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车型概览
Jaguar F-TYPE 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在长期相处时会不会带来额外压力。
版本方面，Jaguar F-TYPE 目前可围绕 2025 Standard 来比较。
购车价格指南
评估 Jaguar F-TYPE 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。
如果你在几个版本之间犹豫，可以把 2025 Standard 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 Jaguar F-TYPE 的核心规格，最重要是把数字翻译成生活里的感受。
Jaguar F-TYPE 的核心价值应回到日常场景判断：你要它负责通勤、家庭出行、长途，还是作为更有个性的选择。
优缺点分析
Jaguar F-TYPE 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：车型定位清楚，适合先作为同级比较对象。
需要留意的是，最终取舍会落在版本配置、保险和长期保养成本。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 Jaguar F-TYPE 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把长期相处时会不会带来额外压力放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？如果能源成本、停车便利和版本配置都符合你的生活节奏，它会比较容易相处。
竞品对比内容
把 Jaguar F-TYPE 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先从版本定位、品牌售后和日常用途开始比较。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 Jaguar F-TYPE 的重点，是确认保险、路税、保养和轮胎成本都在可接受范围内。买车不是一次付款结束，而是每天都要相处。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
Forthing T5 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在保险、路税、轮胎和日常能源成本。
版本方面，Forthing T5 目前可围绕 2019 1.5T CVT Top luxury type、2019 1.5T CVT Super luxury type、2019 1.8T MT Top Luxury Type、2019 1.8T MT Luxury Type 来比较。
购车价格指南
评估 Forthing T5 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。
如果你在几个版本之间犹豫，可以把 2019 1.5T CVT Top luxury type、2019 1.5T CVT Super luxury type、2019 1.8T MT Top Luxury Type、2019 1.8T MT Luxury Type 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 Forthing T5 的核心规格，最重要是把数字翻译成生活里的感受。
涡轮增压、4缸、1493 mL 排量的动力底子，适合拿来判断市区跟车和高速巡航是否轻松。 150 Ps、200 N·m的输出，真正意义在于满载、上坡和超车时不会太吃力。 车长 4550 mm、车宽 1825 mm、车高 1725 mm、轴距 2720 mm，可以帮助你预判停车难度和后排乘坐空间。 CVT 变速箱、前轮驱动布局 的设定，会影响起步顺滑度、湿地稳定感和长途巡航感。
优缺点分析
Forthing T5 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：动力输出能支撑高速和超车需求、空间和车身尺寸便于家庭买家预判实用性。
需要留意的是，市区停车和狭窄路段仍要看个人驾驶习惯。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 Forthing T5 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把保险、路税、轮胎和日常能源成本放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？如果能源成本、停车便利和版本配置都符合你的生活节奏，它会比较容易相处。
竞品对比内容
把 Forthing T5 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：再看动力是否足够应付高速和满载、最后看空间是否适合家人和行李。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 Forthing T5 的重点，是确认保险、路税、保养和轮胎成本都在可接受范围内。买车不是一次付款结束，而是每天都要相处。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
Chevrolet Cruze 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在乘坐空间、行李安排和家人舒适度。
版本方面，Chevrolet Cruze 目前可围绕 2025 Standard 来比较。
购车价格指南
评估 Chevrolet Cruze 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。
如果你在几个版本之间犹豫，可以把 2025 Standard 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 Chevrolet Cruze 的核心规格，最重要是把数字翻译成生活里的感受。
Chevrolet Cruze 的核心价值应回到日常场景判断：你要它负责通勤、家庭出行、长途，还是作为更有个性的选择。
优缺点分析
Chevrolet Cruze 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：车型定位清楚，适合先作为同级比较对象。
需要留意的是，最终取舍会落在版本配置、保险和长期保养成本。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 Chevrolet Cruze 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把乘坐空间、行李安排和家人舒适度放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？如果能源成本、停车便利和版本配置都符合你的生活节奏，它会比较容易相处。
竞品对比内容
把 Chevrolet Cruze 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先从版本定位、品牌售后和日常用途开始比较。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 Chevrolet Cruze 的重点，是确认保险、路税、保养和轮胎成本都在可接受范围内。买车不是一次付款结束，而是每天都要相处。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
Bentley Continental GT 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在乘坐空间、行李安排和家人舒适度。
版本方面，Bentley Continental GT 目前可围绕 2025 GTC S 4.0T、2025 GT S 4.0T、2025 GTC 4.0T Standard、2025 GTC 4.0T Azure 来比较。
购车价格指南
评估 Bentley Continental GT 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。
如果你在几个版本之间犹豫，可以把 2025 GTC S 4.0T、2025 GT S 4.0T、2025 GTC 4.0T Standard、2025 GTC 4.0T Azure 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 Bentley Continental GT 的核心规格，最重要是把数字翻译成生活里的感受。
Twin-Turbocharged、8缸的动力底子，适合拿来判断市区跟车和高速巡航是否轻松。 车长 4894 mm、车宽 2187 mm、车高 1392 mm、轴距 2848 mm，可以帮助你预判停车难度和后排乘坐空间。 DCT 双离合 变速箱、四轮驱动布局 的设定，会影响起步顺滑度、湿地稳定感和长途巡航感。
优缺点分析
Bentley Continental GT 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：空间和车身尺寸便于家庭买家预判实用性。
需要留意的是，市区停车和狭窄路段仍要看个人驾驶习惯。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 Bentley Continental GT 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把乘坐空间、行李安排和家人舒适度放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？如果能源成本、停车便利和版本配置都符合你的生活节奏，它会比较容易相处。
竞品对比内容
把 Bentley Continental GT 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：最后看空间是否适合家人和行李。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 Bentley Continental GT 的重点，是确认保险、路税、保养和轮胎成本都在可接受范围内。买车不是一次付款结束，而是每天都要相处。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
ARCFOX αT5 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在乘坐空间、行李安排和家人舒适度。
ARCFOX αT5 的现有版本和车型定位已经足够作为购车筛选起点，重点应放在日常需求是否吻合。
购车价格指南
评估 ARCFOX αT5 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。
对注重性价比的买家来说，最稳妥的做法是先确认常用场景，再决定预算上限；这样比单纯追高配或追低价更容易买到适合自己的车。
核心参数汇总
看 ARCFOX αT5 的核心规格，最重要是把数字翻译成生活里的感受。
ARCFOX αT5 的核心价值应回到日常场景判断：你要它负责通勤、家庭出行、长途，还是作为更有个性的选择。
优缺点分析
ARCFOX αT5 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：车型定位清楚，适合先作为同级比较对象。
需要留意的是，最终取舍会落在版本配置、保险和长期保养成本。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 ARCFOX αT5 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把乘坐空间、行李安排和家人舒适度放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？如果能源成本、停车便利和版本配置都符合你的生活节奏，它会比较容易相处。
竞品对比内容
把 ARCFOX αT5 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先从版本定位、品牌售后和日常用途开始比较。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 ARCFOX αT5 的重点，是确认保险、路税、保养和轮胎成本都在可接受范围内。买车不是一次付款结束，而是每天都要相处。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
Acura ZDX BEV 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在它是否容易融入日常生活。
版本方面，Acura ZDX BEV 目前可围绕 2025 Standard 来比较。
购车价格指南
评估 Acura ZDX BEV 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。
如果你在几个版本之间犹豫，可以把 2025 Standard 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 Acura ZDX BEV 的核心规格，最重要是把数字翻译成生活里的感受。
Acura ZDX BEV 的核心价值应回到日常场景判断：你要它负责通勤、家庭出行、长途，还是作为更有个性的选择。
优缺点分析
Acura ZDX BEV 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：车型定位清楚，适合先作为同级比较对象。
需要留意的是，最终取舍会落在版本配置、保险和长期保养成本。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 Acura ZDX BEV 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把它是否容易融入日常生活放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？如果能源成本、停车便利和版本配置都符合你的生活节奏，它会比较容易相处。
竞品对比内容
把 Acura ZDX BEV 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先从版本定位、品牌售后和日常用途开始比较。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 Acura ZDX BEV 的重点，是确认保险、路税、保养和轮胎成本都在可接受范围内。买车不是一次付款结束，而是每天都要相处。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
Audi A6 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在保险、路税、轮胎和日常能源成本。
版本方面，Audi A6 目前可围绕 2025 Sedan 40 TFSI S line、2025 Avant、2025 Sedan 55 TFSI quattro 来比较。
购车价格指南
评估 Audi A6 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。
如果你在几个版本之间犹豫，可以把 2025 Sedan 40 TFSI S line、2025 Avant、2025 Sedan 55 TFSI quattro 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 Audi A6 的核心规格，最重要是把数字翻译成生活里的感受。
Audi A6 的核心价值应回到日常场景判断：你要它负责通勤、家庭出行、长途，还是作为更有个性的选择。
优缺点分析
Audi A6 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：车型定位清楚，适合先作为同级比较对象。
需要留意的是，最终取舍会落在版本配置、保险和长期保养成本。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 Audi A6 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把保险、路税、轮胎和日常能源成本放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？如果能源成本、停车便利和版本配置都符合你的生活节奏，它会比较容易相处。
竞品对比内容
把 Audi A6 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先从版本定位、品牌售后和日常用途开始比较。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 Audi A6 的重点，是确认保险、路税、保养和轮胎成本都在可接受范围内。买车不是一次付款结束，而是每天都要相处。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
Audi RS Q8 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在长途稳定感和乘客舒适度。
版本方面，Audi RS Q8 目前可围绕 2025 4.0T quattro 来比较。
购车价格指南
评估 Audi RS Q8 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。
如果你在几个版本之间犹豫，可以把 2025 4.0T quattro 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 Audi RS Q8 的核心规格，最重要是把数字翻译成生活里的感受。
Twin-Turbocharged、8缸的动力底子，适合拿来判断市区跟车和高速巡航是否轻松。 600 Ps、800 N·m的输出，真正意义在于满载、上坡和超车时不会太吃力。 车长 5012 mm、车宽 1998 mm、车高 1694 mm、轴距 2998 mm，可以帮助你预判停车难度和后排乘坐空间。 自动变速箱 变速箱、四轮驱动布局 的设定，会影响起步顺滑度、湿地稳定感和长途巡航感。
优缺点分析
Audi RS Q8 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：动力输出能支撑高速和超车需求、空间和车身尺寸便于家庭买家预判实用性。
需要留意的是，市区停车和狭窄路段仍要看个人驾驶习惯。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 Audi RS Q8 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把长途稳定感和乘客舒适度放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？如果能源成本、停车便利和版本配置都符合你的生活节奏，它会比较容易相处。
竞品对比内容
把 Audi RS Q8 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：再看动力是否足够应付高速和满载、最后看空间是否适合家人和行李。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 Audi RS Q8 的重点，是确认保险、路税、保养和轮胎成本都在可接受范围内。买车不是一次付款结束，而是每天都要相处。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
Audi A5 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在乘坐空间、行李安排和家人舒适度。
价格落在 RM 442,112，买家可以先用它判断预算压力和同级定位。
购车价格指南
Audi A5 的购车预算可以先从 RM 442,112 开始衡量。这个数字真正影响的是月供、保险和现金流，而不只是展厅里的标价。
如果你在几个版本之间犹豫，可以把 2025 Sportback 2.0T quattro S line（RM 442,112） 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 Audi A5 的核心规格，最重要是把数字翻译成生活里的感受。
涡轮增压、4缸、1984 mL 排量的动力底子，适合拿来判断市区跟车和高速巡航是否轻松。 249 Ps、370 N·m的输出，真正意义在于满载、上坡和超车时不会太吃力。 7.1 L/100km的油耗，对每天通勤的人来说会直接影响加油频率。 车长 4757 mm、车宽 1843 mm、车高 1386 mm、轴距 2824 mm，可以帮助你预判停车难度和后排乘坐空间。
优缺点分析
Audi A5 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：预算位置清楚，方便和同级车直接比较、日常能源成本有明确参考、动力输出能支撑高速和超车需求。
需要留意的是，市区停车和狭窄路段仍要看个人驾驶习惯。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 Audi A5 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把乘坐空间、行李安排和家人舒适度放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？7.1 L/100km 的油耗参考让通勤成本更容易预估。
竞品对比内容
把 Audi A5 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先用 RM 442,112 锁定预算圈、再看动力是否足够应付高速和满载、接着比较能源成本和补能便利、最后看空间是否适合家人和行李。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 Audi A5 的日常成本，最直接会反映在燃油、保险、轮胎和定期保养上。7.1 L/100km 的油耗让通勤预算更容易掌握。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
喺 MONA M03 之前，好少有新勢力會將 10 萬級嘅家轎打上「智駕」同「科技」嘅標籤。
但小鵬敢，而且仲大獲成功。
而家，小鵬將同一套公式套咗入一個 SUV 外殼——MONA L03 正式亮相。
純電之外仲首次加入咗增程版本，定價大概落喺 15 萬級呢個最暢銷嘅價格帶，我哋早前亦有詳細報道過。
L03 能複製 M03 嘅爆款神話嗎？編輯部內部分成正反兩方，展開咗一場激烈辯論。
正方
智駕組—汪潔
喺 10-15 萬級嘅電車入面，而家 L03 最大嘅對手係比亞迪、零跑同吉利。
從樣貌上嚟講，小鵬 MONA 嘅年輕化標籤貼得好牢固，M03 改款推出嘅牛油果等春夏新色就得到好好嘅市場反饋。
從一些洩露訊息嚟睇，L03 都有非常豐富嘅多巴胺車色可以揀，加上標誌性嘅 T 形車燈等等，成台車都算係有個性。
對於年輕人嚟講：可以有爭議，但唔可以普通。
從智能化嚟講，小鵬 MONA 都係標準配備城區輔助駕駛，結合園區記憶功能仲可以車位到車位，喺呢個價位層面好難搵到第二間。
吉利喺呢個價位段嘅 SUV 主要裝配高速領航；比亞迪嘅同價位段 SUV 想裝城區領航要攞 1.2 萬選裝；零跑具備車位到車位功能，但而家城區領航功能仲係喺發展中，可用地區都仲喺拓展緊。
年輕人通常對智能化功能接受度更高，如果對城區領航有剛需，咁就小鵬 MONA L03 就已經勝券在握。
空間方面，而家國產車都做得幾唔錯。剩下就主要睇大家對於各個品牌嘅青睞程度。
小紅書營運—陳雨珠
睇落去好似冇乜賣唔好嘅理由。
L03 剛亮相，喺小紅書上已經有唔少討論帖，多數人覺得呢款車會比 GX 熱度更高，設計上亦比同價位嘅零跑更好睇。
當然更多都係喺催上市。
呢張係小鵬嘅一張「錯位競爭」王牌，15 萬級嘅定價，呢台車本質係小鵬用 20 萬級嘅產品標準喺打 15 萬嘅競品。
年輕用戶對外觀同智能化嘅重視超過大部份人嘅想像，小鵬喺呢兩點上優勢明顯。
三電組—石晉明
而家 MONA M03 已經係小鵬絕對嘅銷量支柱，單月交付穩定過萬，喺品牌內部佔比好高。
而國內消費者對 SUV 嘅偏好遠遠高於轎車，喺 M03 已經打下深厚群眾基礎嘅前提下，順勢推出一款同平台嘅 SUV 車型 L03，受眾面直接放大，前景非常廣闊。
定價上，參考 MONA M03（11.98 萬起）同 G6（17.69 萬起）嘅定位，L03 大概率精準卡位 15 萬到 20 萬呢個最暢銷嘅價格帶。
更重要係，M03 嘅熱銷已經令小鵬摸透咗呢個級別用戶嘅真實需求，造车經驗充足。
例如能耗，我哋之前喺高環上拿 M03 同特斯拉 Model 3 直接對比過，三電效率甚至略佔優勢，呢樣說明小鵬嘅底子好紮實——價格便宜，但性能冇妥協。
同平台嘅 L03，幾乎可以確定能繼承呢一個優點，續航同能耗表現大概率仍然係同級第一梯隊。
所以整體嚟睇，L03 相當於喺 MONA M03 嘅成功公式上，套咗一個國人更買賬嘅 SUV 外殼，再將價格鎖定喺最能走量嘅區間。我好睇好佢成為小鵬下一張銷量王牌。
三電組—張祥龍
L03 有純電同增程兩個版本，純電版 56/69 度電池，550-650km 續航，同 M03 嘅策略一致。
但增程版具備 1.5L 增程器 + 183kW 電機，WLTC 純電續航最高 257km，足夠日常通勤一週充一次電。
早前 M03 只有純電，會將好多屋企只有一台車、偶爾要跑長途嘅用戶擋喺門外，但 L03 嘅增程版，相當於將呢部分用戶亦納入咗射程。
而且 L03 所處嘅呢個細分市場，增程/混動都會係市場主銷車型。
因為對於好多三四線城市，屋企只有一台車嘅用戶嚟講，增程一定程度上係剛需，咁樣既可以體驗新能源嘅智能化，又唔會有里程焦慮，而家庭嘅第一台車更多都係考慮 SUV。
但 15 萬級嘅增程 SUV 呢個細分市場又仲冇絕對嘅王者，跟比亞迪宋 PLUS DM-i、零跑 C10 同 C11、深藍 S07 呢啲競品相比，小鵬嘅智駕係絕對優勢。
L03 增程版如果定價能喺 15 萬左右，對於選擇純電冇咁大決心嘅用戶嚟講，MONA 系嘅口碑再配上小鵬嘅智駕，L03 好大機會成為呢個價位增程 SUV 嘅首選。
海外營運—劉瀟
從全球化角度嚟睇，M03 已經為小鵬打開咗全球市場，中東、非洲、德國、泰國等地都有 M03 嘅身影。
海外平台上，有好多人都想認識呢款來自中國嘅「Model 3」。
而且小鵬嘅出海計劃亦好成熟，何小鵬亦表示喺今年會有越來越多嘅車被發往海外。
而且借助 M03 積累嘅海外用戶口碑同市場熱度，L03 毋需由零起步，可快速複製爆款路線，仲有啲海外用戶覺得 MONA L03 比保時捷、極星仲好。
反方
智駕組—張亭豪
MONA L03 或許能賣得唔錯，但我並唔覺得進入穩銷期後，佢能成為 M03 咁樣嘅爆款。
轎車同 SUV 給人嘅期待差別好大，轎車要靚、要好開，而 SUV 天然同實用性有咁多綁定。
L03 本身尺寸仲未夠 4.7m，同時採用咗大溜背嘅造型，呢樣就限制咗 L03 嘅乘坐同載物空間，可能會過濾掉一啲對空間需求較大嘅家庭用戶。
另外，參考 MONA 嘅品牌定位，L03 嘅價格好可能處於 15 萬級嘅價格帶，呢個價位嘅 SUV，比亞迪、零跑、吉利銀河、深藍等品牌旗下嘅好多車型都係量大管飽，L03 並唔佔體量優勢。
L03 並冇走已經被驗證過嘅爆款路線，喺當下嘅競爭形勢入面，L03 要劍走偏鋒奪下奇功，挑戰難度有些高。
座艙組—元明清
從個人角度嚟睇，小鵬 MONA L03 喺 15 萬級市場嘅核心優勢集中喺智能化同外觀樣貌。
對於僅有代步、通勤需求嘅年輕用戶嚟講，雖然比亞迪、吉利、奇瑞等競品喺設計語言上相對保守，缺乏吸引力，但 L03 嘅轎跑造型同科技感似乎都冇。
轎跑造型帶嚟嘅直接代價係後排頭部空間嘅壓縮。
對於有家庭出行需求嘅用戶，呢一點可能成為重要嘅決策障礙，L03 嘅產品定位天然傾向年輕單身或二人家庭，而非多人口家庭，呢樣本身就限定咗佢嘅受眾範疇。
最關鍵嘅應該係性價比。M03 能成為爆款，核心喺越級配置同親切價格。
如果 L03 喺定價上無法延續呢一策略，應該好難打動對價格高度敏感嘅 15 萬級市場消費者。畢竟，比亞迪佢哋哋喺空間、續航同品牌認知上都唔遜色，且價格更具攻擊性。
綜合嚟睇，我認為 L03 具備一啲產品亮點，但要想復現 M03 嘅爆款神話唔容易。
新車組—徐蘊瑋
L03 最大嘅問題，在於能否拿出少少同級市場入面「人有我無」嘅嘢。
佢喺設計上延續咗 M03 呢套經過市場驗證嘅家族語言，不過相比之下，L03 車尾層次感更強。
仲同時提供撞色煞車卡鉗、小鴨尾擾流板以及多種輪轂樣式可選，整體睇落去更有運動氣息。
動力方面，L03 大概率會放棄 M03 上嘅前置電機佈局，將驅動電機調整至後軸。
對於純電版車型而言，甚至有機會解鎖出一個前備箱。
如果係簡單咁將 M03「拉高、拉大」，咁就 L03 充其量只是一台 SUV 版 M03，解決嘅更多係空間層面嘅問題，尤其係後排頭部空間嘅提升。
2024 年 MONA M03 上市嗰陣，面對嘅 10 萬級純電轎車市場仍係一片藍海；
而家嘅 10 萬級 SUV 市場，早已卷成紅海。空間變大固然重要，但單靠空間顯然唔足以形成差異化競爭力。
因此對於 L03 嚟講，增程系統、空間嘅利用、AI 嘅上車或許先至係真正值得關注嘅地方。
隨著汽車出海由產品「走出去」至品牌「走進去」、產業「紮進去」加速邁進，中國汽車企業嘅全球化競爭，已經來到嶄新嘅歷史發展階段。
喺萬眾矚目嘅世界盃開幕前夕，一項圍繞汽車同體育嘅跨界合作官方宣佈落實。5 月 22 日，長安汽車同葡萄牙足球協會以"Stay in the game（始終在場）"為主題簽署全球戰略合作協議，正式成為葡萄牙國家隊全球官方合作夥伴。
簽約現場，雙方不僅發布咗品牌聯名影片《長安之聲》，仲完成歐洲首輛深藍 S05 插混車型（PHEV）海外交付，緊接著，長安汽車喺歐洲嘅上千公里長途測試也就此出發。
值嘅關注係，長安汽車係第一家同歐洲頂級足球國家隊達成官方合作嘅中國汽車品牌。呢個意味著，雙方合作絕唔止係停留在「體育營銷」嘅表層意義，而是要借助「足球」呢個全球通用文化語言進一步打破海外壁壘，加速價值出海，傳遞中國汽車智造實力。對於長安汽車本身而言，這更係全面推動「海納百川」計劃 2.0，助力「1445 全球戰略」落地嘅關鍵一步。
點解係葡萄牙國家隊？長安汽車聯動世界盃意欲何為
喺外行人眼中，其實難免將今次合作理解為「搭世界盃流量做營銷」，但咁就太低估長安汽車嘅戰略考量了。
車企攜手體育 IP，從來都唔係為咗搭一時嘅流量，亦唔係為咗短暫嘅曝光，而係要借助「足球」天然嘅情感連結能力，去充分打開全球消費者嘅認知入口。
過去幾年，中國汽車企業的確喺海外銷量增長好快，但都避不開一個現實問題，那就係消費者對中國汽車仍停留喺產品認知階段。換句話話，知道中國車便宜，配置高，但卻對品牌缺乏長期認同。長此以往，中國品牌好難喺短時間內實現對全球用戶嘅心智佔領。
而足球作為無國界嘅通用文化符號，本身擁有極強嘅全球傳播力同群眾基礎。與此同時，葡萄牙國家隊又係世界足壇最具影響力嘅國家隊之一，從菲戈時代到 C 羅時代，長期保持住全球範圍內嘅關注度。
正因如此，長安汽車同葡萄牙國家隊綁定之後，海外用戶自然會透過歐洲頂級體育 IP 直接關注到長安汽車，不僅有利於長安汽車快速突破歐洲市場品牌認知壁壘，亦能實現自身全球品牌形象嘅升級。
要知，而家中國汽車企業喺海外面對嘅競爭，已經唔止係來自傳統跨國車企，仲包括特斯拉、現代、起亞同越來越多家新能源品牌，對中國汽車而言，快速打出品牌知名度係當務之急。
此外，想要真正進入歐洲主流市場，單靠性價比已經遠遠唔夠，亦需要具備一定嘅技術實力同品牌積澱，先能夠贏得本地用戶嘅長期信賴。
長安汽車深諳呢套完整嘅出海方法論，所以喺官宣合作後，迅速開啟歐洲長途測試，驗證硬核產品實力，用實際行動緊扣「海納百川」計劃 2.0 中「體系化出海」嘅根本原則，實現從品牌到產品嘅雙線突圍，令今次同葡萄牙國家隊嘅牽手更加「擲地有聲」。
精神同源理念同頻，兩個「國家隊」攜手共赴世界一流
喺本次合作中，仲有一個好值嘅關注嘅關鍵詞，就係"Stay in the game（始終在場）"。表面睇，呢個係體育語境入面嘅表達，但實際上都係長安汽車對全球化戰略的一種態度。
而家，中國汽車市場嘅競爭已經由「短期爆發」進入「長期耐力賽」，特別喺全球化方面，中國汽車企業出海加速明顯，可真正能喺海外建立體系能力嘅企業並唔多。
長安汽車從來都唔做「短期選擇者」，佢始終強調一點，「無海外、唔長安；無基地、唔海外」，意思好簡單，長安汽車嘅出口唔止係把車賣出去，而係一定要以本地化扎根為最終目的。
目前，長安汽車已經將全球市場劃分為八大區域，並構建「152」全球化佈局。海外銷售網絡由 2020 年嘅 63 個國家擴展至 118 個國家同地區，累計建成 1124 家海外銷售網點。與此同時，長安汽車仲喺推進海外製造體系建設，包括泰國羅勇工廠、巴西工廠等本地化生產基地，已經進入咗「產業出海」階段。
按照「海納百川」計劃 2.0，到 2030 年，長安汽車海外銷量目標將會達到 150 萬 -180 萬輛，並衝擊全球汽車品牌 TOP10。尤其隨著深藍 S05 出口歐洲，長安汽車構建全球品牌敘事嘅進程得以全面提速，對實現更高嘅海外目標更有底氣，呢過程中，長安汽車同葡萄牙國家隊嘅合作無疑係成為極為重要嘅加分項。
喺合作官宣後，好多人都覺得呢次合作契合度好高，並喺汽車圈同體育圈引發深度共鳴。一方面，葡萄牙國家隊代表嘅係長期積累、持續拼搏同逆勢突圍，另一方面，長安汽車過去幾十年嘅發展，同樣經歷咗中國汽車產業由弱到強嘅全過程。尤其喺新能源轉型週期入面，長安汽車都係少數完成新能源體系重構嘅傳統大型車企之一。所以雙方喺精神內核上可以話空前一致。
其實，因為無論係足球，定係汽車產業，都需要日復一日嘅堅守同奔赴未來嘅篤定底氣，先能夠「始終在場」，一直笑到最後，亦係長安汽車同葡萄牙國家隊畀我哋帶黎最重要嘅啟示。
Author | Guo Yue
Editor | Zhihao
He Xiaopeng: Not only looking at scale but also long-term development, three new cars queued up in the second half of the year, welcoming the strongest sales growth.
CarDaily reported on May 28. Just now, Xpeng Group Chairman and CEO He Xiaopeng spent most of the time on the first-quarter earnings conference call responding to Xpeng's business layout in intelligent cars, Robotaxi, humanoid robots, and other aspects.
Regarding new cars, three new cars will be released globally in the second half of this year, and Xpeng will welcome the strongest sales growth curve in history.
Regarding overseas business, in April this year, Xpeng's overseas sales volume broke through 6,000 units for the first time, with a goal to continue exceeding 10,000 units per month in the fourth quarter. Starting from the second quarter, the revenue contribution from international business is expected to exceed 20%.
Regarding Robotaxi, the Xpeng GX fleet has already started small-scale L4 testing. Xpeng's goal is to start Robotaxi demonstration operation services in Guangzhou in the third quarter of this year. After the second-generation VLA lands overseas, Xpeng will also actively explore deploying affordable Robotaxis in both domestic and overseas markets.
Regarding humanoid robots, the software and hardware R&D progress of Xpeng's new generation IRON humanoid robots for mass production version is proceeding smoothly, planned to debut officially in the third quarter of this year. Xpeng aims to achieve mass production of high-end humanoid robots by the end of this year, first trial commercialized in Xpeng stores, and delivered to Chinese and overseas commercial customers starting next year.
Starting next year, humanoid robot hardware revenue and AI model revenue will become one of the important drivers of Xpeng Group's revenue and gross profit growth.
Just today, Xpeng Group released the Q1 2026 financial report.
▲ Xpeng Q1 2026 Financial Data
Specifically, Xpeng's Q1 2026 delivery volume reached 62,700 units, a year-on-year decline of 33%, total revenue of 13.03 billion Yuan, a year-on-year decline of 17.6%; gross margin improved year-on-year by 5 percentage points to 20.6%, net loss increased to 1.78 billion Yuan. These performances are partly due to the continued increase in R&D investment. In the first quarter of this year, its R&D expenses were 2.91 billion Yuan, a year-on-year increase of 46.8%, and further increased compared to the 2.87 billion Yuan in the fourth quarter of last year.
Regarding Q1 performance, He Xiaopeng stated that Xpeng did not just focus on scale when the market challenge was downward, but focused more on the balance between sales volume and operating quality and long-term development. He is very confident that the sales volume of every quarter in the rest of this year will grow significantly quarter-on-quarter.
As of the time of reporting, Xpeng Group's US stock price was reported at $16.845 (approximately 114.2 RMB) / share, up 2.4%, with a market cap of $16.124 billion (approximately 109.3 billion RMB).
▲ Xpeng Group US Stock Price as of Publication Time
01.
He Xiaopeng 11 Questions Show Determination:
New Cars, Robotaxi, and Robots Will All Be Globalized Well
On the Xpeng Group earnings conference call held tonight, Xpeng Group Chairman and CEO He Xiaopeng and Executive Vice Chairman and Co-President Brian Gu provided detailed responses on the key focus and planning for future development.
▲ Xpeng Group Chairman and CEO He Xiaopeng (right in picture), Executive Vice Chairman and Co-President Brian Gu (left in picture)
Below is the main content of this conference call, edited by CarDaily without changing the original meaning:
Q1: After the new model GX was on the market for a week, the response was enthusiastic. What is the current total order volume? What is the single-unit gross margin level? What is the expectation for its monthly sales target?
He Xiaopeng: As of now, the order performance of GX has exceeded our expectations, and the situation is very good. We observed some interesting data: First, the waiting time for the pure electric flagship model has exceeded 30 weeks, and orders for the flagship version are still growing rapidly.
▲ Xpeng GX
From the order structure, in the early stage of GX launch, the flagship version accounted for more than 80% of the share, and it is still the model with the highest sales proportion. At the same time, the sales proportion of GX's Max version is less than 5%, lower than our initial expectations.
In terms of powertrain type, the initial order volume of the extended-range version was lower than the pure electric version, but it is now gradually moving closer to the pure electric version, especially after we strengthened marketing in areas where we were originally not good at marketing, such as the north and west, this trend is more obvious.
For GX, our primary task is to push for capacity ramp-up to the fullest extent, while adhering to providing high-quality service and quality, ensuring GX can achieve long-term stable delivery. I am most concerned about the sustained performance of GX.
As a flagship model of Xpeng, GX's gross margin is very good. Previously, when I communicated with the media, I mentioned that if there is only one SKU, the gross margin may not meet expectations; but in reality, GX's gross margin is better than our overall gross margin level.
I also want to add a point: Starting from this year, all new cars of Xpeng will focus on two new priorities. First, how to pursue commercial quality in commercial configuration and commercial pricing. Second, we do not pursue an initial sales surge followed by a decline, but pursue a more stable sales performance.
To this end, we have established a new system in supply chain management, modularization, ramp-up processes, and supply chain security.
I believe that starting from GX, we will be able to better balance business benefits and scale, achieving more stable long-term sales.
Q2: What are the plans for Robotaxi business operations domestically and going global? Has the recent tightening of domestic regulations affected business progress? How do you view the potential impact of B-side business on Xpeng's C-side passenger vehicle sales?
He Xiaopeng: We noticed the recent tightening of domestic regulations on autonomous driving, but this has not affected our overall pace.
From my perspective, the real business opportunity for Robotaxi will arrive in 2028. Currently, Xpeng is trying to run through this model both domestically and globally, landing and implementing the VLA 2.0 system in China and overseas.
In China, we will conduct rapid R&D and testing through existing models and plan to launch an economy vehicle for Robotaxi scenarios in 2027.
Regarding the business model, I want to emphasize two points: First, we only provide products and offer a commission model, not participating in operations directly, so we will have a large number of partners. Second, the main battlefield for Robotaxi is the global market, and I believe the global market has huge business value.
Regarding your concern about the impact of B-side Robotaxi on C-side sales, I want to add a few points of view.
First, Robotaxi testing at the current stage is actually having a positive impact on the C-side, because the future VLA system will provide various different intelligent assisted driving strategies.
Secondly, as policies and regulations gradually relax and commercial operation gradually lands, Robotaxi vehicles will gradually separate from C-side vehicles, forming a second independent vehicle track, becoming a new type of transportation tool.
Q3: In the second half of this year to about a year in the future, what important trends and changes will the VLA 2.0 OTA bring?
He Xiaopeng: I think that within this year, Xpeng's VLA capabilities will experience two important nodes.
▲ Xpeng VLA 2.0 Push First Month Assisted Driving Mileage Proportion Breaks 50%
The first node may appear in the third quarter of this year.
In the past period, Xpeng VLA mainly focused on engineering, safety, and basic customer experience, without focusing on improving performance upper limits. In the third quarter of this year, we will greatly improve the performance upper limit of VLA. The user experience will manifest as vehicles being smarter, having stronger generalization capabilities, and greatly reducing the disengagement rate.
The second node is the end of this year.
We hope to fuse VLA and VLM capabilities through organizational mergers. At that time, vehicles will not only have the "driver ability" of autonomous driving but also possess language communication capabilities, and even lay the foundation for future "car butler" capabilities.
We believe this will be the preliminary form of L5 level capabilities. We hope to gradually achieve this goal.
Q4: What differentiation advantages does the humanoid robot have in hardware costs in the next year? What is the business model overseas?
He Xiaopeng: The mass production version of IRON is designed according to automotive-grade safety and reliability. Recently, we have completed the development of self-developed dexterous hands. Flexibility has significantly improved, while costs have significantly decreased.
In the process of robot mass production, we encountered many challenges different from car mass production. For example, the hardware of current humanoid robots does not fully consider safety, reliability, stability, and maintainability—it does not follow automotive-grade standards.
▲ Xpeng Plans to Mass Produce Humanoid Robots by the End of 2026
In addition, many energy groups have not considered how to scale, how to solve supply chain yield rate and quality issues, nor have they considered whether the underlying architecture of hardware and software should be placed locally or in the cloud, and if placed in the cloud, how to solve a series of issues such as data privacy, traffic, computing power, latency, etc.
For this reason, we have become a robot company that almost self-develops core hardware and software in full-stack (except for battery cells) since the beginning of last year. This enables us to achieve high integration.
I believe the initial hardware cost structure of robots will be close to a car, but in the long run, we will gradually obtain more economical scale solutions. But today, the robot's cost structure is very close to a car.
Regarding overseas markets, just like our car business, our robots have considered globalization from the first product.
The sales logic of robots may be more adaptable globally than in China, and acceptance among grassroots employees overseas is higher.
We have done a lot of work on how hardware meets overseas policies and how software and data meet local regulations.
For example, Xpeng's current VLA data processing volume is about 200 million Tokens per hour. If the robot model is placed in the cloud, it is estimated that 500 million to 1 billion Tokens per hour will be required, and traffic costs may exceed 100GB. Therefore, completely relying on cloud computing power is not feasible.
We comprehensively considered overseas hardware, software, data privacy, comprehensive usage costs, and commercial logic from the beginning. As domestic business advances, we hope to see new changes in robot business overseas next year as well.
Q5: Besides Guangzhou, can you reveal the Robotaxi city expansion plan and timeline as well as progress in applying for the corresponding license?
He Xiaopeng: Currently, our Robotaxi business only considers Guangzhou. We have already obtained the Guangzhou testing operation license and hope to run through the complete technology, product, and business model in Guangzhou first.
Afterwards, we will find more partners domestically and overseas for them to operate locally.
Since announcing this plan, we have received a large number of requests from overseas and some domestic partners. They are very interested in observing our overall progress in the next year.
After we launch economy vehicles suitable for Robotaxi scenarios and better overall solutions in 2027, I believe everyone will see our continuous improvement in Robotaxi commercialization capabilities.
▲ Xpeng Will Launch Three Robotaxis in 2026
Q6: What are the guidance for vehicle gross margin and company overall gross margin in the second quarter?
Brian Gu: Our overall gross margin in the first quarter is very close to the fourth quarter of last year. We indeed observed a trend of rising raw material costs, some of which have been reflected in the first quarter. We expect these cost factors to continue in subsequent quarters of this year.
In the second quarter, we launched the full-size SUV GX, and delivery will start in subsequent quarters. GX's gross margin is at the highest level in our entire product portfolio.
From the product structure perspective, we expect to see better model combinations in the second quarter and the second half of the year. Comprehensive factors, we expect the company's total gross margin in the second quarter to maintain a level roughly similar to the first quarter.
Q7: Can you talk about the growth catalysts for the overseas market, as well as sales and profit contributions in the next three years? Also, which model's profit is better, export or local production?
He Xiaopeng: The overseas market is one of the most important strategic directions for Xpeng. I hope that in the next five years, the sales volume of the overseas market will account for half of our total sales volume. At that time, the revenue and profit contribution from overseas will exceed domestic.
I am very confident that as Xpeng launches multiple global models in the second half of this year, Xpeng's globalization speed will be significantly improved in the next two years.
Whether in hardware, AI software, channels, services, or supercharging capabilities, we will make huge investments overseas, and overseas profit performance will also be very good.
Our R&D investment in cars this year is mainly concentrated in the overseas market. Therefore, I am very confident about achieving accelerated growth in the overseas market in the next three years.
Brian Gu: I will add a few points. First, from the latest international sales figures, overseas sales volume has accounted for nearly 20% of our total sales volume. And last year, international sales volume accounted for about 10% of the global total sales volume.
Second point, even when facing some tariff issues and cost increases this year, the single-vehicle profit of our international business is still significantly better. The contribution of international business to our profit is very considerable.
We expect this growth momentum to last throughout the year. I believe maintaining the proportion of overseas sales volume at around 20% throughout the year is sustainable. Of course, the Chinese market itself is also expected to have significant growth.
Regarding going global, we are increasing overseas localization investments. The overseas market will make an important contribution to the company's overall momentum and profitability.
Q8: In this year and next year, what proportion of models is expected to be produced in local factories? Will this proportion differ across different regions?
Brian Gu: Currently, we have two factories in Southeast Asia, located in Indonesia and Malaysia, mainly serving the local markets. In addition, we cooperate with Magna in Austria to produce vehicles for the European market.
These three manufacturing bases will increase capacity this year, and there will be new models produced in those local markets.
For Southeast Asian countries, localized production mainly satisfies local market demands; while the Austria factory serves the European market.
I expect most of our European sales will come from localized production. In other regions where manufacturing facilities have not been established, we will continue to maintain the current business model.
As we improve sales and market share in these large markets, we are actively exploring ways to increase localized production capabilities to meet localization content rules and gradually move towards a deeper localized production model.
Q9: Can you give a few specific examples to explain the commercial functions and application scenarios of Xpeng robots in its own stores and customer stores? What is the price strategy for sales to the outside? Since its cost structure is close to a car, can the sales strategy also be analogous to cars?
He Xiaopeng: Our robots are different from most robots. We hope it is used in an environment interacting with humans. Therefore, we first consider commercial environments, and the initial application scenarios are tour guide, sales guide.
▲ Xpeng New Generation IRON Service Scenario
Whether in China or overseas, robots can introduce products in stores, for example, introducing vehicles in our stores. Although the final transaction may still need to be handled by humans, company introduction, product introduction, performance explanation, and other work can be assisted by robots.
Based on the fact that tour guiding and sales guiding have been verified in a large number of jobs globally, we hope to expand to deeper scenarios of sales retail, such as cashier positions. The number of cashier and retail sales positions is very large globally.
Therefore, from the commercialization path perspective, Xpeng will focus on deepening from the sales guide perspective, while we will open up a lot of cooperation.
If our partners have different job requirements, they can generate data with us, perform pre-training and post-training, and thus generate different models. These models can be placed on our external cooperation platform for users to download and activate.
Regarding future commercialization pricing, we are still discussing. But it can be seen that our robots are very similar to cars, so their sales price will certainly be more expensive than an ordinary car.
There will be good gross margins on hardware in the early stage. At the same time, our robots also have a large amount of data processing in the cloud, so we hope to take a faster step in software charging.
We believe that break-even targets can be achieved within a few months in the overseas market, while it may take slightly longer in the domestic market.
Therefore, we are constantly thinking about the commercial logic of robots from the perspective of how customers use them, why they buy them, and how they get value.
Q10: Can you share your thoughts on the evolution of the group's long-term business model? How do you view the timing of revenue generation from various strategic sectors, as well as changes in the medium-to-long-term revenue structure?
He Xiaopeng: At the current stage, the group's main revenue source is certainly scale effects, mainly from hardware; if looking at the ecosystem, it is system effects.
But looking globally, very few car manufacturers can build a software platform on top of the scale effect of hardware to form the next level of network effects - that is, achieve software charging and multi-sided network effects.
Further back, with the rise of overall intelligent AI capabilities, there will also be ant colony effects. Just like ant colonies, forming new synergy between centralized and decentralized.
These three effects will gradually overlap. Each effect involves different competitive barriers and corresponds to different business logic.
Q11: How is the service revenue trend this year? Is there a possibility for technical licensing or technical services with our partners to expand overseas?
Brian Gu: We continue to maintain the previous guidance: In 2026, the total revenue from technology, services, and IP licensing will be roughly the same as in 2025.
Starting from the second quarter of this year, we will scale up delivery of Turing Chips to partners.
▲ Xpeng Turing Chip Obtained Volkswagen Confirmation
We continue to believe that achieving technology commercialization and monetization through such cooperation is a very attractive business model for us.
Given that Xpeng internally possesses a large amount of proprietary technology, we hold a very open attitude towards expanding such technology commercialization opportunities.
02.
Gross Margin Growth Highlights Operating Resilience
Expected Delivery Volume and Revenue to Increase Significantly in Second Quarter
From the Q1 2026 financial report of Xpeng Group, the total revenue of Xpeng Group in Q1 2026 was 13.03 billion Yuan, down 17.6% compared to Q1 2025, and down 41.4% compared to Q4 2025.
▲ Xpeng Q1 2026 Financial Data
Among them, Xpeng's automotive sales revenue in Q1 2026 was 11.0 billion Yuan, down 23.5% compared to the same period of Q1 2025, and down 42.3% compared to Q4 2025.
Regarding net loss, its net loss in Q1 2026 was 1.78 billion Yuan. In Q1 2025, this figure was 660 million Yuan. Net profit in Q4 2025 was 380 million Yuan.
Regarding gross margin, Xpeng Group's gross margin in Q1 2026 was 20.6%, exceeding Li Auto (7.9%) and NIO (19.0%), with automotive gross margin at 12.1%. In comparison, it was 10.5% in the same period of Q1 2025, and 13.0% in Q4 2025.
▲ Xpeng Q1 2026 Gross Margin Steady
As of Q1 2026, Xpeng's cash on hand was 42.09 billion Yuan.
For the second quarter of this year, Xpeng Group expects delivery and revenue scale to achieve significant increases.
▲ Xpeng Q2 2026 Performance Guidance
Regarding delivery volume, the official forecast expects vehicle deliveries for the quarter to reach 100,000-106,000 units, with a year-on-year change of approximately -3.08% to 2.73%, and a quarter-on-quarter growth of approximately 59.54% to 69.11%.
Regarding revenue, the official forecast expects total revenue for the quarter to be 19.6 billion to 20.8 billion Yuan, with a year-on-year increase of 7.25% to 13.82%, and a quarter-on-quarter increase of 50.38% to 59.59%.
Brian Gu stated: "We will accelerate the large-scale commercialization of Physical AI applications with company-level strategic priority."
03.
Conclusion: Xpeng Accelerates Towards the End Game of Physical AI
From the information disclosed in the Q1 2026 financial report and conference call, Xpeng is on the eve of Physical AI applications moving from mass production landing to explosive scale growth.
Its Physical AI layout is welcoming a historic breakthrough in commercialization mass production: The proportion of second-generation VLA smart driving mileage broke through 50%, the first full-stack self-developed Robotaxi has rolled off the production line, the humanoid robot goal is to mass produce by the end of the year, flying cars are entering the eve of mass production. Multiple business lines are simultaneously approaching explosive scale growth, jointly building a solid foundation for Xpeng to move towards the era of Physical AI.
Under this circumstance, Xpeng Group's gross margin still maintained at a high level of 20.6%, showing strong operating resilience. From the obvious rebound in delivery guidance in the second quarter, Xpeng is expected to welcome strong sales growth.
With VLA architecture iteration, the successive landing of multiple new cars and robot products, Xpeng is expected to build a more complete business ecosystem in the fields of intelligent mobility and embodied intelligence. Its future development potential is worth continuous observation.
Kuasa Auto-First｜Li De Zhe
Kereta Toyota baru-baru ini mengumumkan secara rasmi untuk memperbesar lagi skala pemotongan kapasiti pengeluaran luar negara, menaikkan jumlah pemotongan pengeluaran luar negara bagi bulan Jun hingga November tahun ini daripada perancangan awal 38,000 kenderaan secara drastik kepada 83,000 kenderaan, skala pemotongan pengeluaran meningkat dua kali ganda. Dengan ditambahkannya pemotongan awal 40,000 kenderaan dari kilang tempatan Jepun untuk pasaran Timur Tengah pada suku pertama tahun ini, Toyota telah merancang untuk mengecilkan skala kapasiti kenderaan sepenuhnya dalam tempoh enam bulan melebihi 120,000 kenderaan.
Penyesuaian kapasiti Toyota kali ini sangat ditargetkan, terutamanya menumpu pada pasaran lemah dan model kereta yang tidak laku, merangkumi kilang luar negara Asia termasuk Thailand, India, Malaysia, dan lain-lain, dan talian pengeluaran luar negara yang khusus untuk pasaran Timur Tengah, model utama yang dipotong pengeluaran tertumpu pada RAV4 versi petrol, Camry, Fortuner, Innova, SUV petrol tradisional dan sedan keluarga, kapasiti model hibrid dan model elektrik tulen kekal hampir tidak berubah.
Secara lahiriah sahaja, gejolak geopolitik jangka pendek dan ketidakseimbangan permintaan dan penawaran mungkin merupakan punca utama pemotongan pengeluaran Toyota dalam pusingan ini, tetapi sebenarnya, ini juga menunjukkan bahawa ia masih bersikeras mempertahankan asas kereta petrol dan telah terjebak dalam keadaan strategik yang pasif dalam gelombang tenaga baharu global.
Selama ini, Toyota berterusan dengan laluan teknologi hibrid, ritma penyelidikan dan pelancaran model elektrik tulen adalah perlahan, bergantung kepada kelebihan kebolehpercayaan dan kadar nilai semula untuk memperdalam pasaran biru kereta petrol global. Terutamanya di Timur Tengah, Asia Tenggara dan pasaran baharu lain mendominasi kedudukan utama secara jangka panjang. Walau bagaimanapun, dalam beberapa tahun kebelakangan ini, struktur industri automotif global telah dibina semula sepenuhnya, pasar utama seperti Tiongkok dan Eropah mempercepatkan penggantian sepenuhnya kepada elektrik, Asia Tenggara, Timur Tengah dan 'pelabuhan selamat' kereta petrol tradisional lain juga mula mengemukakan dasar sokongan tenaga baharu secara beransur-ansur, model tenaga baharu tempatan bangkit dengan pesat, menyedut bahagian pasaran kereta petrol.
Toyota berterusan mengecutkan kapasiti pengeluaran luar negara, juga mencerminkan logik baharu dalam pelan strategik globalisasi pengilang kereta multinasional semasa. Pada masa lalu, pengilang kereta mengejar pelan luas, penutup kapasiti keseluruhan, mengurangkan kos pengeluaran melalui kesan skala. Kini konflik geopolitik global berlaku sering, halangan perdagangan wilayah meningkat, perbezaan pasaran automobil wilayah menjadi lebih teruk, risiko pengembangan kapasiti globalisasi secara membuta hati meningkat mendadak. Pengilang kereta multinasional mula beralih daripada 'pengembangan luas' ke 'pelan tepat', mematikan kapasiti kereta petrol yang tidak efisien dan tidak laku, memusatkan dana dan kapasiti ke landasan elektrik yang berkecekapan tinggi, menjadi operasi umum dalam industri.
Boleh dikatakan, gelombang penguncupan kapasiti global yang dipicu oleh Toyota juga telah mengetuk loceng amaran kepada jenama asli Tiongkok yang sedang meluncur keluar ke luar negara secara penuh.
Dalam tahun-tahun kebelakangan ini, persaingan sengit dalam industri automotif domestik semakin teruk, pengilang kereta terkemuka semakin memperbanyak pembinaan kilang luar negara dan eksport kenderaan lengkap, Timur Tengah, Asia Tenggara adalah pasaran pertambahan teras bagi pengilang kereta Tiongkok keluar luar negara, pada tahun 2025, jumlah eksport kereta ke Timur Tengah telah melepasi 1.4 juta kenderaan, semasa Toyota terdampak gangguan logistik dan gejolak geopolitik terpaksa menyerahkan bahagian pasaran secara pasif, banyak pengilang kereta domestik memanfaatkan peluang ini untuk meningkatkan pelaburan kapasiti wilayah dan persediaan stok. Namun kesulitan Toyota telah mendedahkan secara terang-terangan risiko umum pembinaan kereta global: ketidakstabilan geopolitik wilayah tunggal, halangan laluan maritim, perubahan permintaan wilayah mendadak, semuanya boleh memusnahkan susun atur kapasiti luar negara aset berat serta-merta.
Pada masa yang sama, pelan keluar luar negara pengilang kereta Tiongkok kini juga menyembunyikan dua risiko besar: Pertama, sebahagian pengilang kereta secara membuta meniru model pembinaan kilang aset berat Jepun masa lalu, membina kilang kenderaan lengkap dengan pantas di pasaran baharu, ritma pengembangan kapasiti jauh melebihi kadar penetrasi tenaga baharu setempat, sangat mudah mengulangi nasib Toyota kelebihan kapasiti kereta petrol; Kedua, struktur produk sesetengah keluaran luar negara adalah tunggal, terlalu bergantung kepada kereta petrol atau kereta tenaga baharu kelas permulaan harga rendah, kurang pembolehubah pelbagai produk yang sesuai dengan dasar dan keadaan jalan pelbagai wilayah, keupayaan menghadapi fluktuasi pasaran tidak mencukupi.
Selain itu, risiko rantai bekalan geopolitik yang sedang dihadapi Toyota juga mengingatkan pengilang kereta Tiongkok, keluar luar negara tidak boleh hanya mengejar skala jualan, mestilah membina laluan maritim pelbagai secara serentak, mengeluarkan susun atur pasaran wilayah, mempercepatkan sokongan lokalisasi rantai bekalan luar negara, mengurangkan impak risiko luar yang datang secara mengejut.
Melihat keseluruhan, pemotongan pengeluaran luar negara Toyota adalah isyarat berat lagi satu berakhirnya zaman kereta petrol global. Persaingan stok dalam industri automotif telah tiba, tiga pembolehubah risiko geopolitik, perubahan tenaga, gelombang elektrik sedang membentuk semula peraturan baharu industri automobil global. Bagi semua pengilang kereta multinasional, zaman menang secara pasif dengan bergantung kepada kereta petrol telah tamat sepenuhnya, hanya dengan mempercepatkan reformasi struktur kapasiti, barulah dapat disesuaikan dengan corak pasaran automotif global yang baharu.
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