Is the Mixue-style approach really effective?

In 2026, the new energy poker table is undergoing drastic restructuring by the month.

The China Passenger Car Association predicts that the new energy penetration rate will exceed 62% in May, with the fuel vehicle share compressed to less than 40%.

More importantly, 30,000 vehicles—the figure once seen as the top-tier threshold—is now squeezed into 7 brands. And the top Leapmotor raised this threshold to over 80,000.

The landscape is thinning and thickening. Thinning, because the leaders are far ahead; thickening, because the chasing echelons have never been so crowded. Is there only one path to success? Who could know before the main drama ends?

Leapmotor's '80,000+' Moment

Leapmotor sold 81,500 units in May, up 81% YoY.

For a long time in the past, EV new forces loved to talk about high-end, smart, and brand upgrade. As if the higher you stand, the more story you have. However, Leapmotor took another path, almost adopting the 'Mixue Bingcheng' approach, focusing on family users in the 100,000 to 200,000 RMB price range.

Users in this price range have broader coverage but are more sensitive to price, and at the same time, it is hard to tell a particularly 'sexy' capital story. However, the operational logic must be very grounded. The return is that once costs, reputation, and channel efficiency reach a certain level, sales elasticity will also be larger.

For example, A10 delivered over 20,000 units in a single month, squeezing LiDAR and Qualcomm 8295 chip into under 100,000; C Series global cumulative sales exceeded 800,000; D19 new orders maintained above 10,000. Three product lines, three price bands, precisely locking three key nodes of the mainstream family market.

For this reason, Leapmotor's lead is not 'single hit driving', but the result of 'matrix synergy'.

But the hidden worry lies in: should we still pursue brand upgrade? Should we still pursue high profits? In the high-end market, will the 'Mixue Bingcheng' approach still work? Actually, Leapmotor knows all this, otherwise it wouldn't have proposed the idea of 'launching a new brand independently'.

Nio approaches 40,000, Li Auto under pressure, Xpeng slight increase

May's second tier is worth detailed tasting.

Nio delivered 37,705 vehicles, up 62.3% YoY, and up 28.4% MoM, with the synergy effect of the multi-brand strategy beginning to materialize.

Among them, Nio brand 20,013, Onvo 12,029, Firefly 5,663. Three brands, three niche tracks, three-level ladder user acceptance.

But there is still one unresolved problem: Can Onvo's brand independence and user perception really work through? If it relies solely on main brand downward channel and resource funding, multi-brand might drag overall efficiency.

To a certain extent, Onvo must move volume, and with this wave of model refresh, let's see the results.

Li Auto delivered 33,350 vehicles in May, down 18% YoY, and down about 0.2% MoM.

Having said that, Li Auto's historical cumulative deliveries broke 1.7 million and is still one of the most substantial new forces. But there are two signals worth being vigilant: first, two consecutive months both YoY and MoM decline; second, with competitors' intensive launches in the same price band, Li Auto's differentiation barrier is being eroded.

i6 deliveries broke 20,000 for three consecutive months, L9 new model release 2 weeks orders broke 10,000, but whether incremental volume can timely fill the basement decline is still unknown.

More worthy of attention is the financial aspect: Li Auto turned from profit to loss in Q1, net loss of 2.276 billion RMB, vehicle gross margin plummeted from 19.8% to 6.1%. Loss of the profit benchmark may impact the capital market more than the sales slowdown.

Xpeng delivered 32,158 vehicles in May, up 3.6% MoM, setting the monthly high since 2026.

Among them, Xpeng GX launched on May 20, 12 hours large deposits 24,863, Ultra Flagship version proportion over 80%, after June mass delivery expected to pull overall data.

MONA Family will continue to introduce new members, including L03 and L05, having the opportunity to grow MONA's potential market together.

Xiaomi stood firm on the 30,000+ step for two consecutive months, from single car brand heat to multi-model product layout, Xiaomi is completing the role switch from 'topic creators' to 'market participants'.

This year's full year sales target is 550,000, Jan-May completed 140,000 to 150,000, estimated 400,000 'gap' remains,

So, in the remaining months, average monthly sales need to exceed 50,000, pressure is not small. Perhaps, after EREV products hit the market, there should be a chance to capture a new group of users again.

Harmony Intelligent Mobility delivered 46,122 vehicles in May, up 41% MoM, returning to the top of the list.

Special mention: AITO M6 first complete delivery month broke 20,000 units, Shangjie Z7 delivery started on May 30, 2 days delivery over 2,000. Huawei ecosystem brand call power plus multi-brand matrix approach is forming a unique competitive barrier.

Second-Gen Startups, Waist Explosion

First, let's look at a 'Second-Gen' May sales express:

Zeekr: 34,377, YoY surge 81.8%, consecutive 4 months both YoY and MoM growth, creating historical high. 9 Series and 8 Series flagship models sales share nearly 50%, single car transaction average price over 360,000 RMB; Zeekr 009 in Singapore market starting price as high as 409,900 SGD (then equivalent to 2.21 million RMB).

This group of numbers shows Zeekr has not only broken through of domestic brands, but entered global luxury car market mainstream view. Volume and price rise together logic is not complex: flagship builds reputation, mid-range moves scale. When 9X, 009 ultra-high ticket price anchors brand premium capability, 8X, 001 volume models user acceptance cost naturally declines.

Deepal: 33,243, YoY growth 30%, consecutive 3 months over 30,000, cumulative deliveries broke 850,000.

Deepal's path worth chewing repeatedly: its rhythm is not 'hit explosion', but 'three lines push'. S05, S07, S09 three models simultaneously hot selling, product lines cover 100,000 to 200,000 main range.

This approach has no hit one night godhood drama, but in stock competition, multi-product lines synchronous volume, supporting each other, system resilience is stronger.

GAC Aion: 33,140, YoY growth 23.8%, consecutive months YoY positive growth.

Aion N60 officially launched, full series standard equipped LiDAR, WeRide L4 shared algorithm, Zero Gravity Seats, Five-link rear suspension, price 109,800-129,800 RMB, first month sales broke 5,000. This 'Technology universality' approach, identical with Leapmotor A10 underlying logic.

Voyah: 13,003, YoY growth 30%. More important than sales numbers, Voyah offline touchpoint coverage over 100 cities, self-built charging stations reached 130. When energy replenishment system and channel network truly formed, sales ceiling naturally will be pushed open.

IM Motors: 10,023, consecutive 2 months broke 10,000, Jan-May cumulative sales YoY surge 115%. IM Motors LS8 post launch pulled a wave order volume recovery, let's see sustainable explosive power later.

Avatr: 7,336 created annual high, and showing month-by-month acceleration trend, overall is positive.

To be honest, 'Second-Gen' held their own positions, not completely overturned in landscape change, as for those who can carry the flag already diffused from Zeekr, Deepal two heads to multiple nodes at the waist.

Written at the end

2026 new energy market, experiencing drastic change from 'inclusive growth' to 'stock battle'. Price war normalized, most car companies contract front line, profit as first goal. Elimination round rules are simple: sell and live, can't sell and quit. And can't sell signal, often hidden in consecutive two or three months MoM decline.

May data, is this elimination round a clear report card: Leapmotor first to work through 'mainstream market scale' path, Nio multi-brand synergy saw first light, Li Auto facing replacement pain, Xpeng still looking for new incremental explosion points, Xiaomi continuously holding 30,000 level. And 'Second-Gen' collective volume increase, is building a wide moat at the waist of new energy market.

Electric competition second half, variables both from new forces aggressive acceleration, also from 'Second-Gen' steady advance. Multiple heads advance landscape once formed, future competition will not be single dimension speed race, but full chain system war covering R&D, manufacturing, channel, service.

And such competition, will evolve how, wait and see.

Author of this article is Ti Che Bang Xi Bei

Baru-baru ini, Pesta Penutupan Kitaran Targa Kereta Off-Road 212 ditadbirkan di Qingdao. Pengacara sukan terkenal Han Qiaosheng, pemandu perlumbaan profesional Han Wei, pemandu pasukan pengilang, pemandu pasukan pengguna dan pasukan logistik teknikal—kumpulan yang baru pulang dari perjalanan ekstrem 7500 kilometer, tanpa sut dan kasut formal, mereka berdiri sebagai gambaran paling autentik dalam pasaran kereta off-road. Satu pesta penutupan, telah diubah oleh 212 menjadi pengisytiharan jenama: Jangan cakap pada saya tentang spesifikasi, berani bawa kereta masuk ke Kitaran Targa, barulah ada keyakinan sebenar.

Sebenarnya, rekod prestasi 212 di Kitaran Targa telah dihantar sejak 1 Jun. Tetapi yang lebih bernilai untuk perhatian industri berbanding kedudukan akhir, ialah nilai rekod tersebut.

Jumlah jarak Larian Targa Kitaran ini 7500 kilometer, daripada itu kawasan sukan khas 3400 kilometer, nisbah padang pasir melebihi 60% buat kali pertama, suhu permukaan tanah tertinggi melebihi 60°C. Peraturan kumpulan pengeluaran T2.1 menetapkan kenderaan mengekalkan rangka dan enjin pengeluaran asal, enjin, gearbox, komponen teras rangka sepenuhnya konsisten dengan versi jualan pasaran. Mana-mana kuasa baharu pembuatan kenderaan pasti sedar: bukan ini pameran, sebaliknya medan ujian ekstrem keadaan operasi sebenar.

Tepat dalam arena sebegini, pasukan 212 bertanding dengan T01 pengeluaran yang hampir keadaan asal, hadapan terus dengan banyak lawan enjin saiz besar 3.0T, melengkapkan cabaran melangkaui kelas '2.0T menentang 3.0T'. Tengah hingga hujung perlumbaan, empat laluan penting SS10 hingga SS13, pasukan berjaya menewaskan dua kejuaraan dan satu tempat kedua berturut-turut. Perlu diperhatikan, dalam laluan 'Setan' SS5 di mana kadar penyingkiran melebihi 30%, kedua-dua kenderaan pasukan 212 menyelesaikan perlumbaan dengan lancar. Pada akhirnya, 212 menjadi jenama tunggal dalam pasukan pengilang kumpulan pengeluaran T2.1 yang berjaya melengkapkan perlumbaan dengan kadar 100% kesemua ahli, dan merangkul naib juara kumpulan.

Ini bukan dicapai melalui keberuntungan. Padang pasir, barisan pasir, gandar silang, dan lubang meriam di arena Kitaran Targa tidak akan bekerjasama dengan sebarang bahan promosi jenama. Boleh menyelesaikan perlumbaan, ia sendiri adalah pengesahan kekuatan produk yang paling 'keras'.

Kembali kepada dimensi teknikal, prestasi T01 lebih bernilai untuk kajian mendalam.

Sistem kuasa yang digunakan kenderaan peserta tiada perbezaan dengan versi awam: enjin 2.0T dipadankan dengan gearbox ZF 8AT, dibantu oleh pemacu pemindahan BorgWarner besar, dalam mod 4L, tork boleh didarabkan 2.64 kali ganda. Ini bermaksud semua pendakian, tarikan, permulaan pasir yang dialami sepanjang laluan 7500 kilometer—setiap tekanan pedaal minyak, adalah sistem yang sama dengan yang di踩踏 oleh pengguna biasa ketika ujian pemanduan di kedai 4S.

Dari segi rangka bawah, T01 menggunakan badan tidak memikul beban dipadankan dengan struktur gandar keseluruhan hadapan dan belakang, dilakukan pengsetelan khas untuk keadaan jalan ekstrem Kitaran Targa. Dari maklum balas litar, struktur ini menunjukkan ketahanan pusingan yang luar biasa semasa menyeberangi beban berat, sentiasa mengekalkan kestabilan postur badan pada jalan bergetar bersaiz tinggi. Seluruh badan kereta menggunakan plat galvanis, selepas tergaru dengan batu pecah padang pasir, tiada masalah pengkaratan yang ketara. Struktur pengukuhan kabin penumpang meningkatkan daya dukung atap sebanyak 16%, dibantu dengan badan sangkar, imej panorama 540° dan fungsi panggilan kecemasan dan penyelamatan, melengkapkan pengesahan dua hala prestasi off-road dan配置 keselamatan.

Mengembalikan data ujian keadaan ekstrem hampir 10,000 kilometer ke dalam pembangunan produk, merupakan pelaksanaan paling langsung konsep 'mempercepat penyelidikan melalui perlumbaan' 212—daripada membuat simulasi kos tinggi di makmal, lebih baik biarkan produk mencari jawapannya sendiri di padang pasir.

Tetapi fokus sebenar yang harus diambil oleh industri, ialah susunan lapisan kedua 212 di luar perlumbaan.

Di lokasi perayaan, 212 mengumumkan kit pengubahsuaian Kitaran Targa akan segera dilancarkan di kedai rasmi, meliputi pelindung bawah kereta, rim anti-terlepas, tayar off-road dan peralatan penyelamatan tergelincir, dsb. Jika kepesertaan Kitaran Targa adalah pengesahan teknikal, maka pelancaran kit pengubahsuaian adalah untuk membawa hasil pengesahan ke pengguna akhir. Untuk masa yang lama, pasaran pengubahsuaian off-road negara dominan dengan aksesoris pihak ketiga, kompatibiliti dan kebolehpercayaan aksesoris kekurangan ujian sistematik. Kitu perlumbaan asal turun ke pasaran, dalam erti kata tertentu ialah menormakan pasaran sekunder khusus, mendorong pengubahsuaian off-road dari tidak standard ke standard.

Perubahan lebih mendalam terletak pada rekonstruksi mekanisme penyertaan pengguna. 212 serentak memulakan pelan pengambilan pemandu pengguna Kitaran Targa 2027, dan akan bekerjasama dengan pemandu perlumbaan profesional Han Wei untuk bersama-sama menubuhkan Akademi Latihan Off-Road Juara, menyediakan bimbingan pra-pertandingan sistematik dan peluang perlumbaan kepada pengguna biasa. Ini mengarah kepada isu industri yang lebih besar: daripada logik 'jualan kereta' tunggal masa lalu, beralih ke 'Produk-Pertandingan-Perkhidmatan' tertutup industri di mana ke atas bergantung pada perlumbaan untuk mengitar semula teknologi, ke bawah meluas ke aksesori pengubahsuaian dan perkhidmatan latihan memandu.

Pengurus Pengurusan Pemasaran Kereta Off-Road 212, He Zhaopeng menyatakan di lokasi perayaan: “212 akan mengutamakan budaya off-road, membolehkan lebih ramai orang mempunyai peluang bagi benih tentang jauh dan impian dalam hati mereka untuk bertunas dan berakar.” Ayat ini, ialah logik operasi yang lengkap: membina kepercayaan dan kebolehpercayaan melalui perlumbaan, mengurangkan pintu masuk melalui latihan, memupuk aset pengguna, menyambung keperluan pengguna melalui kit pengubahsuaian rasmi—setiap langkah sedang membina pintu masuk minda pengguna milik 212.

212 juga mengumumkan pelan perlumbaan masa depan. Perlumbaan Larian Targa 2027 akan terus menjadi kalendar teras, Perlumbaan Dakar, Perlumbaan Hutan Hujan Antarabangsa Sabah Malaysia, Cabaran T3 Alxa, dan satu siri perlumbaan teratas domestik dan antarabangsa lain sedang dalam perancangan. Perlu diberi perhatian, 212 dalam perlumbaan Larian Dakar awal 2026, T01 sebagai kenderaan sokongan telah berjaya menghantar pasukan dengan tempat ke-26 kumpulan kereta, dan pertama pasukan China untuk menyelesaikan perlumbaan. Daripada Dakar ke Kitaran Targa, daripada padang pasir ke hutan hujan, pengembangan peta perlumbaan bermakna produk akan menerima ujian di lebih banyak keadaan ekstrem, pengumpulan teknikal juga akan terus dikitar semula.

Bagi 212, Kitaran Targa bukan titik akhir, sebaliknya satu permulaan baharu. Jawapan yang dibuka pada Jun tahun ini, akan diuji dalam peta perlumbaan global seterusnya, dengan laluan lebih panjang dan keadaan jalan lebih rumit, untuk menguji warna sebenar sebuah jenama daripada 'ingatan kebangsaan' menuju 'simbol dunia'.

Yang paling menarik dalam pesta penutupan ini, ia tidak berhenti pada satu rekod. 212 telah mengubah Kitaran Targa daripada 'perlumbaan' kepada sesi pelancaran yang terbuka, tidak boleh diedit, dan kemudian menyerahkan hasil pengesahan teknikal dari arena ke pengguna. Di era pemasaran kereta yang terlalu dibungkus, sikap 'tidak berpura-pura, menunjukkan kad' ini, mungkin lebih meyakinkan daripada sebarang iklan.

On May 28, SAIC Group welcomed the delivery of the first 100 millionth vehicle globally, becoming the first automotive group in China to cumulatively exceed 100 million units in production and sales. Among them, SAIC-GM-Wuling contributed more than 32 million units cumulatively. On that day, SAIC-GM-Wuling delivered its global car EKSION to the first batch of users in Jakarta, Indonesia.

[SAIC Group's 100,000,003rd vehicle delivered in Jakarta, Indonesia]

"What people need, Wuling builds." SAIC-GM-Wuling precisely grasped market trends, responding to user needs with hit products. Wuling Hongguang, with its versatile characteristics of "suitable for business and home, tough and durable", has become the preferred model for many entrepreneurs and families. As resident consumption gradually upgraded to quality life, Baojun 730 broke the monopoly of joint-venture brands in the household multi-purpose vehicle (MPV) market with its flexible space and high cost-performance ratio. In 2020, during the window period of new energy transformation in China's automotive industry, the launched Hongguang MINIEV became one of the pioneers in the domestic new energy commuting vehicle field. In May this year, the first technology flagship large six-seater SUV jointly created by SAIC-GM-Wuling and Huawei Qiankun, Huajing S, officially launched, breaking the technical premium barrier of high-end intelligent driving with innovative practices of cross-border synergy.

[Equipped with Huawei Qiankun Technology Flagship Large Six-Seat Huajing S]

SAIC-GM-Wuling accelerated its layout for new energy and intelligence, and while promoting the electrification and intelligence upgrade of its products, deepened and solidified its global market layout. Currently, SAIC-GM-Wuling's cumulative overseas sales have exceeded 1.5 million units, with business covering more than 110 countries and regions globally.

The company has built a full-dimensional core competitiveness covering the intelligent manufacturing system, product matrix, and industrial ecosystem. First, the globally first intelligent island manufacturing system, using the flexible intelligent manufacturing mode of "cars finding workstations, materials finding cars", achieving full-dimensional breakthroughs in efficiency, quality, and cost; Second, a diversified product matrix adapted to the global market. Multiple models such as EKSION (Starlight 560), DARION (Starlight 730), BINGO (Wuling Bingo), BINGO S (Bingo S) have landed overseas successively, covering mainstream categories such as SUV, MPV, and sedans, meeting the differentiated travel needs of different countries and different consumer groups; Third, a unique "Moving Chains Overseas" globalization model, which, through the deep collaboration of the five chains: manufacturingchain, supply chain, sales chain, financial chain, and talent chain, broke the single path of traditional product trade going overseas and promoted the Chinese intelligent manufacturing system and standards to go global.

[Globally First Intelligent Island Manufacturing System (I²MS)]

The global car EKSION delivered in Indonesia this time is the latest footnote of the in-depth promotion of Wuling's globalization strategy. Relying on Indonesia as a core fulcrum, SAIC-GM-Wuling continues to deepen the "Indonesia-Malaysia-Thailand Integration" regional strategy, comprehensively covering Malaysia and Thailand with new energy products and localized supply chain systems, and gradually radiating to ASEAN countries such as Vietnam and the Philippines, forming a globalization pattern of regional synergy and linked development.

5 月 28 日，上海北岸世界會客廳，上汽集團將第 1 億輛新車匙交到用戶手中。呢間中國最大嘅汽車集團，成為中國汽車工業史上首家累計產銷量突破 1 億輛嘅企業。

從 1958 年第一輛鳳凰牌轎車喺弄堂工廠入面手工敲打成型，到如今平均每十幾秒就有一輛新車駛落生產線，上汽用 68 年時間走咗呢條從零到一億嘅漫長路。

一個數字背後嘅產業變遷

1 億輛，約佔中國汽車工業成立以來累計產量（約 4.5 億輛）嘅 22%。這意味著，中國道路上跑過嘅每四輛半車入面，就有一輛帶住上汽嘅烙印。

呢間企業嘅成長軌跡，同中國汽車工業幾次關鍵躍遷高度重疊：1980 年代，上汽率先同大眾合資，喺近乎空白嘅中國轎車工業入面建立現代生產體系；1990 年代，上汽通用成立，同步建立本土化研發中心泛亞，改變咗合資企業“只生產唔研發”嘅老套路；2000 年代後，自主品牌榮威、大通相繼落地，開始補返自研呢門必修課。

2014 年，上汽率先提出全面轉型新能源，當時中國新能源汽車年銷量不過 7.5 萬輛。十二年過去，新能源已經成為呢間老牌汽車企業嘅核心賽道。

一億輛點樣做到嘅？

單靠賣車賣唔到一億輛。上汽嘅生意鋪得好開——私家車、商用車、零部件、金融、移動出行，基本上將汽車呢條產業鏈入面所有可做嘅生意都做咗。旗下 15 個品牌，由五菱宏光到智己，由 MG 到奧迪，覆蓋咗 3 萬至上百萬嘅價格帶。

更加值得關注嘅係海外市場。2001 年第一次出口私家車嗰陣，上汽可能都冇諗到，二十幾年後，呢間企業會成為中國汽車出海嘅排头兵。而家，上汽產品賣到 170 多個國家同地區，海外累計交付超 700 萬輛，喺泰國、印尼、印度、巴基斯坦建咗製造基地，仲組裝咗自己嘅汽車運輸船隊。

2025 年，上汽發布咗海外"Glocal 戰略”——全球加本土嘅組合打法。半固態電池、智能駕駛系統、海外車聯網，呢啲技術正逐步安裝喺海外版新車。

唔係終點，係另一個起點

一億輛呢個數字，放喺全球汽車巨頭序列入面，算唔到稀奇。豐田、大眾嘅累計產量早已經突破 2 億甚至 3 億輛。對中國汽車工業嚟講，佢嘅意義更多喺一個信號：呢個市場已經培養出咗具備大規模、多品牌、全產業鏈營運能力嘅企業。

上汽內部將呢一億輛稱為“二次創業嘅起跑線”。呢個說話聽落好似係口號，但從實際動作睇，方向係明確嘅——由賣規模轉向拼技術，由賣產品轉向做用戶服務。

1958 年嗰輛鳳凰牌轎車，全車手工敲咗三個月。而家，上汽一日嘅下線量就超 3000 輛。但用上汽內部嘅說話嚟講，變緊係技術同產量，“懂車更懂你”呢句話，係唔係做到，先至係接下來嘅試題。

中國汽車工業嘅第一個億輛俱樂部成員，已經正式入列。下一個一億輛，幾時嚟？點嚟？嗰就會係另一個故事啦。

BYD officially released the May 2026 production and sales flash report, with new energy vehicles from all brands reaching a monthly sales volume of 383,453 vehicles, a slight increase of 0.26% year-on-year, achieving year-on-year positive growth in monthly sales after ten months; among them, passenger car deliveries reached 376,990 units, surging 19.4% month-on-month, wiping out the pain of previous model iterations, presenting a new pattern where the domestic base is stable, overseas sales are soaring, and high-end brands are scaling up across the board. Amidst the market environment of intensified competition in the domestic new energy sector, Tesla FSD entering China, and an intense launch of independent new products, it has forged a unique structural growth path.

Eight Models Break 20,000 Monthly Sales, Song and Yuan Brands Stabilize at 50,000

The Dynasty and Ocean main brands combined sold 330,215 vehicles in May, accounting for over 80% of the group's total sales, remaining the stabilizer for BYD's sales volume. The full series had 8 models exceeding 20,000 units in monthly sales, covering products from 50,000 entry-level commuter to 200,000 home SUV.

Inside the Dynasty Network, the Yuan family sold 56,691 units, and the Song family 51,370 units. Both crossed the 50,000 threshold, becoming two major sales pillars for the brand, catering to home commuter and urban-rural travel needs; the Qin family followed closely with a stable performance of 28,360 units. The Han and Tang series maintained a volume in the six-thousand range, deeply cultivating the mid-to-large home sedan and SUV niche markets; the brand new model Xia is in the market cultivation phase, delivering 1,810 units monthly, with potential for steady volume growth as channels expand.

The Ocean Network's growth momentum is even more rapid, with 5 models entering the 20,000 club across the series: Sealion 42,615 units, Seal 34,117 units, Seagull 39,919 units, Dolphin 22,260 units, and Song PLUS 27,755 units. Among them, Seagull remains the best-selling entry-level commuter model thanks to its affordable pricing of 60,000-80,000. Sealion, as a new volume model, stands firm at the 40,000 level upon launch, filling the mid-size SUV product gap in the Ocean Network and perfecting the Ocean product tier layout. From commuter small cars to compact SUVs, the two main brands rely on DM-i hybrid and pure electric dual-line technologies to牢牢锁住 the mainstream home market share within 150,000 domestically.

Fang Cheng Bao Year-on-Year Surges 139.7%, Brand Upward Positioning Takes Effect

The high-end matrix of Denza, Fang Cheng Bao, and Yangwang sold a combined 46,489 vehicles in May, officially breaking away from the niche positioning to become a new pivot for BYD's brand premium and profit growth, breaking the industry curse of difficulty in high-end breakthrough for domestic brands.

The off-road brand Fang Cheng Bao sold 30,186 units monthly, surging 139.7% year-on-year, creating a new high in monthly sales since the brand launched. Its Titanium 7 model sold 18,280 units monthly, while Leopard 5 and Leopard 8 output remained stable, continuously squeezing the survival space for joint venture and imported models in the 250,000-400,000 hardcore off-road niche market.

Denza delivered 16,303 units in May, with the MPV benchmark D9 selling 6,721 units, and the Z9 series close to 6,000 units. MPV and mid-to-large sedan dual-line efforts helped them stand firm in the luxury new energy track; the million-level ultra-luxury brand Yangwang continued its steady climb, delivering 286 units that month, a year-on-year increase of 105.8%, completing market verification of the domestic brand ceiling product and forming a full price range product layout from 100,000+ home, 300,000-400,000 off-road, 500,000 luxury MPV to million-level flagship.

Overseas Explosion: 160,600 Units in Single Month, Accounting for Over 40% of Total Sales, Becomes Second Growth Curve

In May, BYD's overseas sales of passenger cars and pickup trucks reached 160,177 units, surging 80.7% year-on-year. Exports accounted for over 42% of the full series total sales, setting a new historical high for brand export and becoming the core driving force to stabilize May overall sales and achieve year-on-year positive growth.

Southeast Asia, Europe, and Latin America became the main incremental markets. Seagull, Song PLUS, and Yuan series continued to top new energy best-seller lists in multiple countries; the SHARK pickup truck exceeded 4,000 units in monthly exports for two consecutive months. Relying on the completion of localization production in Thailand, Brazil, Hungary, and Uzbekistan with four overseas vehicle factories, localized production continues to land, avoiding tariffs while rapidly penetrating terminal channels. Against the background of stock market competition in the domestic auto industry and normalized price wars, the rapidly expanding overseas market effectively counteracts sales volatility brought by domestic model iterations, officially upgrading from a supplementary market to BYD's core growth engine. As of now, BYD's global cumulative new energy vehicle sales have exceeded 16.5 million units, with the globalization map continuously broadening.

Intelligent Driving Empowers Product Iteration, H2 New Products Prepare to Surge Volume

May marked a key node in BYD's intelligent driving landing, with the God's Eye intelligent driving system becoming a core bonus point for models: the number of vehicles with advanced intelligent driving across all brands exceeded 3.15 million, with daily road test data exceeding 200 million kilometers; that month, BYD implemented City Pilot and Smart Parking dual safety backup services, becoming the world's first auto manufacturer to achieve dual intelligent driving backups. Three days after policy implementation, the activation rate of models equipped with the God's Eye system in cities surged 50%. Intelligent driving experience upgrades directly drove in-store order conversion, solidifying product competitiveness for subsequent models to continue volume sales, and facing the intelligent driving market shock brought by FSD entering China.

From data details, BYD's cumulative sales from January to May 2026 were 1,405,039 units, down 20.32% year-on-year. The core reason is that the full series of main models were concentratedly iterated, and the capacity ramp-up of the 2nd Gen Fast Charge Blade Battery was restricted. The new Flash Charge Battery upgraded fast charging and low-temperature performance. Full series iteration models prioritized installing new batteries, but production line retrofitting dragged down capacity release. Order backlogs on popular models and delayed deliveries compressed the May delivery volume to a certain extent.

As the end of the second quarter approaches and the 2nd Gen Blade Battery capacity continues to release, coupled with new models such as Denza N8L, Fang Cheng Bao Titanium 7 Pure Electric Version, Sealion 05, and Xia L landing the market, the industry generally predicts that BYD's full brand sales in June are expected to exceed 400,000 vehicles. Relying on the four-dimension development logic of low-end volume locking share, high-end raising profit, overseas pushing volume, and intelligence improving product power, amidst the intensified new energy elimination round in the domestic market, BYD's full category layout advantage continues to amplify, securing its status as the domestic new energy leader, accelerating steadily towards global top auto manufacturers.

On May 28, in Jakarta, Indonesia, at the delivery site of SAIC-GM-Wuling's global car EKSION, there was not too much noisy ritual, yet it carried a highly symbolic milestone—on this day, SAIC Group welcomed the global delivery of the 100 millionth whole vehicle. 100 million vehicles, this is a number never seen in the history of China's automobile industry. And in this long accumulation chain, SAIC-GM-Wuling alone contributed over 32 million units.

If "100 million vehicles" is the size footnote of SAIC Group as a leading enterprise of China's automobile industry, then the delivery of EKSION in Indonesia looks more like a declaration towards the future: China's automotive globalization is no longer a simple product output, but a "Five Chains Going Global" road covering manufacturing, supply chain, sales, finance, and talent.

From "Hit Product" to "Ecosystem"

Looking back at the development trajectory of SAIC-GM-Wuling, a clear evolutionary path can be seen. The early Wuling Hongguang entered the market with "suitable for business and home, durable and robust", becoming the first car for countless Chinese entrepreneurs; Baojun 730 accurately captured the demand for family consumption upgrades, breaking the monopoly of joint venture brands on the MPV market; in 2020, the Hongguang MINIEV emerged like a thunderclap, activating the blue ocean market for new energy commuting vehicles with extreme cost-effectiveness.

But what is truly worth attention is not the success of single models, but the product methodology gradually formed by this enterprise: Centered on real user scenarios, with extreme cost control as a means, achieving maximum functional satisfaction within a limited price range.

This May, the launch of the Hua Jing S co-created with Huawei Qukun marks that Wuling is breaking through the traditional cognition of "Low Price = Low Configuration", bringing high-level intelligent driving technology into a more mainstream consumer market. From tool-type vehicles to family vehicles, from commuting small cars to intelligent flagship SUVs, Wuling's product matrix has completed a qualitative change.

Indonesia, More Than Just a Market

The delivery of EKSION in Jakarta is worth being amplified and interpreted because behind it is the construction of a set of "localization" capabilities.

Unlike the light mode of early Chinese car enterprises of "full vehicle export, overseas distribution", SAIC-GM-Wuling's investment in Indonesia is heavy asset, systematic. From manufacturing bases to supply chain systems, from sales networks to financial plans, to the training of local talent, Wuling has built a complete automotive industry ecosystem in Indonesia.

This also explains why Wuling can propose the "Indonesia-Malaysia-Thailand Integration" regional strategy. Indonesia, as the largest automotive market in ASEAN, is both a fulcrum and a model. Once the closed loop from manufacturing to sales to service is completed in Indonesia, this system can be quickly replicated in Malaysia, Thailand, Vietnam, Philippines and other surrounding countries.

Data shows that SAIC-GM-Wuling's cumulative overseas sales have broken 1.5 million units, business coverage exceeding 110 countries and regions. But more important than sales volume is the fact that it is outputting a set of "Chinese Standards"—from the flexible production method of the Smart Island Manufacturing System (I²MS) to the global management capability of supply chain collaboration.

Industrial Upgrade Behind "Moving Chains Out"

The so-called "Moving Chains Out" is essentially a dimensional upgrade of the traditional international trade model. In the past, China's automobile exports were more about "moving cars out", the product was sold out, the chain was cut. But Wuling's model is "Moving Chains Out"—moving manufacturing capability, supply chain relations, sales systems, financial services, talent standards all "out" together.

Among these, the most representative is the globally first Smart Island Manufacturing System. Traditional automobile production lines are "people finding cars, cars finding workstations", while the Smart Island model achieves "cars finding workstations, materials finding cars" flexible manufacturing, greatly improving production efficiency and multi-model mixed production capability. This manufacturing system is not only the source of Wuling's domestic competitiveness, but also becomes its technical foundation for quickly responding to local demand and achieving localized production in overseas markets.

Global Car, Chinese Heart

Back to EKSION itself. The delivery of this car in Indonesia is not only the latest step of Wuling's global strategy, it also has a deeper symbolic meaning: when Chinese automobile brands start to tailor products for overseas markets, rather than simply "exporting" domestic models, it means that China's automobile industry has completed the leap from "Going Out" to "Going In".

"Whatever people need, Wuling will build." This slogan, well-known in China, is now being given new connotations. What kind of cars do Indonesian people need? What kind of new energy products does the Southeast Asian market need? The answers to these questions are being written one by one by Wuling's R&D and manufacturing network in Jakarta, in Liuzhou, and around the world.

SAIC Group's 100 million vehicles is a period and also a comma. For Wuling, the real story, perhaps, has just begun.

Pada 6 Jun, majlis penutup Lumba Rally Huan Ta 212 Luar Jalan diadakan dengan jayanya di Qingdao. Tapak acara dipenuhi bintang, hos sukan terkenal Han Qiaosheng dan pembalap profesional Han Wei hadir sendiri, pemandu pasukan pengeluar 212, pasukan pengguna, serta pasukan sokongan teknikal dan logistik yang menjaga sepanjang masa hadir ke sana. Semua orang berkumpul bersama, mengimbas semula perlaungan bersemangat pasukan 212 yang menunggang di padang pasir gersang dalam Lumba Rally Huan Ta kali ini, dan memberi titik akhir yang sempurna kepada perjalanan luar jalan ekstrem ini.

Lumba Rally Antarabangsa Huan Ta China 2026 yang baru sahaja tamat, jumlah keseluruhan jarak hingga 7500 kilometer, keadaan jalan yang rumit dan berubah-ubah, persekitaran yang ketat menguji setiap kenderaan dan pemandu peserta. Pasukan 212 yang keluar kali ini sangat menonjol, kenderaan peserta pada dasarnya mengekalkan keadaan pengeluaran kilang asal, dengan kuasa 2.0T berdepan dengan banyak model 3.0T, menyelesaikan satu cabaran kekuatan silang tahap. Dalam bahagian litar penting SS10 hingga SS13, pasukan berturut-turut merebut dua kejuaraan dan satu naib juara yang cemerlang. Akhirnya, 212 menjadi jenama yang tunggal mencapai 100% kesemua ahli siap dalam pasukan pengeluar kumpulan T2.1 pengeluaran, dan meraih naib juara pasukan pengeluar kumpulan ini, membuktikan asas luar jalan model pengeluaran dengan kekuatan teras.

Model utama T01 yang berjuang dalam Huan Ta kali ini tidak melalui pengubahsuaian litar berat, peralatan kilang asal sudah mencukupi untuk menghadapi arena ekstrem. Kenderaan dilengkapi dengan kombinasi kuasa matang enjin 2.0T dan transmisi ZF 8AT, prestasi tork rendah sangat cemerlang, sama ada panjat tebing gersang curam atau menarik beban penuh, prestasi kuasa tidak kalah dengan model enjin besar. Dipadankan dengan pemindah kuasa besar BorgWarner, penukaran gear laju dan perlahan lancar, selepas membuka mod 4L tork boleh didarabkan 2.64 kali, pembahagian kuasa fleksibel dan rasional, output stabil semasa perjalanan jauh, kadar kerosakan sangat rendah.

Badan dan kerangka juga melalui pengasahan ketat, badan tidak memikul beban dipadankan dengan struktur jambatan keseluruhan hadapan dan belakang, berdepan goncangan hebat permukaan luar jalan, lubang peluru dan keadaan jalan rumit, badan sentiasa mengekalkan kestabilan, keupayaan rintang tork semasa merentasi beban berat sangat menonjol. Kerangka bawah dityetel secara khas untuk keadaan jalan ekstrem Huan Ta, keadaan asal sudah boleh menyesuaikan dengan mudah pelbagai bentuk tanah luar kompleks. Keseluruhan kenderaan dibuat menggunakan plat galvanis, walaupun berdepan goresan batu gersang, sukar berlaku masalah karat. Pada masa yang sama keupayaan beban atap kenderaan diperkukuh, prestasi keseluruhan meningkat 16%, digabungkan dengan badan sangkar, imej panoramik 540°, panggilan bantuan kecemasan dan peralatan lain, dari struktur hingga fungsi, perlindungan keselamatan pemandu dan penumpang secara menyeluruh.

Selain prestasi cemerlang di arena lumba, 212 juga berdedikasi membolehkan pemilik kereta biasa merangkul keseronokan luar jalan. Di tapak majlis, jenama secara rasmi mengumumkan, set pengubahsuaian khas Huan Ta akan datang dalam kedai rasmi, set mengandungi pelindung kerangka bawah, roda anti-tergelincir, tayar luar jalan, peralatan bantuan terlepas dan aksesori praktikal lain, membolehkan versi awam juga membuka prestasi luar jalan lebih kuat. Pengarah jabatan pemasaran syarikat 212 Luar Jalan He Zhaopeng menyatakan, jenama berharap boleh menyebarkan budaya luar jalan secara berterusan, membolehkan lebih ramai orang berlari ke kejauhan dan kasih sayang dalam hati.

Menghadapi masa depan, peta lumba luar jalan 212 masih berkembang berterusan. Lumba Kal, Lumba Hutan Tropika Antarabangsa Sabah Malaysia, Cabaran T3 Alxa serta Lumba Huan Ta 2027 dan perlumbaan peringkat tinggi lain dalam dan luar negara, sudah dimasukkan dalam pelan jenama, bersikeras untuk memaksa penambahbaikan teknologi produk melalui lumba. Sertamasanya, rancangan merekrut pemandu pengguna 2027 Huan Ta telah mula secara rasmi, jenama juga akan bekerjasama dengan Han Wei membina Akademi Latihan Luar Jalan Juara, menyediakan latihan khusus dan saluran peserta untuk ramai peminat luar jalan.

Dari menguji produk di arena lumba profesional, hingga ke penyediaan perkhidmatan memberi kuasa pengguna, seterusnya ke pembangunan platform luar jalan yang melibatkan semua orang, 212 sentiasa berpegang pada niat asal. Satu per satu kenderaan luar jalan 212, memuatkan impian luar jalan ramai pemilik, dan jenama juga akan terus berjalan, membolehkan setiap orang yang menyintai luar jalan, boleh berlari ke "Impian Huan Ta" milik mereka sendiri.