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喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都唔會唔揀 Perodua Aruz 同 Mazda CX-30 嚟做比較。這兩款車喺價位同定位上都幾接近，今日我哋就從多個方面做一個詳細比較，幫你節省咗做功課嘅時間。
Perodua Aruz 喺馬來西亞嘅 OTR 售價係 RM 72,900 - 77,900，一共有 2 個版本，包括 1.5L X（RM 72,900）、1.5L AV（RM 77,900）等。
Mazda CX-30 喺馬來西亞嘅 OTR 售價係 RM 122,409 - 146,409，一共有 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。
從價錢睇返，Perodua Aruz 嘅起價確實比 Mazda CX-30 平咗 RM 49,509。如果你預算有限，Perodua 嘅入門版已經滿足日常需求。但都要注意，平嗰幾千蚊，可能喺配備上有取舍，具體要睇你嘅需求。
Perodua Aruz 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Mazda CX-30 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
動力方面，Mazda CX-30 嘅 1.5L Turbo 比 Perodua Aruz 嘅 1.5L 4-cyl 多出 35 匹馬力。不過日常喺市區開，兩款車嘅動力都夠用，唔會覺得唔夠力。
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。
兩款車嘅安全評級一樣，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，尾箱 400 L。
Mazda CX-30 車身長 4500 mm，尾箱 450 L。
空間方面，Mazda CX-30 嘅車身比 Perodua Aruz 長咗 100 mm，乘坐空間更有優勢。不過 Perodua Aruz 喺城市入面停車會靈活啲，各有取舍。
Perodua Aruz 同 Mazda CX-30 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更加看重品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更加在意性價比同配備，那就揀配置更豐富嗰款。最終都係建議兩款都去試駕，親身體驗先係最重要。
總嘅嚟講，Perodua Aruz 同 Mazda CX-30 都係馬來西亞市場好唔錯嘅車型。揀邊一輛，關鍵都係要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花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 Perodua Ativa 同 Toyota Yaris Cross 嚟做比較。呢兩款車喺價位同定位上都幾接近，今日我哋就從多個方面做一個詳細嘅比較，幫你節省做功課嘅時間。
Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，一共有 3 個版本，包括 1.0L Turbo X（RM 62,500）、1.0L Turbo H（RM 67,300）、1.0L Turbo AV（RM 73,400） 等。
Toyota Yaris Cross 喺馬來西亞嘅 OTR 售價係 RM 99,900 - 109,900，一共有 2 個版本，包括 2026 1.5L Standard（RM 99,900）、2026 HEV 1.5L Standard（RM 109,900） 等。
從價錢來看，Perodua Ativa 嘅起步價確實比 Toyota Yaris Cross 平咗 RM 37,400。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需要。但亦都要注意，平嗰幾千蚊，可能喺配備上會有取舍，具體要睇你嘅需求。
Perodua Ativa 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ASA 3.0 + ACC + LDA + LKA + BSM + RCTA。
Toyota Yaris Cross 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 TSS。
兩款車嘅安全評級一樣，喺呢個級別入面安全配備都算好齊全。依家嘅新車安全性都不錯，唔使太擔心呢一點。
Perodua Ativa 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Toyota Yaris Cross 保修 5 年/無限制里程，保養間隔 每 10,000km 或 6 個月。
Perodua Ativa 同 Toyota Yaris Cross 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。最終都建議兩款都去試駕，親身體驗先係最重要。
總體嚟講，Perodua Ativa 同 Toyota Yaris Cross 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵仲係要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕先做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拎 Perodua Ativa 同 Proton X50 嚟比較。呢兩款車喺價位同定位上都好接近，今日我哋就從多個方面做一次詳細嘅比較，幫你省下做功課嘅時間。
Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，一共有 3 個版本，包括 1.0L Turbo X（RM 62,500）、1.0L Turbo H（RM 67,300）、1.0L Turbo AV（RM 73,400） 等等。
Proton X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，一共有 4 個版本，包括 1.5T Executive（RM 89,800）、1.5T Premium（RM 101,800）、1.5T Flagship（RM 113,300） 等等。
從價錢嚟睇，Perodua Ativa 嘅起步價確實比 Proton X50 平咗 RM 27,300。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需求。但都要留意，平嘅嗰幾千蚊，可能喺配備上會有取舍，具體要睇你嘅需求。
Perodua Ativa 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ASA 3.0 + ACC + LDA + LKA + BSM + RCTA。
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)。
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唔差，唔使太擔心呢一點。
Perodua Ativa 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Proton X50 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，呢方面唔使糾結。實際保養成本仲要睇品牌嘅服務網絡同零件價格，建議去車友群問問真實車主嘅經驗。
Perodua Ativa 同 Proton X50 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，親身體驗先係最緊要嘅。
總括嚟講，Perodua Ativa 同 Proton X50 都係馬來西亞市場好唔錯嘅車款。揀邊一輛，關鍵仲係要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最後決定。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，好多買家喺揀車嗰陣都會拿 Perodua Ativa 同 Chery Tiggo Cross 嚟做比較。兩款車喺價錢同定位上都幾接近，而家我哋就從多個方面做一個詳細比較，幫你節省咗做功課嘅時間。
Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，合共有 3 個版本，包括 1.0L Turbo X（RM 62,500）、1.0L Turbo H（RM 67,300）、1.0L Turbo AV（RM 73,400） 等。
Chery Tiggo Cross 喺馬來西亞嘅 OTR 售價係 RM 88,750 - 99,750，合共有 2 個版本，包括 2025 HEV 1.5L CSH（RM 99,750）、2025 1.5T Standard（RM 88,750） 等。
由價錢睇，Perodua Ativa 嘅起價的確比 Chery Tiggo Cross 平咗 RM 26,250。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需要。但都要注意，平嗰幾千蚊，可能喺配備上會有取捨，具體要看你需要。
Perodua Ativa 配備 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Chery Tiggo Cross 配備 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
兩款車用緊同一套動力系統，日常開起嚟嘅感受基本冇分別。油耗方面亦都唔差，唔使太糾結呢一點。
Perodua Ativa 車身長 4400 mm，尾箱 400 L。
Chery Tiggo Cross 車身長 4400 mm，尾箱 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。
Perodua Ativa 採 FWD 驅動方式。
Chery Tiggo Cross 採 FWD 驅動方式。
兩款車嘅驅動方式一樣，都係 FWD，日常駕駛唔會有太大分別。
總體嚟講，Perodua Ativa 同 Chery Tiggo Cross 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。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拎 Perodua Ativa 同 Chery Tiggo Cross 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。
Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，一共有 3 個版本，包括 1.0L Turbo X（RM 62,500）、1.0L Turbo H（RM 67,300）、1.0L Turbo AV（RM 73,400） 等。
Chery Tiggo Cross 喺馬來西亞嘅 OTR 售價係 RM 88,750 - 99,750，一共有 2 個版本，包括 2025 HEV 1.5L CSH（RM 99,750）、2025 1.5T Standard（RM 88,750） 等。
由價錢嚟睇，Perodua Ativa 嘅入門價確實比 Chery Tiggo Cross 平咗 RM 26,250。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能喺配備上會有取捨，具體要睇你嘅需求。
Perodua Ativa 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Chery Tiggo Cross 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
兩款車用住同一套動力系統，日常開起來嘅感覺基本冇差別。油耗方面都差唔多，唔使太糾結呢一點。
Perodua Ativa 車身長 4400 mm，後備箱 400 L。
Chery Tiggo Cross 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。
Perodua Ativa 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Chery Tiggo Cross 保修 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
總嘅嚟講，Perodua Ativa 同 Chery Tiggo Cross 都係馬來西亞市場幾唔錯嘅車型。揀邊輛，關鍵始終要睇你個人需求同預算。建議大家做足功課，多比較幾間車行嘅報價，先去試駕先做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
喺馬來西亞嘅 SUV 市場，好多買家在揀車嗰陣都會將現代帕里斯帝同保時捷馬坎嚟比較。呢兩架車喺價位同定位上都幾近，今日我哋就從多個方面做一個詳細嘅比較，幫你節省做功課嘅時間。
現代帕里斯帝喺馬來西亞嘅 OTR 售價係 RM 368,838 - 399,838，一共有 4 個版本，包括 2023 3.8L 2 驅 Luxe 7 座位汽油（RM 399,838）、2023 2.2T 4 驅 Executive 7 座位柴油（RM 389,838）、2023 3.8L 2 驅 Luxe 8 座位汽油（RM 378,838） 等。
保時捷馬坎喺馬來西亞嘅 OTR 售價係 RM 469,000 - 469,000，一共有 4 個版本，包括 2025 55 quattro S line（RM 467,285）、2025 50 quattro Advanced（RM 361,135）、PMT 1874, Lorong IKS BukitTengah 14000 Bukit Mertajam（RM 296,610） 等。
從價錢睇，現代帕里斯帝嘅起步價真係比保時捷馬坎平咗 RM 100,162。如果你預算有限，現代嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能喺配備上會有取捨，具體要睇你嘅需求。
現代帕里斯帝配備 2.0L Turbo，馬力 220 匹。官方油耗 9.5 L/100km。
保時捷馬坎配備 3.0L Turbo，馬力 350 匹。官方油耗 12.0 L/100km。
動力方面，保時捷馬坎嘅 3.0L Turbo 比現代帕里斯帝嘅 2.0L Turbo 多咗 130 匹馬力。不過日常喺市區行，兩款車嘅動力都夠用，唔會覺得冇力。
現代帕里斯帝嘅安全评分係 TBD，主動安全系統包括 Basic。
保時捷馬坎嘅安全评分係 5★ (Euro NCAP)，主動安全系統包括 InnoDrive。
安全配備方面，兩款車都拿到唔錯嘅評分。不過現代帕里斯帝嘅 Basic 同保時捷馬坎嘅 InnoDrive 喺功能上有少少分別，如果你好看重主動安全嘅話，可以仔細睇吓兩者嘅功能列表。
現代帕里斯帝車身長度 4400 毫米，行李箱 400 公升。
保時捷馬坎車身長度 4400 毫米，行李箱 400 公升。
兩款車嘅尺寸幾乎一樣，車內空間分別唔大。呢個級別嘅車，日常使用完全夠用。
現代帕里斯帝保養 5 年/300,000 公里，保養間隔 每 10,000 公里或 6 個月。
保時捷馬坎保養 3 年/100,000 公里，保養間隔 每 10,000 公里或 6 個月。
總體嚟講，現代帕里斯帝同保時捷馬坎都係馬來西亞市場幾不錯嘅車型。揀邊架，關鍵都係睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，先至去試駕做最終決定。買車係件大事，花啲時間做功課絕對無錯。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿梅賽德斯-奔馳 GLC 同奧迪 Q5 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比較，幫你節省咗做功課嘅時間。
梅賽德斯-奔馳 GLC 喺馬來西亞嘅 OTR 售價係 RM 336,888 - 336,888，一共有 2 個版本，包括 GLC 200（RM 290,000）、GLC 300（RM 340,000） 等。
奧迪 Q5 喺馬來西亞嘅 OTR 售價係 RM 354,174 - 423,174，一共有 2 個版本，包括 40 TDI（RM 320,000）、45 TFSI（RM 350,000） 等。
由價錢睇，梅賽德斯-奔馳 GLC 嘅起步價確實比奧迪 Q5 平咗 RM 17,286。如果你預算有限，梅賽德斯-奔馳嘅入門版已經可以滿足日常需要。但都要注意，便宜嗰幾千塊，可能喺配備上會有取舍，具體要睇你嘅需要。
梅賽德斯-奔馳 GLC 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Premium ADAS。
奧迪 Q5 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Pre Sense + ACC。
兩款車嘅安全評級一樣，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錯，唔使太擔心呢一點。
梅賽德斯-奔馳 GLC 車身長 4400 mm，尾箱 400 L。
奧迪 Q5 車身長 4400 mm，尾箱 400 L。
兩款車嘅尺寸幾乎一樣，車廂空間差別唔大。呢個級別嘅車，日常使用完全夠用。
梅賽德斯-奔馳 GLC 保修 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
奧迪 Q5 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
梅賽德斯-奔馳 GLC 同奧迪 Q5 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更重視品牌口碑同二手價，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，就揀配備更豐富嗰款。最後始終建議兩款都去試駕，親身體驗先至最重要。
總體嚟講，梅賽德斯-奔馳 GLC 同奧迪 Q5 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。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
喺馬來西亞嘅汽車市場，好多人喺揀車嗰陣都會拿寶騰 X70 同 速霸陸 森林人 嚟做比較。今日我哋從多個方面做一個詳細嘅對比，幫你省下做功課嘅時間。
寶騰 X70 喺馬來西亞嘅 OTR 售價係 RM 106,800 - 122,300，一共有 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。
速霸陸 森林人 喺馬來西亞嘅 OTR 售價係 RM 174,000 - 197,000，一共有 3 個版本，包括 2024 2.0L S EyeSight GT Edition（RM 189,538）、2024 2.0L S EyeSight（RM 177,538）、2024 2.0L L EyeSight（RM 167,538） 等。
從價錢嚟睇，寶騰 X70 嘅起步價確實比 速霸陸 森林人 便宜咗 RM 67,200。如果你預算有限，寶騰嘅入門版已經可以滿足日常需求。但都要注意，便宜嗰幾千塊，可能喺配備上會有取舍，具體要看你嘅需求。
寶騰 X70 車身長 4400 mm，后备箱 400 L。
速霸陸 森林人 車身長 4400 mm，后备箱 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。
寶騰 X70 採用 FWD 驅動方式。
速霸陸 森林人 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 同 速霸陸 森林人 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更看重品牌口碑同二手價，可以優先考慮口碑更好嗰款；如果你更在意性價比同配備，就揀配備更豐富嗰款。最終都係建議兩款都去試駕，親身體驗先係最重要嘅。
總嚟講，寶騰 X70 同 速霸陸 森林人 都係馬來西亞市場好唔錯嘅車款。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，多比較幾間車行之嘅報價，再去試駕做最終決定。買車係件大事，花點時間做功課絕對唔會錯。
兄弟姐妹們，今日講一個出海嘅大新聞——唔係賣車，係賣「司機」。6 月 2 號，文遠知行同 Uber 聯合宣佈咗一件事：計劃喺西班牙馬德里推出該國首個商業化 Robotaxi 試點服務。意思就係：西班牙人好快就可以用 Uber 叫到一台冇司機嘅出租車。呢次係文遠知行同 Uber 第一次一齊進入歐洲市場。馬德里亦成為文遠知行 Robotaxi 駛入嘅全球第十二個城市。
官方消息話，喺馬德里自治區政府嘅支持下，呢項服務今年內就會正式啟動。到嗰陣，馬德里嘅朋友哋打開 Uber App，就有一鍵呼叫文遠知行嘅 Robotaxi。同叫普通網約車一樣，分別係嚟嘅車冇駕駛員——至少喺初期，仲係有分別嘅。運營初期，車入面會配備經過專業培訓嘅安全員，終究係剛上線，穩妥第一。
文遠知行呢間公司，你可能聽過，也可能冇聽過。簡單介紹下：2017 年成立，一直埋頭搞 Robotaxi 技術研發同商業化。而家佢嘅 Robotaxi 已經覆蓋咗廣州、北京、新加坡、阿布達比、迪拜、利雅得、蘇黎世……加埋而家嘅馬德里，一共 12 個城市。西班牙亦係文遠知行進入嘅第五個歐洲市場——之前已經入咗瑞士、法國、比利時、斯洛伐克。按照文遠知行同 Uber 喺 2025 年 5 月達成嘅規劃，佢哋要喺五年內新增 15 個國際城市部署 Robotaxi 服務，全球部署數萬輛 Robotaxi。隨著馬德里落地，目前已經完成咗 4 個城市嘅佈局，仲有 11 個會喺 2030 年前陸續覆蓋。
講真嘅，中國自動駕駛公司出海唔係頭一回，但中國技術 + 全球出行平台 + 歐洲市場呢個組合，定係好有意思。馬德里係歐洲最具商業潛力嘅 Robotaxi 市場之一，人口多、出行需求大，當地政策都好友善。喺呢個市場站穩腳根，對文遠知行嚟講係個唔小嘅里程碑。對 Uber 嚟講，引進 Robotaxi 都係為咗降低成本——終究司機唔使發人工。對馬德里市民嚟講，以後打車可能更平。
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。
As time enters May, financial reports from major listed automakers for the first quarter of this year have been released one after another.
If facing the financial report data directly, perhaps the eight characters "glorious in public, desolate in private" best describe the feeling.
In the first quarter of this year, the market share of independent brands surged to 67.9%, hitting a historical high, while the market share of joint venture brands remained at only 24.9%, directly "halved" from 51.2% in 2021.
Ask, is it glorious?
However, according to financial reports, the combined net profit of these five top automakers—BYD, Geely, Chery, SAIC, and Great Wall Motor—during the first quarter is less than two-thirds of CATL's 20.738 billion yuan.
A battery maker alone netted 20.7 billion in a single quarter, averaging 230 million yuan per day, while five of China's largest vehicle manufacturers bundled together still couldn't win.
Now, we don't care where time went, we just care "Where did the money of the vehicle manufacturers go?"
Data from the National Bureau of Statistics shows that the industry's revenue in the first quarter reached 2.41 trillion yuan, a year-on-year decline of 0.2%; costs were 2.14 trillion yuan, a year-on-year increase of 0.7%; and profit was 78.4 billion yuan, a sharp year-on-year drop of 18%.
The industry's sales profit margin is only 3.2%, far below the average of about 6% for downstream industrial enterprises.
Cumulative automobile production and sales in the first quarter reached 7.039 million units and 7.048 million units, down 6.9% and 5.6% year-on-year respectively.
"Volume down, profit down", none escaped. This is the basic situation.
But if we stare fixedly at "how much was earned", that falls into a cliché; one should look at "where the money was spent" and "what structural changes occurred", perhaps that is another picture.
So, let's talk about subjective factors first.
BYD's net profit attributable to parent company in the first quarter was 4.085 billion yuan, halved by 55.38% year-on-year. Looking at this number alone, it is indeed striking.
But please note, its revenue still reached a high of 150.225 billion yuan, firmly holding first place in the industry. The gross profit margin was 18.81%, still an excellent student.
BYD's profit "halving" is essentially the result of an active choice.
From launching the intelligent driving version "price cut, feature increase" at the beginning of the year to multiple main models continuing to offer concessions, this was a precise battle to exchange profit for market share.
The result is that BYD's terminal market share did not fall but rose, firmly holding half of the new energy market.
Looking at the asset-liability ratio of 70.94%, it is relatively high among mainstream vehicle manufacturers. But what does high debt correspond to? It corresponds to large-scale investment in battery and vehicle capacity construction globally.
Thailand factory, Brazil factory, Hungary factory... BYD is using today's capital expenditure to pave the way for tomorrow's globalization map. Once these capacities are put into production, they will bring an exponential release of scale effects.
Besides BYD, Seres is the most interesting enterprise in this list.
Revenue was 25.746 billion yuan, up 34.46% year-on-year, ranking second in growth rate. Net profit attributable to parent company was 754 million yuan, a slight increase of 0.89% year-on-year, but deducting non-recurring net profit was only 103 million yuan, down 73.87% year-on-year.
Many people will say "without subsidies, they don't make money", but from another angle, Seres's R&D expenses in the first quarter were 1.794 billion yuan, surging nearly 70% year-on-year; sales expenses were 3.719 billion yuan, surging 39.7% year-on-year.
Where was this money spent? Spent on the product iteration of the AITO series in deep cooperation with Huawei, spent on channel expansion and brand building.
Obviously, in the process of building a high-end brand, Seres's choice is: grab share first, build awareness, then talk about profit.
The situation of the AITO brand's market position becoming more and more stable is enough to prove that scale effects will definitely lead to a decrease in expense ratios. This is not blind money burning; this is the standard approach for starting high-end brands.
SAIC Group performed relatively steadily.
Revenue was 140.418 billion yuan, a slight decrease of 0.31% year-on-year; net profit attributable to parent company was 3.026 billion yuan, a slight increase of 0.09% year-on-year.
Under such a difficult industry environment, SAIC was able to maintain profit level, and the resilience of its joint venture sector and support from export business cannot be underestimated.
Geely's revenue was 83.776 billion yuan, up 15.25% year-on-year, one of the few top enterprises with double-digit revenue growth. Net profit attributable to parent company was 4.166 billion yuan, down 26.56% year-on-year.
On the surface, it looks like "revenue increase but no profit increase", actually, the main reason for profit decline is Geely's continuous heavy investment in new energy transformation.
Zeekr, Galaxy, Lynk & Co New Energy... R&D and channel construction for multi-brand matrices require real money.
So, in the first quarter, a considerable part of Geely's profit turned from cash into technical assets and brand assets.
Coincidentally, Great Wall Motor is similar.
Great Wall's revenue was 45.109 billion yuan, up 12.72% year-on-year; net profit attributable to parent company was 945 million yuan, down 46.01% year-on-year.
Double-digit revenue growth indicates one thing: Great Wall's Tank brand, pickup business, and overseas market are all exerting strong force.
The core reason for profit decline is the cost increase brought about by product structure upgrades.
Among them, the R&D and material costs of the Tank series and Wey brand high-end models are far higher than traditional SUVs. But this is exactly the path Great Wall actively chose, not doing low-end involution, persisting in breaking out upwards.
So, looking at the long term, the key is the improvement of Great Wall products' premium capability.
Chery Automobile's revenue was 68.57 billion yuan, down 3.45% year-on-year; net profit attributable to parent company was 4.17 billion yuan, down 10.32% year-on-year.
Although Chery welcomed a double decline, fortunately overseas markets were still strong enough, the decline was not much, within controllable and acceptable range.
Changan Automobile's numbers were slightly too ugly. Its net profit attributable to parent company was only 351 million yuan, plummeting 74.09% year-on-year. Changan is at a critical period of product structure adjustment and transformation, please be careful.
There is no need to continue counting in detail, anyway, each family has its own joys and sorrows. But, to ask "Where did the money of the vehicle manufacturers go?", subjective factors are undoubtedly key, but objective reasons also cannot be ignored.
Let's talk straight.
Since the battery factory made money, then the first objective reason, and also the most important one, is that battery prices skyrocketed.
Since entering 2026, lithium carbonate prices have surged from about 110,000 yuan per ton to around 180,000 yuan, an increase of over 60%.
Batteries account for three to four tenths of the total vehicle cost. With this item alone, the cost of a medium-sized electric vehicle increased directly by 5,000 yuan.
"Misfortunes never come singly", on the other hand, automotive-grade storage chip prices surged.
Among them, DDR4 and DDR5 memory cumulative increases reached 150% and 300% respectively. Prices of metals such as copper and aluminum are also on the rise; there isn't a single comfortable one in the entire upstream bulk commodities.
On that side, cost surged; on this side, price wars continue.
Counting on fingers, this round of price wars has lasted for a full three years. The most tragic results have appeared, automobile industry profits fell from nearly 6% in 2022 to 2.9% in the first two months of this year, single vehicle gross profit dropped from 20,000 yuan to 11,000 yuan, nearly halved.
If an industry operates with a profit margin of less than 5% for a long time, it is not doing business, it is doing charity.
Fortunately, some positive sprouts have appeared.
At the end of the first quarter, beginning of the second quarter, more than 15 new energy brands sequentially issued price adjustment announcements or tightened terminal discounts.
Data from authoritative institutions shows that consumers holding a negative attitude towards price wars account for 22.2%, exceeding the 16.5% holding a positive attitude. Consumers are already tired of the status quo of cars "depreciating immediately after purchase".
In February this year, the State Administration for Market Regulation officially released the "Compliance Guide for Automobile Industry Price Behavior", clearly prohibiting dumping behaviors below cost.
Obviously, policy, market, and capital sides, three forces are jointly pushing the price war towards its end.
Well, let's give a small summary.
From the overall industry perspective, the most fundamental problem currently is not lack of orders, not lack of technology, or even not lack of money.
What we lack is "order", an industrial order that allows vehicle manufacturers to obtain reasonable profits.
Anyway, it is a fact that OEMs didn't make money. To turn the situation around, the things that need to be done seem not difficult to consider.
For example, car companies need to withdraw the "battlefield" of price wars themselves.
Raising prices seems unlikely, but returning to normal commercial logic, maintaining a reasonable pricing system, competing through product power and service, rather than endless terminal discounts and disguised price reductions is completely possible.
Also, industrial chain vertical integration must accelerate.
Why can BYD maintain a relatively stable gross profit margin in fierce competition? Because it has its own battery factory, its own supply chain.
However, since we mentioned "industrial order" in the above text, in this "beautiful moment" when new energy vehicle penetration rate broke through the 60% mark, we still need to seek the help of "policy" as we did when new energy was just starting. We rely on policy guidance to shift the main task from "seeking volume" to "seeking quality".
In the past and present, because of "seeking volume", the government's "old-for-new replacement policy" paid off, but it may also objectively keep car companies fond of market operations of "exchange price for volume".
Therefore, price wars, want to stop but can't stop.
"Seeking quality" promotes the industry much more advanced.
For example, the growth story of Xingting Technology is a typical case.
Xingting Technology, injected by Geely and Baidu capital, started in Hubei Wuhan in 2018.
In 2021, the company was in the R&D critical period, Hubei SASAC Yangtze River Industry Group invested in Xingting Technology 900 million yuan in three phases, striving to ensure smooth scientific research.
Nowadays, Xingting Technology's smart cockpit chips are used in 10 domestic and foreign main models such as Geely Lynk & Co and FAW Hongqi.
This is "seeking quality" government capital intervention. If such "patient capital" accompanying R&D is more the better, it will certainly improve the industry environment and order.
Finally, back to a more naive question.
A car company, normal operation, normal profit, then invest the earned money into the next generation technology and products, this is the simplest business loop.
This year's first quarter financial performance of Chinese listed automakers tells us, never let this loop develop cracks.
BYD officially released the May 2026 production and sales flash report, with new energy vehicles from all brands reaching a monthly sales volume of 383,453 vehicles, a slight increase of 0.26% year-on-year, achieving year-on-year positive growth in monthly sales after ten months; among them, passenger car deliveries reached 376,990 units, surging 19.4% month-on-month, wiping out the pain of previous model iterations, presenting a new pattern where the domestic base is stable, overseas sales are soaring, and high-end brands are scaling up across the board. Amidst the market environment of intensified competition in the domestic new energy sector, Tesla FSD entering China, and an intense launch of independent new products, it has forged a unique structural growth path.
The Dynasty and Ocean main brands combined sold 330,215 vehicles in May, accounting for over 80% of the group's total sales, remaining the stabilizer for BYD's sales volume. The full series had 8 models exceeding 20,000 units in monthly sales, covering products from 50,000 entry-level commuter to 200,000 home SUV.
Inside the Dynasty Network, the Yuan family sold 56,691 units, and the Song family 51,370 units. Both crossed the 50,000 threshold, becoming two major sales pillars for the brand, catering to home commuter and urban-rural travel needs; the Qin family followed closely with a stable performance of 28,360 units. The Han and Tang series maintained a volume in the six-thousand range, deeply cultivating the mid-to-large home sedan and SUV niche markets; the brand new model Xia is in the market cultivation phase, delivering 1,810 units monthly, with potential for steady volume growth as channels expand.
The Ocean Network's growth momentum is even more rapid, with 5 models entering the 20,000 club across the series: Sealion 42,615 units, Seal 34,117 units, Seagull 39,919 units, Dolphin 22,260 units, and Song PLUS 27,755 units. Among them, Seagull remains the best-selling entry-level commuter model thanks to its affordable pricing of 60,000-80,000. Sealion, as a new volume model, stands firm at the 40,000 level upon launch, filling the mid-size SUV product gap in the Ocean Network and perfecting the Ocean product tier layout. From commuter small cars to compact SUVs, the two main brands rely on DM-i hybrid and pure electric dual-line technologies to牢牢锁住 the mainstream home market share within 150,000 domestically.
Fang Cheng Bao Year-on-Year Surges 139.7%, Brand Upward Positioning Takes EffectThe high-end matrix of Denza, Fang Cheng Bao, and Yangwang sold a combined 46,489 vehicles in May, officially breaking away from the niche positioning to become a new pivot for BYD's brand premium and profit growth, breaking the industry curse of difficulty in high-end breakthrough for domestic brands.
The off-road brand Fang Cheng Bao sold 30,186 units monthly, surging 139.7% year-on-year, creating a new high in monthly sales since the brand launched. Its Titanium 7 model sold 18,280 units monthly, while Leopard 5 and Leopard 8 output remained stable, continuously squeezing the survival space for joint venture and imported models in the 250,000-400,000 hardcore off-road niche market.
Denza delivered 16,303 units in May, with the MPV benchmark D9 selling 6,721 units, and the Z9 series close to 6,000 units. MPV and mid-to-large sedan dual-line efforts helped them stand firm in the luxury new energy track; the million-level ultra-luxury brand Yangwang continued its steady climb, delivering 286 units that month, a year-on-year increase of 105.8%, completing market verification of the domestic brand ceiling product and forming a full price range product layout from 100,000+ home, 300,000-400,000 off-road, 500,000 luxury MPV to million-level flagship.
In May, BYD's overseas sales of passenger cars and pickup trucks reached 160,177 units, surging 80.7% year-on-year. Exports accounted for over 42% of the full series total sales, setting a new historical high for brand export and becoming the core driving force to stabilize May overall sales and achieve year-on-year positive growth.
Southeast Asia, Europe, and Latin America became the main incremental markets. Seagull, Song PLUS, and Yuan series continued to top new energy best-seller lists in multiple countries; the SHARK pickup truck exceeded 4,000 units in monthly exports for two consecutive months. Relying on the completion of localization production in Thailand, Brazil, Hungary, and Uzbekistan with four overseas vehicle factories, localized production continues to land, avoiding tariffs while rapidly penetrating terminal channels. Against the background of stock market competition in the domestic auto industry and normalized price wars, the rapidly expanding overseas market effectively counteracts sales volatility brought by domestic model iterations, officially upgrading from a supplementary market to BYD's core growth engine. As of now, BYD's global cumulative new energy vehicle sales have exceeded 16.5 million units, with the globalization map continuously broadening.
Intelligent Driving Empowers Product Iteration, H2 New Products Prepare to Surge VolumeMay marked a key node in BYD's intelligent driving landing, with the God's Eye intelligent driving system becoming a core bonus point for models: the number of vehicles with advanced intelligent driving across all brands exceeded 3.15 million, with daily road test data exceeding 200 million kilometers; that month, BYD implemented City Pilot and Smart Parking dual safety backup services, becoming the world's first auto manufacturer to achieve dual intelligent driving backups. Three days after policy implementation, the activation rate of models equipped with the God's Eye system in cities surged 50%. Intelligent driving experience upgrades directly drove in-store order conversion, solidifying product competitiveness for subsequent models to continue volume sales, and facing the intelligent driving market shock brought by FSD entering China.
From data details, BYD's cumulative sales from January to May 2026 were 1,405,039 units, down 20.32% year-on-year. The core reason is that the full series of main models were concentratedly iterated, and the capacity ramp-up of the 2nd Gen Fast Charge Blade Battery was restricted. The new Flash Charge Battery upgraded fast charging and low-temperature performance. Full series iteration models prioritized installing new batteries, but production line retrofitting dragged down capacity release. Order backlogs on popular models and delayed deliveries compressed the May delivery volume to a certain extent.
As the end of the second quarter approaches and the 2nd Gen Blade Battery capacity continues to release, coupled with new models such as Denza N8L, Fang Cheng Bao Titanium 7 Pure Electric Version, Sealion 05, and Xia L landing the market, the industry generally predicts that BYD's full brand sales in June are expected to exceed 400,000 vehicles. Relying on the four-dimension development logic of low-end volume locking share, high-end raising profit, overseas pushing volume, and intelligence improving product power, amidst the intensified new energy elimination round in the domestic market, BYD's full category layout advantage continues to amplify, securing its status as the domestic new energy leader, accelerating steadily towards global top auto manufacturers.
Have you ever seen the roads in India?
I've seen them online.
The scene is usually like this: a sedan blocked behind a cow, motorcycles running wild nearby, even milk tea vendors nearby, so "clean and hygienic".
However, in a place where many feel physically uncomfortable after watching, Toyota, Suzuki, Honda and other Japanese car companies decided to bet on India.
According to the Indian "Brand Quality Foundation" website, the three car companies will invest nearly $11 billion to build factories, increase capacity, and develop exports in India.
Some netizens commented: Did the three Japanese car companies have too much money?
In fact, they didn't have endless money to spend, nor were they bewildered by Indian curry. These Japanese car executives are much clearer than us.
Current Japanese car revenue and market share are declining. Raw material costs are soaring. Looking at the world map, finding a market that can accommodate capacity, expand share, and has gentle competition is not easy.
So, it wasn't that Japanese car companies chose India, but because they had no choice.
The Pain of Japanese Car Companies
Past Japanese cars were truly the envy of others.
Ask old drivers who drove Japanese cars over ten years ago, talking about Japanese cars, almost no one doesn't give a thumbs up, cheap price, fuel saving, durable...
Even many Japanese cars needed to be bought at a markup, but who would think this iron fortress would be beaten out of sight in a few short years.
With the wave of new energy vehicles coming, electrification and intelligence became the goal for many domestic car companies to "leapfrog". Relying on China's strong new energy vehicle industry chain advantages and car companies' own persistence on R&D and technology, Chinese independent brands quickly achieved "leapfrogging".
Domestic cars once criticized are now becoming more and more common on the roads, even surpassing joint ventures in share.
According to CPCA data, in April 2026, the share of independent brands reached as high as 62.5%, far exceeding Japan's 13.1%.
You need to know, the Chinese car market is the largest car market in the world. Losing speed in the Chinese market is like losing a huge piece of cake.
Meanwhile, the main theme of the Chinese market in recent years is still price wars. Racing on configuration, price, and service has become a normal state, which also had a huge impact on Japanese cars' profits.
Apart from China, Japanese cars are also not doing well in the US.
On January 20, 2025, Trump swore in as the 47th US President, starting a series of chaotic operations, including imposing additional car tariffs in the name of national security, causing the tariff rate for imported Japanese cars to reach as high as 27.5% at one point. Although it decreased later, it was still far higher than the initial tax rate.
This operation directly led to a tariff loss of over 2 trillion yen for seven Japanese car companies in fiscal year 2025.
Looking at Japan itself, it is actually not easy either.
Middle East geopolitical conflicts blocked shipping in the Strait of Hormuz, transportation costs and raw material costs soared, Japanese car companies also had to suffer in silence.
Executives looking at the reports, their backs went cold, only to find a new growth curve.
So, Japanese car companies didn't fall in love with India, there was nowhere else to go.
Deep Thought on Choosing India
So, what magic does India have, to make Japanese car companies invest heavily?
The first advantage is big. In 2025, the Indian car market achieved 5.517 million new car sales, up 6% year-on-year, breaking the historical record, ranking as the third largest car market in the world, exceeding Japan for four consecutive years, second only to China and the United States.
The value of this doesn't need me to say much. India achieved this result mainly because India has been promoting tax reduction policies to promote consumption, which led to a significant increase in domestic consumption willingness.
The second advantage is close, meaning it is close to places where Japanese cars sell well, such as Africa.
So, India for Japanese car companies is more like a convenience store built in the center of a crossroad. You don't need to ship cars to eight countries separately, just build well at this stop in India, then unload ship by ship, and you can save a lot of costs.
The Nikkei also believes that India is expected to become its global car supply center.
The third advantage is stability. You know, Japanese cars' advantage is fuel cars, after all, the three major components of engines, gearboxes, and chassis, they have played for many years, technology accumulation is number one in the world.
But the Chinese car market has fully promoted electrification and intelligence development, leading to Japanese cars' advantage becoming weaker and weaker, impossible to play out. But India is different, it has the characteristics of few charging piles and slow electrification process. Indian old people buying cars still look for cheap, fuel saving, easy to fix, and these three points are exactly Japanese cars' old trade.
Especially Suzuki, always been India's car market evergreen, almost always sitting on the best-selling model throne, reputation of being worry-free, better than any advertisement.
So, Japanese car companies' vigorous layout of the Indian market is obviously carefully considered.
But, is the Indian market really that easy to mix?
The Hard-to-Bite Indian Market
Of course, India is not perfect like a hot commodity, its disadvantages are as obvious as its advantages, and every one is enough for Japanese car companies to face a hard time.
First talk about electrification. Yes, right now India has few charging piles and electric cars don't sell well, it is indeed a shelter for Japanese fuel cars. But you have to think, how long can this "shelter" avoid?
India previously shouted the slogan of 30% of new cars being electric vehicles by 2030. Although it sounds like bragging, but can't help but they really give subsidies, really build charging stations.
Imagine, what if one day India suddenly wakes up, starts vigorously promoting electrification, doing infrastructure, charging piles popping out like mushrooms after rain, then Japanese cars will be dumbfounded?
Isn't this a version of the Thai market?
Back then Japanese cars in Thailand won easily. The entire Southeast Asian market was called Japanese cars' backyard. Result Thailand took the lead in promoting electrification. Chinese electric vehicles came in, directly became a hot commodity. Look at Japanese cars again, share in Thailand falling down rapidly.
If India accelerates electrification, history will likely repeat, and this time, Japanese cars don't even have a place to flee, how to prevent will become the first problem for Japanese car companies.
Next talk about policy. India's policy is like a pot of curry, you never know if you will eat chicken or potato next time.
This magical country, today low tariff encourages building factories, tomorrow may fine you a huge amount. What's more annoying is mandatory joint venture. Foreign car companies want to sell cars in India, have to find local partners to partner up. When your factory is built, supply chain is done, India directly backstabs you. At that time whether adding money or withdrawing capital, what you get is heartache.
So you see, this market like India is like a mango that looks very sweet, bite the first mouth it's okay, chew two more mouths hit the hard core.
Japanese cars now is calculating, while the core hasn't bit the tooth, hurry up to nibble a few more mouths, but the core will bite sooner or later, just don't know which day.
Epilogue
Japanese cars this trip to India, not go for tourism, is go to make a living.
Chinese and Southeast Asian dining tables are more crowded, production and transportation costs have risen. Looking around the world, only this pot in India is still steaming, even if what is boiling inside is curry-flavored stones, have to bite hard and chew down.
Japanese car companies want to expand market, India wants to pull economy, solve employment, both sides have their own thoughts.
As for the ending is Japanese cars in India regain their glory, or like past competitors shamefully walk away, then is not known.
But no matter how, this play just started, we slowly watch is okay.
Anyway India's story, never bored.
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。
Halfway through 2026, the NEV penetration rate in China's auto market continues to climb, with almost all major automakers reducing fuel vehicle R&D and accelerating electrification transitions.
However, real sales data presents a different picture: From January to May this year, domestic fuel passenger car cumulative sales reached 3.87 million units, accounting for a still-high 52%. More than 25,000 fuel vehicles are still being delivered to users daily, with over 200 million fuel vehicles running on roads nationwide.
In this "unpromising" market, a fuel SUV presented a report card no one could ignore—4th Gen Boyue L, dominating the sales chart for all-brand fuel SUVs for 5 consecutive months in 2026, claiming A-class fuel SUV sales champion for 11 consecutive months, with monthly sales exceeding 30,000 units, meaning a new owner chooses it every 1.08 minutes.
While most automakers choose to reduce fuel vehicle R&D and accelerate the "stop fuel" transition, Geely took a different path: Persisting in a "Multi-Energy Parallel" strategy, continuously injecting smart fresh blood into fuel vehicles. The dominance of 4th Gen Boyue L is a victory of strategic patience.
Persist in doing difficult but correct things
For the past two to three years, almost all traffic, capital, and public opinion have flowed towards new energy, with many automakers explicitly announcing schedules to stop selling fuel vehicles, with fuel vehicle R&D budgets significantly cut.
But Geely's choice was completely different. In Geely's view, fuel vehicles, hybrids, and pure electric vehicles are not replacement relationships, but long-term coexistence relationships. Over 200 million fuel vehicles in domestic inventory, nearly 10 million annual fuel new vehicle demands, these figures behind are countless real users' travel necessities, not a market that can be easily "skipped". So Geely did not follow the trend to "abandon oil for electricity", but proposed a "Multi-Energy Parallel" strategy—no matter which energy form, Geely will do it the best.
This stability requires huge courage and resource support. Relying on five global R&D centers, Xingrui Intelligent Computing Center 2.0, and industry-leading large AI models, Geely systematically empowered fuel vehicles with intelligent capabilities originally belonging to electric vehicles. GEEA 3.0 Electronic and Electrical Architecture, Xingrui AI-Drive Digital Tuning Technology, FlymeAuto Smart Cockpit... these technologies sounding like "new forces" were used by Geely without hesitation on the 4th Gen Boyue L.
Data doesn't lie. Currently, Geely's L2 and above assisted driving vehicle inventory exceeds 7.5 million units, cumulative assisted driving mileage exceeded 10 billion kilometers, with a significant portion coming from fuel vehicle users. This means Geely not only didn't abandon fuel vehicles, but instead relied on the huge fuel vehicle user group to build China's leading smart driving data pool for automakers.
Conversely, some automakers in the industry rushing to reduce fuel vehicle business and promote stop-sale plans, faced many challenges such as user group continuity and single technical route during transition. Geely proved with action: Not following trends, not having weaknesses, doing every technical route well is the greatest respect for users.
How to concentrate the release of "Multi-Energy" advantages?
Strategic stability must ultimately land on products. The reason 4th Gen Boyue L can dominate against the trend is because it is no longer a "traditional fuel vehicle", but an "all-rounder" gathering the best of Geely's multi-energy technology system.
First look at smart driving. 4th Gen Boyue L Small Blue Light Edition is equipped with Qianli Haohan H3 Assisted Driving Solution, becoming the only fuel SUV within 120,000 yuan equipped with high-end smart driving. This system is based on Horizon Journey J6M high computing power chip, computing power reaches 128 TOPS, matching 3 millimeter-wave radars, 11 high-sensitivity cameras and 12 ultrasonic radars, can achieve Highway and Elevated High-level Navigation Assisted Driving (HNOA), Urban Congestion Cruise (ICC), Multi-scenario Parking Assist and other functions. Pure Visual Map-Free Solution covers 380,000 km highway and 30,000 km elevated roads nationwide, can drive new roads, can drive with network.
User feedback data is more intuitive: Small Blue Light Edition smart driving activation rate is as high as 75%, single user longest assisted driving mileage exceeded 50,000 kilometers, single vehicle cumulative parking times up to 2,091 times. From "curious try" to "can't leave daily", Boyue L truly brought fuel vehicle smart driving experience into users' lives.
Second look at smart cockpit. FlymeAuto system standard on all series, along with Huawei HarmonyOS, Xiaomi HyperOS known as three giants of domestic cockpits. 15.4-inch 2.5K HD Full Screen, 16-speaker FlymeSound audio (1000W independent amplifier, 7.1.2 surround sound), 25.6-inch AR-HUD head-up display... these configurations put on any 200,000 yuan level new energy vehicle are not out of place, but Boyue L brought them to the 120,000 yuan level fuel vehicle market.
More importantly, based on GEEA 3.0 Electronic and Electrical Architecture, Boyue L supports full-domain FOTA upgrade, often used often new like electric vehicles. Users don't need to worry "become outdated after buying home", because its intelligence will evolve with OTA.
Mechanical quality is equally not vague. CMA Global Premium Architecture is same source as Volvo, Lynk & Co, brought 79 km/h Moose Test score and 35.8-meter racing-grade braking distance. 2.0TD engine max power 160kW, peak torque 325 N·m, 0-100 km/h acceleration 7.4 seconds, fuels with 92 octane gasoline can be used, usage cost is 8% lower than peer models.
In space, 84.27% same class maximum space utilization rate, 2,785 mm wheelbase, flat rear floor, let family sit comfortably; 650L super large trunk plus two-layer magic partition, snowboards, strollers can be easily loaded.
4th Gen Boyue L fully transplanted pure electric intelligence, architecture, experience originally belonging to pure electric onto fuel vehicles, letting users enjoy the cutting-edge product power of the times without changing energy habits. This is the power of Multi-Energy Strategy—not betting on one road, but letting every road lead to good products.
The secret of Boyue Family 10 years long success
Stretching the timeline, you will find that since Boyue Family 1st Gen model launch in 2016, after 9 years 4 iterations, global cumulative sales exceeded 2.4 million units. It took 25 months to exceed 500,000 units, 52 months to reach 1 million units, 82nd month to exceed 1.5 million units, 99th month to exceed 1.8 million units, February 2025 to exceed 2 million units, now standing at the high ground of 2.4 million units. In China SUV market, models capable of maintaining such long-period, high-intensity hot sales momentum are few.
So, why was Boyue able to and how could it cross the cycle?
1st Gen Boyue "Hello, Boyue" pioneered China's SUV smart connectivity, letting voice interaction no longer be a plot in sci-fi movies; 2nd Gen Boyue focused on smart safety, changed AEB Pre-collision System from luxury car patent to standard of people's cars; 3rd Gen Boyue based on CMA Architecture, first brought NOA Highway Navigation Assist into fuel vehicle field, broke monopoly of "High-end Smart Driving = Electric Vehicles"; to 4th Gen Boyue L, directly opened "Fuel Vehicle AI Intelligence Equality Era", GEEA 3.0 Architecture, Xingrui AI-Drive, FlymeAuto... every generation upgrade, Boyue was not following trends, but doing out things users "want but haven't spoken" in advance.
Behind this capability is Geely's deep insight into user needs and long-termism of technical investment. Boyue Family has now received true choice of 2.4 million users, these users come from over 60 countries and regions. In Belarus, Malaysia, Boyue achieved localized production, becoming China's first SUV model realizing product, technology, management full export. In Costa Rica, Moldova and other countries, Boyue ranks first in Chinese brand sub-market. It can be said, it has become a true Chinese SUV global name card.
Back to "Multi-Energy Strategy", Boyue Family's long success, precisely proves Geely strategy's foresight. When other automakers all "stop fuel", Boyue kept deepening in fuel vehicle market, won users' long-term trust with generations of evolution. January to May 2026 fuel SUV sales champion, not a surprise from the sky, but the result of Geely persisting for ten years like one day, the result of those abandoned fuel vehicle users voting with feet.
More importantly, fuel vehicle business's steady performance, provided continuous cash flow and user data for Geely's huge R&D investment in electrification, intelligence. 7.5 million smart driving vehicles, 10 billion kilometers driving mileage, these data feed back Geely's AI algorithms and smart driving models, letting every Geely car, no matter burning oil or electricity, get smarter the further it drives. From this meaning, cannot say "Multi-Energy" is conservative, rather it is a more advanced offensive posture.
At the crossroads of industrial transformation, following trends betting is easy, staying focused is hardest. Users never care what name your energy strategy is called, only care if your car is easy to drive, easy to park, easy to use. Geely proved, as long as products are strong enough, fuel vehicles can also become leaders of the times.
Dominating charts for 5 months might just be the start, with 4th Gen Boyue L continuing hot sales, overseas market accelerating expansion, and Geely in intelligence, global field continuous deepening, Boyue Family's legendary story, is still accelerating上演。And that phrase "Oil vs. Electric debate will end, standards for good cars will never go out of date", maybe that is the best annotation for this era.
