101,800）、1.5T Flagship（RM 113,300） 等。
本田 HR-V 喺馬來西亞嘅 OTR 售價係 RM 115,900 - 143,900，一共有 4 個版本，包括 2026 e:HEV 1.5L RS（RM 143,900）、2026 1.5T V（RM 137,900）、2026 1.5T E（RM 130,900） 等。
從價錢嚟睇，寶騰 X50 嘅起步價確實比本田 HR-V 平咗 RM 26,100。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，可能喺配備上會取捨，具體就要睇你嘅需要。
寶騰 X50 車身長 4400 mm，尾箱 400 L。
本田 HR-V 車身長 4500 mm，尾箱 450 L。
空間方面，本田 HR-V 嘅車身比寶騰 X50 長咗 100 mm，坐位空間更有優勢。不過寶騰 X50 喺城市入面停車會靈活少少，各有取捨。
寶騰 X50 採用 4WD 驅動方式。
本田 HR-V 採用 FWD 驅動方式。
寶騰嘅 4WD 同本田嘅 FWD 喺操控上會有唔同感覺，建議試駕比較。
寶騰 X50 同本田 HR-V 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，可以優先考慮口碑好嗰款；如果你更在意性價比同配備，那就揀配備更豐富嗰款。最終都係建議兩款都去試駕，親自體驗先係最重要嘅。
總體嚟講，寶騰 X50 同本田 HR-V 都係馬來西亞市場幾唔錯嘅車型。揀邊輛，關鍵都要睇你嘅個人需要同預算。建議大家做足功課，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。
7 月 16 日，廣汽集團 3000 萬用戶感恩活動在廣汽傳祺工廠舉行。廣東省、廣州市、番禺區有關領導，中國汽車工業協會常務副會長兼秘書長付炳鋒，廣汽集團董事長馮興亞、總經理閤先慶等領導班子成員，行業合作伙伴、供應商和經銷商代表以及海內外車主代表、員工代表、媒體代表等共同出席，一起見證廣汽迎來第 3000 萬位用戶的里程碑時刻。
【與會嘉賓見證廣汽迎來 3000 萬用戶里程碑時刻】
從首輛整車下線到第 3000 萬輛交付，廣汽歷經 29 年發展歷程。3000 萬這個數字背後，是千萬用戶的選擇與信任，是廣汽長期堅守品質和安全的定力，是向電動化、智能化轉型決心，也是中國汽車工業從大到強、從規模擴張到價值躍升的一面縮影。
全球同步 智能新能源矩陣彰顯轉型進程
活動現場，廣汽全球多座生產基地同步連線，廣汽本田 P7、廣汽豐田 铂智 7、啟境 GT7、廣汽埃安 N60、廣汽昊鉑 S60 分別作為廣汽第 29999995 到第 29999999 輛車依次下線。最後，右舵版廣汽傳祺 M8 PHEV 作為第 3000 萬輛整車在現場舞台閃亮登場。全線新能源下線車型矩陣的集體亮相，成為廣汽全速推進電動化、智能化轉型的直觀印證。
【廣汽第 3000 萬輛整車——右舵版廣汽傳祺 M8 PHEV 駛下生產線】
【廣汽智能新能源矩陣閃亮登場】
隨後，馮興亞將第 3000 萬輛車車鑰匙交到泰國車主 Tony Jaa 先生手中，這一刻定格的不只是一個數字，更是廣汽與全球用戶“雙向奔赴”的溫馨見證。
【馮興亞（左）為泰國車主 Tony Jaa（右）交付新車鑰匙】
【閤先慶（左一）為廣汽集團全品牌榮譽車主頒獎】
這份跨越山海的信任，正是廣汽在行業變局中突圍的底氣。今年上半年，廣汽集團銷量 77.31 萬輛，同比增長 2.35%，其中新能源汽車銷量同比增長 68.8%；海外出口突破 12 萬輛，同比大增 132%，在行業深度重塑期跑出了穩健的節奏。
品質為基 築牢千萬用戶出行底氣
“品質是廣汽永遠不會讓渡的底线。”馮興亞在總結致辭中表示。在廣汽的發展中，規模增長始终以品質為底色。多年來，廣汽集團始終秉持“質量第一”理念，融合本田全面質量管理（TQM）、豐田精益生產方式（TPS）與嶺南文化，構建了以“融合創新”為中心質量管理模式。一切的落腳點，都是造出讓用戶開得放心、用得省心、坐得舒心的好車。
【廣汽發展歷程重要節點見證者講述廣汽與品質同行的故事】
【“國家卓越工程師團隊”廣汽動力總成自主研發團隊講述研發創新歷程】
【廣汽造型設計團隊講述設計創新歷程】
【廣汽埃安智能生態工廠】
從研發端到製造端，廣汽建立了全鏈條嚴苛品質管控體系：每款新車上市前均需經過高寒、高溫、高原、高濕、高腐、山區、沙塵等“五高一山一塵”極端環境測試，完成“兩冬一夏”實地路試；借助試驗場、實驗室覆蓋整車 12 個大項、1500 餘項驗證子項，實現體系化品質校驗；廣汽埃安智能生態工廠作為“全球首個新能源汽車燈塔工廠”，以數位化智能製造體系保障量產品質穩定。
【廣汽星靈安全守護體系】
在核心安全技術層面，星靈安全守護體系構建四大防護維度，八大關鍵系統採用雙冗余設計，已守護近 200 萬用戶，規避 628 萬次潛在出行風險；彈匣電池累計裝車 150 萬輛，安全行駛里程超 1600 億公里；服務端同步加碼保障，廣汽在行業內率先推出自主品牌“三擔責”政策，針對用戶關注的電池與智能駕駛輔助問題主動兜底，打消用戶用車顧慮。正是這一道道安全防線與一項項服務承諾，撐起了廣汽 3000 萬銷量背後的品牌底氣。
用戶導向 構建全週期暖心服務體系
“用戶在意的，我們放在心上；用戶期盼的，我們全力以赴。”馮興亞表示，這份以用戶為中心的理念，早已深深融入廣汽集團的發展基因。多年來，廣汽集團始終秉持“人為本、信為道、創為先”的企業理念，其中“人為本”的核心要義，正是以用戶為本。
【廣汽“用戶全開麥”活動現場】
一方面，為直面問題、傾聽用戶心聲，廣汽常態化舉辦用戶全開麥活動，把用戶請到“家裡”，面對面交流。同時，建立全流程閉環管理機制，確保每一條建議都能得到妥善處理，共性問題第一時間面向全量用戶優化。
此外，廣汽還成立專屬用戶洞察部門、推進問題從發現到解決的全流程變革，從組織機制上保障用戶訴求件件有回應、事事有着落。
另一方面，服務網絡同步加速滲透。在渠道端，推進服務網絡下沉縣域，年內計劃新增建設 1000 家縣域授權門店；在響應端，上線“超級管家”服務，實現 5 秒響應、2 小時訴求辦結，保障用戶訴求直達快辦。在補能端，建設"9 縱 10 橫”補能網絡，已覆蓋全國 31 個省份 213 座城市，核心城區實現“直線 1 公里必有站”，自營充電樁數量超 2.7 萬根，其中超充樁突破 2 萬根，為新能源車主提供便捷的補能服務。
【廣汽能源"9 縱 10 橫”補能網絡】
本次感恩活動的核心主旨正是向 3000 萬用戶的長期支持致以誠摯回饋與感謝。活動現場，馮興亞宣布，即日起，廣汽正式啟動“廣汽集團 3000 萬輛下線·煥新感恩季”，廣汽本田、廣汽豐田、廣汽傳祺、廣汽埃安、廣汽昊鉑和啟境汽車六大乘用車品牌，將圍繞新購、置換到增購等分別推出特色政策，回饋每一份的陪伴與支持。
【廣汽集團 3000 萬輛下線·煥新感恩季正式啟動】
科技向心 讓前沿技術賦能真實出行
以 3000 萬為新的起點，廣汽將以創新驅動，邁向電動化與智能化的新征程，讓前沿科技真正轉化為用戶可感知的安心與便捷。
在動力領域，由“國家卓越工程師團隊”研發的星源動力，覆蓋星源增程、星源插混和星源超級雙擎三大技術，將搭載更多車型量產。每一款產品都需經過 10 萬小時臺架和整車驗證，等效里程超過 1000 萬公里，確保在全場景、全地域下，性能始終穩如磐石。
【廣汽星源動力讓用戶選擇“不再將就”】
在“三電”領域，廣汽持續攻堅電池超快充、低溫續航等行業痛點，已建成全固態電池中試產線，推出極致能耗技術，量產的夸克電驅電機最高效率突破 99%，為行業最高水平。
在智能網聯領域，超級大腦星靈架構持續進化，打通智能駕駛輔助、智能座艙、動力、底盤、車身、車聯網六大系統，實現“一個大腦統一指揮”，綜合性能提升 40%；星河智艙實現端雲一體，讓車成為真正“會思考、懂人心”的夥伴。廣汽還將和華為、寧德時代、滴滴、騰訊、阿里等頂尖夥伴並肩作戰，共建更強大的 AI 智能生態。
截至目前，廣汽集團累計研發投入超 620 億元，全球研發團隊超 6800 人。持續的技術投入，正推動廣汽的產品從代步工具向智能出行夥伴、移動智慧空間、綠色能源生態進化。
面向未來，廣汽將持續以用戶需求為錨點，以品質為根基，以創新科技為核心驅動，以全球化佈局為發展路徑，加速向生態型科技廣汽進階，與更多用戶並肩同行、彼此成就，共同奔赴更智能、更綠色、更廣闊的未來。
In the Malaysian SUV market, many buyers compare Perodua Aruz and Chery Tiggo 8 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.
The OTR price of the Perodua Aruz in Malaysia is RM 72,900 - 77,900, with a total of 2 variants, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.
The OTR price of the Chery Tiggo 8 in Malaysia is RM 129,750 - 129,750, with a total of 1 variant, including 2026 1.6T Standard (RM 129,750), etc.
From a price perspective, the starting price of the Perodua Aruz is indeed RM 56,850 cheaper than the Chery Tiggo 8. If your budget is limited, Perodua's entry-level version can already meet daily needs. However, be aware that saving a few thousand might involve trade-offs in features, depending on your specific needs.
The Perodua Aruz is equipped with a 1.5L 4-cyl, 105 hp. Official fuel consumption is 6.0 L/100km.
The Chery Tiggo 8 is equipped with a 1.5L Turbo, 140 hp. Official fuel consumption is 7.0 L/100km.
In terms of power, the Chery Tiggo 8's 1.5L Turbo has 35 more hp than the Perodua Aruz's 1.5L 4-cyl. However, for daily city driving, the power of both cars is sufficient, and you won't feel underpowered.
The Perodua Aruz safety rating is 5★ (ASEAN NCAP), active safety systems include.
The Chery Tiggo 8 safety rating is TBD, active safety systems include Basic.
Perodua Aruz body length 4400 mm, trunk 400 L.
Chery Tiggo 8 body length 4400 mm, trunk 400 L.
Both cars have almost the same dimensions, and the interior space is not much different. For cars in this class, it is completely sufficient for daily use.
The Perodua Aruz adopts FWD drive mode.
The Chery Tiggo 8 adopts FWD drive mode.
Both cars have the same drive mode, both are FWD, and there won't be much difference in daily driving feel.
Overall, the Perodua Aruz and Chery Tiggo 8 are both very good models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. We suggest doing your research, comparing quotes from several dealers, and test driving before making a final decision. Buying a car is a big matter, spending some time on research will never be wrong.
喺馬來西亞嘅 SUV 市場，好多買家在揀車嗰陣都會拿 Mazda CX-3 同 Chery Tiggo 7 PHEV 嚟做比較。呢兩部車喺價碼同定位上都好接近，今日我哋就從多個方面做一個詳細嘅比較，幫你省返做功課嘅時間。
Mazda CX-3 喺馬來西亞嘅 OTR 售價係 RM 126,159 - 139,159，一共有 2 個版本，包括 2023 2.0L High（RM 139,159）、2023 2.0L Plus（RM 126,159）等。
Chery Tiggo 7 PHEV 喺馬來西亞嘅 OTR 售價係 RM 129,750 - 129,750，一共有 2 個版本，包括 2025 1.5T 90km CSH（RM 129,750）、Tiggo 7 PHEV 支援邊種充電方法？可以用家用電源插座充電嗎？（RM 117,478）等。
從價錢嚟睇，Mazda CX-3 嘅起步價確實比 Chery Tiggo 7 PHEV 平咗 RM 3,591。如果你預算唔多，Mazda 嘅入門版已經可以滿足日常需要。不過都要注意，平嗰幾千蚊，可能喺配備上有所取捨，具體睇你嘅需要。
Mazda CX-3 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 i-Activsense。
Chery Tiggo 7 PHEV 嘅安全評級係 TBD，主動安全系統包括 Basic。
安全配備方面，兩部車都拿到唔錯嘅評級。不過 Mazda CX-3 嘅 i-Activsense 同 Chery Tiggo 7 PHEV 嘅 Basic 喺功能上有些差異，如果你比較睇重主動安全嘅話，可以詳細對比下兩者嘅功能列表。
Mazda CX-3 採用 FWD 驅動方式。
Chery Tiggo 7 PHEV 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。
Mazda CX-3 同 Chery Tiggo 7 PHEV 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更加睇重品牌口碑同二手價，可以優先考慮口碑更好嗰款；如果你更加在意性價比同配備，那就揀配備更豐富嗰款。最終都建議兩部都去試駕，親身體驗先係最重要嘅。
總體嚟講，Mazda CX-3 同 Chery Tiggo 7 PHEV 都係馬來西亞市場好正嘅車型。揀邊一部，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，再去試駕做最終決定。買車係件大事，花啲時間做功課絕對唔會錯。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會用 現代 Tucson 同 梅賽德斯 - 奔馳 GLA 嚟比較。呢兩台車喺價位同定位上都幾接近，今日我哋就從多個角度做一個詳細嘅比較，幫你省卻做功課嘅時間。
現代 Tucson 喺馬來西亞嘅 OTR 售價係 RM 143,888 - 197,888，一共有 5 個版本，包括 2025 HEV 1.6T AT 2WD Prestige（RM 197,888）、2025 1.6T DCT 4WD Prestige（RM 186,888）、2025 1.6T DCT 2WD Prime（RM 164,888） 等。
梅賽德斯 - 奔馳 GLA 喺馬來西亞嘅 OTR 售價係 RM 258,888 - 295,888，一共有 1 個版本，包括 Standard（RM 258,888） 等。
由價錢睇，現代 Tucson 嘅起步價確實比 梅賽德斯 - 奔馳 GLA 平咗 RM 115,000。如果你預算有限，現代嘅入門版已經可以滿足日常需要。但都要留意，平嘅嗰幾千蚊，可能喺配備上會有取捨，具體要睇你嘅需要。
現代 Tucson 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
梅賽德斯 - 奔馳 GLA 搭載 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。
動力方面，梅賽德斯 - 奔馳 GLA 嘅 2.0L Turbo 比 現代 Tucson 嘅 1.5L Turbo 多咗 80 匹馬力。不過日常喺市區開，呢兩台車嘅動力都夠用，唔會覺得唔夠力。
現代 Tucson 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 SmartSense。
梅賽德斯 - 奔馳 GLA 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Premium ADAS。
安全配備方面，呢兩台車都拿到唔錯嘅評級。不過 現代 Tucson 嘅 SmartSense 同 梅賽德斯 - 奔馳 GLA 嘅 Premium ADAS 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。
現代 Tucson 車身長 4400 mm，行李廂 400 L。
梅賽德斯 - 奔馳 GLA 車身長 4400 mm，行李廂 400 L。
呢兩台車嘅尺寸幾乎一樣，車內空間差別唔大。呢個級別嘅車，日常使用完全夠用。
現代 Tucson 採用 FWD 驅動方式。
梅賽德斯 - 奔馳 GLA 採用 FWD 驅動方式。
呢兩台車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大分別。
總體嚟講，現代 Tucson 同 梅賽德斯 - 奔馳 GLA 都係馬來西亞市場幾唔錯嘅車型。揀邊一部，關鍵始終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，先至去試車做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Volvo XC90 同 Audi Q7 做比較。呢兩款車喺價位同定位上都好接近，今日我哋就由多個方面做一個詳細嘅對比，幫你省返做功課嘅時間。
Volvo XC90 喺馬來西亞嘅 OTR 售價係 RM 418,888 - 418,888，合共 1 個版本，包括 2025 2.0T Ultra（RM 418,888） 等。
Audi Q7 喺馬來西亞嘅 OTR 售價係 RM 462,222 - 462,222，合共 1 個版本，包括 Standard（RM 462,222） 等。
由價錢嚟睇，Volvo XC90 嘅起步價確實比 Audi Q7 便宜咗 RM 43,334。如果你預算有限，Volvo 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，具體就要睇你嘅需求。
Volvo XC90 搭載 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。
Audi Q7 搭載 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。
兩款車用咗同一套動力系統，日常開起嚟嘅感覺基本無乜分別。油耗方面都差不多，唔使太糾結呢一點。
Volvo XC90 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Premium ADAS。
Audi Q7 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Premium ADAS。
兩款車嘅安全評級一樣，喺呢個級數入面安全配備都算畀得好齊全。而家嘅新車安全性都唔差，唔使太擔心呢一點。
Volvo XC90 車身長 4400 mm，後備箱 400 L。
Audi Q7 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。呢個級數嘅車，日常使用完全夠用。
Volvo XC90 保修 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
Audi Q7 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
總體嚟講，Volvo XC90 同 Audi Q7 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。
喺馬來西亞嘅 MPV 市場，好多買家喺揀車嗰陣都會拎 Toyota Innova Zenix 同 Kia Carnival 做比較。呢兩部車喺價錢同定位上都幾接近，今日我哋就從多個方面做一個詳細比較，幫你省返做功課嘅時間。
Toyota Innova Zenix 喺馬來西亞嘅 OTR 售價係 RM 165,000 - 202,000，一共有 2 個版本，包括 2023 HEV 2.0L Standard（RM 202,000）、2023 2.0L V（RM 165,000） 等。
Kia Carnival 喺馬來西亞嘅 OTR 售價係 RM 189,849 - 249,849，一共有 6 個版本，包括 2025 2.2T Standard 7 Seats（RM 249,849）、2025 2.2T Standard 8 Seats（RM 239,849）、2025 2.2T Standard 11 Seats（RM 189,849） 等。
由價錢睇，Toyota Innova Zenix 嘅起步價真係比 Kia Carnival 平咗 RM 24,849。如果你預算有限，Toyota 嘅入門版已經可以滿足日常需要。但都要留意，平嗰幾千蚊，可能喺配備上會有取捨，具體要睇你嘅需要。
Toyota Innova Zenix 車身長 4400 mm，後尾箱 400 L。
Kia Carnival 車身長 4400 mm，後尾箱 400 L。
兩部車嘅尺寸幾近一樣，車內空間差別唔算大。呢級別嘅車，日常使用完全夠用。
Toyota Innova Zenix 採用手前驅驅動方式。
Kia Carnival 採用手前驅驅動方式。
兩部車嘅驅動方式一樣，都係 FWD，日常駕駛感覺唔會有太大分別。
Toyota Innova Zenix 同 Kia Carnival 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，就揀配備更豐富嗰款。最後都建議兩部都去試駕，親身體驗先係最重要。
總括嚟講，Toyota Innova Zenix 同 Kia Carnival 都係馬來西亞市場幾唔錯嘅車型。揀邊輛，關鍵仲要睇你嘅個人需要同預算。建議大家做足功課，多比較幾間車行嘅報價，先至去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
車型概覽
平治GLC系列 轎跑車 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。 呢篇會集中講版本取捨，幫你用買家角度篩走唔適合嘅選擇。
HK$ 365,581 令預算位置更清楚，買家可以先估算月供、保險、泊車同日常開支。
購車價格指南
平治GLC系列 轎跑車 嘅購車預算可以先由 HK$ 365,581 開始計。香港買車唔只係睇車價，月供、保險、牌費、泊車同能源成本都會影響每月壓力。
如果有幾個版本可揀，可以先將 2024 GLC 300 4MATIC Avantgarde Coupé（HK$ 365,581）、2025 GLC 300 4MATIC AMG Line Coupé（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 平治GLC系列 轎跑車 嘅規格，重點唔係背數字，而係理解佢喺香港用車場景會帶嚟咩分別。
渦輪增壓、4 個 汽缸、1999 mL 排量 嘅動力底子，重點係市區跟車夠唔夠順、高速巡航會唔會吃力。 258 Ps / 190 kW、400 N·m 嘅輸出，對滿載、上斜同超車都比單睇馬力數字更有意思。 車長 4764 mm、車闊 2075 mm、車高 1605 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 手自一體(AT)、前置四駆 會影響起步順滑度、濕地穩定感同長途巡航性格。
優缺點分析
平治GLC系列 轎跑車 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：預算位置清楚，方便同同級車直接比較、動力輸出對高速同上斜更有底氣、空間同車身尺寸方便家庭買家預判實用性。
要留意嘅係，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 平治GLC系列 轎跑車 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「Mercedes-Benz GLC Series Coupe 嘅外型設計同 SUV 版本有咩最大分別？」簡單講，Mercedes-Benz GLC Series Coupe 最明顯嘅特徵係採用咗流線型嘅車頂輪廓，由 B 柱開始向後傾斜，營造出跑車化嘅動感造型。相比起傳統 SUV 版本，Mercedes-Benz GLC Series Coupe 結合咗轎跑車嘅優雅線條同 SUV 嘅高車身設計，更加強調個性化同運動感。 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 平治GLC系列 轎跑車 放入同級車清單時，唔建議只用外形或者品牌光環決定。比較順序可以係：先用 HK$ 365,581 鎖定預算圈、再睇動力係咪足夠應付高速併線同滿載、最後睇車身大小、座位同尾箱是否適合家人。
咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。
用車全周期指南
擁有 平治GLC系列 轎跑車 唔係買車一刻就完結，之後仲有保險、輪胎、保養、泊車同日常能源成本要處理。
如果你主要喺市區行，視野、低速順滑度同泊車輔助會好影響心情；如果經常行高速或跨區，座椅舒適度、隔音同動力從容感會更重要。
車型概覽
騰勢B5 值唔值得睇，第一步唔係望牌子或者外形，而係睇佢能唔能夠配合你嘅香港日常。 呢篇會集中講香港停車場同窄路使用，幫你用買家角度篩走唔適合嘅選擇。 近期市場討論到「騰勢成最大黑馬！D9席捲高端MPV市場 ｜ 2026年5月香港新車登記數走勢分析」，代表呢類車型仍然有一定關注度。
零售價 HK$ 327,907 - 360,465、完稅價 HK$ 558,000 - 628,000 令預算位置更清楚，買家可以先估算月供、保險、泊車同日常開支。
購車價格指南
騰勢B5 嘅購車預算可以先由 零售價 HK$ 327,907 - 360,465、完稅價 HK$ 558,000 - 628,000 開始計。香港買車唔只係睇車價，月供、保險、牌費、泊車同能源成本都會影響每月壓力。
如果有幾個版本可揀，可以先將 2025 1.5T 100km 運動版（HK$ 558,000）、2025 1.5T 100km 高級版（HK$ 628,000） 放喺同一張清單。日常通勤重視舒適同易用，家庭買家就要優先睇後排、尾箱同安全配置。
核心規格重點
睇 騰勢B5 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。
31.8 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。 車長 4888/4921 mm、車闊 1970 mm、車高 1920/1880 mm、軸距 2800 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 電子無級變速(E-CVT)、前置四駆 會影響起步順滑度、濕地穩定感同長途巡航性格。
優缺點分析
騰勢B5 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：預算位置清楚，方便同同級車直接比較、電池同續航資訊有助安排通勤同補電、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 騰勢B5 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「Denza B5 具備哪些越野性能參數？」簡單講，Denza B5 專為硬派越野設計，擁有高達 270 mm 的最大離地間隙，涉水深度可達 790 mm。車輛具備 38 度的接近角、32 度的離去角以及 45 度的最大攀爬角度，配合非承載式車身結構及前後電子差速鎖，能輕鬆應對香港郊野或崎嶇路段的挑戰。 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 騰勢B5 放入同級車清單時，唔建議只用外形或者品牌光環決定。比較順序可以係：先用 零售價 HK$ 327,907 - 360,465、完稅價 HK$ 558,000 - 628,000 鎖定預算圈、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 騰勢B5 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。
汽勢 Auto-First｜撒瑪爾
凌晨四點半，上海江橋批發市場，老周嘅五菱榮光準時發動。這係佢做蔬菜批發嘅第十二年，亦係呢架車陪佢嘅第七個年頭。
同一時刻，青藏高原嘅牧民發動咗皮卡去牧場，粵港澳大湾区嘅工程師坐進智己去公司，胡同口嘅家長開住大眾 ID.3 送孩子上學，中緬邊境嘅年輕商人開住 MG 踏上跨境公路。
佢哋互不相識，卻共享一個載入史冊嘅身份。5 月 28 日，上汽集團喺上海北外灘世界會客廳舉行「全球第一億位用戶」交車盛典，正式成為中國汽車工業史上首家累計產銷量突破 1 億輛嘅汽車集團。
上汽全球第一億台車嘅交付車主，係 Momenta CEO 曹旭東——呢位中國智能駕駛領域嘅領軍人物，以智己 LS9 Hyper 001 號車主嘅身份，與上汽完成咗一次雙向奔赴。佢選擇嘅上汽旗艦大六座——智己 LS9 Hyper，曹旭東將佢稱為呢個時代「中國汽車工業嘅璀璨明珠」，係上汽 70 年造車底蘊與前沿技術嘅集大成者。
呢場前所未有嘅「全球接力交付」儀式，正將呢份榮耀灑向世界各個角落。
喺汽勢 Auto-First 睇嚟，真正嘅託付，來自一億人嘅信任。真正嘅偉大，從嚟都唔係獨自閃耀，而係讓萬物生長。上汽畀出自己嘅四個答案。
喺呢個情緒價值被奉為圭臬嘅喧嘩時代，上汽沉靜地守護住一種更稀缺嘅東西：精神價值。
當下嘅汽車輿論場，情緒價值被捧上咗神壇。一個配色、一句文案、一場直播，都能引發狂歡。但情緒解決小事，精神決定生死。戰略抉擇、百年傳承、行業突破，全靠精神價值掌舵。沒有精神內核嘅大企業，規模再大都只係一盤散沙。
這些年，上汽有自己嘅發展節奏，有過高光，亦經歷過蟄伏承壓嘅爬坡期。但用戶看到嘅係一個有格局嘅大哥姿態：像一棵大樹咁，把根往深處扎，把養分往高處送。
上汽回饋畀用戶嘅，係一種"共生安全感"。喺呢個充滿不確定性嘅時代，人們比任何時候都需要確定性。上汽以紮實嘅技術保障、全生命週期嘅安心服務同始終在線嘅安全守護，把確定性變成用戶每一天嘅出行底氣。呢種承諾，恰恰係當下最珍貴嘅情緒。不，係精神價值。
正係呢份精神定力，讓上汽與用戶之間形成咗一場跨越七十年嘅雙向奔赴。
把上汽看作一個完整嘅生命系統，先至真正明白佢嘅格局。
喺生態學中，熱帶雨林係地球上生物種類最豐富嘅生態系統。參天大樹根深葉茂，牽引住整條生態鏈向上生長；而灌木、藤蔓、苔蘚、小草，雖然唔耀眼，但係涵養土壤、固持水土嘅主力，同時喺孕育新綠。
上汽所構建嘅，正係呢樣一片產業雨林，允許參差，接納共生。
五菱宏光 MINI EV 讓無數奮鬥者擁有咗第一輛車，榮威 i 系列守護住工薪家庭嘅日常通勤，MG 讓年輕人以可負擔嘅價格觸摸駕駛樂趣。呢啲產品，恰恰係上汽社會責任最生動嘅注腳，涵養咗整個汽車生態最深厚嘅水土。
從入門到豪華，從國內到海外，上汽嘅產品佈局形成咗一個梯度結構。用戶可以喺同一個生態內完成從「第一輛車」到「升級換代」嘅全生命週期遷移，呢種縱向貫通嘅體系能力，喺行業中絕無僅有。
價格後面嘅"0"，係砥礪前行嘅壓力，一億用戶數字後面嘅"0"，係沉甸甸嘅信任。
七十年嘅製造積澱，係呢片雨林最深厚嘅根系。從零部件配套到質量驗證體系，上汽把工業製造嘅每一個環節沉淀為可復用嘅技術基座。呢個基座向整個生態開放，讓創新者唔必從零開始，讓後來者能夠站喺巨人嘅肩膀上生長。
更重要嘅係，呢片雨林向外敞開枝葉，與整個外部環境交換能量。從與奧迪共建創新技術中心、與華為乾崑牽手，到與 Momenta、OPPO、地平線等深度共創，上汽從嚟唔做「生態孤島」。
從 MG 全球首款量產半固態電池、智己 LS8 嘅線控轉向 + 後輪轉向底盤技術，到榮威"家越"序列開放嘅 2000+SOA 原子級接口，上汽喺動力電池、智能底盤同電子電氣架構等底層核心技術上均實現咗從實驗室到量產車嘅關鍵跨越。
沒有呢棵大樹嘅負重前行同產業托底，好多新物種唔可能長得咁快。從供應鏈到製造標準，從人才流動到技術外溢，上汽七十年嘅積澱，已成為滋養整個行業嘅公共財富。
根系越深，林冠越盛；循環越暢，生機越旺。上汽雨林生態嘅終極目標，唔係成為最大嘅嗰棵樹，而係讓呢片土壤上長出嘅每一株生命，都能找到自己嘅陽光。
一億用戶與上汽之間，係一場持續七十年嘅雙向奔赴。七十多年前，上汽嘅第一輛車駛出廠房嗰時，沒人能夠預料到呢個數字。
1955 年，上海市內燃機配件製造公司揭牌成立；1958 年，第一輛鳳凰牌轎車試製成功；1983 年，乘住改革開放東風，上汽開創行業合資合作先河，第一輛國產桑塔納組裝成功；2016 年，上汽率先打造全球第一輛互聯網汽車。
七十余年來，上汽與眾多中國車企一道，見證並推動咗中國汽車工業從無到有、從弱到強，從"跟隨學習"走向"創新引領"。與此同時，支撐起這一億輛嘅，係 1500 億研發投入、26000 項有效專利，係固態電池從實驗室走向量產，係數字底盤重新定義駕駛體驗。
當中國汽車年產銷站喺 3000 萬輛嘅台階上，我哋需要嘅唔僅係銷量嘅爆款，更係一片能生生不息嘅土壤。上汽用一億次託付告訴我哋：一家偉大企業嘅終極格局，唔係讓自己高聳入雲，而係讓自己成為萬物生長嘅根基。
喺汽勢 Auto-First 睇嚟，呢場交付儀式本身，就係上汽畀出嘅第四個答案：一次從「企業主導」到「用戶與生態共演」嘅範式轉移。
佢徹底顛覆咗傳統汽車行業「里程碑發佈會」嘅固有模式。沒有領導長篇講話，沒有產品枯燥宣講，取而代之嘅係一場以真實用戶為主角、以全球接力為形式、以技術實力為底色、以情感共鳴為內核嘅「流動敘事史詩」。從上海北外灘到倫敦、雅加達、新加坡，15 個品牌、19 款車型、跨越亞歐大陸嘅實時接續交付，本身就係最具衝擊力嘅品牌傳播——佢讓「一億」呢個冰冷嘅工業數字，變得可感、可觸、可共情。
更值得稱道嘅係，儀式將用戶真正置於舞臺中央：得到創始人羅振宇作為華境 S 第 001 號體驗官見證下線，前留德國腳楊晨與 ID.ERA 9X 嘅長期主義共鳴，85 後村支書龐富強用五菱榮光純電為留守老人送餐，公益博主劉佳與別克至境 E7"滿分座艙"嘅微光守護者同頻……呢啲真實故事，讓「懂車更懂你」唔再係一句口號，而係一億份信賴嘅生動注腳。
呢場「全球接力交付」，係中國品牌傳播史上從嚟未有過嘅嘗試。佢用儀式創新吸引咗注意力，用用戶故事引發咗情感共鳴，用體系展示建立咗技術信任，用開放合作描繪咗生態願景。佢成功咗將一個品牌發布，轉化成一場屬於中國汽車工業、屬於所有用戶、屬於智能電動時代嘅公共敘事事件。呢，先係真正嘅大廠格局。
站喺一億用戶嘅節點回望，上汽嘅故事從來都唔係孤勇者嘅傳奇，而係一群人嘅史詩。從第一輛鳳凰牌轎車到第一億輛智能電動車，從黃浦江畔嘅作坊到橫跨 170 多個國家嘅全球版圖，上汽用七十年證明咗一個樸素嘅道理：大企業之大，唔在規模，而在格局；唔在聲量，而在擔當；唔在一時嘅風頭，而在永續嘅生態。
當輿論場仲喺沉淪嗰陣，佢早經穿越咗沼澤，身後留下嘅係一片鬱鬱蔥蔥嘅雨林。啲曾經嘅質疑者唔會明白：真正嘅大廠，從唔畏懼週期，因為佢本身就係週期嘅一部分；從唔懼怕起伏，因為佢嘅根系早已深扎時代嘅土壤。
一億用戶，一億次選擇，一億份託付。喺呢個習慣遺忘嘅時代，上汽選擇被記住嘅方式，唔係製造喧囂，而係成為依靠。
May 28, 2026, on this day, SAIC Group officially became the first enterprise in the history of China's automobile industry to exceed 100 million cumulative production and sales. No speeches from leaders, no product presentations, and no data bombardment on slides. In their place was a "Global Relay Delivery" spanning the Eurasian continent, connecting more than ten brands and nineteen car models. Every delivery moment opened a chapter of someone's life. 100 million vehicles are a number, but more importantly, a mirror. It reflects the ups and downs of an enterprise's seventy-plus years and the microcosm of China's automobile industry knocking out the first "Phoenix" brand from alleyways to standing on the global stage in the Smart Electric Era.
A "Delivery Ceremony" Only SAIC Could Pull Off
If one word were used to define this delivery ceremony, it would be "unreproducible".
It did not take place in a closed convention center but unfolded synchronously in multiple cities worldwide. Beyond the main venue in Shanghai, Nanjing, Liuzhou, Taiyuan, London, Jakarta, Singapore... delivery scenes continued to light up. The countdown went from the 99,999,996th unit to the 100,000,013th unit. Every vehicle delivery opened a real user story.
This "decentralized" ceremony design is not a brand show but an open presentation of system capabilities. Mobilizing a full matrix of 15 brands, from commercial to passenger vehicles, from the 60,000 range to the 500,000 range, from independent to joint venture, from domestic to overseas, and completing delivery under the same time and theme, requires behind-the-scenes whole industry chain collaborative capability.
More critically, it transformed the cold industrial number "100 million vehicles" into personal memories with warmth. For example, a couple returning to their homeland brought MG memories from their stay in the UK back home; a post-85s village party secretary used a Wuling Rongguang Pure Electric to deliver meals to left-behind elderly people; philanthropist blogger Liu Jia cut hair for left-behind children in Guangxi mountains for five consecutive years, and Buick provided immediate aid; he was moved by the "Full-score cabin" of Zhijing E7.
This shift in narrative style is essentially a public test of a "user-centric enterprise". In the past, automotive industry milestone releases were often enterprise-centric—leader speeches, technology presentations, sales data. This time, SAIC handed the stage completely to users, even the 100 millionth user, who was Cao Xudong, CEO of Momenta, a core partner in its smart driving strategy. "Partner becomes owner" is both a coincidence and a metaphor: in the intelligent electric vehicle era, the boundaries between users and enterprises are blurring, and the depth of ecosystem relationships is becoming a new competitive barrier.
The Hidden Card Behind 100 Million Vehicles: System, Globalization, and "Joint Venture 2.0"
If the delivery ceremony is the "face", the "backbone" behind the 100 million vehicles is the whole value chain system built by SAIC over seventy-plus years.
Many people see the data of SAIC ranking first in Chinese automaker sales for the first four months of 2026: cumulative sales of 1.302 million vehicles, independent brands accounting for nearly 70%, new energy vehicle sales of 412,000, and overseas markets surging by 50.2% year-on-year. But more worthy of attention are the structural changes behind these numbers.
Independent brands are no longer the "runner-up" role but the absolute main force. Roewe, MG, IM, Shangjie, Wuling, Maxus... Passenger and commercial lines advance together, covering almost all imaginable scenarios from personal travel to logistics. Joint venture brands have not stayed in the old script of "trading market for technology". Buick Zhijing E7 is based on the "Xiaoyao" Super Fusion Architecture, delivering over 10,000 units within a month of launch; Audi E7X plans to become Audi's first L3 level landing vehicle globally.
As the 99,999,999th delivery vehicle model of SAIC Group, ID. ERA 9X is a sample worthy of separate analysis. This car is not only the flagship for SAIC Volkswagen to counterattack in new energy but also a highly persuasive footnote of the Joint Venture 2.0 era. 11,079 orders locked within 1 hour of launch, 2,326 retail units delivered in 5 days, directly entering the top three of 300,000+ RMB extended-range large high-end SUVs. One month after launch, cumulative deliveries broke 7,000 units. In the high-end extended-range market where joint venture brands have long been suppressed by new forces, this speed breaks the stereotype that "joint ventures can't do new energy well".
Among the first batch of ID. ERA 9X owners, 60% live in first and second-tier cities, over 80% are management elites, over 40% are bosses and company partners, 58% hold a bachelor's degree or above, and average annual family income is 430,000 RMB. Female percentage exceeds 20%, over 85% are married with children, and those aged 25-39 account for more than half. About 40% come from old Volkswagen owners, 20% from traditional luxury brand replacement users. More than half directly chose the high-spec Ultra version. The 6,999th owner is Yang Chen, the first Chinese player in the German Bundesliga. These data point to a clear conclusion: ID. ERA 9X did not trade the market with low prices but truly entered a user group with high education, high income, and complete judgment on products.
From extended-range systems to smart driving algorithms, from chassis tuning to cabin interaction, a large amount of core capabilities come from SAIC and its ecosystem partners' local innovation. This is the most essential change of "Joint Venture 2.0": it is no longer foreign parties giving technology and Chinese parties doing the market, but both sides jointly defining products on the same platform, or even led by Chinese teams on technology routes. Behind these products is SAIC's role transition from "local adaptation" to "technology definition". In the past, joint venture R&D centers were more about executing global headquarters' technology localization, whereas now, SAIC's technical capabilities have started to be output in reverse, participating in the definition of global products. This is what is truly worth paying attention to in "Joint Venture 2.0"—it is not a slogan, but a capability.
Globalization is another hidden card. SAIC is currently the representative with the earliest and largest scale of "going out" among Chinese automobile enterprises. Overseas cumulative sales have exceeded 7 million vehicles. MG has consecutively ranked first in Chinese brand sales in Europe for 11 years, European annual sales in 2025 exceeded 300,000 vehicles, becoming the first Chinese automobile brand to break one million cumulative sales in Europe and the UK. More importantly, SAIC is shifting from "product going overseas" to "value chain going overseas". It possesses over 100 parts production bases, over 3,000 dealer networks overseas, has built three R&D innovation centers including London, and four production manufacturing centers in Thailand, Indonesia, India, and Pakistan. Anji Logistics owns 42 roll-on/roll-off ships, with 8 international routes covering Southeast Asia, Europe, and the Americas.
The depth of this global layout means SAIC is no longer a purely Chinese local automobile enterprise but a true industrial player with global operation capabilities. When many Chinese brands are still discussing how to "go out", SAIC is already thinking about how to "go up".
Technology is Not Just an "Exhibit"
Another key support for 100 million vehicles is the technology landing capability.
SAIC's 100 millionth delivery model—IM LS9 Hyper, is a good observation sample. It is equipped with full steer-by-wire four-wheel steering, 520-line ultra-vision LiDAR, NVIDIA Thor chip, whole domain 800V high-voltage platform, Stellar Super Extended Range, and even jointly premiered the "Endogenous Security" technology with Purple Mountain Laboratories globally, expanding automotive security from the physical level to information and system security. These technical indicators would not be inferior on any international brand's high-end models.
But more worthy of attention is that these technologies do not only exist on IM's flagship models. The Roewe i6 in the 60,000 range comes standard with 8155 chip and Doubao Large Model; the Buick Zhijing E7 in the 150,000 range is the first to equip Doubao Deep Thinking Large Model; the Shangjie Z7 in the 200,000 range carries Huawei ADS 4.1+896-line LiDAR, with 12,000 large orders in 27 minutes of launch. This landing capability of "technological democratization" is the real gold content of SAIC technology breakthrough. It shows that SAIC's technology logic is not "stacking specs" but precise matching around user real scenarios. Whether it is the "Smart Brain" end-to-end smart driving large model, or the "Robust Body" Digital Chassis 2.0, or the "Powerful Heart" thermal efficiency 46.3% DMH hybrid system, they all have to answer the same question: What can users perceive?
SAIC's answer is: From understanding cars to understanding you. Understanding cars is the extreme pursuit of core technology, and understanding you is precisely landing every cutting-edge technology into user-perceivable and enjoyable travel experiences. This sentence sounds like a concept, but from the delivery list of 100 million vehicles, it has been broken down into countless specific product decisions.
From "Leading the Horse Pack" to "Thousands of Galloping Horses"
In 2014, SAIC pioneered a comprehensive transition to new energy. At that time, many in the industry were still watching and waiting. Twelve years later, SAIC gave its own answer with 100 million vehicles. These twelve years happen to be a complete zodiac cycle. From the then "Leading the Horse Pack"—pioneering transformation, pioneering investment, pioneering going overseas, to the current situation of independent, joint venture, commercial, passenger, domestic, overseas "Thousands of Galloping Horses", the road SAIC has walked is almost a microcosm of China's new energy vehicle industry.
Behind 100 million vehicles is nearly 150 billion RMB in R&D investment over the past decade, nearly 26,000 effective patents, and two National Science and Technology Progress Awards. But its more important value lies in answering an industry-level question: When scale expansion meets a ceiling, how should Chinese automobile brands proceed next? SAIC's answer is "Second Entrepreneurship". This word sounds a bit old-fashioned, but placed in today's context, it points to the transition from scale leadership to quality leadership. 100 million vehicles is not the end but a new starting line. Next, what needs to be competed for is not who sells more, but who can define standards in the global market, establish irreplaceable brand assets in users' hearts, and continue to invest in technology no-man's land and achieve a commercialization loop.
From workers using hammers to knock out the first Phoenix brand sedan in 1958 to the IM LS9 Hyper with endogenous security technology driving off the production line in 2026, SAIC completed the leap from zero to 100 million in nearly seventy years. And the true revelation of this leap may not lie in the number itself, but in the fact that it proves one thing: China's automobile industry has the ability to walk a road from following to parallel running, and then to leading in local areas.
The Next 100 Million Vehicles, SAIC's Journey Has Just Begun.
China's First 100 Million-Level Automaker Emerges
Journey of 100 Million Together: SAIC Motor Welcomes Global 100 Millionth User
May 28, 2026, SAIC Motor's "Global 100 Millionth User Handover Ceremony" was held at Shanghai North Bund World Living Room. More than 10 vehicle brands and 19 models under SAIC, via "Global Relay Delivery", traversed mountains and seas, crossed continents, and connected globally. SAIC Motor thus became the first Chinese automotive group to exceed 100 million in cumulative production and sales, setting a new milestone for China's automotive industry.
From "Phoenix" to "IM": 100 Million Vehicles Witness the Striving and Original Aspiration of China's Automotive Industry
In 1955, Shanghai Internal Combustion Engine Parts Manufacturing Company was established, marking the start of Shanghai's automotive industry. In 1958, workers hammered out the first "Phoenix" brand sedan, achieving the breakthrough of "zero" in Shanghai sedan manufacturing.
Over 70 years, SAIC has personally experienced and promoted the entire process of China's automotive industry from nothing to something, from weak to strong: Santana went off the line in 1983, opening joint venture cooperation; Shanghai GM was established in 1997, creating the "Shanghai Speed" of building a factory and producing vehicles in 23 months; the independent brand Roewe was born in 2006; in 2016, the world's first Internet car Roewe RX5 was launched; in 2020, the high-end smart electric brand IM Motors was established.
Running through this journey is SAIC's consistent user philosophy of "Knows Cars, Knows You Better". Knowing cars is the extreme pursuit of core technologies; knowing you is precisely implementing every cutting-edge technology into a perceptible and enjoyable mobility experience for users. From Santana localization consortium to Joint Venture 2.0 technology co-creation, from Internet cars to full electronic chassis, solid/semi-solid batteries, and large AI models on cars — every leap is an upgrade in the capability of "knowing cars", and a inheritance of the original aspiration of "knowing you". 100 million vehicles is also a concentrated redemption of 100 million users' trust.
The 100 Millionth Vehicle: IM LS9 Hyper, Condensing 70+ Years of SAIC Technology
The first 100 millionth vehicle delivery model, IM LS9 Hyper, is a masterpiece condensing SAIC's 70+ years of technical accumulation, opening a new era of "New Three Major Components" for new energy vehicles. It is equipped with next-generation chassis technology, the world's first full electronic four-wheel steering in its class; next-generation intelligent driving hardware, 520-line ultra-view LiDAR + NVIDIA Thor chip; next-generation powertrain — global 800V high-voltage platform and Stellar Super Range Extension. It fully pre-embedded redundancy capabilities for continuous evolution towards L3 and above advanced intelligent driving. At the same time, IM LS9 Hyper is the first to搭载 SAIC Gold Badge Hurricane Three-Motor, effortlessly joining the Performance 3-second Club; combined with Zijinshan Laboratory, it globally debuted the "Endogenous Security" technology, expanding the automotive safety boundary from "Physical Safety" to "Information and System Safety", a necessary safety cornerstone of the AI era.
The 100 Millionth User, Momenta CEO Cao Xudong, is SAIC's core strategic partner in the intelligent driving field. The intelligent driving technology co-created in-depth has empowered multiple brands of independent and joint ventures. "Partners Become Owners" is not only a satisfactory delivery between manufacturer and user, but also a deep resonance between intelligent automotive ecosystem partners.
System Strength: SAIC's Full Brand Matrix Global Relay Delivery
Behind the 100 million vehicles is SAIC's full value chain closed loop covering six sectors: vehicles, parts, mobility and service, finance, international operations, and innovative technology. From January to April 2026, SAIC cumulatively sold 1.302 million units, ranking first in China's automotive sales for four consecutive months. Among them, independent brand sales were 910,000 units, accounting for nearly 70%; new energy vehicle sales were 412,000 units; overseas market sales were 459,000 units, a year-on-year surge of 50.2%.
At the delivery ceremony site, SAIC's full brand and full product matrix worked together. Independent brands went all out: Shangjie Z7, Huajing S, Roewe M7, MG4 Semi-Solid Battery Version, Wuling Starlight 560, Maxus eDeliver5, Hongyan Heavy Truck, Yuejin Danan T1, Sunwin Pure Electric Bus, IVECO Juxing EV, etc., were delivered successively, covering diversified scenarios such as personal travel, family life, commercial operations, and logistics transport. Joint venture brands concentratedly revealed "Joint Venture 2.0" results: Volkswagen ID. ERA 9X will globally debut equipped with Momenta R7 Reinforcement Learning World Model, delivering more than 7,000 units one month after launch; AUDI E7X plans to become AUDI's first global model to realize L3-level autonomous driving landing; Buick Zhijing E7 is built based on the "Xiaoyao" Super Fusion Architecture, delivering over 10,000 units one month after launch.
Departing from Shanghai's main venue, delivery scenes were lit up in succession in multiple domestic cities such as Nanjing, Liuzhou, Taiyuan, and countries such as the UK, Indonesia, and Singapore, pioneering a new narrative method for Chinese automotive brands. Behind this lies SAIC's deep foundation in global layout. SAIC is a pioneer of Chinese automotive enterprises "going out": it has over 100 parts production bases and over 3,000 distributor networks overseas, built 3 major R&D innovation centers including London, and 4 production and manufacturing centers in Thailand, Indonesia, India, and Pakistan; Anji Logistics owns 42 RoRo ships, with 8 international routes covering Southeast Asia, Europe, and the Americas. Nowadays, SAIC's products and services are distributed in over 170 countries and regions, with overseas cumulative sales exceeding 7 million units. SAIC MG has been ranked first in Chinese brand Europe sales for 11 consecutive years; in 2025, Europe annual sales exceeded 300,000 units, 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 debuting semi-solid batteries and Hybrid+ hybrid technology, with the Hybrid+ family's overseas monthly sales exceeding 20,000 units. In 2025, SAIC released the overseas "Glocal Strategy" (Global + Local), accelerating the shift from "Product Going Overseas" to "Value Chain Going Overseas", letting "Made in China Intelligence" move further into the world.
From "Know Cars" to "Know You": A Delivery Ceremony Where Users Take Center Stage
The final foothold of "Knows Cars, Knows You Better" is the mobility life of every real user. Luo Zhenyu, founder of Dedao APP, as the No. 001 Experience Officer of Huajing S, praised Huawei Qiankun Intelligent Driving in the New Year's Eve speech to visiting the factory to witness roll-off; former German national team player Yang Chen chose ID. ERA 9X, as its golden range extension and long-termism coincided; after Cao Kailiang's family ordered a car, idol Jay Chou happened to become the Buick MPV family spokesperson; charity blogger Liu Jia cut hair and gave companionship to left-behind children in Guangxi mountains for five consecutive years, Buick provided aid immediately, he was moved by Zhijing E7's "Full Score Cabin". From self-media bloggers to village secretaries, from charity guardians to logistics enterprises — every user is a microcosm of real life, this is the most vivid interpretation of "Knows Cars, Knows You Better".
100 million vehicles is a phased answer sheet of SAIC's 70+ years of development, and even more so a new starting line for SAIC's "Second Entrepreneurship" towards the smart electric future. In 2014, SAIC actively implemented the important instruction "Developing new energy vehicles is the inevitable path for China to become a great auto power from an auto power", taking the lead in comprehensive transformation. Twelve years later, from "Leading the Pack" in smart electric transformation to "Thousands of Horses Galloping" in independent and joint venture, passenger and commercial, domestic and overseas, SAIC will continuously use "Knows Cars, Knows You Better" as the user philosophy, letting technological innovation truly benefit every user.
From 1955 to 2026, from the first user to the 100 Millionth user, from startup exploration to industry leadership — SAIC will continue to travel together with global users and global partners on a Journey of 100 Million, co-creating a new future of beautiful mobility.
In May, China's automotive market overall presented a gentle recovery trend, with domestic brands still being the sales backbone of the market. Recently, BYD, Geely, Chery, Changan, and Great Wall, the top 5 domestic automakers, successively released their monthly performance reports. From the data, these five companies show a general characteristic of "stable total growth, divergence between domestic and international markets, and accelerated new energy penetration". Overseas exports and new energy vehicles have become the most core growth engines; export business has evolved from a "bonus item" to the "core foundation" for some companies. BYD's "dominant leader" status is further consolidated, Chery achieved high growth via exports, Geely's new energy penetration rate broke 56%, Changan focused steadily on balanced development, while Great Wall appeared slightly under pressure during structural transformation.
BYD: Export Hits New High Becomes Biggest HighlightIn May, BYD stood firmly at the top of domestic brands with a monthly sales volume of 383,500 vehicles, maintaining positive growth both year-on-year and month-over-month under a large base. Its two main brands, Dynasty and Ocean, sold a combined 330,200 vehicles, contributing 86.1% of total sales; Fangchengbao's monthly sales broke 30,000 units to reach 30,200, a year-on-year increase of 139.7%, setting a new high for the year; Denza sold 16,300 vehicles, and Yangwang delivered 286 vehicles. From a model perspective, BYD had eight models in May with monthly sales exceeding 20,000 vehicles. The Song Family and Yuan Family both broke 50,000 units, selling 51,370 and 56,691 vehicles respectively. The Sea Lion Family followed closely with 42,615 vehicles, and Seagull sales were also close to 40,000 vehicles.
BYD's biggest highlight in May was exports. Overseas new energy vehicle sales reached 160,600 units, an 80.4% year-on-year increase, accounting for about 42%. The sharp expansion of export scale effectively countered the phased weakness in domestic demand. Cumulative exports from January to May exceeded 620,000 vehicles. High export growth mainly benefited from continued ramping up of overseas factory capacity, improved ocean shipping capacity, and accelerated channel network expansion. In the domestic market, BYD promoted Megawatt Super Charging and intelligent strategies simultaneously—Megawatt charging achieved about 90% charge in 9 minutes; 20,000 super charging stations are planned to be built by 2026; all series models are available with Sky Eye B intelligent driving solutions and city navigation safety fallback plans, accelerating the popularization of high-level intelligent driving. As Gen 2 Blade Battery capacity gradually releases, the company's orders are expected to continue rising.
Chery: Sales Growth Leads the Top 5Chery Group's total sales volume in May was 247,800 vehicles, a significant year-on-year increase of 20.5%, ranking first in growth speed among the top 5. Exports remained its most core growth engine—May exports reached 181,900 vehicles, an 80.5% year-on-year increase, accounting for 73.4% of total sales that month, continuously breaking the single-month export record for Chinese brands for three months. In terms of new energy, Chery New Energy sold 100,300 vehicles, a 58.8% year-on-year increase. April and May consecutively saw monthly new energy sales breaking 100,000 vehicles.
The strong performance in exports benefited from Chery's long-term deep cultivation of overseas channel advantages and localized operation capabilities. While overseas orders continued to rise, high export growth formed a sharp contrast with domestic sales—Chery's domestic sales in May were only 60,000 vehicles, accounting for one-quarter of total sales. From cumulative data, Chery Group accumulated 1.101 million sales from January to May, but against the annual goal of 3.2 million vehicles, monthly averages need to reach about 420,000 vehicles later, and pressure remains significant.
Geely: New Energy Penetration Rate Breaks 56%Geely Auto's total sales volume in May was 237,600 vehicles, a 1% year-on-year increase, achieving month-over-month double growth for three consecutive months. In terms of structure, Geely's "New Four Transformations" transformation showed significant results: new energy vehicle sales reached 133,400 units, accounting for 56% of total sales, with new energy share exceeding 50% for four consecutive months.
From sub-brands, performance was significantly divergent. Zeekr brand sales in May reached 34,400 vehicles, a 82% year-on-year increase; Zeekr 9 Series and 8 Series models combined sales approached 50% of total sales, showing bright performance in the high-end market; Galaxy brand sales were 81,700 vehicles; Geely brand sales were 182,500 vehicles, among which China Star Series sales reached 100,800 vehicles; Lynk & Co brand sales were 20,700 vehicles, with new energy vehicle sales share rising to 71%.
In terms of exports, Geely's overseas vehicle exports in May reached 85,100 vehicles, a explosive 184% year-on-year increase, setting a brand single-month export record high. Among exported products, new energy vehicles reached 40,800 units, accounting for nearly half; hybrid and pure electric products have successively landed in Southeast Asia, Middle East, Latin America, and other markets, highlighting the results of global strategy implementation.
Changan: Multi-brand Matrix Balanced EffortChangan Auto's delivery volume in May was 209,100 vehicles, among which new energy deliveries were 92,400 vehicles, a 5.8% year-on-year increase, with new energy share about 44%. In terms of exports, overseas deliveries reached 70,700 vehicles, a 38% year-on-year increase, becoming another major growth highlight for Changan in May.
In the sub-brand matrix, Changan Qiyuan delivered 34,500 vehicles in May; All-New Q05 delivered 15,800 units, with orders breaking 3,000 units within three days of listing in Thailand; Deepal sales in May were 33,200 vehicles, a 30% year-on-year increase; January to May overseas cumulative sales were 28,700 vehicles, a significant 167% year-on-year increase; Avatr delivered 7,336 vehicles in May; Changan Auto (Gravity) delivered nearly 49,000 vehicles in May.
Changan Auto's balanced layout was fully reflected in May: the fuel car base remained stable, new energy brands Deepal and Qiyuan accelerated volume growth, high-end brand Avatr continued to break through in technical cooperation, and overseas markets simultaneously achieved breakthrough growth. The pattern of five brands working together, driven by both new energy and exports, is initially taking shape.
Great Wall: Overseas Sales Growth Year-on-Year 46.75%Great Wall Motor's sales in May were 100,400 vehicles, slightly down compared to last May's 102,200 vehicles, making it the only company among the top 5 to show a year-on-year negative growth. From sub-brands, Haval brand sales in May were 55,500 vehicles, remaining Great Wall's most important sales pillar; Tank brand sales were 17,100 vehicles; both Haval and Tank brand sales showed year-on-year declines; Wey brand sold 8,119 vehicles, a 31.78% year-on-year increase, achieving growth against the trend; Ora brand performance was most stunning, with sales of 6,018 vehicles, a significant 206.88% year-on-year increase. In terms of new energy, Great Wall sold 30,400 new energy vehicles in May, with new energy vehicle transformation gradually accelerating.
The overseas market became Great Wall's biggest highlight in May, with overseas sales growing 46.75% year-on-year. Against the background of pressure on the domestic market, strong growth in overseas business effectively made up for the decline in the domestic market. Great Wall Motor's current core contradiction lies in: Haval and Tank, the two traditional main-selling brands, face weak growth, while Wey and Ora brands, although growing notably, have relatively small volume and are not yet enough to support overall growth. How to complete the "relay" between old and new brands is the key issue Great Wall must solve subsequently.
Final ThoughtsFrom May data, the growth pattern of the top 5 domestic brands has clearly diverged, but there are three common trends worth noting: First, exports have become a key engine for domestic brands to seek stability and growth. Second, new energy transformation is still accelerating, but paths differ among enterprises. Third, technological innovation continues to deepen brand moats. Looking ahead to the second half of the year, competition in the automotive industry will continue to upgrade around these three trends. Although everyone has a common direction, these three trends are all competing for the entire enterprise's industrial chain strength, and the strong will remain strong, which has almost become an inevitable outcome.
5 月 22 日，深藍汽車在葡萄牙首都里斯本宣佈，正式成為葡萄牙國家隊全球官方合作夥伴。現場，深藍汽車向球隊交付了旗下緊湊型純電 SUV 深藍 S05，並同步啟動該車型的 1000 公里歐洲長途測試。
根據官方信息，深藍 S05 近期在國內市場獲得 4 月緊湊型 SUV 銷量冠軍，並在西班牙連續兩個月位居緊湊型純電 SUV 註冊量榜首。該車還獲得了 J.D. Power 2026 中國新能源汽車新車質量研究緊湊型純電動 SUV 第一名和德國 iF 設計獎。
深藍汽車表示，其累計全球交付已突破 80 萬輛。技術方面，公司擁有原力超集電驅、金鐘罩電池等專利，並宣稱實現“百萬級電驅零過熱”和“電池零自燃”記錄。此外，深藍汽車獲得了國內首張 L3 級自動駕駛測試專用號牌。
作為長安汽車“海納百川”出海計劃的組成部分，深藍汽車目前已進入五大區域、約 100 個國家和地區。深藍 S05 已在泰國工廠投產，深藍 S07 則獲得了歐洲和澳洲的雙五星安全評級。
此次與葡萄牙國家隊的合作，被深藍汽車視為加速歐洲市場佈局的關鍵步驟。未來，品牌將繼續推進從產品出口向品牌與產業鏈輸出的轉型。
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。
On May 28, 2026, SAIC Group held the "First Global 100 Millionth User Delivery Ceremony" grandly at the Shanghai North Bund World Living Room. More than ten whole vehicle brands and 19 main models under SAIC, with the innovative form of "Global Relay Delivery", spanned continents and linked domestic and overseas markets, officially declaring SAIC Group as the first in China's automotive industry to break 100 million in cumulative production and sales, carving a historic milestone for the development of China's automotive industry.
From the first "Phoenix" sedan born in 1958, to today's global automotive group with a scale of 100 million vehicles; from local car making hammered by hand, to full industry chain synergy and intelligent manufacturing of Chinese globalization; from single product output to technology, brand, and service full value chain going global, SAIC has written the era's answer for Chinese cars to catch up, run alongside, and go from local to global with over 70 years of progress. 100 million vehicles is not only a quantum leap in production and sales scale, but also a heavy load of 100 million units of user trust, a testament to the strength of China's automotive industry's rise.
I. Over 70 Years of Progress: From "Zero Breakthrough" to "100 Million-Level Leap"
The development history of SAIC Group is a condensed history of China's automotive industry's progress.
In 1955, the Shanghai Internal Combustion Engine Parts Manufacturing Company was established, and Shanghai's automotive industry officially set sail. In 1958, the first generation of automotive workers manually assembled the first **"Phoenix" sedan**, achieving a "zero breakthrough" in Shanghai sedan manufacturing, opening the difficult exploration of China's independent car making. At that time, conditions were simple and technology was weak, but the seed of steadfastness for independence and pursuit of quality was planted.
After the Reform and Opening Up, SAIC seized the opportunity of the times and entered a new stage of joint cooperation and rapid growth. In 1983, the Santana officially came off the line, not only opening the tide of popularization of Chinese household sedans, but also driving the establishment of a modern automotive parts supporting system, promoting the systemization and standardization upgrade of China's automotive manufacturing system. In 1997, SAIC General Motors was established, achieving a "Shanghai Speed" with 23 months to go from "building factory to delivering vehicles", refreshing industry records, and simultaneously building the first joint venture exclusive automotive R&D and design center domestically, achieving a leap from manufacturing to R&D.
Entering the new century, SAIC firmly promoted independent innovation and brand upward movement. In 2006, the Roewe brand was born, sounding the horn for the comprehensive rise of independent passenger cars; in 2016, the world's first Internet car Roewe RX5 went on sale, opening a new era of automotive intelligence; in 2020, IM Motors appeared, targeting the global luxury market with a high-end intelligent electric track. From fuel vehicles to new energy, from traditional manufacturing to intelligent electric, from local layout to global operations, SAIC has always been at the forefront of industry transformation.
For over 70 years of wind and rain, SAIC has always adhered to the core concept of **"Know Cars, Know You Better"**. "Know Cars", is the ultimate pursuit of core technologies, is the continuous breakthrough of cutting-edge technologies such as full wire-controlled chassis, semi-solid state batteries, AI large models, intelligent driving; "Know You", is to convert hardcore technology into user-perceivable and enjoyalbe travel experiences, letting every innovation serve real car usage scenarios. From the first vehicle to the first 100 millionth vehicle, what changes is scale and technology, what remains unchanged is the original intention of sticking to quality and serving users. 100 million vehicles is the most powerful fulfillment of this original intention.
Full System Strength Support: Full Brand Matrix + Global Layout, Casting the Foundation of 100 Million Vehicles
Behind the 100 million vehicle scale is SAIC's full value chain closed-loop system covering six sectors: whole vehicles, parts, mobility, financial services, international operations, and innovative technology, and the strong comprehensive strength of synergy between independent and joint ventures, passenger and commercial vehicles, and domestic and overseas linkage.
Sales data corroborates hardcore strength: From January to April 2026, SAIC Group's cumulative sales reached 1.302 million vehicles, ranking first among Chinese automakers for four consecutive months; among them, independent brand sales were 910,000 vehicles, accounting for nearly 70%, becoming the core engine of growth; new energy vehicle sales were 412,000 vehicles, stably in the first echelon of the industry; overseas market sales were 459,000 vehicles, surging 50.2% year-on-year, continuing to lead Chinese brand exports.
This global relay delivery, SAIC's full brand matrix made a powerful appearance. Independent brands went all out: Shangjie Z7, Huajing S, Roewe M7, MG4 Semi-Solid State Battery Version, Wuling Starlight 560, Maxus eDeliver5, Hongyan Heavy Truck, Yuexing Dana T1, SUNWIN Electric Bus, Iveco Juzing EV and other models were delivered in batches, covering household commuting, family travel, business operations, logistics transportation, urban public transport all scenarios, meeting users' diversified needs.
Joint ventures entered the "Joint Venture 2.0" technology co-innovation stage, showing heavy results: Volkswagen ID. ERA 9X globally debuted with Momenta R7 Reinforced Learning World Model, delivered over 7,000 units in the first month of listing; AUDI E7X is planned to become Audi's first model globally landing L3-level autonomous driving; Buick Zhijing E7 is built on the "Xiaoyao" Super Fusion Architecture, sales broke 10,000 units in the first month of listing. From "Market for Technology" to "Technology Defines Products", SAIC achieved a complete role leap, leading the new direction of high-quality development of joint ventures.
Global layout is the key support for SAIC's 100 million leap. As a pioneer in Chinese automotive "Going Global", SAIC has already deployed over 100 parts bases and over 3000 dealer outlets overseas, built 3 Global R&D Centers in London, as well as 4 overseas manufacturing bases in Thailand, Indonesia, India, Pakistan; Anji Logistics formed 42 professional Ro-Ro ships, opened 8 international routes, building an efficient global logistics system.
Currently, SAIC's products and services have covered over 170 countries and regions worldwide, with cumulative overseas sales breaking 7 million vehicles. MG brand ranked first among Chinese brands in European sales for 11 consecutive years, European annual sales broke 300,000 in 2025, becoming the first Chinese automotive brand to break 1 million in cumulative sales in Europe and the UK. In March 2026, MG released Semi-Solid State Battery and Hybrid + Hybrid Technology in Germany, breaking 20,000 units in a single month overseas, winning global market recognition with hardcore technology. SAIC is moving from "Product Going Global" to "Value Chain Going Global", letting Chinese Intelligent Manufacturing shine on the global stage.
User-Centric: 100 Million Trusts, Originating from "Know Cars, Know You Better"
SAIC's 100 million leap is essentially the accumulation and precipitation of user trust. In this delivery gala, there was no grand technology presentation, but focused on every real user, letting ordinary people become the protagonists, vividly interpreting the deep connotation of "Know Cars, Know You Better".
GET App founder Luo Zhenyu served as the 001st Experience Officer for Huajing S, from praising Huawei Qiankun Smart Driving to deeply visiting the factory to witness the off-line, recognizing SAIC's dual strength of technology and quality; former national team player Yang Chen chose Volkswagen ID. ERA 9X, valuing its high-efficiency range extender system and consistency with long-termism values; charity blogger Liu Jia stuck to mountain area charity for five years, was moved by Buick Zhijing E7's "Full Score Cockpit"; London doctor Natalia inherited family MG sentiment, returning couple brought overseas car usage memories back to the motherland; there were also bulk users such as logistics enterprises, bus companies, tourism teams, letting SAIC become a reliable partner for fighters.
From tech bloggers to sports stars, from public welfare persons to entrepreneurs, from overseas users to local families, every user's choice is an endorsement of SAIC products and services. SAIC always insists that the ultimate value of technology is to serve people, the ultimate goal of car making is to guard every journey, warming every family. 100 million vehicles is the carrying of 100 million life stories, the guard of 100 million beautiful journeys, and more 100 million heavy trusts.
At the product level, SAIC oriented by user needs, built a product matrix covering all categories, all price points, all scenarios. Home cars pursue comfort and energy saving, high-end car owners focus on intelligent luxury, commercial vehicles focus on reliability and efficiency, new energy vehicles achieve range and safety balance. At the same time, continuously upgrading quality and experience, from infant-level healthy cockpit, full domain security protection, to intelligent interaction, comfortable chassis, every detail is polished around users' real car usage scenarios, letting high-end inclusion, letting technology approachable.
Start New Journey: Starting from 100 Million Level, Towards the New Era of Smart Electric
100 million vehicles is a milestone, but also a new starting point. Facing the wave of smart electrification, SAIC in the posture of "Second Entrepreneurship", full sprint for new heights of the global automotive market.
Technology innovation continues to lead: Deeply cultivating solid / semi-solid batteries, full wire-controlled chassis, AI large models, high-level intelligent driving and other cutting-edge technologies, promoting core technology autonomous and controllable; global R&D system synergy effort, quickly transforming laboratory technology into mass production configuration, letting users enjoy tech dividends first.
Brand upward movement is unswerving: Strengthen IM, Roewe, MG, Wuling and other independent matrices, upgrade Volkswagen, Audi, Buick and other joint venture brands, form a high-low matching, domestic and overseas coordinated brand system, meeting global users' differentiated needs.
Global strategy depth promotion: Deepen "Glocal" Global + Local strategy, expand overseas production capacity and channel layout, promote technology, standards, services synchronously going global, improving Chinese automotive brands' global voice.
User service comprehensive upgrade: Stick to "Know Cars, Know You Better" concept, with user full lifecycle experience as the core, building a more considerate, more convenient, more intelligent service system, letting every user feel SAIC's temperature and sincerity.
From 1955 to 2026, from the first vehicle to the first 100 millionth vehicle, SAIC witnessed and promoted China's automotive industry from nothing to something, from weak to strong. 100 million leap is a breakthrough of scale, a victory of technology, a result of globalization, and more a crystallization of user trust.
Standing at a brand new historical starting point, SAIC will continue to adhere to the original intention, stick to innovation, deep dive into users, lead globally, walk together with 100 million users and global partners, with the power of Chinese Intelligent Manufacturing, create a better travel future together, and continue to contribute to China moving from an automotive powerhouse to an automotive strong country!
2026 年 6 月 5 日，BJ30 旅行者 5 國 · 破 5 燃擎節油挑戰實景直播評測活動於雁棲湖順利落幕。歷經三小時全路況實景實測，在全網數以億計網民、五國海外達人、到場車主共同見證下，7 萬級方盒子——BJ30 旅行者成功實現多路況百公里耗油跌破 5L，一舉打破硬派方盒子 SUV“高耗油”行業刻板印象。
海外五國先行試煉，構築雙向閉環驗證體系
今次國內節油實測並非臨時起意，早在直播落地之前，北京越野便遠赴南非、波蘭、印尼、阿聯酋、墨西哥五大國家，邀請本土知名汽車博主開啟跨地域長途實測試煉。五國地域橫跨熱帶雨林、中東荒漠、東歐碎石山路、非洲城郊公路等差異化地貌與氣候環境，喺多元真實用車場景中，完成整車底盤調校、三擎 HEV 混動架構、電四驅系統全維度可靠性摸底，海量實地行駛數據為國內實景評測築牢權威背書，形成“海外全域可靠性驗證 + 國內全場景耗油實測”雙循環閉環測試，全程遵循 GLTC 全球生活測試循環、OLTC 越野生活測試循環雙重嚴苛標準，測試結果真實可溯源、數據有跡可循。五國跨國實測全部達成百公里耗油低於 5L 嘅優異成績，提前印證 BJ30 旅行者混動節油硬實力。
三大實景路況輪番評測，全場景實測兌現省油本色
今次國內直播評測設置北汽藍谷基地發車、封箱加注燃油、T4 航站樓中途休整、油耗揭曉四大嚴謹環節，圍繞城市擁堵通勤、高速滿載長途、鄉道砂石輕越野三大主流用車場景分段實測，精準還原普通家庭日常出行全場景用車環境。
城市擁堵實測：三擎混動攻克堵車耗油難題
BJ30 旅行者搭載三擎六模 + 電四驅專屬混動架構，區別於傳統燃油 SUV 怠速高耗、低速費油弊端，系統默認電機優先驅動、引擎按需智能介入，完美化解城市早晚高峰頻繁啟停、低速蠕行帶來嘅耗油飆升痛點。官方標定兩驅版綜合耗油 5.85L/100km、四驅版 6.45L/100km，喺商區 + 居民區密集擁堵路況實景測試中，車輛實測耗油成功击穿 5L/100km 關口。相較同價位 2.0T 燃油車型動力更強、能耗更低。對比 PHEV 插電混動車型，車身輕量化優勢突出、無需外接充電，饋電狀態下越野穩定性更佳、用車維保成本更低，完美適配城市上班族日常代步，大幅縮減日常養車燃油開支。
高速滿載評測：2820mm 超長軸距解鎖超大家用空間
高速路段同步開展滿載空間實測，依托 2820mm 越級軸距，BJ30 旅行者座艙空間表現亮眼，滿員乘坐時前後排腿部空間寬裕，無局促壓抑感。方正車身最大化挖掘裝載潛能，常規後廂可輕鬆收納全套露營裝備、戶外大件器材，後排座椅放倒後可拓展至 1.92m 平整大床，波蘭海外博主現場實測，滿載露營物資後仍可喺後廂平躺休憩，出色裝載力精準匹配全家長途自駕、近郊露營嘅家用剛需。高速巡航階段，混動系統智能優化引擎轉速區間，喺保障駕駛舒適嘅同時持續優化燃油經濟性，實現大空間與低耗油雙向兼顧。
非鋪裝越野實測：高離地間隙加持，爛路穿行從容有度
輕越野測試路段由窄距鄉道、碎石路面、坑窪非鋪裝山路、緩坡爬坡路面組合而成，考驗整車通過性能。BJ30 旅行者標配 215mm 超高離地間隙、ATS 多模式全地形控制系統與毫秒級電控四驅，搭配細化專業越野底盤，駕駛者一鍵切換對應地形模式後，四驅系統實時動態分配四輪動力，輕鬆翻越坑窪、規避碎石剐蹭，從容應對各類輕度越野路況。依托 OLTC 越野測試標準打造嘅整車越野配置，令 7 萬級價位車型實現城市通勤、戶外穿越一車兩用，五國海外體驗博主紛紛對車輛爛路行駛質感給予高度評價。
產品力領跑細分市場，高光版 6 月 12 日重磅上市
倚靠省油、大空間、強越野嘅全能產品表現，BJ30 旅行者長期穩居細分市場頭部，斬獲連續兩年輕混方盒子銷量第一、連續 23 個月自主輕混 SUV 銷量第一、10-15 萬級自主緊湊型 SUV 三年保值率 72% 同級別榜首多項榮譽。完善嘅全國售後網點佈局，進一步打消車主維保後顧之憂。現場多位真實車主分享用車體驗，日常工作天市區通勤、週末結伴露營越野嘅高頻用車場景中，車輛耗油、空間、越野表現均長期符合預期，海量用戶口碑夯實車型標桿地位。
直播現場同步釋放重磅產品資訊：6 月 12 日 BJ30 旅行者高光版正式上市。新款車型實現全面產品升級，動力系統優化、車載小電池升級，內飾用料、智能舒適配置全面加碼，多款高配配置下放，同時推出專屬定製配色特別版，喺現款實測耗油破 5L 嘅硬核基礎上進一步補強產品實力，為 7 萬級家用輕越野 SUV 市場帶來全新選擇。
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。
