8 Julai, BYD kenderaan tenaga baharu ke-17 juta unit keluar dari kilang Xi'an. Daripada 16 juta ke 17 juta, hanya mengambil masa kurang 3 bulan. Purata pengeluaran harian lebih 12,000 unit.

17 juta unit apa konsepsinya? Dalam lebih 100 tahun industri automobil global, tiada syarikat kenderaan tenaga baharu pernah mencapai tahap ini. Yang lebih penting, daripada pertama kali memakan masa 13 tahun untuk satu juta unit, sehingga kini tambahan satu juta unit dalam 80 hari lebih — lengkung pecutan ini, inilah yang benar-benar membuatkan orang terkejut. Ini bukan sahaja lompatan data pengeluaran dan jualan, malah telah mencapai tinggi baharu industri tenaga baharu dalam pembangunan industri kenderaan tenaga baharu global.

Banyak orang rasa BYD hanya kebetulan mendapat manfaat daripada dasar tenaga baharu. Tetapi manfaat dasar boleh menjelaskan peningkatan kapasiti sebanyak satu juta unit dalam 3 bulan? Boleh menjelaskan kadar pertumbuhan 68% bagi 789,000 unit di luar negara selama setengah tahun? Boleh menjelaskan sebuah syarikat kenderaan China mula mengeksport piawaian teknikal ke seluruh dunia?

Jelas tidak boleh.

Yang benar-benar menyokong angka 17 juta unit ini, ialah tiga keupayaan teras yang sukar ditiru orang lain.

Pertama: Penyelidikan dan Pembangunan (R&D) Penuh, daripada "Dikendalikan Orang Lain" ke "Dikuasakan Sendiri"

Laluan teknikal BYD tidak pernah hanya terobosan pada satu titik, tetapi penyelidikan dan pembangunan pakej lengkap.

Mac 2026, Bateri Pisau Generasi Kedua dan teknologi pengecasan pantas dikeluarkan. Pada suhu bilik, 5 minit dicas penuh, 9 minit sudah tepu, pada minus 30 darjah hanya tambah 3 minit — sekali gus mengatasi dua masalah dunia iaitu "cas perlahan" dan "susah dicas pada suhu rendah".

Mei, cip pemanduan pintar "Xuanji A3" proses 4nm pertama di China mula dikeluarkan, tiga cip bekerjasama memberikan kuasa pemprosesan melebihi 2100 TOPS. Pada bulan yang sama, BYD menjadi yang pertama berjanji memberikan jaminan keselamatan 1 tahun untuk pemanduan bandar, seluruh siri boleh dipasang dengan Mata Dewa B Laser.

Dari bateri, motor, kawalan elektronik, hingga cip, pemanduan pintar, dan cassis, BYD telah merealisasikan autonomi dan kawalan rantaian lengkap daripada sumber sumber litium hulu hingga kenderaan akhir hilir. Kadar penyelidikan dan pengeluaran sendiri bagi komponen teras melebihi 90%.

Orang lain buat kenderaan adalah kumpulkan rantai bekalan untuk rakit, BYD buat kenderaan ialah dari lombong ke kenderaan lengkap satu perkhidmatan. Apabila sistem ini berjalan lancar, ia adalah parit perlindungan yang tidak boleh ditiru orang lain, juga merupakan sokongan asas BYD mendorong industri tenaga baharu ke tinggi baharu.

Teknologi baik hanyalah prasyarat. Yang benar-benar hebat BYD ialah — teknologi teras ini bukan untuk "pamer". Mata Dewa Standard semua siri, panduan bandar dan parkir pintar "jaminan keselamatan dua arah", membolehkan teknologi baik dinikmati semua orang. Data 17 juta unit membuktikan, pembekal tempatan dalam pengesahan piawaian kenderaan, kawalan kadar kecacatan dan optimum kos telah mempunyai daya saing global.

Teknologi bukan untuk disembah, tetapi untuk diperluaskan. Inilah rupa yang sepatutnya untuk mentakrifkan piawaian.

Kedua: Integrasi Menegak, daripada "Bergantung pada Orang Lain" ke "Autonomi"

BYD bukan sahaja pengeluar kenderaan lengkap, malah raksasa rantai bekalan integrasi menegak. Anak syarikat di bawah naungan Bateri FinDreams, Kuasa FinDreams, Semikonduktor BYD membentuk pasukan Tier1 tempatan yang lengkap.

Apakah hasil langsung yang dibawa oleh model ini? Kos komponen teras lebih rendah 33% daripada purata industri.

Pada awal hari, dalam gelombang kekurangan cip global, kitaran kenaikan bahan mentah, rakan sebidang menurun pengeluaran dan henti operasi, kapasiti BYD hampir tidak terjejas. Ketika orang lain dikendalikan oleh rantai bekalan, BYD membuat kenderaan diam-diam. Ketika orang lain masih rebut cip, BYD sudah mereka cip sendiri.

Keluar 17 juta unit bukan sahaja kemenangan kilang kenderaan, malah landasan kuantiti rantai bekalan tempatan. Daripada Bateri Pisau Generasi Kedua ke pemanduan pintar Mata Dewa, autonomi dan kawalan komponen teras serta keupayaan pengeluaran dan penyampaian telah menjadi parit perlindungan industri. Sistem autonomi rantaian penuh ini, pada dasarnya ialah tinggi baharu yang dicapai oleh industri tenaga baharu.

Model ini membolehkan teknologi terbaharu dengan cepat dimuat turun ke semua siri kenderaan, tidak perlu kereta kelas atas mendominasi konfigurasi teras. Sel 08 dijual bermula 196,900, namun dilengkapi YunNian-A, pemanduan roda belakang, julat 905km, pengecasan pantas, jaminan keselamatan pandu pintar — kereta 200,000, konfigurasi jutaan.

Inilah bukan perang harga, ini perang sistem.

Ketiga: Gloalisasi, daripada "Produk Keluar Negara" ke "Piawaian Keluar Negara"

Separuh pertama 2026, BYD menjual 789,000 unit di luar negara, pertumbuhan tahun ke tahun 68%, bahagian jualan luar negara melebihi 43%. Eksport tunggal bulan Jun 175,300 unit, memecahkan rekod sejarah.

Tetapi yang lebih bernilai perhatian daripada jualan ialah pelan strategik. Kilang Thailand, Brazil telah pengeluaran, kilang Hungary, Indonesia akan mula operasi 2026. Dari Asia Tenggara ke Amerika Selatan ke Eropah, sistem pembuatan tempatan merangkumi Asia, Eropah, Afrika sedang terbentuk.

Yang lebih penting ialah — BYD sedang mengeksport piawaian cas secara serentak. Akhir 2026 akan dilaksanakan secara berskala di luar negara stesen cas pantas, daripada "Cas Pantas China" ke "Cas Pantas Global". Di dalam negara telah dibina 7018 stesen cas pantas, merangkumi 325 bandar, sasaran akhir tahun 20,000 stesen.

Dahulu kenderaan China mengejar piawaian orang lain. Kini orang lain perlu pertimbangkan untuk menyambung piawaian cas China. Peralihan peranan inilah yang paling bernilai dipikirkan di sebalik 17 juta unit.

Tulisan Penutup

Xi'an ialah tempat bermulanya impian BYD dalam pembuatan kenderaan. 2003 kenderaan pertama keluar kilang, 2008 kenderaan hibrid pertama dunia lahir, hingga hari ini kenderaan tenaga baharu ke-17 juta unit bergerak keluar dari sini.

17 juta unit bukan sahaja angka kapasiti yang sejuk, malah titik bersejarah syarikat kenderaan China berpindah dari penerus dasar ke pendedah teknikal. Daripada kedalaman R&D teknikal, ke kepelbagaian integrasi menegak, hingga ke kelajuan pelan global, BYD menggunakan satu sistem keupayaan lengkap, ubah 17 juta unit daripada angka menjadi modal, dorong industri tenaga baharu China ke tinggi baharu yang belum pernah disentuh.

Inilah bukan sahaja tonggak jualan dan pengeluaran, malah titik mula baru sebuah syarikat kenderaan China mengeksport piawaian dan peraturan ke seluruh dunia.

#BYD Keluar Kenderaan Tenaga Baharu Ke-17 Juta Unit#

In the first half of 2026, cumulative retail of passenger cars in China's automotive market reached approximately 8.75 million units, a year-on-year decline of about 20%; meanwhile, new energy penetration rate broke 63% in May to set a historical high, and climbed further to about 63.6% in June.

The overall market downturn and structural upgrade running in parallel can be said to be the theme of this half-year; against this backdrop, true new energy top players are beginning to surface.

BYD, with 1.7774 million units in sales, continues to top the sales list; Geely Auto follows closely, with cumulative sales of 1.423 million units in the first half of the year, setting a new historical high for the same period, with the two companies combined taking about 38.7% of the new energy market share in China. More than one-third of new energy vehicles are either made by BYD or Geely.

At this point, the "Two Supers and Many Strong Powers" new energy market structure has been formed, and the top two automakers are widening the gap with the followers. Many automakers have fought in the new energy market for so many years; the elimination round is approaching its end, the market share of domestic brands has exceeded 73%, and the "Hegemony War" of China's new energy market has basically been locked between these two companies.

BYD and Geely are seizing territory with different paths respectively; one is a strong hand at integrating the industry chain, and the other is a skilled hand at organizing the system. In this "Hegemony Battle", will it ultimately end with two strong heroes standing together, or will someone seize power at once?

# BYD and Geely, Leaving Followers Far Behind? #

Stretching the timeline to 2025, the basic outline of China's new energy vehicle market structure was already apparent.

BYD, with 4,602,436 units of new energy vehicle sales for the full year of 2025, a year-on-year growth of 7.73%, among which pure electric vehicle sales were 2.2567 million units, surpassing Tesla for the first time to become the annual sales champion of pure electric vehicles globally. The domestic new energy vehicle market share exceeded 35%, and the full-year sales of 2025 entered the global automotive group sales top five for the first time.

Geely, with 3.0246 million units in sales for the full year of 2025, breaking 3 million units for the first time, up 39% year-on-year. New energy sales exceeded 1.68 million units, up 90% year-on-year. Full-year revenue was 345.2 billion yuan, up 25% year-on-year. Core net attributable profit was 14.41 billion yuan, up 36% year-on-year.

Entering the first half of 2026, BYD reached 1.7774 million units (down 15.9% year-on-year), Geely 1.423 million units (up about 1% year-on-year). Still the top two in domestic sales. From the market share perspective, the China new energy passenger car market in the first half of 2026 was about 5.5 million units. BYD's share was about 32.3%, Geely's share was about 14.5%.

One could say that in China's new energy market, these two brands took nearly half of the market. You should know that six years ago, Geely's new energy proportion was in single digits, and BYD was far from forming the scale it has today. At this point, the pattern of China's new energy market has basically been set, with multi-brand chaos evolving into "Two Giants and Multiple Strong Contenders".

# Scale and System: Which is the Key to Seizing Market Hegemony? #

Why is it BYD and Geely that can form dominance in China's many new energy brand markets with so many cars, plus policy support?

Let's look at BYD first. Currently, its biggest moat is its massive scale. This scale not only protects itself but also blocks the invasion of competitors. So where does this scale come from?

At the beginning of the development of China's new energy market, it could be said to be a complete blue ocean. At that time, even large global automotive groups dared not easily get involved. After all, this is a fundamental energy transition. Entering this market means that the profit model, production and manufacturing system, and product definition model of the previous fuel car era must be completely started from scratch. Not only must time costs be paid, but an economic account must also be calculated.

But in China, there is an undeniable point, which is the support of policy direction. BYD is able to become the current hegemon of the new energy industry because it also bet on the direction of policy. Under the decision to go ALL IN on new energy, it successfully became the first Chinese automaker to conquer the new energy market, thereby helping itself quickly take a large share of the market.

On top of this, through the path of vertical integration, from lithium mining to battery manufacturing, from chip design to vehicle production, BYD itself has built a complete industry chain closed loop.

Its advantage lies in that even if the industry's overall profit margin is only 3.2% now, BYD can still press down costs by self-producing batteries, self-producing chips, and self-producing electronic controls. In 2025, why BYD was able to reach a 35% market share in the domestic market, it relied on "others cutting prices, and I can still make money".

So at this time, this first-mover advantage combined with cost control can give it the initiative in market competition, not being led by the nose by other opponents, but making itself the person who moves first. When grasping the initiative, it will be more at ease in the market, thereby quickly forming scale expansion.

But historical experience shows that when scale expansion reaches a certain extent, it will naturally slow down or even decline. Even as strong as BYD has not escaped this law. In the first half of this year, its sales saw a decline, and the market sales of main models such as Song PLUS, Qin PLUS, and Seagull saw a year-on-year decline.

When the price war dividend has fully receded, simple price strategies are difficult to form differentiation barriers. Wang Chuanfu admitted at the shareholders' meeting: Current technology leadership is not as good as in previous years, the market wow factor of technological results has decreased, and industry homogenization characteristics are becoming increasingly obvious.

For this, in June 2026, BYD launched the largest scale organizational reform of its vehicle business since its inception, reorganizing the four brands Dynasty, Ocean, Denza, and Fang Cheng Bao into independent operating units, implementing independent accounting and bearing their own profit and loss. The R&D system was reconstructed into "Group Technology Middle Platform + Brand Research Institute". The purpose is very clear: after achieving expansion, gradually shifting from "scale driven" to "profit and efficiency driven".

Let's look at Geely. Its play is completely different from BYD. It does not build a wall with one industry chain, but uses a set of system structure to deploy.

The foundation of such a system is built under Li Shufu's "One Geely" strategy. Closing redundant entities, integrating R&D, procurement, and intelligent resources, the Qianli Haohan Intelligent Driving System is reused across brands. This unified technology base, relying on brands to form product differentiation, is forming the late-mover advantage of traditional large factories against rapid iteration and price wars.

Specifically, Geely Galaxy undertakes the task of high-volume market mainstream new energy vehicles, with cumulative sales of 519,793 units in the first half of the year; the China Star Series stabilizes the fuel car base, with cumulative sales of 580,580 units in the first half of the year; Zeekr raises brand premium with an average price of 350,000 yuan, delivering 178,300 units in the first half of the year, up 97% year-on-year; Lynk & Co covers both high-end new energy and overseas expansion.

This division of labor where each fulfills its duty allows Geely to maintain the healthiness of its own brand development in the background of the increasingly fierce price war in China. Reflected in the data is that the core net profit per vehicle in the first quarter reached 6,429 yuan, up 30% year-on-year, with the gross margin rising to 17.5%. In the context of the industry generally declining by over 20%, this performance has a certain persuasiveness.

And Geely's product layout is quite targeted. It seized the most high-volume market from 100,000 to 200,000 yuan, relying on the dense coverage of products and the full coverage of power types. This point has a strong effect on improving consumer awareness. Among them, Geely Star Wish one car contributed 34.6% of group sales.

At the same time, the overseas market is becoming Geely's second growth curve. Exports in the first half of the year were 474,200 units, up 158% year-on-year, already exceeding the total export volume of the whole year of 2025; new energy product exports were 277,200 units, up 585% year-on-year. Exports in June broke 100,000 units for the first time. Currently, Geely has raised export targets to 1 million units twice consecutively.

Combining the above content, we can see that BYD's scale gives it enough exposure in the market, and this scale effect can also bring a certain positive impact to the brand. Meanwhile, facing the current bottleneck of scale development to a certain extent, BYD is also starting to delegate authority to consider efficiency issues, seeking to allow each sub-brand to respond to the market more flexibly.

Under the background of Geely's "One Geely" strategy, scattered resources have been concentrated again. It carries out targeted layout of different markets according to the different positioning of its sub-brands. While reducing internal friction, it is also easier and more accurate for consumer groups to see Geely products in the corresponding market, thereby driving sales growth.

Although these two paths are different, the purpose is one, which is to improve its own competitiveness in the existing market. The Chinese automotive market has long entered a saturation status. So at this time, being able to live better here relies on scale and system capabilities. This point, through the examples of BYD and Geely, can verify the correctness of this development model. Although they are in a competitive relationship in the market, their development models start from different paths and end at the same destination.

Except for the domestic market, the overseas market is becoming a factor that determines the pattern of the two strong ones. Interestingly, BYD and Geely, the sales champions who took different routes in the domestic market, still have two different paths in their overseas layout.

BYD took the heavy asset wholly-owned route, building its own factories in Brazil, Thailand, Hungary, etc., intending to maintain technical and management autonomy. The Thailand factory is the only overseas full-process factory currently in production. The Hungary factory will be put into production in Q2 2026. "Local production + domestic exports" jointly improve delivery flexibility.

Geely took the light asset synergy route, cutting into local manufacturing and channels by leveraging existing cooperation networks such as Volvo, Proton, Renault, etc. Acquiring Ford's Valencia plant production line in Spain, signing Swiss distributor Emil Frey. This model avoids the heavy asset burden of large-scale self-built factories.

The two routes have pros and cons. BYD's wholly-owned model can守住 technical sovereignty, but the capital pressure is huge and implementation is slow; Geely's synergy model can quickly pave the way, but it has a high dependence on cooperation partners and weak brand control. From the data in the first half of 2026, Geely's export growth (157%) was higher than BYD's (70%), but BYD's overseas sales absolute value (789,400 units) still leads Geely (474,200 units).

Subsequently, the performance of these two giants in the overseas market may become a key factor affecting their overall brand development. Under the background of the EU IAA Act locking foreign shareholding at 49%, Geely's joint venture synergy model may face lower policy compliance costs, while BYD's wholly-owned route may face greater institutional barriers.

# Top Structure Established: Can Followers Replicate the Success Path? #

When the market has a successful template, naturally others are like copying. So can BYD and Geely's development model be replicated?

BYD's vertical integration is built on more than twenty years of deep cultivation in the industry. Starting from batteries to vehicle manufacturing, this is a road that cannot be done quickly. CATL is a battery giant, but it doesn't make cars; Nio and Li Auto are new car-making forces, but they don't produce batteries. To keep the whole industry chain in hand, it requires time, capital, and strategic resolve. All three are indispensable.

Geely's systematic capability is built on the long-term accumulation of multi-brand acquisition and integration. Volvo, Proton, Lotus, Polestar, etc., these brands were not bought overnight; it is the result of a ten-plus-year continuous layout. Without this "brand pool", the "One Geely" strategy loses the foundation of synergy. New entrants only have one or two brands, and traditional automakers mostly have only one main brand. None have the conditions for Geely's "multi-brand matrix synergy".

So, saying it is that these two roads, BYD and Geely can walk, does not mean others can too. So is there another way to squeeze into the camp of China's new energy "Strong Ones"? Let's see how subsequent followers respond.

Currently, relying on brand premium and single-model efficiency are the general tactics of most market followers. Among them, Tesla and Xiaomi are considered two representatives.

From the brand statistical scope, the new energy brands ranked behind BYD and Geely are Tesla. In the first half of 2026, Tesla's China domestic market retail sales were approximately 325,000 units. If referring to the total delivery volume of the Shanghai Gigafactory (including exports) in the first half of the year, it was 468,000 units.

But it is worth noting that Tesla's product portfolio has not been updated for a long time. Two flagship models, Model S and Model X, were discontinued in the first half of this year. The main models currently on sale are Model 3 and Model Y. So what is the reason boosting its sales? The answer is very simple, it is its brand influence.

If switching to other brands, or saying the majority of domestic brands, having only two models in the market is obviously not enough competitiveness. Otherwise, they would not deploy numerous models in the domestic market. You should know that in the first half of this year alone, there were over 500 new and upgraded models entering the Chinese automotive market. The main purpose is to exchange consumer attention and sales through short time and high frequency exposure.

But Tesla's advantage lies in its brand influence. One is entry early, counting as the absolute pioneer of the electric market, and having its own energy replenishment system. Plus, the personal charm of the brand founder adds to it. Many consumers, if not considering price and other factors, will take it as one of the primary or main choices.

Speaking of Xiaomi, this can actually be counted as a sample of high efficiency for a single model. In the first half of 2026, Xiaomi Auto cumulative deliveries exceeded 180,000 units, basically reaching a monthly average of 30,000. It relied on one car in its first year, and now it only has two models on sale.

If you put it together with BYD, you can see what level its per-vehicle efficiency reaches. Two cars with 180,000 sales, compared to 1.196 million for 66 models, its per-vehicle average sales are far higher than most other brands on the market, basically reaching more than 3 times the industry average.

Why are these two paths worth being discussed separately? The cases of Tesla and Xiaomi answer the question "Can BYD and Geely's paths be replicated".

BYD's scale requires twenty years of industry chain deep cultivation; Geely's system requires ten-plus years of brand acquisition integration. These two things, other brands can almost not replicate. So if other brands want to gain presence in the market, they must have other differentiation advantages, relying on brands, or relying on their own ecosystems, or starting from other ways.

And there is one more point, relative to scale and system which are barriers that won't be easily broken, other methods may all have a certain uncertainty.

For example, Tesla's brand influence. Tesla's domestic retail sales in the first quarter of 2026 declined by 16.2% year-on-year. In January, Model Y even fell to 20th place in the retail ranking. Its pure electric retail market share in April of this year was only 3.06%. All of this explains one issue, that is, brand influence can be diluted by competitors.

Then there is Xiaomi's per-vehicle efficiency. If market acceptance of products is acceptable, then per-vehicle extreme efficiency is an advantage. If per-vehicle appeal in the market declines, then it is a serious blow to the brand, and it may even appear that one car decides life or death.

So, the "Hegemony" established by BYD and Geely is the effect of the superposition of factors such as time. In the short term, it is like ascending to heaven to replicate this brand development path. So the endgame of China's new energy market later will not be a "BYD + Geely" duopoly, but the top structure they are in has solidified. This barrier will not be easily broken by latecomers. On the contrary, these giants may "absorb" small and medium brands that are hard to sustain in the market.

# One Dominant Leader or Two Tigers Coexisting? #

As the saying goes, one mountain cannot hold two tigers. So will this point be reflected in the "Hegemony" contest between BYD and Geely?

In the short term, BYD appeared with teething pains after scale expansion. Domestic sales declined, and organizational reform just started, but its trump cards are relatively still thick enough. After all, it is the world's largest new energy capacity, has a complete industry chain layout, and has the largest user base in the current new energy field. If organizational reform can activate the combat power of respective brands, BYD's scale advantage still has hope for expansion.

In the medium to long term, Geely's growth momentum may have a longer sustainable period. Per-vehicle net profit hit a new high in the first half of the year, overseas exports surged, and new energy penetration rate steadily improved. The complementary structure of major brands gives it a buffer at any single market fluctuation.

At the same time, whoever can turn the overseas market from increment to profit, can get the hope of leading opponents. BYD's wholly-owned model has verified feasibility in Brazil and Thailand; Geely's synergy model is accelerating landing in Europe. Both roads can be passed, but which road can be walked better depends on who can find a better balance between localization operations, brand construction, and cost control.

Objectively speaking, the endgame of China's new energy market, one dominating is difficult, the probability of two strong heroes standing together is obviously higher. This point has already been confirmed in many markets globally. Regardless of BYD's scale or Geely's system, these two weapons can eliminate, but a more important point in the market is who can be more flexible. At this time, whether it is BYD's organizational adjustment or Geely's integration concept, they are all the adaptive answers produced to cope with current problems.

As for the final hegemony contest, whoever can take the lead in finding that key balance point between scale expansion and efficiency, product coverage and technology focus, development speed and product quality, is the one who may find the opportunity to lead opponents in the tense hegemony battle.

Pada setengah tahun pertama 2026, jualan runcit kenderaan pribadi pasaran kereta China mencapai kira-kira 8.75 juta unit, menurun kira-kira 20% berbanding tahun sebelumnya; pada masa yang sama, kadar penetran kenderaan baharu melepasi 63% pada Mei untuk mencatatkan sejarah tertinggi, dan pada Jun meningkat lebih lanjut ke kira-kira 63.6%.

Penurunan pasaran utama dan peningkatan struktur berlaku serentak, boleh dikatakan sebagai tema setengah tahun ini, dalam latar belakang ini, pemain utama sebenar kenderaan baharu mula timbul.

BYD, dengan jualan 1.7774 juta unit, terus menduduki tempat pertama jualan; Geely Automotive menyusul di belakangnya, jualan terkumpul setengah tahun pertama 1.423 juta unit, mencatatkan rekod tinggi tempoh yang sama sejarah, kedua-duanya bersama-sama menguasai kira-kira 38.7% bahagian pasaran kenderaan baharu China, lebih daripada sepertiga kenderaan baharu sama ada keluaran BYD atau keluaran Geely.

Sehingga kini, struktur pasaran kenderaan baharu "Dua Raksasa dan Banyak Kuasa" telah terbentuk, dan dua syarikat auto utama sedang menarik jarak lebih besar dengan pengikut, banyak syarikat auto telah bertanding di pasaran kenderaan baharu selama bertahun-tahun, saringan hampir di penghujung, pasaran syarikat auto domestik melepasi 73%, "Perang Hegemoni" pasaran kenderaan baharu China, pada dasarnya telah dikunci antara dua syarikat ini.

BYD dan Geely, masing-masing menakluki wilayah dengan laluan berbeza, satu adalah pakar dalam mengintegrasikan rantaian industri, satu adalah pakar dalam menyusun sistem, dalam "Perang Perebutan Hegemoni" ini, akhirnya adakah ia berakhir dengan dua wira berdiri bersebelahan? Atau adakah ada yang boleh merampas kuasa serta merta?

#BYD dan Geely, meninggalkan beberapa jurang di belakang?#

Apabila paksi masa dipanjangkan ke tahun 2025, garisan asas struktur pasaran kereta baharu China telah kelihatan.

BYD, jualan kenderaan baharu 2025 keseluruhan tahun 4,602,436 unit, meningkat 7.73% tahun ke tahun, di mana jualan kereta elektrik tulen 2.2567 juta unit, kali pertama menewaskan Tesla untuk menjadi juara jualan tahunan kereta elektrik tulen global, pasaran domestik kenderaan baharu China melepasi 35%, jualan keseluruhan tahun 2025 pertama kali masuk ke lima teratas jualan kumpulan kereta global.

Geely, jualan keseluruhan tahun 2025 3.0246 juta unit, kali pertama melepasi 3 juta unit, meningkat 39% tahun ke tahun, jualan kenderaan baharu melepasi 1.68 juta unit, meningkat 90% tahun ke tahun, pendapatan keseluruhan tahun 345.2 bilion yuan, meningkat 25% tahun ke tahun, keuntungan bersih terkumpul teras 14.41 bilion yuan, meningkat 36% tahun ke tahun.

Memasuki setengah tahun pertama 2026, BYD 1.7774 juta unit (tahun ke tahun -15.9%), Geely 1.423 juta unit (tahun ke tahun + kira-kira 1%). Masih berada di dua teratas jualan domestik, dari segi bahagian pasaran, setengah tahun pertama 2026 pasaran kenderaan pribadi baharu China kira-kira 5.5 juta unit, bahagian BYD kira-kira 32.3%, bahagian Geely kira-kira 14.5%.

Boleh dikatakan demikian, di dalam pasaran kenderaan baharu China, kedua-dua jenama ini menguasai hampir separuh pasaran, fahamilah, enam tahun lalu, bahagian kenderaan baharu Geely masih satu digit, BYD juga belum membentuk saiz seperti sekarang. Sehingga kini, struktur pasaran kenderaan baharu China sudah ditentukan, perang berbilang jenama bertukar menjadi "Dua Tahap Banyak Raksasa".

#Saiz dan Sistem, yang mana kunci menguasai hegemoni pasaran?#

Mengapa di pasaran kenderaan baharu China terdapat begitu banyak jenama, begitu banyak kereta, ditambah sokongan dasar, hanya BYD dan Geely yang boleh membentuk kekuatan penguasaan?

Lihat dulu BYD, kini parit pelindung terbesarnya ialah saiznya yang besar, saiz ini selain melindungi diri sendiri, juga boleh menolak pencerobohan pesaing, maka saiz ini berasal dari mana?

Pada awal perkembangan pasaran kenderaan baharu China, boleh dikatakan menjadi biru sepenuhnya, ketika itu walaupun kumpulan kereta global yang besar tidak berani mencuba dengan ringan, kerana ini adalah pertukaran tenaga asasi, memasuki pasaran ini bermaksud model keuntungan era kereta bahan api sebelum ini, sistem pengeluaran pembuatan, model definisi produk mesti sepenuhnya ditolak dan mula semula, tidak hanya perlu membayar kos masa, malah perlu kira satu akaun ekonomi.

Tetapi di China, terdapat satu titik yang tidak boleh diabaikan, iaitu sokongan berorientasikan dasar, alasan BYD boleh menjadi raja industri kenderaan baharu kini, juga kerana teka betul arah dasar, di bawah keputusan ALL IN kenderaan baharu pada masa itu, berjaya menjadi syarikat auto China pertama menguasai pasaran kenderaan baharu, seterusnya membantu dirinya sendiri menguasai bahagian pasaran banyak dengan cepat.

Di atas ini, ia melalui laluan pengintegrasian menegak, dari perlombongan bijih litium kepada pembuatan bateri, dari rekaan cip kepada pengeluaran kereta lengkap, BYD sendiri telah membina satu kitaran rantaian industri lengkap.

Kelebihannya terletak pada, walaupun kadar keuntungan industri keseluruhan kini tinggal 3.2%, BYD masih boleh menekan kos rendah dengan bateri hasil sendiri, cip hasil sendiri, kawalan elektrik hasil sendiri, tahun 2025, mengapa BYD boleh mencapai kadar pasaran 35% di pasaran domestik, bergantung pada "orang lain buat penurunan harga, saya juga boleh untung".

Maka pada ketika ini, kelebihan permulaan ini ditambah kawalan kos, boleh membolehkannya mempunyai inisiatif dalam persaingan pasaran, tidak perlu ditarik-narik hidung oleh pesaing lain, sebaliknya membolehkan dirinya menjadi orang yang bertindak lebih dahulu, apabila menguasai inisiatif, maka dalam pasaran ia akan lebih lancar, seterusnya pantas membentuk pengembangan saiz.

Tetapi pengalaman sejarah menunjukkan, apabila saiz pengembangan sehingga tahap tertentu, semestinya melambat malah turun balik, walaupun sekuat BYD juga tidak terlepas daripada undang-undang ini, separuh tahun pertama tahun ini, jualan beliau menunjukkan penurunan, model utama Song PLUS, Qin PLUS, pasaran model Seagull menunjukkan penurunan tahun ke tahun.

Apabila kelebihan perang harga surut sepenuhnya, strategi harga tunggal sudah sukar membentuk halangan berbeza, Wang Chuanfu di persidangan pemegang saham mengakui: tahap kepimpinan teknologi semasa tidak melebihi beberapa tahun lepas, kejutan pasaran hasil teknologi telah menurun, ciri homogenisasi industri semakin jelas.

Berkaitan ini, pada Jun 2026, BYD memulakan perubahan organisasi perniagaan kereta lengkap terbesar sejak penubuhan, mengisytiharkan Dinasti, Lautan, Denza, Fang Cheng Bao empat jenama utama dirombak menjadi unit operasi bebas, melaksanakan pengiraan bebas, untung rugi sendiri, sistem R&D dikemaskini kepada "Rantaian Teknologi Kumpulan + Institut Penyelidikan Jenama", tujuan ini sangat jelas, setelah mencapai pengembangan, secara beransur-ansur daripada "penggerak saiz" beralih kepada "penggerak keuntungan dan kecekapan".

Lihat pula Geely, strateginya berbeza sepenuhnya dengan BYD, ia bukan membina tembok dengan satu rantaian industri, tetapi menggunakan satu struktur sistem untuk menyusun pasukan.

Asas sistem sedemikian adalah di bawah strategi "Satu Geely" Li Shufu, menutup entiti berlebihan, mengintegrasikan R&D, perolehan dan sumber kecerdasan, sistem pemanduan pintar Qianli Haohan digunakan merentas jenama, asas teknologi seragam ini, strategi membentuk perbezaan produk dengan jenama, sedang membentuk kelebihan pengikut bagi syarikat besar tradisional menentang iterasi pantas dan perang harga.

Secara khusus, Geely Galaxy memikul tugas jualan pasaran utama kenderaan baharu, jualan terkumpul setengah tahun pertama 519,793 unit; Siri China Star menstabilkan asas kereta bahan api, terkumpul setengah tahun pertama 580,580 unit; Zeekr dengan harga purata 350,000 yuan meningkatkan premium jenama, serahan setengah tahun pertama 178,300 unit, meningkat 97% tahun ke tahun; Lynk & Co merangkumi NEV sederhana-tinggi dan pengembangan luar negara.

Pembahagian tugas masing-masing ini, membolehkan Geely mengekalkan kesihatan pembangunan jenama dirinya sendiri dalam latar belakang perang harga China yang semakin sengit, yang dipaparkan dalam data ialah keuntungan bersih teras kenderaan tunggal suku pertama mencapai 6,429 yuan, meningkat 30% tahun ke tahun, kadar keuntungan kasar ditingkatkan kepada 17.5%, dalam latar belakang industri keseluruhan umum menurun lebih 20%, prestasi ini mempunyai keyakinan tertentu.

Dan Geely dalam susun atur produk agak mempunyai sasaran, ia telah merebut pasaran paling laku 100,000-200,000 yuan, bergantung kepada liputan produk yang rapat, serta liputan penuh jenis kuasa, satu ini mempunyai peranan kuat dalam meningkatkan kesedaran pengguna, di mana model Geely Xingyuan menyumbang 34.6% jualan kumpulan.

Pada masa yang sama, pasaran luar negara sedang menjadi lengkung pertumbuhan kedua Geely, setengah tahun pertama eksport 474,200 unit, meningkat 158% tahun ke tahun, telah melebihi jumlah eksport keseluruhan 2025; eksport produk kenderaan baharu 277,200 unit, meningkat 585% tahun ke tahun, Jun eksport kali pertama melepasi 100,000 unit, sekarang Geely telah dua kali menaikkan sasaran eksport kepada 1 juta unit.

Gabung kandungan di atas boleh dilihat, pengkayaan BYD membolehkannya mempunyai pendedahan cukup kuat di pasaran, dan kesan saiz ini untuk jenama juga boleh membawa kesan positif tertentu, pada masa yang sama, menepati kini pengkayaan sudah berkembang sehingga tahap halangan, BYD juga mula melepaskan kuasa untuk mempertimbangkan masalah kecekapan, supaya setiap sub-jenama boleh menghadapi pasaran lebih fleksibel.

Geely di bawah latar belakang strategi "Satu Geely", sumber yang tersebar di masa lalu dipusatkan semula, mengikut penentuan sub-jenama bawahnya untuk melakukan susun atur yang mempunyai sasaran pada pasaran berbeza, mengurangkan penggunaan dalaman semasa, untuk kumpulan pengguna juga lebih mudah, lebih tepat melihat produk Geely di pasaran yang sepadan, seterusnya mendorong peningkatan jualan.

Kedua-dua laluan ini walaupun berbeza, tetapi tujuan adalah satu, iaitu meningkatkan daya saing sendiri di dalam pasaran eksisting, sekarang pasaran kereta China sudah memasuki keadaan tepu, maka pada ketika ini boleh hidup lebih baik di sini, bergantung kepada saiz dan keupayaan sistem, satu ini melalui contoh BYD dan Geely, boleh mengesahkan kebenaran model pembangunan ini, kedua-duanya di pasaran walaupun hubungan bersaing, tetapi model pembangunan jalan berbeza mencapai tujuan sama.

Selain pasaran domestik, pasaran luar negara sedang menjadi faktor yang menentukan struktur dua kuasa, menariknya, BYD dan Geely yang merupakan raja jualan yang berjalan laluan berbeza di China, susun atur di luar negara masih dua laluan yang berbeza.

BYD berjalan laluan aset berat mod sendiri, membina kilang sendiri di Brazil, Thailand, Hungary, dll, bertujuan mengekalkan autonomi teknologi dan pengurusan, kilang Thailand ialah satu-satunya kilang teknologi lengkap luar negara yang beroperasi saat ini, kilang Hungary 2026 Q2 beroperasi, "pengeluaran tempatan + eksport domestik" bersama-sama meningkatkan keanjalan penyampaian.

Geely berjalan laluan aset ringan laluan kerjasama, memanfaatkan rangkaian kerja sama Volvo, Proton, Renault, dll untuk memasuki pembuatan dan saluran tempatan, membeli talian pengeluaran kilang Ford Valencia Sepanyol, menandatangani dealer Switzerland Emil Frey, mod ini mengelakkan beban aset berat pembinaan kilang secara besar-besaran.

Kedua-dua laluan mempunyai kelebihan dan kelemahan masing-masing, mod sendiri BYD boleh mempertahankan kedaulatan teknologi, tetapi tekanan modal besar, pelaksanaan lambat; mod kerjasama Geely boleh membuka luas pantas, tetapi bergantung tinggi pada rakan kongsi, kawalan jenama lemah, dari data separuh pertama 2026, pertumbuhan eksport Geely (157%) akan melebihi BYD (70%), tetapi nilai absolut jualan luar negara BYD (789,400 unit) masih memimpin Geely (474,200 unit).

Susulan, prestasi dua gergasi ini di pasaran luar negara mungkin menjadi faktor penting yang mempengaruhi perkembangan keseluruhan jenama, di bawah latar belakang undang-undang IAA EU yang mengunci pegangan asing pada 49%, mod kerjasama Geely mungkin menghadapi kos kepatuhan dasar yang lebih rendah, manakala laluan sendiri BYD mungkin menghadapi halangan institusi yang lebih besar.

#Struktur kepala ditentukan, pengikut jalan berjaya sukar disalin?#

Apabila pasaran mempunyai templat berjaya, semestinya orang lain macam tiru, maka apakah model pembangunan BYD dan Geely ini boleh disalin?

Pengintegrasian menegak BYD, dibina di atas penanaman industri lebih dua puluh tahun, dari bateri mula hingga pembuatan kereta lengkap, ini jalan tidak boleh cepat, CATL adalah gergasi bateri, tetapi ia tidak buat kereta; Nio, Li Auto adalah kekuatan baru buat kereta, tetapi mereka tidak buat bateri, untuk menggenggam keseluruhan rantaian industri di tangan, perlu masa, modal dan ketegasan strategik, tiga ini tidak boleh hilang satu.

Keupayaan sistem Geely, dibina di atas pengumpulan jangka panjang pembelian dan pengintegrasian berbilang jenama, Volvo, Proton, Lotus, Polestar, dll, jenama ini tidak dibeli dalam semalam, adalah hasil susun atur berterusan beberapa puluh tahun, tanpa "kolam jenama" ini, strategi "Satu Geely" kehilangan asas kerjasama, kekuatan baru hanya satu dua jenama, syarikat auto tradisional kebanyakannya hanya satu jenama utama, tidak mempunyai syarat "kerjasama matriks berbilang jenama" seperti Geely.

Maka dikatakan, kedua-dua jalan ini, BYD dan Geely boleh lalui, tidak bermakna orang lain juga boleh lalui, maka adakah ada laluan lain yang boleh memuncak ke dalam kempen "Kuasa" kenderaan baharu China? Mari kita lihat bagaimana pengikut seterusnya menangani.

Kini, bergantung kepada premium jenama dan kecekapan model tunggal dua laluan pembangunan ini, adalah amaran umum kebanyakan pengikut pasaran, di mana Tesla dan Xiaomi dianggap dua perwakilan.

Dari segi kaedah statistik jenama, jenama kenderaan baharu yang di belakang BYD dan Geely ialah Tesla, separuh tahun pertama 2026 Tesla‌ pasar domestik China jualan runcit kira-kira 325,000 unit‌; jika merujuk ke Shanghai Super Factory‌ setengah tahun pertama jumlah serahan (termasuk eksport) ialah 468,000 unit‌.

Tetapi perlu diambil perhatian, storan pasukan produk Tesla sudah lama tidak dikemaskini, dua model flagship Model S dan Model X telah dihentikan produksi separuh tahun pertama tahun ini, model utama yang dijual sekarang ialah Model 3 dan Model Y, maka apakah punca bantuan jualan beliau? Jawapan mudah, ialah pengaruh jenamanya.

Jika ganti jenama lain, atau katakan kebanyakkan jenama domestik, hanya dua model daya saing di pasaran jelas tidak cukup, melainkan ia juga tidak akan susun banyak model di pasaran domestik, fahamilah hanya setengah tahun tahun ini, pasaran kereta China ada lebih 500 model baharu dan model ganti memasuki pasaran, tujuan utamanya ialah melalui masa singkat, frekuensi tinggi bunyi untuk menukar perhatian pengguna dan jualan.

Tetapi kelebihan Tesla ialah dalam pengaruh jenamanya, satu ialah masuk awal, kira-kira pelopor mutlak pasaran elektrik, dan mempunyai sistem pengisian tenaga sendiri, ditambah carian peribadi pengasas jenama, banyak pengguna jika tidak pertimbangkan harga dsb, akan menjadikannya pilihan utama atau utama.

Katakan lagi Xiaomi, ini sebenarnya boleh dikira sebagai sampel kecekapan tinggi model tunggal, separuh tahun pertama 2026, Xiaomi Motors serahan terkumpul lebih 180,000 unit pada dasarnya boleh mencapai tahap purata bulan 30,000, tahun pertama hanya bergantung satu model, kini juga hanya dua model terjual.

Jika diletakkan dengan BYD, boleh lihat kecekapan kenderaan tunggal mencapai tahap apa, jualan dua model 180,000, banding 66 model 1.196 juta, purata jualan model tunggalnya jauh lebih tinggi daripada kebanyakan jenama pasaran lain, pada dasarnya boleh mencapai 3 kali ganda tahap purata industri.

Mengapa dua laluan ini mereka wajar dibincangkan secara bersendirian? Kes Tesla dan Xiaomi, tepat menjawab soalan "Adakah laluan BYD dan Geely boleh disalin?".

Saiz BYD, perlu penanaman rantaian industri dua puluh tahun; Sistem Geely, perlu penggabungan dan pengintegrasian jenama lebih sepuluh tahun, dua perkara ini, jenama lain hampir tidak boleh disalin, maka jenama lain mahu dapatkan kehadiran di pasaran, perlu kelebihan berbeza lain, sama ada bergantung jenama, sama ada bergantung ekosistem sendiri, sama ada dari kaedah lain.

Dan ada satu lagi perkara, berbanding saiz dan sistem halangan yang tidak mudah pecah, cara lain mungkin mempunyai ketidakpastian tertentu.

Seperti pengaruh jenama Tesla, Tesla separuh pertama 2026 jualan runcit domestik menurun tahun ke tahun 16.2%, Januari Model Y malah jatuh ke tempat ke-20 senarai runcit, pasaran runcit elektrik tulen April ini hanya 3.06%, ini semua menjelaskan satu masalah, iaitu pengaruh jenama mungkin diencerkan oleh pesaing.

Lagi pula kecekapan kenderaan tunggal Xiaomi, jika pasaran menerima produk boleh, maka kecekapan maksimum kenderaan tunggal adalah kelebihan, jika daya tarikan kenderaan tunggal di pasaran menurun, maka untuk jenama ini adalah pukulan serius, malah mungkin berlaku situasi satu model menentukan hidup mati.

Maka dikatakan, "Hegemoni" yang dibina BYD dan Geely ini, berdasarkan kesan bertindan masa dan faktor lain, jangka pendek nak salin jalan pembangunan jenama ini susah langit, jadi susulan akhir pasaran NEV China bukan dual monopoly "BYD + Geely", tetapi struktur kepala yang berada sudah mampat, halangan ini tidak mudah dipatahkan penerus, sebaliknya, gergasi ini mungkin "serap" jenama sederhana-kecil yang sukar dikekalkan di pasaran.

#Satu domine, atau satu gunung boleh dua harimau?#

Orang bijak kata, satu gunung tidak boleh dua harimau, maka adakah hal ini akan mencerminkan dalam perebutan "Hegemoni" BYD dan Geely?

Lihat jangka pendek, BYD muncul kesakitan selepas pengembangan saiz, jualan domestik menunjukkan penurunan, perubahan organisasi baru sahaja mula, tetapi kad dasarnya relatif cukup tebal, kerana产产能 terbesar NEV dunia, ada susun atur rantaian industri lengkap, lagi ada asas pengguna terbesar NEV saat ini, jika perubahan organisasi boleh mengaktifkan daya tempur jenama sendiri, kelebihan saiz BYD masih ada harapan pengembangan.

Lihat jangka sederhana-panjang, tenaga pertumbuhan Geely mungkin ada tempoh berterusan lebih lama, separuh tahun kecekapan keuntungan kenderaan tunggal cipta rekod tinggi, eksport luar negara melonjak, kadar penetrasi NEV naik stabil, struktur pelengkap besar jenama membolehkannya mempunyai bantalan apabila mana-mana pasaran tunggal beralun.

Pada masa yang sama, siapa boleh ubah pasaran luar negara daripada jumlah tambahan kepada keuntungan, siapa yang dapat dapat harapan memimpin lawan, mod sendiri BYD di Brazil, Thailand telah mengesahkan kebolehannya; mod kerjasama Geely di Eropah sedang laju dilaksanakan, dua jalan boleh lalui, tetapi jalan mana lebih baik, bergantung siapa boleh mencari keseimbangan lebih baik antara operasi tempatan, pembangunan jenama dan kawalan kos.

Secara objektif, akhir pasaran NEV China, satu domine sukar, probabilitas dua wira berdiri bersebelahan jelas lebih tinggi, satu ini di banyak pasaran global sudah terukir, sama ada saiz BYD atau sistem Geely, dua senjata ini boleh bunuh orang, tetapi satu yang lebih penting di pasaran ialah siapa lebih mudah menyesuaikan diri, pada ketika ini, sama ada penyesuaian organisasi BYD, atau konsep integrasi Geely, adalah jawapan penyesuaian yang dihasilkan untuk menjawab masalah semasa.

Mengenai perebutan hegemoni akhir, siapa yang mampu pertama kali di antara pengembangan saiz dan kecekapan, liputan produk dan penumpuan teknologi, kelajuan pembangunan dan kualiti produk mencari titik keseimbangan kritikal, siapa yang mungkin ada masa memimpin lawan dalam perang hegemoni yang tegang.

82 days. From 16 million to 17 million, BYD only took 82 days.

This speed, placed in the history of the global automotive new energy industry, is not "rare", it has never happened before.

On July 8, Xi'an, a Seal 08 drove down the production line of the BYD Xi'an Factory.

It marks the official birth of BYD's 17 millionth new energy vehicle, making BYD the first automaker globally to reach 17 million new energy vehicle deliveries.

From 16 million to 17 million, BYD only took 82 days. Sales in the first half of this year reached 1.8085 million, with overseas cumulative sales nearing 790,000, a year-on-year increase of 68%.

In 2003, BYD's first car was delivered here. In 2008, the world's first plug-in hybrid vehicle F3DM was born here.

Today, the 17 millionth new energy vehicle once again drives out of here to the world. From 1 to 17 million, the Xi'an factory witnessed BYD's process from moving China to the world.

Behind 17 Million

In the first half of this year, BYD's cumulative sales reached 1,808,511 vehicles, among which June single-month sales broke through the 400,000 mark for the first time, reaching 403,400 vehicles.

Especially worth noting is the overseas market. Passenger cars and pickups overseas cumulative sales in the first half reached 789,367, up 68% year-on-year, with overseas sales accounting for over 40% of total sales.

In May and June, BYD's market share in Germany exceeded that of Toyota.

This is not a specific model, it is overall market share. Germany is the heart of the European automotive industry, and Toyota is a giant that has cultivated here for 50 years. BYD completed the overtaking here in less than 5 years.

This would have been a joke to German car executives 10 years ago.

Additionally, the BYD Shark PHEV went on sale in the UK, with a WLTP pure electric range of 90km, comprehensive 674km, priced at £47,290, approximately 430,000 RMB.

And in Thailand, BYD has already dominated the feeds.

On July 12, BYD is about to announce its first brand spokesperson, with many Thai fan accounts intensively reposting to heat up the buzz, with the hot candidate pointing to Thai-Chinese star Lingling Kwong.

Chinese automakers in Southeast Asia have permeated from the product level to the cultural level. When Thai young people start screaming for BYD spokespersons, the forty-year emotional monopoly of Japanese cars in Southeast Asia is beginning to crack.

Technical Barriers

This year, BYD has continuously dropped heavy bombs on two main lines: electrification and intelligence.

In March, the second generation Blade Battery and Supercharge technology were launched, which can charge from 10% to 70% in 5 minutes at room temperature, and to 97% in 9 minutes; even in extreme cold environments of -30℃, charging time is only 3 minutes longer than room temperature.

This is mass production technology. No automaker in the world can achieve this charging speed while guaranteeing low-temperature performance.

As of June 30, a total of 7018 Supercharge stations have been built nationwide, covering 325 cities; BYD also announced that by the end of the year, 20,000 Supercharge stations will be built nationwide, leading new energy vehicles into the comprehensive Supercharge era, injecting momentum into the zero-carbon dream.

In May, BYD once again took the lead in promising a 1-year safety backing for City Pilot, and announced that all models can be equipped with God's Eye B Assist Driving LiDAR Version, creating an era of universal City Pilot.

The "Flagship Answer" of 17 Million Vehicles

Seal 08

Seal 08 went on sale officially on July 2, priced from 196,900 to 239,900 RMB. At this price, when you look at the configuration of Seal 08, it is enough to make competitors at the same price point silent.

Pure electric version CLTC max range 905 km; all models equipped with Native Supercharge Platform and second generation Blade Battery, 5 minutes to charge well, 9 minutes to charge full. Plug-in hybrid version full tank full battery comprehensive range reaches 1,660 km.

All models standard equipped with front double wishbone and rear five-link independent suspension, equipped with DiSus-A Closed Dual-chamber Air Suspension and Road Preview System, equipped with Rear Wheel Active Steering, turning radius of only 4.62 meters. This is a chassis configuration previously only seen on million-level luxury cars.

All models standard equipped with God's Eye B Assist Driving LiDAR Version; official provides dual safety backing for City Pilot and Intelligent Parking. No industry common sickness of "high specs exclusive, entry reduced specs".

Body dimensions 5150mm×1999mm×1505mm, wheelbase 3030mm; front dual zero gravity seats feature ventilation, heating and massage functions, equipped with 20-speaker Devialet sound system; over 90% soft padding uses Mother and Baby Grade Eco-Friendly Nappa Leather.

Seal 08 integrates 37 global firsts, with unique product strengths such as Supercharge technology, dual safety backing for parking intelligent driving, 905 km pure electric range, DiSus-A plus rear wheel steering, pulling the threshold of million-level flagship experience down to the 200,000 level.

Summary

In 2003, BYD delivered its first car in Xi'an.

At that time, no one believed that this private enterprise starting with batteries could build a decent car, let alone believed it could truly conquer Germany.

But BYD did it.

Ten years ago, Chinese automakers were learning from Toyota. Now, Toyota is learning from BYD.

From the first 1 million vehicles taking 13 years to the latest 1 million vehicles taking only 82 days.

In the future, BYD will continue to adhere to technological innovation, perfect global industrial layout, with higher quality and higher value products, leading the global new energy vehicle industry towards a new height, injecting momentum into the zero-carbon dream.

In May this year, data from the European Automobile Manufacturers Association (ACEA) shows that Chinese car brands in Europe's 31 countries saw overall sales for the first time exceed Japanese brands. Chinese automakers (BYD, SAIC, Geely, Chery, Leapmotor) sold a total of 138,400 vehicles, while Japanese automakers (Toyota, Honda, Nissan, etc.) sold a total of 130,400 vehicles.

The story of Chinese new energy vehicles has just entered the climax.

82 Hari. Dari 16 Juta ke 17 Juta, BYD hanya mengambil masa 82 hari.

Kecepatan ini dalam sejarah industri kenderaan baharu global, bukan "langka", tetapi tidak pernah ada.

8 Julai, Xi'an, sebuah Seal 08 keluar dari barisan pengeluaran kilang BYD Xi'an.

Ini menandakan kenderaan baharu ke-17 Juta BYD secara rasmi telah dilahirkan, BYD sekali gus menjadi pengeluar kereta pertama di dunia yang mencapai pengeluaran kenderaan baharu ke-17 Juta.

Dari 16 Juta ke 17 Juta, BYD hanya menggunakan 82 hari. Penjualan separuh tahun pertama ini 1.8085 Juta, luar negara terkumpul hampir 790,000, pertumbuhan tahunan 68%.

2003, kereta pertama BYD keluar dari sini. 2008, kereta hibrid penyambung soket pertama di dunia F3DM dilahirkan di sini.

Kini, kenderaan baharu ke-17 Juta sekali lagi keluar dari sini menuju dunia. Dari 1 ke 17 Juta, kilang Xi'an menyaksikan proses BYD dari China menuju dunia.

17 Juta di Sebalik

Separuh tahun ini, jumlah jualan terkumpul BYD mencapai 1,808,511 buah, di mana Jun tunggal jualan pertama kali melampaui 400,000, mencapai 403,400 buah.

Terutama perlu diberi perhatian adalah pasaran luar negara, separuh tahun kenderaan penumpang dan pikap luar negara terkumpul dijual 789,367 buah, pertumbuhan tahun 68%, bahagian jualan luar negara melebihi 40%.

Mei dan Jun, bahagian pasaran BYD di Jerman melebihi Toyota.

Ini bukan model tertentu, tetapi bahagian pasaran keseluruhan. Jerman adalah jantung industri automotif Eropah, Toyota adalah raksasa yang telah bekerja keras di sini selama 50 tahun. BYD menggunakan masa kurang daripada 5 tahun untuk menyelesaikan penerusan di sini.

Jika ini diletakkan 10 tahun lalu, eksekutif pengeluar kereta Jerman akan menganggapnya sebagai bahan lawak.

Selain itu, BYD Shark PHEV dijual di United Kingdom, WLTP jarak penuh elektrik 90km, gabungan 674km, harga £47,290, kira-kira RM 430,000.

Sedangkan di Thailand, BYD sudah menjuarai halaman.

12 Julai BYD akan mengisytiharkan duta jenama pertama, akaun peminat Thailand yang banyak membalas semula secara ketat, pilihan popular mengarah ke bintang Thailand Lingling Kwong.

Syarikat kereta China di Asia Tenggara, telah daripada peringkat produk meresap ke peringkat budaya. Apabila anak muda Thailand mula menjerit untuk duta jenama BYD, monopoli emosi selama empat puluh tahun kereta Jepun di Asia Tenggara, mula menunjukkan retak.

Pintu Masuk Teknologi

Tahun ini, BYD terus menabur bom berat pada dua garis utama elektrifikasi dan kecerdasan.

Mac, mengeluarkan Bateri Bilah Edisi Kedua dan teknologi cas pantas, dalam suhu biasa 5 minit boleh cas dari 10% ke 70%, 9 minit cas ke 97%; walaupun dalam persekitaran sejuk melampau零下 30℃, masa cas hanya lebih 3 minit berbanding suhu biasa.

Ini adalah teknologi pengeluaran. Tiada pengeluar kereta di dunia boleh melakukannya pada kelajuan cas ini sambil menjamin prestasi suhu rendah.

Sampai 30 Jun, seluruh negara telah terbina 7,018 stesen cas pantas, meliputi 325 bandar; BYD lebih lagi mengisytiharkan akan membina 20,000 stesen cas pantas di seluruh negara pada akhir tahun, memimpin kenderaan baharu memasuki zaman cas pantas, memberi tenaga untuk impian sifar karbon.

Mei, BYD sekali lagi secara pertama menjanjikan jaminan keselamatan bandar 1 tahun, dan mengumumkan kesemua model boleh memuatkan sistem bantuan pemandu laser Edition B Tian Shen Zhi Yan, membuka zaman pemanduan bandar untuk semua orang.

Jawaban "Flagship" 17 Juta

Seal 08

Seal 08 dilancarkan rasmi 2 Julai, RM 196,900 - RM 239,900. Harga ini, apabila anda melihat peralatan Seal 08, cukup membuat lawan di harga sama senyap.

Versi penuh elektrik CLTC jarak maksimum 905km; kesemua model memuat platform cas原生 dan Bateri Bilah Edisi Kedua, 5 minit cas baik, 9 minit cas penuh. Versi hibrid penuh minyak dan penuh elektrik gabungan jarak cap 1,660 kilometer.

Kesemua model standard lengan ganda depan ditambah lima penggantungan belakang bersandar, memuat Yunian-A tutup rongga udara suspensi dan sistem prapandangan jalan,配备 roda belakang pusingan aktif, radius pusingan hanya 4.62 meter. Ini adalah set konfigurasi sasis yang biasanya hanya boleh dilihat pada kereta mewah peringkat jutaan.

Kesemua model standard sistem bantuan pemandu laser Edition B Tian Shen Zhi Yan; rasmi untuk pemanduan bandar dan parkir pintar menyediakan perisai keselamatan ganda. Tidak melakukan "pilihan tinggi ekslusif, pilihan awal kurang" penyakit industri.

Saiz badan 5150mm×1999mm×1505mm, wheelbase 3030mm; hadapan kedua-dua kerusi graviti sifar mempunyai pengudaraan, pemanasan dan urutan fungsi,配备 20 speaker Devialet audio; lebih 90% pembungkusan lembut menggunakan kulit asli kelestarian ibu dan bayi.

Seal 08 menggabungkan 37 rekod dunia menjadi satu, dengan cas pantas teknologi, parkir pintar ganda perisai keselamatan, 905km jarak penuh elektrik, Yunian-A ditambah roda belakang pusingan kekuatan produk tiada orang ada, menarik ambang pengalaman flagship peringkat jutaan ke peringkat 200,000.

Ringkasan

2003, BYD di Xi'an melancarkan kereta pertama.

Pada ketika itu, tiada siapa percaya syarikat swasta yang bermula dari bateri boleh menghasilkan kereta yang boleh dipercayai, lebih-lebih lagi tidak percaya ia boleh benar-benar menakluki Jerman.

Tetapi BYD telah berjaya.

10 tahun lalu syarikat kereta China belajar Toyota. Sekarang, Toyota belajar BYD.

Dari 100 Juta pertama mengambil 13 tahun, hingga 100 Juta terbaru hanya mengambil 82 hari.

Pada masa depan, BYD akan terus mempertahankan inovasi teknologi, lengkapkan susun atur industri global, dengan produk kualiti lebih tinggi dan nilai lebih tinggi, memimpin industri kenderaan baharu global menuju tahap baharu, memberi tenaga untuk impian sifar karbon.

Mei tahun ini, data Pertubuhan Pengeluar Kereta Eropah (ACEA), jualan keseluruhan jenama kereta China di 31 negara Eropah pertama kali melebihi jenama Jepun. Syarikat kereta China (BYD, SAIC, Geely, Chery, Leapmotor) jumlah dijual 138,400 buah, syarikat kereta Jepun (Toyota, Honda, Nissan, dll) jumlah 130,400 buah.

Cerita kenderaan baharu China, baru sahaja memasuki klimaks.

BYD's mid-size SUV Sealion 7 (Sealion 07 in China) is selling well in overseas markets! In fact, since the beginning of this year, BYD Sealion 07's domestic sales have been continuously declining. Cumulative sales from January to May 2026 were only 855 units. In contrast, the Korean market sold 4,477 units in just the first half, a surprising contrast — this car's sales in Korea far exceed those in China.

Additionally, Sealion 7 ranked 7th in sales among imported car models in Korea in the first half of this year; Australia sold 4,730 units, with sales performance similar to Korea; Malaysia sales reached 4,454 units. After seeing the cold feedback in the domestic market, BYD plans to stop production of Sealion 7 for the Chinese domestic market and concentrate capacity to meet global export orders.

In the first half of 2026, BYD's total sales in the Korean market reached 11,675 units. The small hatchback Dolphin sold 4,511 units. Combined with Sealion 7 sales, it helped BYD rank fourth in sales among imported car brands in Korea. However, industry forecasts predict that several models have recently been removed from the Korean government's electric vehicle subsidy list, and subsequent sales growth may encounter bottlenecks.

To cope with this situation, BYD launched a customer support plan, issuing vehicle purchase subsidies equivalent to the original government subsidy standards independently. Subsidy Standards: Purchase of Sealion 7 subsidized 1.52 million Won (6,887 RMB), Atto 3 (Yuan PLUS) subsidized 1.26 million Won (5,708 RMB), Dolphin subsidized 1.09 million Won (4,938 RMB).

BYD launched high self-funded subsidies to maintain the current continuously rising sales in the Korean market. As early as 2025 when BYD first entered the Korean market, it launched brand subsidies in areas where local government subsidy quotas were exhausted, taking multiple measures to boost sales. EV brand Polestar also launched similar policies, providing brand-owned subsidies for models that could not enjoy government subsidies.

It is reported that this self-funded subsidy policy is tentatively scheduled to implement only in July; whether it will continue will be finalized after negotiation with BYD headquarters. Under the unfavorable environment of losing official subsidies, whether BYD can rely on self-funded subsidies to stabilize sales growth has become a focus of attention in the automotive industry.

BYD SUV pertengahan Sea Lion 7 (Sea Lion 07 di pasaran domestik), sangat laris di pasaran luar negara! Pada hakikatnya, sejak awal tahun ini jualan BYD Sea Lion 07 di pasaran domestik terus menurun. Jumlah jualan terkumpul Januari hingga Mei 2026 hanya 855 unit. Melihat pasaran Korea, hanya dalam setengah tahun pertama sahaja telah terjual 4,477 unit, perbezaannya mengejutkan — jualan kereta ini di Korea jauh melebihi tanah air China.

Sebab itu, Sea Lion 7 menduduki kedudukan ke-7 dalam jualan kereta import di Korea pada setengah tahun pertama tahun ini; pasaran Australia menjual 4,730 unit, prestasi jualan hampir sama dengan Korea; pasaran Malaysia mencapai jualan sebanyak 4,454 unit. Selepas BYD melihat maklum balas pasaran domestik yang rendah, mereka merancang untuk menghentikan pengeluaran Sea Lion 7 untuk pasaran domestik China, memfokuskan kapasiti untuk memenuhi pesanan eksport global.

Tahun 2026 setengah tahun pertama jumlah jualan keseluruhan BYD di pasaran Korea mencecah 11,675 unit. Kereta kecil hatchback Dolphin terjual 4,511 unit, bersama jualan Sea Lion 7, membantu BYD menaiki tangga jualan jenama kenderaan import Korea ke kedudukan keempat. Namun industri meramal, baru-baru ini beberapa model telah dikeluarkan daripada senarai subsidi EV kerajaan Korea, pertumbuhan jualan susulan mungkin akan menghadapi halangan.

Untuk menghadapi situasi ini, BYD melancarkan skema sokongan pelanggan, mengeluarkan subsidi pembelian sendiri yang setara dengan piawaian subsidi kerajaan asal. Piawaian subsidi: Membeli Sea Lion 7 mendapat subsidi 1.52 juta Won Korea (6,887 Yuan China), Atto 3 (Yuan PLUS) mendapat subsidi 1.26 juta Won Korea (5,708 Yuan China), Dolphin mendapat subsidi 1.09 juta Won Korea (4,938 Yuan China).

BYD melancarkan subsidi tinggi sendiri adalah untuk mengekalkan jualan pasaran Korea yang semakin meningkat pada masa ini. Pada awal tahun 2025, apabila BYD baru memasuki pasaran Korea, subsidi jenama telah diberikan di kawasan di mana kuota subsidi kerajaan tempatan telah habis, berpelbagai cara untuk menarik jualan. Jenama kenderaan elektrik Polestar juga pernah mengeluarkan dasar serupa, menyediakan subsidi jenama sendiri untuk model yang tidak layak menerima subsidi kerajaan.

Menurut sumber, dasar subsidi sendiri ini dirancang hanya untuk Julai sahaja, sama ada dilanjutkan atau tidak akan ditentukan selepas berunding dengan ibu pejabat BYD. Dalam keadaan tidak menguntungkan kehilangan subsidi kerajaan, sama ada BYD dapat bergantung pada subsidi sendiri untuk menstabilkan pertumbuhan jualan, telah menjadi tumpuan utama industri automotif.

Author ｜ Zhang Rui

Editor ｜  Zhi Hao

After obtaining filing approval from the CSRC, Momenta's prospectus is here.

Auto News reported on June 23, today, MOMENTA GLOBAL LIMITED (hereinafter referred to as Momenta) submitted a listing application to the Hong Kong Stock Exchange.

▲Momenta Prospectus

According to data in the prospectus, as of February 28, 2026, Momenta has cumulatively secured 180 vehicle model designations, with the installed base of production-ready vehicle solutions exceeding 733,000 units.

As of February 28, 2026, Momenta has established cooperative relationships with 24 global OEMs, including nine among the global top ten OEMs such as Toyota, General Motors, Hyundai-Kia, Volkswagen, and Honda, as well as China's top ten OEMs including SAIC, BYD, GAC, Chery, FAW, Geely, Great Wall, and Dongfeng.

Regarding financial data, in 2025, Momenta's revenue was RMB 2.413 billion, a year-on-year increase of 82.1% compared to 2024, although it still recorded a loss of RMB 3.458 billion, an expansion from 2024.

▲Momenta Major Financial Information for the Last Three Years

Momenta is a Chinese autonomous driving company founded in 2016, adopting a "Two Legs" strategy, based on a data-driven "Flywheel", with a product strategy combining Mass Production with Scalable Robo.

▲Momenta's Booth at the Beijing Auto Show

Momenta mentioned in the listing application that the proceeds from this fundraising are expected to be used to strengthen core infrastructure, expand R&D capabilities, promote R&D investment in next-generation high-level intelligent driving solutions, and are also used for investment in accelerating the commercialization and scaled development of autonomous ride-hailing service solutions.

▲Some Uses of Momenta Funds Raised

I. Cumulative Revenue of RMB 4.481 Billion Over Three Years, 2025 Gross Margin 71.6%

Regarding performance, according to Momenta's listing application documents, Momenta's revenue in 2023 and 2024 was RMB 743 million and RMB 1.325 billion respectively.

▲Momenta Financial Data Summary in Recent Years

In 2025, Momenta's revenue was RMB 2.413 billion, a year-on-year increase of 82.1% compared to 2024. Momenta stated this was mainly due to increased licensing fees and increased technical development service revenue, benefiting from rising customer demand. Momenta's cumulative revenue over three years was approximately RMB 4.481 billion.

▲Momenta Revenue Changes in Recent Years

However, at present, Momenta is still in a loss-making state. Momenta's net losses in 2023, 2024, and 2025 were RMB 2.57 billion, RMB 3.206 billion, and RMB 3.458 billion respectively, with a cumulative net loss over three years of approximately RMB 9.234 billion.

▲Momenta Loss Changes in Recent Years

In 2023, 2024, and 2025, Momenta's gross margin increased significantly, with three-year gross margins of 17.5%, 49.0%, and 71.6% respectively.

▲Momenta Gross Margin in Recent Years

Regarding R&D investment, in 2023 and 2024, Momenta's R&D expenditure was RMB 1.281 billion and RMB 1.508 billion respectively.

▲Momenta R&D Investment in Recent Years

In 2025, Momenta's R&D expenditure was RMB 1.869 billion, a 23.9% year-on-year increase compared to 2024, accounting for 77.5% of total revenue. Momenta stated this was mainly driven by increased R&D activities, including rising infrastructure costs, increased training platform expenses and cloud service fees, Momenta's test fleet operating costs, and increased employee compensation and benefits.

Regarding financing history, as of November 28, 2025, Momenta has completed a Series C-13 financing round, with a post-money valuation of USD 6.185 billion (approximately RMB 41.918 billion).

▲Momenta Financing Information

II. Focused on Developing and Commercializing Intelligent Driving Technology, Cumulatively Awarded 180 Vehicle Model Orders

Specifically looking at the business, Momenta is an autonomous driving company focused on developing and commercializing intelligent driving technology to improve safety and efficiency in the mobility and logistics sectors, specifically including achieving this through production-ready vehicle solutions and scalable autonomous mobility applications.

According to data, whether calculated by sales volume of vehicles equipped with Momenta Urban NOA solutions in the past twelve months ended February 28, 2026, or by the cumulative number of production-ready vehicle models equipped with Momenta Urban NOA solutions as of February 28, 2026, Momenta ranks first among all independent intelligent driving solution providers globally.

As of December 31, 2025, Momenta had cumulatively secured 170 vehicle model designations, including 68 models that have entered formal mass production. At the same time, the installed base of Momenta's intelligent driving solutions on production vehicles exceeded 680,000 units, with cooperative relationships established with 24 global OEMs, including cooperation with China's top ten OEMs such as SAIC, GAC, Chery, FAW, Geely, Great Wall, and Dongfeng.

▲Cumulative Momenta Designated Vehicle Models

In addition, according to data, for the past 12 months ended February 28, 2026, calculated by city NOA sales, Momenta ranked first among global independent city NOA solution providers, with a market share of 64.5%.

▲Ranking of Global Independent Urban NOA Solution Providers

As of February 28, 2026, Momenta has further established a cooperative relationship with Ford, increasing the number of global top ten OEMs with whom Momenta has established cooperative relationships to nine. These include Toyota, General Motors, Mercedes-Benz, BMW Group China, Hyundai-Kia, Volkswagen, BYD, and Honda among the global top ten OEMs listed by Fortune Magazine in July 2025.

In addition, as of February 28, 2026, Momenta has cumulatively secured 180 vehicle model designations, an increase from the 170 models as of December 31, 2025. As of the same day, the installed base of Momenta production-ready vehicle solutions exceeded 733,000 units.

In 2023, 2024, and 2025, Momenta's total revenue from its top five customers was RMB 644.3 million, RMB 1.0373 billion, and RMB 1.5082 billion respectively, accounting for 86.7%, 78.3%, and 62.6% of Momenta's revenue respectively. Revenue generated from the largest customer in each year during the track record period was RMB 265.5 million, RMB 255.6 million, and RMB 522.2 million respectively, accounting for 35.7%, 19.3%, and 21.6% of Momenta's revenue respectively.

▲Momenta Major Customers

Specifically regarding products, Momenta provides two solutions: solutions deployed on production vehicles and developing scalable unmanned mobility and logistics businesses, expected to expand to autonomous freight vehicles and autonomous trucking services.

Although production-ready vehicle solutions and autonomous ride-hailing service solutions operate independently, Momenta remains committed to promoting interaction between the two to drive Momenta's "One Flywheel, Two Legs" strategy, which forms a flywheel accelerating technology evolution, supporting Momenta in ultimately achieving scalable fully autonomous driving.

▲Momenta's 'One Flywheel, Two Legs' Strategy

Regarding production-ready vehicle solutions, as a Tier-1 Software Supplier, Momenta provides high-level intelligent driving software solutions that are stable during actual use and compatible with different OEM platforms.

Momenta's software design can be integrated with OEM platforms, ensuring OEMs have full control over system performance, deployment rhythm, and future upgrades while accelerating product launch and improving system overall flexibility.

Through integration with OEM platforms, Momenta customizes solutions for specific vehicle architectures while maintaining high reliability and supporting continuous iterative upgrades. Momenta's main line platform across vehicle platforms also enables Momenta to participate in overseas projects more efficiently, thereby serving OEMs that span multiple regions and vehicle platforms.

Meanwhile, Momenta is working closely with global top OEMs to promote L3-level project implementation, moving towards a new stage of autonomous driving together.

The revenue model for Momenta's production-ready vehicle solutions consists of two parts: 1. Pre-production technical development service fees, where Momenta adapts, validates, and integrates solutions into OEM vehicle models facing mass production; 2. Post-production licensing fees based on sales volume, which are charged once per vehicle integrating the high-level intelligent driving solution.

▲Momenta Production-Ready Vehicle Solution Revenue Model

Regarding autonomous ride-hailing service solutions, currently Momenta focuses on autonomous ride-hailing services. As technology and business environments evolve, Momenta plans to further expand autonomous freight vehicles and autonomous trucking services.

As of the last practicable date, Momenta has obtained commercial operation approval in Suzhou and Shanghai, China, demonstration application license and test license in Wuxi, China, and test license in Abu Dhabi, UAE.

According to data, Momenta cooperates with Mercedes-Benz and UAE national taxi company Lumo to launch the world's first high-end autonomous ride-hailing service.

In addition, Momenta reached a strategic cooperation with Roam in May 2025 to deploy autonomous ride-hailing vehicles based on front-production mass production vehicle platforms, planning to launch commercial operations in Shanghai in early 2026.

At the same time, Momenta has established cooperation frameworks with overseas leading mobility platforms such as Uber and Grab, and plans to launch overseas commercial autonomous ride-hailing services in Abu Dhabi, UAE and Munich, Germany in 2026, and is expected to expand to more cities in regions such as the Middle East, Europe, and Southeast Asia (such as Dubai, Singapore, and selected cities in Germany).

Currently, Momenta has completed system integration with Uber and is testing in Munich. Momenta is also communicating with Grab regarding regulatory approvals and early testing arrangements, while conducting necessary road tests in Abu Dhabi.

According to Momenta's autonomous ride-hailing cooperation model, mobility platforms are usually responsible for user acquisition, order dispatch, customer interface, and fleet operations through their mobility applications. Vehicles are mainly provided through the cooperation between Momenta and vehicle partners (usually OEMs), while Momenta focuses on delivering autonomous driving systems.

III. Committed to Building "Android System" in Autonomous Driving Field, Models Deployed in Multiple Production-Ready Models

Momenta's autonomous driving platform, unlike closed, vertically integrated systems, is committed to building a highly open, modular, and highly generalized intelligent driving ecosystem platform, which Momenta calls the "Android System" in the autonomous driving field.

▲Momenta Autonomous Driving Platform

Momenta Autonomous Driving Platform's modularity and generalization capabilities support seamless adaptation between different vehicle models and autonomous ride-hailing operations, featuring three core characteristics:

1. Openness: Momenta adheres to an open platform strategy, collaborating closely with OEMs and other mobility platforms to flexibly respond to their personalized needs at different development stages and market strategies. Momenta's solutions can adapt to diverse hardware configurations, vehicle platforms, price ranges, and functional requirements.

2. Modularity: Momenta developed a unified platform architecture with standardized interfaces, ensuring consistency of user experience and system compatibility under different vehicle models and hardware configurations, while supporting rapid large-scale deployment.

3. Generalizability: Momenta adopts a "mapless" solution, which does not rely on pre-collected high-definition maps, yet achieves strong generalization capabilities of "can drive wherever there is a road, can drive globally". This provides powerful geographical adaptability, making large-scale deployment possible.

Regarding data-driven algorithms, Momenta's data-driven algorithm model has rapidly iterated to the 6th generation. The R6 model learns in a simulation environment covering diverse driving trajectories. For every trajectory, the model is evaluated based on multiple reward mechanisms covering safety, comfort, and efficiency, achieving continuous optimization of decision-making capabilities by reinforcing optimal behavior and penalizing poor behavior.

The key advantage of the R6 model lies in simultaneously utilizing high-quality and poor driving data: high-quality behavior is reinforced through positive rewards, while poor behavior is explicitly penalized, thereby fully releasing the value of data generated by production-ready vehicles after formal mass production — every kilometer driven can be converted into potential training input. According to Momenta's internal testing data, compared to the previous generation, the R6 model can achieve performance improvements of up to about eight times in some safety-critical scenarios.

With the support of reinforcement learning, the R6 model has achieved significant improvements in safety, compliance with traffic rules, and more intelligent driving decisions. To date, the R6 model has been deployed in multiple production-ready models including Buick Zhijing L7 under SAIC-GM and Chery Fengyun T11. In the future, Momenta plans to expand it to more new models.

IV. 7 Automotive Companies Hold Shares, Founder Has Over 15 Years of Experience in Tech Industry

In terms of equity structure, as of the last practicable date, according to listing rules, Cao Xudong, Xia Yan, Sun Gang, Sun Huan, Jia Sibuo, Li Jun, Zhu Wangjiang, Wang Jinwei, Bigsail Holdings, Lvdou, Shengse, Pine Sky, Creative Circuit Limited, Yijia VC Limited, Tide Bay Limited, and Tycoon Insight Limited constitute a group of controlling shareholders for Momenta.

▲Momenta Equity Structure

Meanwhile, in the list of Momenta's major shareholders, we can see General Motors holds 9.37% and Mercedes-Benz Group holds 6.39%. In addition, it is noteworthy that among Momenta's shareholders, there are a total of 7 automotive companies: SAIC, GM, Mercedes-Benz, Toyota, BYD, Hyundai, and Chery.

▲Momenta Major Shareholders List

Among them, Cao Xudong is Momenta's founder, Board Chairman, Executive Director, and Chief Executive Officer. In addition, Cao Xudong is currently a director and/or senior management member of several Momenta subsidiaries, mainly responsible for supervising Momenta's overall management, organizational development, and strategic project development.

▲Cao Xudong

Cao Xudong obtained a Bachelor of Engineering degree in Engineering Mechanics and Aerospace Engineering from Tsinghua University located in Beijing in July 2008, and has over 15 years of experience in the tech industry.

Before founding Momenta, Cao Xudong served as a researcher at Microsoft Research Asia from November 2010 to October 2015, mainly responsible for R&D in areas such as search engines, machine learning cloud services, and cloud storage systems. From November 2015 to August 2016, Cao Xudong served as Executive R&D Director of SenseTime Group Limited, mainly responsible for leading and supervising the R&D of multiple technical innovations including Internet-based facial recognition technology.

Conclusion: Momenta is About to List on HK Stock Exchange

Momenta stated that for Momenta, listing in Hong Kong is not just for fundraising, but also to prove that technology can scale to make money, be mass installed in vehicles, and go global.

According to the prospectus, from 2023 to 2025, Momenta's operating income grew from 743 million yuan to 2.413 billion yuan, tripling over three years with a CAGR of over 80%, cash reserves exceeding RMB 10 billion, leaving space for Robo business (such as autonomous Robotaxi, unmanned Robovan, and autonomous Robotruck, etc.) and going overseas.

If Momenta can successfully list in Hong Kong this time, it is expected to obtain more capital support and increase investment in continuous R&D of core technologies.

Left hand holds chips, right hand holds robots.

BYD, it's time to change the way it lives.

2026 will not be an easy year for the overall Chinese automotive industry.

Multiple listed automakers are experiencing profit cuts by half (or even deeper), stock price pressure, and even situations where shareholders complain directly to management at shareholders' meetings...

If looking only at BYD's financial reports and stock price, some might think this company is experiencing a crisis.

However, if looking at its technology reserves, overseas expansion, chip, and robot layout strategies, one might feel this is a 'tech giant' building up momentum.

These two completely opposite judgments reveal that this company 'only focused on new energy vehicles' is planning a grand chess game far beyond automobiles.

01

'Q1 2026 was a temporary darkest moment for the new energy vehicle industry.' BYD Chairman Wang Chuanfu was very candid in his speech at the shareholders' meeting.

He stated directly that starting from January 1, 2026, the policy of exempting new energy vehicles from purchase tax in China was changed to half-rate collection. The policy retreat caused demand in November and December 2025 to be significantly front-loaded. Domestic NEV penetration rate dropped from 59.1% in December 2025 to 38.6% in January of this year, and rebounded to 44.9% in February.

In Q1 2026, BYD's revenue was 150.225 billion yuan, down 11.82% year-on-year; net profit attributable to the parent company was 4.085 billion yuan, down 55.38% year-on-year.

【Image Source: BYD Q1 Report】

However, Wang Chuanfu also gave his judgment: 'The worst moment has passed.' Due to the Middle East conflict and soaring oil prices, NEV penetration rates have continued to rise over the past two months.

In March of this year, BYD launched the 2nd Gen Blade Battery and Flash Charge technology, directly targeting the charging anxiety pain point of the 'first half' of electrification.

In May, BYD's NEV sales reached 383,500 units, a 0.26% year-on-year increase, with sales year-on-year turning positive for the first time in several months.

However, sales recovery is not a smooth path.

Wang Chuanfu stated, 'The overall sales volume in 2026 depends on the battery capacity release, with a larger capacity release in 2027.'

He stated that due to the huge difference in internal structure between the 2nd Gen Blade Battery production line and the 1st Gen, the original 1st Gen production line needs retrofitting and upgrading, and capacity ramp-up requires a cycle. Currently, capacity is ramping up with an increase of 20,000-30,000 units per month.

02

Battery capacity ramp-up solves the problem of 'how many cars to sell'. What BYD is planning is a story bigger than 'selling cars'.

If smart driving is the 'present tense' BYD is delivering, then chips and humanoid robots are the 'future tense' it is planning.

A week before the shareholders' meeting, Li Ke, Executive Vice President of BYD Group, confirmed in an interview program that BYD is developing humanoid robots.

She also stated, 'Competition in robots lies in who has the strongest manufacturing, software, and hardware capabilities, and automotive-related AI capabilities share the same origin with robots.'

Upon this news, the market went wild.

News circulated that BYD's humanoid robot code name was 'Yao, Shun, and Yu', planning to deploy 20,000 units internally in 2026. BYD immediately debunked the rumor, stating: related news were all untrue. But the 'debunking' itself proved another thing: entering the game is real, just the rhythm and scale were exaggerated.

In fact, BYD's layout in the robot field is far earlier and more systematic than outsiders imagine.

Its Embodied Intelligence Research Team was established in 2022 and has completed the development of several products including process robots, intelligent mobile robots, and humanoid-like robots.

On the investment side, in 2023 it invested in Zhìyuán Robot; in 2025 it acquired a stake in tactile technology company Pacini Perception Technology, becoming a major shareholder.

03

From Li Ke's statement, industrial robots are the focus at the present stage, because BYD itself is the largest user; in the future, once humanoid robots meet the conditions to enter homes, BYD can rely on its global dealer network to sell.

This is not cross-border chasing trends, but a translation and reuse of whole industry chain technical capabilities. Motors, electronic control, batteries, chips, contract manufacturing, the whole industry chain capabilities required for car manufacturing can almost be translated to the robot field. Currently, Chinese listed automakers like SAIC, Geely, GAC Group, etc. have started planning the automotive derivative industry.

Financial reports show BYD's total employee compensation expenditure in 2025 was 130.5 billion yuan. Using robots to replace high-repetition production line positions to reduce costs is highly logical.

Citi predicts that by 2050, the global humanoid robot market size will reach $7 trillion, with quantity reaching 648 million units.

For BYD, which is looking for a 'second growth curve', this is undoubtedly a track worth betting on. Currently, almost all major Chinese listed automakers are seeking to switch tracks,跳出 the saturated automotive market, and open up new blue oceans, especially in fields like Embodied Intelligence.

04

The hardware foundation supporting the long-term imagination of robots is chips and intelligent driving capabilities, which BYD is also delivering as 'present tense'.

BYD currently urgently needs to prove to the market that self-developed batteries, vehicle-mounted chips, high-order intelligent driving, and whole vehicle contract manufacturing businesses are not just supporting costs for the manufacturing link, but high-quality assets that can be independently commercialized externally and create incremental revenue.

Currently, BYD's assisted driving vehicle stock exceeds 3.15 million units, generating over 200 million kilometers of intelligent driving related driving data daily, with over 5,000 intelligent driving R&D engineers.

The self-developed 4nm process intelligent driving chip 'Xuanji A3' was launched and mass-produced on a large scale in May, with a total computing power of three chips exceeding 2100 TOPS.

From this set of data, BYD's entire intelligent driving system achieves integrated layout of underlying data, algorithms, and self-developed chips, forming a technical closed loop for continuous self-iteration and optimization.

Millions of vehicles on the road continuously collect real road condition data. Massive real-scene test data is a core advantage difficult for most enterprises focusing on intelligent driving R&D to reach. Once domestic L3-level autonomous driving regulations are formally and fully implemented, BYD possesses the innate conditions for rapid scaled implementation of high-order intelligent driving.

Wang Chuanfu had no hidden feelings about this: 'Once L3 regulations are implemented, BYD will take off rapidly.'

05

After telling the story of technology, back to the current most realistic growth engine for BYD — the overseas market.

After capacity ramp-up is completed, BYD will focus on the two core markets of home and overseas simultaneously, among which overseas business is the growth segment with the strongest certainty at the present stage.

In May of this year, BYD's overseas car sales reached 160,600 units, up 80.7% year-on-year, setting a new record high. For the first 5 months of this year, cumulative export sales reached 614,500 units, accounting for 35% of total sales.

Wang Chuanfu explicitly stated that the overseas export target of 1.5 million units for 2026 set at the beginning of the year 'is now expected to be exceeded'. Currently, BYD has completed 40.96% of this year's overseas export target.

Not only that, Wang Chuanfu also proposed medium and long-term goals: in five years, BYD should achieve true number one in the world in scale. By 2030, achieve a sales blueprint of 10 million units through overseas expansion.

06

To support the globalization strategy, BYD is no longer limited to whole vehicle product exports, but moves to promote the landing of the entire industrial system overseas.

On the production side, local factories in Thailand, Brazil, and Uzbekistan are already in production; the Hungary production base is about to start operations; the Indonesia factory has entered the mass production preparation stage. On the logistics support level, the customized Ro-Ro fleet expanded to 8 ships, with annual capacity for 250,000-300,000 whole vehicle sea transport.

What deserves vigilance is that the high-speed expansion of overseas business also brings undeniable cost pressures: EU anti-subsidy tariff policies targeting domestic new energy models are gradually implemented; new factories in various places belong to heavy asset investments, lengthening the profit return cycle; increasing the gross margin of the overseas segment still requires long-term operation sedimentation.

This problem has no shortcut, only by relying on production capacity scale and brand premium to solve step by step.

07

If sales volume is BYD's 'face', then stock price is its 'underlying value', and this 'underlying value' keeps shareholders restless and sleepless.

At the shareholders' meeting, a shareholder directly stated on the spot that the company's performance in the capital market is far inferior to CATL, he was deeply trapped with heavy position, severe losses, and felt 'very sad'.

Facing shareholders' doubts, Wang Chuanfu responded emotionally, 'BYD is my life.'

He stated: 'Everyone recognizes our potential, but now our stock price hasn't reflected it.' He hopes shareholders stay patient and promises 'we will definitely realize better returns for shareholders'.

【Image Source: BYD Annual Report】

From data comparison, the contrast between BYD's performance and capital market is indeed glaring: In 2025, BYD revenue was 803.965 billion yuan, net profit 32.619 billion yuan, profitability ranking first among passenger car listed companies.

However, since the annual report disclosure, BYD's stock price and market value have oscillated downward. As of the close on June 18, BYD A-share and HK shares reported at 88.13 yuan/share and 80.85 HKD/share respectively.

In the view of 'Auto K-Line', this is indeed related to BYD's continuous sales decline since this year and Q1 profit drop, but more likely because the market still uses the perspective of 'automobile manufacturer' to measure a company turning into a 'tech platform'.

Wang Chuanfu said the worst moment has passed. Behind this sentence lies BYD's fully laid-out technology layout and long-term capacity planning.

This plan has a clear promotion rhythm, but also needs to withstand real cost pressures: long-term losses during capacity ramp-up phase, huge funds continuously thrown into overseas factories, etc., everything is wearing out shareholders' patience.

Views of AutosKline:

What is truly worth following up on may not be whether sales volume can continue to 'turn positive' in a certain month, but that BYD is already not just a car selling enterprise, it is transforming into a comprehensive industrial entity covering energy, intelligent driving, high-end manufacturing, and industrial robots step by step.

This is also the fundamental reason why the market needs to revalue BYD. As for when value revaluation will come, it depends on the actual promotion effect of technology landing, capacity expansion, etc. Before that, all investors willing to wait long-term are essentially paying for BYD's long-term growth potential.

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Articles of this account, without authorization, cannot be reprinted, violators will be held accountable. Meanwhile, article content does not constitute investment advice to anyone! Stock market risks are high, investment must be cautious!

In China's 2026 automotive market, an unprecedented "extreme 'ice and fire' contrast" is taking place. CPCA data shows that January to May domestic standard passenger car cumulative retail hit 7.099 million units, down 19.5% year-on-year. Fuel-powered vehicles encountered an even greater avalanche, with May fuel vehicle retail sales plummeting 39% year-on-year; among them, domestic brands dropped 39%, mainstream joint venture brands declined 41%. However amidst this "decline", BYD Group's January to May NEV cumulative sales exceeded 1.405 million units, securing the top spot for both Chinese car brands and NEV sales.

While the overall market declines and competitors compete fiercely, why is BYD riding the wave to lead? Piercing through the surface of sales figures, the three structural changes truly worth noting are...

“Counter-Trend Logic” in Downward Market: YoY Sales Decline ≠ Competitiveness Decline

Let's look at a set of data easily misinterpreted. BYD's January to May total sales were 1.405 million units, down 20.32% year-on-year. Looking at this number alone, some might conclude "BYD is done". But viewed in industry context, the conclusion is completely different.

First, base effect. 2025 same period sales were built on the policy dividend of full tax exemption for NEVs, whereas from January 2026 tax exemption changed to half exemption. Demand overhang brought by policy retreat is industry-wide, not unique to BYD.

Second, trend reversal. In May alone, BYD sales were 383,500 units, up 0.3% year-on-year, and up 19.4% month-on-month. This marks the first year-on-year turn positive for monthly sales since 2026, ending the previous 8 consecutive months of decline. Against the backdrop of the overall industry still in deep decline, BYD braked first, with clear turning point signals.

Third, share expansion. January to May, BYD ranked second in auto group sales rankings (1.405 million units), market share 11.5%; in NEV manufacturer rankings, with 766,000 units cumulative sales, it ranked first, market share as high as 20.7%. The cake is shrinking, but BYD's cut of the share is growing bigger.

Growth Engine Switch: Overseas Becomes Second Growth Pole

If domestic sales are BYD's basic platform, then the overseas market is becoming the real incremental engine.

In May, BYD overseas sales broke 160,000 for the first time, reaching 160,600 units, up 80.4% year-on-year, setting a new historical high. January to May overseas cumulative sales were 616,900 units, up 64.9% year-on-year. More worth noting is the structural change; May overseas sales share reached 41.9%.

What does this mean? Nearly half of BYD's sales come from the overseas market. While domestic sales were down 24.1% year-on-year, overseas filled the gap with over 80% growth rate. BYD is transforming from a "Chinese NEV automaker" to a "Global NEV automaker", this transition is far more important than monthly sales ups and downs.

From the model perspective, Seagull, Song PLUS, Yuan series continue to sell hot overseas, SHARK pickup sales exceeded 4,000 units for two consecutive months. From capacity perspective, BYD has laid out overseas factories in many locations including Thailand, Uzbekistan, Brazil, Hungary. From strategy perspective, BYD expects annual exports of 1.7 million units, up another 62% year-on-year. Overseas business high growth not only hedged domestic market downward pressure, but also optimized overall profit structure with higher per vehicle ASP and profitability.

Technology and Scale "Double Moat": Barriers Others Can't Learn

Sales are just results; what truly supports BYD's continuous leadership is the double moat built by technology and scale.

On the technology end, Flash Charge is redefining EV experience. March 2026, BYD launched 2nd Gen Blade Battery and Flash Charge technology; charging from 10% to 70% takes only 5 minutes at room temperature, 10% to 97% takes only 9 minutes; even in sub-zero 30℃ extreme cold, charging from 20% to 97% takes only 3 minutes more than room temperature. This is not parameter piling, but systematic attack on "slow charging" and "difficulty charging in low temp", the two electrification world problems. As of May, BYD has laid out 6,682 Flash Charge stations in 321 cities nationwide, planning to reach 20,000 stations by year-end. Models equipped with Flash Charge tech, such as 3rd Gen Yuan PLUS, Fang Cheng Bao Bao 5/ Bao 8 Flash Charge version, Denza N9 Flash Charge version, have launched densely.

On the intelligence end, data flywheel of 3.15 million vehicles is accelerating. As of May 28, BYD ADAS vehicle stock exceeded 3.15 million units; "Heavenly Eye" generates over 200 million km daily. The more data, the faster algorithm iteration; the better the algorithm, the better user experience. This is a typical "Data Flywheel" effect. BYD committed first to guarantee city pilot safety for one year, and announced all series models optional for "Heavenly Eye B" smart driving solution.

On the scale end, 8 models monthly sales breaking 20,000 "army group operations". In May, Dynasty Series Yuan, Song delivered 56,691 units, 51,370 units respectively; Ocean Series Seagull, Dolphin, Seal, Sea Lion, Song PLUS, five models all broke 20,000. BYD Song even took May all models sales top with 75,825 units. Releasing volume for multiple models simultaneously tests supply chain stability, production efficiency and cost control capability; this is exactly the systematic advantage brought by 1.4 million units scale.

Conclusion:

China's 2026 automotive market, competition logic has completely changed. Marginal effect of price wars is decreasing, tech wars and experience wars have just begun. In a market where overall trends are downward and policy dividends are fading, BYD proved a simple truth with 1.405 million units cumulative sales: what truly determines whether an enterprise can grow continuously is technology, scale, and globalization capability.

Domestic sales are bottoming out and recovering, overseas market continues high advance, Flash Charge technology and intelligence strategy dual-wheel drive. BYD's leadership does not come from a single dimension advantage, but from systematic barriers built from multiple dimensions. For the whole industry, BYD's case also provides a clear signal: NEV competition first half is about who gets on the car first, second half is about who runs further.