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喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Proton X70 同 Toyota Fortuner 做比較。這兩部車喺價錢同定位上都幾近，今日我就從多個方面做一個詳細嘅比較，幫你省返啲做功課嘅時間。
Proton X70 喺馬來西亞嘅 OTR 售價係 RM 106,800 - 122,300，總共有 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。
Toyota Fortuner 喺馬來西亞嘅 OTR 售價係 RM 195,880 - 241,880，總共有 3 個版本，包括 2024 2.8T VRZ Diesel（RM 241,880）、2024 2.7L SRZ Petrol（RM 202,880）、2024 2.4L Standard Diesel（RM 195,880） 等。
由價錢睇，Proton X70 嘅起步價確實比 Toyota Fortuner 平咗 RM 89,080。如果你預算有限，Proton 嘅入門版已經可以滿足日常需要。但都要留意，平嗰幾千蚊，可能喺配備上有取舍，具體睇你嘅需要。
Proton X70 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
Toyota Fortuner 搭載 2.5L Diesel，馬力 187 hp。官方油耗 8.5 L/100km。
動力方面，Toyota Fortuner 嘅 2.5L Diesel 比 Proton X70 嘅 1.5L Turbo 多咗 47 匹馬力。不過日常喺市區行，兩部車嘅動力都夠用，唔會覺得唔夠力。
Proton X70 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
Toyota Fortuner 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 。
兩部車嘅安全評級一樣，喺呢個級別入面安全配備都算好齊全。而家嘅新車安全性都幾唔錯，唔使太擔心呢一點。
Proton X70 車身長 4400 mm，行李廂 400 L。
Toyota Fortuner 車身長 4400 mm，行李廂 400 L。
兩部車嘅尺寸幾近一樣，車內空間分別唔大。呢個級別嘅車，日常使用完全夠用。
Proton X70 同 Toyota Fortuner 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佳嗰一款；如果你更在意性價比同配備，就揀配置更豐富嗰款。最終都建議兩部都去試車，親身體驗先最重要。
總括嚟講，Proton X70 同 Toyota Fortuner 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵係要睇你嘅個人需要同預算。建議各位做好功課，多比較幾間車行嘅報價，先去試車做最終決定。買車係一件大事，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用 Proton X70 同 Toyota Yaris Cross 做比較。呢兩款車喺價錢同定位上都好接近，今日我哋就從多個方面做一次詳細嘅比較，幫你節省咗做功課嘅時間。
Proton X70 喺馬來西亞嘅 OTR 售價係 RM 106,800 - 122,300，總共有 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。
Toyota Yaris Cross 喺馬來西亞嘅 OTR 售價係 RM 99,900 - 109,900，總共有 2 個版本，包括 2026 1.5L Standard（RM 99,900）、2026 HEV 1.5L Standard（RM 109,900） 等。
從價錢睇，Toyota Yaris Cross 嘅起步價比 Proton X70 平咗 RM 6,900。講真，喺呢個價位段，幾千蚊嘅差距其實唔算大，關鍵仲要睇整體嘅 CP 值同長期使用成本。
Proton X70 裝備 1.5L Turbo，馬力 140 hp。廠方油耗 7.0 L/100km。
Toyota Yaris Cross 裝備 1.5L 4-cyl，馬力 105 hp。廠方油耗 6.0 L/100km。
動力方面，Proton X70 嘅 1.5L Turbo 比 Toyota Yaris Cross 嘅 1.5L 4-cyl 多咗 35 匹馬力，中段加速更有信心，尤其係行高速超車嘅時候。不過 Toyota Yaris Cross 嘅油耗可能更親民，日常市區通勤分別唔會太大。
Proton X70 車身長 4400 mm，行李廂 400 L。
Toyota Yaris Cross 車身長 4400 mm，行李廂 400 L。
兩款車嘅尺寸差唔多，車內空間分別唔大。呢個級別嘅車，日常使用完全夠用。
Proton X70 採用 FWD 驅動方式。
Toyota Yaris Cross 採用 FWD 驅動方式。
兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大分別。
Proton X70 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Toyota Yaris Cross 保養 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
總嚟講，Proton X70 同 Toyota Yaris Cross 都係馬來西亞市場好唔錯嘅車型。揀邊一部，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，再去試駕先做最終決定。買車係件大事，花少少時間做功課絕對無錯。
In the Malaysian SUV market, many buyers compare Perodua Aruz and Mitsubishi Xforce 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 doing research.
Perodua Aruz's OTR price in Malaysia is RM 72,900 - 77,900, with 2 versions in total, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.
Mitsubishi Xforce's OTR price in Malaysia is RM 109,930 - 119,930, with 2 versions in total, including 2026 1.5L Ultimate (RM 119,930), 2026 1.5L Urban (RM 109,930), etc.
Looking at the price, Perodua Aruz's starting price is indeed RM 37,030 cheaper than Mitsubishi Xforce. If your budget is limited, Perodua's entry-level version can already meet daily needs. But also note that the few thousand difference might involve trade-offs in features, it depends on your specific needs.
Perodua Aruz body length 4400 mm, trunk 400 L.
Mitsubishi Xforce body length 4400 mm, trunk 400 L.
The dimensions of the two cars are almost the same, with little difference in interior space. For cars at this level, daily use is completely sufficient.
Perodua Aruz warranty 5 years/150,000km, service interval every 10,000km or 6 months.
Mitsubishi Xforce warranty 3 years/100,000km, service interval every 10,000km or 6 months.
Both Perodua Aruz and Mitsubishi Xforce are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale price more, you can prioritize the one with a better reputation; if you care more about cost-performance ratio and features, then choose the one with richer configuration. In the end, it is recommended to test drive both, and personal experience is the most important.
Overall, Perodua Aruz and Mitsubishi Xforce are both very good car 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 car dealers, and then test driving to make the final decision. Buying a car is a major event, spending some time doing research will never be wrong.
In the Malaysian SUV market, many buyers compare the Perodua Aruz and Proton X90 when choosing a car. The pricing and positioning of these two vehicles are quite close. Today, we will conduct a detailed comparison from multiple aspects to save you time on research.
The OTR price of the Perodua Aruz in Malaysia is RM 72,900 - 77,900, with a total of 2 versions, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.
The OTR price of the Proton X90 in Malaysia is RM 106,800 - 122,800, with a total of 4 versions, including 2026 1.5T Prime X (RM 122,800), 2026 1.5T Prime (RM 116,800), 2026 1.5T Lite (RM 106,800), etc.
From a price perspective, the starting price of the Perodua Aruz is indeed RM 33,900 cheaper than the Proton X90. If your budget is limited, the entry-level version of Perodua is already sufficient for daily needs. However, keep in mind that the few thousand ringgit saved might involve compromises on features, depending on your specific requirements.
Perodua Aruz is equipped with a 1.5L 4-cylinder engine, with 105 hp. Official fuel consumption is 6.0 L/100km.
Proton X90 is equipped with a 1.5L Turbo engine, with 140 hp. Official fuel consumption is 7.0 L/100km.
In terms of power, the Proton X90's 1.5L Turbo has 35 more horsepower than the Perodua Aruz's 1.5L 4-cylinder. However, for daily city driving, the power of both vehicles is sufficient, and you won't feel a lack of power.
Perodua Aruz warranty is 5 years / 150,000km, maintenance interval is every 10,000km or 6 months.
Proton X90 warranty is 5 years / 150,000km, maintenance interval is every 10,000km or 6 months.
The warranty conditions for both vehicles are the same, no need to worry about this aspect. Actual maintenance costs depend on the brand's service network and parts prices, so it is recommended to ask real owners in car owner groups for their experiences.
Both the Perodua Aruz and Proton X90 are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, consider the one with a better reputation first; if you care more about cost-performance and features, choose the one with richer configurations. Ultimately, it is recommended to test drive both, as personal experience is the most important.
Overall, both the Perodua Aruz and Proton X90 are quite good models in the Malaysian market. Which one to choose mainly depends on your personal needs and budget. It is recommended to do your homework, compare quotes from multiple car dealerships, and then test drive to make the final decision. Buying a car is a big deal, spending time doing research will definitely not be a mistake.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候，都會拿 Hyundai Palisade 同 Audi Q7 嚟做比較。這兩款車喺價位同定位上都好接近，今日我哋就會從多個方面做一個詳細嘅比較，幫你省返做功課嘅時間。
Hyundai Palisade 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 2WD Luxe 7 Seats Petrol（RM 399,838）、2023 2.2T 4WD Executive 7 Seats Diesel（RM 389,838）、2023 3.8L 2WD Luxe 8 Seats Petrol（RM 378,838） 等。
Audi Q7 喺馬來西亞嘅 OTR 售價係 RM 462,222 - 462,222，一共有 1 個版本，包括 Standard（RM 462,222） 等。
由價錢睇，Hyundai Palisade 嘅入場價確實比 Audi Q7 平咗 RM 93,384。如果你預算有限，Hyundai 嘅入門版已經可以滿足日常需要。不過都要留意，平嗰幾千蚊，可能喺配備上有取舍，具體睇你嘅需求。
Hyundai Palisade 配備 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。
Audi Q7 配備 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。
動力方面，Audi Q7 嘅 3.0L Turbo 比 Hyundai Palisade 嘅 2.0L Turbo 多咗 130 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。
Hyundai Palisade 嘅安全評級係 TBD，主動安全系統包括 Basic。
Audi Q7 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，兩款車都拿到唔錯嘅評級。不過 Hyundai Palisade 嘅 Basic 同 Audi Q7 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。
Hyundai Palisade 車身長 4400 mm，尾箱 400 L。
Audi Q7 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。
Hyundai Palisade 採用 FWD 驅動方式。
Audi Q7 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。
總括嚟講，Hyundai Palisade 同 Audi Q7 都係馬來西亞市場好唔錯嘅車型。揀邊一輛，關鍵始終係睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行之報價，再嚟試駕先做最終決定。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，好多買家喺揀車嘅時候都會拿 BMW X5 PHEV 同 Land Rover Defender 嚟做比較。呢兩部車喺價位同定位上都幾接近，而家我哋就由多個方面做一個詳細嘅比較，幫你省咗做功課嘅時間。
BMW X5 PHEV 喺馬來西亞嘅 OTR 售價係 RM 486,800 - 494,800，總共有 2 個版本，包括 xDrive20i（RM 420,000）、xDrive30e（RM 480,000）等。
Land Rover Defender 喺馬來西亞嘅 OTR 售價係 RM 688,000 - 688,000，總共有 1 個版本，包括 Standard（RM 688,000）等。
由價錢睇，BMW X5 PHEV 嘅起步價確實比 Land Rover Defender 平咗 RM 201,200。如果你預算有限，BMW 嘅入門版已經可以滿足日常需要。但都要注意，平嗰幾千塊，可能喺配備上有取捨，具體要睇你嘅需求。
BMW X5 PHEV 配備 Hybrid，馬力 170 hp。官方油耗 4.5 L/100km。
Land Rover Defender 配備 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。
動力方面，Land Rover Defender 嘅 3.0L Turbo 比 BMW X5 PHEV 嘅 Hybrid 多咗 180 匹馬力。不過日常喺市區開，兩部車嘅動力都夠用，唔會覺得唔夠力。
BMW X5 PHEV 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Premium ADAS。
Land Rover Defender 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 BMW X5 PHEV 嘅 Premium ADAS 同 Land Rover Defender 嘅 Basic 喺功能上有啲分別，如果你比較睇重主動安全嘅話，可以仔細比較下兩者嘅功能列表。
BMW X5 PHEV 車身長 4400 mm，後尾箱 400 L。
Land Rover Defender 車身長 4400 mm，後尾箱 400 L。
兩部車嘅尺寸幾近一樣，車廂空間分別唔大。呢個級別嘅車，日常使用完全夠用。
BMW X5 PHEV 保養 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
Land Rover Defender 保養 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
總括嚟講，BMW X5 PHEV 同 Land Rover Defender 都係馬來西亞市場好唔錯嘅車型。揀邊一部，關鍵仲係要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大件事，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 奧迪 Q7 同 路虎 Defender 做比較。呢兩部車喺價位同定位上都幾接近，而家我哋就從多個方面做個詳細嘅比較，幫手省返做功課嘅時間。
奧迪 Q7 喺馬來西亞嘅 OTR 售價係 RM 462,222 - 462,222，一共有 1 個版本，包括 Standard（RM 462,222） 等。
路虎 Defender 喺馬來西亞嘅 OTR 售價係 RM 688,000 - 688,000，一共有 1 個版本，包括 Standard（RM 688,000） 等。
從價錢來看，奧迪 Q7 嘅起步價確實比 路虎 Defender 平咗 RM 225,778。如果你預算有限，奧迪嘅入門版已經可以滿足日常需求。但都注意，平嗰幾千蚊，可能喺配備上會有取捨，具體要看你嘅需求。
奧迪 Q7 搭載 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。
路虎 Defender 搭載 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。
兩部車用緊同一套動力系統，日常開起嚟嘅感覺基本冇分別。油耗方面都差唔多，唔使太糾結這一點。
奧迪 Q7 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Premium ADAS。
路虎 Defender 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 奧迪 Q7 嘅 Premium ADAS 同 路虎 Defender 嘅 Basic 喺功能上有些差異，如果你比較重視主動安全嘅話，可以仔細比較一下兩者嘅功能列表。
奧迪 Q7 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
路虎 Defender 保養 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
奧迪 Q7 同 路虎 Defender 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更重視品牌聲譽同二手價，可以優先考慮聲譽更好嗰款；如果你更在意性價比同配備，就揀配置更豐富嗰款。最終都建議兩部都去試駕，親身體驗先係最重要嘅。
總嘅嚟講，奧迪 Q7 同 路虎 Defender 都係馬來西亞市場好唔錯嘅車型。揀邊一輛，關鍵都係看你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，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。
車型概覽
哪吒S獵裝 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。 呢篇會集中講續航、電池同補電安排，幫你用買家角度篩走唔適合嘅選擇。
售價仍待確認，買家可以先把佢放入候選名單，等價格落實後再同同級車逐項比較。
購車價格指南
哪吒S獵裝 目前售價仍未清晰，較理性嘅做法係先睇版本、車身大小同動力形式，等價格落實後再決定值唔值得落訂。
如果有幾個版本可揀，可以先將 2024 EREV 1.5L 300km 後驅版（價格待確認）、2024 BEV 510km 後驅版（價格待確認）、2024 BEV 640km 四驅版（價格待確認） 放喺同一張清單。日常通勤重視舒適同易用，家庭買家就要優先睇後排、尾箱同安全配置。
核心規格重點
睇 哪吒S獵裝 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。
43.88/64.84/91 kWh 嘅電池容量，真正意義係可以幫你估算一星期通勤同周末出車要唔要中途補電。 300/510/640 km 嘅續航參考，對住喺新界、九龍同港島之間跨區行車嘅用家會更實際。 95 Ps / 70 kW / 200 kW / 370 kW、330/640 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 4980 mm、車闊 1980 mm、車高 1480 mm、軸距 2980 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。
優缺點分析
哪吒S獵裝 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：電池同續航資訊有助安排通勤同補電、動力輸出對高速同上斜更有底氣、空間同車身尺寸方便家庭買家預判實用性。
要留意嘅係，要先確認屋苑、公司或常去商場嘅充電條件、香港停車場同窄路使用要留意車身闊度。呢啲唔一定係缺點，但係落訂前應該先諗清楚。
買家常見問題
買 哪吒S獵裝 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「哪吒 S 獵裝 (Neta S Shooting Brake) 行到幾遠？」簡單講，哪吒 S 獵裝 (Neta S Shooting Brake) 增程版綜合續航可達 1,200km。 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 哪吒S獵裝 放入同級車清單時，唔建議只用外形或者品牌光環決定。比較順序可以係：先等售價落實，再決定佢應該同邊個級距比較、再睇動力係咪足夠應付高速併線同滿載、再比較能源成本同補能便利、最後睇車身大小、座位同尾箱是否適合家人。
咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。
用車全周期指南
擁有 哪吒S獵裝 最重要係先諗清楚充電節奏。屋苑、公司或者常去商場只要有穩定充電選項，電動化用車就會容易相處好多。
如果你主要喺市區行，視野、低速順滑度同泊車輔助會好影響心情；如果經常行高速或跨區，座椅舒適度、隔音同動力從容感會更重要。
車型概覽
五菱Porta EV 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。 呢篇會集中講充電節奏同日常通勤，幫你用買家角度篩走唔適合嘅選擇。
HK$ 198,000 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
五菱Porta EV 嘅購車預算可以先由 HK$ 198,000 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 400km 標準版（HK$ 198,000） 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 五菱Porta EV 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。
56.2 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。 75 kW、180 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 5010 mm、車闊 1800 mm、車高 1975 mm、軸距 3050 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 固定齒比、後置後駆 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
五菱Porta EV 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：預算位置清楚，方便同同級車直接比較、電池同續航資訊有助安排通勤同補電、動力輸出對高速同上斜更有底氣。
要留意嘅係，要先確認屋苑、公司或常去商場嘅充電條件、香港停車場同窄路使用要留意車身闊度。呢啲唔一定係缺點，但係落訂前應該先諗清楚。
買家常見問題
買 五菱Porta EV 之前，真正要問嘅唔係單一規格，而係佢可唔可以融入你每日嘅生活節奏。
常見疑問係「五菱 Wuling Porta EV 支援快充嗎？」簡單講，係，五菱 Wuling Porta EV 支援直流快充，30 分鐘可充至 80% 電量。 放到實際用車，就係要睇佢對通勤、泊車、家庭乘坐同長期成本有幾大幫助。
同級對比內容
將 五菱Porta EV 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$ 198,000 鎖定預算圈、再睇動力係咪足夠應付高速併線同滿載、再比較能源成本同補能便利、最後睇車身大小、座位同尾箱是否適合家人。
咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。
用車全周期指南
擁有 五菱Porta EV 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。
Cover Image Source | Future Auto Daily
Author | Li Ranran
Editor | Su Peng
"In the second half of this year, domestic car retail sales will not grow counter-trendly; the entire industry must prepare mentally for a year-over-year decline in annual sales of 15% to 20%." This is Li Bin, founder, chairman, and CEO of NIO, recently stated at the 2026 China Automotive Chongqing Forum. He believes the automotive industry has entered the fiercest stage of the final competition, and the market environment this year will be very difficult.
According to data from the China Passenger Car Association, domestic car retail volume in January-May declined nearly 20% year-over-year, with the drop in early June exceeding 22%. The entire automotive industry has yet to shake off the overall pressure operating state, consumption demand recovery pace is lower than industry expectations, price internal competition, consumer wait-and-see, heavy concentration of new car releases, and their homogenization factors continue to affect the terminal market.
In the context of overall car market sales volume pressure, some structural changes are also accelerating evolution. In May, domestic new energy penetration reached 62.9%, creating a historical high, rising nearly 10 percentage points year-over-year; pure electric models penetration in the entire car market reached 42.2%, rising 10.8 percentage points compared to the same period last year. Additionally, among the top ten sales rankings in the SUV sub-market, there were also 9 new energy models, while pure electric models locked the top three, "oil retreats, electricity advances" trend becoming clearer.
Li Bin believes the automotive industry has entered the critical stage of pure electric inflection point climbing, various car manufacturers' market performance cannot rely solely on single hit products or unique configurations. Affected by fast technical iteration speed, serious new product homogenization and other factors, new car effect death valley appears constantly, traditional fuel car "one trick fresh" competition model must give way to brand influence, product definition, technical depth, supply chain capability, cost control, sales service system and other comprehensive strength competition.
Car manufacturers' final competition results will be intuitively reflected in sales and financial report data. In Q1 2026, NIO revenue was 25.53 billion yuan, growing 112.2% year-over-year, gross margin 19%, also creating a new high in the past two years. In January-May this year, NIO's sales volume also grew 68%.
The eye-catching performance behind the Q1 financial report离不开 ES8 support, NIO brand delivered 58,500 units in Q1, ES8 about 45,000 units, occupying the lion's share of total sales, while as a flagship product, it also raised the company's overall gross margin.
But one product hot success cannot replace the company's stable development, Li Bin hopes NIO, Onvo, Firefly three brands advance together, maintaining high-end positioning and technical leadership in their respective target markets: Firefly in small car market still is high-end positioning, price about 50% more expensive than same-level small cars, main sales over 120,000 yuan, configuration and service can support this price; Onvo emphasizes technology for family, safety quality, technical architecture no sacrifice; NIO targets high-end market, providing all-scenario tech experience and better emotional experience.
Regarding sales volume, each brand of NIO temporarily does not set single model fixed sales target, "Hope NIO after entering three brand development stage, can maintain 40%-50% growth". Although Onvo sales this year appeared volatility, overall this newly established two-year brand already has initial scale. NIO side revealed, after Onvo L90 launch, in pure electric large three-row SUV market area sales volume first, Onvo L60 after launch, in same-level cars also ranking top three.
"Establishing a new brand is not easy, difficulty is bigger than imagined." Li Bin said, originally thought Onvo brand awareness could be quickly established, but research data showed many people simply don't know Onvo brand, "Awareness equivalent to NIO 6 years ago or even earlier."
However, from sales perspective, Onvo current sales volume is more than NIO brand delivered 2 years sales. Onvo Auto President Shen Fei said, "Originally Onvo overall sales volume climbed fast, one year achieved NIO 4 years volume."
With new Onvo L60 release launch, first half of this year, NIO new models basically released finished, next will use more energy on selling cars and serving users. New Onvo L60 purchase starting price 202,800 yuan, battery rental solution starting price 142,800 yuan, integrated NIO's several flagship smart technologies: NIO self-developed 5nm smart driving chip Shenji NX9031, full domain 900V high voltage architecture, latest version NIO World Model NWM and SkyOS·Tianshu system etc.
June 11 launch evening, new Onvo L60 had over 90% orders concentrated on Max+ and Ultra+ versions, over 90% users chose Coconut+ smart driving system, Shenji NX9031 chip with LiDAR full configuration combination.
Lightweight is also new Onvo L60 major highlight, body white weight is 377kg, lightweight coefficient 2.22, whole vehicle unsprung mass 198kg, compared to ordinary steel structure weight reduction 20kg.
Data statistics show, 2026 Jan to April, China new energy passenger car average curb weight reached 1,939.3 kg, increased 27.5% compared to 2020, short 6 years time cumulative weight increase over 400 kg. Big car increase continuously compress road life, car weight every increase 20%, on road destruction rate will become original 1.2 to the fourth power, i.e. 2.07 times.
Additionally, with new energy penetration rate continuously rising, space big, battery many, configuration full etc user demand rise, also inevitably to vehicle handling, safety, durability, service life etc produce a series of impact, body weight reduction inevitable, lightweight is inevitable road.
Li Bin said, lightweight has become industry consensus, can considerate user and social value, also reflect a car manufacturer's comprehensive R&D capability. He believes lightweight has four difficulties: first is trade-off, battery choice is relatively restrained, not blindly pursue "big"; second is systematic engineering, such as smart fuse needs whole car high voltage architecture, low voltage architecture all aspects can support; third is engineering capability, need considerate safety and structure; fourth is cost, 85 kWh ternary lithium vs lithium iron phosphate light 100+ kg, but must bear higher cost.
Speaking of cost problem, this year, raw materials price rise wave, car-grade memory, lithium carbonate etc cost pressure transmit to terminal, Onvo single car cost also price rise over 10,000 yuan, calculated to final selling price about 15,000 yuan. Li Bin confessed, now supply chain price rise more, "Onvo L60 has gross margin but very miserable, so this year gross margin and profit growth mainly look at total amount."
On user aspect, according to Shen Fei introduction, Onvo Auto repeat purchase users, traditional luxury brand owner proportion 35%, joint venture brand owner proportion 30%, NIO system inside repeat purchase user proportion 10%, other new energy friend user proportion 10%, total about 85%. This shows, Onvo attracted many fuel car customers.
From user perspective view, now new energy infrastructure perfect, EV product power leading, fuel car user swap buy new energy car is general trend. Li Bin believes, "Previous years because infrastructure not developed, charging swap conditions not full, user choose range extended, choose plug-in hybrid all reasonable. But now user easily can make choice, choose pure electric, choose smart EV is natural thing."
Shen Fei also calculated a detailed account: even plus battery rent, electricity fee, NIO select rent power solution still saves thousand eight hundred yuan compared to fuel fee. Currently, NIO, Onvo battery rental solution penetration rate already over 90%, Li Bin judge, industry overall penetration rate will with model sales volume improvement synchronously rise.
Below is NIO Company Founder, Chairman and CEO Li Bin, Onvo Auto President Shen Fei accept Future Auto Daily and other media interview transcript (edited):
Q: What is biggest difficulty for car achieving lightweight? Is enterprise for config trade-off, or R&D accumulation or route choice, this biggest difficulty where?
Li Bin: Lightweight meaning in automotive engineering field is consensus, lightweight is automotive comprehensive R&D capability manifestation, because indeed can actually bring benefits for user and society, including for whole vehicle handling, whole vehicle safety, structure durability and whole vehicle long-term life, indeed many benefits, this is Onvo including NIO always persist lightweight area important reason.
Lightweight do well is very not easy, first need make trade-off. If blindly pursue very long range, will definitely use very big lithium iron phosphate battery, like Onvo, Tesla all lightweight better, in battery choice relatively restrained, this is not stealing material reduce work, but need make trade-off, because cost boundary is limited.
Second, smart fuse problem, not just replace traditional fuse with smart fuse so simple, whole car high voltage architecture, low voltage architecture all aspects can support, this is systematic engineering, behind big technical content. Additionally, there is integrated design, make better space, bring better lightweight, including full domain 900V technology on lightweight also benefits, technology entrance threshold very high, need bottom-level R&D capability.
Third, engineering capability. Like new Onvo L60 white body lightweight coefficient to 2.22, more rely on engineering capability, need ensure safety structure considerate situation achieve, sometimes material usage transition mostly no safety gain, like some house although look wall very thick, not represent must structure solid.
Finally, cost also important, need bear lightweight technology bring cost rise. Like NIO, Onvo long range version, if don't want add too much weight must use ternary lithium battery, this is very big money. Ternary lithium battery energy density high, same battery capacity weight lighter, basically than lithium iron phosphate light, like 85 kWh ternary lithium battery vs 85 kWh lithium iron phosphate battery reduce weight 100+ kg. Therefore, lightweight need comprehensive consider many things.
Q: NIO recently participated in formulating Singapore swap standard, global first batch of passenger car swap written into national standard case, this means NIO swap model from enterprise standard go to national standard? NIO swap ecology overseas situation how?
Li Bin: We in Europe already have over 60 swap stations, mainly in Northern Europe like Norway, Germany etc 5 countries, among Norway has over 20 swap stations, Firefly also in Singapore market sell. We with Europe some countries, Singapore etc, always and relevant department in swap station standard aspect have very active exchange.
At that time Shen Fei still in charge of NIO Energy, NIO and national relevant department push swap standardization, participated very many standards, go all out push swap standardization, not only in domestic, also include international, because indeed can solve EV "only charge cannot swap", car battery different life etc many problems.
Q: Onvo L60 initial launch mainly against fuel competitors, this time obviously path adjustment, overall product strategy what? L60 on user attraction how?
Shen Fei: From Onvo whole brand user repeat purchase data view, our user group is from relatively high-end brands, BBA and traditional luxury brands roughly proportion 35%, joint venture brand owner account 30%, other new energy friend user proportion 10%, NIO community repeat purchase also nearly 10% proportion, from traditional fuel car camp quite many.
From user perspective this account very easy to calculate, from fuel car transfer over, originally second hand swap also can worth some money; from monthly car use cost say, NIO select rent power solution even plus battery rent, electricity fee, still saves thousand eight hundred yuan compared to fuel fee, so no reason not to convert.
I go frontline run down feel, everyone consumption habit is hand has one car still can好好 drive, go understand other new car driving performance not so strong. But everyone still have way to exchange, including like this time cave smart driving video, will let potential consumers touched.
Li Bin: Our user source among, BBA, joint fuel proportion and NIO system user repeat proportion, add together about 85%, that is new purchase less, whole market already entered stock era, many families have not just one car, mostly are swap.
From user perspective view, with today new energy infrastructure and EV product competitiveness, fuel user swap also likely will choose new energy car. Previous years because infrastructure not developed, charging swap conditions not full, user choose range extended, choose plug-in hybrid all reasonable. But now user easily can make choice, choose pure electric, choose smart EV is natural thing.
This year Jan-May, whole car market total volume year-over-year decline about 20%, especially May fuel down 40%, but pure electric overall is growth, deeply reflect car market already entered stock era, repeat purchase, repeat, swap become mainstream, under this situation, I believe smart EV pure electric technology route will definitely get more user choice.
Q: NIO Company first half this year basically release new models concentrated finished, but friends still have many new models poised to go, will this make NIO already released models receive impact?
Li Bin: Every car have very strong competitiveness, Onvo L60 although on 2024 released, still now has very strong competitiveness. We in tech leadership have confidence, recently released models in longer time period will maintain competitiveness.
2022 released ET7, smart driving still continuously improve, its hardware capability not fully dug out. In tech layout aspect we always relatively advanced some, for next products on market competitiveness very confident, not because second half no new car release worry order problem.
No new car rather can down-to-earth sell cars, serve users. Firefly is example, release over one year, middle some small iterations, now order waiting cycle again become longer.
Q: Onvo L60 smart driving level compared to Tesla FSD where level?
Li Bin: Tesla FSD latest version I haven't experienced,正式发布 will go experience, good study. Tesla smart driving in model and compute etc aspect indeed very leading, have many places worth learn.
But NIO from self-developed chip to sensors, to whole world model + reinforcement learning route, and new car through extreme narrow cave crossing, explain we also possess such capability. Later will increase in compute aspect input, perfect data loop training, continuously improve smart driving experience upper limit, we on later continuous progress very confident.
Smart driving fully reflect each family's comprehensive tech capability, this you chase I catch situation also quite good, hope everyone also go experience experience, including new Onvo L60 smart driving.
Q: First half this year Onvo released three new models, all use flagship smart three major components, dense update behind consideration what? These technologies in latest industry competition state can establish which moats?
Li Bin: From release speed view, originally not provide radar Coconut, Coconut+ and NIO Gen 2 platform cars, these smart driving baselines, basically can in plus minus not exceed few weeks time window simultaneously release. This very not easy, because in time span and hardware difference have challenge.
Reason because through full stack self-research from internal can unify places all unified together, this point very important. From ET7 start to Onvo L60, visual sensor layout relatively advanced, 7 8-megapixel camera + 7 surround camera, including sensors also consider long-term standardization.
Onvo plus LiDAR, with NIO in planning aspect more consistent. Whole tech baseline can reuse represent data and tool chain reusable, model deployment and variation relatively easier manage. So from Gen 2 product start whole smart driving bottom-layer hardware self-research advantage show: memory bandwidth very important, often underestimated; ISP multi-mode signal processing ability in extremely dark, extremely strong light environment clarity, resolution and image restore ability very strong.
Comprehensive speak, this reflect NIO in smart driving hardware, data loop long-term thinking. So now Gen 2 car group intelligence capability bring data loop capability, same make Coconut etc benefit, this is engineering system and architecture thinking.
Q: New Onvo L60 after launch, this year Onvo all new models release finished, order situation how? Onvo monthly sales expectation? Increment price drop impact on gross margin how?
Li Bin: We on current market trend attitude relatively cautious, rarely say NIO each brand individually need reach how much sales. But still hope NIO enter three brand development stage after, can maintain 40%-50% growth, this year Jan-May NIO growth 68%, performance quite good.
Second half start, more energy will be used sell cars, serve users. Onvo these several cars market competitiveness all very strong, I believe can reach internal预定 target.
Gross margin aspect, now supply chain price rise more, Onvo L60 has gross margin but very miserable, so this year gross margin and profit growth mainly look at total amount.
Q: Will Onvo optimize rental solution, reduce user rental rate? Currently battery rental overall penetration rate how?
Li Bin: Battery rental solution penetration rate over 90%. As for industry penetration rate, we cars sell well, penetration rate high. CATL etc friends also have swap solution, participants more market penetration rate naturally rise. We with many friends in swap aspect have strategic cooperation, but friends whether do swap need relatively long time make decision and product and business preparation, our swap ecology always open.
Q: Car-grade memory price rise to Onvo cost gross margin actual impact? CXMT cooperation progress how? After can imagine space how big?
Li Bin: This round price rise impact big. Taking Onvo example, single car cost rise 10,000+ yuan, calculated to final selling price plus tax etc impact about 15,000 yuan. Non-chip part like battery raw material lithium also rise many, this year indeed cost pressure very big.
CXMT plant distance us very close, all in Economic Development Zone North District, distance maybe just 1 km. Currently cooperation LPDDR5X vehicle verification progress smooth.
Q: Can detailed interpret Onvo user source?
Li Bin: Just Shen Fei also said a bit, BBA and traditional luxury brand user about 35%, joint fuel car user 30%, early pure electric and range extended car repeat purchase swap about 10%, other source including new purchase etc.
Q1 Onvo average selling price 240,000 yuan, higher than some traditional luxury brands, so Onvo indeed is a family-oriented high-quality brand. New Onvo L60 main sales version Max+ starting price 202,800 yuan, last night orders over 90% choose Max+ and Ultra+, over 90% choose Coconut+, Shenji NX9031+ LiDAR version. Onvo in 200,000-300,000 yuan area product layout and brand positioning, quite fit target users and consumption trend.
Q: Beginning of this year BYD release flash charging whole market think will affect NIO swap, but from first half data view, flash charging and swap products also still maintain growth. Next in technology convergence process, efficiency still charging replenish aspect inviolable truth? How judge future replenish direction?
Li Bin: Happy to see more and more car manufacturers charge swap infrastructure aspect investment, flash charging industry have good promotion role, let each party more focus infrastructure investment, no longer simply rely public charging piles.
NIO in charging pile construction aspect very active, persist chargeable, swapable, upgradeable. Of course our construction idea with others also differ, currently already have 86 charge road landscapes, charging piles built in others don't want build places, like Inner Mongolia Expressway, Jilin Expressway earliest all we built. Our starting point very simple: user go where, if there no infrastructure, at least guarantee. We early also have mobile charging car, now dispatch rate lower, mainly use Xinjiang, Tibet etc remote area emergency rescue.
I also want to emphasize, swap and charging not opposite. We very early required, user home, unit where can install charging pile, definitely help install, so our user charging pile installation proportion industry leading, because have national energy service team push, higher efficiency. Behind thinking also simple: home install charging pile, can charge night, day to unit charge, is best experience.
Our swap process not get off car, experience better, including swap station some other dimension value:
First, thoroughly solve car battery different life problem, separate car and battery, for user and society long-term interest have benefit. Buy battery not only look short-term experience, look 8 years, 10 years even 15 years, not arrived time just abandon. Swap station internal smart charging strategy for battery life very important, through operation extend life, basically can every battery life improve 1.5 years and above.
Second, energy attribute. Swap station is natural energy storage facility, we 3900+ swap stations equivalent to 7 GWh energy storage. In China new energy power ratio more and more high background, value will gradually reflect. Many swap stations already participate grid response, every day do energy storage, as energy infrastructure efficiency very high.
Therefore, super charge, flash charge and swap not opposite. Swap indeed can solve many flash charge can't solve problems, everyone now see fast or shallow fast. Fast charge to certain speed and time after, boundary benefit not so big, at home or unit slow charge also completely fine.
More important swap for car battery different life, battery life and safety meaning, and as distributed energy storage facility in new power system value, these hard to charging solve.
Q: Now industry among other manufacturers also prepare release second brand or new series, Onvo these two years more exploration have what experience worth external share?
Li Bin: We feel still underestimate establish a brand difficulty. NIO brand on 2016 first release, until now 10 years, that year market attention high, easy as new force representative, have heavenly time geographical people factors.
Onvo as new brand, originally thought brand awareness can quickly build. But research data show, many people simply don't know Onvo brand, awareness equivalent to NIO 6 years ago or even earlier. Today market environment, new brand hard get attention, establish brand than imagined hard, difficult.
But Onvo in brand concept build aspect do well: serve who, what positioning very clear—"Make family life better", May 15 we speak "Every journey, all Onvo", Onvo is a family service high-quality brand. Quality and safety, vitality community etc brand pillars also clear, user also will response.
But market challenge indeed very big, how make brand be remembered, touch heart, not only product config and performance how, more is can cause everyone resonance. L90, L80, new L60 launch on, all spend large time through user scene and real stories reflect brand bottom layer thinking, spiritual layer thinking, we also hope and target user resonate.
Q: Onvo initial goal is volume, but from recent few months sales volume situation look seems not reached expectation height?
Shen Fei: About sales volume expectation, I with internal colleagues often share, need firm confidence, don't underestimate. Onvo is 2 years brand, current sales volume than NIO delivered 2 years still more. Originally Onvo overall sales volume climb fast, one year achieved NIO 4 years volume.
But we need face still have many problems need solve, continuously go progress. Of course external won't see so, single user buy one car must choose one suitable for oneself, for whole industry say, including sit media teachers, everyone will put Onvo and NIO together look. So I hope whole team in keep confidence, keep have right cognition to self when can continuously progress.
Li Bin: Supplement, L90 after launch, in pure electric large three-row SUV market area sales first, Onvo L60 after launch same level also top three, so performance thing depends on how look. We now still need face brand construction and sales system capability construction, it have a process.
Q: Onvo L60 value retention not bad specific reason? World model scheme after, smart driving team compute and manpower input and later plan?
Shen Fei: About value retention, Onvo L60 product power is fundamental reason, user on this car various aspects very satisfied. Second is price policy etc aspect relatively stable, including new L60 pricing also in very hard balance new car, second hand car etc aspect factors.
This is multi-effort result, including our direct sales model, swap capability etc aspect all have contribution, everyone focus value retention right, it reflect brand comprehensive competitiveness.
Li Bin: In speak hardware and model competitiveness when, everyone don't forget compute. Why beginning of last year everyone worship DeepSeek, core is need training resources far less than US peers.
Last year, compared to domestic do well peers, NIO smart driving training compute indeed only their one fifth or one tenth, and top peers compared even less, with Tesla even cannot compare.
Compared last year, this year we roughly increase several times input, see effect still very good. This year second half will have larger compute input, overall compute operation relatively stable.
Q: New Onvo L60 price and NIO ES6 differ 100,000 yuan, tech equipment already relatively close, NIO three brands between how define market?
Li Bin: NIO, Onvo, Firefly in their respective target market all keep high-end positioning. Like Firefly in small car market still is high-end positioning, compare same level small car price high 50% roughly, domestic many pure electric small car roughly 70-80,000 yuan, Firefly main sales is over 120,000 yuan. Its product and service can support this price, so small car safety so good, 9 airbags etc create many safety test score records.
Onvo target family market, also keep high-end positioning. Q1 Onvo average selling price 240,000 yuan, most mainstream family brands cannot reach this average price. Onvo positioning have enough tech and product support, new Onvo L60 is mid-size SUV tech flagship, emphasize tech for family concept, safety quality foundation. We think, family car user very care these, like some luxury config optional, but safety quality and tech architecture no trade-off, this keep brand color.
NIO target high-end market, adapt user group more, like all-scenario tech experience, ES9 executive flagship, ET5 all have their unique emotional experience, also Horizon etc have special tech atmosphere, let user have better mood and emotion experience.
These three brands common point: keep high quality, keep in their respective sub-market high-end positioning and tech lead. On this basis again revolve user needs solve, we won't blindly pile config, will look which points can with target user group produce emotional resonance, function experience sort, different target market priority different.
Q: New Onvo L60 officially release, three flagship tech down to 200,000 yuan market, is out of what judgment? Stand at this time point to NIO how judge?
Li Bin: Onvo L60 from birth day, use very many NIO first launch tech, full domain 900V is NIO first is L60 on mass production, including high performance, high efficiency drive and smart fuse all first mass production, SkyOS·Tianshu full domain application first mass production car model also Onvo L60.
Smart driving aspect, chip exist a ramp process, first on ET9 carry, then to NIO Gen 3 ES8, gradually push to Onvo brand, every car target market must apply best tech. New Onvo L60 is mid-size SUV tech flagship, in many tech aspect is currently industry best, this is fact.
Q: Many brands release their smart driving chip, NIO chip what advantage?
Li Bin: Make a smart driving chip, have many methods, let others help define design, this is not what hard matter, industry many people all do. But important is this chip not that chip, like one car you find engineering design company make it, or through yourself full stack self-research, this involves enterprise own complete engineering capability, many core parts need self-research, input larger, difficulty also larger.
NIO Shenji NX9031 team 600+ people, from front-end to back-end have complete design capability, build this capability very not easy, with simple define params others do difference very big.
Additionally, smart driving chip performance evaluation cannot simply compare one point, need from multi-dimension view: First, inference compute; Second, memory bandwidth, on support model size and run speed very important, we memory bandwidth basically is industry 2 times; Third, multi-mode signal processing ability, need very detailed work, cave crossing performance good also and this have relation.
Smart driving foundation is vision, cannot just look light good when, many scenes light not good, this test bottom whether can very well process. Also chip redundancy backup when need achieve millisecond level hot switch, two chips interlink, interface and ability strong, for future L4, L3 smart driving also very important.
Q: Onvo L60 cave crossing creative reaction very good, biggest reason what?
Li Bin: New Onvo L60 whole smart driving baseline basically with NIO ES9 aligned, use latest version NIO World Model. In various extreme conditions, especially extremely dark light environment image processing ability, NIO World Model inference ability, in actual test include in cave show安心感 still quite good.
From chip, OS, reinforcement learning etc, our smart assist driving route foundation build relatively deep. Before everyone feel iteration slow, just like build swap stations, also have many doubts, but I think sharpening axe not delay woodcutting.
Auto industry is marathon, not one day, is very long competition. If short-term goal build 100 floor high building, then we build can support 150 floor foundation; If build 10 floor fast can let people see live in, impossible on 10 floor, 50 floor foundation build 100 floor high building. Everyone work thinking when assess time dimension not same, so到底 use how long time assess one thing, decide everyone see NIO work reasonableness and behind logic.
Sometimes use one quarter, half, one year time assess, feel NIO this company quite silly. But if use 3 years, 5 years look seem still have reason, if use longer time look, feel quite reasonable.
We want to put long-term thinking, long-term goal and short-term exec how combine good, these two years also push user value all-staff operation org reform. This is management solve things, in smart driving also same, smart driving also whole company tech innovation, system innovation miniature.
Q: My friend is Hefei local, want buy new Onvo L60, but his wife Model Y brand worship, if you are sales how persuade him?
Shen Fei: From conversion rate speak, Onvo brand and Model Y is number one, different months inside, actually from brand consumption say, earliest batch like tech taste user already towards domestic brand switch.
Now market new energy penetration rate reach 60%, user swap car know buy electric car. Actually these consumption groups relatively steady, conservative, unwilling make mistake, Tesla as exist time relatively long brand, easy become "buy this possibly no mistake" choice, this is we need breakthrough point, need invite these users come experience.
Onvo in whole NIO 11 years tech basis above, new Onvo L60 is 200,000 yuan level most tech competitiveness, most tech feel one car, comfort experience all super class. But car advantage rely language say always one-sided, really need to scene come experience.
Li Bin: New Onvo L60 size and Model Y similar, now new Onvo L60 have 60% optional, 200,000 plus have fridge, TV, sunshade, comfort big sofa don't say, also small table, back also can install 52L freezer, sun protection, fridge, rear screen drama needs all solved, also adjustable seat, lie inside very comfortable.
And cheaper than Model Y much, whole car buy cheap 60-70,000. Tesla domestic FSD subscription is 64,000 yuan, same smart driving experience choose us save 100,000+; if buy car rent battery, diff more, we also can swap, so don't compare. Simple speak is luxury config + space big + smarter.
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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.
