7月16日，随着一辆右舵版广汽传祺M8 PHEV缓缓驶下生产线，广汽集团正式达成第3000万辆整车下线的里程碑。从首辆整车下线到突破3000万大关，广汽走过了29年发展历程。这个数字不只是一家车企的规模成绩单，更浓缩了中国汽车工业从合资起步、自主成长到新能源全球化突围的进阶脉络。

在行业深度重塑、竞争持续升级的当下，广汽的3000万时刻，兼具制造业初心的坚守与面向未来的转型布局，为中国车企高质量发展提供了可参考的实践路径。

3000万体量的底层支撑，是对品质与安全的长期坚守。作为国内最早开展合资合作的车企之一，广汽在发展初期便系统吸收本田全面质量管理、丰田精益生产的成熟经验，并结合自身实践融合创新，形成了独具特色的质量管理体系。

这种品质基因贯穿研发到制造全链条：每款新车上市前，都要经过高寒、高温、高原等“五高一山一尘”极端环境测试，完成“两冬一夏”实地路试，覆盖整车上千项验证子项；生产端以广汽埃安智能生态工厂为代表，通过数字化智能制造保障量产品质稳定，成为全球首个新能源汽车灯塔工厂。

安全技术与服务保障同步加码，构成了品质的第二道防线。星灵安全守护体系的八大关键系统双冗余设计，累计装车150万辆、安全行驶超1600亿公里的弹匣电池，再到行业率先推出的自主品牌“三担责”政策，从技术底层到服务兜底形成完整闭环。

在中国车市从增量转向存量的阶段，用户选择的核心标尺正回归产品本质，广汽29年积累3000万用户信任，本质上是守住了“品质不让渡”的制造业底线，这也是中国汽车产业从做大到做强的核心根基。

此次里程碑仪式的另一重信号，是广汽电动化、智能化转型的全面提速。现场亮相的第29999995至29999999辆整车，全部为新能源车型，覆盖广汽本田、广汽丰田、广汽传祺、广汽埃安、广汽昊铂、启境汽车六大品牌；而作为第3000万辆的右舵版传祺M8 PHEV，最终交付到泰国车主手中，将新能源转型与全球化出海两大趋势串联在一起。

数据印证了转型的实际成效：今年上半年，广汽集团整体销量77.31万辆，同比增长2.35%；其中新能源汽车销量同比大增68.8%，海外出口突破12万辆，同比增长132%。在燃油车市场整体承压的行业背景下，新能源与出口正在成为拉动增长的双引擎。这种增长建立在长期研发投入之上：截至目前广汽累计研发投入超620亿元，全球研发团队超6800人。

从星源动力三大技术路线，到效率突破99%的夸克电驱，再到全固态电池中试产线建成、星灵架构持续进化，技术储备正逐步转化为产品竞争力。不同于部分车企单押自主新能源的路径，广汽推动合资与自主双线转型，形成了协同互补的新能源矩阵。在合资车企普遍面临转型阵痛的当下，这种模式既保留了合资体系的品质与制造优势，又借助自主板块的技术活力带动整体升级，为合资品牌新能源化探索了可行方向。

3000万用户的沉淀，更印证了“以用户为中心”的产业共识。当前车市竞争早已从产品端延伸至全生命周期体验，用户运营能力成为品牌护城河的重要组成。广汽的实践落脚于机制与服务两端：机制层面，常态化举办“用户全开麦”面对面交流，建立诉求全流程闭环管理，同时成立专属用户洞察部门，从组织架构上保障用户声音直达决策层；

服务网络层面，推进渠道下沉县域，年内计划新增1000家县域授权门店，上线“超级管家”实现快速响应，用效率提升用户体验。针对新能源用户的补能痛点，广汽搭建“9纵10横”补能网络，自营充电桩超2.7万根，核心城区实现“直线1公里必有站”，用基础设施完善消解用户焦虑。

从“卖产品”到“经营用户”是行业普遍转型方向，而广汽的实践说明，用户运营不是营销话术，而是需要从组织、渠道到生态的全链条落地。3000万用户既是过往口碑的积累，也是未来用户生态的起点——只有真正把用户诉求放在核心位置，规模效应才能转化为持续的品牌价值。

站在3000万辆的节点回望，广汽的发展轨迹正是中国汽车工业升级的缩影：从通过合资学习先进制造经验，到自主掌握核心技术实现换道超车，再到带着新能源产品参与全球竞争。

29年间，中国车企完成了从追赶到并跑、再到部分领域领跑的跨越，3000万的数字背后，是整个产业从规模扩张向价值跃升的时代大势。3000万不是终点，而是新一轮竞争的起点。

当前汽车行业正进入智能化深水区，全球市场博弈日趋激烈，技术迭代与品牌向上的压力持续存在。但可以确定的是，守住品质根基、坚持技术创新、紧扣用户需求，始终是车企穿越周期的核心逻辑。

对于中国汽车行业而言，广汽的3000万时刻不仅是一份成绩，更印证了朴素的产业规律：以用户为锚、以品质为底、以创新为翼，方能在行业变革中行稳致远，在全球市场赢得更多话语权。

Driving onto the runway, aiming for the global market.

When major automotive manufacturers start to counterattack, the engineering capabilities and underlying technical strength they possess cannot be compared by those internet phone companies.

On July 6, the Shanghai 1862 Fashion Art Center, a century-old industrial heritage by the Huangpu River, is now a gathering place for avant-garde fashion.

Geely Galaxy TT's global premiere held here inherently reflects a metaphor: growing fashion expression from an industrial foundation, just as this car attempts to accomplish.

But what is truly worth paying attention to is not the lighting within this fashion show, but the grand chess game Geely Automobile is playing behind the show.

01

When Galaxy TT drove onto the runway, fashion became the key word emphasized in Galaxy TT's premiere, and fashion crossover naturally became Galaxy TT's most prominent tag.

Deep co-creation with Fashion Group, car colors representing global time zones, a cockpit inspired by the unique romance and relaxation of Italy's Lake Como... these elements together constitute a clear product definition. This is a car built for young people who do not follow the crowd, value feelings, and prioritize emotional value.

But in the view of Auto K-line, the word fashion has another layer of interpretation. It is not only Geely Automobile's differentiation strategy at the product level, but also a piece of the puzzle for its globalization strategy.

The current Chinese automotive industry is experiencing a profound aesthetic homogenization.

Closed front grilles, through-type taillights, coupe-style profiles... cover the brand logo, and even seasoned automotive industry practitioners find it difficult to distinguish the brands.

However, when the gap in three-electric technologies, intelligent assisted driving, and driving range continues to be leveled, the differentiation between products relies more and more on design, brand, and emotional value.

Galaxy TT enters the C-segment pure electric market in a way that crosses fashion boundaries, essentially answering one question: when everyone's technology is about the same, why should global consumers choose you?

02

Geely Automobile's answer is to turn fashion from marketing jargon into a design method, and turn color from configuration options into an emotional carrier.

After watching Galaxy TT's global premiere, I found this strategy is not only applicable to the Chinese market, but also points to a grander goal: how to make a Chinese car instantly recognizable on the streets of Paris, London, and Milan.

Galaxy TT's 8 car colors are sourced from natural light and shadow in different global time zones. From the sunny noon blue of the Maldives, to the twilight gray of Copenhagen; from the olive green of Tuscany, to the fjord blue of Tromsø...

These names themselves are a tour of global geographical coordinates, while the interior picks up the artistic charm of Bordeaux, Zurich, Venice, and Iceland.

When Geely Galaxy expands the aesthetic coordinate system of the product from a Chinese perspective to global time zones, what it conveys is that Galaxy TT was never designed for just a single market from the beginning.

Geely Automobile Group CEO Gan Jiayue has clearly stated that Geely adheres to the strategy of global synergy and regional deepening to promote international development, and overseas development has been listed as a priority strategy of the group.

Under this framework, whether a product's design language can cross cultural barriers and form aesthetic resonance understood by global consumers becomes crucial.

This brings up the exterior design of Galaxy TT, 1.3 golden aspect ratio, low and spread sporty posture, shark nose front face... these design elements belong to universal sports aesthetics perceived by the global market.

Galaxy TT does not stack so-called Chinese style with Eastern symbols, but uses a mature design system to connect with global aesthetics. This de-regionalized design strategy is exactly what a global product requires.

03

Before discussing the significance of Galaxy TT for Geely Automobile's globalization, it is necessary to first see Geely Automobile's current coordinates in the Chinese and even global automotive markets.

In the first half of this year, the Chinese automotive market turned in a report card that was quite worrying. CPCA data shows, nationwide passenger car market retail was 1.602 million in June, down 23.2% year-on-year; cumulative retail in the first half was 8.701 million, down 20.2% year-on-year.

Accelerated decline in fuel vehicle sales contrasts sharply with new energy penetration rate continuously breaking through 60%. "Cool inside, hot outside" has become the most accurate summary of the Chinese automotive industry this year.

Against the backdrop of a declining market, Geely Automobile became one of the few highlights among listed car companies. Sales data disclosed by Geely Automobile shows, 240,800 new vehicles were sold in June, up 2% year-on-year, achieving double growth month-on-month and year-on-month for 4 consecutive months; cumulative sales in the first half were 1.423 million, creating a historical high for the same period.

In the domestic narrow passenger car retail market, Geely Automobile ranks first with 1.0213 million vehicles, and is the only car manufacturer with sales exceeding one million.

Placed against the background of an overall industry decline of 20%, the quality of this report card speaks for itself. What truly gives weight to this half-year answer sheet is the explosive growth of overseas business.

In the first half of this year, Geely Automobile's overseas sales reached 474,200, a significant 158% increase year-on-year, already exceeding the export scale for the full year of 2025. In June alone, exports broke through 100,000 for the first time, reaching 102,900, a year-on-year increase of 157%.

Overseas business has officially become one of the three major growth pillars of Geely Automobile, listed alongside the domestic market and new energy business.

More noteworthy is the change in sales structure. In the first half of the year, Geely Automobile's new energy product export sales were about 277,200, a year-on-year increase of 585%, with new energy accounting for 59% of the total exports.

This means Geely Automobile's growth overseas no longer relies on traditional fuel vehicles, with new energy becoming its main force for going global.

04

As a C-segment pure electric sedan launched at such a time node, Galaxy TT's task is very clear: it is to establish a presence for Geely Automobile in the global mainstream new energy sedan market.

At the beginning of this year, Geely Automobile disclosed its 2026 overseas layout plan: build three 150,000-level markets in Europe, Eastern Europe, and ASEAN, and two 100,000-level markets in Latin America, Africa, and Middle & Central Asia; Geely brand plans to increase global stores to 1,300, Zeekr 500, Lynk & Co 400, with the full brand overseas channel target breaking 2,200.

At the same time, localized production of Geely Galaxy models in Indonesia, Malaysia, Brazil, and other places is gradually increasing.

In these markets, C-segment sedans are one of the most competitive segments with the highest brand premium. If Galaxy TT can establish a foothold in the domestic market, its design language, technical platform, and brand tonality will have the foundation for overseas output.

At the same time, Galaxy TT is also an important product after the "One Geely" strategic integration, with the brand matrix further clarified.

In the first half of this year, the four major brands Geely Galaxy, China Star, Lynk & Co, and Zeekr showed a balanced development trend. Among them, Geely Galaxy's first half sales were 519,800, firmly staying in the first echelon of the mainstream new energy market.

Launching a pure electric C-segment sedan on such a volume basis, the goal is to establish a foothold in the high-end segment of the mainstream market, paving the way for the globalization of the entire Geely Galaxy brand.

From the perspective of Geely Automobile, choosing Shanghai for Galaxy TT's global premiere is itself a carefully designed signal.

Shanghai is the fashion capital of China and also the Chinese city with the highest degree of internationalization. Launching a product with "global aesthetics" as the background color here not only fits the product positioning but also conveys a message to the outside world: that Geely Automobile's next battlefield is not only in China.

Views of AutosKline:

How far Galaxy TT can go will ultimately be answered by the market. But looking at it within Geely Automobile's globalization strategy, its significance has already surpassed the new car itself.

It is another link in the upward extension of the Geely Galaxy product matrix under the "One Geely" strategy, and also an important attempt by Chinese car brands to move from product exports to aesthetic exports.

When Chinese listed car companies take the overseas market as an important engine for sales and profit growth, whether a product's design has global resonance, and whether the brand tonality can be accepted in different cultures is no longer icing on the cake, but a question that must be answered.

Galaxy TT is the latest answer given by Geely Automobile.

The text is original from Auto K-line, content reference materials sourced from listed company announcements and industry public information (relevant companies and institutions should have the obligation to be responsible for the truth); some images sourced from the internet, copyright belongs to the original owners.

Articles from this account, without authorization, cannot be reproduced, offenders will be pursued. At the same time, article content does not constitute investment advice for anyone! Stock market risks are high, investment should be prudent!

Momenta 上市当天，车圈一反常态。

超过二十家车企同一天发海报祝贺 Momenta 上市。包括宝马、奔驰、奥迪、凯迪拉克、上汽、广汽等，场面着实壮观。

北京奔驰 CEO 李德思在奔驰纯电 GLC 发布会上特别提到 Momenta 上市，认为这是定义智能出行未来的重要里程碑。上汽大众 CEO 陶海龙也单独祝贺 Momenta 上市。

车圈集体「团建」，非常罕见。

其一，在今天竞争如此激烈的中国车圈，车企互为对手，为同一家公司站台，本身就很难得。

上一次车圈「大团结」场面，还是奔驰 140 周年，才集齐了众多品牌为其庆生。

其二，多家车企发海报为同一家供应商站台，庆祝其上市且非常有新意，属于中国汽车圈首次。

Momenta 能得到各大主流车企如此厚待，说明 Momenta 与车企的关系，区别于传统的甲乙方。在智能汽车时代，Momenta 从车企供应商，转为「基础设施服务商」。

这之中，是大家达成了共识：大牌智驾会让车更好卖。

Momenta 能够 IPO 只是外层信息，撑起 Momenta IPO 的账本、内涵、身位，才是它的产业护城河。

01、Momenta 账本，三个特别之处

上市，是一睹智驾第一梯队核心财务数据的绝佳机会。

打开 Momenta 的账本，第一，Momenta 的财务数据很健康，且比外界想象中更接近盈亏平衡。

从 2023-2025 年，Momenta 保持了营收、毛利三级跳，公司营收从 2023 年的 7.43 亿增长到 2025 年公司营收达到 24.13 亿元，平均每年营收增速 80% 以上。

同时 Momenta 毛利率连续三年攀升，从 2023 年 17.5% 直升至 2025 年的 71.6%。

一个细节值得注意，Momenta 的收入来源有很大变化。2024 年以前，Momenta 以一次性项目费的技术开发服务为主，决定公司收入的是一年接了多少个项目。

转折点发生在 2024 年，之后 Momenta 的主要收入成了软件许可服务收入。公司能够从源源不断按车企销量持续受益。这代表，Momenta 能够靠车企持续复购滚雪球。

营收结构的改变，导致了利润结构的改善，这就是商业飞轮转动的开始。

因此 2025 年 Momenta 经调整净亏损仅 3.03 亿，接近盈亏平衡点。以此速度推算，最快今年 Momenta 就能率先实现盈利。

第二，在于此次 IPO 规模庞大。

此次 IPO Momenta 总募资 58.9 亿港币，位居港股规模前列的 IPO，14 家基石投资者阵容豪华。

其中的新加坡主权基金 GIC，值得细讲。GIC 风格极度保守，很少参与新股基石认购，但此次 GIC 豪掷一亿美金，成为基石投资者里份额最大的一家，其决心可见一斑。

以至于 Momenta 在 IPO 前就已经被提前锁定，14 家基石投资者共认购 3.7575 亿美元，占发售股份近 50%。

第三，客户即投资者的特色极为突出。

基石投资者中，奔驰和比亚迪的名字格外醒目。

这两家车企既是 Momenta 客户，也是投资者。资料显示，奔驰出资 2500 万美元，比亚迪通过关联主体投资 1500 万美金。

奔驰是全球最挑剔的高端制造标准的代表，比亚迪是全球最大规模新能源量产的代表。

两个不同风格的顶级车企，同时选择了同一家供应商作为资本布局对象，同时下注同一个标的，意味着头部车企用真金白银投出了赢家。

4000 万美金加持，有了一丝反向锁定的意味。

时至今日，Momenta 的智驾不是成本项，是盈利项。车企意识到智驾乃至物理 AI 会成为核心竞争力，抢先用资本与供应商形成利益共同体，才能抢占先机。

02、数据飞轮才撬得动物理 AI

Momenta IPO 之后，曹旭东最让人印象深刻的一句话，莫过于：「我是真的相信数据飞轮」。

曹旭东认为有两种相信：一种是「相信」，另一种是「真的相信」。

「相信」是遇到问题未尽力尝试，就很快退回到了旧方法，

「真的相信」是遇到所有问题都先想办法改架构、改体系，让数据驱动能 work。

贯穿 Momenta 过去十年未变的理念就是数据飞轮。

数据飞轮可以拆出三个层次：

第一重是业务层面的「一个飞轮，两条腿」。

通过数据飞轮来反哺 Momenta 两大业务线，其一是量产业务，L2+高阶辅助驾驶、L4 自动驾驶。其二是 Scalebale Robo，包括 Robovan、Robotruck 和 Robotaxi。

数据飞轮之所以能带动两大业务，是因为数据驱动的技术理念本身就具备通用性。

曹旭东提到过，Momenta 在 R7 世界模型上已经验证了同一套能支持多个下游应用。

第二重是数据驱动产生的「数据飞轮加速度」。

2023 至 2026 年，Momenta 技术经历规则规控、深度学习规控、全栈端到端、R6 强化学习模型到 R7 世界模型四个阶段。

底层逻辑相同，都是数据驱动下模型带来了更可靠、可预测的性能提升。

这种提升具备「加速度」特征。据曹旭东介绍，两年前内部看到的模型性能「两年提升十倍」，但最新的判断是「每年提升十倍」。

预计年底，R7 世界模型将会与最新特斯拉 FSD 的性能持平。

第三重是数据飞轮撬动物理 AI。

数据飞轮同样会成为物理 AI 的基础运行方式。

AI 分两类，一类数字 AI，处理的输入输出都是符号化信息，如 ChatGPT。另一类是物理 AI，处理的都是与真实物理世界的交互，比如 Momenta 的世界模型是通过理解物理世界的规律常识，来预测推理未来会发生什么。

之所以数字 AI 先有了 ChatGPT 时刻，是因为互联网数据更容易获取。

Momenta 以物理 AI 第一股上市，就是笃定物理 AI 的 GPT 时刻快到了。

数据飞轮就是世界模型的养料，把物理世界的海量数据用起来，才能使模型拥有常识，继而可以复用至物理 AI 的不同业务层。

但正如黄仁勋所言「物理世界可能是更大的一部分」。

物理 AI 的竞争力，比的是谁积累的真实物理交互数据更多、更早，模型更可靠。如果把数据飞轮贯彻到底，物理 AI 的价值天花更高。

03、高阶智驾竞争窗口期，正在关闭

Momenta 上市宣告了，高阶智驾竞争的窗口期正在关闭，通向物理 AI 的大门正在打开。

未来 2-3 年，自动驾驶头部厂商量产规模将指数增长，进入业务收入反哺机器人研发的阶段。

核心原因是，具备先发优势和规模优势的头部公司已经明确行业格局，2026 年之后行业走向收敛，头部份额进一步扩大。

从目前 Momenta 的走势可以窥见一二。

目前搭载 Momenta 辅助驾驶方案的量产车型已经超过 100 万台，累计定点车型超过 210 款。

据 CIC 灼识咨询《自动驾驶行业蓝皮书》显示，2025 年 3 月至 2026 年 2 月，中国第三方城市 NOA 供应商市场上，Momenta 销量市占率 65%，在全球排名前 10 大车企中，有 9 家与其已经展开合作。

一个判断是，规模本身会过时，但规模的复利速度不会。

Momenta 的亮点不仅仅在于规模，还在于指数型增长的复利速度。

2017 年-2024 年 Momenta 潜伏 8 年之久，直到 2024 年底跨过临界点全力爆发，当年一次性拿下了奔驰所有电车、油车业务。

2022 年量产 1 款车，2023 年约 8 款车，2024 年累计 20 多款车交付。截至目前，在手定点超过 200 款。以此速度推算，预计 2029 年可服务 1000 万辆量产车。

留给腰部玩家正面挑战头部地位的窗口，正在快速收窄。

从更长远的角度来看，Momenta 此次上市，预告了行业接下来的动向——2025 至 2027 年是高阶智驾量产上车高峰期，2027 年后行业将进入智驾收入反哺机器人研发阶段。

目前机器人行业格外热闹，但主要靠 Demo 迭代及大量融资来推进。

曹旭东认为，受端侧算力限制以及机器人产业链成熟度制约，家庭机器人到 2027 年才会规模化，想要做好机器人，至少需要投入百亿美金。

Momenta 的打法很明确。

一方面，提升基座模型能力，带动物理 AI 下层应用性能。

另一方面是，随着智驾马太效应加剧，头部智驾公司能够用收入、毛利投入机器人研发，研发模式更加健康。

可以预见，由于具备技术通用性、现金流，行业内真正值得期待的，其实是车企与智驾玩家。