【懂車之道 產業】我哋嚟盤點下 2026 年 7 月 23 日，汽車圈發生咗咩大事件。

汽車事件一：浩思動力 V6 引擎樣機成功點火

近日，浩思動力 HORSE W30 首台樣機成功點火，該機型有望配套蓮花跑車產品線，進一步完善咗佢由家用高效動力至高端性能動力嘅全譜系產品矩陣。

作為面向高性能混動市場打造嘅核心產品，HORSE W30 兼顧極致性能、多場景適配同平台化拓展能力，可以滿足賽道場景下嘅持續動力輸出需求，亦能憑藉靈活嘅混動架構適配複雜地形、日常通勤等多元場景，為高性能混動車型提供咗全新嘅技術選擇。

汽車事件二：特斯拉發布第二季度財報

 7 月 23 日，特斯拉發布 2026 年第二季度財報。本季度特斯拉全球共生產純電動車超 45.1 萬輛，同比增長約 10%；交付量超 48 萬輛，同比增長約 25%。上海超級工廠 6 月交付電動車超 8.9 萬輛，同比增長 24.4%，創本年內新高；上半年共交付近 46.8 萬輛，同比增長 28.4%。特斯拉第二季度總營收同比增長 26%，達到 282 億美元。

截至第二季度，特斯拉輔助駕駛全球付費用戶已達 148 萬，北美市場輔助駕駛選裝率創歷史新高，超過一半新車喺交付嗰陣訂閱咗輔助駕駛。

汽車事件三：馬來西亞首台 iCAR V23 正式下線

 7 月 22 日，ICAR 汽車官方宣布，馬來西亞首台 iCAR V23 正式下線，新車將會喺 7 月底到店。據此前報道，2025 年 11 月，奇瑞汽車集團旗下嘅子品牌 iCaur 正式向馬來西亞推出 iCaur V23（國內為 iCAR V23），共推出 2 款車型，售價 11.98-13.28 萬林吉特（約合人民幣 20.53-22.76 萬元）。

《每日車聞》，呢度有最新嘅當日汽車新聞，請繼續關注《懂車之道》

喺上篇文章入面我哋傾到，鋰電池由 2026 年 9 月開始要正式徵收消費稅喇。2% 起步，一年後提到 4%。算落來一輛車成本增加幾百塊，最多千把塊，對終端售價嘅影響微乎其微。

我喺文章結尾留咗一個問題：「當優待不再，車企仲剩返咩？」過去十幾年，新能源車靠住各種政策紅利嘅扶持發展得如日中天，咩免購置稅、綠牌唔限行等，看得燃油車車主眼熱唔已。喺這樣嘅環境下，一個新能源車企想活落嚟都係比較容易嘅。

所以各行各業都想嚟分一杯羹，因此就造就咗一個奇特嘅景象。早幾年宣布要下場造車嘅累計得有四五百家，造手機嘅要造車，搞地產嘅要造車，做家電嘅都要造車，就好似造車呢件事突然冇咗門檻。

造車唔容易，小米汽車雷軍造車咗之後先至嘆「造車太难喇」，嗰時仲有政策加持，而家真正仲存活緊嘅新勢力車企兩隻手數得嚟，何況而家政策呢個台階正喺一級一級被抽走，新能源車企嘅生存只會更加艱難。

咁仲剩返咩呢？與其話係剩返咩，唔如話係點樣活落去？

• 冇捷徑，產品先係硬實力

真正有底氣、有能力活落嚟嘅，係嗰啲喺政策紅利期照舊將錢砸入研發、品質，一心一意搞產品力嘅車企。

揀比亞迪嚟講，好多人見到係佢一年賣咗幾百萬輛，係全球新能源銷冠。但往回倒十幾年，當別人都喺燃油車嘅「功勞簿」上攞錢嘅時候，比亞迪喺自研電池、芯片同 DM 混動系統。呢啲嘢喺當時睇落又苦又累仲唔討好，但等到電池成本成咗競爭勝負手嘅時候，刀片電池就成咗手中嘅王牌。

所以，當優待不再，車企剩下嘅係產品力。產品力呢三個字睇落輕飄飄嘅，但其實係技術、成本、效率、品控等嘅疊加，每一項都要花時間同真金白銀去積累。

有些品牌，成立三五年，車款迭代咗七八款。但定睛一看，三電系統係買嘅、智駕方案係供應商嘅、底盤係別人調教嘅，唯一嘅自研能力體現在車機系統嘅 UI 設計上。你話佢哋揀咩去同比亞迪競爭，當比亞迪當起價格屠夫嘅時候，邊個唔係咬住牙硬跟？嘢都係別人嘅，成本呢塊就降唔落嚟。

前期有政策扶持仲能緩一緩，當油電真正同權之後咋？嗰啲冇核心技術、靠低價續命嘅車企會一個接著一個倒下，而頭部品牌之間嘅競爭，會從「邊個降價狠」變成「邊個技術強」。新能源汽車行業正喺由政策驅動轉向「技術驅動」。你睇鋰電池今年 9 月 1 日徵稅，但固態電池、鈉離子電池呢類就唔需要。乘聯會崔東樹話得好清楚，鋰電池政策調整意味著新能源車稅收「保護期」正喺分階段、有節奏地退出。

特斯拉第二季度財報顯示，人家差點虧損嘅原因係把賣車賺來嘅錢全投給咗未來科技，AI 基礎建設、Robotaxi、人形機器人 Optimus，全係高科技嘅狠活。當年冇人看好 FSD，而家有啲車企唔都以佢為嚟標桿嘞？

技術壁壘先至係真正嘅護城河。

• 出外打，先至見真章

除咗產品力，仲有一個維度係近幾年真正拉開差距嘅地方——出海。國內新能源市場再大，一年都兩千多萬輛嘅盤子，而且已經捲到利潤率薄如蟬翼。想跳出內卷真正賺到錢，仲係要靠出海。

但出海呢件事，跟喺國內賣車係完全兩套邏輯。國內賣車，產品過得去、價格到位、渠道鋪開，基本盤就嚟有喇。出海咋？光係各個市場嘅准入標準就能話一個團隊掉層皮。歐盟嘅 WVTA 認證、美國嘅 FMVSS 標準、東南亞各國嘅稅收政策，每一個環節都係一塊難啃嘅硬骨頭。更唔好提售後網絡點樣搭建、零配件供應周期點樣解決、當地消費者對中國品牌天然嘅唔信任點樣消除。

講實話，呢啲事比喺國內降價兩萬難多過。而能將呢啲嘢一件件啃落嚟嘅企業，同嗰啲只喺國內捲價格嘅企業，差距只會愈嚟愈大。

比亞迪去年出口超過 40 萬輛，喺泰國、巴西、以色列都係純電銷冠。你以為佢係靠平賣出嚟嘅？泰國嘅比亞迪工廠從開工到投產唔到一年半，烏茲別克斯坦嘅工廠都跑起嚟，海外經銷商網絡鋪到七十多個國家。呢種落地速度，背後係供應鏈管理能力、本土化運營能力等各種綜合實力嘅共同作用。

名爵喺歐洲賣得唔錯，上個月喺歐洲銷量為 38,640 輛，喺中國品牌入面名列前茅，靠嘅都唔係價格牌。除咗自带嘅歐洲本土品牌認知，仲有好多一部分原因係因為本地化運營。長城喺俄羅斯、奇瑞喺巴西，也都係紮根咗先至站得穩。

出海就好似一個放大鏡，你喺國內有多強嘅綜合能力，放到海外，要么被放大，要么被打回原形。車企最後拼嘅，其實係綜合實力。

比亞迪點解敢喊「電比油低」？唔係因為補貼，係因為佢自己造電池、自己造芯片，直接垂直整合到牙齒。呢種成本能力，政策放唔放開，佢都唔驚。特斯拉點解敢喺全球市場反復調價？因為佢嘅製造效率同供應鏈管理能托住利潤率。呢啲先至係真正嘅底牌。

• 擎動評點

斷奶當然唔好受，但真正有底子嘅企業，其實唔需要嗰口奶。政策優待係一根柺杖，拄住走路自然省力，但總有扔掉嗰天。而嗰啲喺保護期入面將精力花喺打磨產品、積累技術、建設品牌嘅企業，反而會感謝呢一天來得夠早。因為優待冇咗，嗰啲虛嘅嘢也就散咗。剩下嘅，都係真嘢。

車款概覽

Mercedes-Benz GLS AMG 值唔值得買，重點唔係佢睇落有幾吸引，而係佢可唔可以解決你嘅實際用車需求。這篇文章會將重點放喺市區駕駛、泊車同日常靈活度。

價錢落喺 RM 1,582,888，買家可以 firstly 用它判斷預算壓力同同級定位。

買車價錢指南

Mercedes-Benz GLS AMG 嘅買車預算可以 firstly 由 RM 1,582,888 開始衡量。呢個數字真正影響嘅係月供、保險同現金流，而不係只係展廳入面嘅標價。

如果你喺幾個版本之間猶豫，可以將 2025 AMG GLS 63 4MATIC+（RM 1,582,888） 放喺同一張清單度比較。日常通勤買家優先睇舒適同安全，常行高速嘅買家則更加應重視動力、駕駛輔助同座艙便利性。

核心參數匯總

睇 Mercedes-Benz GLS AMG 嘅核心規格，最重要係將數字轉譯成生活中嘅感受。

Twin-Turbocharged、8 缸、3982 mL 排量嘅動力底子，適合拿去判斷市區跟車同高速巡航可唔可輕鬆。612 Ps 嘅輸出，真正意義在於坐滿、爬坡同超車時唔會太吃力。13.3 L/100km 嘅油耗，對每日通勤嘅人會直接影響加油次數。車長 5233 mm、車寬 2157 mm、車高 1836 mm，可以幫你預判泊車難度同後排乘坐空間。

優點同缺點分析

Mercedes-Benz GLS AMG 嘅優點唔使誇張，真正有價值嘅係佢可唔可以讓日常使用更省心：預算位置清楚，方便同級車直接比較、日常能源成本有明確參考、動力輸出能支撐高速同超車需求。

要留意嘅係，市區泊車同狹窄路段仲要看個人駕駛習慣。呢啲唔係扣分項，而係落訂前應該係先諗清楚嘅生活細節。

買車常見問題解答

購買 Mercedes-Benz GLS AMG 前，買家最常問唔係單一規格，而係佢可唔可融入自己嘅生活。

邊個適合這輛車？適合將市區駕駛、泊車同日常靈活度放喺首位嘅買家。家庭用戶要看乜？優先睇後排乘坐、兒童座椅、行李同日常上下車可唔順手。每日開會唔會麻煩？13.3 L/100km 嘅油耗參考讓通勤成本更容易預估。

競品比較內容

將 Mercedes-Benz GLS AMG 放喺同級車名單度時，唔建議只睇品牌或外形。真正有用嘅比較順序係：先用 RM 1,582,888 鎖定預算圈、再看動力可唔可以應付高速同坐滿、接着比較能源成本同補能便利性、最後睇空間可唔適合家人同行李。

咁樣篩選出嚟嘅結果更貼近日常生活。你會更清楚佢係適合城市通勤、家庭代步、長途巡航，定係更加適合作為一輛講求個性嘅選擇。

用車全週期指南

擁有 Mercedes-Benz GLS AMG 嘅日常成本，最直接會反映喺燃油、保險、輪胎同定期保養上。13.3 L/100km 嘅油耗讓通勤預算更容易掌握。

如果你常行南北大道，動力同座艙舒適度會比單純低價更重要；如果主要喺市區，泊車靈活性、視野同低速順滑度會更加影響心情。

河內嘅七月，炎熱嘅唔止係天氣。

2026 年 7 月 21 日，越南國家會展中心，山東重工全球合作夥伴大會暨綠色智能產品展示會現場，燈光如瀑，金屬生輝。來自 62 個國家同地區嘅嘉賓穿梭喺展台之間，俯身端詳參數，低聲观摩交流。

呢場係事先預先宣傳嘅「首秀」，維柴五大核心技術路線：純電動、混合動力、質子交換膜燃料電池、替代燃料內燃機、智能駕駛輔助系統，首次同台面向全球亮相。

喧囂未散，外界真正應該追問嘅係：喺越南辦展，一次性亮晒全部技術家底，維柴同佢背後嘅山東重工，究竟喺下緊咩棋？

五條路線，一張底牌

如果只用一句說話概括今次展會嘅核心資訊，就係：維柴唔賭單一技術路線，佢賭嘅係「全都要」。

純電動全鏈佈局。CT100 電池實現單支路 400A 大電流快充，WMS3200 電驅總成降低全車電力消耗，覆蓋重卡、輕卡、客車全場景。呢啲唔係實驗室數據，而係已經批量装车嘅現實。

混合動力高效節能。WP3NNG 天然氣增程器喊出「續航超 1000 公里」，直指純電重卡「充電久、跑唔遠」嘅行業痛點。短途用電、長途用氣，呢樣係對市場現實最務實嘅回應。

質子交換膜燃料電池零碳領航。WEF300 已經配套 49 噸級重卡出口歐洲，全鏈條自主可控，數百項發明專利。呢個係維柴押注「終極能源」嘅底牌。

替代燃料內燃機低碳高效。WP15DI 氫內燃機係全球首款通過國六認證嘅產品，熱效率 46.8%；WP17T 甲醇內燃機令單台礦山設備年省燃料費 120 萬蚊。即便唔換動力形式，維柴都能令傳統內燃機「飲」上清潔燃料。

智能駕駛輔助系統重塑作業範式。礦山無人駕駛實現厘米級精準停靠，幹線 ADAS 装车量中國重卡第一。呢個標誌住維柴嘅競爭維度已經從「動力域」延伸至「數據域」。

五條路線，覆蓋咗從「今日」到「後天」嘅所有能源可能。呢唔僅僅係技術儲備，更加係面向未來嘅主動定義。

越南，點解係度？

將如此重量級嘅全球首秀放喺越南，絕非偶然。

東南亞係全球新能源商用車增長最快嘅區域之一。越南、印尼、泰國等國正密集出台清潔貨運支持政策，而當地補能基礎設施遠未完善，單一純電動路線喺呢度水土不服，混合動力、替代燃料、微電網等多技術組合恰恰有咗用武之地。

更深層嘅考量在於：呢個係山東重工「深耕東南亞、輻射全球」嘅戰略支點。2026 年上半年，集團出口收入已達 624 億蚊，同比增長 33.4%。喺 32 個國家設有 55 個貿易平台，海外工廠 60 幾座，2000 幾名員工常駐海外。

河內展會，係對呢套全球化網絡嘅一次檢驗。唔係嚟賣幾部車，而係展示一種能力：無論你嗰邊缺電、缺樁、缺氣，定係缺標準，維柴都能拿出一套完整嘅解決方案。

從「產品出海」到「產業扎根」

如果仔細翻開山東重工從阿斯塔納到河內嘅歷屆全球合作夥伴大會軌跡，會發現有一個關鍵字反復出現：場景化。

智慧物流、智慧礦山、智慧農業、綠色能源，山東重工展出嘅 145 台（套）產品，每一件都係嵌入咗一個具體嘅作業場景中。以礦山為例：維柴嘅甲醇內燃機省油錢，雷沃重工嘅無人礦卡省人力，山推嘅智能推土機省調度。呢唔係單點突破，而係系統性降本。

再以智慧倉儲為例：凱傲嘅 AI 智能庫空間利用率提升約 30%，呢已經唔係一部叉車或貨架嘅事，而係一整套「倉儲操作系統」。

客戶買嘅唔係引擎或電池，而係一套幫佢賺錢嘅運力方案。科技賦能嘅終極目標，唔係令設備更複雜，而係令用戶更省心；裝備美好嘅真正含義，唔係參數幾靚，而係運營幾抵。

更加值留意嘅係本地化佈局。中國重汽喺利比亞開設官方授權展廳，KD 工廠同步推進；中通客車喺沙特搭建屬地化服務網絡；山推喺烏茲別克斯坦落地 KD 項目……從輸出產品到輸出產能、品牌、標準，山東重工嘅全球化正進入「深度本地化」新階段。

一場關於「定義權」嘅爭奪

全球商用車電動化正在加速分化。2025 年，全球新能源純電動載貨汽車銷量突破 48 萬輛，同比增長約 67%，但滲透率卻只得 12.3%。市場遠未定型，邊個都有機會。

但機會唔等於勝算。要喺混戰中脫穎而出，需要三種能力：技術寬度、產業鏈深度、全球化廣度。

論技術寬度，維柴五條路線並行，覆蓋幾乎所有已知嘅清潔動力形式。喺全球主流商用車企業中，能同時佈局呢五條路線嘅，屈指可數。

論產業鏈深度，從刀片電池、電驅橋、集成控制器，到燃料電池電堆，再到 ADAS 算法、雲控平台，維柴構建咗一條「從礦到輪」嘅完整鏈條。換句話講，成本可控、迭代自主。

論全球化廣度，13 個品牌聯袂亮相，62 國嘉賓齊聚一堂，呢唔係「單兵出擊」，而係「集團軍作戰」。維柴提供心臟，中國重汽同陝重汽提供軀體，山推同雷沃提供手足，凱傲提供大腦，法士特同漢德提供關節。「We Are One」永遠唔只係一句口號——佢係品牌協同嘅作戰圖，亦都係全球扎根嘅承諾書。

結語：

呢場河內展會，表面上係一場產品秀，骨子裏係一場關於全球能源轉型話語權嘅提前占位。

維柴透過五大技術路線，向全球傳遞咗一個清晰信號：無論能源形式點樣革命，只要輪子仲係轉，維柴就能提供最优解。

更加重要嘅係，佢揭示咗山東重工嘅深層戰略邏輯，佢唔係被動適應能源轉型，而係主動定義轉型嘅節奏。從「我造乜你就用乜」到「你有咩能源、跑咩路，我俾你配咩動力」，維柴正進行完成從製造商到能源服務商嘅角色躍遷。

正如山東重工集團董事長王志堅喺開展辭中所講：「把握未來五到十年嘅綠色化、智能化風口，我哋將擁有無限廣闊嘅未來。」

河內係一個全新嘅起點。呢場「秀」嘅真正意義，或許多過五年、十年先可以完全睇清。但係有一點已經明確：喺商用車綠色智能轉型嘅全球賽道上，中國方案正從「跟跑」走向「領跑」。當科技真正賦能於裝備，裝備真正服務於美好，呢條路，便走得通，亦走得遠。

Recently, the overseas new energy vehicle market is fiercely competitive! Many models rush towards overseas markets, but truly boutique models capable of dominating globally and selling well in multiple countries are extremely rare. Recently, the Great Wall Ora Global Overseas Investor Summit kicked off in Baoding. Investors from around the world gathered on site, visited the Great Wall Automotive Technology Center, intelligent manufacturing base, and Xushui professional test track, launching an immersive real-car test drive for the entire Great Wall Ora 5 series.

 Real-world experiences on site enabled investors from around the world to see Great Wall Ora 5's core strengths. Many car companies going overseas can only bet on a single powertrain route, making it difficult to balance different usage needs across the globe. So, how exactly did Great Wall Ora 5 break through this dilemma? Today, putting aside boring spec sheets, let's chat about this Chinese boutique family car going global using solid information.

Market Data Supports Strength, Hot Sales on Both Domestic and Overseas Lines

Whether a car is good or not, market orders and sales will never lie. Latest official data shows Great Wall Ora brand saw strong growth in June, with monthly sales reaching 10,806 units, a year-on-year surge of 229.15%. Great Wall Ora 5 is a main product among them, with very rapid upward momentum; the brand's full series cumulative sales broke 58,433 units, with market recognition continuing to rise.

As the brand's current main hot-selling model, Great Wall Ora 5 truly achieved steady strength domestically and comprehensive blossoming overseas. The heat in the overseas market was surprisingly good: upon landing in the Brazilian market, the first batch of 2,000 new cars sold out in 24 hours, with local consumers highly recognizing this Chinese model; after entering Thailand, orders steadily broke 5,000 units. The hybrid version, relying on balanced comprehensive strength, firmly established its footing in the fiercely competitive family car market.

Great Wall Ora 5's globalization map continues to expand. The Spain market has successfully landed, quickly raising brand awareness through cooperation with local sports IPs. Starting this July, Great Wall Ora 5 will sequentially land in Australia, South Africa, Indonesia, Central and South America, and other regions, continuously building a perfect global sales network and firmly establishing its positioning as a global boutique model.

Eye-catching market results have not only moved ordinary consumers but also attracted overseas capital attention. Cross-border investors focusing on the auto sector particularly value a model's potential to adapt to the global market. This on-site visit and test drive experience was a high-standard, rigorous test of Great Wall Ora 5's product capabilities.

Global Unified Aesthetic Design, Catering to Young People's Diverse Aesthetics

Great Wall Ora 5 adopts a global natural aesthetic design. Lines are simple and visually pleasing without flashy or aggressive styling; the aesthetic inclusivity is very strong. Whether Asian, Southeast Asian, or European/American youth, they can all easily accept it. The interior materials are solid and delicate, the space layout fully considers home use needs, and the riding experience is excellent whether for daily commuting or a family short trip.

While maintaining a unified standard for appearance and interior, intelligence is insisted upon with parity between fuel and electric vehicles and high specifications across the full series, with no configuration cutbacks. Great Wall Ora 5 is equipped with Coffee OS 3 intelligent cockpit, built-in Coffee GPT large model voice system. Voice response is smooth, operations are simple and easy to understand, adapting to global users' driving habits. Investors who test-drove on site all gave good reviews. The hybrid version carries Great Wall's brand new generation Hi2 intelligent hybrid system, with "Three Motors Six Modes" power AI switching. Start-up is smooth, gear shifts are silky, with no jerkiness throughout. Balancing ride comfort while achieving ultra-low energy consumption, it is more fuel-efficient for long trips and more cost-effective for daily commuting. Perfectly balancing smooth texture and economic strength, its core advantages of "Quiet, Fast, Economical, Smooth" won consistent praise from overseas investors.

One Car Multiple Powertrains Layout, Cracking Globalization Travel Differentiation Dilemmas

Great Wall Ora 5 can adapt to different regions globally and gain love from users in multiple countries. The killer card is the one-car multiple powertrain product layout, which is also the core advantage consistently praised by global investors participating in this test drive. Relying on Great Wall's GENIE Intelligent Platform's strong underlying architecture, Great Wall Ora 5 simultaneously offers three powertrain options: pure electric, hybrid, and fuel. Everyone needs to clearly understand: global countries' energy infrastructure, policies and regulations, road conditions, and driving habits vary vastly. Europe and America have perfect new energy infrastructure, making pure electric models more popular; Southeast Asian cities are congested, making fuel-efficient hybrids a rigid demand; there are still large emerging markets where fuel models remain the mainstream choice.

Most exported models only have a single powertrain, making adaptation to the global market limited everywhere. Great Wall Ora 5 relies on the mindset of "one car multiple powertrains, one car multiple postures." It does not need to develop and modify separately for different markets, greatly compressing the iteration cycle and lowering overseas R&D costs, directly hitting the biggest pain point of car companies' globalization overseas export.

This strategy also benefits consumers: model iteration speed is faster, powertrain choices are more abundant. Regardless of which version you choose, you can enjoy the same standard of product quality. The pure electric version targets the Europe new energy track, the hybrid version deepens into hot Southeast Asian markets, and the fuel version covers emerging overseas markets. Multiple lines running in parallel build Great Wall Ora 5's outstanding globalization competitiveness.

Multiple Powertrains Fine-Tuning, Balancing Quiet, Fast, Economical, Smooth Ride Experience

Every powertrain solution of Great Wall Ora 5 has been finely polished to highly fit ordinary people's daily home use scenarios. The pure electric version provides two range choices: 480km and 580km, completely sufficient for daily commuting and weekend trips to the suburbs. 100km electricity consumption is as low as 11.6kWh, motor system efficiency is as high as 95%, energy consumption performance is excellent, and daily car maintenance costs are very low, making it very suitable for young people's daily transportation.

The hybrid version is even more the first choice for home use. It carries Great Wall's new generation Hi2 intelligent hybrid system. The two-speed direct drive architecture supports three motors six modes intelligent switching, perfectly interpreting the official four core advantages: Quiet, Fast, Economical, Smooth. Quietness inside the car is maximized at low speeds, acceleration at start-up is light and fast, daily travel energy consumption is controllable, and gear shift connection is smooth without jerkiness. Whether crawling through city traffic during morning/evening peaks or self-driving on long-distance highways, it brings a comfortable and worry-free driving experience.

Relying on bright market performance and all-around product hard strength, Great Wall Ora 5 has won high recognition from overseas investors. This overseas investor summit held in Baoding is a strong proof of the Ora brand's positioning upgrade: taking advantage of Ora 5's core advantage of "one car multiple powertrains," the brand breaks out of past fixed user tags, facing diverse consumers such as young first-time buyers and families making additional/replacement purchases. They can freely choose the powertrain version adapting to their own needs, accurately fitting contemporary young people's diverse and refined car use pursuits. Going from domestic hot sales to the global market, Ora continues to promote globalization layout, showing the world the hardcore strength of Chinese intelligent manufacturing.

Dalam pasaran SUV di Malaysia, ramai pembeli membuat perbandingan antara Proton X50 dan Chery Tiggo 8 semasa memilih kereta. Kedua-dua kereta ini mempunyai harga dan kedudukan pasaran yang agak hampir. Hari ini, kami akan membuat perbandingan terperinci dari pelbagai aspek untuk membantu anda menjimatkan masa membuat penyelidikan.

Harga dan Versi

Harga OTR Proton X50 di Malaysia adalah RM 89,800 - 113,300, dengan keseluruhan 4 versi, termasuk 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300) dan sebagainya.

Harga OTR Chery Tiggo 8 di Malaysia adalah RM 129,750 - 129,750, dengan keseluruhan 1 versi, termasuk 2026 1.6T Standard (RM 129,750) dan sebagainya.

Dari segi harga, harga permulaan Proton X50 memang RM 39,950 lebih murah daripada Chery Tiggo 8. Jika bajet anda terbatas, versi permulaan Proton sudah boleh memenuhi keperluan harian. Namun perlu diingat, perbezaan harga beberapa ribu ini mungkin melibatkan pertukaran pada kelengkapan, bergantung sepenuhnya pada keperluan anda.

Kelengkapan Keselamatan

Pengesahan keselamatan Proton X50 adalah 5★ (ASEAN NCAP), sistem keselamatan aktif termasuk ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).

Pengesahan keselamatan Chery Tiggo 8 adalah TBD, sistem keselamatan aktif termasuk Basic.

Dari segi kelengkapan keselamatan, kedua-dua kereta menerima pengesahan yang baik. Walau bagaimanapun, terdapat perbezaan dalam fungsi antara ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) pada Proton X50 dan Basic pada Chery Tiggo 8. Jika anda mengutamakan keselamatan aktif, boleh bandingkan senarai fungsi kedua-duanya dengan teliti.

Kelengkapan dan Teknologi

Proton X50 menggunakan cara penggerak 4WD.

Chery Tiggo 8 menggunakan cara penggerak FWD.

Penggerak 4WD Proton dan FWD Chery memberikan pengalaman memandu yang berbeza, disyorkan untuk membanding melalui ujian memandu.

Penyelenggaraan dan Pembaikan

Proton X50 mempunyai jaminan 5 tahun/150,000km, selang penyelenggaraan setiap 10,000km atau 6 bulan.

Chery Tiggo 8 mempunyai jaminan 3 tahun/100,000km, selang penyelenggaraan setiap 10,000km atau 6 bulan.

Kesimpulan

Secara keseluruhan, Proton X50 dan Chery Tiggo 8 adalah model kereta yang sangat baik di pasaran Malaysia. Memilih mana-mana satu, utamanya bergantung pada keperluan dan bajet peribadi anda. Disyorkan untuk membuat penyelidikan terlebih dahulu, bandingkan harga dari lebih banyak dealer, kemudian buat ujian memandu untuk keputusan akhir. Membeli kereta adalah perkara besar, meluangkan masa untuk penyelidikan pasti tidak salah.

剔除KD贴牌产能依旧暴涨，吉利稳居出口第三名，拿下头部车企增速第一。

2026年上半年，中国汽车出口大盘同比大涨65.3%，头部车企的排位已经十分清晰。按照完整出口总销量计算，第一名奇瑞集团93.16万辆，第二名比亚迪76.93万辆，吉利以47.24万辆位列第三名，158%的同比增幅，在所有头部车企当中排名第一，增长速度大幅甩开所有对手。

外界总会习惯性认为，吉利亮眼的出口数据，大半来自发往马来西亚宝腾、巴西雷诺的CKD散件，依靠属地换标来做大规模。但如果把全部KD散件、合作贴牌车型全部剔除，只统计吉利主品牌、领克、极氪三大自主品牌悬挂自身车标外销的整车，依旧实现了165%的高速增长，含金量十足。去年同期三大品牌海外整车不到9万辆，今年上半年达到23.85万辆，增量全部来自自有品牌真实零售，不再依靠贴牌走量的老模式。

十几年以来，吉利的全球化一直奉行低调的属地化策略，长期依靠合作品牌隐藏自身标识，只求出货规模，并不推广吉利母品牌。最近几年集团战略彻底转变，不再迂回躲藏，将吉利、领克、极氪三大品牌推向全球市场，今年的爆发，正是多年系统化布局迎来集中兑现。

第一，完整的新能源矩阵避开欧盟反补贴关税，成为增长最强动力。

欧盟对纯电车型加征惩罚性关税，不少车企在西欧市场遭遇瓶颈。吉利主打雷神插混，不在征税名单，顺利切入成熟市场。银河插混、领克插混、极氪高端纯电形成完整产品矩阵，适配欧洲、澳洲、中东各地法规。不同于很多车企依靠老旧燃油车抢占落后市场，吉利海外增量绝大多数是新能源车型，新能源出口暴涨585%。产品力对标日系、德系主流车型，不用大打价格战，就能站稳市场。

第二，依托沃尔沃成熟经销商网络，跳过漫长的品牌培育周期，是独有的护城河。

领克全部交由沃尔沃欧洲渠道运营，直接进入豪华品牌展厅，天然化解海外消费者对中国品牌的偏见，省去数年的市场培育期。极氪布局西欧、中东高端市场，选用豪华品牌代理商，总部统一定价，严格管控价格，杜绝经销商乱价伤害品牌。吉利银河进入欧洲、澳洲，能够共享集团成熟的海外物流、备件体系，渠道建设速度，是从零起步的车企难以比拟的。

第三，三大品牌分层布局，定位清晰互不内耗，前台独立、后台协同。

吉利银河主打10-20万主流家用，对标丰田、大众；领克深耕欧洲高端运动市场；极氪主攻豪华纯电。三个品牌展厅完全分开，不会互相抢单；供应链、备件、物流统一整合，压低运营成本。反观有些车企，在海外不断设立全新独立品牌，割裂母品牌，分散资源。吉利海外全部为真实终端零售，不存在向经销商压库的泡沫，增长十分扎实。

第四，总部统一定价，放弃粗放低价路线，慢慢积累海外品牌口碑。

早年吉利和一众自主品牌一样，海外全权交给代理商，价格混乱，廉价标签难以撕掉。如今吉利直接管控全球定价，拒绝无序降价，搭配长周期质保，打消海外用户对陌生品牌的顾虑。澳洲银河拿下细分销冠，中东极氪站稳豪华市场，领克常年位居欧洲中国品牌前列，不靠内卷，依靠产品和服务实现稳定增长。

第五，市场布局均衡，不依赖俄罗斯、伊朗这类特殊红利市场，抗风险能力更强。

奇瑞的出口有相当比例来自俄、伊等特殊市场，地缘环境一旦变动，销量就会剧烈波动。吉利三大自主品牌的增量，全部来自欧洲、澳洲、东南亚、中东等开放的成熟市场，没有单一国家的过度依赖，结构更健康。

中国车企出海长期分为两条路径：一种依靠海外新品牌、KD散件、特殊地缘市场做规模，品牌很难向上；一种高举高打，重资产投入从零建设全球品牌。

吉利走出了第三条路：早年依靠产业合作完成沉淀，如今以吉利、领克、极氪直面全球市场。即便剔除所有KD贴牌，依旧高速增长，稳居出口第三名，增速行业第一。这也意味着，吉利的出海，已经告别粗放的规模竞赛，进入体系驱动的高质量阶段。

Dalam pasaran SUV Malaysia, ramai pembeli bandingkan Perodua Aruz dan Subaru Crosstrek ketika memilih kereta. Kedua-dua kereta ini sangat hampir dari segi harga dan kedudukan pasaran. Hari ini kita akan buat perbandingan terperinci dari pelbagai aspek untuk membantu anda menjimatkan masa membuat kajian.

Harga dan Varian

Harga OTR Perodua Aruz di Malaysia ialah RM 72,900 - 77,900. Terdapat 2 varian, termasuk 1.5L X (RM 72,900) dan 1.5L AV (RM 77,900) dan lain-lain.

Harga OTR Subaru Crosstrek di Malaysia ialah RM 145,000 - 160,000. Terdapat 1 varian, termasuk 2.0L e-Boxer (RM 150,000) dan lain-lain.

Dari segi harga, harga permulaan Perodua Aruz memang lebih murah RM 72,100 berbanding Subaru Crosstrek. Jika bajet anda terhad, varian asas Perodua sudah boleh memenuhi keperluan harian. Namun perlu diingatkan, perbezaan harga beberapa ribu ringgit itu, mungkin melibatkan pertukaran dari segi kelengkapan, bergantung pada keperluan anda.

Kelengkapan Keselamatan

Penggredan Keselamatan Perodua Aruz ialah 5★ (ASEAN NCAP), sistem keselamatan aktif termasuk .

Penggredan Keselamatan Subaru Crosstrek ialah 5★ (Euro NCAP), sistem keselamatan aktif termasuk EyeSight.

Servis dan Penyelenggaraan

Perodua Aruz mempunyai jaminan 5 tahun/150,000km, selang penyelenggaraan setiap 10,000km atau 6 bulan.

Subaru Crosstrek mempunyai jaminan 3 tahun/100,000km, selang penyelenggaraan setiap 10,000km atau 6 bulan.

Sesuai Untuk Siapa

Perodua Aruz dan Subaru Crosstrek adalah pilihan utama di pasaran Malaysia, sesuai untuk kegunaan keluarga dan pengangkutan harian. Jika anda lebih mengutamakan jenama dan reputasi serta harga jualan semula, utamakan model yang mempunyai reputasi lebih baik. Jika anda lebih mementingkan nisbah harga dan kualiti serta kelengkapan, pilih model yang mempunyai konfigurasi lebih lengkap. Pada akhirnya, disarankan untuk membuat ujian memandu kedua-dua model, pengalaman peribadi adalah yang paling penting.

Kesimpulan

Secara keseluruhannya, Perodua Aruz dan Subaru Crosstrek adalah model kereta yang sangat baik di pasaran Malaysia. Memilih mana satu, kuncinya bergantung pada keperluan dan bajet peribadi anda. Disarankan agar anda melakukan kajian terlebih dahulu, bandingkan sebut harga dari beberapa pengedar, kemudian buat ujian memandu untuk membuat keputusan akhir. Membeli kereta adalah perkara besar, mengambil masa membuat kajian tidak akan salah.

On July 16, I arrived at the event site at the GAC Trumpchi factory. Watching the moment the 30 millionth vehicle slowly drove onto the stage, the first word that came to mind was "GAC Acceleration".

Many people think of GAC as "steady", but achieving a leap from 0 to 30 million in 29 years cannot be summarized simply as "steady".

Behind this lies the continuous acceleration within a steady foundation, the speed of transformation and lane switching, the speed of technology implementation, and the speed of global layout.

30 million units is a solid report card handed in after GAC's entire system capabilities accelerated.

(1) Full Matrix of New Energy Debuts, It Is the Acceleration of Transformation and Lane Switching

This vehicle delivery ceremony had a detail worth noting, linking multiple global production bases to sync. From the 29,999,995th to the 29,999,999th unit, GAC Honda e:N P7, GAC Toyota E-Prino 7, Qijing GT7, GAC Aion N60, GAC Hyper S600 went offline sequentially, with the finale being the 30 millionth unit, a Right-Hand Drive GAC Trumpchi M8 PHEV.

A full-color new energy matrix, covering joint venture and independent brands, covering sedans, SUVs, and MPVs, even using exported right-hand drive models as milestone carriers. This is not an intentionally arranged sense of ritual, but a true portrayal of GAC's comprehensive acceleration in electrification and intelligence transformation.

Handing over the key of the 30 millionth vehicle to Thai owner Tony Jaa, this action itself is a declaration of overseas success. Behind the 132% export growth in the first half of this year lies the accelerated implementation of GAC's global layout, an upgrade from Chinese automobile brands exporting products to exporting systems, and the user base of 30 million has already extended from the domestic market to the global market.

(2) Concentrated Technology Implementation, It Is the Acceleration of Long-term Growth

Many say GAC is low-key, but R&D investment numbers never lie: So far, GAC Group's cumulative R&D investment exceeds 62 billion yuan, and the global R&D team size exceeds 6,800 people. Long-term technical deep plowing has now reached the explosive period of concentrated implementation.

In the power field, the Xingyuan Power System built by the "National Excellent Engineer Team" covers three technology routes: extended-range, plug-in hybrid, and super dual-engine. Each power unit has undergone 100,000 hours of bench and vehicle verification, equivalent to over 10 million kilometers, and is being quickly installed into more mass-produced models; in the power battery field, Quark Electric Drive motor highest efficiency breaks through 99%, reaching industry top levels, the fully solid-state battery pilot production line has been built, continuously attacking industry pain points such as super-fast charging and low-temperature range; in the intelligent networking field, the Xingling Architecture connects six systems such as intelligent driving, cockpit, power, achieving "one brain unified command", comprehensive performance improved by 40%, Xinghe Smart Cockpit achieves endpoint-cloud integration, and jointly builds an AI intelligent ecosystem with top partners such as Huawei and CATL.

More importantly, while accelerating, the bottom line of quality is not lost. From the extreme environment test of "Five Highs, One Mountain, One Dust" to the systematic verification of over 1,500 verification sub-items, to the Mag Battery accumulating 1.5 million vehicles installed, and the Xingling Safety Guard System protecting nearly 2 million users, and the industry-first "Three Responsibilities" service guarantee, GAC's acceleration has always been built on the bottom line of quality and safety.

(3) Service System Follow-up, It Is the Acceleration of System Capability

Front-end products run fast, and the back-end service system is also accelerating in sync. To accommodate the rapidly growing user volume, GAC has comprehensively upgraded on the service side.

On the organizational level, the GAC Group established a dedicated user insight department, regularly held "User Full Mic" activities, established a closed-loop user request processing mechanism for the whole process, ensuring every user voice gets a response; on the channel level, accelerating sinking into counties, planning to add 1,000 county-authorized stores within the year, letting service reach more users; service response launched "Super Butler", achieving 5-second response, 2-hour request completion; charging ecosystem built a "9 Verticals, 10 Horizontals" network, covering 31 provinces and 213 cities nationwide, self-operated charging piles exceed 27,000, realizing "there is always a station within a straight line 1 km" in core urban areas.

From user communication to channel coverage, from after-sales response to charging support, the accelerated improvement of the full-cycle service system allows the trust of 30 million users to continue to settle, and also solidifies the foundation for the next round of growth.

(4) Kung Fu Review

29 years, 30 million units, after watching this event, my biggest feeling is: "GAC Acceleration" is an acceleration of accumulated strength released in a burst.

This is a steady acceleration of the entire system coordination from products, technology to services and globalization. In the past, when we talked about GAC, we always said it was steady, solid, and quality-first; but looking back from the 30 million node, this steadiness is accumulating strength for acceleration.

30 million is not the end, but a new starting line for GAC's acceleration. When technical reserves enter the mass production explosion period, when globalization layout enters the harvest period, when new energy transformation enters the deep water zone, the GAC in the future will only run faster.

The valuation split in the HK auto sector can no longer be explained by revenue scale alone. Voyah, Seres, Great Wall, GAC, and Chery have been trapped in single-digit PE ratios for years, while BYD, Li Auto, Leapmotor, XPeng, and NIO can steadily obtain tech-attribute valuation premiums, creating a significant gap in market cap size.

The essence of this pricing differentiation is the screening of discourse power in the intelligence era. It depends on whether auto companies can hold the proprietary rights to underlying intelligent driving technology and data iteration autonomy.

Auto Company Valuation Depends on Who Owns the Data

An important reference standard for HK valuation of new energy auto companies is whether they can seize the data ownership throughout the lifecycle, combined with brand tier, profit foundation, and expansion potential. The market thereby draws two valuation tracks.

Seres and Voyah are fully equipped with Huawei ADS intelligent driving systems. All data generated and the dominant rights during the driving process are included in the Huawei system to complete model iteration. The auto companies only hold basic vehicle condition data and maintenance-related information, unable to autonomously complete intelligent driving algorithm iteration based on driving scene data. Capital directly applies the valuation logic of industrial manufacturing enterprises to such cooperative projects, making it difficult for PE ratios to break upward.

BYD, Li Auto, XPeng, NIO, and Leapmotor have received the valuation dividend of the tech sector. The core confidence lies in controlling the entire data circulation chain themselves. Financial report content from these companies can verify that scene information collected during road tests and user daily driving data are all stored on their own servers. They can refine intelligent driving algorithms and iterate vehicle systems. Data assets will continue to thicken as delivery scales increase, and capital is willing to offer a premium for this long-term value.

Leapmotor's PE ratio breaks 40 times, placing it at a relatively high level among new forces. This pricing comes from the market's recognition of its tech attributes for the full-stack self-research system. Leapmotor holds an autonomous intelligent driving data closed loop, self-researched electrical/electronic architecture, and a core component cost reduction system, possessing a pure intelligent auto company attribute. Comparatively, BYD's valuation logic is a different set of logics. Relying on the absolute volume of vertical integration across the whole industry chain, it has built an operational foundation and profitability stability unmatched in the industry. BYD locks the market cap floor through scale barriers, while Leapmotor gains valuation elasticity through self-researched technology. The pricing systems of the two auto companies do not conflict with each other.

Great Wall and Chery's annual R&D investment can reach the level of billions. The fund volume is enough to support the construction of a self-researched intelligent driving team. Great Wall's internal incubation Haomo AI has autonomous driving R&D capabilities, but the group's main models mostly use third-party intelligent driving solutions, belonging to a strategic choice under multiple factors: Long-term self-research will continue to consume cash flow and affect current financial report profits, meanwhile auto companies also need to make up for shortcomings such as algorithm talent, massive road test data, and complete vehicle engineering adaptation; purchasing mature intelligent driving solutions externally can shorten vehicle model development cycles, control R&D expenditures on a phased basis, and quickly land high-level intelligent driving configurations.

Long-term reliance on third-party solutions externally makes it difficult for auto companies to autonomously accumulate high-level intelligent driving scene data, unable to independently complete intelligent driving system iteration and upgrades. The core revenue of software subscription services is mostly obtained by the technology provider. Auto companies will be mainly defined by the market as hardware complete vehicle manufacturers, and valuation upward expansion will have obvious ceilings.

HK Auto Companies Welcome Value Reshuffling

Fierce competition intensifies in the domestic auto market, going global has already become a benchmark for capital markets to judge auto companies' growth potential, but the approaches of stepping out of the national gate vary greatly. Investment costs, risk resistance capabilities, and industry barriers are not on the same level, and valuations and pricing given by capital will naturally not be general.

Domestic complete vehicle production followed by sea transport for foreign sales is the model with the lowest threshold for going global. In the first half of 2026, BYD's overseas sales accounted for about 43.6% of total sales. Part of this relied on domestic complete vehicle exports to complete, while another part was locally produced and delivered by self-built factories in Thailand and Brazil. The two models advance the global layout in parallel. Pure complete vehicle export business is highly dependent on international trade regulations. Tariffs and import access policy changes in target markets will directly compress product price competitiveness. Overseas revenue stability is easily disturbed by the external trade environment.

Leapmotor relies on a joint sales entity formed with Stellantis to reuse the partner's mature global dealership network to expand into overseas markets such as Europe; Li Auto officially entered the Central Asian market through official complete vehicle exports + local authorized dealer cooperation. Both belong to leveraging external mature channels to quickly complete overseas stocking. Auto companies do not need to make huge investments to build offline stores and after-sales systems themselves, allowing quick expansion of sales networks; vehicles are all completed in domestic manufacturing production, supply chains have not shifted outward. Tariffs and cost pressures brought by geopolitical trade will be directly transmitted to terminal selling prices. This cooperation model can accumulate overseas channel resources, user reputation, and localized service capabilities, building a market foundation at the business level, but cannot form overseas production and supply chain entity assets owned and controllable by the auto companies themselves.

Chinese auto companies completing self-built factory landing overseas, although heavy asset investment is large and return cycle is long, can bypass complete vehicle import tariffs and access restrictions, greatly weakening operational risks brought by international trade, and can seize production initiative in regional markets.

The barriers of different going global models are clearly distinct, and valuation weights in the capital market are divided accordingly. Complete vehicle sea transport export, third-party channel sales can stably contribute overseas sales. Long-term deep cultivation of a single region can also form a fixed market share and user base. But the two models' production capacity completely relies on domestic factories, constrained strongly by international trade policies, overall ability to resist external fluctuations is weak, and it is difficult to form an independent core second growth curve that can hedge against the domestic market cycle.

Channel cooperation is a prerequisite means for auto companies to cost-effectively probe overseas markets and build brand awareness, paving the market foundation for subsequent localization factory construction. If no long-term exclusive regional dealer agreement is signed, unable to lock in regional monopoly share, this model is difficult to build an exclusive industry barrier, and relying solely on channel sales is difficult to separately support long-term high-level valuation premiums.

Consumer Car Review

Currently, the valuation differentiation of auto companies has long gone beyond scale comparison, entering a new stage where core discourse power determines life and death. In the intelligent driving track, auto companies that yield data rights and rely on external solutions will be trapped in the low-premium layer of hardware manufacturing, with ceilings visible to the naked eye. Players persisting in full-stack self-research and data closed loops have the chance to walk out an independent trend.

The logic of the overseas competitive game is equally strict. Only by rooting in overseas entity production capacity can a second growth curve that resists the cycle be built. In short, technological autonomy determines the valuation ceiling, and overseas production capacity rooting determines the enterprise's long-term foundation. This is the pricing logic of this round of auto company reshuffling.

港股汽車板塊的估值分裂，早已不是營收規模所能解釋。嵐圖、賽力斯、長城、廣汽、奇瑞常年困在個位數市盈率，比亞迪、理想、零跑、小鵬、蔚來却能穩穩拿到科技屬性估值溢價，市值體量拉開明顯差距。

這場定價分化的本質，是智能化時代話語權的篩選，就看車企能否攥住智能駕駛底層技術與數據迭代自主權。

車企估值要看數據歸誰

港股對新能源車企估值一個重要的參考標準是，車企能不能抓住全生命週期的數據權屬，疊加品牌段位、盈利底盤和擴張潛力，市場就此劃出兩條估值軌道。

賽力斯、嵐圖全套搭載華為 ADS 智駕系統，行車過程中所有產生的數據與主導權，全部歸入華為體系完成模型迭代。車企手裏只有車輛基礎車況、維保相關資訊，無法依托行車場景數據自主完成智駕算法迭代。資本直接把這類合作項目套用工業製造企業的估值邏輯，市盈率很難向上突破。

比亞迪、理想、小鵬、蔚來、零跑拿到科技板塊估值紅利，核心底氣在於整套數據流轉鏈路掌握在自己手裏。幾家公司財報內容可以印證，路測採集的情景資訊、用戶日常行車數據全部儲存在自有伺服器，可以打磨智駕算法，迭代車載系統，數據資產會隨着交付規模持續增厚，資本願意為這份長期價值給出溢價。

零跑市盈率突破 40 倍，在一眾新勢力裏處在偏高水平，這套定價來自市場對其全棧自研體系的科技屬性認可。零跑手握自主智駕數據閉環、自研電子電氣架構與核心零部件降本體系，具備純正智能車企屬性。對比看來，比亞迪的估值邏輯是另外一套邏輯，依賴全產業鏈垂直整合的絕對體量支撐，構築了行業無人能及的經營底盤與盈利穩定性。比亞迪靠規模壁壘鎖定市值下限，零跑靠自研技術拿到估值彈性，兩家車企的定價體系互不衝突。

長城、奇瑞年度研發投入可達一百億級別，資金體量足以支撐自研智駕團隊搭建。長城內部孵化毫末智行擁有自動駕駛研發能力，但集團主力車型多數選用第三方智駕方案，屬於多重因素下的戰略選擇：長期自研會持續消耗現金流、影響當期財報利潤，同時車企還需補齊算法人才、海量路測數據、整車工程適配等短板；外購成熟智駕方案可縮短車型研發週期、階段性管控研發開支，快速落地高階智能駕駛配置。

長期以外購第三方方案為主，車企難以自主積累高階智駕場景數據，無法獨立完成智駕系統迭代升級，軟件訂閱服務的核心收益大多由技術提供方獲取，車企會被市場主要定義為硬體整車製造廠商，估值向上拓展會存在明顯天花板。

港股車企迎來價值洗牌

內地車市内捲加劇，出海已然成為資本市場評判車企成長潛力的標尺，但各家踏出國門的打法天差地別，投入成本、抗風險能力與行業壁壘不在同一層級，資本給出的估值定價自然不會一概而論。

內地整車生產後海運外銷，是出海門檻最低的模式。2026 上半年比亞迪海外銷量佔整體銷量約 43.6%，其中一部分依賴內地整車出口完成，另一部分由泰國、巴西自建工廠地化生產交付，兩類模式並行推進全球佈局。純整車出口業務高度依附國際貿易法例，目標市場關稅、進口准入政策變動會直接壓縮產品價格競爭力，海外營收穩定性易受外部貿易環境干擾。

零跑依賴與 Stellantis 組建的合資銷售主體，重覆對方成熟全球經銷網點拓展歐洲等海外市場；理想透過官方整車出口 + 當地授權經銷商合作，正式進入中亞市場，兩者均屬於借力外部成熟渠道快速完成海外鋪貨。車企無需大額投入自建線下門店與售後體系，可快速鋪開銷售網絡；車輛全部在內地完成生產製造，供應鏈未向外轉移，關稅、地緣貿易帶來的成本壓力會直接傳導至終端售價。該合作模式能夠積累海外渠道資源、用戶口碑與本地化服務能力，搭建商業層面的市場基礎，但無法形成車企自有、可控的海外生產與供應鏈實體資產。

中國車企在海外完成自建工廠落地，雖說重資產投入大、回報週期漫長，卻能繞開整車進口關稅與准入限制，大幅削弱國際貿易帶來的經營風險，可以抓住區域市場的生產主動權。

不同出海模式的壁壘強弱分明，資本市場的估值權重隨之劃分。整車海運出口、第三方渠道代銷能夠穩定貢獻海外銷量，長期深耕單一區域也可形成固定市場份額與用戶基本盤；但兩類模式產能完全依賴內地工廠，受國際貿易政策約束性強，整體抗外部波動能力偏弱，較難形成獨立性強、可對沖國內市場週期的核心第二增長曲線。

渠道合作是車企低成本試探海外市場、搭建品牌認知的前置手段，能夠為後續當地工廠建設鋪墊市場基礎。若未簽訂長期獨家區域經銷協議、無法鎖定區域壟斷份額，該模式很難構築排他性行業壁壘，僅依靠渠道代銷難以單獨支撐長期高階估值溢價。

百姓評車

當下車企的估值分化，早已脫離規模比拼，進入核心話語權定生死的新階段。智能化賽道裏，讓出數據權、依賴外部方案的車企，將困在硬體製造的低溢價圈層，天花板肉眼可見。堅持全棧自研、數據閉環的玩家，有機會走出獨立行情。

出海博弈邏輯同樣嚴苛，唯有扎根海外實體產能，才能構築抗週期的第二增長曲線。簡言之，技術自主決定估值上限，海外產能扎根決定企業長期底盤，這是這輪車企洗牌的定價邏輯。

Jumlah 30 juta ini mempunyai maksud yang berbeza bagi ramai orang. Jika merujuk kepada kekayaan, orang ini pada asasnya jika tidak membuat kesilapan boleh hidup seumur hidup tanpa kebimbangan makan minum; jika menerangkan populasi bandar, 30 juta boleh dikategorikan sebagai bandar gergasi, pasti ada faktor yang sangat menarik untuk mencapai ini. Jika merujuk kepada syarikat automotif, ini adalah tonggak yang besar, GAC yang akan dibincangkan hari ini adalah salah satu syarikat seperti itu.

16 Julai 2026, apabila sebuah versi stereng kanan GAC Trumpchi M8 PHEV turun dari talian pengeluaran, Kumpulan GAC secara rasmi mencapai tonggak kenderaan lengkap ke-30 juta turun dari talian pengeluaran, menjadi kumpulan syarikat automotif domestik kelima yang menyertai 'Klup 30 Juta Unit' selepas Kumpulan FAW, Kumpulan SAIC, Dongfeng Kereta dan Changan Kereta.

Dalam tempoh 29 tahun ini, apa sebenarnya yang dilakukan GAC dengan betul, menurut penulis terdapat empat poin. Pertama adalah lompatan berperingkat, pada peringkat awal penubuhan GAC melalui dua projek rakan kongsi besar Honda dan Toyota, belajar sistem pengurusan dan pembuatan paling maju di dunia, menamatkan perpindahan identiti dari 'syarikat kereta tempatan' ke 'kuasa penting industri'.

Rajah: Pahlawan yang berjasa besar kepada GAC - Generasi Ke-6 Honda Accord CG5 dan Generasi Ke-6 Toyota Camry XV50.

Kedua ialah selepas kejayaan sektor rakan kongsi GAC, dimulakan membentuk jenama sendiri - Trumpchi, lahirnya jenama ini memecahkan imej tetap 'Guangdong hanya mampu membuat kereta rakan kongsi', siri M8 dengan rekod 450,000 unit kekal di puncak jualan MPV mewah China, membuktikan keupayaan jenama tempatan untuk melonjak ke atas.

Rajah: Trumpchi M8.

Selepas Trumpchi, tiba masanya era kereta elektrik, penerbitan bebas jenama tenaga baru AION dan Hyper, membolehkan GAC menyelesaikan pertukaran dari 'pengikut' ke 'pencabar' pada trek elektrifikasi. Pabrik Ekosistem Pintar GAC AION menjadi 'Pabrik Mercu Tanda' kereta tenaga baru pertama di dunia, menandakan pembuatan tenaga baru China telah mencapai kepimpinan dunia.

Rajah: Hyper GT.

Sementara itu GAC kini mempunyai cabang fasa baharu, iaitu bekerjasama dengan Huawei membentuk jenama 'Qijing', GAC akan menggabungkan 29 tahun pengumpulan dalam pembuatan kenderaan lengkap, penalaan chassis, dan kawalan kualiti, dengan kelebihan teknologi Huawei dalam kecerdasan, diintegrasikan secara mendalam, menjelajah satu paradigma baharu kerjasama silang 'Syarikat Besar Tradisional + Gergasi Teknologi'. Empat Lompatan, setiap kali adalah lompatan sempadan GAC pada diri sendiri, juga eksplorasi praktikal laluan transformasi industri automotif China.

Rajah: Qijing GT7.

Poin kedua ialah ekspansi ke luar negara, walaupun ekspansi ke luar negara adalah perkara biasa yang dilakukan syarikat kereta domestik sekarang, tetapi GAC ada satu perkara yang dilakukan dengan baik, iaitu ekspansi berstruktur, hal ini boleh kita lihat daripada taburan kilang luar negara GAC, kerana model kereta yang turun serentak di kilang luar negara seperti Thailand, Malaysia, Nigeria GAC sepenuhnya disesuaikan dengan pasaran tempatan, contohnya model stereng kanan yang disesuaikan dengan kawasan seperti Thailand, Malaysia, serta kilang Nigeria yang menyesuaikan iklim Afrika, dan sebagainya.

Rajah: Pabrik GAC AION Thailand.

Selain kilang luar negara, perniagaan eksport GAC juga sangat cemerlang. Paruh pertama 2026, eksport jenama mandiri GAC 121,500 unit, bertambah secara tahunan 132%, sudah hampir paras keseluruhan tahun lalu. Kadar pertumbuhan ini berada di hadapan industri. Yang lebih bernilai untuk diperhatikan bukan angka itu sendiri, tetapi keupayaan sistem di sebalik angka tersebut: GAC telah membina 746 rangkaian perkhidmatan jualan, 6 kilang pengeluaran luar negara, 9 gudang komponen di luar negara, meliputi 110 negara dan wilayah, membentuk keupayaan operasi rantaian nilai penuh dari penyesuaian penyelidikan, pengeluaran tempatan sehingga jualan akhir, perkhidmatan selepas jualan.

Di pasaran Thailand, jualan GAC pada Jun meningkat 207% berbanding bulan sebelumnya, beberapa model stereng kanan telah mencapai pengeluaran tempatan; di pasaran Eropah, GAC secara mantap membina sistem operasi lengkap dari pengeluaran ke jualan, produk tenaga baru secara beransur-ansur memasuki pasaran negara utama. Model ekspansi integral 'Penyelidikan, Pengeluaran, Jualan, Bekalan, Perkhidmatan' ini, tidak boleh dibandingkan dengan bentuk perdagangan mudah yang teras kepada eksport kenderaan lengkap (CBU) oleh syarikat automotif China pada peringkat awal.

Rajah: Tuan Feng Xingya, Pengerusi GAC, menyerahkan kunci kereta Trumpchi M8 PHEV ke-30 juta unit yang turun dari talian pengeluaran kepada pemilik, Tuan Tony Jaa (Tony Jaa), bintang antarabangsa Thailand.

Melihat ke arah tahun 2030, GAC merancang memasuki 120 negara dan wilayah di dunia, membina lebih dari 2,000 rangkaian luar negara, mencapai jualan tahunan 1 juta unit. Jika matlamat ini dicapai, GAC akan benar-benar menyelesaikan transformasi dari 'syarikat kereta tempatan China' ke 'kumpulan automotif global'.

Berdiri di titik permulaan baharu 30 juta unit, GAC pastinya masih menghadapi satu siri ujian: bagaimana sektor rakan kongsi menstabilkan tapak dalam perubahan industri? bagaimana jenama mandiri memperluas pasaran dalam persaingan sengit secara berterusan? bagaimana perniagaan luar negara bergerak dari 'pertumbuhan tinggi' ke 'nilai tinggi'? tetapi ujian ini bukan milik GAC sahaja, tetapi merupakan soalan bersama yang dihadapi oleh keseluruhan industri automotif China dalam fasa transformasi mendalam.

Nilai GAC terletak pada ia menyediakan sampel pemerhatian yang unik: satu syarikat automotif China yang mencapai pengumpulan asal melalui kerjasama rakan kongsi, merealisasikan jenama ke atas melalui inovasi autonomi, merangkul perubahan industri melalui transformasi kecerdasan, serta terlibat dalam persaingan antarabangsa melalui布局 global, ke atas高度 dan kemungkinan yang boleh dicapai dalam tempoh tiga puluh tahun.

30 juta tidak pernah menjadi destinasi akhir, angka ini adalah koordinat dalam proses industri automotif China dari 'Negara Besar Automotif' ke 'Negara Kuasa Automotif', juga titik permulaan baharu GAC dari '30 Juta Unit' ke 'Kumpulan Teknologi Global'. Apabila jenama automotif China sedang mendefinisikan semula 内涵 'Pembuatan China' di pentas global, 30 juta GAC adalah jawapan yang layak ditangani dengan serius.

昨日，廣汽喺老家廣州番禺辦咗場幾特別嘅活動。現場冇講枯燥嘅參數，亦冇踩壓同行，舞台嘅主角係一台右舵版傳祺M8 PHEV。

當廣汽董事長馮興亞將車匙交到泰國武打明星東尼·嘉手上嗰陣，大螢幕嘅數字定格喺 3000 萬。由 1997 年至今，廣汽用咗 29 年，將 3000 萬台車賣咗去全球各地。

由 0 到 1000 萬，廣汽摸索咗整整 20 年；但由 1000 萬跨越到 3000 萬，只用咗 9 年。

喺而家異常內捲嘅汽車市場，一款車賣得好可能係踩咗中短期嘅風口，但一個集團能穩穩賣出 3000 萬台車，絕對唔係靠碰運氣。剝開嗰啲耀眼嘅銷量數字，我哋最終喺呢 3000 萬份信任入面，見到一家老牌車企點樣嘅底色？

唔拿用戶當小白鼠，係造車底線

喺廣汽嘅研發體系入面，有個硬性規定叫「兩冬一夏」。講白點，新車上市之前，必須喺全國各地嘅測試場被狠狠折磨 18 到 21 個月。

工程師會把車拉去 -40℃嘅呼倫貝爾，再走去 60℃嘅吐魯番。就係要保證冬天北方開車屏幕唔凍到黑屏，南方夏天暴曬後電池唔罷工。嗰啲你可能一輩子碰唔到嘅極限路況，佢哋得替你跑幾萬遍。

但真正令到人人覺得廣汽「有啲料」嘅，係去年底掏出嘅「三擔責」政策。呢樣嘢喺圈內引發咗唔少震動，畢竟呢係真金白銀嘅兜底生意。

新能源車主怕起火、怕減續航、怕輔助泊車剐蹭。廣汽放話：三電質量導致自燃報廢，直接賠你新車；電池衰減超標，免費換新；輔助泊車出事故，維修費廠方包底。

敢咁樣做，靠嘅係底層數據撐腰。例如彈匣電池，累計裝車已經達到 150 萬輛，安全行駛超 1600 億公里。冇呢種扎实嘅品控打底，邊個都唔敢隨便誇下海口。

由「工程師覺得好」到「你覺得好」

熟悉廣汽嘅人都知道，佢哋骨子係造車理工男，手裏握緊一把硬核技術，但過去偶爾會陷入「技術自嗨」嘅怪圈。

2024 年廣汽將總部搬到番禺，搞咗場「番禺行動」。目標就一個：將造車腦回路，由工程師思維徹底扭向用戶思維。

最直接嘅做法就係常態化舉辦「用戶全開麥」，車企唔關起門造車啦，而係將車主請到家裏，讓研發大佬當面聽吐槽，定優化方案。

例如同華為聯手打造嘅高端品牌啟境，首款車啟境 GT7 精準踩中用戶痛點，搭載華為乾崑 ADS 5 輔助駕駛系統，配上百萬級赤兔底盤，將智能體驗同機械素質揉埋喺一齊。

座艙亦變得更識做。過去車機似死板計數器，而家嘅星河智艙端側響應唔到 1.6 秒。你下達複雜指令，佢能似熟練管家一樣主動拆解服務，唔使你再扯住嗓子死板地喊喚醒詞。

動力方面，星源動力讓混動車主省心唔少。增程技術做到咗 1 升油轉換 3.73 度電。呢個意味住當油車開時，引擎介入都唔似拖拉機嘶吼，油耗更係被硬生生壓到百公里「3 字頭」。

將店開到村口，將車賣到全世界

車造得好係第一步，點讓車主用得爽係另一回事。為咗解決用车痛點，廣汽喺線下悄悄鋪開咗一張大網。

佢哋今年計劃喺縣域新增 1000 家門店，而家已搞定 600 家，鄉親以後睇車保養行下就能去。補能上，廣汽砸重金建成咗「9 縱 10 橫」網絡，覆蓋 213 座城市，自營充電樁超 2.7 萬根，核心城區做到咗「直線 1 公里必有站」。

將目光放遠，廣汽嘅野心遠唔止於國內。今年上半年，佢哋嘅海外成績單好亮靚。出口量達 12.15 萬輛，同比暴增 132%。泰國嘅 6 月銷量環比猛增 207%，歐洲亦穩紮穩打建起咗全鏈路營運體系。

依托「One GAC 2.0」戰略，佢哋喺海外鋪咗 746 家網點、7 間工廠同 9 個零部件倉庫。呢係真刀真槍喺別人人地盤上扎根，搞體系化出海。

按規劃，到 2030 年，廣汽要將車賣到全球 120 個國家，實現年銷 100 萬輛。由「廣州製造」到「全球智造」，呢步棋下得好穩。

3000 萬背後，係一個個滾燙嘅人生

商業分析睇大盤數據，但對普通人嚟講，車從來唔止係代步工具。佢參與咗上千萬家庭嘅悲歡，見證咗無數普通人嘅滾燙人生。

78 歲嘅截肢患者蘇大爺唔服老，改咗台自動擋飛度，帶住老伴一路開到海拔 5300 米嘅唐古拉山口。六年二十萬公里，呢部細飛度變成咗佢丈量世界嘅雙腿。

三十年嘅老車主謝遠亮，開住漢蘭達常年備住 AED 設備。穿梭喺馬拉松同救援一線，呢部車變成咗流動嘅生命守護站。

仲有裁判員李偉麗，喺車禍入面被小卡車猛撞。昊鉑 HT 憑住硬核鋼筋鐵骨保住佢一命，就衝呢份過命交情，佢今年瞓住眼又盲訂咗新款昊鉑 HL。

呢啲故事，先至係 3000 萬數字入面最有血有肉嘅部分。喺呢個里程碑節點，廣汽亦冇玩虛嘅，直接開咗「煥新感恩季」，旗下六大品牌全都在放血回贈。

新車有一步到位嘅直降津貼同免息金融禮；老車主置換增購，仲可以享受額外嘅親價疊加福利。用最少真實嘅讓利，去感謝嗰啲真金白銀支持過佢哋嘅人。

29 年，3000 萬輛。對廣汽嚟講，呢係一個值得舉杯祝賀嘅時刻。但對廣汽嚟講，呢只係一個全新嘅起點：當汽車開始變得越來越聰明，越來越識人心，廣汽正喺用一種更貼地、更長期主義嘅姿態，去奔赴下一個 3000 萬嘅星辰大海。

16 Julai 2026, Kumpulan GAC secara rasmi menyambut tonggak 30 juta unit jualan dan pengeluaran terkumpul, serentak melancarkan "Aktiviti Kasih Sayang Pengguna 30 Juta", dengan pelbagai faedah pembelian kenderaan, kekuatan kualiti kukuh dan strategi global, membalas kepercayaan pemilik kenderaan global yang telah lama.

Sejak ditubuhkan pada 1997, GAC mencetuskan "Kelajuan GAC" yang cemerlang: mencapai tonggak pertama 10 juta unit jualan dan pengeluaran mengambil masa 20 tahun, daripada 10 juta ke 30 juta hanya mengambil masa 9 tahun. Dalam tempoh 29 tahun, perusahaan mengalami empat perkembangan melonjak: terokaan kongsi, kebangkitan mandiri, kemajuan pintar, pengembangan ekosistem, pelaburan penyelidikan dan pembangunan sendiri terkumpul lebih 62 bilion Yuan, permohonan paten melebihi 24,900 unit, menyelesaikan transformasi daripada syarikat kereta tempatan ke syarikat teknologi kereta global.

Kualiti adalah keyakinan teras GAC menerima 30 juta amanah. Kereta baharu perlu melalui pengesahan kitaran panjang "2 Musim Sejuk 1 Musim Panas", ujian lingkungan ekstrem "5 Tinggi 1 Gunung 1 Debu", bergantung pada kilang mercu, kualiti sepanjang proses digital kukuhkan asas pembuatan; Bateri Magasin, sistem keselamatan Star Spirit sentiasa menjaga keselamatan perjalanan, janji perkhidmatan "3 Tanggungjawab" pertama dalam industri, menyediakan perlindungan kitaran penuh untuk 3 Elektrik dan parkir pintar, pelbagai model sentiasa berada di peringkat teratas senarai nilai jualan semula dan kualiti dalam kategori tertentu.

Berdasarkan "Operasi Panyu", GAC secara menyeluruh beralih kepada pemikiran pengguna, menciptakan rangkaian perkhidmatan daerah meliputi negara dan rangkaian pengisian tenaga "9 Menegak 10 Membujur", 27,000 tiang pengecas sendiri mencapai liputan pengisian dalam kawasan 1 kilometer; menjana jenama pintar premium Qijing bersama Huawei Qiankun, Qijing GT7 di bawah naungan dilengkapi dengan pemanduan pintar Huawei Qiankun ADS 5, pelbagai model mencapai pelengkapan penuh bermula dari model asas, sesuai tepat dengan keperluan perjalanan generasi baharu.

Pasar luar negara menjadi enjin pertumbuhan baru. Berdasarkan strategi ke luar negara "One GAC 2.0" sistematik, perniagaan GAC meliputi 110 negara dan wilayah global, mengatur 7 kilang luar negara, 746 rangkaian luar negara. Paruh pertama 2026 eksport jenama sendiri 121,500 unit, meningkat 132% berbanding tahun sama, jualan pasaran Thailand, Eropah, Amerika terus meletup, sasaran 2030 menyasarkan global 120 negara, jualan tahunan satu juta unit.

Aktiviti kasih sayang ini berlangsung sehingga 31 Ogos, enam jenama GAC Honda, GAC Toyota, Trumpchi, AION, Hyper, Qijing serentak melancarkan faedah, subsidi pembelian baharu, keuangan faedah 0, tambahan penukaran pemilik lama, hak eksklusif pembelian tambahan keluarga tiga giliran serentak dilancarkan. Pada hari aktiviti, model utama enam jenama keluar serentak di kilang global, beberapa kisah pengguna yang mesra dikeluarkan secara serentak, menjadikan 30 juta data sebagai pendamping dua hala yang berjiwa. Menyongsong masa depan, GAC akan berterusan berpegang pada prinsip jangka panjang, dengan inovasi teknologi, perkhidmatan menyeluruh, strategik global, bergerak dengan pasti menuju syarikat automotif teknologi terkemuka dunia.