首頁coffee
搜尋歷史
熱門搜尋
經銷商登入 / 註冊
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 BMW X3 同 Mercedes-Benz GLC 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比較，幫你省做功課嘅時間。
BMW X3 喺馬來西亞嘅 OTR 售價係 RM 325,800 - 358,800，一共有 2 個版本，包括 xDrive20i（RM 320,000）、xDrive30e（RM 360,000） 等。
Mercedes-Benz 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。
由價錢睇，BMW X3 嘅起價確實比 Mercedes-Benz GLC 平咗 RM 11,088。如果你預算有限，BMW 嘅入門版已經足夠滿足日常需要。不過亦要留意，平嗰幾千蚊，可能喺配備上會有取捨，具體要看你嘅需要。
BMW X3 配備 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。
Mercedes-Benz GLC 配備 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。
兩款車用緊同一套動力系統，日常開落嘅感覺基本無分別。油耗方面都差唔多，唔使太糾結這一點。
BMW X3 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Premium ADAS。
Mercedes-Benz GLC 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Premium ADAS。
兩款車嘅安全評級一樣，喺呢個級別入面安全配備都算好齊全。而家嘅新車安全性都唔差，唔使太擔心這一點。
BMW X3 車身長 4400 mm，尾箱 400 L。
Mercedes-Benz GLC 車身長 4400 mm，尾箱 400 L。
兩款車嘅尺寸幾咁一樣，車內空間分別唔大。呢個級別嘅車，日常使用完全夠用。
BMW X3 保養 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
Mercedes-Benz GLC 保養 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
總體嚟講，BMW X3 同 Mercedes-Benz GLC 都係馬來西亞市場幾唔錯嘅車型。揀邊一部，關鍵仲係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，再去試車做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
喺馬來西亞嘅汽車市場，好多買家喺揀車嘅時候都會拿豐田 Corolla Cross 同三菱 Xforce 嚟做比較。今日我哋從多個方面做個詳細比較，幫你省卻做足資料嘅時間。
豐田 Corolla Cross 喺馬來西亞嘅 OTR 售價係 RM 133,800 - 148,800，合共 3 個型號，包括 2026 HEV 1.8L GR Sport（RM 148,800）、2026 HEV 1.8L Standard（RM 140,800）、2026 1.8L Standard（RM 133,800） 等。
三菱 Xforce 喺馬來西亞嘅 OTR 售價係 RM 109,930 - 119,930，合共 2 個型號，包括 2026 1.5L Ultimate（RM 119,930）、2026 1.5L Urban（RM 109,930） 等。
由價錢睇，三菱 Xforce 嘅起步價比豐田 Corolla Cross 平咗 RM 23,870。講真，喺呢個價位段，幾千蚊嘅差距其實唔算大，關鍵仲係睇整體嘅性價比同長期使用成本。
豐田 Corolla Cross 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
三菱 Xforce 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
兩款車用咗同一套動力系統，所以日常開嚟嘅感覺基本無分別。油耗方面都幾接近，唔使太糾結這一點。
豐田 Corolla Cross 保用 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
三菱 Xforce 保用 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
豐田 Corolla Cross 同三菱 Xforce 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更看重品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更在意性價比同配備，那就揀配備更豐富嗰款。最後都係建議兩款都去試駕，親身體驗先係最重要。
總體嚟講，豐田 Corolla Cross 同三菱 Xforce 都係馬來西亞市場幾唔錯嘅車型。揀邊架，關鍵仲係要睇你嘅個人需求同預算。建議大家做足功課，多比幾間車行嘅報價，再去試駕先做最終決定。買車係件大事，花啲時間做足功課絕對無錯。
喺馬來西亞嘅汽車市場，好多買家喺揀車嗰陣都會用 Chery Tiggo 8 Pro 同 GWM Haval H6 嚟比較。今日我哋從多個方面做個詳細嘅比較，幫你節省做功課嘅時間。
Chery Tiggo 8 Pro 喺馬來西亞嘅 OTR 售價係 RM 159,750 - 159,750，一共有 2 個版本，包括 1.6L Turbo 標準（RM 130,000）、1.6L Turbo 豪華（RM 145,000） 等。
GWM Haval H6 喺馬來西亞嘅 OTR 售價係 RM 139,750 - 139,750，一共有 2 個版本，包括 1.5L Turbo 標準（RM 140,000）、1.5L Turbo 豪華（RM 155,000） 等。
由價錢嚟睇，GWM Haval H6 嘅起步價比 Chery Tiggo 8 Pro 平咗 RM 20,000。講真嘅，喺呢個價位段，幾千蚊嘅差距其實唔算大，關鍵仲係睇整體嘅性價比同長期使用成本。
Chery Tiggo 8 Pro 嘅安全評級係 TBD，主動安全系統包括 Basic。
GWM Haval H6 嘅安全評級係 TBD，主動安全系統包括 Basic。
兩款車嘅安全評級一樣，喺呢個級別入面安全配備都算畀好齊全咗。而家嘅新車安全性都唔差，唔使太擔心呢一點。
Chery Tiggo 8 Pro 保修 3 年/100,000km，保養間隔 每 10,000 公里或 6 個月。
GWM Haval H6 保修 7 年/150,000km，保養間隔 每 10,000 公里或 6 個月。
Chery Tiggo 8 Pro 同 GWM Haval H6 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更睇重品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更在意性價比同配備，就揀配置更豐富嗰款。最終仲係建議兩款都去試駕，親身體驗先至最重要。
總體嚟講，Chery Tiggo 8 Pro 同 GWM Haval H6 都係馬來西亞市場幾唔錯嘅車型。揀邊輛，關鍵仲係睇你個人需求同預算。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，花少少時間做功課絕對唔會錯。
你睇過印度嘅馬路嗎？
我喺網上見過。
畫面通常係咁，一輛轎車俾牛尾擋住，旁邊仲有亂竄嘅摩托，甚至周圍仲有賣奶茶嘅小夥，嗰叫一個“乾淨又衛生”。
然而，喺呢啲睇完好多人覺得生理不適嘅地方，豐田、鈴木、本田等日本車廠，卻決定將籌碼押落印度。
據印度“品牌質量基金會”網站顯示，三家車廠將喺印度投資近110 億美元建廠、提產能、搞出口。
對此有网友表示，三家日本車廠係咪錢多到無處花？
事實上，佢哋唔係錢多到花唔完，亦唔係被印度嘅咖哩蒙蔽咗心竅，呢啲日本車廠高層遠比我哋清醒。
而家嘅日系車，營業額、市場份額都喺下滑，原材料成本仲係升得飛起，打開世界地圖，搵一個能夠容納產能、拓充份額、競爭溫和嘅市場，唔係咁容易嘅事。
所以，唔係日本車廠選擇咗印度，而係因為冇得揀。
日本車廠之痛
曾經嘅日系車，嗰時妥妥係人哋個仔。
你問下十幾年前開過日系車嘅老司機，一提起日系車，幾乎就冇唔豎大拇指嘅，價錢平、省油、耐用又抵撞……
甚至好多日系車，仲要加價購買，但邊個諗到，呢個鐵打嘅江山，短短幾年時間就俾佢哋打得找唔著北。
隨著新能源汽車浪潮嚟到，電動化、智能化變成好多自主車廠“彎道超車”嘅目標，依托於中國強大嘅新能源汽車產業鏈優勢同車廠自身對研發、技術嘅堅持，中國自主品牌迅速實現咗“彎道超車”。
曾經被人吐槽嘅國產車，而家喺馬路越來越多人，甚至份額超越咗合資。
根據乘聯會嘅數據，喺2026 年4 月，自主品牌嘅份額已經高達62.5%，遠超日系嘅13.1%。
要知道，中國汽車市場係全球最大嘅汽車市場，喺中國市場失速，就相當於丟咗一塊巨大嘅蛋糕。
同時，中國市場近年嚟嘅主旋律依舊係價格戰，捲配置、捲價格、捲服務已經成為一種常態，亦對日系車嘅利潤產生咗巨大嘅影響。
除咗中國，日系車喺美國過得亦唔太好。
2025 年 1 月 20 日，特朗普宣誓就職第 47 任美國總統，自此開啟咗一連串搞搞震，其中就包括以國家安全為理由徵收額外嘅汽車關稅，導致進口日本汽車嘅關稅稅率一度高達 27.5%，雖然後嚟有所降低，但亦遠高於最初嘅稅率。
呢個操作，直接導致七大日本車廠喺2025 財政年度嘅關稅損失超2 萬億日元。
再睇日本本土，其實亦唔容易。
中東地緣衝突導致霍爾木茲海峽航運受阻，運輸成本、原材料成本暴漲，日本車廠都有苦難言。
高管們看著報表，背後發涼，只能尋找全新嘅增長曲線。
所以，日本車廠唔係愛上印度，係冇地方去。
揀選印度嘅深思熟慮
咁，印度點解咁有魔力，先至令日本車廠重資投入呢？
第一個優勢就係大。喺2025 年，印度汽車市場取得咗551.7 萬輛嘅新車銷量，同比增長 6%，刷新咗歷史紀錄，位居全球第三大汽車市場，已经连续四年超越日本，僅次於中國同美國。
呢個含金量唔使多講啦，而印度取得呢一成績，主要係因為印度一直喺推動減稅政策，促進消費，這導致國內消費意願出現咗明顯增強。
第二個優點係近，就係離日系車賣得動嘅地方近，如非洲等其他地區。
所以，印度對於日本車廠，更似一個建喺十字路口中央嘅便利店，你唔使將車分別運去八個國家，只需要喺印度呢站造好，然後一船一船甩去，就能削減唔少成本。
《日本經濟新聞》亦認為，印度有望轉變為佢哋全球嘅汽車供應中心。
第三個優點係穩。要知道，日系車嘅優勢就係燃油車，畢竟引擎、變速箱、底盤三大件，佢哋已經玩咗好多年，技術積累喺全球都係數一數二。
但係中國汽車市場已經全力推動電動化、智能化發展，導致日系車嘅優勢越來越弱，根本無法發揮出嚟，但印度唔一樣，佢擁有充電樁少、電動化進程緩慢嘅特點，印度老百姓買車，都仲係盯住平、省油、易修，而呢三點正係日系車嘅老本行。
尤其係鈴木，一直係印度汽車市場嘅常青樹，幾乎年年穩坐暢銷車型寶座，口碑好，勝過任何廣告。
所以，日本車廠大力佈局印度市場，顯然是經過深思熟慮嘅。
但，印度市場真係咁好混咩？
難啃嘅印度市場
當然，印度亦唔係完美得似個香口格，佢嘅缺點同佢嘅優點一樣明顯，而且每一個都夠日本車廠喝一壺。
先講電動化，冇錯，眼睇下印度充電樁少、電動車賣唔動，確實係日系燃油車嘅避風港。但你得諗諗，呢個“避風港”能避幾耐？
印度此前可係喊出咗 2030 年電動車佔新車 30% 嘅口號，雖然聽落似吹水，但抵唔住人哋真補錢、真建充電站。
試諗下，萬一有日印度突然開竅，開始大力推動電動化、搞基建，充電樁似雨後春筍咁冒出來，嗰日系車唔就傻眼？
呢唔係泰國市場嘅翻版咩？
當年日系車喺泰國都係躺贏，整個東南亞市場，都被稱為日系車嘅後花園，結果泰國率先推動電動化，中國電動車一嚟，直接就成咗香口格，再睇日系車，喺泰國嘅市場份額嘩嘩嚟咗落。
如果印度係電動化一加速，歷史大概率會重演，而而家呢次，日系車連逃嘅地方都快冇咗，點樣預防，將成為日本車廠嘅首要問題。
再講政策，印度嘅政策就似一鍋咖哩，你永遠唔知下一口食到係雞肉定係馬鈴薯。
呢個魔幻嘅國家，今日係低關稅鼓勵建廠，明日就可能罰你一筆巨款，更令人頭痛嘅係強制合資，外國車廠想喺印度賣車，要搵本地夥伴搭檔，等你工廠建好咗、供應鏈搭完咗，印度直接背刺你，到嗰陣無論係加錢定撤資，換嚟嘅都係心痛。
所以你看，印度呢個市場，就好似一個睇落好甜嘅芒果，咬落去第一口仲行，再啃幾口就摸著硬核。
日系車而家嘅算盤係，趁住核都未硌牙，趕緊多啃幾口，但核遲早會硌到，只係唔知係邊一日。
尾聲
日系車呢趟印度之旅，唔係去旅遊，係去搵食。
中國同東南亞嘅飯桌更擁擠，生產、運輸嘅成本又提高咗，放眼全球，就印度呢口鍋仲冒住熱氣，哪怕入面煮嘅係咖哩味嘅石頭，都要硬著頭皮啃落去。
日本車廠想擴大市場，印度想嘅係拉動經濟、解決就業，雙方都有各自嘅心思。
至於結局係日系車喺印度重新封神，定係好似當年嘅部分友商一樣灰溜溜走人，那就唔知啦。
但無論點樣，呢場戲先至開始，我哋慢慢睇就得啦。
反正印度嘅故事，從來唔會悶。
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.
比亞迪正式發布 2026 年 5 月產銷快報，全品牌新能源汽車單月銷量 383453 輛，同比微增 0.26%，時隔十個月實現單月銷量同比轉正；其中乘用車交付 376990 輛，環比大漲 19.4%，一掃前期車型換代陣痛，呈現國內基本盤穩固、海外銷量狂飆、高端品牌全線放量的全新格局，在國內新能源內捲加劇、特斯拉 FSD 入華、自主新品密集上市的市場環境中，走出獨有的結構性增長路線。
王朝 + 海洋兩大主力品牌 5 月合計售出 330215 輛，佔據集團總銷量超八成，仍是比亞迪銷量壓艙石，全系列共 8 款車型單月銷量突破 2 萬台，產品從 5 萬入門代步到 20 萬家用 SUV 實現全覆蓋。
王朝網內部，元家族 56691 輛、宋家族 51370 輛。雙雙跨過五萬門檻，成為品牌兩大銷量支柱，兼顧家用代步與城鄉出行需求；秦家族緊隨其後交出 28360 台穩定表現，漢、唐系列月銷維持六千級體量，深耕中大型家用轎車、SUV 細分市場；全新車型夏處於市場培育期，單月交付 1810 台，後續隨渠道鋪開有望穩步上量。
海洋網增長勢頭更為迅猛，全系五款車型跨入兩萬俱樂部：海獅 42615 台、海豹 34117 台、海鷗 39919 台、海豚 22260 台、宋 PLUS 27755 台。其中海鷗憑藉 6-8 萬親民定價穩居入門代步銷冠，海獅作為全新走量車型上市即站穩四萬量級，補齊海洋網中型 SUV 產品空白，完善海洋產品梯隊佈局。從代步小車到緊湊 SUV，兩大主品牌依托 DM-i 混動與純電雙線技術，牢牢鎖住 15 萬以內國內主流家用市場份額。
方程豹同比暴漲 139.7% 品牌向上落地見效騰勢、方程豹、仰望組成的高端矩陣 5 月合計銷售 46489 輛，正式擺脫小眾定位，成為比亞迪品牌溢價與利潤增長新支點，打破自主品牌高端化難破局的行業魔咒。
越野品牌方程豹單月 30186 輛，同比暴漲 139.7%，創下品牌上市以來月度銷量新高，旗下鎦 7 單月 18280 台，豹 5、豹 8 穩定輸出，在 25-40 萬硬派越野細分市場持續擠壓合資、進口車型生存空間。
騰勢 5 月交付 16303 台，MPV 標桿 D9 售出 6721 台，Z9 系列近 6000 台，MPV、中大型轎車雙線發力，站穩豪華新能源賽道；百萬元級超豪華品牌仰望穩步爬坡，當月交付 286 台，同比增幅 105.8%，完成自主品牌天花板產品的市場驗證，形成從十幾萬家用、三四十萬越野、五十萬豪華 MPV 到百萬元級旗艦的全價格帶產品佈局。
5 月比亞迪乘用車和皮卡海外銷量 160177 輛，同比大漲 80.7%，出口佔全系總銷量突破 42%，創下品牌出海歷史新高，成為穩住 5 月整體銷量、實現同比轉正的核心驅動力。
東南亞、歐洲、拉美成為主力增量市場，海鷗、宋 PLUS、元系列持續登頂多國新能源熱銷榜單，SHARK 皮卡連續兩月單月出口突破 4000 台；依托泰國、巴西、匈牙利、烏茲別克斯坦四大海外整車工廠落地投產，本地化生產持續落地，規避關稅同時快速下沉終端渠道。在國內車市存量競爭、價格戰常態化背景下，高速擴容的海外市場有效對沖國內車型換代帶來的銷量波動，正式從補充市場升級為比亞迪核心增長引擎。截至當前，比亞迪新能源汽車全球累計銷量已經突破 1650 萬輛，全球化版圖持續拓寬。
智駕賦能產品迭代 下半年新品蓄力衝量5 月比亞迪智能化落地迎來關鍵節點，天神之眼智駕系統成為車型核心加分項：全品牌搭載高級智駕車型保有量突破 315 萬輛，日均路測數據超 2 億公里；當月比亞迪落地城市領航、智能泊車雙安全兜底服務，成為全球首家實現兩項智駕兜底的車企，政策落地三天後，搭載天神之眼系統車型的城市 NOA 激活率暴漲 50%，智能化體驗升級直接拉動終端到店訂單轉化，為後續車型持續走量築牢產品競爭力，直面 FSD 入華帶來的智駕市場衝擊。
從數據細節來看，2026 年 1-5 月比亞迪累計銷量 1405039 輛，同比下滑 20.32%，核心誘因是全系主力車型集中換代、第二代閃充刀片電池產能爬坡受限。新款閃充電池升級快充與低溫性能，全系換代車型優先換裝新電池，但產線改造拖累產能釋放，熱門車型訂單積壓、交付延後，一定程度壓縮 5 月交付體量。
隨著二季度末二代刀片電池產能持續釋放，疊加騰勢 N8L、方程豹鎦 7 純電版、海獅 05、夏 L 等多款新車陸續登陸市場，業內普遍預判比亞迪 6 月全品牌銷量有望突破 40 萬輛。依托低端走量鎖份額、高端提利潤、海外衝增量、智能化提產品力的四維發展邏輯，在國內新能源淘汰賽加劇的當下，比亞迪全品類佈局優勢持續放大，坐穩國內新能源龍頭，加速向著全球頭部車企穩步邁進。
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。
自今年 4 月以來，國內汽車市場已有近 20 款產品宣佈上調售價。當整個行業慢慢跳出低價博弈，回歸產品本身嘅價值較量，阿維塔嘅高端堅守便愈發亮眼。同期上市嘅新阿維塔 12 同阿維塔 06T，售價相較老款進一步提升 2-3 萬元。喺激烈嘅市場競爭中，份底氣來之不易。阿維塔點解能持續拉高品牌溢價，其高端定位又點解能夠獲得市場高度認可？
豪華股東陣容加持 + 華為技術背書 阿維塔成市場焦點
阿維塔呢個汽車品牌，從誕生開始，就一直站喺聚光燈下。首先，阿維塔擁有新能源造車嘅「夢之隊」豪華陣容，佢嘅第一大股東同控股股東係長安汽車，係國企嘅親兒子，背靠百年長安嘅深厚製造底蘊，阿維塔喺生產、研發端嘅資源儲備，係絕大多數造車新勢力企業難以企及嘅。話最簡單嘅產品生產質量問題，唔知有幾多造車新勢力喺當中等大虧，而阿維塔一開頭，就能瞄準高端市場高舉高打，靠就係背後實打實嘅頂尖製造功底。
而且，長安亦為阿維塔賦予咗深厚嘅技術底蘊，喺長安汽車嘅支持下，阿維塔全棧自研咗崑崙智慧增程同太行智控底盤。3 月份，阿維塔推出咗太行智控底盤 2.0，引入分佈式電驅，讓安全為運動兜底，得到市場嘅好評。
第二大股東係寧德時代，持股比例超過佢投資嘅其他任何一家車企，這意味著阿維塔喺電池供應上享有股東級優先權，從神行、驍遙到最新嘅凝聚態電池，寧德時代每一次技術突破，阿維塔都係首批搭載嘅品牌。
阿維塔作為華為首個深度合作嘅品牌，基於 HI PLUS 合作模式，不僅握有華為最新技術嘅優先入場券，更攜手夥伴從源頭定義每一項新技術，雙方團隊聯合定義、聯合研發、聯合行銷，俾用戶提供更優秀嘅產品同服務。呢種開放靈活嘅合作模式為阿維塔贏得更大大嘅市場空間，獲得市場嘅廣泛認可。
同時，阿維塔仲係華為引望嘅最大外部股東，持股 10%，將為阿維塔帶來豐厚嘅投資收益。根據華為 2025 年年報，引望營收達 450.18 億元，同比增長 72.1%，三年增長 20 多倍，合作車企超 20 家，覆蓋賽力斯、長安、奇瑞、江淮及奧迪等國際品牌，未來市場潛力巨大。這筆投資收益，將為阿維塔嘅長期發展提供可持續嘅資金支撐。
從公司層面嚟講，好似阿維塔咁背景雄厚、技術實力突出嘅企業，本身就係資本同市場都看好嘅優質選手，獲得用戶信任自然毫不足怪。
產品口碑過硬 營收增長迅速
2026 年，正好係阿維塔創立嘅五週年，佢嘅累計銷量已經突破 25 萬輛，覆蓋 20-70 萬元價格區間，站穩咗新能源高端市場。
倚靠自研技術，阿維塔持續優化用戶場景體驗，形成咗口碑帶動品牌同銷量嘅良性循環。過去兩年，阿維塔堅持打磨底盤能力，從阿維塔 07、阿維塔 06 再到新阿維塔 12，底盤質感同操控表現逐步提升。3 月份推出嘅太行智控底盤 2.0，倚靠分佈式電驅技術，讓安全為運動兜底，底盤能力上咗一個新台階。近期上市嘅阿維塔 06T，體驗過嘅用戶都好評滿滿。
市場亦給予咗積極嘅正面回饋。2025 年，阿維塔連續 10 個月實現銷量破萬，全年累計超 12 萬輛。同期，公司營收規模翻倍增長，2024 年營業收入達 151.95 億元，同比增長 169.16%；2025 年上半年營收超 122.08 億元，同比增長 98.52%，呢樣增长速度，就算放喺新能源汽車剛起步嗰陣都好難得，喺競爭激烈嘅而家，更凸顯咗阿維塔極高嘅成長性。
同時，阿維塔已進入超 40 個國家同地區，高端品牌認知同豪華產品價值喺多個成熟市場獲得認可。喺泰國，阿維塔 11 起售價 2099000 泰銖 (約人民幣 44.7 萬元)，長期穩居高端電動汽車銷量第一；喺阿聯酋，阿維塔主力車型普遍喺 40 萬元以上，佔據高端電動汽車 10% 嘅市場份額；喺新加坡，阿維塔 11 起售價為 278,999 新加坡元（約合人民幣 156 萬元），產品銷量持續攀升。
根據阿維塔嘅規劃，下半年，阿維塔將推出阿維塔 07L 同大六座旗艦 SUV，喺堅持原創設計嘅基礎上，提供更大空間同更強功能體驗，具備較強嘅走量潛力。其中，大六座旗艦 SUV 將業界首搭寧德時代凝聚態電池。伴隨呢兩款新車嘅落地，阿維塔產品矩陣補齊空間需求，進一步覆蓋豪華家庭市場，將開啟新一輪增長週期。面向更長遠嘅未來，阿維塔計劃到 2030 年累計推出 17 款車型，覆蓋轎車、SUV、MPV 等細分領域。
總括嚟講，成立短短五年時間，阿維塔已經完成咗從品牌創立到規模增長嘅跨越，站穩咗新能源高端市場，交出咗一份遠超行業預期嘅答卷。而家站喺五週年嘅節點上，隨著上市進程穩步推進、海外市場逐步打開、多款重量級產品嘅即將上市，阿維塔已經正式邁入品牌發展嘅全新階段，未來增長空間值得期待。
Recently, XCMG signed a procurement agreement for 300 new energy commercial vehicles with OCR, a leading distributor in Thailand, in Bangkok. The first batch of 100 units has been delivered. Xia Yongyong, Deputy General Manager of XCMG Group, Party Secretary and General Manager of XCMG Automobile, attended the ceremony.
This strategic cooperation between XCMG and OCR is not limited to complete vehicle sales, but covers lifecycle value management including technical services, spare parts supply, and financial support. This means XCMG is simultaneously embedded in the local service network and parts guarantee system, helping users reduce operating costs and improve operational availability.
Deep Cultivation: Building Long-term Value with Full-cycle Service
In 2005, XCMG's first piece of equipment arrived at a Thai port, planting the seeds of cooperation with OCR Company.
In June 2025, Chairman Yang Dongsheng attended the 20th anniversary celebration of the cooperation between XCMG and OCR. Through the in-depth integration of "Product + Scenario", the two sides are jointly promoting the green transformation of the Thai construction machinery industry and building a new ecosystem for green and sustainable industrial development.
In Southeast Asia, XCMG has established a perfect service network and spare parts warehouse. It is this capability upgrade from "selling products" to "full lifecycle" that became the reason for OCR choosing to cooperate with XCMG to develop the transportation market.
Overcoming Challenges: Establishing a Firm Footing in the Southeast Asian Market with Technical Strength
Thailand is a logistics hub in Southeast Asia, currently ushering in an acceleration period for the green transformation of transportation. However, the local hot and humid climate characteristics, combined with diverse and complex working conditions such as trunk logistics, ore material transfer, and urban construction transportation, pose tests for new energy commercial vehicles far beyond general markets.
As a senior force in the local commercial vehicle sector in Thailand, OCR Company actively guides traditional fleets towards green transformation. XCMG Automobile is a leading enterprise in China's new energy commercial vehicles, with new energy heavy truck sales ranking first in the industry for three consecutive years. Relying on a mature localized service network and good user reputation, combined with the product's excellent safety, reliability, and economy, XCMG has truly won OCR's recognition.
Relying on XCMG's independently developed core battery, motor, and electronic control technologies, combined with overseas exclusive vehicle calibration and high quality control, XCMG's products maintained stability and economy in actual operations with high temperature, high humidity, and complex road conditions, gradually becoming a demonstration benchmark for local green transport capacity.
Currently, the demand for new energy commercial vehicles in Thailand is accelerating.
In the process of global transportation green and low-carbon transformation, XCMG new energy commercial vehicles have transformed from product providers to value creation builders. XCMG will take this cooperation as a fulcrum to replicate and promote the "Product + Scenario" integrated solution to more countries and regions.
時代嘅車輪承載初心，奮鬥嘅足跡永遠清晰。5 月 28 日，上汽集團全球第 1 億輛車正式喺上海北外灘交付。當智己 LS9 Hyper 嘅數字鑰匙點亮新征程嘅燈塔，上汽集團第 100000009 輛至 100000013 輛新車同步啟動交付。上汽商用車將五把鑰匙交到了海內外唔同用家嘅手中——從新加坡 DHL 嘅物流樞紐到上海嘉定嘅公交車場，從山西太原嘅基建工地到河南老君山嘅旅遊專線，其中既有輕客、輕卡、重卡，也有大客車。上汽商用車以「五把鑰匙」為喻，翻開咗中國商用車新能源時代嘅全新篇章。
呢五把鑰匙，開啟嘅不僅係五輛新車，亦係全球千萬奮鬥者嘅創富夢想，係中國商用車由跟跑到領跑嘅跨越之路嘅時代縮影，更係上汽商用車「服務民生、連結世界、驅動未來」嘅初心堅守。
每一個時代
都有上汽商用車嘅創富好車
回望過去，上汽商用車嘅車輪始終馳騁喺國家發展嘅關鍵節點上。從建國初期躍進牌卡車奔赴全國建設工地，到改革開放後依維柯輕客跑遍大江南北，再到新能源大時代，大拿輕客成為新能源輕客市場嘅現象級車款，紅岩新能源重卡支撐起綠色基建嘅脊梁，申沃客車成為綠色公交嘅示範樣板，每一個時代，上汽商用車都有屬於這個時代嘅創富好車；每一輛好車，都承載住一代人用雙手打拼嘅希望。
商用車係國民生經濟嘅「毛細血管」，其價值體現喺對國計民生嘅支撐上。用家價值係上汽商用車嘅永遠嘅原點。商用車係用家嘅「創富工具」，每一分投入都需要轉化為實際嘅收益。喺 1 億輛交付慶典上，上汽商用車交付嘅呢五把鑰匙精準嵌入全球商貿、城鄉流通、城市出行、基建工程、文旅產業五大場景，構建起涵蓋生產、流通、消費全鏈條嘅綠色運力體系，用技術創新為實體經濟高質量發展注入新動力。
尤其喺全球物流領域，上汽大通以中國方案定義咗綠色供應鏈新標杆。針對新加坡「寸土寸金、高頻配送」嘅市場特點，上汽大通為 DHL 定制開發嘅大拿 V1（eDeliver5）純電輕客憑藉續航充足、充電高效、裝載靈活嘅產品優勢，全面滿足當地城市末端配送、跨境包裹轉運同商超生鮮運輸需求。目前，包括 DHL 在內，上汽商用車已經成為全球多個物流巨頭探索綠色物流轉型嘅標杆助力。
而喺城鄉流通大循環領域，上汽大通躍進品牌用綠色運力夯實咗共同富裕嘅運力基礎。2025 年，近萬輛大拿 T1 投入地上鐵營運後，不僅顯著降低咗物流運輸成本，更打通咗農產品进城、工業品下乡嘅雙向通道，讓綠色運力轉化為千萬勞動力实实在在嘅收入。
唔止於全球供應鏈同城鄉大循環，上汽商用車綠色運力嘅觸角已延伸至城市運作、國家基建同民生消費嘅每一個維度。喺城市出行領域，申沃客車向嘉定公交交付 10 系純電動客車，作為綠色公共出行嘅中堅力量，助力城市低碳轉型；喺基建工程領域，山西恒隆勝再次用 56 輛紅岩新能源 8X4 自卸車同牽引車訂單畀紅岩投出信任票。從傳統能源到綠色動力，從忠實用家到戰略夥伴，8 年來，恒隆勝同紅岩共同書寫彼此互相成就嘅故事。喺文旅產業領域，依維柯聚星 EV 同河南眾聯旅遊達成戰略合作，用綠色運力點亮地方文旅經濟。
從全球供應鏈到國內大循環，從城市物流到鄉村振興，從公共交通到基建工程，產品涵蓋重卡、大客車、輕卡、輕客、皮卡、MPV、房車等全係列，上汽商用車嘅綠色車輪已深度融入國計民生嘅方方面面。呢五把鑰匙，開啟嘅係唔同領域嘅綠色發展之門，堅守嘅係上汽商用車嘅不變初心。
五把鑰匙，一篇新章
讓技術服務於人，讓奮鬥更有價值。上汽集團 1 億輛交付儀式上嘅呢五把鑰匙，喺翻開商用車各個領域綠色發展新篇章嘅同時，彰顯出嘅，係上汽商用車喺全球商用車新能源轉型中嘅領跑實力。
一家企業嘅領先，只有放喺全球產業格局中，先至能夠彰顯佢真正嘅分量。當前，全球商用車新能源轉型普遍滯後：2025 年歐洲市場滲透率約 10%，北美市場不足 3%，日本頭部車廠仍喺度觀望。而申沃客車實現全面電動化，大通國內新能源車款滲透率單月屢破 50%，躍進新能源輕卡銷量繼續增長……上汽商用車以 35% 嘅整體新能源車款滲透率，猶如一座燈塔，照亮咗全球商用車轉型嘅方向。
呢份領先，源於對時代發展脈搏嘅精準把握，更源於對行業核心痛點嘅精準破解同技術創新。依靠上汽集團近十年 1500 億人民幣嘅研發投入，上汽商用車冇行「單點突破」嘅捷徑，而係構建咗「技術－智造－生態」全鏈條創新體系，堅持純電、插混、增程、氫燃料四路並進，並首創「大電池 + 小增程」技術路線。以「極致 TVO（全生命周期價值）同 TCO（全生命周期成本）」為基石，依靠「鴻圖」「星棧」等自研架構，從民生創富嘅「最後一公里」到全球物流嘅大動脈，全場景賦能，同奮鬥者同行，走出咗一條符合中國國情、可向全球複製嘅新能源轉型之路。
技術同智能嘅雙重優勢，轉化為咗全球市場嘅競爭力。新能源變革打破咗西方車廠數十年壟斷嘅格局，為中國品牌提供咗換道超車嘅歷史機遇。上汽商用車嘅版圖已覆蓋全球 100 多個國家同地區，構建五大「萬輛級核心市場」，輕商出口量升至中國車企第二，輕客出口量排名第一，皮卡出口量排名第二，並通過整合旗下全品類資源構建一體化發展體系，從單一產品出海邁向體系化、生態化、全球化發展新階段。
上汽商用車嘅領跑，係時代嘅饋贈。所有嘅技術突破同市場成就，都源於上汽商用車同千萬奮鬥者同行嘅初心。每一輛商用車嘅背後，都有一個以車為家嘅奮鬥者，係凌晨三點穿梭喺街巷嘅城配司機，係跑遍全國各地嘅重卡夫妻，係接送孩子上下學嘅鄉村客運師傅，係頂住烈日趕工期嘅基建工人……佢哋把車當做生產資料，當做養家致富嘅依靠，當做實現夢想嘅夥伴。正係千千萬萬用家嘅信賴與托付，同上汽商用車一同走過咗一路嘅奮鬥征程。
五把鑰匙，一篇新章。面向未來，上汽商用車提出咗五年內「銷量翻番、突破年銷量 50 萬輛」嘅目標，以「中國市場輕客第一」、「中國市場新能源輕商第一」、「海外市場輕商出口第一」為三大戰略支點，劍指全球商用車第一梯隊。
站喺上汽集團交付 1 億輛嘅新起點上，上汽商用車繼續傳承中國車企產業報國嘅初心，以「二次創業」嘅決心，持續深耕綠色智能技術，打造更多能夠賺錢、好開、可靠嘅創富好車。唔負時代嘅饋贈，唔負用家嘅信賴，讓中國商用車嘅綠色車輪，跑遍城鄉大地，駛向全球市場。
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.
In May, China's automotive market overall presented a gentle recovery trend, with domestic brands still being the sales backbone of the market. Recently, BYD, Geely, Chery, Changan, and Great Wall, the top 5 domestic automakers, successively released their monthly performance reports. From the data, these five companies show a general characteristic of "stable total growth, divergence between domestic and international markets, and accelerated new energy penetration". Overseas exports and new energy vehicles have become the most core growth engines; export business has evolved from a "bonus item" to the "core foundation" for some companies. BYD's "dominant leader" status is further consolidated, Chery achieved high growth via exports, Geely's new energy penetration rate broke 56%, Changan focused steadily on balanced development, while Great Wall appeared slightly under pressure during structural transformation.
BYD: Export Hits New High Becomes Biggest HighlightIn May, BYD stood firmly at the top of domestic brands with a monthly sales volume of 383,500 vehicles, maintaining positive growth both year-on-year and month-over-month under a large base. Its two main brands, Dynasty and Ocean, sold a combined 330,200 vehicles, contributing 86.1% of total sales; Fangchengbao's monthly sales broke 30,000 units to reach 30,200, a year-on-year increase of 139.7%, setting a new high for the year; Denza sold 16,300 vehicles, and Yangwang delivered 286 vehicles. From a model perspective, BYD had eight models in May with monthly sales exceeding 20,000 vehicles. The Song Family and Yuan Family both broke 50,000 units, selling 51,370 and 56,691 vehicles respectively. The Sea Lion Family followed closely with 42,615 vehicles, and Seagull sales were also close to 40,000 vehicles.
BYD's biggest highlight in May was exports. Overseas new energy vehicle sales reached 160,600 units, an 80.4% year-on-year increase, accounting for about 42%. The sharp expansion of export scale effectively countered the phased weakness in domestic demand. Cumulative exports from January to May exceeded 620,000 vehicles. High export growth mainly benefited from continued ramping up of overseas factory capacity, improved ocean shipping capacity, and accelerated channel network expansion. In the domestic market, BYD promoted Megawatt Super Charging and intelligent strategies simultaneously—Megawatt charging achieved about 90% charge in 9 minutes; 20,000 super charging stations are planned to be built by 2026; all series models are available with Sky Eye B intelligent driving solutions and city navigation safety fallback plans, accelerating the popularization of high-level intelligent driving. As Gen 2 Blade Battery capacity gradually releases, the company's orders are expected to continue rising.
Chery: Sales Growth Leads the Top 5Chery Group's total sales volume in May was 247,800 vehicles, a significant year-on-year increase of 20.5%, ranking first in growth speed among the top 5. Exports remained its most core growth engine—May exports reached 181,900 vehicles, an 80.5% year-on-year increase, accounting for 73.4% of total sales that month, continuously breaking the single-month export record for Chinese brands for three months. In terms of new energy, Chery New Energy sold 100,300 vehicles, a 58.8% year-on-year increase. April and May consecutively saw monthly new energy sales breaking 100,000 vehicles.
The strong performance in exports benefited from Chery's long-term deep cultivation of overseas channel advantages and localized operation capabilities. While overseas orders continued to rise, high export growth formed a sharp contrast with domestic sales—Chery's domestic sales in May were only 60,000 vehicles, accounting for one-quarter of total sales. From cumulative data, Chery Group accumulated 1.101 million sales from January to May, but against the annual goal of 3.2 million vehicles, monthly averages need to reach about 420,000 vehicles later, and pressure remains significant.
Geely: New Energy Penetration Rate Breaks 56%Geely Auto's total sales volume in May was 237,600 vehicles, a 1% year-on-year increase, achieving month-over-month double growth for three consecutive months. In terms of structure, Geely's "New Four Transformations" transformation showed significant results: new energy vehicle sales reached 133,400 units, accounting for 56% of total sales, with new energy share exceeding 50% for four consecutive months.
From sub-brands, performance was significantly divergent. Zeekr brand sales in May reached 34,400 vehicles, a 82% year-on-year increase; Zeekr 9 Series and 8 Series models combined sales approached 50% of total sales, showing bright performance in the high-end market; Galaxy brand sales were 81,700 vehicles; Geely brand sales were 182,500 vehicles, among which China Star Series sales reached 100,800 vehicles; Lynk & Co brand sales were 20,700 vehicles, with new energy vehicle sales share rising to 71%.
In terms of exports, Geely's overseas vehicle exports in May reached 85,100 vehicles, a explosive 184% year-on-year increase, setting a brand single-month export record high. Among exported products, new energy vehicles reached 40,800 units, accounting for nearly half; hybrid and pure electric products have successively landed in Southeast Asia, Middle East, Latin America, and other markets, highlighting the results of global strategy implementation.
Changan: Multi-brand Matrix Balanced EffortChangan Auto's delivery volume in May was 209,100 vehicles, among which new energy deliveries were 92,400 vehicles, a 5.8% year-on-year increase, with new energy share about 44%. In terms of exports, overseas deliveries reached 70,700 vehicles, a 38% year-on-year increase, becoming another major growth highlight for Changan in May.
In the sub-brand matrix, Changan Qiyuan delivered 34,500 vehicles in May; All-New Q05 delivered 15,800 units, with orders breaking 3,000 units within three days of listing in Thailand; Deepal sales in May were 33,200 vehicles, a 30% year-on-year increase; January to May overseas cumulative sales were 28,700 vehicles, a significant 167% year-on-year increase; Avatr delivered 7,336 vehicles in May; Changan Auto (Gravity) delivered nearly 49,000 vehicles in May.
Changan Auto's balanced layout was fully reflected in May: the fuel car base remained stable, new energy brands Deepal and Qiyuan accelerated volume growth, high-end brand Avatr continued to break through in technical cooperation, and overseas markets simultaneously achieved breakthrough growth. The pattern of five brands working together, driven by both new energy and exports, is initially taking shape.
Great Wall: Overseas Sales Growth Year-on-Year 46.75%Great Wall Motor's sales in May were 100,400 vehicles, slightly down compared to last May's 102,200 vehicles, making it the only company among the top 5 to show a year-on-year negative growth. From sub-brands, Haval brand sales in May were 55,500 vehicles, remaining Great Wall's most important sales pillar; Tank brand sales were 17,100 vehicles; both Haval and Tank brand sales showed year-on-year declines; Wey brand sold 8,119 vehicles, a 31.78% year-on-year increase, achieving growth against the trend; Ora brand performance was most stunning, with sales of 6,018 vehicles, a significant 206.88% year-on-year increase. In terms of new energy, Great Wall sold 30,400 new energy vehicles in May, with new energy vehicle transformation gradually accelerating.
The overseas market became Great Wall's biggest highlight in May, with overseas sales growing 46.75% year-on-year. Against the background of pressure on the domestic market, strong growth in overseas business effectively made up for the decline in the domestic market. Great Wall Motor's current core contradiction lies in: Haval and Tank, the two traditional main-selling brands, face weak growth, while Wey and Ora brands, although growing notably, have relatively small volume and are not yet enough to support overall growth. How to complete the "relay" between old and new brands is the key issue Great Wall must solve subsequently.
Final ThoughtsFrom May data, the growth pattern of the top 5 domestic brands has clearly diverged, but there are three common trends worth noting: First, exports have become a key engine for domestic brands to seek stability and growth. Second, new energy transformation is still accelerating, but paths differ among enterprises. Third, technological innovation continues to deepen brand moats. Looking ahead to the second half of the year, competition in the automotive industry will continue to upgrade around these three trends. Although everyone has a common direction, these three trends are all competing for the entire enterprise's industrial chain strength, and the strong will remain strong, which has almost become an inevitable outcome.
When closely observing this global shift in production capacity, the most intriguing aspect has never been the change of ownership of the factories themselves, but rather the quiet shift in industrial discourse behind it.
When documents showing that XPeng Motors recently completed the acquisition of 90.1% equity in Indonesia's core electric vehicle manufacturing entity appeared on the screens of the Indonesia Stock Exchange, the significance of this transaction went far beyond the landing of a new production base.
In just a month, Dongfeng and Stellantis Group prepared local production for their French factory, Leapmotor connected with existing capacity in Spain, and together with BYD, Great Wall, Chery and other automakers continuously laying out idle capacity across the globe, a series of moves are outlining a new profile for Chinese automakers going global.
But if we turn the clock back ten years, no one would have guessed the picture we see today.
Once, automotive giants from Europe, America, Japan, and South Korea came to China with blueprints and capital to build new factories, spreading production capacity to the world's largest emerging market. Today, Chinese automakers bring new energy technology and capital, take over the idle capacity they left behind, take root locally to produce, and reactivate machines one by one that were sleeping.
Localization Transformation Comes Naturally
The latest data from the General Administration of Customs is bright enough; in the first quarter of 2026, China's new energy vehicle exports approached one million units, surging more than double year-on-year. In other words, for every ten new energy vehicles sold globally, six carry a 'Made in China' label.
But as ro-ro ships for exports run more densely, new problems are also accumulating at the docks. Logistics costs crossing the ocean are getting higher, and the anti-subsidy tariffs imposed by the EU directly push up terminal prices. Waiting for ships to arrive at port before delivery to consumers involves a cycle of often two or three months. Market hotspots change on a whim, and distant water cannot quench immediate thirst.
"The 1.0 era of exporting goods relying on ro-ro ships can no longer hold the ambitions of Chinese automakers." This is how an industry insider describes it. Against this backdrop, those idle factories that traditional automakers put on the balance sheet to 'gather dust' suddenly became desirable treats in the eyes of Chinese automakers.
From the industry's perspective, building a new factory from scratch not only requires heavy investment and a long cycle, but also has to deal with a series of uncertainties such as land, approvals, and labor. Acquiring or cooperating to utilize existing mature factories overseas can significantly shorten the production capacity landing cycle, quickly achieve local production and supply, avoid trade barriers, and also show sincerity for long-term investment to the local market.
Whether it is to consider avoiding tariffs or to realize sharing with local industries and stakeholders, localized production has changed from a long-term plan to a realistic issue that Chinese automakers must face.
So we have also seen a series of industrial turnovers.
Idle factories originally tagged as 'non-performing assets' by traditional automakers have come back to life in the hands of Chinese automakers. In the old Ford factory in Camaçari, Brazil, the retrofitted production line rolls out thousands of BYD vehicles every month; workers who were originally going to be laid off have returned to their posts; the former GM factory in Rayong Province, Thailand, has now become the core production base for Great Wall Motor in Southeast Asia...
It can be said that behind the dense takeover of overseas idle capacity by Chinese automakers lies the restructuring of production capacity brought about by the electrification transformation of the global automotive industry.
In recent years, traditional automotive companies in Europe and America have been under obvious pressure in electrification transformation. Demand for fuel vehicles continues to decline. Electrification transformation involves heavy investment and a long return cycle. The production capacity utilization of a large number of traditional fuel vehicle factories is insufficient, becoming low-efficiency assets for enterprises. Long-idle factories not only require continuous investment in depreciation, labor, and maintenance costs but also tie up a lot of energy for enterprise transformation.
For these traditional automakers, opening idle capacity for cooperation with Chinese automakers is essentially an asset optimization. It revitalizes existing assets to gain revenue, stabilizes local employment, maintains supply chain operations, and secures a buffer space for their own electrification transformation. It is a win-win deal where everyone gets what they need.
From the perspective of global industrial division of labor, behind this production capacity flow is the shift of the value center of the automotive industry.
In the past, these mature overseas factories were the core assets of traditional automakers' global expansion, representing manufacturing capabilities and market discourse power in the fuel vehicle era. In the electrification era, traditional fuel capacity gradually became a burden for transformation. Chinese automakers, relying on new energy technology advantages, complete supply chain systems, and high cost-performance product competitiveness, take over these existing assets, turning them back into bridgeheads to enter the local market.
What New Wine Can the Old Bottles Hold?
Revitalizing idle capacity sounds light, but for Chinese automakers, it is actually a difficult exam more challenging than exporting complete vehicles. Taking over the factory keys is just the first step; whether one can make the cars, sell them, and survive is the real test.
The most intuitive challenge comes from 'acclimatization issues'.
Factories in each country have their own 'rules'. For example, European factories have strict working hour systems, trade unions have significant discourse power, wage increases and process changes require half a day of negotiation; environmental protection regulations and certification standards in the South American market are completely different from domestic ones, and a slight lack of attention could cross the red line; even workers' operational habits are different. Highly efficient management methods honed in domestic factories may not even work when applied to overseas factories.
If only the production line modification is implemented, but the localization construction of the operational system and service network is ignored, it is difficult to achieve stable production and continuous profitability.
The head of the German Association of the Automotive Industry said straightforwardly: 'Factories are just skeletons; service and brand are the soul. Without a soul, even the newest production lines cannot produce cars that sell well.'
Guest Professor Zhang Xiang from Huanghe Science and Technology University also pointed out that after entering overseas markets, Chinese automakers need to complete the localization reconstruction of the entire chain from production to service. Especially for Chinese automakers used to efficient domestic supply chains and rapid decision-making, how to adapt to regulatory environments and cultural differences in different countries and establish operational systems that conform to local rules is a more difficult topic than obtaining production capacity.
So taking over idle capacity is just getting the ticket to enter the game. Whether you can win this battle depends on whether Chinese automakers can calm down and learn to live on others' land. As Chery Chairman Yin Tongyue said, 'Overseas factories are not tools for short-term sales promotion, they are touchstones. They test the enterprise's true global capabilities.'
However, having said that, closely observing this global shift in production capacity, the most intriguing aspect has never been the change of ownership of the factories themselves, but rather the quiet shift in industrial discourse behind it.
Thirty years ago, when the Chinese auto market first opened, the script was: European, American, and Japanese automakers brought technology and money to open factories in China, transferring their capacity to the low-cost Chinese market. We gave up the market to exchange for technology, and they took profits and occupied the market.
At that time, the rules of the global automotive industry were set by them, and they decided where production capacity would flow. In the past decade or so, Chinese automakers also completed their own technical accumulation and product upgrades through acquiring core technologies of bankrupt overseas automakers. From acquiring Rover and Saab to Volvo, the Chinese automotive industry completed the technical pursuit from 0 to 1.
It can be said that the switch to the electrification track has completely rewritten the script.
Chinese automakers laid out plans in advance, gathered a complete supply chain, leading three-electric technologies, and rapid iteration product capabilities, leaving traditional European and American automakers behind. They transitioned slowly, dared not close fuel factories lightly, and could not afford new EV production lines, so they could only watch idle capacity and step-by-step yield the market.
From another angle, behind the flow of global automotive capacity to Chinese automakers is the transfer of discourse power in the global automotive industry.
Of course, we must also see that shifting to 'local production' is just the new starting point for the globalization of Chinese automakers. From operational challenges of acclimatization to long-term construction of brand awareness, this 2.0 journey of Chinese automakers going global is destined not to be smooth sailing. But it cannot be denied that those old factories originally silent across the globe have started the rumble of machines again because of the arrival of Chinese new energy vehicles.
Looking back from the crossroads of industrial change, this reversal of production capacity flow is like a mirror, reflecting the vivid trajectory of the 100-year change in the global automotive industry, and even more predicting that a new era of automobiles is slowly opening its curtain. In the future, there will be more and more locally produced Chinese electric vehicles running on the global roads, and this is the best footnote that the Chinese automotive industry has written for the world's industrial change.
5 月 27 日，橡膠板塊早盤大幅向上震盪，多頭情緒顯著回暖。RU 主力 2609 合約平開高走，最高觸及 17775 元/噸，放量突破 17500 元/噸關口；20 號膠主力大漲 2.70%，合成橡膠跟漲，板塊共振走強。盤面的強勢飆升，折射出當前輪胎製造上游正全面陷入“價格高、波動高、不確定性高”的“三高”困局。在成本重壓之下，國內外輪胎企業密集發聲，6 月加價潮已箭在弦上。
供需失衡，天然膠價格創兩年新高
今日盤面的猛攻，是現貨市場持續緊平衡的集中爆發。今年以來，天然橡膠價格持續走高，目前現貨價格在 17500-17900 元/噸區間，較年初上漲約 14%；期貨價格亦上漲 11%，均處近兩年高位。在海南白沙，乾膠收購價達 17 元/公斤左右的高點，加工企業紛紛搶收。
然而，高價位雖調動了割膠積極性，卻難改全球結構性短缺的底層邏輯。據天然橡膠生產國協會預測，2026 年全球需求量將達 1560.2 萬噸，產量預計僅為 1532.4 萬噸，缺口明顯。主產區泰國因膠園改種、膠樹老化產量乏力，厄爾尼諾現象帶來的高溫乾旱亦加劇了 5-6 月產量釋放不足的減產預期。國內雲南、海南開割初期產量偏慢，供應低產期拉長。
需求端，國內輪胎企業開工率穩步修復，新能源汽車 4 月產銷同比分別增長 5.5% 和 9.7%，整車出口大漲 74.4%，下游剛需穩健托底。供需錯配之下，國內庫存持續去化。5 月 22 日當周，青島保稅區區內庫存環比減少 0.59 萬噸至 13.36 萬噸，一般貿易庫存環比減少 0.25 萬噸，現貨流通偏緊為盤面提供強支撐。
格局顛覆，合成膠上演歷史性反超
天膠飆升僅是冰山一角，合成橡膠的異動更讓輪胎企業承壓。今年 3 月，國內合成橡膠期貨主力合約盤中強勢漲停，單日漲幅高達 11.99%，年內累計漲幅超 53%。
更值得關注的是，合成橡膠價格當時首次反超了天然橡膠，兩者價差一度超過 1300 元/噸，徹底顛覆了行業“天然膠比合成膠貴”的長期認知。雖近期受中東局勢和緩影響，合成膠價格下探至 14000 元一線，但受國際原油反彈超 3% 及資金回流能化板塊帶動，合成橡膠價格近期再度抬頭，間接支撐天然橡膠走強，原材料波動率居高不下。
成本倒逼，6 月加價潮再度逼宮
面對上游原材料的狂飆，輪胎企業利潤嚴重受壓，加價成為唯一出路。國際品牌率先佈局 6 月：韓泰、鄧祿普、錦湖相繼宣佈自 6 月 1 日起上調產品價格 2%-6% 不等；米其林、普利司通、固特異等也在 5 月完成了新一輪調價。
國內品牌亦不甘落後，迎來今年的第二波甚至第三波加價。超 40 家輪胎企業在 5 月發佈調價函，採取“小步快跑”策略，高頻微調對沖成本劇烈震盪。
不過，6 月加價潮雖已確立，落地節奏卻將顯著分化。在產能整體過剩背景下，“加價函”與“促銷政策”並存的扭曲局面或將延續。頭部企業憑藉成本轉嫁能力借勢升級，而部分中小型品牌為保市場份額，可能被迫暫緩調價或變相促銷。這場由“三高”引發的風暴，正加速重塑輪胎產業的競爭版圖。
圖片來源：央視財經
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。
[First Commercial Vehicle Network Original]
Since the beginning of this year, Foton Motor's overseas business has continued the strong growth trend of last year, and the "Comprehensive Internationalization" strategy has entered a new phase.
In May 2026, Foton Motor's total sales exceeded 58,000 units, up 17.3% year-on-year; among them, overseas sales broke through again, with a single-month sales volume of 18,000 units, up 64.3% year-on-year. Cumulative sales from January to May reached 89,000 units, up 38% year-on-year, continuing to lead China's commercial vehicle exports. This report card is not only a rise in numbers but also the inevitable result of its years of adhering to strategic stability and deepening localized operations, marking that Foton's globalization process has steadily entered the harvest period of high-quality development.
For details, please refer to the latest report brought by First Commercial Vehicle Network.
Structural Growth Drives May Sales to New Highs
In May, Foton Motor's overseas single-month sales exceeded 18,000 units, up 64.3% year-on-year, continuing to lead the Chinese commercial vehicle overseas export industry. Cumulatively, from January to May 2026, Foton's total overseas exports exceeded 89,000 units, up 38% year-on-year, maintaining strong growth momentum on the basis of last year's high base, showing the resilience and vitality of its global market layout. This series of positive signals has laid a solid foundation for achieving its annual overseas goals.
Behind the high growth is the continuous optimization of the export structure and the full-scale effort of high-value-added models. The May data continued the strong momentum of the previous high-end transformation, among which the high-end product line represented by Auman heavy trucks grew particularly outstanding. In May, driven by large order deliveries in strategic markets such as Africa and Central Asia, the Auman heavy truck product line's growth also reached a new high. In addition, Foton Cavan CAVAN C1 recently appeared at the German IFAT Exhibition, receiving high attention from the European market, and also added support for the export of high-end new energy products.
From the perspective of regional markets, Foton's global map presents a gratifying situation of "blooming in multiple points and comprehensive breakthroughs". The high-end strategy in the European market has shown initial results. With the brand effect brought by the TUNLAND V9 pickup winning international awards, as well as the batch delivery of electric light trucks in Spain, European orders continued to maintain high growth from January to May. In Africa, with the successive delivery of the Dangote Group's order of more than a thousand trucks in Nigeria, and the capacity release of the local factory in South Africa, Foton has become a key participant in infrastructure construction and logistics transportation in that region. This full-spectrum breakthrough from points to surfaces, from traditional power to new energy, makes the foundation of Foton's overseas market growth more solid.
Localization Operations Build Competitive Barriers
The secret to sales continuously leading lies in Foton's deep insight into overseas market laws and the solid cultivation of "long-termism". Unlike simple trade models, Foton takes "putting global scenarios into the database" as the origin of product competitiveness. Relying on overseas technology centers spread across the globe, Foton has established a "Global Adaptability Compendium" covering 59 countries and 140 high-frequency markets, transforming 16 typical scenarios such as high temperature, high cold, and dusty into technical standards of 49 key modules and 91 quantitative performance elements, thereby ensuring that every product launched overseas can accurately adapt to local complex working conditions and user habits.
This R&D model based on big data and scenario-driven makes Foton thoroughly say goodbye to "passive fire-fighting" style after-sales rectification. For example, for the heavy load and long downhill operating conditions in the African market, Foton started from selection and verification requirements and provided a complete solution for heavy truck models; and in the high-temperature desert environment in Saudi Arabia, by optimizing the air conditioning system and thermal management scheme, the cooling effect of the bus was significantly improved. It is this extreme pursuit of details that made Foton products win the trust of global top customers such as Dangote Group and Central Asian port operators, continuously winning thousand-level large orders, and converting technical standards into real market share.
More critically, Foton's localization operations have been upgraded from "product adaptability improvement" to "whole industry chain rooting". Whether in manufacturing bases in Brazil and Thailand, or KD factories in South Africa and Saudi Arabia, Foton has not only achieved localized production but also driven the full localization of supply chains, services, and talent. In South Africa, relying on the Port Elizabeth factory, Foton provided customized heavy truck and pickup products for the local area; in Thailand, the launch of the 2000th heavy truck marked that it had deeply integrated into the local logistics system. In March this year, Foton and COSCO SHIPPING Special Carriers established a joint company to build a self-controllable sea transport supply chain system, further consolidating the logistics base for global development. This deeply bound industrial ecosystem effectively avoids trade barriers and builds a "moat" that competitors find difficult to replicate in the short term.
"Comprehensive Internationalization" Strategy Leads to Accelerate towards World-Class Commercial Vehicle Enterprises
From "Product Going Global" to "Brand Going Global", and then to "Ecosystem Going Global", Foton Motor's clear strategic path is the key to its continuous leadership in the industry. Facing global industrial changes, Foton firmly promotes the "Comprehensive Internationalization" strategy, positioning overseas business as the core growth pole and giving resource allocation. Since 2026, Foton has steadily promoted strategic execution, achieving rapid response to global market demands by strengthening the collaborative efficiency of market, product, service, and technology platforms.
Looking to the future, Foton's global layout is still pushing towards depth—in the industrial end, the local factories in key markets such as Indonesia and Saudi Arabia will accelerate production, and the local matching ratio of key components will also be further improved. This not only helps reduce production costs and risks but also deeply integrates into the local industrial chain, transforming from a purely vehicle enterprise to a provider of regional traffic solutions. At the same time, Foton is actively collaborating with excellent domestic supply chain partners to "go out together" and jointly build a more resilient global industrial system.
In terms of technology and products, Foton's "Comprehensive New Energy" and "Comprehensive Intelligentization" strategies are accelerating to extend overseas. Relying on independent three-electric core technologies, Foton is accelerating the promotion of electric, hybrid, and fuel cell commercial vehicle products' overseas coverage, and deeply integrating intelligent technologies with local needs. From the pure electric light truck eMiler listed in Singapore and the new generation medium truck Auman D series, to the TUNLAND V series hybrid pickups landing in Europe, Foton's high-end and new energy product matrix has been implemented in multiple overseas regions. Recently, the Foton brand officially landed in Suriname, further improving its strategic layout in Central America and the Caribbean. It can be foreseen that with the continuous promotion of the strategy, Foton will not only lead in sales volume but also occupy a more core position in the global commercial vehicle value chain.
Concluding Remarks
Looking back from the bright performance in May, Foton Motor's globalization journey has entered the fast lane. It has proved by practice that Chinese commercial vehicle enterprises are fully capable of competing with international giants on the global stage with technological innovation and systemized operations. Time has passed half of 2026, and Foton's overseas business is going towards the annual goal with an irresistible momentum.
