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In Malaysia's SUV market, many buyers compare the Proton X70 and Mitsubishi Xforce when choosing a car. These two models are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to save you time on research.
Proton X70 OTR price in Malaysia is RM 106,800 - 122,300, with a total of 3 variants, including 1.5L Standard 2WD (RM 106,800), 1.5L Executive 2WD (RM 115,800), 1.5L Premium 2WD (RM 122,300), etc.
Mitsubishi Xforce OTR price in Malaysia is RM 109,930 - 119,930, with a total of 2 variants, including 2026 1.5L Ultimate (RM 119,930), 2026 1.5L Urban (RM 109,930), etc.
From a price perspective, Proton X70's starting price is indeed RM 3,130 cheaper than Mitsubishi Xforce. If your budget is limited, Proton's entry-level version can already meet daily needs. But be aware that the few thousand less may involve trade-offs in features, depending on your specific needs.
Proton X70 is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Mitsubishi Xforce is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Both cars use the same powertrain, so the driving feel is basically the same. Fuel economy is also similar, so no need to worry too much about this point.
Proton X70 safety rating is 5★ (ASEAN NCAP), active safety system includes ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Mitsubishi Xforce safety rating is 5★ (ASEAN NCAP), active safety system includes MI-PILOT.
Both cars have the same safety rating, safety features are quite comprehensive in this class. New cars these days are not lacking in safety, no need to worry too much about this.
Proton X70 body length 4400 mm, trunk 400 L.
Mitsubishi Xforce body length 4400 mm, trunk 400 L.
Both cars are almost the same size, interior space difference is not significant. Cars in this class are completely sufficient for daily use.
Proton X70 adopts FWD drive system.
Mitsubishi Xforce adopts FWD drive system.
Both cars have the same drive system, both are FWD, daily driving feel will not differ too much.
Overall, Proton X70 and Mitsubishi Xforce are both very good models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. We suggest doing your homework, comparing quotes from multiple dealerships, and test driving before making a final decision. Buying a car is a major matter, taking time to research is never wrong.
喺 馬來西亞 嘅 SUV 市場，好多 買家 喺 揀 車 嘅 時候 都 會 拿 寶騰 X70 同 奇瑞 Tiggo 8 Pro 嚟 做 比較。呢兩部車喺 價格 同 定位上都好 接近，今日我哋就由多個方面做一個 詳細 嘅 比較，幫你 節省咗 做 功課 嘅 時間。
寶騰 X70 喺 馬來西亞 嘅 OTR 售價係 RM 106,800 - 122,300，一共有 3 個版本，包括 1.5L Standard 2WD（RM 106,800）、1.5L Executive 2WD（RM 115,800）、1.5L Premium 2WD（RM 122,300）等等。
奇瑞 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 Standard（RM 130,000）、1.6L Turbo Premium（RM 145,000）等等。
由 價錢 睇，寶騰 X70 嘅 起步價 確實 比 奇瑞 Tiggo 8 Pro 平咗 RM 52,950。如果你 預算 有限，寶騰 嘅 入門版 已經 可以 滿足 日常 需要。但都要 留意，平嗰幾千蚊，可能喺 配備 上有取捨，具體 睇你 嘅 需要。
寶騰 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)。
奇瑞 Tiggo 8 Pro 嘅 安全 評級係 TBD，主動 安全 系統 包括 Basic。
安全 配備 方面，兩部車都得到咗唔錯 嘅 評級。不過 寶騰 X70 嘅 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) 同 奇瑞 Tiggo 8 Pro 嘅 Basic 喺 功能 上有少少 分別，如果你 比較 看重 主動 安全 嘅 話，可以 仔細 對比吓 兩者 嘅 功能 列表。
寶騰 X70 車身 長 4400 mm，後備箱 400 L。
奇瑞 Tiggo 8 Pro 車身 長 4400 mm，後備箱 400 L。
兩部車嘅 尺寸 幾乎 一樣，車內 空間 差別唔大。呢個 級別 嘅 車，日常 使用 完全 夠用。
寶騰 X70 保養 保修 5 年/150,000km，保養 間隔 每 10,000km 或 6 個月。
奇瑞 Tiggo 8 Pro 保養 保修 3 年/100,000km，保養 間隔 每 10,000km 或 6 個月。
總體 嚟 講，寶騰 X70 同 奇瑞 Tiggo 8 Pro 都係 馬來西亞 市場 好唔錯 嘅 車款。揀邊部車，關鍵 始終 都要 睇 你 嘅 個人 需要 同 預算。我建議 大家 做好 功課，多 比較 吓 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。
In the Malaysian SUV market, many buyers compare the Proton X70 and Mazda CX-8 when choosing a car. Both vehicles are quite close in terms of price and positioning. Today, we will conduct a detailed comparison from multiple aspects to help you save time on research.
The OTR price for the Proton X70 in Malaysia is RM 106,800 - 122,300, with a total of 3 versions, including 1.5L Standard 2WD (RM 106,800), 1.5L Executive 2WD (RM 115,800), 1.5L Premium 2WD (RM 122,300), etc.
The OTR price for the Mazda CX-8 in Malaysia is RM 165,360 - 201,360, with a total of 5 versions, including 2025 2.5T 4WD High Plus Petrol (RM 201,360), 2025 2.2L 2WD High Plus Diesel (RM 193,123), 2025 2.5L 2WD High Plus Petrol (RM 186,360), etc.
From a price perspective, the Proton X70's starting price is indeed RM 58,560 cheaper than the Mazda CX-8. If your budget is limited, Proton's entry-level version can already meet daily needs. However, keep in mind that the few thousand difference in price might involve compromises on features, depending on your specific requirements.
The Proton X70's safety rating is 5★ (ASEAN NCAP), and active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
The Mazda CX-8's safety rating is 5★ (ASEAN NCAP), and active safety systems include Brand ADAS.
Both cars have the same safety rating, and safety features are quite comprehensive within this class. New cars today generally have good safety, so there is no need to worry too much about this aspect.
The Proton X70 body length is 4400 mm, and the trunk is 400 L.
The Mazda CX-8 body length is 4500 mm, and the trunk is 450 L.
In terms of space, the Mazda CX-8 body is 100 mm longer than the Proton X70, offering an advantage in passenger space. However, the Proton X70 is slightly more flexible for parking in the city, each has its trade-offs.
Proton X70 warranty is 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Mazda CX-8 warranty is 5 years/150,000km, maintenance interval every 10,000km or 6 months.
The warranty conditions for both cars are the same, so no need to worry about this aspect. Actual maintenance costs depend on the brand's service network and part prices; it is recommended to ask real owners in car owner groups for their experience.
Both the Proton X70 and Mazda CX-8 are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, prioritize the one with better reputation; if you care more about cost-performance ratio and features, choose the one with richer configurations. Ultimately, it is recommended to test drive both; experiencing it personally is the most important.
Overall, both the Proton X70 and Mazda CX-8 are very good car models in the Malaysian market. Which one to choose mainly depends on your personal needs and budget. We suggest doing your research, compare quotes from multiple car dealerships, and then test drive to make a final decision. Buying a car is a big matter, spending time doing research will definitely not be wrong.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Proton X70 同 Chery Tiggo 7 Pro 來做比較。這兩款車喺價位同定位上都好接近，今日我哋就從多個方面做一個詳細嘅對比，幫你攞下做功課嘅時間。
Proton X70 喺馬來西亞嘅 OTR 售價係 RM 106,800 - 122,300，一共有 3 個版本，包括 1.5L Standard 2WD（RM 106,800）、1.5L Executive 2WD（RM 115,800）、1.5L Premium 2WD（RM 122,300） 等。
Chery Tiggo 7 Pro 喺馬來西亞嘅 OTR 售價係 RM 123,750 - 123,750，一共有 2 個版本，包括 1.6L Turbo Standard（RM 125,000）、1.6L Turbo Premium（RM 140,000） 等。
從價錢嚟睇，Proton X70 嘅起步價確實比 Chery Tiggo 7 Pro 平咗 RM 16,950。如果你預算有限，Proton 嘅入門版已經可以满足日常需要。但都要注意，平嗰幾千蚊，可能喺配備上會有取舍，具體要睇你嘅需要。
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)。
Chery Tiggo 7 Pro 嘅安全評級係 TBD，主動安全系統包括 Basic。
安全配備方面，兩款車都拿到唔錯嘅評級。不過 Proton X70 嘅 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) 同 Chery Tiggo 7 Pro 嘅 Basic 喺功能上有啲差異，如果你比較重視主動安全嘅話，可以仔細對比下兩者嘅功能列表。
Proton X70 採用 FWD 驅動方式。
Chery Tiggo 7 Pro 採用 FWD 驅動方式。
兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大區別。
Proton X70 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Chery Tiggo 7 Pro 保修 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
Proton X70 同 Chery Tiggo 7 Pro 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更加重視品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更加在意性價比同配備，就揀配置更豐富嗰款。最終始終建議兩款都去試駕，親身體驗先係最重要嘅。
總嘅嚟講，Proton X70 同 Chery Tiggo 7 Pro 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵仲要睇你嘅個人需要同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花點時間做功課絕對唔會錯。
In Malaysia's SUV market, many buyers compare Proton X70 and Toyota Corolla Cross when choosing a car. These two cars are quite close in price and positioning, today we will do a detailed comparison from multiple aspects to help you save time on research.
Proton X70 OTR price in Malaysia is RM 106,800 - 122,300, there are 3 versions in total, including 1.5L Standard 2WD (RM 106,800), 1.5L Executive 2WD (RM 115,800), 1.5L Premium 2WD (RM 122,300), etc.
Toyota Corolla Cross OTR price in Malaysia is RM 133,800 - 148,800, there are 3 versions in total, including 2026 HEV 1.8L GR Sport (RM 148,800), 2026 HEV 1.8L Standard (RM 140,800), 2026 1.8L Standard (RM 133,800), etc.
From the price perspective, the Proton X70 starting price is indeed RM 27,000 cheaper than Toyota Corolla Cross. If your budget is limited, Proton's entry-level version can already meet daily needs. But note, the few thousand savings may involve compromises in features, specifically depending on your needs.
Proton X70 is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Toyota Corolla Cross is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Both cars use the same powertrain, the daily driving feel is basically no difference. Fuel consumption is also similar, no need to worry too much about this point.
Proton X70 safety rating is 5★ (ASEAN NCAP), active safety system includes ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Toyota Corolla Cross safety rating is 5★ (ASEAN NCAP), active safety system includes TSS (PCS, LDA, ACC, LTA).
Both cars have the same safety rating, safety features are considered quite comprehensive in this class. New cars' safety is not bad now, no need to worry too much about this point.
Proton X70 adopts FWD drive mode.
Toyota Corolla Cross adopts FWD drive mode.
Both cars have the same drive mode, both are FWD, daily driving feel will not have too big difference.
Overall, Proton X70 and Toyota Corolla Cross are both very good models in Malaysia market. Which one to choose, key is still to look at your personal needs and budget. We suggest doing homework well, compare quotes from several dealerships more, then go test drive to make final decision. Buying a car is a big matter, spending some time doing homework will definitely not be wrong.
The Mercedes-Benz E-Class, C-Class, and B-Class taxi versions have been declared out of production, only van models remain supplied, bringing a structural change to the German taxi industry.
The Mercedes-Benz E-Class sedan was once a symbol of German taxis. The line of beige taxis at the arrivals entrance of Frankfurt Airport left a deep impression on tourists visiting Germany for the first time. A high-end luxury brand like Mercedes-Benz engaging in taxi operations is also a major feature.
But Mercedes decided not to launch the current W214 generation E-Class taxi version anymore, forcing the German taxi industry to seek new models. In addition, Mercedes B-Class and C-Class taxi models have also ceased production simultaneously.
At the same time, German local government regulations impose hard constraints. The major German city of Hamburg explicitly stipulates that starting from January 1, 2025, newly registered rental vehicles and taxis must be zero-emission and pollution-free models.
Under policy pressure, the German taxi industry, which urgently needs to open new vehicle procurement channels, welcomed the olive branch extended by Chinese automaker BYD.
BYD, officially entering the German taxi market, is actively laying out plans to seize the taxi and rental car market vacancies left after Mercedes exits. BYD first reached cooperation with local professional taxi modification enterprises. Partner manufacturers will modify BYD models into compliant rental/taxi vehicles: complete body color change film, install meters, add roof advertising boards, equip emergency alarm systems, and complete adaptation according to local regulations; interior trim is also replaced with dirt-resistant and easy-to-clean plastic materials.
BYD keeps about 100 modified taxis in stock as inventory to minimize downtime caused by vehicle accidents or repairs.
BYD offers multiple models selectable for taxi and rental companies based on operating areas and uses, including plug-in hybrid model Seal 6 DM-i Touring, pure electric models Sealion 7 (Sealion 7), Yuan PLUS (Atto 3), etc.
In the future on German streets, Mercedes-Benz E-Class taxis will become increasingly rare, and the market gap will be gradually filled by Volkswagen brand hybrid and pure electric models.
Germany is not BYD's first overseas market for developing the taxi industry. BYD has successively expanded operations in many places including Mexico, Colombia, Chile, the Philippines, Thailand, the UAE, and India; South Korea also has a large number of BYD electric buses put into operation.
In Malaysia's SUV market, many buyers compare Proton X50 and Mazda CX-3 when choosing a car. These two cars are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to help you save time on research.
The OTR price of Proton X50 in Malaysia is RM 89,800 - 113,300, with a total of 4 versions, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300) etc.
The OTR price of Mazda CX-3 in Malaysia is RM 126,159 - 139,159, with a total of 2 versions, including 2023 2.0L High (RM 139,159), 2023 2.0L Plus (RM 126,159) etc.
In terms of price, Proton X50's starting price is indeed RM 36,359 cheaper than Mazda CX-3. If your budget is limited, Proton's entry-level version can already meet daily needs. However, note that the savings of a few thousand ringgit might involve trade-offs in equipment, depending on your specific needs.
Proton X50 safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Mazda CX-3 safety rating is 5★ (ASEAN NCAP), active safety systems include i-Activsense.
Both cars have the same safety rating. In this class, safety features are quite comprehensive. New car safety these days is not bad, no need to worry too much about this.
Proton X50 body length 4400 mm, trunk 400 L.
Mazda CX-3 body length 4500 mm, trunk 450 L.
Regarding space, Mazda CX-3 body is 100 mm longer than Proton X50, offering an advantage in passenger space. However, Proton X50 is a bit more flexible for parking in the city, each has trade-offs.
Proton X50 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Mazda CX-3 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Both cars have the same warranty conditions, no need to worry about this. Actual maintenance costs depend on the brand's service network and parts prices, suggest asking real owners in car owner groups for experience.
Proton X50 and Mazda CX-3 are both mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with better reputation; if you care more about cost-performance ratio and equipment, choose the one with richer configuration. Ultimately, it is recommended to test drive both, personal experience is the most important.
Overall, Proton X50 and Mazda CX-3 are both very good models in the Malaysian market. Which one to choose depends on your personal needs and budget. We recommend doing your research, comparing quotes from several car dealerships, and then test driving to make the final decision. Buying a car is a big matter, spending some time on research is never wrong.
In Malaysia's SUV market, many buyers compare the Proton X50 and Honda WR-V 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 save you time doing your research.
The Proton X50 OTR price in Malaysia is RM 89,800 - 113,300, with a total of 4 versions, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300), etc.
The Honda WR-V OTR price in Malaysia is RM 89,900 - 107,900, with a total of 4 versions, including 2023 1.5L V (RM 99,900), 2023 1.5L E (RM 95,900), 2023 1.5L S (RM 89,900), etc.
In terms of price, the starting price of the Proton X50 is indeed RM 100 cheaper than the Honda WR-V. If you have a limited budget, Proton's entry-level version can already meet daily needs. But note that the few thousand cheaper might involve trade-offs in features, depending on your specific needs.
The Proton X50 is equipped with a 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
The Honda WR-V is equipped with a 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
Both cars use the same powertrain, and the driving feel is basically the same in daily use. Fuel consumption is also similar, so no need to worry too much about this point.
The Proton X50 safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
The Honda WR-V safety rating is 5★ (ASEAN NCAP), active safety systems include Honda SENSING.
Both cars have the same safety rating, and safety features are quite comprehensive in this class. New car safety is generally not bad nowadays, so no need to worry too much about this.
The Proton X50 adopts 4WD drive mode.
The Honda WR-V adopts FWD drive mode.
Proton's 4WD and Honda's FWD will have different handling experiences, test drive comparison is recommended.
Proton X50 and Honda WR-V are both mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, prioritize the one with better reputation; if you care more about cost-performance ratio and features, choose the one with richer configuration. Finally, it is recommended to test drive both, as personal experience is most important.
Overall, Proton X50 and Honda WR-V are both very good models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. It is recommended to do your research, compare quotes from several dealerships, and then test drive to make the final decision. Buying a car is a big matter, spending time doing research is never wrong.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Perodua Aruz 同 Proton X50 去做比較。呢兩部車喺價位同定位上都幾相近，今日我哋就由多個方面做一個詳細嘅對比，幫你省返做功課嘅時間。
Perodua Aruz 喺馬來西亞嘅 OTR 售價係 RM 72,900 - 77,900，一共有 2 個版本，包括 1.5L X（RM 72,900）、1.5L AV（RM 77,900） 等。
Proton X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，一共有 4 個版本，包括 1.5T Executive（RM 89,800）、1.5T Premium（RM 101,800）、1.5T Flagship（RM 113,300） 等。
由價錢睇落，Perodua Aruz 嘅入門價確實比 Proton X50 平咗 RM 16,900。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需求。但都要留意，平嗰幾千蚊，可能喺配備上會有取舍，具體都要睇你嘅需求。
Perodua Aruz 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 。
Proton X50 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
兩部車嘅安全評級一樣，喺呢個級別裡面安全配備都算好齊全。而家嘅新車安全性都唔差，唔使太擔心呢一點。
Perodua Aruz 車身長 4400 mm，車尾箱 400 L。
Proton X50 車身長 4400 mm，車尾箱 400 L。
兩部車嘅尺寸幾乎一樣，車內空間冇咩分別。呢個級別嘅車，日常使用完全夠用。
Perodua Aruz 採用 FWD 驅動方式。
Proton X50 採用 4WD 驅動方式。
Perodua 嘅 FWD 同 Proton 嘅 4WD 喺操控上會有唔同感受，建議試駕對比。
總括嚟講，Perodua Aruz 同 Proton X50 都係馬來西亞市場幾唔錯嘅車型。揀邊一部，始終都要睇你嘅個人需求同預算。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無錯。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都拿 Perodua Ativa 同 Mazda CX-30 来做比較。呢兩款車喺價錢同定位上都幾接近，今日我哋就由多個方面做一个詳細比較，幫你省返做功課嘅時間。
Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，一共有 3 個版本，包括 1.0L Turbo X（RM 62,500）、1.0L Turbo H（RM 67,300）、1.0L Turbo AV（RM 73,400） 等。
Mazda CX-30 喺馬來西亞嘅 OTR 售價係 RM 122,409 - 146,409，一共有 4 個版本，包括 2025 2.0L High+ Premium（RM 146,409）、2025 2.0L High+（RM 138,409）、2025 2.0L High（RM 130,409） 等。
由價錢睇，Perodua Ativa 嘅起步價真係比 Mazda CX-30 平咗 RM 59,909。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需求。但都要小心，平嗰幾千蚊，可能喺配備上會有取捨，具體要睇你嘅需求。
Perodua Ativa 配備 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Mazda CX-30 配備 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
動力方面，Mazda CX-30 嘅 1.5L Turbo 比 Perodua Ativa 嘅 1.5L 4-cyl 多咗 35 匹馬力。不過日常喺市區行，兩款車嘅動力都夠用，唔會覺得唔夠力。
Perodua Ativa 車身長 4400 mm，尾箱 400 L。
Mazda CX-30 車身長 4500 mm，尾箱 450 L。
空間方面，Mazda CX-30 嘅車身比 Perodua Ativa 長咗 100 mm，乘坐空間更有優勢。不過 Perodua Ativa 喺城市入面泊車會靈活啲，各有取捨。
Perodua Ativa 同 Mazda CX-30 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更重視品牌口碑同二手價，可以優先考慮口碑好嗰一款；如果你更重視性價比同配備，就揀配備更豐富嗰款。最後始終建議兩款都去試駕，親身試駕先至最重要。
總括嚟講，Perodua Ativa 同 Mazda CX-30 都係馬來西亞市場幾唔錯嘅車型。揀邊一部，關鍵都係要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕先做最終決定。買車係件大事，花少少時間做功課絕對無錯。
喺马来西亚嘅MPV市場，好多買家在揀車嘅時候都會拿 Toyota Innova Zenix 同 Kia Carnival 嚟做比較。這兩部車喺價位同定位上都幾接近，今日我哋就從多個方面做一個詳細嘅比較，幫你省咗做功課嘅時間。
Toyota Innova Zenix 喺马来西亚嘅 OTR 售價係 RM 165,000 - 202,000，一共有 2 個版本，包括 2023 HEV 2.0L Standard（RM 202,000）、2023 2.0L V（RM 165,000） 等。
Kia Carnival 喺马来西亚嘅 OTR 售價係 RM 189,849 - 249,849，一共有 6 個版本，包括 2025 2.2T Standard 7 Seats（RM 249,849）、2025 2.2T Standard 8 Seats（RM 239,849）、2025 2.2T Standard 11 Seats（RM 189,849） 等。
從價錢睇落，Toyota Innova Zenix 嘅起步價確實比 Kia Carnival 平咗 RM 24,849。如果你預算有限，Toyota 嘅入門版已經可以滿足日常需求。但要記住，平嗰幾千蚊，可能喺配備上會有取舍，具體要睇你嘅需求。
Toyota Innova Zenix 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 Brand ADAS。
Kia Carnival 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 Toyota Innova Zenix 嘅 Brand ADAS 同 Kia Carnival 嘅 Basic 喺功能上有少少分別，如果你比較重視主動安全嘅話，可以仔細比較下兩者嘅功能清單。
Toyota Innova Zenix 車身長 4400 mm，行李箱 400 L。
Kia Carnival 車身長 4400 mm，行李箱 400 L。
兩部車嘅尺寸幾乎一樣，車內空間差唔多。呢個級別嘅車，日常使用完全夠用。
Toyota Innova Zenix 保養保修 5 年/無限制里程，保養間隔 每 10,000km 或 6 個月。
Kia Carnival 保養保修 5 年/300,000km，保養間隔 每 10,000km 或 6 個月。
總體嚟講，Toyota Innova Zenix 同 Kia Carnival 都係马来西亚市場幾唔錯嘅車型。揀邊一部，關鍵都要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最後決定。買車係件大事，花少少時間做功課絕對唔會錯。
Milestones Forge New Starting Points, Dual Brands Unite to Reach New Heights. In May, SAIC Group's cumulative production and sales exceeded 100 million, becoming China's first automobile group to enter the "100 Million Vehicle Club". As the core entity of SAIC Commercial Vehicles, SAIC Maxus sold 25,605 vehicles in total series, a year-on-year increase of 44%! Among them, overseas sales reached 12,392 vehicles, a year-on-year increase of 56%; SAIC Maxus New Energy vehicles sold 11,051 units, and "Dannai" sales reached 5,934 units, creating a new triple sales high! Yuejin New Energy accounted for over 67%, reaching a new high for the year; Domestic and overseas sales both exceeded 10,000 again, presenting hard-core results to celebrate the 100 million milestone and laying a solid foundation for high-quality development for the whole year.
[SAIC Commercial Vehicles Five Brands Relay Delivery, Celebrating the 100 Million User Moment Together]
[SAIC Maxus May Hot Sales]
Light Commercial Vehicles Doubled Year-on-Year, Dannai Reaches New High, "China's Top Light Commercial Vehicle Brand" Accelerates Leadership. In May, light van series sales reached 11,865 vehicles, up 56% year-on-year. The hit "Dannai" series, relying on "Big Battery + Small Extended Range" super extended range technology and full-scenario wealth creation capabilities, further consolidated its benchmark status in the new energy light van market, with this month's sales reaching a new high of 5,934 vehicles, a surge of 197% year-on-year. Dannai and New Tu series jointly cover user full-scenario wealth creation needs, "China's Top Light Commercial Vehicle Brand" accelerates leadership.
[Dannai Super Extended Range]
Pickup Steadily Climbs, Firmly Ranking First in Chinese High-End Pickup Exports. In May, pickup sales reached 7,223 vehicles, up 58% year-on-year. The domestic market continues to strengthen steadily, Maxus Pickup continues to cultivate high-end commercial, home leisure, off-road adventure, and other diverse scenarios. International competitiveness continues to lead, relying on the Star Stack Super Full-Stack Off-Road Platform technology strength, Maxus Pickup combines rugged performance with intelligent configuration, firmly ranking as China's Top High-End Pickup Export Brand, selling well in global mainstream markets.
[Brand New Interstellar L]
"Dark Horse" Yuejin New Energy Share Reaches 67%, Transformation Effect Leads the Industry. SAIC Maxus Yuejin light trucks are accelerating with new energy transformation, becoming a key growth pole in the 100 million user milestone. In May, Yuejin continued the strong momentum, achieving double growth in sales and new energy transformation — monthly sales reached 4,287 vehicles, up 41% year-on-year; among them, the sales share of new energy models reached 67%, a new high for the year, with sales volume surging 99% year-on-year! The transformation effect is significant, fully showing "Dark Horse" style. At the same time, channel and ecosystem layout continued to deepen: The national first ecosystem operation center Henan Zhian store grand opening, relying on Dannai T series new products, perfecting one-stop sales, service, and O&M system, precisely docking urban distribution logistics user needs.
[Yuejin Delivers Dannai T1 to SAIC Group Global 100,000,012th User "Didiron"]
Overseas Sales Reach New High, Globalization Map Continues to Expand. In May, SAIC Maxus overseas sales of 12,392 vehicles reached a new high, up 56% year-on-year, breaking the 10,000 vehicle threshold again. Southeast Asian market welcomed another key breakthrough: Stably ranked first in Singapore light commercial vehicle market share, and delivered eDeliver 5 (Domestic Dannai V1) to international logistics giant DHL, welcoming the Group's 100,000,009th user, nine years of cooperation footprint covering Europe, America, Asia, Oceania; At the same time, SAIC Maxus Yuejin brand reached cooperation with Vietnam's well-known commercial vehicle enterprise, empowering green logistics, accelerating China's intelligent manufacturing going global; T70 (Domestic Brand New Interstellar L) will land in Australia and Chile in the second half of the year, already secured over 800 intention orders before launch, highly sought after. Currently, SAIC Maxus products sell well in more than 100 countries and regions, light van and high-end pickup export volumes remain first in China, obtained global three five-star safety certifications, joined the preferred cooperation camp of global top enterprises, international influence continues to rise.
[eDeliver 5 (Domestic Dannai V1) Delivered to International Logistics Giant DHL]
Building Momentum for June: New Product Launch and 618 Promotion Relay, Continuously Lowering Car Purchase Threshold. Entering June, Maxus welcomes the all-new 2026 Model G50 launch, precisely entering family and commercial markets with "70,000 yuan-level super large super easy-to-use MPV", providing fuel and hybrid dual power. At the same time, Maxus 618 time-limited subsidy activity kicks off feverously: Dannai series time-limited rights price starting from 86,800 yuan, New Tu series time-limited fixed price starting from 86,800 yuan, pickup series launches 7-day free trial and trade-in subsidy up to 10,000 yuan, G50 elite version government-enterprise dual subsidy price starting from 80,800 yuan. Multiple benefits will further stimulate market heat, helping the brand continue the growth momentum.
[2026 Model Maxus G50]
Taking the group's production and sales exceeding 100 million as a new starting point, SAIC Maxus will anchor the vision of "Global Light Commercial Vehicle Leader", deepen dual brand synergy, accelerate new energy and globalization layout, persist in empowering global users with technology, products, and services, continuously leading the industry's high-quality development, and write a new chapter of globalization for China's intelligent manufacturing.
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.
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。
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。
【CNMO 科技消息】6 月 18 日，深藍 S05 在新加坡上市，該車已熱銷全球 73 個國家和地區。據 CNMO 科技了解，近日，深藍品牌在阿曼正式發佈，深藍 S05、S07、G318 三車齊發；截至今年 3 月，深藍 S05 在英國上市，該車已佈局全球 70 個國家和地區。
銷量方面，深藍汽車 5 月全球銷量 33243 輛，同比增長 30%；連續 3 個月銷量超 3 萬輛，累計交付突破 85 萬輛；1-5 月全球累計銷量 130531 輛，同比增長 15%；1-5 月海外累計銷量 28704 輛，同比增長 167%。
其中，深藍 S05 5 月全球銷量 18866 輛，獲純電動緊湊型 SUV（12 萬 -18 萬元）銷量冠軍，同比增長 102.71%，全球累計銷量超 22 萬輛；深藍 L06 5 月銷量 6723 輛，獲新能源中型車（13 萬 -20 萬元）銷量冠軍，環比增長 30%，連續 3 月銷量突破 5000 輛；全新深藍 S07 5 月銷量環比提升 27.8%；深藍 G318 全球銷量連續兩月突破 1500 輛，出海超 33 國。
值得一提的是，深藍 S05 的出色表現也贏得了海外權威媒體的高度認可。德國汽車周刊——Auto Bild 曾表示，深藍 S05 擁有先進技術、超長質保和極具競爭力的定價。道路表現上，呈現出穩健但不張揚的動態特性。超強快充能力、優秀的能效表現以及熱泵空調，強化了其技術實力。
5 月 20 日，Stellantis 同東風汽車簽咗一份非約束性諒解備忘錄，雙方打算喺歐洲成立合資公司。其中，Stellantis 持股 51%，東風持 49%。
呢間合資公司要搞四件事：賣嵐圖品牌新能源車、喺 Stellantis 法國雷恩工廠本地化生產、聯合採購、聯合研發。
跟零跑汽車喺歐洲成立「零跑國際」合資公司之後，Stellantis 今次又向老搭檔東風汽車拋出咗橄欖枝，而且仲多咗一層「本土化生產」嘅考量。
呢係唔係意味著，中國車企出海，徹底換咗一種打法？
先將出海模式捋清楚
喺分析呢件事之前，我哋不妨先捋清楚中國車企出海嘅幾種打法。
第一種，整車出口。車喺國內造好，裝船發走，當地搵經銷商賣。呢種模式最簡單，投入最小，但對市場冇掌控力，關稅一上來價格優勢就冇咗。奇瑞早年出口俄羅斯就係呢條路，關稅一加，節奏全亂。
第二種，KD 組裝。散件運到當地，當地工廠裝嵌埋一齊。呢種模式比整車出口進一步，能规避咗一部分關稅，也能貼個「當地製造」嘅標籤。但講實話，好多 KD 工廠就係個大號擰螺絲工廠，核心零部件仲係從中國運嚟嘅，本地化程度有限。吉利、奇瑞喺東南亞同中東嘅好多工廠就係呢種模式，解決咗一部分問題，但解決唔到根本問題。
第三種，獨資建廠。自己拎住錢去海外買地、建廠、招人、鋪渠道。呢係最「硬核」嘅方式，亦係而家頭部自主車企走嘅路。長城、比亞迪都採用咗呢種模式，比亞迪泰國工廠已投產，巴西工廠喺建，匈牙利工廠喺規劃。呢種模式嘅好處係，真正變成咗「當地品牌」，规避咗進口關稅，仲可以爭取當地政府嘅產業補貼。但投入大、周期長，管理複雜度又高咗一個數量級。
第四種，收購當地品牌。吉利收購沃爾沃，之後又入股戴姆勒、收購 Lotus，呢條路吉利行得最早亦最系統。參股或者綁定當地大廠，等於直接繼承對方嘅品牌資產、渠道網絡、本地合規能力。但整合難度極大，文化衝突同管理混亂嘅風險好高。
而今次 Stellantis 同東風嘅合作，唔好歸入上述任何一種。
嚴格來說，係第三種同第四種嘅結合。
用 Stellantis 現成嘅法國工廠生產，呢係借用對方嘅製造資產，唔係自己獨立建廠；用 Stellantis 現成嘅歐洲銷售渠道賣嵐圖，呢係借用對方嘅商業資產。而且資本結構係共同持股，唔係甲方雇咗乙方嚟幫手，係真正嘅利益綁定。
呢種模式，我暫且叫佢「嫁接式出海」——唔係自己種一棵樹，而係將枝條嫁接喺一棵現成嘅大樹上。
點解呢條路值得關注？因為佢解決咗出海嘅幾個核心痛點。
本地化生產呢件事，到底重要喺邊度？
好多人都談本地化生產，第一反應就係「规避關稅」。冇錯，歐盟反補貼稅加關稅，一輛中國電動車進歐洲多交幾十個百分點嘅稅，價格優勢基本抹平。但關稅只係其中一個維度。
更關鍵嘅係碳足跡。歐盟碳邊境調節機制（CBAM）已經開始試行，未來進口車嘅碳排放都要納入考量。如果車喺歐洲生產，用歐洲嘅綠電，碳足跡會好啲。未來 5 年，呢一塊嘅成本壓力會越來越大。
仲有一個需要考量嘅點係供應鏈。
東風喺歐洲工廠生產，但供應鏈點算？備忘錄入面寫咗「聯合採購」，呢意味著部分零部件仲係從中國採，借助東風喺中國新能源生態入面嘅採購能力降低成本。但本地供應鏈都要逐步跟住，否則一旦出現地緣風險，產線就會停。
再講品牌。歐洲消費者對汽車品牌忠誠度高，德國人買大眾、法國人買標緻，呢係幾十年嘅習慣。中國新品牌想打破呢種習慣，光靠產品力唔夠，仲要有「信任背書」。Stellantis 嘅參與，就係呢個背書。
當然，代價係合資公司由 Stellantis 主導，歐洲市場嘅話語權主要喺 Stellantis 手入。呢係唔得唔付嘅代價。
未來三到五年，邊個會成為主流？
我嘅判斷係，喺歐洲，「綁定當地巨頭」會成為主流。
原因好簡單，歐洲市場太難搞。關稅壁壘最高，法規最複雜，消費者最挑剔，競爭最激烈。整車出口模式喺歐洲市場會越嚟越難，呢逼住中國車企必須搵到本地化生產嘅出路。
另一方面，Stellantis 需要補電動化短板，其他西方車企，如福特、通用、雷諾等傳統車企都喺轉型困境掙扎，佢哋有渠道、有工廠、有品牌，但缺新能源能力。呢正好係中國車企可以提供嘅嘢。
雙方都有需求，合作就會越來越多。
方式唔一定係 Stellantis 同東風呢種合資形式，也可能係技術授權、渠道共享、聯合開發等更靈活嘅形式，但核心邏輯一樣，唔单打獨鬥，借勢落地。而喺東南亞、中東、南美等市場，獨資建廠同 KD 組裝依然係主流，因為壁壘相對較低，價格優勢仲可以發揮作用。
不過，「綁定巨頭」唔係冇風險。同巨頭綁埋一齊，命運就部分掌握喺別人手入。Stellantis 今日同東風合作，明日搵到更好嘅合作對象點算？合資公司業績唔達預期點算？產品定位、定價策略產生分歧點算？雪龍汽車嘅歷史已經證明，合資伙伴之間嘅關係並唔總係一帆風順。
從雪龍到歐洲合資，三十幾年，東風同 Stellantis 嘅關係完成咗一次「雙向奔赴」。角色反轉嘅背後，係中國汽車工業幾十年嘅積累同蛻變。中國車企已經唔滿足於「賣車」啦，佢哋想要嘅係「扎根」。而扎根嘅前提，係學會同當地人合作。
今次有無能夠走通，我哋拭目以待。
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。
