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Dalam pasaran SUV di Malaysia, ramai pembeli yang membandingkan Honda HR-V dan Subaru Forester ketika memilih kereta. Kedua-dua kereta ini hampir sama dari segi harga dan kedudukan, hari ini kita akan buat perbandingan terperinci dari pelbagai aspek untuk membantu anda menjimatkan masa persediaan.
Harga OTR Honda HR-V di Malaysia adalah RM 115,900 - 143,900, terdapat 4 versi, termasuk 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900) dan lain-lain.
Harga OTR Subaru Forester di Malaysia adalah RM 174,000 - 197,000, terdapat 3 versi, termasuk 2024 2.0L S EyeSight GT Edition (RM 189,538), 2024 2.0L S EyeSight (RM 177,538), 2024 2.0L L EyeSight (RM 167,538) dan lain-lain.
Daripada harga, harga permulaan Honda HR-V memang lebih murah RM 58,100 daripada Subaru Forester. Jika belanjawan anda terhad, versi permulaan Honda sudah boleh memenuhi keperluan harian. Namun perlu diingat, ribuan ringgit yang lebih murah itu, mungkin ada pengorbanan pada kelengkapan, bergantung kepada keperluan anda.
Honda HR-V dilengkapi enjin 1.5L Turbo, kuasa 140 hp. Penggunaan bahan api 7.0 L/100km mengikut pengeluar.
Subaru Forester dilengkapi enjin 2.0L 4-cyl, kuasa 170 hp. Penggunaan bahan api 8.0 L/100km mengikut pengeluar.
Dari segi kuasa, enjin 2.0L 4-cyl Subaru Forester mempunyai 30 kuasa kuda lebih daripada 1.5L Turbo Honda HR-V. Namun untuk memandu harian di bandar, kuasa kedua-dua kereta sudah mencukupi, anda tidak akan berasa kurang bertenaga.
Panjang badan Honda HR-V adalah 4500 mm, bak bagasi 450 L.
Panjang badan Subaru Forester adalah 4400 mm, bak bagasi 400 L.
Dari segi ruang, badan Honda HR-V 100 mm lebih panjang daripada Subaru Forester, ruang dalam kereta sedikit lebih lapang, terutamanya ruang kaki kerusi belakang. Jika anda kerap membawa keluarga atau perlu letak kereta sorong bayi, badan yang lebih besar memang lebih praktikal.
Honda HR-V menggunakan cara pemacu FWD.
Subaru Forester menggunakan cara pemacu FWD.
Kedua-dua kereta menggunakan cara pemacu yang sama, iaitu FWD, pengalaman memandu harian tiada perbezaan besar.
Honda HR-V dan Subaru Forester adalah pilihan utama pasaran Malaysia, sesuai untuk kegunaan keluarga dan perjalanan harian. Jika anda lebih mementingkan reputasi jenama dan nilai jual semula, anda boleh mempertimbangkan model dengan reputasi yang lebih baik; jika anda lebih mengutamakan kos berbaloi dan kelengkapan, pilih model yang lebih lengkap. Akhir sekali, disarankan untuk uji testir kedua-dua kereta, pengalaman langsung adalah yang paling penting.
Secara keseluruhannya, Honda HR-V dan Subaru Forester adalah model kereta yang sangat baik di pasaran Malaysia. Memilih yang mana satu, kuncinya bergantung pada keperluan peribadi dan belanjawan anda. Kami menasihatkan untuk membuat persediaan yang baik, membandingkan harga dari beberapa agensi kereta, kemudian uji testir untuk membuat keputusan akhir. Membeli kereta adalah perkara besar, meluangkan masa untuk persediaan tidak akan salah.
Dalam pasaran SUV di Malaysia, ramai pembeli apabila memilih kereta akan membandingkan Honda HR-V dan Volkswagen Tiguan. Kedua-dua kereta ini mempunyai harga dan kedudukan yang agak hampir, hari ini kita akan buat perbandingan terperinci dari pelbagai aspek untuk membantu anda menjimatkan masa membuat kajian.
Harga OTR Honda HR-V di Malaysia adalah RM 115,900 - 143,900, terdapat 4 varian, termasuk 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900) dan lain-lain.
Harga OTR Volkswagen Tiguan di Malaysia adalah RM 206,540 - 260,024, terdapat 2 varian, termasuk 2025 Allspace 2.0T R-Line (RM 260,024), 2025 Allspace 1.4T Elegance (RM 206,540) dan lain-lain.
Dari segi harga, harga permulaan Honda HR-V memang lebih murah RM 90,640 berbanding Volkswagen Tiguan. Jika bajet anda terhad, versi pengasas Honda sudah boleh memenuhi keperluan harian. Tetapi perhatikan juga, beberapa ribu ringgit yang murah itu mungkin ada kompromi pada kelengkapan, bergantung pada keperluan anda.
Honda HR-V dilengkapi 1.5L Turbo, kuasa kuda 140 hp. Penggunaan bahan api rasmi 7.0 L/100km.
Volkswagen Tiguan dilengkapi 2.0L 4-cyl, kuasa kuda 170 hp. Penggunaan bahan api rasmi 8.0 L/100km.
Dari segi kuasa, 2.0L 4-cyl Volkswagen Tiguan mempunyai 30 kuasa kuda lebih daripada 1.5L Turbo Honda HR-V. Namun untuk penggunaan harian di bandar, kuasa kedua-dua kereta adalah mencukupi, tidak akan terasa kurang tenaga.
Penilaian keselamatan Honda HR-V ialah 5★ (ASEAN NCAP), sistem keselamatan aktif termasuk Honda SENSING (ACC, CMBS, LKAS, RDM).
Penilaian keselamatan Volkswagen Tiguan ialah 5★ (Euro NCAP), sistem keselamatan aktif termasuk IQ.Drive.
Dari segi kelengkapan keselamatan, kedua-dua kereta mendapat penilaian yang bagus. Namun Honda SENSING (ACC, CMBS, LKAS, RDM) pada Honda HR-V dan IQ.Drive pada Volkswagen Tiguan mempunyai perbezaan dari segi fungsi, jika anda lebih mengutamakan keselamatan aktif, bolehlah bandingkan senarai fungsi kedua-duanya.
Panjang badan Honda HR-V 4500 mm, ruang bagasi 450 L.
Panjang badan Volkswagen Tiguan 4400 mm, ruang bagasi 400 L.
Dari segi ruang, badan Honda HR-V lebih panjang 100 mm berbanding Volkswagen Tiguan, ruang duduk di dalam akan sedikit lebih lapang, terutamanya ruang kaki belakang. Jika anda sering membawa keluarga atau perlu letak kereta bayi, badan yang sedikit lebih besar memang lebih praktikal.
Honda HR-V jaminan 5 tahun/kilometer tanpa had, selang penyelenggaraan 10,000km atau 6 bulan sekali.
Volkswagen Tiguan jaminan 3 tahun/100,000km, selang penyelenggaraan 10,000km atau 6 bulan sekali.
Secara keseluruhan, Honda HR-V dan Volkswagen Tiguan adalah model kereta yang sangat bagus di pasaran Malaysia. Memilih yang mana satu, kuncinya bergantung pada keperluan dan bajet peribadi anda. Kami menyarankan anda membuat kajian, bandingkan tawaran harga dari beberapa kedai kereta, kemudian buat ujian memandu untuk membuat keputusan akhir. Membeli kereta adalah perkara besar, mengambil masa membuat kajian pasti tidak salah.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會揀 Honda HR-V 同 Subaru Crosstrek 做比較。呢兩款車喺價位同定位上都幾接近，今日我哋就從多個方面做個詳細比較，幫你節省做功課嘅時間。
Honda HR-V 喺馬來西亞嘅 OTR 售價係 RM 115,900 至 143,900，合共 4 個版本，包括 2026 e:HEV 1.5L RS（RM 143,900）、2026 1.5T V（RM 137,900）、2026 1.5T E（RM 130,900）等等。
Subaru Crosstrek 喺馬來西亞嘅 OTR 售價係 RM 145,000 至 160,000，合共 1 個版本，包括 2.0L e-Boxer（RM 150,000）等等。
從價錢睇落嚟，Honda HR-V 嘅起價確實比 Subaru Crosstrek 平咗 RM 29,100。如果你預算有限，Honda 嘅入門版已經可以满足日常需求。但都要留意，平嗰幾千蚊，喺配備上可能有取舍，具體就要睇你嘅需求。
Honda HR-V 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
Subaru Crosstrek 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
兩款車用嘅係同一套動力系統，日常開起嚟嘅感覺基本冇乜分別。油耗方面都差唔多，唔使太糾結這一點。
Honda HR-V 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 Honda SENSING (ACC, CMBS, LKAS, RDM)。
Subaru Crosstrek 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 EyeSight。
安全配備方面，兩款車都攞到唔錯嘅評級。不過 Honda HR-V 嘅 Honda SENSING (ACC, CMBS, LKAS, RDM) 同 Subaru Crosstrek 嘅 EyeSight 喺功能上有些差異，如果你比較看重主動安全嘅話，可以仔細對比下兩者嘅功能列表。
Honda HR-V 採用 FWD 驅動方式。
Subaru Crosstrek 採用 FWD 驅動方式。
兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大區別。
總計嚟講，Honda HR-V 同 Subaru Crosstrek 都係馬來西亞市場好唔錯嘅車型。揀邊部車，關鍵仲要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿本田 HR-V 同現代 Tucson 嚟做比較。呢兩款車喺價錢同定位上都幾接近，今日我哋就從多個方面做一個詳細嘅比較，幫你節省咗做功課嘅時間。
本田 HR-V 喺馬來西亞嘅 OTR 售價係 RM 115,900 - 143,900，一共有 4 個版本，包括 2026 e:HEV 1.5L RS（RM 143,900）、2026 1.5T V（RM 137,900）、2026 1.5T E（RM 130,900）等。
現代 Tucson 喺馬來西亞嘅 OTR 售價係 RM 143,888 - 197,888，一共有 5 個版本，包括 2025 HEV 1.6T AT 2WD Prestige（RM 197,888）、2025 1.6T DCT 4WD Prestige（RM 186,888）、2025 1.6T DCT 2WD Prime（RM 164,888）等。
從價錢嚟睇，本田 HR-V 嘅起步價確實比現代 Tucson 平咗 RM 27,988。如果你預算有限，本田嘅入門版已經可以滿足日常需要。但亦都要注意，平嗰幾千蚊，可能喺配備上會有取捨，具體要看你嘅需要。
本田 HR-V 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括本田 SENSING (ACC, CMBS, LKAS, RDM)。
現代 Tucson 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 SmartSense。
兩款車嘅安全評級一樣，喺呢個級距入面安全配備都算畀晒好齊全。而家嘅新車安全性都唔差，唔使太擔心呢點。
本田 HR-V 車身長 4500 mm，尾箱 450 L。
現代 Tucson 車身長 4400 mm，尾箱 400 L。
空間方面，本田 HR-V 嘅車身比現代 Tucson 長咗 100 mm，車內乘坐空間會稍為寬鬆少少，尤其係後座腿部空間。如果你經常載家人或者需要放嬰兒車，大少少嘅車身確實更加實用。
本田 HR-V 保修 5 年/無限制里程，保養間隔 每 10,000km 或 6 個月。
現代 Tucson 保修 5 年/300,000km，保養間隔 每 10,000km 或 6 個月。
總體嚟講，本田 HR-V 同現代 Tucson 都係馬來西亞市場好唔錯嘅車型。揀邊一輛，關鍵仲係要睇你嘅個人需要同預算。建议大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大件事，花少少時間做功課絕對唔會錯。
In Malaysia's SUV market, many buyers compare Honda HR-V and GWM Haval H6 when choosing a car. Both cars are quite close in price and positioning, so today we will make a detailed comparison from multiple aspects to help you save time doing research.
The OTR price of Honda HR-V in Malaysia is RM 115,900 - 143,900, with a total of 4 versions, including 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900), etc.
The OTR price of GWM Haval H6 in Malaysia is RM 139,750 - 139,750, with a total of 2 versions, including 1.5L Turbo Standard (RM 140,000), 1.5L Turbo Premium (RM 155,000), etc.
In terms of price, the starting price of Honda HR-V is indeed RM 23,850 cheaper than GWM Haval H6. If your budget is limited, Honda's entry-level version can already meet daily needs. But also note that the few thousand difference might involve trade-offs in features, depending on your specific needs.
Honda HR-V has a body length of 4500 mm and a trunk capacity of 450 L.
GWM Haval H6 has a body length of 4400 mm and a trunk capacity of 400 L.
Regarding space, the Honda HR-V body is 100 mm longer than the GWM Haval H6, the interior seating space will be slightly more spacious, especially the rear seat legroom. If you frequently carry family members or need to place a stroller, a slightly larger body is indeed more practical.
Honda HR-V adopts FWD drive mode.
GWM Haval H6 adopts FWD drive mode.
The drive mode of both cars is the same, both are FWD, there will not be a big difference in daily driving experience.
Both Honda HR-V and GWM Haval H6 are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with a better reputation; if you care more about cost-performance and features, then choose the one with richer specifications. Ultimately it is suggested to test drive both models, as personal experience is the most important.
Overall, both Honda HR-V and GWM Haval H6 are very good models in the Malaysian market. Choosing which one depends on your personal needs and budget. It is recommended to do your research, compare quotes from several dealerships, and then test drive to make the final decision. Buying a car is a big matter, spending time on research will definitely not go wrong.
In Malaysia's SUV market, many buyers compare Honda HR-V and MG MG HS when choosing a car. These two models are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to save you time doing your research.
Honda HR-V OTR selling price in Malaysia is RM 115,900 - 143,900, with a total of 4 versions, including 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900), etc.
MG MG HS OTR selling price in Malaysia is RM 130,450 - 146,450, with a total of 2 versions, including 1.5L Standard (RM 105,000), 1.5L Executive (RM 115,000), etc.
From a price perspective, Honda HR-V's starting price is indeed RM 14,550 cheaper than MG MG HS. If your budget is limited, Honda's entry-level version can already meet daily needs. However, keep in mind that the few thousand difference might involve trade-offs in features, depending on your specific requirements.
Honda HR-V safety rating is 5★ (ASEAN NCAP), active safety systems include Honda SENSING (ACC, CMBS, LKAS, RDM).
MG MG HS safety rating is TBD, active safety systems include Basic.
In terms of safety features, both cars have received decent ratings. However, there are some differences in functionality between Honda HR-V's Honda SENSING (ACC, CMBS, LKAS, RDM) and MG MG HS's Basic. If you value active safety, you can compare the feature lists of both in detail.
Honda HR-V body length 4500 mm, trunk 450 L.
MG MG HS body length 4400 mm, trunk 400 L.
In terms of space, Honda HR-V's body is 100 mm longer than MG MG HS, so the interior seating space is slightly more spacious, especially the rear legroom. If you frequently carry family or need to fit a stroller, a larger body is indeed more practical.
Honda HR-V warranty 5 years/unlimited mileage, maintenance interval every 10,000km or 6 months.
MG MG HS warranty 7 years/150,000km, maintenance interval every 10,000km or 6 months.
Honda HR-V and MG MG HS are both mainstream choices in the Malaysia market, suitable for family use and daily commuting. If you value brand reputation and resale value more, prioritize the one with better reputation; if you care more about cost-performance and features, choose the one with richer configurations. Ultimately, it is recommended to test drive both models; personal experience is the most important.
Overall, Honda HR-V and MG MG HS are both very good models in the Malaysia market. Which one to choose depends on your personal needs and budget. We recommend doing your research, comparing quotes from several dealerships, and then test driving to make the final decision. Buying a car is a major matter; spending time doing research will never be wrong.
Pasar SUV di Malaysia, ramai pembeli yang membandingkan Honda HR-V dan GWM Haval H6 ketika memilih kereta. Kedua-dua kereta ini hampir dari segi harga dan lokasi pasaran. Hari ini kita akan buat perbandingan terperinci dari pelbagai aspek untuk membantu anda menjimatkan masa membuat penyelidikan.
Harga OTR Honda HR-V di Malaysia ialah RM 115,900 - 143,900, terdapat 4 versi, termasuk 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900) dan lain-lain.
Harga OTR GWM Haval H6 di Malaysia ialah RM 139,750 - 139,750, terdapat 2 versi, termasuk 1.5L Turbo Standard (RM 140,000), 1.5L Turbo Premium (RM 155,000) dan lain-lain.
Dari segi harga, harga permulaan Honda HR-V memang lebih murah RM 23,850 berbanding GWM Haval H6. Jika bajet anda terhad, versi permulaan Honda sudah memadai untuk keperluan harian. Namun perlu diingat, perbezaan harga ribuan ringgit itu mungkin melibatkan kompromi pada kelengkapan, bergantung pada keperluan anda.
Honda HR-V dilengkapi enjin 1.5L Turbo, kuasa kuda 140 hp. Penggunaan bahan api rasmi 7.0 L/100km.
GWM Haval H6 dilengkapi Hybrid, kuasa kuda 170 hp. Penggunaan bahan api rasmi 4.5 L/100km.
Dari segi kuasa, Hybrid GWM Haval H6 mempunyai 30 kuasa kuda lebih daripada enjin 1.5L Turbo Honda HR-V. Namun untuk pemanduan harian di bandar, kuasa kedua-dua kereta sudah memadai, anda tidak akan rasa kurang kuasa.
Honda HR-V waranti 5 tahun/jarak tanpa had, selang penyelenggaraan setiap 10,000km atau 6 bulan.
GWM Haval H6 waranti 7 tahun/150,000km, selang penyelenggaraan setiap 10,000km atau 6 bulan.
Honda HR-V dan GWM Haval H6 kedua-duanya pilihan utama pasaran Malaysia, sesuai untuk kegunaan keluarga dan perjalanan harian. Jika anda lebih mengutamakan reputasi jenama dan nilai jualan semula, utamakan model yang mempunyai reputasi lebih baik; jika anda lebih mengutamakan kos dan kelengkapan, pilih model yang lebih banyak kelengkapan. Akhir sekali disyorkan kedua-dua model untuk dicuba, pengalaman peribadi adalah yang paling penting.
Secara keseluruhannya, Honda HR-V dan GWM Haval H6 kedua-duanya model yang sangat baik di pasaran Malaysia. Memilih yang mana satu, penting bergantung pada keperluan dan bajet peribadi anda. Kami menyarankan anda buat kajian terlebih dahulu, bandingkan beberapa tawaran daripada pengedar kereta, baru buat keputusan akhir dengan uji pemanduan. Membeli kereta adalah perkara penting, meluangkan masa membuat kajian pasti tidak salah.
Dalam pasaran SUV di Malaysia, ramai pembeli membandingkan Honda HR-V dan GWM Haval H6 semasa memilih kereta. Kedua-dua kereta ini agak hampir dari segi harga dan penjenamaan. Hari ini kita akan buat perbandingan terperinci dari pelbagai aspek untuk membantu anda menjimatkan masa membuat kajian.
Honda HR-V di Malaysia mempunyai harga OTR RM 115,900 - 143,900, terdapat 4 versi termasuk 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900) dan lain-lain.
GWM Haval H6 di Malaysia mempunyai harga OTR RM 139,750 - 139,750, terdapat 2 versi termasuk 1.5L Turbo Standard (RM 140,000), 1.5L Turbo Premium (RM 155,000) dan lain-lain.
Dari segi harga, harga permulaan Honda HR-V memang RM 23,850 lebih murah daripada GWM Haval H6. Jika bajet anda terhad, versi permulaan Honda sudah boleh memenuhi keperluan harian. Tetapi perhatikan, beribu ringgit yang lebih murah itu mungkin ada pertukaran dalam peralatan, ia bergantung pada keperluan anda.
Honda HR-V mempunyai penilaian keselamatan 5★ (ASEAN NCAP), sistem keselamatan aktif termasuk Honda SENSING (ACC, CMBS, LKAS, RDM).
GWM Haval H6 mempunyai penilaian keselamatan Belum Ditetapkan, sistem keselamatan aktif termasuk Asas.
Dari segi peralatan keselamatan, kedua-dua kereta mendapat penilaian yang baik. Namun Honda HR-V dengan Honda SENSING (ACC, CMBS, LKAS, RDM) dan GWM Haval H6 dengan Asas ada perbezaan dalam fungsi. Jika anda mengutamakan keselamatan aktif, anda boleh membandingkan senarai fungsi kedua-duanya.
Honda HR-V menggunakan sistem penggerak FWD.
GWM Haval H6 menggunakan sistem penggerak FWD.
Sistem penggerak kedua-dua kereta sama, iaitu FWD, rasa pemanduan harian tidak akan banyak berbeza.
Honda HR-V jaminan 5 tahun / kilometer tanpa had, selang penyelenggaraan setiap 10,000 km atau 6 bulan.
GWM Haval H6 jaminan 7 tahun / 150,000 km, selang penyelenggaraan setiap 10,000 km atau 6 bulan.
Secara keseluruhannya, Honda HR-V dan GWM Haval H6 adalah model yang sangat bagus di pasaran Malaysia. Pilihan mana satu, penting lihat keperluan dan bajet anda sendiri. Kami sarankan anda membuat kajian, bandingkan beberapa tawaran harga dari dealer kereta, kemudian buat keputusan akhir setelah uji pemanduan. Membeli kereta adalah perkara penting, meluangkan masa untuk membuat kajian tidak akan salah.
Dalam pasaran SUV di Malaysia, ramai pembeli semasa memilih kereta sering membandingkan Honda HR-V dan MG MG HS. Kedua-dua kereta ini hampir sama dari segi harga dan penjenamaan, hari ini kami akan membuat perbandingan terperinci dari pelbagai aspek, membantu anda menjimatkan masa mencari maklumat.
Harga OTR Honda HR-V di Malaysia ialah RM 115,900 - 143,900, terdapat 4 varian, termasuk 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900) dan lain-lain.
Harga OTR MG MG HS di Malaysia ialah RM 130,450 - 146,450, terdapat 2 varian, termasuk 1.5L Standard (RM 105,000), 1.5L Executive (RM 115,000) dan lain-lain.
Dari segi harga, harga permulaan Honda HR-V memang RM 14,550 lebih murah berbanding MG MG HS. Jika bajet anda terhad, varian permulaan Honda sudah dapat memenuhi keperluan harian. Tetapi perlu diingat, perbezaan ribuan ringgit itu, mungkin ada kompromi dalam kelengkapan, bergantung pada keperluan anda.
Honda HR-V dilengkapi enjin 1.5L Turbo, kuda kuasa 140 hp. Penggunaan bahan api rasmi 7.0 L/100km.
MG MG HS dilengkapi enjin 1.5L Turbo, kuda kuasa 140 hp. Penggunaan bahan api rasmi 7.0 L/100km.
Kedua-dua kereta menggunakan sistem kuasa yang sama, rasa ketika memandu dalam rutin pada dasarnya tiada perbezaan. Dari segi penggunaan bahan api juga hampir sama, tiada perlu bimbang mengenai hal ini.
Penarafan keselamatan Honda HR-V ialah 5★ (ASEAN NCAP), sistem keselamatan aktif termasuk Honda SENSING (ACC, CMBS, LKAS, RDM).
Penarafan keselamatan MG MG HS ialah TBD, sistem keselamatan aktif termasuk Basic.
Dari segi kelengkapan keselamatan, kedua-dua kereta mendapat penarafan yang baik. Namun Honda SENSING Honda HR-V (ACC, CMBS, LKAS, RDM) dan Basic MG MG HS mempunyai perbezaan dari segi fungsi, jika anda mengutamakan keselamatan aktif, boleh membandingkan senarai fungsi kedua-duanya dengan teliti.
Panjang kenderaan Honda HR-V 4500 mm, kapasiti Bagasi 450 L.
Panjang kenderaan MG MG HS 4400 mm, kapasiti Bagasi 400 L.
Dari segi ruang, kenderaan Honda HR-V lebih panjang 100 mm dari MG MG HS, ruang tempat duduk dalam kereta akan sedikit lebih lapang, terutamanya ruang kaki di barisan belakang. Jika anda kerap membawa keluarga atau perlu meletakkan kereta bayi, kenderaan yang lebih besar memang lebih praktikal.
Honda HR-V dan MG MG HS adalah pilihan utama di pasaran Malaysia, sesuai untuk kegunaan keluarga, perjalanan harian. Jika anda mengutamakan reputasi jenama dan harga jual balik, boleh memberi keutamaan kepada model yang lebih bagus reputasinya; jika anda lebih mengutamakan nilai wang dan kelengkapan, pilihlah model yang kelengkapannya lebih banyak. Akhirnya disarankan untuk mencuba memandu kedua-duanya, pengalaman sendiri yang paling penting.
Secara keseluruhannya, Honda HR-V dan MG MG HS adalah model kereta yang sangat baik di pasaran Malaysia. Memilih yang mana satu, perkara utamanya bergantung pada keperluan dan bajet peribadi anda. Disarankan anda mencari maklumat yang baik, bandingkan beberapa sebut harga dari pelbagai kedai kereta, kemudian buat keputusan akhir selepas memandu. Membeli kereta adalah perkara besar, meluangkan masa mencari maklumat tidak akan salah.
In the Malaysian SUV market, many buyers compare Honda HR-V and Chery Tiggo 7 Pro when choosing a car. These two cars are quite close in price and positioning. Today, let's do a detailed comparison from multiple aspects to help you save time on research.
The OTR price of Honda HR-V in Malaysia is RM 115,900 - 143,900, with a total of 4 versions, including 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900), etc.
The OTR price of Chery Tiggo 7 Pro in Malaysia is RM 123,750 - 123,750, with a total of 2 versions, including 1.6L Turbo Standard (RM 125,000), 1.6L Turbo Premium (RM 140,000), etc.
From a price perspective, Honda HR-V's starting price is indeed RM 7,850 cheaper than Chery Tiggo 7 Pro. If your budget is limited, Honda's entry-level version is already sufficient for daily needs. However, note that the few thousand cheaper might involve trade-offs in features, depending on your specific requirements.
Honda HR-V is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Chery Tiggo 7 Pro is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Both cars use the same powertrain system, and the driving experience daily is basically no difference. Fuel consumption is also similar, no need to worry too much about this point.
Honda HR-V's safety rating is 5★ (ASEAN NCAP), active safety systems include Honda SENSING (ACC, CMBS, LKAS, RDM).
Chery Tiggo 7 Pro's safety rating is TBD, active safety systems include Basic.
Regarding safety features, both cars have received good ratings. However, there are some differences in function between Honda HR-V's Honda SENSING (ACC, CMBS, LKAS, RDM) and Chery Tiggo 7 Pro's Basic. If you value active safety, you can compare the feature lists of both carefully.
Honda HR-V body length 4500 mm, trunk 450 L.
Chery Tiggo 7 Pro body length 4400 mm, trunk 400 L.
In terms of space, Honda HR-V's body is 100 mm longer than Chery Tiggo 7 Pro, interior seating space will be slightly more spacious, especially rear legroom. If you often carry family or need to put a stroller, a slightly larger body is indeed more practical.
Honda HR-V warranty 5 years/unlimited mileage, maintenance interval every 10,000km or 6 months.
Chery Tiggo 7 Pro warranty 3 years/100,000km, maintenance interval every 10,000km or 6 months.
Overall, Honda HR-V and Chery Tiggo 7 Pro are both very good models in the Malaysian market. Which one to choose depends on your personal needs and budget. It is recommended to do your homework, compare quotes from several car dealerships, and then test drive to make a final decision. Buying a car is a big matter, spending some time on research will never be wrong.
Dalam pasaran SUV di Malaysia, ramai pembeli membandingkan Honda HR-V dan Chery Tiggo 8 semasa memilih kereta. Kedua-dua kereta ini hampir sama dari segi harga dan penentuan sasaran. Hari ini, kami akan membuat perbandingan terperinci dari pelbagai aspek, membantu anda menjimatkan masa membuat penyelidikan.
Harga OTR Honda HR-V di Malaysia ialah RM 115,900 - 143,900, terdapat 4 varian, termasuk 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900) dan lain-lain.
Harga OTR Chery Tiggo 8 di Malaysia ialah RM 129,750 - 129,750, terdapat 1 varian, termasuk 2026 1.6T Standard (RM 129,750) dan lain-lain.
Dari segi harga, harga permulaan Honda HR-V memang lebih murah RM 13,850 berbanding Chery Tiggo 8. Jika bajet anda terhad, versi permulaan Honda sudah boleh memenuhi keperluan harian. Tetapi perlu diingat, beberapa ribu ringgit yang lebih murah itu mungkin ada kompromi pada kelengkapan, bergantung pada keperluan anda.
Honda HR-V dilengkapi enjin 1.5L Turbo, 140 hp. Konsumsi minyak rasmi 7.0 L/100km.
Chery Tiggo 8 dilengkapi enjin 1.5L Turbo, 140 hp. Konsumsi minyak rasmi 7.0 L/100km.
Kedua-dua kereta menggunakan sistem kuasa yang sama, pengalaman memandu harian pada dasarnya tiada perbezaan. Begitu juga dari segi kecekapan minyak, tiada keperluan untuk terlalu berfikir tentang hal ini.
Honda HR-V panjang badan 4500 mm, bagasi 450 L.
Chery Tiggo 8 panjang badan 4400 mm, bagasi 400 L.
Dari segi ruang, badan Honda HR-V adalah 100 mm lebih panjang daripada Chery Tiggo 8, ruang duduk di dalam kereta akan sedikit lebih lapang, terutamanya ruang kaki di kerusi belakang. Jika anda kerap membawa keluarga atau perlu meletakkan troli bayi, badan kereta yang lebih besar memang lebih praktikal.
Honda HR-V menggunakan cara pemanduan FWD.
Chery Tiggo 8 menggunakan cara pemanduan FWD.
Kedua-dua kereta menggunakan cara pemanduan yang sama, iaitu FWD, pengalaman memandu harian tidak akan terlalu berbeza.
Honda HR-V dan Chery Tiggo 8 adalah pilihan utama dalam pasaran Malaysia, sesuai untuk kegunaan keluarga dan perjalanan harian. Jika anda lebih menekankan reputasi jenama dan harga pasaran kedua, boleh utamakan model yang mempunyai reputasi lebih baik; jika anda lebih mengambil berat tentang kos dan kelengkapan, maka pilih model yang mempunyai kelengkapan lebih kaya. Akhir sekali, disarankan untuk memandu uji kedua-dua model tersebut, pengalaman sendiri adalah yang paling penting.
Secara keseluruhannya, Honda HR-V dan Chery Tiggo 8 adalah model kereta yang sangat baik di pasaran Malaysia. Memilih yang mana, penting untuk melihat keperluan dan bajet peribadi anda. Kami sarankan anda membuat penyelidikan, bandingkan beberapa harga daripada kedai kereta, dan kemudian lakukan ujian memandu untuk membuat keputusan akhir. Membeli kereta adalah perkara besar, meluangkan masa untuk membuat penyelidikan tidak akan pernah salah.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿本田 HR-V 同 Chery Tiggo 8 Pro 嚟做比較。呢兩款車喺價位同定位上都幾接近，今日我哋就從多個角度嚟做一個詳細嘅比較，幫你省晒做功課嘅時間。
本田 HR-V 喺馬來西亞嘅 OTR 售價係 RM 115,900 - 143,900，總共有 4 個版本，包括 2026 e:HEV 1.5L RS（RM 143,900）、2026 1.5T V（RM 137,900）、2026 1.5T E（RM 130,900） 等。
Chery Tiggo 8 Pro 喺馬來西亞嘅 OTR 售價係 RM 159,750 - 159,750，總共有 2 個版本，包括 1.6L Turbo Standard（RM 130,000）、1.6L Turbo Premium（RM 145,000） 等。
由價錢嚟睇，本田 HR-V 嘅起價確實比 Chery Tiggo 8 Pro 平咗 RM 43,850。如果你預算有限，本田嘅入門版已經可以滿足日常需要。但要記住，平少少嗰幾千蚊，喺配備上可能會有所取捨，具體要睇你嘅需要。
本田 HR-V 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括本田 SENSING (ACC, CMBS, LKAS, RDM)。
Chery Tiggo 8 Pro 嘅安全評級係 TBD，主動安全系統包括 Basic。
安全配備方面，兩款車都拿到唔錯嘅評級。不過本田 HR-V 嘅本田 SENSING (ACC, CMBS, LKAS, RDM) 同 Chery Tiggo 8 Pro 嘅 Basic 喺功能上有少少分別，如果你比較重視主動安全嘅話，可以仔細比較下兩者嘅功能列表。
本田 HR-V 車身長 4500 mm，後備箱 450 L。
Chery Tiggo 8 Pro 車身長 4400 mm，後備箱 400 L。
空間方面，本田 HR-V 嘅車身比 Chery Tiggo 8 Pro 長咗 100 mm，車內坐位空間會稍微寬鬆啲，尤其係後座腳位空間。如果你經常載家人或者需要放嬰兒車，大啲嘅車身確實更加實用。
本田 HR-V 保修 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
Chery Tiggo 8 Pro 保修 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
總嚟講，本田 HR-V 同 Chery Tiggo 8 Pro 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵始終要睇你嘅個人需要同預算。建議大家做好功課，多比較間車行嘅報價，再去做試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
In the Malaysian SUV market, many buyers compare the Honda HR-V and Chery Tiggo Cross when choosing a car. These two cars are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to save you time doing research.
The OTR price of Honda HR-V in Malaysia is RM 115,900 - 143,900, with a total of 4 versions, including 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900), etc.
The OTR price of Chery Tiggo Cross in Malaysia is RM 88,750 - 99,750, with a total of 2 versions, including 2025 HEV 1.5L CSH (RM 99,750), 2025 1.5T Standard (RM 88,750), etc.
From a pricing perspective, the starting price of the Chery Tiggo Cross is RM 27,150 cheaper than the Honda HR-V. Honestly, in this price segment, a difference of a few thousand is actually not significant; the key is the overall value for money and long-term running costs.
Honda HR-V is equipped with 1.5L Turbo, horsepower 140 hp. Official fuel consumption 7.0 L/100km.
Chery Tiggo Cross is equipped with 1.5L 4-cyl, horsepower 105 hp. Official fuel consumption 6.0 L/100km.
In terms of power, the 1.5L Turbo in the Honda HR-V has 35 more horsepower than the 1.5L 4-cyl in the Chery Tiggo Cross, providing more confidence in mid-range acceleration, especially when overtaking on highways. However, the fuel consumption of the Chery Tiggo Cross might be more competitive, and the difference in daily city commuting won't be too significant.
Honda HR-V's safety rating is 5★ (ASEAN NCAP), active safety systems include Honda SENSING (ACC, CMBS, LKAS, RDM).
Chery Tiggo Cross's safety rating is TBD, active safety systems include Basic.
Regarding safety features, both cars have received good ratings. However, there are some differences in function between Honda HR-V's Honda SENSING (ACC, CMBS, LKAS, RDM) and Chery Tiggo Cross's Basic. If you value active safety highly, you can compare the feature lists of both carefully.
Honda HR-V body length 4500 mm, trunk 450 L.
Chery Tiggo Cross body length 4400 mm, trunk 400 L.
In terms of space, the Honda HR-V body is 100 mm longer than the Chery Tiggo Cross, interior seating space will be slightly more spacious, especially rear legroom. If you frequently carry family members or need to fit a stroller, a larger body is indeed more practical.
Honda HR-V uses FWD drive method.
Chery Tiggo Cross uses FWD drive method.
The drive methods of both cars are the same, both FWD, daily driving experience won't differ too much.
Overall, Honda HR-V and Chery Tiggo Cross are both very good models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. We recommend doing your research, comparing quotes from several dealers, and then test driving to make a final decision. Buying a car is a big matter, spending some time doing research will never be wrong.
Monthly sales of 100,000, yet market cap only half of competitors: Why can't Leapmotor's scale earn valuation?
Evening of August 24, Leapmotor released an interim performance report with almost flawless data: First half deliveries 356,487 units, YoY growth 60.8%, ranking first among New EV makers; Revenue 38.11 billion yuan, growth 57.2%; Net profit attributable 208 million yuan, achieving profitability for two consecutive half-years. July single-month deliveries 101,267 units, becoming the first domestic New EV maker to break 100,000 monthly sales. Established for 11 years, cumulative deliveries exceeded 1.6 million units.
Leapmotor displayed its full series of models at a promotion event | Source: Leapmotor official website
But the reaction from the capital market was quite interesting. As of the August 26 market close, Leapmotor's HK stock market cap was approximately HKD 45.36 billion; on the same day, Nio was about HKD 85.5 billion, XPeng about HKD 88.4 billion, and Li Auto about HKD 97.7 billion. The one selling the most, its market cap is less than half of Li Auto. More importantly, Li Auto's second-quarter net loss was 1.705 billion yuan, XPeng's second-quarter net loss was 1.34 billion yuan — they are making losses, yet the market is willing to give them higher prices.
Being the sales champion doesn't beat the market cap, this is not just a problem for Leapmotor, but it is Leapmotor's most prominent issue. This deep dive wants to clearly break down three things: how exactly these 200 million in profit was squeezed out; why that overseas report is Leapmotor's real trump card; and what evidence the market is waiting for before re-pricing this company.
01 How the 200 Million in Profit was "Squeezed" OutFirst, let's look at the profit structure. First half revenue of 38.11 billion yuan and 11.7% comprehensive gross margin, corresponds to gross profit of approximately 4.45 billion yuan. After deducting R&D, sales, administrative and other period expenses and taxes, final operating profit was 128 million yuan, with net profit attributable to shareholders of 208 million yuan.
Converted to per unit: 356,487 vehicles, with an average profit of only about 585 yuan per car. A 100,000 yuan level car, profit isn't enough for a decent meal. Net margin 0.55%, thin as a blade.
Leapmotor 2026 Semi-Annual Report · Performance Highlights | Source: Leapmotor official website
These 208 million are pieced together from several parts. The first part is selling cars itself. Management gave whole vehicle gross margin guidance of 10~11 percentage points at the conference call — meaning selling cars is low profit high volume, the bulk of gross margin depends on scale rolling. The second part is carbon credits, contributing 800 to 900 million yuan in the first half, about 500 million yuan in the second quarter. This is the profit's "plug-in", and its unit price is declining, management original words: "Carbon credit sales unit price fell compared to last year", "Just like the path our country walked back then". The third part is R&D service revenue, contributed in the first half but not much; the fourth part is Leapmotor International, slightly profitable but with a small loss in the first half due to exchange rates, management expects to recover in the second half.
The trend of gross margin also hides structure: First half comprehensive gross margin 11.7%, YoY decline of 2.4 percentage points, but second quarter single quarter recovered to 12.6%, QoQ improvement 3.2 percentage points. Full year guidance is 13%~14%. Management attributed the improvement to scale effect and raw material price stabilization — to translate: volume growth is diluting per-unit cost, but carbon credit decline is pulling profit margin back from the other side.
Compare with peers, the irony is stronger. Li Auto second-quarter net loss 1.705 billion yuan, deliveries 98,330 units, YoY still declined 11.5%; XPeng second-quarter net loss 1.34 billion yuan. Full market only Leapmotor, the only New EV maker stable in making money, market cap yet bottomed out. In Tech Jungle's view, the market is not that it doesn't recognize profit, but doesn't recognize "profit of doubtful gold content" and "profit that hasn't proven sustainable scaling".
02 Going Overseas: The Real Profit Pool is FormingLeapmotor interim report's most eye-catching numbers are actually not in the domestic market. First half exports 96,294 units, YoY growth 372.6%, already exceeded 2025 full year export total, accounting for 27% of total sales; July single month exports 17,569 units. European market revenue 8.875 billion yuan, YoY surge 379.7%, accounting for about 23% of total revenue.
Leapmotor exceeded 900,000 global deliveries in June | Source: Leapmotor official website
Overseas per-unit gold content is far higher than domestic: Same platform models selling price in Europe is several times that of domestic, even after incurring freight, tariffs and channel costs, per-unit gross margin is clearly better than the involution of domestic market. This is the real meaning of "Second growth curve" — not selling tens of thousands more cars, but selling a market with higher profit margin.
Local assembly map also unfolds simultaneously: Malaysia relies on Stellantis Kedah plant, C10 already mass production, B10 planned Q3 mass production launch; European Spain Zaragoza plant completed retrofit, B10 Q3 start production, B05 trial production within the year, 2027 formal mass production, supporting battery plant Q3 start mass production; South America selected Brazil Goiania plant, B10 planned 2027 second half start production. Management stance is: This year overseas expected around 200,000 units (start of year target 100,000~150,000 units), next year target 350,000~400,000 units, internal challenge 400,000 units.
But management also said two sentences worth noting truths. First is local production gross margin indeed better than whole vehicle export has improvement, "but improvement not as obvious as imagined", profit margin's real improvement needs to wait for "policy changes" — simply put, wait for EU tariff and local procurement rules to clear. Second is RoRo ship capacity tight, company has reached cooperation with Shipping Group, "Full year 200,000 units is guaranteed". Going overseas doesn't lack orders, lacks capacity and policy window.
There is also a detail ignored by most interpretations: Leapmotor International is Leapmotor 49%, Stellantis 51% joint venture, when established agreed on previous three years lower gross margin split. Management explicitly said at conference call, both parties "3-year agreement period" gradually approaching, will sit down to re-communicate. This is both an area where first half comprehensive gross margin was "structurally suppressed" dark corner, also potential option for gross margin upward repair in future one to two years — Stellantis sells every car, after re-pricing may contribute more profit.
03 Balance Sheet: Where Did Money and Goods GoSeveral numbers on the interim report balance sheet explain Leapmotor's current strategy better than income statement.
Leapmotor 2026 Semi-Annual Report · Financial Performance | Source: Leapmotor official website
Cash and equivalents 38.59 billion yuan, borrowing only 2.39 billion yuan, net cash over 36 billion yuan. A car company with annual sales of hundreds of thousands of units holding such scale of cash, at least on cash flow there is no danger signal.
What is truly worth pondering is inventory: 9.27 billion yuan, QoQ increase 103.7%, approximately equal to 1.65 months cost of sales. Why prepare so much inventory? Two months ago this number was not even half. The answer is written in the timeline: A05 launched on August 11, A10 enter ramp-up, D19 and C series volume, second half delivery target obviously is to go high; plus exports in transit whole vehicles and parts all floating at sea, inventory double more like intentional "ammo".
More ruthless is accounts payable: 47.08 billion yuan, is 5.1 times inventory. This shows in supply chain system, upstream suppliers are advancing funds for Leapmotor. Use suppliers' goods first, then pay money, account period dragged longer, Leapmotor cash more abundant. This is an invisible low cost financing, also realization of scale effect — only when your procurement volume large enough no one dares easily cut supply, this chain then can move. Huawei-style "V-formation supply chain" in auto industry replicate difficulty compared to consumer electronics is much bigger, but Leapmotor is trying to run with same logic.
Future two years still need to spend a big sum: As of end of June, company for purchase of properties, factory and equipment capital commitments were 7.76 billion yuan, first half capital expenditure 2.03 billion yuan, mainly used for new factory equipment and new car production line introduction. Where do these money go? Answer is 2027 — management's words "very big product big year": D series brand new models, C series existing brand new and also replacement, B series new products. 2026 profit, largely is for 2027 product matrix storing water.
04 FAW and Stellantis: Two "Technology for Market" AccountsAugust 24, same day financial report release, Leapmotor and China FAW signed deepening cooperation framework, listed ten major synergy fields: Battery, Electric Drive, Chassis, Intelligent Cockpit, Intelligent Driving, Auto Electronics, Whole Vehicle Design Manufacturing, Export, Supply Chain, and Embodied AI Robot. Time line extended look, March 3, 2025 both parties signed strategic cooperation MOU, December 28, 2025 FAW subscribed about 5% domestic shares with 3.744 billion yuan (per share 50.03 yuan) — this investment's book floating loss, according to Chegulu Media calculation already exceeded 1 billion yuan (Aug 19); and concurrently, founder Zhu Jiangming was reported multiple announcements increase holdings.
Leapmotor and China FAW signed deepening strategic cooperation agreement | Source: Leapmotor official website
A state-owned giant floating loss, founder investing against trend, both parties again on financial report day announced ten major synergy — this set of signals put together, reads like a "Long-termist mutual confirmation" agreement. Leapmotor wants one FAW R&D synergy and policy resources, FAW wants Leapmotor full domain self-developed powertrain ready-made capability, use money and technology double binding.
Another line is Stellantis. 2023 shareholding, May 2024 established Leapmotor International, May 2026 both parties announced cooperation upgrade (Opel etc brand dedicated production line and technical support, according to public reports). Conference call management revealed, cooperation direction with Stellantis is "Empowerment based on mature powertrain component supply capability", and "Recent very likely there will be further good news"; With FAW, Stellantis R&D service cooperation, "Very soon everyone will receive external announcement".
This words actually already fulfilled half: FAW framework agreement is announcement day hammered. Leapmotor is upgrading "Selling cars" into "Selling cars + Selling technology + Selling supply chain capability" three parts income. This is also Zhu Jiangming repeatedly publicly expressing "Market cap undervalued" confidence source — market gives Leapmotor valuation according to whole vehicle manufacturer, but its financial statements are growing into technology exporter shape.
05 Robots: Second Curve Waiting Behind AnnouncementAnd FAW's ten synergy list appeared "Embodied AI Robot", this is official level first time writing robot into cooperation framework. Accompanying public business information (Leapmotor power subsidiary business scope newly added robot related content), and conference call management "Company has robot related planning, very soon will formal announcement" statement, Leapmotor's robot business has entered "Night before official announcement" from "Rumors".
But to speak rigorous: Robot currently still is expectation, not profit. Before announcement landing, it is just valuation imagination option. Management at conference call also confirmed, September 16 will hold technology launch conference in Huzhou, Zhejiang, heavyweight content concentrated on Intelligent Driving, Battery and Electric Drive — this is future few weeks most immediately visible catalyst, Robot is farther that "Easter egg".
Risks also need to be mentionedOutside bullish, a few risks worth listing on table.
First is carbon credit decline. First half 80~900 million points income pushed net profit to 200 million, but unit price is returning towards "Country back then path". If next year points income shrinks, and whole vehicle gross margin not substantially stand at 13%~14%, profit statement will be hit back to original form. Leapmotor needs to use real material scale effect, to fill points decline dug hole.
Second is customer concentration. Financial report disclosed single largest customer contribution accounted for about 23.3% revenue ratio — combine European revenue scale and joint relationship, overseas big customers are double-edged sword: It supports growth, also handed over fate's much part into others hands.
Third is policy window. EU localization procurement proportion requirement is rising, anti-subsidy tax and price commitment "Soft landing" whether continue, directly decides 2027 400,000 units overseas target whether can fulfill; and localization profit margin improvement, management also said "Needs policy changes".
Fourth is execution difficulty. Next year overseas 350,000~400,000 units, means need to on this year about 200,000 units basis close to double, capacity, channel, localization capacity three lines parallel, any link fail chain will transmit to report.
Conclusion: Monthly Sales of 100,000 is Just an Entry Ticket
Leapmotor full series of models lineup | Source: Leapmotor official website
In Tech Jungle's view, market cap repair not rely on shouting, market wants three verifiable evidence: Whole vehicle gross margin whether can stabilize 13%~14% and continue upward, prove "Selling cars itself can make money"; Carbon credits decline after profit not empty, prove "Profit is real"; Overseas 350,000~400,000 units and robot announcement quality, prove "Second curve is not an empty promise".
This half year, Leapmotor proved itself can use extremely low per-unit profit roll up scale, also can hold cash firmly in hand — Net cash over 36 billion, Accounts payable leverage 470 billion supply chain account period, this is not every New EV maker can do. But capital market not pay for "Amazing", only pay for "Proven sustainability".
Monthly sales of 100,000 is just an entry ticket, net profit of 200 million is a passing score, and dozens of times market cap gap, need to rely on next one or two years' report page by page to fill.
Dalam pasaran SUV di Malaysia, banyak pembeli yang membandingkan Honda HR-V dan Chery Tiggo 7 Pro semasa memilih kereta. Kedua-dua model ini mempunyai harga dan kedudukan pasaran yang hampir sama. Hari ini, kita akan membuat perbandingan terperinci dari pelbagai aspek untuk membantu anda menjimatkan masa membuat penyelidikan.
Honda HR-V berharga OTR di Malaysia sebanyak RM 115,900 - 143,900, mempunyai keseluruhan 4 varian, termasuk 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900) dan lain-lain.
Chery Tiggo 7 Pro berharga OTR di Malaysia sebanyak RM 123,750 - 123,750, mempunyai keseluruhan 2 varian, termasuk 1.6L Turbo Standard (RM 125,000), 1.6L Turbo Premium (RM 140,000) dan lain-lain.
Dari segi harga, harga permulaan Honda HR-V memang lebih murah RM 7,850 berbanding Chery Tiggo 7 Pro. Jika bajet anda terhad, varian asas Honda sudah cukup untuk memenuhi keperluan harian. Namun perlu diingat, ribuan ringgit yang lebih murah itu mungkin melibatkan pengorbanan pada kelengkapan, bergantung pada keperluan anda.
Pengkelasan keselamatan Honda HR-V ialah 5★ (ASEAN NCAP), sistem keselamatan aktif termasuk Honda SENSING (ACC, CMBS, LKAS, RDM).
Pengkelasan keselamatan Chery Tiggo 7 Pro ialah TBD, sistem keselamatan aktif termasuk Basic.
Dari segi kelengkapan keselamatan, kedua-dua model telah mendapat pengkelasan yang bagus. Namun Honda SENSING (ACC, CMBS, LKAS, RDM) pada Honda HR-V dan Basic pada Chery Tiggo 7 Pro mempunyai perbezaan dari segi fungsi. Jika anda mengutamakan keselamatan aktif, sila bandingkan senarai fungsi kedua-duanya dengan teliti.
Panjang kenderaan Honda HR-V 4500 mm, bagasi 450 L.
Panjang kenderaan Chery Tiggo 7 Pro 4400 mm, bagasi 400 L.
Dari segi ruang, panjang badan Honda HR-V ialah 100 mm lebih panjang daripada Chery Tiggo 7 Pro, ruang penumpang dalaman akan sedikit lebih lapang, terutamanya ruang kaki di kerusi belakang. Jika anda sering membawa keluarga atau perlu meletakkan kereta bayi, kenderaan yang lebih besar memang lebih praktikal.
Honda HR-V dan Chery Tiggo 7 Pro adalah pilihan utama di pasaran Malaysia, sesuai untuk kegunaan keluarga dan perjalanan harian. Jika anda lebih mengutamakan reputasi jenama dan nilai semula, pilih yang mempunyai reputasi lebih baik; jika anda lebih mementingkan nisbah harga dan prestasi serta kelengkapan, pilih yang mempunyai konfigurasi lebih lengkap. Pada akhirnya, disyorkan untuk menguji memandu kedua-duanya, pengalaman sendiri adalah yang paling penting.
Secara keseluruhan, Honda HR-V dan Chery Tiggo 7 Pro adalah model yang sangat bagus di pasaran Malaysia. Memilih yang mana satu, kunci utamanya bergantung pada keperluan dan bajet peribadi anda. Disyorkan kepada anda untuk membuat penyelidikan terlebih dahulu, bandingkan harga dari beberapa pengedar, kemudian lakukan uji memandu untuk membuat keputusan akhir. Membeli kereta adalah urusan besar, meluangkan sedikit masa untuk membuat penyelidikan pasti tidak salah.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿本田 HR-V 定馬自達 CX-60 嚟做比較。呢兩款車喺價位同定位上都幾近，今日我哋就從多個方面做一個詳細嘅對比，幫你省下做功課嘅時間。
本田 HR-V 喺馬來西亞嘅 OTR 售價係 RM 115,900 - 143,900，一共有 4 個版本，包括 2026 e:HEV 1.5L RS（RM 143,900）、2026 1.5T V（RM 137,900）、2026 1.5T E（RM 130,900）等。
馬自達 CX-60 喺馬來西亞嘅 OTR 售價係 RM 200,510 - 252,873，一共有 2 個版本，包括 2026 3.3T 4WD High Plus（RM 252,873）、2025 2.5L 2WD High（RM 200,510）等。
從價錢來看，本田 HR-V 嘅入門價的確比馬自達 CX-60 平咗 RM 84,610。如果你預算有限，本田嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能喺配備上會有取捨，具體要看你嘅需求。
本田 HR-V 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
馬自達 CX-60 搭載 2.0L 4-cyl，馬力 170 hp。官方油耗 8.0 L/100km。
动力方面，馬自達 CX-60 嘅 2.0L 4-cyl 比本田 HR-V 嘅 1.5L Turbo 多咗 30 匹馬力。不過日常喺市區開，兩款車嘅動力都夠用，唔會覺得唔夠力。
本田 HR-V 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括本田 SENSING (ACC, CMBS, LKAS, RDM)。
馬自達 CX-60 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 i-Activsense Pro。
安全配備方面，兩款車都拿到唔錯嘅評級。不過本田 HR-V 嘅本田 SENSING (ACC, CMBS, LKAS, RDM) 同馬自達 CX-60 嘅 i-Activsense Pro 喺功能上有啲差異，如果你比較睇重主動安全嘅話，可以仔細對比下兩者嘅功能列表。
本田 HR-V 採用 FWD 驅動方式。
馬自達 CX-60 採用 FWD 驅動方式。
兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大區別。
本田 HR-V 同馬自達 CX-60 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更睇重品牌口碑同二手價，可以優先考慮口碑更好嗰款；如果你更在意性價比同配備，嗰就揀配備更豐富嗰款。最終都係建議兩款都去試駕，親身體驗先係最重要嘅。
總嘅嚟講，本田 HR-V 同馬自達 CX-60 都係馬來西亞市場好唔錯嘅車型。揀邊一輛，關鍵都要睇你嘅個人需求同預算。建议大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花點時間做功課絕對唔會錯。
Baru-baru ini, Sentury Tire mengeluarkan pengumuman, melantik Carrick Geng sebagai Timbalan Pengurus Pusat Jualan Luar Negara dan Pengarah Jualan Wilayah Eropah. Penyesuaian personel ini, tepat pada titik penting apabila strategi Eropah Sentury mempercepat secara menyeluruh, syarikat gergasi tayar China ini, kini sedang melancarkan serangan sistematik ke pasaran Eropah.
13 Tahun Veteran Mengawal Eropah
Carrick Geng dinilai Sentury sebagai teras utama pengembangan global. Semasa tempoh 13 tahun bekerja, beliau bermula sebagai wakil jualan di Amerika Syarikat, berturut-turut memegang jawatan pengarah jualan tapak pengeluaran Thailand dan China, laku kerjayanya merentasi benua Amerika, Asia Tenggara dan sistem operasi pengeluaran dalam negara, mahir dalam pembukaan saluran pengguna akhir luar negara dan memahami kerjasama jualan-pengeluaran pelbagai tapak, mempunyai pandangan global kumpulan dan pengalaman praktikal saluran global.
Selepas pelantikan baru ini, beliau akan menyelaraskan keseluruhan operasi jualan wilayah Eropah, menghubungkan sumber pelbagai tapak, matriks produk dengan pengedar tempatan Eropah dan sumber penyediaan utama. Tumpuan kerja tidak hanya pada pengembangan jualan, malah fokus pada pengoptimuman struktur saluran dan peningkatan nilai jenama sendiri, membantu Sentury membebaskan diri daripada persaingan harga rendah, mengukuhkan kedudukan pasaran pertengahan-tinggi Eropah.
Medan Eropah: Peluang dan Cabaran Wujud Serentak
Eropah adalah pasaran yang sangat berat dalam peta globalisasi Sentury. Kini syarikat mengoperasikan banyak jenama seperti Landsail, Delinte, Groundspeed, Sentury di Eropah.
Pada pameran tayar antarabangsa Cologne Jerman pada Jun tahun ini, Sentury telah mengumumkan rancangan membina sebuah kilang pintar tayar kenderaan penumpang baru di wilayah Balkan, dengan sasaran mula pengeluaran pada tahun 2027. Di pasaran Eropah Barat, syarikat telah mencapai kerjasama pemilikan tunggal pengedaran dengan pengedar terkenal Intersprint, menolak dengan jelas penjualan murah, beralih ke penanaman jenama.
Kilang Morocco Menjadi "Asas" Suplai Eropah
Menggerakkan ke Eropah, kad As dalam tangan Sentury ialah matriks kapasiti "China - Thailand - Morocco" Segitiga Emas. Kilang Morocco yang telah beroperasi hampir dua tahun berdekatan dengan Eropah, menikmati kelebihan tarif, kini sedang melepaskan secara teratur, permintaan melebihi penawaran, dijangka mencapai kapasiti reka bentuk sebelum akhir tahun 2026. Pada separuh pertama tahun 2026, kilang ini telah mencapai keuntungan, pendapatan operasi 730 juta Yuan, keuntungan bersih 12.12 juta Yuan.
Lompatan yang lebih penting terdapat dalam bidang penyediaan: bergantung pada kilang Morocco, Sentury telah mendapat kelayakan pembekal kepada Renault, Stellantis dua syarikat automotif global, dijangka mencapai penyediaan asal tempatan Morocco pada tahun 2027.
Ketahanan Prestasi Menonjol, Perlindungan Pendekatan Premium
Dasar kukuh penaklukan Eropah, berasal daripada tapak operasi yang kukuh. Laporan separuh tahun yang dikeluarkan pada 24 Ogos menunjukkan, jualan tayar Sentury separuh tahun pertama 16.6389 juta unit, meningkat 11.89% tahun ke tahun; pendapatan 4.422 bilion Yuan, meningkat 7.33% tahun ke tahun; keuntungan bersih ibu bapa 420 juta Yuan, nisbah keuntungan bersih 9.5%, kedudukan pertama dalam kalangan syarikat yang bertumpu pada tayar baja separa.
Kunci keuntungan terletak pada struktur premium: jualan tayar prestasi tinggi saiz besar 17 inci ke atas, nisbah jumlah jualan dikekalkan sekitar 65%, produk bernilai tinggi mengatasi kenaikan bahan mentah dan tekanan tarif.
Dari "Produk Luar Negara" ke "Kapasiti Luar Negara dan Operasi Tempatan", Sentury sedang memajukan secara stabil sepanjang strategi "833Plus" — menggunakan masa sekitar 10 tahun menyusun 8 pangkalan pembuatan pintar digital, 3 pusat penyelidikan pembangunan. Analisis industri berpendapat, dengan veteran mengawal Eropah, kilang Balkan dilaksanakan, Sentury dijangka memperbesarkan potensi pertumbuhan pasaran Eropah lagi, memperolehk lebih banyak suara bagi jenama tayar China di pasaran luar negara premium.
Ketika unit ke-7,000,000 'Buatan Chery' naik ke kapal di pelabuhan itu, sejarah 'ekspor' automotif China menambah satu catatan baharu.
Pada Ogos 2026, Kumpulan Chery mengeksport 196,984 unit dalam sebulan, meningkat 52.1% berbanding tahun lalu, terus kekal sebagai nombor satu eksport automotif China; Januari hingga Ogos kumulatif mengeksport 1,343,334 unit, meningkat 68.1%. Jika dikira, setiap 16 saat, satu unit 'Buatan Chery' menuju ke luar negara. Dengan ini, jumlah jualan kumulatif global Kumpulan Chery melebihi 20.44 juta unit, di mana jualan kumulatif luar negara melebihi 7.18 juta unit, menjadi syarikat automotif pertama China yang kumulatif eksport melebihi 7 juta unit.
Dari 2025 sehingga kini, Chery telah mencatatkan tiga rekod 'pertama' bagi eksport kumulatif syarikat automotif China iaitu 5 juta, 6 juta, dan 7 juta unit, hanya menggunakan 14 bulan untuk mencapai tiga lonjakan peringkat sejuta. Terusan selama 23 tahun kekal sebagai nombor satu eksototautomotif jenama China, di sebalik lompatan sistematik Chery dalam dimensi seperti pembangunan produk, struktur perniagaan, susun atur pasaran, dan falsafah eksport, meneroka jalan globalisasi syarikat China dari 'keluar' ke 'menyatu'.
Penjanaan Produk: Dari 'Modifikasi Eksport' ke 'Kereta Global Asal'
Yang pertama dimusnahkan oleh Chery adalah laluan tradisional 'modifikasi model domestik untuk eksport', membina mod pembangunan 'Kereta Global Asal' yang baharu: Dari hari pertama definisi produk, ia dilakukan secara positif ke arah pengguna dan keperluan pasaran global, piawaian keselamatan, pengesahan ketahanan, senario penggunaan, dll., berdasarkan keperluan tertinggi global — tidak membuat 'barang runcit', tetapi 'barang tahan lama, karya seni'.
Falsafah ini sedang ditukar kepada prestasi pasaran yang nyata.
Merasma OMODA & JAECOO hanya tiga tahun, jumlah jualan kumulatif global melebihi 1 juta unit; memasuki pasaran UK kurang daripada dua tahun, jumlah jualan telah memecahkan 100,000 unit, malah tiga model iaitu JAECOO 7, JAECOO 5, OMODA 5 telah menyertai senarai 10 model laris di UK.
LEPAS L6 dilancarkan dengan jaya di Afrika Selatan, Thailand, model sumber domestik 'Kereta Global Asal' Fengyun T7 secara langsung menandingi piawaian keselamatan lima bintang Eropah 2026, baru sahaja dilancarkan pada bulan Ogos, tempahan 24 jam memecahkan 23,188 unit, mengesahkan laluan pembangunan 'satu platform, mekar global'.
Gambar: LEPAS L6
Perubahan Tenaga: Setiap 7 Kereta Baru Eksport China, 1 adalah daripada Chery
Sementara saiz terus meningkat, struktur produk yang dieksport oleh Chery sedang mengalami perubahan mendalam, kereta tenaga baharu telah menjadi 'enjin kuat' yang menarik pertumbuhan.
Januari hingga Ogos, eksport kereta tenaga baharu Kumpulan Chery melebihi 450,000 unit, meningkat 136.8%, kadar peningkatan melebihi purata keseluruhan. Mengikut data Persatuan Pasaran Automotive China, Januari hingga Julai, jumlah eksport kumulatif kereta tenaga baharu Chery berada di hadapan dua industri; sejak bulan April, eksport bulan kereta tenaga baharu telah kekal di hadapan dua industri.
Gambar: Model Laris Global JAECOO 7
Satu angka yang lebih meyakinkan: Sekarang, setiap 5 kereta dieksport dari China, 1 adalah daripada Chery; setiap 7 kereta tenaga baharu dieksport, 1 adalah daripada Chery.
Letupan eksport kereta tenaga baharu bukan kebetulan. Dari rekod penghantaran terpantas MPV tenaga baharu kelas 500,000 oleh Luxeed V9, hingga tempahan pra-jualan Shenhangzhe 8 melebihi 10,000 dalam 48 jam, hingga Fengyun T7 dengan 23,000 tempahan 24 jam meledak pasaran SUV tulen — Chery kini menggunakan 'matriks kereta tenaga baharu laris' untuk menutup pelbagai laluan pasaran global. Kereta tenaga baharu menjadi wajah baharu eksport Chery, juga menunjukkan imej baharu jenama teknologi pasaran automotif global.
Terobosan Pasaran: Naib Juara Senarai Keseluruhan UK, Tiga Teratas Australia
Susun atur pasaran eksport Chery juga telah merealisasikan terobosan dari pasaran berkembang ke pasaran peraturan global.
Eropah sebagai salah satu pasaran dengan peraturan automotif paling ketat di dunia, menjadi tapak utama eksport berkualiti tinggi Chery: Januari hingga Julai, jumlah jualan Chery di 24 negara Eropah melebihi 208,000 unit, meningkat 201%; di mana jualan kereta tenaga baharu mencapai 102,000 unit, meningkat besar 332.47%. Di UK, sejak Mac Chery telah kekal sebagai naib juara senarai jumlah jualan automotif bulanan; di Australia, jumlah jualan bulanan bulan Julai telah masuk tiga teratas industri.
Gambar: Kenderaan Eksport Kumpulan Chery sedia naik ke kapal
Terobosan pasaran peraturan tinggi bermaksud keupayaan produk Chery sedang dibuktikan di pasaran paling cerdik di dunia, dan seterusnya mendorong peningkatan bobot global. Menurut analisis statistik Pengarah Persatuan Pasaran Automotive China, Cui Dongshu, Januari hingga Julai, bahagian jualan dunia Kumpulan Chery meningkat kepada 4.2%, berada di kedudukan kesembilan global. Dari 'Juara Eksport China' ke 'Sepuluh Teratas Bahagian Jualan Global', Chery telah menentukan koordinat baharu dalam struktur industri automotif global.
Bukan Sahaja Perniagaan: 'Jalur Chery' Globalisasi
Luar pengembangan perniagaan, Chery serentak melakukan perkara lain: mengukir 'falsafah jangka panjang' ke dalam setiap langkah globalisasi.
Bulan Ogos, Chery bekerjasama dengan Kesatuan Sedunia untuk Pemuliharaan Alam Sekitar (IUCN) membuka aktiviti perlindungan ekologi laut fasa kedua 'Sayangi Alam' di Sepanyol, tumpuan kepada pembaikan dan perlindungan ekosistem lamun Posidonia — ini adalah salah satu ekosistem biru karbon paling penting di dunia yang diiktiraf oleh Pertubuhan Bangsa-Bangsa Bersatu. Dengan teknologi bahan aluminium kitar semula rendah karbon, projek perlindungan kepelbagaian biologi di banyak negara, amalan kebajikan kecemasan sosial, Chery juga meraih tiga penghormatan 'Pembangunan Hijau', 'Teknologi Cerdik', 'Kebaikan Bersama Harmoni' dalam kes amalan pembangunan mampan industri automotif China 2026.
Gambar: Kumpulan Chery bekerjasama IUCN mengadakan aktiviti pemantauan lamun Posidonia Laut Mediterranean dan seminar
Dalam 'menyatu' sambil 'keluar', memeluk dunia, menyumbang kepada dunia — ini adalah parit sebenar di sebalik 7 juta unit.
Dari 2001 hingga 2026, dari 10 unit ke 7.18 juta unit, 25 tahun jalan eksport Chery, adalah ringkasan hidup peningkatan globalisasi automotif China. 7 juta unit adalah batu loncatan, malah titik permulaan baharu. Bab baharu eksport automotif China, sedang ditulis di setiap pasaran di dunia.
The last day of August 2026, Momenta, which listed on the HKEX just over a month ago, released its first set of results.
The numbers are indeed quite impressive: Revenue for the first half reached 1.602 billion RMB, a 75.9% increase. But what drew more attention was the loss issue frequently discussed within the industry; adjusted net loss narrowed by 96.6% to 14.097 million RMB.
Momenta's Main Financial Performance in the First Half of 2026
For a company wearing the halo of the "First Physical AI Stock" and constantly questioned about "burning money", this is almost saying: Give me a little more time, the break-even point is right around the corner.
In the subsequent financial report meeting, management focused their attention on a further-reaching chessboard: Implementing a "pervasive coverage" mass production strategy to cover more vehicle models, accelerate the flywheel driven by the millions-unit scale, and pave the way for the global implementation of Robotaxi and Robovan over the next three years.
"Competition in the automotive industry is becoming increasingly fierce; simply betting on a single model and hoping to create a one-time blockbuster is not enough to support the long-term survival of the enterprise." Therefore, Momenta takes the "Law of Large Numbers" as the strategic underlying logic. Through extensive layout of a large number of OEMs and vehicle model matrices, market risks brought by single auto companies/models can be effectively hedged. "Our strategy strives to gain a long-term competitive advantage in the rapidly changing and uncertain automotive industry."
01
Financials: From "Cash Burner" to "Approaching Profitability"
In the past few years, the two words the autonomous driving industry fears most to hear are "losses". Huge R&D investments of billions have caused many star companies to fall on the eve of commercialization.
The signal released by Momenta's financial report this time is very clear: Scaling is changing the financial model.
Financial report data shows that in the first half of 2026, Momenta realized operating revenue of 1.602 billion RMB, a year-on-year increase of 75.9%.
Momenta's Revenue from Two Major Businesses
Breaking it down, technology development service revenue was 995 million RMB, a year-on-year increase of 81.5%, accounting for 62.1% of total revenue; licensing service revenue was 607 million RMB, a year-on-year increase of 67.5%. The revenue growth of the two parts was driven respectively by the increase in new customer cooperation projects, the expansion of service delivery scope, and the increase in the number of mass-produced vehicle installations.
The above two major business parts belong to high-margin software and service businesses with extremely low marginal costs. Therefore, the profit-side data is also improving.
In the first half of this year, Momenta's gross profit was 1.173 billion RMB, a year-on-year increase of 79.4%, with a gross margin of 73.2%, higher than 71.8% in the same period last year. This is largely due to the business model; Momenta's revenue comes more from pure software algorithm licensing and services, and does not need to bear the cost pressure of hardware.
According to the adjusted net profit metric (which better reflects the true operating status, excluding non-cash items such as equity incentives, listing expenses, changes in fair value of preferred shares, etc.), Momenta's adjusted net loss for the first half was 14.097 million RMB, significantly narrowing by 96.6% compared to 416 million RMB in the same period last year. The distance to break-even is less than 15 million RMB.
Momenta's Loss Situation as of End of June This Year
According to IFRS standards, the loss for the period was 16.537 billion RMB, expanding 871.8% year-on-year. The source of the difference lies in a line of small text in the financial report notes: 16.31 billion RMB came from "changes in fair value of preferred shares and other financial liabilities".
Simply put, the company issued a large number of preferred shares before listing. According to IFRS requirements, these preferred shares need to be re-measured at fair value at the end of each reporting period. The higher the company valuation, the higher the fair value of preferred shares, and the larger the "book loss" generated. This is the result of accounting treatment under accounting standards requirements. Essentially, it is advance accounting for future equity conversion costs that may occur, which will not lead to future cash outflows. Moreover, after the July listing, all preferred shares have been converted into common shares, and the financial reports for the second half will not be affected by this.
However, the figure of 367% for the debt-to-asset ratio is still worth alerting. This is not due to "preferred share accounting treatment amplification", but rather the result of total liabilities being pushed up after preferred shares were included as financial liabilities before listing, reflecting the company's capital structure dependent on financing expansion in the past few years. With the completion of IPO and preferred share conversion, this liability will decrease significantly, net assets will increase significantly, and this indicator should improve significantly subsequently.
In terms of R&D, as of June 30, 2026, the company had 1,102 R&D personnel, accounting for 79.1% of the total number of employees. In the first half of this year, R&D expenses were 1.16 billion RMB, a year-on-year increase of 18.6%, with an R&D expense ratio of 72.6%.
Momenta Cash Flow
In terms of cash flow, the financial report shows that as of June 30, 2026, Momenta's operating cash flow net outflow was 381 million RMB, narrowing by 47% compared to 716 million RMB in the same period last year. Adding approximately 6.8 billion HKD raised in the July IPO, the company's cash reserves have exceeded 15 billion RMB. In the short term, capital reserves are sufficient to support subsequent R&D investment and global expansion.
02
Business Front: Clarifying "Pervasive Coverage" Strategy
Why is it possible to approach profitability so quickly? The answer is hidden in these four words: "Mass Production Scale".
Let's first look at a set of comparative data.
In 2022, Momenta delivered its first 100,000 unit mass production plan, taking 24 months. By the first half of this year, the delivery of the latest 100,000 units took only 36 days. From "two years" to "more than one month", the time unit was compressed from "year" to "month".
In specific numbers, as of June 30, Momenta has covered 26 OEM clients, with a cumulative 105 mass-produced models, and the cumulative installation volume of mass production solutions has broken through 1 million units. In the first half of the year, approximately 321,000 units were added, a year-on-year increase of 83.7%. The increase in just half a year exceeded the cumulative total before 2022. Cooperating brands include Mercedes-Benz, BMW, Audi, GAC Toyota, Hongqi, SAIC Volkswagen, Dongfeng Nissan, IM Motors, etc., reaching mass production business cooperation with 26 OEMs.
Momenta's Partial Partners
1 million cars running on the road, the greater value is data output.
The financial report disclosed that as of the end of June, relying on over 1 million mass-produced vehicles, Momenta has accumulated over 13 billion kilometers of real driving mileage, refining over 100 million segments of high-value "Golden Data", with daily simulated mileage exceeding 10 million kilometers.
The more the data rolls, the faster the algorithm runs; mass production scale accelerates data accumulation in return, forming a positive feedback loop. This is the concentrated release of Momenta's flywheel effect.
Of course, high data barriers do not equal no challenges.
On one hand, in the supply chain security logic of auto companies, core technology cannot be "sourced by a single company", and independent R&D must be maintained. While investing in Momenta, SAIC is also introducing Huawei solutions; Toyota's intelligent layout is also diverse, neither giving up independent R&D nor betting chips on a single supplier. This means that Momenta faces not only competition in order acquisition but also market space squeezing brought by auto companies' independent R&D routes.
On the other hand, Momenta is continuously increasing the intensity of going overseas; compliance costs in overseas markets, geopolitical risks, and differences in data regulation in each region are variables that need continuous investment to deal with in scaled expansion.
In addition, as of now, Momenta has cumulatively mass-produced 105 models, but there is a difference of over 110 models between the number of delivered models and cumulative projects exceeding 219 models. Whether these orders can be smoothly converted into delivery still carries the risk of production rhythm and customer cooperation changes.
Momenta "Flywheel Mode"
Overall, the "flywheel" has started turning; scale is accelerating, data is accumulating, and market share is expanding. What remains to be seen is whether this flywheel can maintain acceleration, and whether the technical leading advantage can be continuously converted into commercial orders.
At the business strategy level, "blanket coverage" (Pervasive Coverage Strategy) was explicitly proposed in the conference call. The essential goal is to expand business coverage as much as possible, access more OEMs, and cover a more diverse vehicle model matrix.
The underlying business logic is that competition in the automotive industry is becoming increasingly fierce; single blockbuster models are difficult to support long-term survival. Through extensive layout of a large number of OEMs and models, market risks brought by single auto companies or models can be effectively hedged, striving for long-term competitive advantage in an industry full of uncertainty with the "Law of Large Numbers".
03
Next Step: Robotaxi and Global Market Landing
If it is merely selling NOA solutions, Momenta's story can at most be considered a "good moneymaking business", but for capital markets willing to give high valuations, what they look at is definitely the next step.
The financial report disclosed that the self-developed Momenta R7 World Model will begin deployment in mass-produced vehicles from Q3 2026.
Momenta R7 World Model Three-Layer Architecture
The so-called "World Model" means letting AI understand the laws of the physical world, not just recognition and classification. Reflected in autonomous driving scenarios, it is to give the system human-like "common sense reasoning" capabilities, able to predict causal relationships between dynamic objects on the road, and not just responding to static rules.
If this technology is smoothly scaled and landed, it is possible to create a generational gap at the algorithm level. But it needs to be noted that from deployment to producing actual experience differences, the World Model still needs a period of data accumulation and iteration verification. Getting on board in Q3 is just the starting point; the true formation of user-perceivable experience advantages may come to 2027.
The bigger chessboard is: Robotaxi and Global Markets.
Momenta partners with RideNow to build a Robotaxi fleet based on pre-installation mass production
The financial report shows that Momenta's Robotaxi has conducted tests or operations in 6 cities of 3 countries globally, and plans to launch the first Robotaxi in Q4 2026.
According to the detailed schedule disclosed in the conference call: The end-of-2026 target is to obtain test licenses for over 10 cities globally, with fleet scale reaching hundreds of units; The 2027 plan is to expand to over 30 cities globally, with algorithm safety performance expected to reach 10 times that of ordinary human drivers; 2028 will become the first year of large-scale operations, Robotaxi will transform from pilot trial operation to normalized commercial travel services, completing the critical leap from technological leadership to large-scale commercial operations.
Momenta follows the route of "not building cars, but becoming an enabler". This means its Robotaxi can reuse the technical stack of passenger car mass production solutions, with marginal development costs lower than players starting from scratch. But Robotaxi's commercialization rhythm still depends on the pace of regulatory policy advancement in various places, as well as the verification of operational efficiency.
Overseas markets are also accelerating. Business has covered 10 countries and regions, including Norway, UK, UAE, Singapore, Australia, New Zealand, Thailand, etc. Momenta's global layout is advancing from two fronts simultaneously: besides supporting Chinese auto companies' models going global, it is also directly advancing international cooperation projects with multiple overseas OEMs.
For a Chinese autonomous driving company, being able to enter the supply chain system of overseas mainstream auto companies is itself an endorsement of technical capabilities and safety standards. However, global expansion also means higher compliance costs and geopolitical risks, which are variables that need to be tracked continuously.
Momenta Unmanned Delivery Business Lands in Suzhou
In addition, the conference call also disclosed a clear roadmap for Robovan (Unmanned Logistics Vehicles): Complete the commercial closed-loop verification of the V1.5 mass production version in two key cities within 2026; 2027 enter rapid replication and expansion, expand to dozens of domestic cities and land in the UAE market; 2028 achieve domestic full-scale operations, while completing deep layout in Middle East, Europe, Japan/Korea, Southeast Asia, aiming to become the world's number one Robovan unmanned logistics vehicle platform.
Returning to the initial question: Momenta's semi-annual report tells a relatively clear story; the main business is rapidly approaching profitability, the "flywheel" has started turning, and technical reserves and Robotaxi layout are also preparing for the next stage.
Of course, the financial burden of historical capital structure still needs time to digest; but from Momenta's response, these are phased costs of the initial listing, not fundamental issues of the business model. With preferred share conversion completed, losses continuously narrowing, and cash flow continuously improving, it is gradually evolving from a "startup needing capital transfusion" into a "mature enterprise growing by self-blood creation".
【导读】当数据开始说话，阿维塔便不再需要证明什么。因为回暖本身，就是最有力的答案。
历经上半年的市场鏖战与内部调整后，阿维塔7月迎来了关键的破局点。
数据显示，7月份阿维塔交付7,626辆，环比6月（5,103辆）大涨49.4%，创下今年单月新高。前七个月累计3.52万辆的成绩虽仍在蓄力阶段，但7月的强劲反弹已彻底打破此前的波动趋势，释放出明确的回暖信号。
这不仅是一组令人振奋的数据，更标志着阿维塔在“高端智能电动汽车”赛道上，完成了一次从迷茫到笃定的自我重塑。当行业价格战愈演愈烈，阿维塔没有选择盲目跟进，而是通过产品定义、技术转化与财务健康的全面校准，走出了一条“价值向上”的务实之路。
产品重构：07L激活增长新引擎
销量的企稳回升，首要归功于产品定义向“用户价值”的务实回归。
作为回暖核心引擎，阿维塔07L自7月中旬开启预售以来，市场反响热烈，首月盲订及小定订单突破8,200辆。其“大五座+增程/纯电”的组合精准击中了家庭用户的核心痛点。在20万-30万元竞争最惨烈的区间，阿维塔07L没有陷入单纯的“冰箱彩电大沙发”内卷，而是将空间利用率与底盘质感做到极致，该细分市场市占率已从Q1的3.2%提升至7月的5.8%，成为拉动整体销量回升的关键变量。
与此同时，基盘车型阿维塔06/06T与阿维塔07依然保持着稳定的输出，尤其是06T在年轻运动轿跑市场的持续渗透，为品牌提供了稳定的现金流。可以说，“新车引爆+老车托底”的健康结构，证明了阿维塔已具备持续造血的体系能力。
技术落地：把顶尖配置翻译成日常体验
如果说产品是销量的敲门砖，那么CHN模式（长安+华为+宁德时代）赋予的技术底座，则是阿维塔留住用户的根本。但这一次，阿维塔不再单纯炫耀“含华量”，而是将技术真正转化为用户可感知的价值。
在智能化层面，全系标配的华为乾崑ADS高阶智驾系统与鸿蒙座舱，已经从“极客玩具”变成了“日常工具”。据官方数据，7月交付车型中，高阶智驾包的选装率与激活使用率均创下历史新高，用户在城市NCA场景下的接管里程大幅延长。在三电领域，宁德时代骁遥超级增混电池与神行超充电池的普及，彻底打消了家庭用户的里程焦虑。
阿维塔正在证明，最好的技术不是停留在发布会PPT上的参数，而是让用户在日常通勤中感受到的从容与安全。
经营提质：规模效应兑现盈利预期
销量回暖对财务健康度的提升带来助力，也是资本市场最看重的“实感”。
据披露出的经营数据显示，随着06T、07L等高毛利车型占比扩大及渠道降本成效显现，7月阿维塔单车毛利率较Q1提升2.3个百分点至11.7%。在行业普遍“增收不增利”的背景下，阿维塔主动放弃了无效的“亏本冲量”，转向“量利平衡”的高质量发展，不失为明智之举。
按照当前的回暖节奏，若下半年能保持月销7,000辆以上的基准线，并伴随07L上市后的产能爬坡，全年毛利率有望突破12%。如此，不仅可为2027年实现盈亏平衡积累关键势能，更向外界证明阿维塔的自我调整，是可控的、可持续的，而非以牺牲长期健康为代价的短期狂欢。
双线进阶：用户共创造血，出海拓宽天花板
在销量数字之外，阿维塔的“软实力”也在悄然蜕变。
国内市场，阿维塔全面推行“听劝式”用户运营。从车机OTA的迭代频率，到线下门店服务标准的重塑，品牌姿态从“高高在上”变得“接地气”。以用户反馈驱动产品进化的闭环，正在转化为实实在在的NPS（净推荐值）提升。
而在海外市场，阿维塔的全球化布局已进入收获期。继在泰国、中东等市场站稳高端电动车头部位置后，今年阿维塔正式进军欧洲与右舵市场。出海既拓宽了销量上限，也反向拉升了品牌的全球溢价能力，成为对冲国内单一市场风险的重要抓手。
结语
从7月环比49.4%的销量大涨，到07L订单的持续攀升、单车毛利率的稳步改善，阿维塔的“价值向上”已不再是愿景，而是当下正在发生的事实。
在新能源汽车进入下半场淘汰赛的今天，阿维塔用扎实的销量回暖说明了一件事：只要尊重市场规律、敬畏用户需求，那些沉淀的技术与坚守的品质，终将转化为穿越周期的力量。
当数据开始说话，阿维塔便不再需要证明什么。因为回暖本身，就是最有力的答案。
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