June 13, 2026, Chongqing. At the closing meeting of the Chongqing Auto Forum, a discussion on "breaking through cycles" unusually tore open the industry's warm facade. Leaders from core enterprises and industry chain tech companies such as Horizon Robotics, Xpeng, Xiaomi, Nio, Leapmotor, Avatr, Mengshi, and Li Auto contributed many sharp observations pinpointing industry pain points during speeches lasting several hours.

Connecting these viewpoints, a clear logical thread emerges: The Chinese auto industry is at a critical juncture transitioning from a "price war" to a "value war". During this process, the path choice of "self-research or cooperation" is being redefined, and ultimately the answers to all questions point in the same direction — long-termism.

From Price War to Value War: A Transition That Must Be Made

"Competing on price now is a dead end, at most two months." Avatr Technology Chairman Wang Hui's statement was straightforward. He cited McKinsey's latest data: the net impact of price factors on purchasing decisions is only 3%, while technical factors reach 20.7%, a seven-fold difference. In other words, consumers are not waiting for a cheaper car, but for a car that brings more value.

But the reality is that the industry is still struggling in the quagmire of the price war. Mengshi Auto CEO Wan Liangyu admitted bluntly: "20 years ago, if you made cars, you could make money; now, if you can make a profit making cars, that is very fortunate." He revealed that from January to April 2026, the industry average profit margin had dropped to 3.4%, "price wars are biting back at consumer confidence". When "buy early, enjoy early" becomes "buy early get a discount", and price cuts turn from a competitive tactic into a consumption expectation, the trust foundation of the industry is loosening.

Nio Founder Li Bin gave a more macro judgment: The total number of passenger vehicles in the country has reached 370 million, and the market has entered the stock era from the growth era. He believes that the industry has not fully recognized this fundamental shift. "If there was this understanding, many marketing and product strategies would be completely different".

Leapmotor Senior Vice President Xu Jun defined this stage as "the normalization of the low-margin era". He used a vivid metaphor to explain the difference between the two eras: The tactics of the bonus era are "daring" and "fast", like climbing a mountain — clear goals, speed up and you can reach the summit; the tactics of the low-margin era must be "precision" and "flexibility", like surfing — you don't know where the next wave is coming from, the only thing you can do is maintain your body posture and adjust direction at any time.

So, where does value come from? Xpeng Group Vice President Yu Peng gave the answer from a technical dimension. He believes that as AI moves from the digital world into the physical world, the underlying logic of the automotive industry is changing, "the chassis is the battlefield being redefined in this revolution". The true intelligence of a car cannot only stay at the screen and algorithm level, it must go deep into vehicle motion control. Xpeng's native AI chassis architecture is the systematic expression under this judgment.

Horizon Robotics Founder Yu Kai gave a more actionable observation from upstream of the industry chain. He pointed out that any industry will experience two cycles — "dream-making period" and "exam submission period". "In the past few years, the market value of the automotive industry once exceeded Mercedes-Benz and BMW, but today we have entered the exam submission period. Enterprises have two types of buyers, one is consumers, one is investors. In this stage, what everyone looks at is what value you actually created." He used two data points to prove that the inflection point of technology creating value is arriving: In models priced between 100,000 and 200,000 equipped with Horizon HSD solutions, consumers generally choose the top spec — whereas traditionally consumers in this price range "one-sidedly choose the lowest spec"; meanwhile, the proportion of intelligent driving mileage is close to 50%, "meaning consumers trust autonomous driving more than themselves".

Self-Research or Cooperation: A Choice Being Redefined

As the industry shifts from price war to value war, an old question has become more urgent: Is core technology in-house R&D or cooperation?

Mengshi's Wan Liangyu's answer represents an upgraded thinking of the "cooperation camp". He revealed that Mengshi's cooperation with Huawei has entered "2.0 stage" — not simple component procurement, but all-round integration from technology to business model. "Mengshi was previously B2B, doing dealers; Huawei has direct B2C retail experience. After cooperation, user voices can return faster to the entire R&D, production, and manufacturing chain." He also revealed that the three parties have jointly established the "Deep Exploration Lab" to explore next-generation technologies and mobility models for smart off-road scenarios that are not fully met. His core judgment is: Enterprises should make strategic choices based on their track characteristics, rather than this-or-that.

Li Auto Senior Vice President Liu Liguo represented a path more biased towards "self-research dominance". He believes the industry has entered an awkward stage of "technical convergence, specification convergence", "everyone has refrigerators, color TVs, and big sofas, the excitement is declining". The answer given by Li Auto is: The next decade is not a contest of specifications, but a "contest of life" — making cars into a vital third space, able to perceive, think, and evolve. To achieve this goal, the traditional supplier R&D model of "divide then combine" no longer works. "Chassis engineers must sit with AI engineers, letting AI participate in collaboration." He revealed that Li Auto has "done very painful things" for this — rebuilding the R&D organization, breaking the architecture divided by hardware domains, forming cross-domain teams organized around the perception, decision, execution entire chain. "In the past, internal collaboration for a requirement took two weeks, now the same team can close the loop in two days." His conclusion is: "Embodied Intelligence is not only a technical proposition, but also an organizational proposition. Whoever builds a system adapted to AI first can run faster."

Yu Kai of Horizon Robotics, as an industry chain enabler, gave a relatively neutral observation. He frankly reviewed Horizon's "countryside encircling cities" path and admitted that when facing the real crisis last year, he chose "self-reliance and self-improvement" — launching HSD to build a benchmark showpiece for urban intelligent driving. But he also announced that Horizon has extended from intelligent driving chips to cockpit chips and software, positioning as "an enabler of full-category intelligent computing solutions for Chinese vehicles". He spoke to the OEMs in the audience: "Li Auto, Nio, Xpeng, BYD are all researching chips themselves, let's take this great lesson of the era together — let domestic chips truly occupy the mainstream." The subtext of this sentence is: Whether you choose self-research or cooperation, ultimately you must return to the starting point of "creating value".

Xiaomi Auto Vice President Song Gang entered this topic from another dimension. He believes manufacturing is the "third power" outside of products and brands, and the quality short board of the supply chain determines the quality short board of the whole vehicle brand. He brought concepts such as digital capabilities, HyperOS, and production line co-construction to supply chain partners, "helping them establish full-process digital management capabilities". This idea actually provides a "third path": instead of simply discussing self-research or outsourcing, build a symbiotic and prosperous ecosystem by deeply empowering the supply chain.

Long-termism: The Only Answer to Cross the Cycle

Whether it is the value war or the choice between cooperation and self-research, they all point in the same direction — long-termism.

Li Bin summarized Nio's twenty-plus years journey in one sentence: "The automotive industry is a marathon on a muddy road." He believes that the longer the time, the more aware one is of the importance of doing solid basic work, moving forward step by step, and working tirelessly for a long time. He revealed that Nio began implementing the "Business Unit" concept starting from last year, each business object must clarify the "logic of creating value" — save where necessary, spend where necessary, and do not develop models that cannot be calculated. Profitability is not the end goal, sustained, high-quality profitability is the embodiment of a company's full-chain operating capabilities.

Xu Jun extracted a common point from his experience serving three hundred-year-old enterprises: "The greatest common divisor of a company is user-centric. If an enterprise's DNA determines its lifespan, being user-centric is the enterprise's greatest commonality." The purpose of all process reengineering and system building at Leapmotor is only three words: Walk steadily, Live long, Accompany far.

Wan Liangyu's answer was the most simple: "Cycles are fair, they will reward long-termism." He called on industry colleagues to maintain their focus and show their strengths, "climbing peaks on their respective tracks, let's meet at the top of the mountain". This view was echoed by Xiaomi's Song Gang: "Quality and reliability determine how far China's automobiles can walk on the international track."

Regarding the specific topic of going global, the perspective of long-termism is also clear. Wang Hui shared a moving detail: After the Avatr Thailand factory was put into production, a local friend invited him to his home, many car owners "had more passion for our brand than I did for the brand". After reflection, he raised a sharp question: "Chinese brands coming here, besides selling for profit, what did we leave for them?" He believes that if only cars are left, it is a passer-by; if capabilities, employment, and trust are left, it is a local insider. Xu Jun strongly opposed "exporting domestic involution": "Today going global, every forehead bears the five words 'China New Energy'. Without these five words, all brands belong to others in the world." He suggested that industry organizations should take on the responsibility of being responsible for the China New Energy overall brand — this itself is a long-termism at the industry level.

Yu Kai summed up this discussion on long-termism with one sentence as the most refined footnote: "In this stage, what everyone looks at is what value you actually created."

Say, from price war to value war, from the path choice of self-research or cooperation, to the ultimate answer of long-termism — these three topics constitute the complete logic chain for China's auto industry to cross the cycle.

Price war is a short-term painkiller, value war is the long-term cure; self-research and cooperation are not a black-or-white choice, but a strategic configuration around the core of "creating value"; and the background of all this is the steadiness and patience of long-termism.

This forum did not avoid problems, nor did it paint a false peace. The consensus is also clear: The cycle will eliminate speculators and also reward long-termists. When the first half of electrification has made China's automobiles a global calling card, the second half of intelligence will no longer compete on numbers in the specification sheet, but on whether the enterprise has the ability and vision to truly cross the cycle.

After all, the next decade has begun.

Selepas kejayaan besar di tiga stesen Shanghai, Guangzhou dan Changsha, pada 13 Jun, Changan Qiyuan menamakan secara eksklusif perlawatan konsert Gao Ge 'Buka Telinga Dengar Saya' yang panas melanda ibu pejabat jenama——Chongqing. Changan Qiyuan menggunakan 'Panas Membara, Mindset Terbuka' sebagai teras penyebaran, menggabungkan secara mendalam dasar bandar unik Chongqing, berjaya mencipta pengalaman tempat yang menyeluruh, boleh dirasa, boleh ditanda dan boleh disebar, memberikan cara komunikasi yang lebih segar dan lebih resonan antara jenama nasional dengan generasi baru, menyelesaikan dari pendedahan trafik lapisan hingga pengendapan minda jenama, mendirikan contoh baru pemasaran silang industri automotif.

Panas Serasi: Perjalan Dua Arah Antara Jenama Nasional dan Raja Lagu Hits

Percyaraan pasaran tenaga baharu kini telah beralih dari persaingan parameter produk kepada perebutan nilai emosi pengguna dan kehangatan jenama. Muzik, sebagai bahasa rakyat yang merentasi lapisan, menjadi medium ideal bagi jenama dan pengguna untuk membina hubungan mendalam. Changan Qiyuan berganding bahu dengan Raja Lagu Hits Gao Ge, ialah pilihan pemasaran silang yang seimbang antara kehangatan emosi dan kesesuaian khalayak ini.

Gao Ge telah mendalami industri muzik selama bertahun-tahun, karya klasik seperti 'Pengkhianatan', 'Tuan Sepi' dan sebagainya tidak pernah pudar, merupakan kenangan zaman muda generasi 80-an dan 90-an, juga terus menimbulkan resonans dalam lapisan muda, seimbang antara reputasi nasional dan pengaruh generasi baharu. Sebagai perwakilan penting transformasi digital Changan Automobile, Changan Qiyuan memposisikan diri sebagai 'Jenama Tenaga Baharu Premium Nasional', sentiasa fokus kepada kumpulan pengguna yang mencintai kehidupan dan mengejar kualiti. Mereka memeluk inovasi pengangkutan yang dibawa oleh teknologi pintar, juga menghargai sambungan emosi yang mempunyai kehangatan, mempunyai rasa mesra semula jadi terhadap muzik dan selebriti. Berdasarkan minda pengguna yang seimbang ini, Changan Qiyuan bersama Gao Ge membuka perjalanan pemasaran silang muzik, menggunakan muzik sebagai ikatan, kasih sayang sebagai resonans, membiarkan kehangatan jenama menembusi sempadan lapisan secara semula jadi, benar-benar mencapai hubungan emosi mendalam antara jenama, produk dan pengguna.

Panas Memecah Sempadan: Perlanggaran Semangat antara Ciri-ciri Kota Gunung dan Pengalaman Produk

Dari Shanghai, Guangzhou, Changsha, Changan Qiyuan berterusan memanfaatkan daya tembus emosi lapisan muzik dan pengaruh Gao Ge, sentiasa membuka skenario komunikasi baru antara jenama dan pengguna muda. Setiap stesen, bukan hanya sekali pentas persembahan, tetapi juga sekali sambungan emosi berhadapan dengan pengguna, hati ke hati, berterusan menyampaikan 'Membiarkan Keluarga Bergerak Bahagia Penuh' cita rasa asal jenama.

Pada stesen Chongqing ini, Changan Qiyuan mewujudkan potensi ibu pejabat jenama 'Markas Besar' sehingga ke tahap maksimum. IP bandar yang jujur dan panas Chongqing, geografi Kota Gunung yang berlapis-lapis, ditambah sifat bandar internet yang disukai semua orang untuk tanda dan kongsi, menyediakan tanah yang sempurna untuk pemasaran skenario luar talian. Menggunakan 'Panas Merah' sebagai gaya visual utama, membina stan tema, mencampurkan气质 bandar Chongqing dan ungkapan produk muda, membentuk titik ingatan visual yang kuat.

Selain itu, Changan Qiyuan tidak hanya menetapkan stan tanda Gao Ge untuk sekeping gambar, mengeratkan jarak antara selebriti, peminat dan jenama, juga menggabungkan budaya pengubahsuaian arus perdana, menetapkan zon tanda eksklusif untuk pengecatan khas Q05 baharu, menyesuaikan keperluan perkongsian sosial pengguna muda, meletupkan gelombang 'suara' jenama. Changan Qiyuan memasukkan rasa tiga dimensi 'Kota Gunung', rasa emosi 'Panas', rasa penyebaran 'Internet Fame', ke dalam stan luar talian dan pengalaman interaksi, membiarkan produk menjadi simbol sosial yang boleh disentuh, difoto dan dikongsi di tempat, berjaya membiarkan pengguna muda mencapai transformasi minda dari 'Melihat Jenama' ke 'Mengenali Jenama'.

Skala Global: Mempercepat Menuju Pentas Global dari Jualan Tempatan yang Panas

Sebagai perwakilan penting transformasi digital Changan Automobile, Changan Qiyuan sentiasa berpegang pada kedudukan 'Jenama Tenaga Baharu Premium Nasional', dengan imej jenama 'Bertanggungjawab, Berhangat, Berkeupayaan', terus menggali nilai pengguna dan kehangatan jenama. Pada stesen Chongqing, Changan Qiyuan bukan sahaja mengiringi setiap perjalanan Gao Ge dan peminat sepanjang masa, tetapi juga dalam perjalanan harian, interaksi tempat, berterusan menyampaikan konsep jenama 'Membiarkan Keluarga Bergerak Bahagia Penuh'.

Perlu disebutkan, Q05 baharu di bawah Changan Qiyuan sebagai model strategik yang dibina untuk pasaran global, dengan nilai produk 'Bateri Penuh Ningde, Kecerdasan Baik, Kelas Besar' yang melampaui tahap, menjadi fokus tanda tempat, mengimbangi kedudukan jenama 'Nasional Premium'.

Terus menerima pengiktirafan pengguna di pasaran. Mei, Changan Qiyuan secara keseluruhan menghantar 34528 kenderaan, di mana, Q05 baharu menghantar 15954 kenderaan, mempertahankan juara jualan SUV kelas kompak; 28 Mei, Q05 baharu di Thailand dilancarkan hanya 3 hari, bilangan pesanan melebihi 3000 kenderaan, kekuatan hit daripada dalam negara sampai ke luar negara.

Pemasaran Silang Mendalam: Membina Tenaga Baharu Untuk Jenama Naik Dengan Lima Dimensi Bersepadu

Changan Qiyuan berganding bahu dengan perlawatan Gao Ge, bukanlah pendedahan jenama mudah, tetapi melalui gabungan 'IKATAN IP MENDALAM + PENYESUAIAN SKENARIO TEMPATAN + PENGALIHAN PRODUK + PENGOPERASIAN PENGGUNA JANGKA PANJANG' strategi, mencari satu sistem pemasaran silang yang lebih boleh dikenal pasti, mencipta 'Muzik + Tokoh + Jenama + Produk + Pengguna' sistem penutup pemasaran lima dimensi, menjadi projek penempatan contoh transformasi digital jenama sistem Changan. Selepas stesen Chongqing, perlawatan akan mendarat di Hefei seterusnya, berterusan mengeluarkan potensi pemasaran silang untuk membantu jenama naik.

Melihat keseluruhan jalan jenama Changan Qiyuan naik, pemasaran silang telah menjadi warna asas yang jelas jenama Changan Qiyuan. Dari mengadopsi kebanggaan negara Mang Cancan, berganding bahu dengan Bola Sepak Tongliang Naga, pasukan kebangsaan Portugal, hingga perebutan silang Zhan 10C, 'Angry Birds' IP global bersama, sehingga kali ini mengintegrasikan perlawatan muzik dengan budaya bandar, skenario pengguna secara mendalam, Changan Qiyuan sentiasa meluaskan kerjasama pelbagai mengikut minat pengguna dan gaya hidup, sentiasa memperkaya bentuk interaksi antara jenama dan pengguna. Seterusnya Changan Qiyuan akan berterusan menggunakan produk berkualiti tinggi dan perkhidmatan mesra sebagai asas, terus menggali sistem pengoperasian silang, terus memperdalam ikatan emosi jenama dan pengguna, berganding bahu dengan pengguna yang luas menuju masa depan pengangkutan pintar.

6 月 13 日，2026 重慶車展盛大開幕。長安馬自達以「依然馬自達」為主題，帶經典傳奇跑車 MX-5、全球戰略新能源車型 MAZDA EZ-6、MAZDA EZ-60 同 EZ-60 馬年版亮相 N8 館展台，全面展現企業新能源轉型嘅最新成果。同時，長安馬自達推出 618 年中巨惠，喺高達 20,000 元國補同 17,000 元廠補嘅基礎上，買指定車型可享有價值 7,999 元專屬尊享套裝，用真實實惠嘅福利回饋廣大消費者。

此次參展嘅 EZ-6 同 EZ-60，由產品開發之初就以全球標準打造，真正實現「中國智造，全球品質」。設計層面，EZ-6 奪得「2026 世界年度設計車」大獎，成為首個獲此殊榮嘅中國新能源車型；EZ-60 更成為全球唯一同時奪得 8 項世界頂級設計大獎嘅 SUV，兩款車型憑藉獨特嘅魂動設計美學，喺新能源同質化浪潮中脫穎而出。

安全係長安馬自達嘅核心底線。兩款車型均嚴格按照中歐雙五星標準打造，EZ-6 贏得 C-NCAP、E-NCAP 等 5 項權威安全認證，EZ-60 電池安全提前滿足新國標及歐標。長安馬自達更向所有新能源用戶鄭重承諾「電池終身自燃包賠，唔限里程、唔限車主」，徹底打消用戶嘅安全顧慮。

操控係馬自達嘅靈魂所在。EZ-60 成功摘取中國新能源汽車拉力錦標賽場地賽 SUV 組冠軍、拉力賽總成績亞軍。車展現場，長安馬自達車主同時亦係冠軍車手嘅紀浩，分享咗佢駕駛原廠未改裝純電 EZ-60 征戰拉力賽嘅心路歷程。喺 6 天 910 公里嘅魔鬼賽程中，面對絕大多數增程 / 插混參賽車型嘅競爭，EZ-60 憑藉極致嘅品質穩定性同「人馬一體」調校，由 27 個品牌 100 台參賽車中成功突圍。

而家，長安馬自達已經順利獲得歐盟、英國、澳大利亞三大市場整車認證，成為國內首個同時拿咗呢三項認證嘅合資新能源車企。5 月底，80 多位來自歐洲、澳洲、泰國嘅海外經銷商專程考察南京工廠，對生產工藝同品控體系給予高度評價。海外市場銷售同預售態勢持續向好，國內市場 EZ-60 連續 7 個月蟬聯合資新能源中型 SUV 銷量冠軍，全球品質贏得國內外市場雙重認可。

6月12日晚，《宪深说车》发布了一篇关于长城汽车海外架构调整的报道，自称从知情人士处获悉，长城汽车国际总裁史青科已经提出离职，其接任者为长城国际总裁助理、巴墨大区总裁张庚申。与此同时，长城汽车海外业务正经历一轮深层次的架构调整——从过去“集中集权”的海外一级组织，转向决策权上收至集团总裁层，海外研、产、销被拆分为垂直单线管理。

这一变动被外界解读为长城汽车对2024年“长城国际”战略的“修正”。而围绕离职传闻与架构调整的真实意图，很多业内人员向斗子询问，斗子联系了长城汽车公关部，但没有得到回应。后来又联系了一名长城汽车海外人员（该人员不愿透露姓名），该内部人员向斗子表示，他已经注意到了相关消息，但“好多东西报道不实，具体情况他不方便透露”。

一边是媒体的“实锤”报道，一边是长城汽车相关人员的“不便透露”，长城海外业务究竟在酝酿什么？

架构从“集权”到“分权”，海外总裁权限大幅缩水

根据《宪深说车》获取的信息，长城汽车此次海外架构调整的核心方向是：弱化海外一级组织权限，上收决策权至集团总裁穆峰层。此前“长城国际”作为独立作战单元，拥有研、产、供、销、服统一调配资源的权力；调整后，海外各职能被拆解，分别划归集团对应中台。

以俄罗斯业务为例，属地研发、制造、销售将分别由国内技术中心、“河北整车”、长城国际销售三位总裁分管，不再设统管全链条的俄罗斯总裁。原俄罗斯总裁张军学近日已调回国内。

有分析人士指出，长城国际总裁的权限由“全权统筹海外所有业务”变为“只协调销售的垂直业务总裁”，这或是史青科离职的重要原因。

史青科是长城汽车的老将，2002年入职，历任国际销售部副总经理、长城国际总裁、长城汽车副总裁，主导了俄罗斯、泰国、巴西、欧洲等海外工厂落地与渠道搭建。其离职并非业绩驱动——2025年长城海外销售超50万辆，同比增长12%；2026年1-5月海外销售23.1万辆，同比增长46.2%。

魏建军的“收放权”难题：为退休搭建体系化治理

从2024年“放权”成立长城国际，到2026年“收权”拆解海外架构，两年间的反复折射出长城汽车在职业经理人管理上的深层探索。

消息人士称，这次调整与董事长魏建军对“放权弊端”的察觉有关。长城在国内市场已积累了总部中台管控区域业务的成熟经验，如今这套思路被平移至海外。而魏建军等1960年代出生的民营车企掌门人，正在通过体系化治理架构的搭建，为未来的退休交接铺路。

从斗子的观察来看，长城此次海外架构调整，本质上是一场组织效率的再平衡：将海外从“独立王国”拉回集团统一管控，避免权力过度下沉带来的失控风险。

斗子点评：调整是真的，细节待验证

内部人士对斗子明确表示“报道不实”，但未指出具体何处不实。结合多方信息可以通过推测做出如下判断：

架构调整确有其事。钉钉架构已于4月初变更，员工劳动合同重新与股份公司签署，这些硬性变动无法掩盖。

史青科的离职状态尚未官宣。“已提出离职”与“已正式离职”之间存在时间差，公关负责人仅表示“确有内部消息”。

内部人士的“不便透露”耐人寻味。作为一名长城汽车海外人员，这位内部人士没有直接否认某件具体事，而是笼统称“报道不实”，这很可能意味着最终方案仍在动态调整中。

对于长城汽车而言，海外年销50万辆的盘子已经不容有失。任何架构调整都必须以不冲击业务连续性为前提。史青科的去留、张庚申的接任、海外新架构的最终形态，还需等待长城汽车官方正式公告。

斗子将持续关注。

13 Jun, Pameran Automotif Chongqing 2026 serta-merta, Changan Mazda telah menyajikan banyak perkara menarik. Di bawah tema "Masih Mazda", merek menampilkan beberapa model global berat di Pavilion N8, tidak hanya kereta sukan klasik MX-5 yang penuh nostalgia, malah dua model kenderaan strategik elektrik — MAZDA EZ-6 dan MAZDA EZ-60, serta EZ-60 Edisi Mazda yang baru dilancarkan pada April, memperlihat hasil terbaru selepas transformasi ke kenderaan elektrik kepada dunia luar. Di lokasi juga diumumkan satu rancangan kreasi pengguna, dan memanfaatkan acara 618, menawarkan faedah pembelian kenderaan yang tidak kecil.

Dibina dengan piawaian global, meraih banyak anugerah

EZ-6 dan EZ-60 sejak awal sudah menuju ke pasaran global, reka bentuk, keselamatan, dan pengendalian semuanya piawaian tinggi. EZ-6 baru sahaja memenangi "Kenderaan Reka Bentuk Tahunan Dunia 2026", ini juga kali pertama kenderaan elektrik China mendapat hadiah besar ini; EZ-60 lebih hebat, berjaya mengumpulkan 8 anugerah reka bentuk dunia teratas secara berperingkat, unik dalam kategori SUV.

Keselamatan juga tidak dikompromi, kedua-dua model dibangunkan mengikut piawaian lima bintang China dan Eropah. EZ-6 memegang 5 pengesahan keselamatan berkuat kuasa seperti C-NCAP, E-NCAP, keselamatan bateri EZ-60 malah memenuhi keperluan piawaian baru China dan Eropah lebih awal. Changan Mazda juga memberi jaminan kepada semua pemilik kenderaan elektrik — "Insuran auto terbakar bateri seumur hidup", tiada had kilometer dan tiada had pemilik.

Bagaimana pemanduannya? EZ-60 membuktikan secara langsung di padang perlumbaan. Ia dalam Kejuaraan Rali Kereta Elektrik Baru China, memenangi kejuaraan kumpulan SUV untuk perlumbaan landasan dan naibaju keseluruhan untuk rali. Di lokasi pameran, Ji Hao yang merupakan pemilik sekaligus juara pemandu berkongsi pengalamannya: memandu EZ-60 elektrik tulen tanpa sebarang pengubahsuaian, dalam tempoh 6 hari dan 910 kilometer, hadapan kebanyakannya lawan EREV dan PHEV, akhirnya bergantung pada kualiti stabil kenderaan dan pengendalian "manusia dan kenderaan menyatu", keluar daripada 100 kenderaan. Ini menguji kekuatan sebenar kenderaan pengeluaran massa.

[Pemilik Changan Mazda, Pemandu Juara Ji Hao]

Impor kuat, jualan domestik stabil

Dari segi pengiktirafan global, Changan Mazda juga tidak mengecewakan. Ia telah berjaya mendapatkan pengesahan keseluruhan kenderaan di tiga pasaran Eropah, United Kingdom, Australia, merupakan kereta elektrik bahagian kongsi pertama di dalam negara mencapai sasaran ini. Akhir Mei, lebih 80 pengedar dari Eropah, Australia, Thailand melawat kilang Nanjing khas, sangat mengakui kawalan pengeluaran. Kini, EZ-6 dan EZ-60 keadaan pra-pesanan di luar negara sangat baik, EZ-60 di dalam negara malah telah 7 bulan berturut-turut mengambil kejuaraan jualan SUV sederhana bahagian kongsi elektrik.

Timbalan Eksekutif Bahagian Jualan Kereta Changan Mazda Wu Xuxi berkata dengan jelas: "Changan Mazda kini merupakan pusat reka bentuk, penyelidikan, pembuatan dan eksport keseluruhan kenderaan elektrik Mazda di dunia. Kami boleh berjanji kepada setiap pengguna, anda membeli kenderaan global yang sebenar."

[Timbalan Pengurus Besar Bahagian Jualan Kereta Changan Mazda Wu Xuxi]

Berkhidmat pengguna, merek menjadi lebih bermakna

Mempunyai 5 juta pengguna di pasaran China, Changan Mazda tahun ini terus fokus pada konsep "Pengguna+", melakukan satu siri aktiviti kreasi, menjadikan ayat "Masih Mazda" kepada sambungan yang sebenar. Pemilik dan peminat Mazda yang menyertai aktiviti, semua ada peluang ke majlis peminat tahun ini.

Contohnya "Perjalanan Hasrat" pada permulaan tahun, pengguna berdoa, merek membantu merealisasikan, membuatkan hubungan lebih seperti kawan; Kumpulan 11 episod "Kumpulan Cerita Pemilik", menceritakan kehidupan sebenar banyak pemilik — ada seorang tokoh amal yang menderma untuk pendidikan selama 7 tahun, ada ketua yang mengatur rakan pemiliki untuk menyantuni kanak-kanak istimewa, dan pasangan yang terikat kerana Mazda, membuatkan merek mempunyai banyak latar belakang kehangatan.

[Pemandu Juara Ji Hao (kiri) / "Pencipta Bahagia Mazda" Sun Jingyi (kanan) berkongsi kehidupan memiliki kenderaan]

Pelaksanaan "Pencipta Bahagia Mazda" dan "Agen Rakyat", memberi pentas kepada pemilik yang suka berkongsi. Pemilik EZ-60 generasi 00-an, Sun Jingyi berkongsi perasaannya sebagai pemula: "Saya biasa sibuk bekerja, saya gunakan masa lapang untuk menerbitkan pengalaman memandu. Walaupun kali pertama menyertai, tetapi rakan pemiliki dan kakitangan sangat membantu. Sebarang pemilik Mazda yang suka berkongsi dan suka berfriends, semua selamat datang untuk bermain."

Selain itu, Projek Tunas Muda yang dilancarkan pada Mei musim kedua sedang memasuki banyak universiti, berbincang dengan remaja tentang reka bentuk, pengendalian, kecerdasan, Pertandingan Reka Bentuk Pengubahsuaian Universiti Seluruh Negara EZ-60 yang bermasa serentak, bukan sahaja membolehkan idea bagus dilaksanakan, menyediakan tempat latihan musim panas. Dari segi amal, Changan Mazda telah membina 12 sekolah harap selama bertahun-tahun di Yunnan, jumlah perbelanjaan melebihi 10 juta. Jun memulakan semula aksi "Setiap Kilometer Ada Kebaikan", mengubah milia perjalanan pengguna terus menjadi dana amal, digunakan untuk memperbaiki kehidupan pembelajaran kanak-kanak.

Faedah 618 Lengkap, masa terbaik membeli kereta

Memanfaatkan kehangatan pameran, Changan Mazda serentak memulakan "Nikmati Suasana Musim Panas, Nikmati 618 Promo Besar". Dari hari ini sehingga 30 Jun, membeli semua model boleh menikmati satu pakej layanan: Tukar lama dengan baru ada subsidi kilang tertinggi 17,000 Yuan ditambah subsidi negara 20,000 Yuan, membeli model tertentu juga hadiah pakej istimewa berharga 7,999 Yuan, isi pengecas kilang, Filem Long Mo dan alas kenderaan TPE di tempat letak barang belakang. Dari segi kewangan ada skim tiada down payment 5 tahun kadar faedah rendah (kadar purata tahunan 1.99%), tambah satu hak sepanjang hayat sifar pembakaran bernilai 7,999 Yuan. Pergi ke kedai uji ujian kenderaan elektrik, boleh menerima Foil Emas Jinling Warisan Budaya Negara. Butiran lanjut boleh berunding dengan pengedar ber授权 setempat.

"Masih Mazda" bukan sekadar slogan. Changan Mazda mewarisi gen merek, sesungguhnya meletakkan keperluan pengguna sebagai keutamaan. Pada masa hadapan, ia akan teruskan membina kereta dengan piawaian global, bergaul sebagai kawan dengan pengguna menggunakan kejujuran. 13 Jun sehingga 21 Jun, rakan yang ingin merasakan daya tarikan kenderaan global ini, boleh melawat Pavilion N8 Pusat Eksposisi Antarabangsa Chongqing.

On the evening of June 11, the Chinese tire industry leader Zhongce Rubber (603049.SH) officially announced the implementation of the 2025 annual equity distribution plan, and will distribute a cash "big red envelope" exceeding 1.25 billion yuan to all shareholders.

Dividend of 1.43 yuan per share, encouraging long-term value investment

The announcement shows that this profit distribution is based on the company's total share capital of 874,485,598 shares, with a cash dividend of 1.43 yuan per share (tax included), totaling 1.251 billion yuan distributed, with a dividend payout ratio of 30.15%. In terms of timing, the record date is set for June 17, 2026, and the ex-rights (ex-dividend) date and cash dividend payment date are both June 18.

Regarding tax withholding rules, the company strictly implements differentiated policies to encourage long-term investment: for individuals and securities investment funds holding for over 1 year, dividend income is temporarily exempt from individual income tax; for holdings of 1 month to 1 year (inclusive), the actual tax burden is 10%; for holdings within 1 month (inclusive), the actual tax burden is 20%. For QFII and Shanghai Stock Connect investors, income tax is withheld and paid at a rate of 10%, resulting in an actual payment of 1.287 yuan per share after tax.

Three years of consecutive performance growth, high dividend confidence is solid

The large-scale dividend stems from solid performance support. In 2025, Zhongce Rubber achieved operating revenue of 44.956 billion yuan, a year-on-year increase of 14.52%; net profit attributable to parent company was 4.147 billion yuan, a year-on-year increase of 9.51%; basic earnings per share was 4.95 yuan.

As the absolute leader in the domestic tire industry, Zhongce Rubber has maintained a tradition of high dividends in recent years, launching a plan to distribute 13 yuan for every 10 shares in 2024. From 2023 to 2025, the company's revenue and net profit grew steadily for three consecutive years, profitability was continuously consolidated, providing solid support for high dividends.

Digital intelligence empowerment and global capacity expansion in parallel, building a growth engine

Behind the high dividends is the strong momentum of Zhongce Rubber's dual drive of digitalization and globalization. Founded in 1958, the company owns well-known brands such as Chaoyang, Weishi, and Haoyun. In terms of smart manufacturing, the company partnered with Huawei to create an F5G-A all-optical factory demonstration project, honored with the national-level energy efficiency "Leader". In terms of the market, the company successfully entered the supply chain for the AITO M6 new energy vehicle, expanding its market footprint.

The globalization layout has also yielded substantial results. In 2025, the company's overseas revenue share reached 47.86%. Currently, Thailand and Indonesia bases are steadily increasing production; the 1.041 billion yuan investment in the Vietnam base is proceeding smoothly; the planned 500 million USD Mexico base is also under construction. Overseas capacity release will effectively avoid trade barriers, consolidating global competitive advantages.

Rewarding shareholders with substantial dividends and leading the future with innovative smart manufacturing and overseas layout. Zhongce Rubber is demonstrating the responsibility of an industry leader, expected to continuously accelerate high-quality development on the global track, creating long-term value for investors.

With the rising enthusiasm of users for pure electric vehicle models, car manufacturers are producing new pure electric products one after another, which has spawned many hit models. Especially in the mainstream family car market, Changan Qiyuan New A05 and Leapmotor A10 have both ranked among the top sales in their respective segments, with monthly sales exceeding 10,000 units, and the Changan Qiyuan New Q05 has even taken the sales champion of the compact pure electric SUV segment. As pure electric contenders with highly overlapping audiences, users will naturally compare the two. So where are the differences between the two cars? Which one performs better? Without further ado, let's chat about it together.

Regarding price, the full series guide price range of Changan Qiyuan New Q05 is 79,900 to 114,900 RMB. Looking at Leapmotor A10, the guide price range is 65,800 to 86,800 RMB. As a subcompact SUV, the price is slightly lower. For the sake of easy discussion, for this comparison, we choose the Changan Qiyuan New Q05 506 Max+ and Leapmotor A10 505 LiDAR version with comparable prices to launch, the prices are 95,900 RMB and 86,800 RMB respectively, the gap is not big.

(Changan Qiyuan New Q05)

(Leapmotor A10)

For family SUVs, space is a part that directly affects travel experience. As a compact SUV, Changan Qiyuan New Q05 is overall larger than Leapmotor A10 by a margin, thus bringing more spacious interior space. For family travel, rear seat crowding is a major pain point. Based on the larger space of Changan Qiyuan New Q05, even if the rear seat is fully loaded with three people, it will not be cramped. Actual test shows 180cm passengers have two fists leg remaining space, four fingers head remaining space. Long-distance travel, elderly and children can maintain a comfortable sitting posture. Leapmotor A10's space is sufficient enough, 180cm passengers have one fist leg remaining space, four fingers head remaining space. For small couples, for two-person travel, space is very sufficient, its space advantage lies in the trunk, this aspect performance is slightly better.

(Changan Qiyuan New Q05)

(Leapmotor A10)

In terms of seat functions, both cars are equipped with front seat heating functions, very warm in winter. However, Changan Qiyuan New Q05 adds front ventilation and massage functions, truly achieving warmth in winter and coolness in summer. If it is long-distance driving, seat massage can also greatly relieve waist fatigue, comfort is better. Also, Changan Qiyuan New Q05 also adds rear seat backrest adjustment function, different passengers can also find comfortable sitting posture. And Changan Qiyuan New Q05 is equipped with automatic air conditioning and rear air conditioning outlet, Leapmotor A10 only carries manual air conditioning, second row has no outlet, comfort and convenience are average.

(Changan Qiyuan New Q05)

(Leapmotor A10)

Cabin texture and details are also a link affecting usage quality. Changan Qiyuan New Q05 cabin 80% all uses soft wrapping, touch is very delicate. And Leapmotor A10 interior also uses quite a bit of soft wrapping, but hard plastic is still relatively more, overall texture is not as good as Changan Qiyuan New Q05, still has room for improvement.

When daily car use, Changan Qiyuan New Q05 also supports HUAWEI HiCar, Carlink, CarPlay, Honor Link multiple phone interconnection methods, users of different phones can carry out interconnection. If your phone supports wireless charging, can also use 50W wireless charging, convenient at the same time charging efficiency is also quite high, intelligent fresh air can purify car interior air all the time, give family a healthier environment; Leapmotor A10 actually also supports regular smart interaction functions, but in phone interconnection and detail configuration there is missing. But luckily Leapmotor A10 is equipped with LiDAR and high-order auxiliary driving functions, travel convenience is guaranteed. However, Changan Qiyuan New Q05 higher configuration also provides LiDAR version option, matching Tiandu Intelligence can also bring good auxiliary driving experience, just price is slightly higher.

(Changan Qiyuan New Q05)

(Leapmotor A10)

Daily driving experience, similarly hidden in details. Changan Qiyuan New Q05 carries 120kW motor, compared to Leapmotor A10's 90kW motor power is more sufficient, city overtaking, high speed acceleration when power comes as it is, one foot gas pedal can increase vehicle speed complete overtaking, fully loaded climbing won't feel power weakness, whether new driver or female driver, can drive more securely. Leapmotor A10's power can meet daily commuting needs, but encounter situation needing rapid acceleration, is quite passive.

More crucially, Changan Qiyuan New Q05 adopts CATL battery, plus 6 years or 150,000 kilometers whole vehicle warranty, stability and safety are more guaranteed, long-term car use also no need to worry about battery degradation; Leapmotor A10 then adopts Gotion High-tech/Jiangsu Zhongli battery pack, whole vehicle warranty is 4 years or 120,000 kilometers. Additionally, two cars these configurations are both liquid cooling heat dissipation, safer, while Changan Qiyuan New Q05 low config is direct cooling, Leapmotor A10 is air cooling heat dissipation, Changan Qiyuan New Q05 overall performance is better.

(Changan Qiyuan New Q05)

(Leapmotor A10)

In the end, two cars seem price similar, but in unseen places, Changan Qiyuan New Q05 considered home user pain points all: more spacious space, more reliable battery, more comfortable seats, more thoughtful details, can all for daily home burden reduction; Leapmotor A10 even to top config, in some places also performance average, for long-term car use, quality will slightly take a discount. If everyone's core demand is to give family more comfortable, more worry-free travel experience, I think Changan Qiyuan New Q05 will be a more steady choice, with A10 both are global quality, still Central Enterprise Quality Control, quality more trustworthy. Worth mentioning, Changan Qiyuan New Q05 last month already launched in Thailand, compared to Leapmotor A10 fast one step going overseas, this year will also enter Uzbekistan, Central South America, Europe and other regions, accelerate promotion globalization process.

" Five years from now, BYD will be able to achieve true global No. 1 in scale. By 2030, we will achieve greater growth. " June 9, BYD Chairman and President Wang Chuanfu stated at the BYD 2025 Annual Shareholder Meeting.

It is reported that this was the largest shareholder meeting in BYD's history, with nearly 1,000 attendees, half of whom are also BYD car owners. Wang Chuanfu, accompanied by the senior management team, engaged in in-depth exchanges with shareholders, directly addressing core issues such as industry competition, sales bottlenecks, overseas expansion, and technical roadmaps.

Regarding the sales issue of widespread concern among investors, Wang Chuanfu stated, This year's sales depend on battery production, as the new generation of Blade Batteries are currently in the production ramp-up phase, as battery production increases, subsequent sales will gradually rise. Next year, battery production is expected to increase significantly, driving the company's sales to a new level.

In March of this year, BYD officially released the second-generation Blade Battery and Flash Charge technology, effectively solving the core pain point of slow charging in the new energy vehicle industry. After the technology was launched, it received high recognition from domestic and foreign markets, and market order volume increased significantly.

Currently, second-generation Blade Battery capacity has a gap and is in a month-by-month ramp-up phase, Monthly capacity increase can reach 20,000 to 30,000 units. Due to the significant increase in power supply of the new generation of Blade Batteries, production line settings and battery internal structures require modification and upgrades, so capacity ramp-up takes some time. BYD is concentrating its efforts to tackle these challenges, fully exploring the production potential of the second-generation Blade Battery.

Wang Chuanfu revealed that battery production is expected to increase significantly in 2027, at which time the company will simultaneously focus on domestic and foreign markets, layout charging networks globally, drive the company's new energy vehicle sales to a new level, and also assist in the coordinated development of technology and the industrial chain.

According to the sales report on June 1, BYD's cumulative sales for the first 5 months of this year were 1.405 million vehicles, a year-on-year decrease of 20.3%. Wang Chuanfu pointed out that the purchase tax for new energy vehicles was halved this year, leading many consumers to advance their consumption last year. Therefore, new energy vehicle consumption in January and February dropped sharply, and since BYD only makes new energy vehicles, the impact was huge. However, after efforts in March and April, and coinciding with rising oil prices, sales recovered.

As Wang Chuanfu said, The worst moment has passed. From the sales in May this year, BYD has already ushered in an upward momentum. In May, BYD sold 383,500 vehicles, a slight increase of 0.26% year-on-year, turning positive after 10 months, with a nearly 20% surge month-on-month.

Wang Chuanfu stated at the meeting, currently BYD has deep technical reserves and a clear strategic path, including the second-generation Blade Battery, Flash Charge technology, and more disruptive technologies to be launched next year and the year after, the company will maintain continuous growth in the next three to five years.

Regarding the choice of technology path, Wang Chuanfu stated, BYD will not claim Flash Charge technology as its own exclusive property, the Charging Station will not display BYD's Logo, and the Flash Charge ecosystem will serve all automotive brands and consumers. "A good technology, besides serving BYD, must serve the entire industry more. To win the market and everyone's reputation, one must have this perspective."

He particularly emphasized, with the formation of the "dual-wheel drive" pattern of domestic and overseas markets, Chinese new energy vehicle technology will use this opportunity to truly move to the center stage of the global arena.

Since the beginning of this year, BYD's overseas market development has been strong. Wang Chuanfu revealed, along with the improvement of the company's technology and product power, and the continued release of production at overseas bases, BYD's overseas sales in 2026 are expected to surpass the original 1.5 million unit target.

In May, BYD's overseas sales reached 89,000 units, a year-on-year increase of 133.6%, creating a historical high. Overseas bases in Brazil, Hungary, Thailand, etc., are continuously releasing production, BYD's globalization layout has entered the harvest period.

"Chinese new energy vehicles have comprehensively surpassed local peers in terms of price, technology, product experience, etc." Wang Chuanfu said, but he emphasized at the same time, going overseas cannot be rushed, competitors cannot be made too tense. "We must adhere to long-termism, do a good job in local production and service, and achieve win-win development with locals." This is BYD's globalization philosophy — not to conquer the market, but to integrate into the market, becoming a local corporate citizen.

Wang Chuanfu provided a clear long-term goal: Five years from now, BYD will be able to achieve true global No. 1 in scale. By 2030, we will achieve greater growth.

In the past two years, BYD ranked 5th in the global car sales leaderboard with sales of 4.27 million and 4.6 million vehicles, while Toyota Motor has exceeded 10 million vehicles in sales for 5 consecutive years, retaining the No. 1 spot on the global sales leaderboard. This means BYD's annual sales within 5 years must also break the 10 million mark.

In past years, BYD successively announced factory construction plans in countries such as Hungary, Turkey, Uzbekistan, Brazil, Thailand, Cambodia, Malaysia, etc. As of now, BYD's complete vehicle factories located in Thailand, Uzbekistan, and Brazil have been completed and put into production. BYD Executive Vice President Li Ke stated in an interview with Bloomberg recently, BYD is in touch with European automakers such as Stellantis, seeking to take over underutilized factories locally to utilize idle capacity.

Intelligence is another important growth pole for BYD. At the shareholder meeting, multiple shareholders asked about the outlook for BYD's intelligent driving layout, Wang Chuanfu again reiterated the concept of "Vehicle Intelligence is Embodied Intelligence", the current development speed of AI technology exceeds industry expectations, BYD will actively promote the implementation and application of AI technology in the automotive field.

On the evening of May 28, BYD released its self-developed 4nm process intelligent driving chip Xuanji A3. It is introduced that the chip has started mass production, supporting L3 and L4 autonomous driving.

Wang Chuanfu introduced, currently, BYD's intelligent driving R&D engineer scale exceeds 5,000 people, 3.15 million BYD vehicles equipped with intelligent driving have been put into use globally, generating 200 million kilometers of driving data daily, massive data accumulation lays a solid foundation for BYD's advanced intelligent driving iteration and upgrade.

Based on this massive data foundation, Wang Chuanfu judges that the arrival of L3 and L4 level advanced autonomous driving will be earlier than expected. He stated, BYD has made full preparations in the layout of chips, algorithms, data and other full-chain ecosystems, Intelligent driving training centers in Europe, South America, Southeast Asia, Middle East, etc., are also ready. Once L3 and L4 level intelligent driving related regulations land, BYD will quickly launch compatible products, and gradually push from the Chinese market to the global market.

Wang Chuanfu also discussed, Premiumization has always been the goal pursued by BYD. He said: "The automotive industry used to be flooded with all kinds of flashy traffic, but in fact cars are traffic tools involving safety, they are products. Fewer gimmicks, less flashy, return to the source, do a good job with technology and products, to gain the recognition of mid-to-high-end consumers. After the volume of premium models increases, company gross margin issues and single vehicle profit issues will also be solved easily. Currently, BYD has already established a high-end brand image overseas."

Some investors stated that BYD's current stock price is undervalued, and asked about the company's market value management measures, Wang Chuanfu stated regarding this: "We all recognize our potential, but now our stock price has not reflected it yet. On behalf of the management, I understand and thank everyone for their support." "Many shareholders have put forward very good suggestions for the company's market value management, hoping through our follow-up management, let the company's stock price, products, and performance be able to better return shareholders."

Wang Chuanfu said, believe that performance will get better and better, hoping shareholders keep patience. The company will continue to use technological innovation to drive further future growth, grasp every node, scientific forward-looking layout, to achieve better and faster development for the company, "will definitely achieve better returns for shareholders".

5 月 28 日，上汽集團「全球首億位用戶交車儀式」上海舉行。圍繞這一重大歷史性榮譽節點事件，上汽集團旗下多品牌共鳴。

上汽大眾 ID. ERA 9X 第 6,999 位車主正式交付，同時該車成為上汽集團全球第 99,999,999 台交付車輛，首位征戰德甲的中國球員楊晨成為該車車主。由此 ID. ERA 9X 亦實現上市滿 30 天交付超過 7000 輛。

第 1 億台整數車輛的榮譽，花落智己 LS9 Hyper，Momenta CEO 曹旭東成為該車車主，Momenta 正係上汽喺智駕領域的核心戰略夥伴。ID. ERA 9X 亦係首發搭載 Momenta R7 大模型。

回顧上汽集團歷史，1955 年，上海內燃機配件製造公司成立，上海汽車工業由此起步。1958 年，工人用榔頭敲出第一輛「鳳凰牌」轎車，實現上海轎車製造「零的突破」。

七十年來，上汽親歷並推動中國汽車工業從無到有、從弱到強的全過程：1983 年桑塔納下線，開啟合資合作；1997 年上海通用成立，創造 23 個月建廠出車的「上海速度」；2006 年自主品牌榮威誕生；2020 年高端智能電動品牌智己汽車成立。

2026 年 1-4 月，上汽累計銷售 130.2 萬輛，連續四個月位居中國車企銷量冠軍。其中自主品牌銷量 91 萬輛，佔比近 70%；新能源車銷售 41.2 萬輛；海外市場銷售 45.9 萬輛，同比大漲 50.2%。

上汽仲係中國汽車企業「走出去」的先行者：喺海外擁有超 100 個零部件生產基地、超 3000 個經銷商網絡，建成倫敦等 3 大研發創新中心及泰國、印尼、印度、巴基斯坦 4 個生產製造中心；安吉物流擁有各類滾裝船 42 艘，8 條國際航線覆蓋東南亞、歐洲、美洲。如今，上汽產品和服務遍佈 170 餘個國家和地區，海外累計銷量突破 700 萬輛。

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.