重慶車展 N8 館，長安馬自達嘅展台前幾乎行唔到路。唔係因為車模，而係因為嗰台拿下 8 項世界頂級設計大獎嘅 EZ-60同剛剛獲得“世界年度設計車”嘅 EZ-6。一位從成都專程趕來嘅馬粉對著魂動紅車身拍了又拍，嘴裡唸叨：“都係嗰個馬自達，一成唔變。” 但更讓我意外嘅係，長安馬自達喺新能源時代直接甩出王炸：電池終身自燃包賠，唔限里程、唔限車主——呢幾乎係合資品牌入面最狠嘅承諾。

一、設計封神：EZ-6 拿下“世界年度設計車”，EZ-60 成全球唯一 8 項大獎 SUV

好多人話電動車設計同質化，馬自達第一個唔服。EZ-6 剛剛斬獲“2026 世界年度設計車”，成為歷史上首個獲此殊榮嘅中國新能源車型，亦係馬自達品牌第三次拿下該獎。而 EZ-60 更狠：德國紅點、iF、美國 IDA 三大世界設計賽事大滿貫，累計8 項全球頂級設計大獎，全球唯一達成呢一成就嘅 SUV。現場睇實車，魂動設計喺電動時代反而更純粹——冇多餘線條，光影流轉間盡係高級感。一位設計師朋友話：“呢唔係造车，呢係雕琢藝術品。”

🏆 EZ-6 2026 世界年度設計車（中國新能源首次）

🏆 EZ-60 紅點/iF/IDA 8 項大獎大滿貫，全球唯一 SUV

🎨 魂動哲學 電動時代依然堅持“減法美學”，每一面都係光影嘅詩歌

二、安全底線：中歐雙五星 + 電池終身包賠，C-NCAP/E-NCAP 雙第一

安全係馬自達嘅隱形標籤。EZ-6 已拿下C-NCAP、E-NCAP、中保研等 5 項權威認證，其中 C-NCAP 乘員保護得分率、E-NCAP 兒童保護得分率均為 2025 年已測車型最高。EZ-60 更狠，上市前完成丙察察魔鬼路段碰撞、滾翻、浸水挑戰，電池安全提前滿足 2026 年 7 月實施嘅新國標及歐標。最讓人安心嘅就係嗰句承諾：“電池終身自燃包賠，唔限里程、唔限車主”——無論你係第幾任車主，開到報廢都保。呢種底氣，來自彈匣電池技術零自燃嘅積累，亦來自合資大廠嘅擔當。

三、操控實測：原廠 EZ-60 力壓 27 個品牌，拿下國家級拉力賽 SUV 冠軍

車展現場最燃嘅環節，係冠軍車手紀浩嘅分享。佢駕駛完全原廠未改裝嘅 EZ-60 純電版，參加 2026 中國新能源汽車拉力錦標賽新疆站。6 天 910 公里魔鬼賽程，面對絕大多數增程/插混嘅改裝車，佢硬係拿下咗場地賽 SUV 組冠軍、拉力賽總成績亞軍。紀浩話：“好多對手改過懸掛同輪胎，我連胎壓都係原廠推薦值。但 EZ-60 嘅底盤調校太牛了——戈壁碎石路唔顛，盤山路側傾極細，動力線性好似自吸發動機。” 呢就係馬自達嘅“電感人馬一體”：唔追求誇張嘅零百數字，但每個彎道都能讓你笑出聲。充分展現長安馬自達喺技術上嘅長期主義同深厚積累——從轉子到創馳藍天，再到電動時代嘅底盤調校，嗰份對駕駛樂趣嘅偏執從來冇變過。

🏆 拉力賽成績 場地賽 SUV 組冠軍、拉力賽總成績亞軍

⚡ 參賽車型 原廠純電 EZ-60，未改裝，對手多為增程/插混改裝車

🎯 操控秘技 線性動力響應、精準轉向、優秀側傾抑制，解決電車暈車痛點

四、全球統一標準：南京工廠出口歐美澳，國內連續 7 個月合資銷冠

長安馬自達南京工廠係馬自達海外最佳工廠，國內銷售同出口全球車型共線生產，完全相同嘅制造與品控標準。5 月底，80 多位來自歐洲、澳洲、泰國嘅海外經銷商專程考察，對焊裝、塗裝、總裝工藝讚不絕口。目前 EZ-60 已連續 7 個月蟬聯合資新能源中型 SUV 銷量冠軍，而 MAZDA 6e 右舵版亦已順利獲得歐盟、英國、澳大利亞三大市場認證——長安馬自達成為國內首個同時拿下呢三項認證嘅合資新能源車企。高管喺車展現場放話：“每一位中國用戶擁有嘅，都係真正嘅全球車。”

五、百萬馬粉生態：心願之旅 + 每公里捐 0.1 元，用戶先係品牌最亮嘅名片

2026 年，長安馬自達繼續踐行“用戶 +”思維。“心願之旅”讓用戶許願、品牌助力完成；“車主故事薈”已經 11 期，有連續 7 年捐助小學嘅公益達人，有因馬自達相識嘅情侶；“悅馬創作家”同“全民經紀人”讓用戶成為品牌傳播嘅主角。最動人嘅係“每一公里都有善意”公益行動：6 月 1 日至 20 日，車主每行駛 1 公里，品牌捐贈 0.1 元，全部用於改善雲南希望小學條件。自 2015 年以來，長安馬自達已在雲南捐建 12 所希望小學，投入超 1000 萬元。把每一次出行都變成愛心，呢格局大咗。

六、618 鉅惠：至高 3.7 萬補貼 +7,999 元尊享套裝，試駕送非遺金箔

重慶車展期間，長安馬自達推出“馭享夏日風情 悅享 618 大促”：至高 17,000 元置換廠補 +20,000 元以舊換新國補，購指定車型贈價值 7,999 元尊享套裝（原廠充電樁 + 龍膜太陽膜+TPE 腳墊），仲有 0 首付 5 年低息（年均費率 1.99%）及 7,999 元終身零燃權益。到店試駕新能源車型，即可贈送國家級非遺金陵金箔禮品。算落嚟，EZ-60 同 EZ-6 嘅入手門檻大幅降低，再加強終身電池包賠，性價比直接拉滿。

小編觀點：喺合資新能源普遍迷茫嘅當下，長安馬自達行咗一條“笨”路——唔吹牛、唔降價傷害保值率，而係用世界級獎項、拉力賽冠軍、終身電池承諾、百萬車主生態，慢慢累積信任。依然馬自達，唔係守舊，係依然堅持好設計、好操控、好品質，依然把用戶當夥伴。如果你正睇緊 20 萬級純電/增程 SUV，強烈建議去重慶車展 N8 館親自開一圈 EZ-60，體諒下佢嗰種叫“開得會笑嘅車”。

評論區傾傾👇：你覺得合資新能源入面，邊個最能代表“全球車”品質？馬自達嘅操控基因喺電動時代仲香嗎？

數據來源：長安馬自達 2026 重慶車展官方發布會及傳播手冊

6月11日晚间，中国轮胎行业龙头企业中策橡胶（603049.SH）正式发布2025年年度权益分派实施公告，向全体股东派发超12.5亿元现金“大红包”。公司将以总股本874,485,598股为基数，每股派发现金红利1.43元（含税），合计派发总额高达1,250,514,405.14元，以真金白银回馈投资者，彰显出强劲的盈利能力与共享发展成果的坚定决心。

本次分红时间节点明确，股权登记日定为6月17日，投资者当日收市后持有即可享有分红权利；6月18日将同步完成除权（息）及现金红利发放。在扣税规则上，公司严格执行差别化政策，鼓励长期价值投资：个人及证券投资基金持股超1年免征个税；QFII及沪股通投资者按10%扣税后，每股实发1.287元。

此次大手笔分红的底气，源自中策橡胶高质量发展的强劲动能。作为年营收超449亿元的轮胎巨头，公司旗下拥有朝阳、威狮等知名品牌，近期更成功切入问界M6新能源车型配套供应链，持续拓宽市场版图。

近年来，中策橡胶加速数智化与全球化双轮驱动，构筑未来增长引擎。智造端，公司携手华为打造F5G-A全光工厂示范项目，荣获国家级能效“领跑者”殊荣，引领行业智造转型；产能端，海外布局硕果累累，泰国、印尼基地稳健提产，投资10.41亿元的越南基地顺利推进，拟投5亿美元的墨西哥基地亦在建设中。

以丰厚的分红回馈股东，以创新智造与全球化布局引领未来。中策橡胶正以稳健的经营业绩和积极的市场拓展，展现出行业领军者的责任与担当，持续为投资者创造长期价值，在全球赛道上跑出高质量发展的“加速度”。

6月13日，长安马自达以“依然马自达”为主题，在2026重庆车展上展示了全球战略新能源车型MAZDA EZ-6、EZ-60及4月上市的EZ-60马年版，同时推出618年中钜惠，在至高20000元国补和17000元厂补基础上，购指定车型可享价值7,999元专属尊享套装（原厂充电桩+龙膜太阳膜+TPE脚垫/后备箱垫）。

EZ-6与EZ-60是长安马自达全面新能源化以来的两款全球战略车型。其中，EZ-6斩获“2026世界年度设计车”大奖，成为首个获此殊荣的中国新能源车型，EZ-60更成为全球唯一同时斩获8项世界顶级设计大奖的SUV。安全方面，两款车型均严格按照中欧双五星标准打造，EZ-6拿下C-NCAP、E-NCAP等5项权威安全认证，EZ-60电池安全提前满足新国标及欧标，长安马自达更向所有新能源用户承诺“电池终身自燃包赔，不限里程、不限车主”。

操控方面，EZ-60成功摘取中国新能源汽车拉力锦标赛场地赛SUV组冠军、拉力赛总成绩亚军，验证极致操控实力。车展现场，长安马自达车主，同时也是冠军车手的纪浩，分享了他驾驶原厂未改装纯电EZ-60征战中国新能源汽车拉力锦标赛的故事，在6天910公里的魔鬼赛程中，面对绝大多数增程/插混参赛车型的竞争，凭借EZ-60极致的品质稳定性与“人马一体”调校，从27个品牌100台参赛车中突围，完成了对EZ-60原厂量产车性能的极限验证。

目前，长安马自达已顺利获得欧盟、英国、澳大利亚三大市场整车认证，成为国内首个同时拿下这三项认证的合资新能源车企。过硬的全球品质赢得了国际市场的广泛认可，5月底，80多位来自欧洲、澳洲、泰国的海外经销商专程考察南京工厂，对生产工艺与品控体系给予高度评价。目前，EZ-6与EZ-60海外销售及预售态势持续向好，国内市场EZ-60已连续7个月蝉联合资新能源中型SUV销量冠军。

长安马自达汽车销售分公司执行副总经理吴旭曦表示：“长安马自达已成为马自达全球新能源整车设计、研发、制造基地和出口中心。我们郑重承诺，每一位马自达新能源用户拥有的都是一款真正的全球车。”

《行车智》观点：同级同价位新能源车里，EZ-6和EZ-60的质价比其实是被消费市场严重低估的。如果对那些花里胡哨的配置不太在意，对安全、驾驶乐趣和舒适性更在意，那么这两款车真的值得去试试。

13 Jun, Pameran Kereta Antarabangsa Chongqing ke-28 bermula. Sebagai penanda aras pasaran kereta wilayah barat-tengah tahunan, di bawah permukaan yang meriah pameran ini, ada kecemasan kolektif industri yang sukar ditanggalkan: perang harga berlansung secara bergilir, perlombaan senjata konfigurasi makin meningkat, pengguna pula makin kekalutan. Apabila kebanyakan merek masih "berperang rapat harga rendah dan parameter" di lautan merah, Avatr membawa semua produk dan kenderaan konsep VISION XPECTRA, dengan tiga kad as reka bentuk, teknologi dan merek yang tidak dapat direplikasi, memberikan laluan pertumbuhan lain kepada pasaran kereta China yang dipaksa hingga hampir mencekik oleh persaingan destruktif.

Setelah ditubuhkan selama lima tahun, menerima lebih 260,000 pengguna global, memasuki lebih 40 negara dan wilayah serta mencapai keuntungan luar negara, logik penyelesaian Avatr, tepatnya melompat keluar daripada jebakan rasputan kelestarian industri yang lazim.

Apabila orang lain menimbun konfigurasi permukaan, Avatr berpersaingan di keselamatan asas

Pasaran kereta elektrik kini terperangkap dalam perlombaan konfigurasi yang abnormal: skrin makin banyak, fungsi kerusi makin penuh, bilangan radar makin ditambah, merek semua "menambah tenaga di tempat yang dapat dilihat". Tetapi teknologi asas yang benar-benar berkaitan keselamatan pemanduan, jarang ada merek yang mendokong diri dan bekerja keras. Dalam pemahaman Avatr, keselamatan adalah garis dasar kemewahan, dan juga topik teras yang tidak boleh dikurangkan.

Control Pintar Taihang 2.0 yang dilancarkan Mac tahun ini, tepatnya pelaksanaan terkumpul logik ini. Ramai hanya perhatikan 712kW kuasa maksimum sistem, pecutan 0-100 2.71 saat prestasi yang mencolok, tetapi melupakan teras sebenar sistem ini—ia memasukkan keupayaan keselamatan ke dalam sistem lantai dan pengelectrican, bukan hanya停留在 pada parameter kertas.

Berbeza dengan penggerak empat roda tradisional hanya boleh mencapai pengagihan kuasa hadapan-belakang, penggerak elektrik terdistribusi Taihang boleh mengawal kelajuan putaran dan tork roda kiri-kanan secara berasingan dan tepat. Hadapan situasi jalan kompleks seperti gunung, licin, ais dan salji, sistem boleh mengesan roda tergelincir pada tahap milisaat dan membetulkan sikap kereta secara aktif. 220 km/j berjalan stabil 4 tayar meletus, daya brek diberikan terbalik oleh penggerak elektrik selepas brek mekanikal gagal, keupayaan senario ekstrem seperti elak tergelincir air, semuanya menjadi piawai penandaan model pengeluaran. Lebih penting, ini bukan teknologi konsep untuk panggung, tetapi fungsi pengeluaran yang sudah dipasang pada Avatr Baharu 12 dan Avatr 06T. Aktiviti pengalaman khusus Siri Keselamatan Taihang yang bermula bulan ini, lebih membawa teknologi makmal kepada pengguna, menjalankan ujian senario sebenar di lebih 10 bandar seluruh negara.

Apabila industri semua bersaing di konfigurasi boleh dipapar, Avatr memilih bekerja keras di "asas yang tidak dapat dilihat". Di bawah permukaan yang sopan, ada warna asas keselamatan yang lebih kokoh, ini bahagian teras yang sepatutnya ada pada kelas premium baharu.

Apabila orang lain meniru dan ikut, Avatr menjadikan reka bentuk asal pasport global

Pameran sulung VISION XPECTRA, kenderaan konsep pertama Avatr di Bandar Gunung, di Pameran Chongqing kali ini, adalah salah satu cahaya yang paling banyak perhatian. Kabin prisma panorama lutsinar seperti rumah hijau kaca, "Pusaran Emosi" sebagai teras interaksi utama memuat sambungan emosi, bahan penggelembung dan teknik rajutan 3D membolehkan mekanikal mempunyai suhu dan kehidupan. Kereta ini bukan hanya imaginasi perjalanan masa depan, tetapi juga purata reka bentuk produk pengeluaran generasi kedua Avatr.

Banyak orang berfikir "reka bentuk adalah mistikal", tetapi di pasaran automotif global, reka bentuk asal tepatnya parit perlindungan merek yang paling keras. Bentuk badan boleh ditiru, senarai konfigurasi boleh ditimbun, tetapi satu bahasa reka bentuk dan sistem estetika unik, sentiasa tidak dapat disalin.

Kepercayaan Avatr terletak, reka bentuk asalnya sudah memperoleh tiket masuk pasaran global. Antara 2024 hingga 2026, Avatr 11, 12, 07, 06 terus meraih Red Dot, iF, IDA dan banyak anugerah reka bentuk global tertinggi, menjadi salah satu merek premium baharu China yang paling banyak menerima anugerah reka bentuk antarabangsa. Di belakang pengiktirafan ini, ada sokongan sistem reka bentuk global yang lengkap: Munich dan Shanghai dua pusat reka bentuk utama, mengumpulkan lebih 200 bakat reka bentuk dari 25 negara, mendefinisikan falsafah reka bentuk "Kemewahan Emosi Baharu" dari sumber.

Reka bentuk asal sentiasa bukan slogan emosi, tetapi pasport merek menuju global. Di Eropah dan pasaran mewah matang lain, pengguna mempunyai keperluan sangat tinggi terhadap estetika merek, harga rendah dan menimbun konfigurasi sukar memecahkan situasi, hanya bahasa reka bentuk unik dan气质 merek, boleh mengambil tempat di ruang utama yang dikuasai merek mewah beratus tahun.

Apabila orang lain keluar negara dengan harga rendah volume, Avatr membuat pengeluaran merek kelas tinggi

2026 adalah tahun utama keluar negara kereta China, tetapi logik keluar negara kebanyakan merek belum melompat keluar daripada kerangka tetap: pasaran domestik persaingan mencapai puncak, beralih ke luar negara mencari peningkatan, masih jalan lama harga rendah volume. Tetapi laluan keluar negara Avatr, dari permulaan sudah memilih laluan mewah berbeza.

Setakat ini, Avatr sudah memasuki lebih 40 negara dan wilayah global, dan di banyak pasaran mewah matang matang mencapai keuntungan terdahulu. Di Thailand, UAE dan pasaran lain, Avatr dengan harga lebih tinggi daripada domestik mengukuh di pasukan pertama elektrik tulen mewah, tidak bergantung harga rendah untuk skala, sebaliknya凭借 kekuatan produk dan merek berdiri kukuh di pasaran mewah, ini tidak lazim dalam merek China keluar negara.

Akhir tahun ini, Avatr akan secara rasmi mendarat di Eropah—tempat kelahiran kereta mewah global, juga arena akhir nilai merek. Mengikut perancangan, hingga 2030 Avatr sasaran penjualan global tahunan 800,000 kenderaan, jualan luar negara lebih 40%, perniagaan meliputi 110 negara dan wilayah. Lebih sukar, teras strategi luar negara Avatr bukan "kejar penjualan", tetapi "bina merek". Kesabaran mengejar skala jangka pendek, di industri yang tidak stabil sangat jarang—nilai merek kelas tinggi sekali dicairkan harga rendah, sukar dibina semula.

Sebab itu juga, permainan merek Avatr juga membongkar had tradisional industri automotif. Bekerjasama dengan Mango TV menghubungkan "Angin", "Penyanyi" dan sembilan IP hiburan utama, menjadi rakan kongsi rasmi global pasukan kebangsaan Portugal, bukan hanya tanam logo mudah, tetapi benar-benar beremosi dengan kegeminan kehidupan pengguna. Apabila kereta berkembang dari kenderaan kepada pembawa emosi, merek bukan lagi simbol sejuk, tetapi simbol budaya yang terikat dengan gaya hidup pengguna.

Ditulis di bahagian akhir: Di titik lima tahun setelah ditubuhkan melihat kembali, pilihan utama Avatr sentiasa jelas: tidak ditarik oleh persaingan industri, berpegang irama pembangunan sendiri. Orang lain berpersaingan harga akhir, ia berpersaingan teknologi asas; orang lain menimbun konfigurasi permukaan, ia buat reka bentuk asal; orang lain luar negara harga rendah volume, ia bina merek kelas tinggi.

Seperti Pengerusi Avatr Technology Wang Hui berkata: "Di arena kereta, Pasukan China sudah berdiri kukuh di pusat pentas, bersaing di arena sama dengan merek mewah beratus tahun global,开启 pertarungan tahap dunia benar-benar." Inti pertarungan ini, sentiasa bukan harga tinggi rendah, tetapi sekatan teknologi teras, keunikan bahasa reka bentuk, dan nilai merek diiktiraf pasaran global.

Setengah tahun kedua, SUV Mewah 5 tempat duduk Pintar Cantik Avatr 07L akan dilancarkan, SUV 6 tempat duduk Flagship yang pertama pasang Bateri Kondensasi Kirin CATL juga akan muncul dalam tahun ini. Lima tahun berikutnya, dapatkah Avatr di pasaran global benar-benar teguh berakar, melawan secara langsung dengan merek mewah beratus tahun? Jawapan sedang sedikit demi sedikit menjadi jelas dalam masa.

一九七七年十一月十五日。一輛定製嘅汽油版 Fairmont Futura 喺新澤西工廠下線，這係福特喺美國生產嘅第 1 億輛車。喺 CAFE 法案嘅逼迫、日系車蜂擁而入嘅壓力以及過度降本帶來嘅爭議中，福特決定唔將呢款車賣掉，而係藉佢開啓橫跨東西海岸嘅巡演來沖喜。

當底特律三巨頭同 Toyota 們，喺全球最大嘅汽車市場入面上演住世紀較量嘅時候，一個大膽嘅想法，出現喺 11,460 公里外嘅黃浦江畔。手工製作鳳凰轎車嘅積累，化作上海牌轎車進入咗穩步發展階段嘅動力，即便年產量接近 3,000 輛，呢都還唔能滿足旺盛嘅需求。中國嘅轎車生產都要採用福特流水線式作業嘅構想，再次提上咗日程上。

與跨國汽車製造商合資合作，就係最現實嘅選項。縱觀國內汽車行業，唯一能夠批量生產轎車且建有裝配線嘅只有一個地方：上海。接下來，中國汽車行業嘅故仔，就進入咗上海大眾（現稱：上汽大眾）時間。喺開上桑塔納走遍天下都唔怕嘅傳誦中，全球範圍內嘅跨國車企紛紛到中國淘金。轎車進入尋常百姓家嘅熱潮，讓全球第一大汽車市場順勢易位。喺經歷咗燃油車時代嘅群雄逐鹿後，改變世界嘅機器逐漸切換到智電賽道。

二零零二六年五月二十八日下午。上海北外灘世界會客廳入面。上汽集團董事長王曉秋將一輛智己 LS9 Hyper 專屬定製模型，交到咗 Momenta 嘅 CEO 曹旭東手裏。掌聲響起，佢哋雙手相握，上汽集團嘅第 1 億輛整車交付就此定格。70 多年嘅造車征程，合流於申城啟元嘅巨浪，上汽成為中國首家跨入全球億級汽車陣營嘅整車集團：一力當先正潮頭。

一九九七年一月。Toyota 用 50 年嘅時間，迎來咗第 1 億輛汽車。跨過福特嘅流水線作業，Toyota 用獨有嘅精益生產方式，將燃油車時代嘅效率拉到咗頂峰。喺平成大蕭條同亞洲金融危機嘅陰霾入面，日系車完成咗對歐美汽車神話嘅拆解。喺一片讚譽聲中，Toyota 並冇沉溺於 1 億輛燃油車堆砌嘅鋼鐵紅利入面。唔到 10 個月後，Toyota 再次震驚世界。《經濟學人》喺世紀交替嘅時刻寫道，當底特律還痴迷於大排量 SUV 嘅轟鳴時，呢家東方車企用 Prius 提前扣響咗綠色低碳嘅大門。

而家，上汽智己 LS9 Hyper 用中國嘅方式，讓汽車世界嘅轉型再提速。呢款車搭載咗下一代嘅恆星超級增程動力系統、下一代嘅全線控四輪轉向系統、下一代嘅智能駕駛技術，每項都指向咗下一代電車嘅最高標準。佢既係上汽 70 年造車底蘊同技術嘅集大成者，更係中國新能源對汽車世界嘅宣言。如果話 Prius 係對燃油車秩序嘅溫和改造，那麼上汽智己 LS9 Hyper 就係對全球汽車引力場進行咗一場斷裂式重塑。中國工業院院士邬汪興話，LS9 Hyper 將中國原創嘅內生安全系統植入車內，對全世界嚟講，都係非常重要嘅高光時刻：係中國汽車工業邁入「第四代電車」時代嘅旗艦標杆。

回頭望，從草窩裏飛出金鳳凰，到上海大眾扎根安亭，再到上海通用崛起於浦東，MG、榮威、智己、五菱、寶駿、大通等成為自主品牌擔當，尚界、華境力拓造車新路；從燃油車到純電動；從乘用車到商用車；海納百川嘅上海氣度，讓上汽集團變得唔一樣：唔設技術圍牆，唔做生態孤島。

二零零五年五月。隨著一輛銀色嘅途安駛下生產線，沃爾夫斯堡嘅第 1 億輛汽車，將大眾品牌推到咗億輛汽車品牌俱樂部，佢係人類機械製造體系對硬件複製一致性嘅最高收成。中國汽車嘅黃金時代，更為大眾提供咗更豐厚嘅紅利。跨入 1 億輛汽車規模嘅門檻，從冇巧合嘅土壤。喺汽車歷史嘅切片入面，佢對應住三個硬核指標：面對外部變化嘅抗風險能力、現代製造體系下嘅工業一致性以及戰略敏捷度。

20 年後，呢三個硬核指標，迎來咗智電化嘅重新定義。進入二零零二六年，中國汽車市場新能源滲透率持續攀升。其中，四月份乘用車嘅滲透率首次突破六成。站喺累計 1 億輛嘅新起點上，上汽集團向全球汽車市場展示出咗能力輸出嘅戰略敏捷度。

今年五月，上汽集團整車銷售 34.9 萬輛，繼續穩居行業頭部陣營。前五個月，自主品牌累計銷量達 117.3 萬輛，同比增長 8.6%；新能源車銷量 59.5 萬輛，同比增長 13.2%；海外市場銷量 58.9 萬輛，同比大漲 45.9%，自主合資、乘用商用、海內海外同向發力，推動上汽喺穿越週期中持續向上。

值得一提嘅係，上汽嘅合資新能源板塊，亦迎來咗新嘅增長點。合資新能源五月強勢回暖。五月上汽通用新能源車銷售 1.3 萬輛，同比大漲 75%，至境 E7 上市首月交付破萬。五月上汽大眾新能源車銷售近 1 萬輛，同比增長 34.3%；新上市嘅 ID.ERA 9X 累計交付超過 7000 輛。

上汽通用 Buick 品牌嘅 7 系車型，採用本土自研嘅逍遙超級架構，同真龍混合動力系統。從三電系統到激光雷達冗餘嘅高級智駕，其底層嘅研發邏輯實現在地化。上汽嘅技術輸出，讓 Buick 品牌重獲新生。上汽大眾旗下 VW 品牌嘅旗艦 SUV 車型 ID. ERA 9X、Audi 品牌嘅 AUDI E7X，都係聚合全球資源，為中國用戶嘅智電需求精準定製。

喺今年嘅大灣區車展上，AUDI E7X 以 26.98 萬元嘅起售價正式上市，成為 BBA 解題中國嘅新答案。隨著呢些車型嘅密集落地，上汽集團同通用、大眾嘅合作，完成咗從引進技術到聯合開發、再到時下「合資 2.0」嘅跨世代轉軌。二零零五年 VW 品牌嘅 1 億輛，係用 2300 萬輛 Golf 同 1300 萬輛 Passat 嘅燃油紅利，築起咗硬件複製一致性嘅巔峰。

二零零二六年上汽集團嘅 1 億輛，其最核心嘅內容之一，就係透過自身嘅技術同架構輸出，重構咗合資品牌嘅合作分工，這已經成為跨國車企立足中國市場嘅最優解。呢一輪全球汽車行業嘅新能源轉型，風高浪急、變數叢生。手握技術底牌嘅上汽，喺未來嘅智電紀元入面，逐漸立住咗規則制定者嘅位置：莫聽穿林打葉聲，何妨吟嘯且徐行。

二零零二四年九月。現代汽車喺建廠 57 年後，一輛喺蔚山工廠生產嘅 IONIQ 5，將其生產紀錄推升到 1 億輛。呢係漢江奇蹟，喺世界汽車商業史上嘅新敘事。現代汽車集團，也因此成為全球化程度最高嘅車企之一。喺中國車企嘅出口量攀上 800 萬輛嘅規模後，韓國同日本嘅汽車出口紀錄被改寫。現代同 Toyota 進擊全球嘅範本，有新嘅主角。

二零零二六年五月三十日。喺上汽集團站上第一個 9 位數嘅交付量後，下一個 1 億輛嘅首位用戶出現喺英國。倫敦嘅醫生 Natalia 將記憶入面祖父嗰輛 MGB 換做新一代嘅 MG4 EV Urban。嘀噠嘅指針，帶來新嘅故事。喺上海浦東、喺印尼雅加達、喺陝西藍田、喺新加坡 DHL 供應鏈先進區域中心、喺山西太原、喺广西河池，上汽集團旗下 15 個品牌嘅交付秒級鋪開。

伴隨著屏幕上交替出現嘅畫面，上汽集團嘅 Glocal 戰略，延展出新嘅輪廓，佢再唔係傳統嘅商品外貿與產品嘅單向出口，而係用全價值鏈嘅中國智電內核，去全景咬合全球不同時區嘅具體生活：上汽嘅每一款車，都要將中國最好嘅智能科技，變成全球每個家庭觸手可及嘅穩穩幸福。

喺大洋洲，MG 嘅小型車位居細分市場頭部；喺泰國，MG 成為增長最為穩健嘅中國品牌；喺南美 7 國，MG 嘅銷量正逼近萬輛大關；喺歐洲，MG 連續 11 年蟬聯中國品牌歐洲銷冠，亦係首個銷量破百萬嘅中國汽車品牌。

今年前五個月，累計銷量超過 15 萬輛，同比增長 20%，繼續冠領中國品牌。1 億輛+嘅榮光，順住黃浦江奔湧向前。喺倫敦嘅陰雨中、喺曼谷嘅夕陽入、喺蘇伊士運河嘅波濤間，喺每一個中國智電方案落地生根嘅角落，都係更國際化嘅上汽集團嘅新答卷：星垂平野闊，月湧大江流。

The whole vehicle sector has dropped again, leaving everyone bewildered.

Intelligent driving soars, vehicle manufacturers suffer.

During the 19th week of 2026, automotive stocks displayed a divergence curve — the overall sector fell 1.75%, yet one sector surged 2.04% against the trend.

On one hand is the premature prosperity of technology, on the other is the realistic collapse of automotive consumption. This weekly review may reveal the core contradictions and opportunities of the automotive industry.

01

During the 19th week of 2026, "AutosKline" incorporated UniAuto (HK.01511), the "first stock for full-scenario L4 autonomous driving" listed on the Hong Kong Stock Exchange on May 20, into the Intelligent Driving/Smart Mobility sector. At this point, there are 141 automotive stocks in the statistics, involving 117 listed automotive companies.

This week, automotive stocks overall closed down 1.75%. Although the decline was narrower than the 3.26% drop in the 18th week, it is still not optimistic. The number of declining stocks approached 100, those rising were still in the minority, and gains were generally low.

From the broader market perspective, last week's A-share market showed wide-range oscillation, with significant divergence among major indices. The Shanghai Composite Index fell 0.54% for the week, while the Shenzhen Component Index rose 0.23% to close slightly positive. The Hang Seng Index underperformed the A-share market, falling 1.37% for the week.

Automotive stocks started the week weak but recovered later, experiencing violent fluctuations from panic-driven plunges to phased rebounds. May 18 was dubbed "Black Monday," as the automotive sector suffered heavy losses, becoming the main leader in market declines.

Among them, Li Auto HK stocks plummeted 14.15% that day, Leapmotor fell 7.83%, and Great Wall Motor HK stocks fell 3.92%. However, rebounds occurred after mid-week, such as Seres A-shares rising 6.14% on the 21st, XPeng H-shares rising 4.57%, and Li Auto HK stocks rising 1.06%.

Latest data from the National Bureau of Statistics shows that the retail total for automotive consumer goods in April was 302.9 billion yuan, a sharp year-on-year decline of 15.3%. Faced with dual pressures of "weak demand" and "cost squeeze," the rebound in the second half of the week for automotive stocks may be more about valuation repair after being oversold.

02

In terms of sectors, the passenger car, dealer/retail/aftermarket, and commercial vehicle sectors led the declines in the 19th week, closing down 4.64%, 4.84%, and 3.86% for the week respectively. The new energy and parts sectors fell slightly by 1.32% and 0.59%, showing relative resilience, while the Intelligent Driving/Smart Mobility sector rose 2.04% against the trend, highlighting its resilience.

In the top 10 gainers list, six stocks from the Intelligent Driving/Smart Mobility sector occupied spots. Among them, CaoCao Mobility and YouJia Innovation ranked first and second with gains of 23.28% and 21.43% respectively. Hoan Automotive rose 10.5% to rank fifth. Meanwhile, Huaya Intelligent, Pony.ai H-shares, and US stocks locked the 7th to 9th positions.

No doubt, the Intelligent Driving/Smart Mobility sector was a bright spot among automotive stocks in the 19th week.

Specifically, the core drivers for CaoCao Mobility's surge mainly came from three aspects. First, the company launched a buyback plan of up to 200 million HKD, showing strong willingness for market value management. Second, Caitong Securities covered the stock for the first time in May and gave it a Buy rating, pointing out that the company's Robotaxi business is expected to be launched on a large scale in 2027, with cumulative deployment of 100,000 units by 2030, expected to achieve a revenue scale of about 15 billion yuan. The market began to revalue the company.

In addition, news of Tesla FSD entering China on May 22 became an "igniter," further boosting market enthusiasm for intelligent driving concept stocks. CaoCao Mobility ranked among the top gainers that day, closing up 18.38%.

YouJia Innovation was even more "outrageous," surging 23.64% on May 22, with a powerful breakout.

As a full-stack technology enterprise that has been deeply engaged in the intelligent driving and unmanned vehicle fields for over a decade, YouJia Innovation is moving from algorithm research and engineering implementation to commercialization on a large scale.

On May 19, the company announced it received a batch order of 200 units for the first batch of real map-free unmanned vehicle Xiaozhu T5Pro, landing in Danyang, Jiangsu, marking the entry of "map-free" L4 unmanned logistics vehicles from product launch to mass delivery stage.

Currently, the intelligent driving industry is making a deep transition from "rule-driven" to "physical AI." The core upgrade is cloud-based large model empowerment with physical interaction capabilities possessing general intelligence. As the optimal scenario for large-scale implementation of physical AI, L4 autonomous driving is approaching a commercial tipping point.

Meanwhile, YouJia Innovation, rooted in both L2 pre-installation and L4 unmanned vehicle tracks, has become a focus of market attention.

03

The support for Pony.ai's rise, the "first autonomous driving stock in China," comes from Toyota Motor becoming its largest external shareholder, providing industry endorsement, and accelerating global business. Pony.ai is expected to have nearly half of its deployed cities located overseas by the end of 2026, becoming another support point for valuation improvement.

The logic behind Hoan Automotive's rise is also relatively solid. The company recently received a design letter for intelligent driving visual perception (ADAS camera perception) products from a German high-end luxury automobile brand. The designation letter shows a project lifecycle of 7 years, with estimated total revenue of about 780 million yuan within the lifecycle, expected to start mass production in September 2027, entering a new harvest period.

In addition, the controlling shareholder voluntarily extended the lock-up period for restricted shares, and NVIDIA's visit also heated up market sentiment.

In summary, the overall surge of the Intelligent Driving/Smart Mobility sector was not accidental. The news that Tesla's Supervised FSD is about to be used in the Chinese market became a direct catalyst for the explosion of the intelligent driving sector. Institutions generally expect that Tesla's FSD entering China will accelerate the comprehensive maturity and domestic substitution process of China's intelligent driving industry chain through the "catfish effect."

Previously, the market focused more on the intelligent driving layouts of OEMs like NIO, XPeng, and Li Auto. Last week, a large number of upstream intelligent driving technology suppliers and parts companies were pushed to the top of the gainers list. Investors may have begun to realize: the maximum elasticity of intelligent driving may be in the upstream of the industry chain rather than at the whole vehicle end.

Six stocks from the Intelligent Driving/Smart Mobility sector simultaneously ranking in the top 10 gainers may be a concentrated reflection of the industry stepping into a commercial tipping point; the large-scale deployment schedule, signed orders, and received designations are the most powerful footnotes.

04

In addition to the ignited Intelligent Driving/Smart Mobility sector, Domex Technology, Shentai Technology, and Farasis Energy from the new energy sector also entered the top 10 gainers.

Among them, Domex Technology hit the limit up on May 20. In its reply to investor inquiries on May 22, it stated: "Benefiting from market demand growth, the volume and price of the company's electronic chemicals business are both showing an upward trend, and the profit space is expected to open up further."

At the same time, the quotation of Lithium Hexafluorophosphate recently rose, mainly affected by the rise in upstream cost-end prices such as Lithium Carbonate and the good start rate of downstream electrolyte. It is expected that there is still room for Lithium Hexafluorophosphate price increases.

Domex Technology spans multiple tracks such as Lithium Hexafluorophosphate, electronic chemicals, lithium batteries, and fluorine-based new materials.

The core driver for Shentai Technology's rise, the anode industry leader, is the "volume increase, price stability" under the continuation of high prosperity in the anode material industry, combined with product structure upgrades.

Currently, the overall demand in the anode material market remains robust. Shentai Technology has achieved substantial breakthroughs in high-growth tracks such as fast charging and solid-state batteries. For example, its 500-ton class silicon-carbon anode capacity has landed and achieved batch supply.

In addition, the company is actively promoting the Shanxi Xiyang 200,000-ton anode material integrated project and the Malaysia 50,000-ton anode material construction project. It is expected that the anode shipment volume in 2026 can reach 460,000 tons.

Farasis Energy rose for 5 consecutive days last week, steadily improving. Farasis Energy recently stated in a research survey that more than half of its revenue comes from overseas customers, and it has formed cooperation with overseas automobile companies such as Mercedes-Benz, TOGG, and Mahindra Group. Its degree of internationalization is at the forefront of the industry.

In addition, on May 15, Farasis Energy officially announced that the SPS soft pack battery solution developed by the company won the Geely Radar EV pickup order, and the battery pack equipped with it will be mass-produced in the second half of this year.

Represented by these three listed companies, the new energy sector saw a significant rise in industry prosperity last week.

05

In the decline list, passenger car whole vehicles and dealers became the disaster zones. Among them, whole vehicle enterprises such as Li Auto, NIO, and Geely Auto; dealers such as Best Group Holdings, Changjiang Shares, and Meidong Auto all entered the list, occupying eight of the ten spots in the decline list.

The fact that "car makers" and "car sellers" appeared on the list together reveals the most direct pressure logic on the automotive industry chain.

Li Auto underwent "free fall" last week. Although the pricing of the flagship model new L9 Livits version was "open high and close low," it was not disruptive in the market. This car is considered the most important "catalyst" of the year internally, but the capital market responded with a plummet, possibly shaking confidence in Li Auto's premiumization and profit recovery.

For NIO, although a positive Q1 report was released — total revenue 25.53 billion yuan, up 112.2% year-on-year, operating profit 66.8 million yuan, achieving operating profitability for the second consecutive quarter; however, in the "black" market atmosphere of the automotive sector, it could not save itself.

Recently, when talking about the long-term positioning of NIO's three brands, Neta (Onvo) and Firefly, NIO founder William Li stated that from the final sales structure perspective, the three might be roughly "3:6:1", or about "35:55:10". He also stated that if Neta can achieve a monthly sales of 20,000 units, it will be an important scale level. Future growth for Neta will rely more on channel penetration.

The overall pressure on the passenger car sector reflects the deep contradictions faced by the entire automotive industry chain. Demand collapse, cost squeeze, and profit collapse are more like a concentrated release of industry systemic risks.

Echoing the whole vehicle enterprises is the fact that the three car dealers Meidong Auto, Changjiang Shares, and Best Group Holdings also fell into the top 10 of the decline list.

Behind the overall pressure on dealers is a situation that is even more dangerous than that of whole vehicle enterprises. "Price wars" have led to losses in new car sales, and gross margins for new car businesses have continued to deteriorate, causing dealers to enter a fragile period of continuous "bleeding."

The convergence of whole vehicles and dealers on the decline list reflects pressure transmission throughout the entire automotive circulation system, from whole vehicle manufacturing to terminal sales, from order-taking to inventory digestion.

In such a market environment, the ranking of declines on the list is essentially a direct mirror of the pressure borne by the industry chain.

Views of AutosKline:

When the panic of "Black Monday" and the euphoria of "intelligent driving counterattack" are written into the weekly行情 together, the most rational attitude might be — to remain optimistic about upstream technological breakthroughs, stay vigilant about downstream consumer realities, and in the structural changes of the industry chain, find targets that can both "look up at the stars" and "keep their feet on the ground."

Appendix: Weekly Trends of Six Major Automotive Stock Sectors (May 15-May 22)

The text is original from [AutosKline]. Content reference materials come from listed company announcements and public industry information (relevant companies and institutions should be obligated to verify the authenticity); some pictures come from the internet, copyright remains with the original owner.

Articles from this account cannot be reprinted without authorization; violators will be held accountable. At the same time, article content does not constitute investment advice for anyone! Stock market risks are high, invest cautiously!

5 月 28 日，全新吉利星願正式上市。新車全系續航里程實現躍升：310km 版本升級至 410km，410km 版本升級至 480km。共推出 410km 嚮往版、410km 乘風版、480km 探索版、480km 探索 + 版四款車型，上市限時權益價為 6.18 萬元至 9.18 萬元。為滿足多元化需求，410km 版型仍保留 310km 續航反選權益，反選後價格可下調 7000 元。

即日起，用戶可通過吉利銀河 APP、微信小程序下定，享受十重購車禮遇及限時超級置換金。2026 年 6 月 30 日前大定並鎖單的用戶，可額外獲 3000 元超級置換金權益。

作為 2025 年中國車市全品類銷量冠軍，吉利星願在 573 天內交付量突破 70 萬輛，今年一季跻身全球新能源銷量前三，也是唯一進入該榜單的中國品牌車型。新車發布會上，代言人容祖兒到場分享用車體驗。同時，吉利星願聯動寧德時代、小紅書等多個跨界品牌，打造五大生活場景發布會，聚焦日常出行核心需求。

產品力方面，全新吉利星願實現五大進階：

駕控方面，基於吉利首個全球化原生架構及中德聯合調校，全系標配後驅獨立懸掛，搭載 G-TCS 2.0 防滑系統、無刷轉向系統及 G-CST 2.0 舒適制動系統，以 130km/h 通過魚鉤測試、80.7km/h 完成麋鹿測試。

三電方面，全系標配寧德時代電芯、液冷溫控及 11 合 1 高集成電驅，最高續航 480km，30%-80% 快充僅需 19 分鐘，搭載星睿 AI 雲動力 2.0 實現全鏈路能量管理。

智能座艙搭載銀河 Flyme Auto 2 系統及 7nm 龍鷹 1 號芯片，配備 AI 語音助手 Eva，支持 CarPlay 手機互聯及多種場景模式。

輔助駕駛搭載千里浩瀚 H3 方案，涵蓋高速高架 NOA、APA 泊車、HPA 記憶泊車、DMS 疲勞監測及哨兵模式等功能。

安全方面，採用五縱八橫星甲籠式車身，車頂抗壓強度達 3.4 倍車重。電池完成 1000 次循環後容量保持 90.72%，並成功通過海水腐蝕、泥水衝擊、連續碰撞等極限測試。

目前，吉利星願已登陸全球 30 多個國家和地區，在巴西、泰國等市場獲得多項國際獎項。吉利銀河表示，將繼續堅守“造每個人的智能精品車”理念，在各細分市場提供超越期待的產品。

May 20, 2026, XPeng Automobile announced the official launch of its first full-size new technology flagship SUV — XPeng GX, with a limited-time offer price starting at 269,800 RMB. The official campaign states that this car is dedicated to everyone who strives for themselves and for the times. For a long time, this group of dedicated fighters has often fallen into the dilemma of trade-offs when choosing a large six-seater SUV, such as large space vs. difficult handling, high configuration vs. high premium, long range vs. poor experience. The launch of XPeng GX is not just a product release, but an open declaration of war against long-standing industry issues. It comes standard with over 100 leading technologies in the 500,000 RMB level category, attempting to end the core pain points of full-size SUVs with technological strength aimed at the physical AI era.

Technological Luxury Deconstructing Traditional Spec-Sheeting and Spatial Equality

For a long time, the discourse power of high-end luxury cars has been monopolized by the material worship of traditional OEMs. Symbols of luxury from the industrial age such as genuine leather, solid wood, crystal, and gold leaf form the moat of high premiums. However, the launch of XPeng GX actually represents the new automotive forces declaring: true luxury is not piling up traditional craftsmanship, but excellent design, exquisite configuration stacked with technological differences, i.e., technological luxury.

In interior design, XPeng GX has not fallen into the trap of dazzling extravagance. Three color schemes, Dawn White, Forest Mist Purple, and Platinum Brown, paired with delicate touch NAPPA genuine leather, set the tone of light luxury. Most embodying its technological luxury cleverness is the industry-first Star Soft Translucent Leather craft. It cleverly hides ambient lighting underneath the leather, shining like a starry river when lit, disappearing invisibly when extinguished. This reserved design philosophy precisely fits the elegant, non-herd mentality aesthetic trend of the new generation of fighters. The cockpit is also equipped with dual zero-gravity seats that can recline simultaneously, a five-screen linkage system including an 88-inch Follow Light Panoramic Head-Up Display, and a sterile double-door double-zone car refrigerator and Silent Sensation Soft Wind Central Air Conditioning 2.0. The whole vehicle applies six pieces of AI dimming privacy glass and ENCRNC AI intelligent noise reduction technology. When driving at 60 km/h, the in-car noise energy is reduced by 50%, embodying profound humanistic care in details.

More importantly, XPeng GX has achieved a cross-class spatial experience of Row 1 surpassing Series 7, Row 2 Maybach, Row 3 Alphard through technological innovation. Traditional full-size SUVs often focus the center of gravity on the first and second rows, while the third row becomes a small stool under space compromise. XPeng GX has the widest third-row lateral space and maximum headroom. And the third-row seats support 0 to 180-degree backrest and headrest electric stepless adjustment. Full configuration seat cushion and backrest heating, truly realizing spatial equality between the third row and the first two rows.

In addition, its spatial flexibility is equally remarkable. The new car is equipped with the world's only third-row electric three-fold technology. The third-row seats support 50:50 independent electric storage. When traveling with 6 people fully loaded, the trunk volume reaches 673L, first in its class, easily accommodating 6 24-inch luggage. When the third row is fully electrically stored, it evolves into a super large four-seater. The trunk's maximum expanded volume soars to 1748L, 4 bicycles can be placed side by side without folding. This extreme squeezing and flexible combination of space completely dissolves the traditional dilemma of full-size SUVs fully loaded with six people but unable to put down luggage, allowing the public value of large six-seat SUVs to be fully released.

Ending the Physics Magic of Large Cars Being Hard to Drive and Safety Redundancy

In automotive engineering, a vehicle's physical dimensions and handling flexibility are a natural contradiction. How does a behemoth over 5.2 meters long and over 3.1 meters wheelbase navigate effortlessly in narrow city lanes and multi-story parking garages? The solution given by XPeng GX relies on the native steer-by-wire chassis built for the physical AI era, completely reversing the heavy and difficult-to-drive feeling of full-size SUVs.

XPeng GX's native steer-by-wire chassis possesses core technologies such as AI intelligent chassis integrated motion control system X-VMC, steer-by-wire, rear-wheel steering, and dual-chamber air suspension. Among them, the new car standardizes rear-wheel steering across the series, easily achieving a minimum turning radius of 5.4 meters, flexibility comparable to an A0-class sedan. And the industry-first steer-by-wire front-wheel steering system breaks traditional physical steering limits, achieving variable steering ratio across all speed ranges. The minimum steering ratio at low speed is only 0.6, U-turn requires only half a turn of the steering wheel, can be operated calmly with one hand. The X-VMC system achieves intelligent integrated control of drive, brake, steering, and suspension, allowing the vehicle to not skid on ice/snow and not lose control on tire blowout.

In terms of power and energy consumption, XPeng GX launches two power versions simultaneously: pure electric and super extended range. Pure electric four-wheel drive version CLTC range 750km, energy consumption as low as 15.2kWh/100km. Paired with 5C supercharging technology, 12 minutes can replenish 525km. And the version launching with the new generation Kunpeng Super Four-Wheel Drive Extended Range technology completely overcomes the industry pain point of "fully dragon, low power worm". When the vehicle remaining 10% low battery state, 0-100 acceleration decay is less than 1 second, and can use 92-octane gasoline. Super extended range version achieves CLTC pure electric range 430km, combined range 1585km. Travel cost per kilometer as low as 3 cents. When the range extender intervenes, through active noise cancellation and silent dedicated engine etc. five major noise reduction technologies, noise less than or equal to 0.5 dB, guaranteeing cabin quietness comparable to a library.

Safety is the greatest luxury, deeply carved into the bones by XPeng GX. In passive safety, it adopts the class's largest 16000T front and rear integrated die-casting technology to create a castle-style body. Body torsional rigidity reaches the class's largest 56,000 Nm/deg. Cooperating with 11 airbags covering three-row passengers, to build a solid physical defense line. In active safety, the industry launches all-weather all-scenario steady travel system, including ice/snow AES, tire blowout steady travel, 700mm wading steady travel etc. seven major systems, and standardizes 2 professional wading level radars. More subversive is, XPeng GX integrates safety redundancy design from flying cars. Equipped with four-fold safety backups on steering, braking, door unlocking systems. Drive, power supply, communication systems use dual redundancy, pushing automotive functional safety and fault protection to aerospace standards.

All-Scenario Evolution under Robotaxi Technology Downgrade

As a tech car company long with smart driving as its core label, XPeng demonstrated the highest crystallization of its 12-year technology accumulation on the GX — the first mass production downgrade of fully stack self-developed Robotaxi technology. The new car series is equipped with Turing AI chips. Possessing up to 3000 TOPS top-level computing power, providing an extremely powerful computing power base for intelligent driving.

With the release of XPeng GX, the second generation VLA also welcomed the 6.2.0 version push. This update adds park underground garage no-navigation roaming and all-scenario stationary start, achieving the leap of pure vision large model all-scenario capabilities. Relying on the unified base large model, one model can penetrate park, underground garage, urban area, highway. Relying on excellent human-like generalization ability, super strong visual understanding ability and human-machine co-driving technology, the car can observe and understand the world like a human old driver at all times, truly achieving wherever it goes, sees, it drives. In live tests facing extreme unexpected situations like sudden appearance at crossroads, rainstorm downed trees etc., XPeng GX showed strong capability of steady deceleration and smooth lane change detour. For sudden personal safety risks, the new car equipped driver incapacity assist system, can monitor sudden fainting etc. accidents while smart driving. Automatically complete warning, lane change, parking, rescue full process, using intelligent system to fight for every second for life.

The advanced technical strength demonstrated by XPeng GX serves not only the domestic market but also XPeng's global great navigation strategy. From its development trajectory, XPeng has demonstrated a huge systematic layout both at home and abroad. Since July 2025 announced first overseas local production project in Indonesia landing, to September same year European local production project in Austria Graz Magna factory officially started, to December launching Malaysia local production project, XPeng Automobile has already assembled a scaled, diversified, heavy R&D cross-border team.

XPeng GX Super Four-Wheel Drive Extended Range version after successfully challenging 1318km zero-replenishment Beijing-Shanghai direct drive, soon will also start Beijing - Dubai 12000 km cross-country expedition range challenge, and officially launch in the Middle East in mid-June. XPeng GX as a technological masterpiece aimed at the physical AI era, its landing in overseas markets represents that Chinese cars going global have said goodbye to the old era of low-price involution, officially stepping into the technology and standard going global 2.0 era where smart driving technology and high-end intelligent platform are the core output.

XPeng GX launch, using series standard over 100 items 500,000 RMB level practical tech configuration, brought intense shock to the high-end large six-seat SUV market where premiums and technology squeezing toothpaste have long existed. It proves to the industry that through bottom-level technology reconstruction, enterprises can completely while maintaining extremely competitive prices, provide a product experience surpassing traditional luxury cars. For those fighters struggling hard in the torrent of times, XPeng GX is not only a safer, smarter, more worry-free travel tool, but also a physical AI partner that can accompany them calmly to rush to mountains and seas, exploring infinite boundaries of life.

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Accuracy and authenticity of the above content are not guaranteed. Market has risks, investment and trading need caution. No recommendation is made for involved targets, based on this investment trading, risk at own responsibility.

Keji Hui, founded by senior finance and technology media people, pioneer of finance and technology reporting, annual reading and viewing volume hundreds of millions. Established finance and technology media people community. Research major financial and economic dynamics, entrepreneurial spirit, commercial civilization development history, report key development nodes of large enterprises, listed companies, startup companies. Content synchronized with dozens of network platforms. Welcome to provide reporting leads and interview opportunities.

近日，東營市方興橡膠有限責任公司嘅生產車間內機器轟鳴，工人們正加紧趕制一批发往東南亞嘅訂單。2026 年開年以來，面對國際局勢、海運費用波動等多重不利因素，方興橡膠迎難而上，交出一季度出口量同比增長 3% 嘅逆勢穩增成績單。

持續趕制嘅海外訂單背後，係方興橡膠深耕差異化戰略、以精準投放撬動全球版圖嘅成功實踐。

對路下刀：差異化產品精準投放

在複雜多變嘅國際市場環境中，“一招鮮吃遍天”已難以滿足多元化需求。方興橡膠積極轉變思路，深入調研不同地區客戶嘅路況與使用習慣，制定差異化生產方案。

“目前我哋產品銷往全球各地，印尼及東南亞市場主要投放有內胎輪胎，非洲、伊朗等國家以真空胎為主。”方興橡膠銷售總經理劉麗芹一語道破出海密碼。這種“對症下藥”嘅精準投放，令方興輪胎在海外贏得咗極高認可度，過去幾年出口訂單年增長率始終維持喺 20% 至 30% 嘅高位。2025 年，方興總銷量近千萬條，外銷佔據絕對主導。

硬核支撐：“壹等壹”品質筑牢底座

源源不斷嘅海外訂單，離唔開強大嘅製造底盤支撐。自 2003 年成立以來，方興橡膠堅定執行“壹等壹”品牌戰略，用頂尖裝備、原材料同科技力量打造一等一品質。

目前，方興已具備年產 320 万套全鋼載重子午線輪胎、1200 万套半鋼子午線輪胎及 15 万套工程胎嘅雄厚產能。其產品以高抗載、高耐磨同性能穩定著稱，完美契合海外重載與複雜路況嘅嚴苛要求。作為國家級高新技術企業同省級製造業單項冠軍，方興已斬獲 61 項發明專利，為產品迭代注入強勁科技動力。

乘勢而上：政企同心穩健出海

方興橡膠嘅穩健發展，亦得益於當地產業嘅沃土滋養。當地政府多措並舉培育外貿主體，組織參展、投保出口信用保險、積極應訴歐盟“雙反”，助力企業開拓新興市場。依托當地完善嘅產業鏈優勢與優良嘅营商環境，方興橡膠進一步鞏固咗合規與質量控制優勢。

面對 2026 年嘅重重挑戰，方興橡膠穩產穩銷。未來，依托二十餘年嘅行業深耕、千萬套級嘅產能規模以及覆蓋全球 100 多個國家和地區嘅銷售網絡，方興橡膠將繼續以差異化產品為利刃，喺全球輪胎市場嘅激烈競爭中穩健前行。

On June 10, 2026, in the May domestic compact SUV sales ranking, Deepal S05 firmly topped the list, successfully achieving three consecutive months of sales from March to May, continuously leading the new energy SUV sub-market under 150,000 RMB. Since its launch, Deepal S05 has maintained a strong momentum of over 10,000 units per month on average. May global sales reached 18,866 units, a year-on-year increase of 102.71%. By the end of May, global cumulative sales had exceeded 220,000 units, becoming an indisputable phenomenon-level "global blockbuster product" in the Chinese new energy vehicle market.

In the domestic market, Deepal S05 established an absolute leading position in the highly competitive sub-segment of compact pure electric SUVs under 150,000 RMB by leading sales for three consecutive months; in the global market, it has successfully entered over 70 countries and regions, and will further expand to 150+ countries in the future, becoming a benchmark for the overseas expansion of Chinese new energy vehicles. This dual-line sales trend of "leading domestically, blooming globally" stands out in the 150,000 RMB pure electric SUV market. Distinguishing from the industry's conventional overseas path, Deepal S05 adheres to global unified standards and unified quality, gaining high recognition from consumers in multiple markets including Europe, Southeast Asia, and Central and South America.

From "Price War" to "Value War": Deepal S05's Way to Break Through

Over the past year, the new energy SUV market under 150,000 RMB fell into fierce price gaming. Facing the prevalent industry involution, Deepal S05 chose a more resilient development path: not participating in simple low-price competition, but relying on technological innovation and product evolution to provide users with an "exceeding expectation class-leading experience", winning broad market recognition.

The success of Deepal S05 lies in accurately grasping the real needs of mainstream family users. For most family users, the core demand for pure electric cars is far from "low price", but rather "whether the range is solid, whether energy replenishment is efficient, whether it is reliable in low temperatures, and whether safety is hardcore". Deepal S05 built comprehensive product power with no weaknesses around these essentials.

In terms of range and energy replenishment, Deepal S05 is equipped with CATL cells + Golden Bell Battery across the range, with CLTC pure electric range up to 620 km, fully meeting daily commute and long-distance travel needs. At the same time, 3C super charging technology is standard across the range, with SOC 30%-80% charging time taking only 15 minutes, truly achieving "charge for 15 minutes, drive 100 km", fundamentally solving the range anxiety of pure electric owners.

Aiming at the low-temperature range issue most concerned by northern users, Deepal S05 adopted the world's first Micro-Core High-Frequency Pulse Heating Technology, which received China Patent Gold Award and recognition by the World Intellectual Property Organization. This technology can increase battery temperature by 20°C in extreme low-temperature environments of -30°C, improve power performance by 50%, and shorten charging time by 15%. Paired with the standard heat pump air conditioning system, efficiency is improved by 1.8 to 2.4 times compared to traditional heating methods, with energy saving up to 38%, effectively guaranteeing the authenticity and stability of winter range.

In terms of safety and body structure, Deepal S05's power battery was the first to pass the 2025 New National Standard safety inspection and obtained CATARC NESTA 6D Electric Safety Certification. At the same time, the high-strength steel and aluminum content of the whole vehicle reaches 78%, with maximum steel strength 1700 MPa. Paired with 7700T large die-casting integrated aluminum technology, body torsional stiffness reaches 35,000 N·m/deg, guarding travel safety comprehensively.

From "Product Overseas" to "Brand Overseas": China's Automotive Globalization New Journey

Deepal S05's global journey is not simple product export, but a comprehensive output of technical standards and brand value. In Europe, the birthplace of the global automotive industry, Deepal S05 demonstrated strong competitiveness, winning first place in Spanish compact pure electric SUV registration continuously in February and March; in the Southeast Asian market, Deepal S05 was a hit immediately upon launch in Pakistan, receiving 2,000+ initial large orders in the first month, with subsequent monthly orders stabilizing at 500+; in May, Deepal S05 officially landed in the Polish market, further perfecting its strategic layout in Europe.

Market recognition and professional awards formed a two-way verification. Domestically, Deepal S05 won first place in compact pure electric SUV in the J.D. Power 2026 China New Energy Vehicle New Car Quality Study, which is the industry's most authoritative endorsement of its product quality; Overseas, it successively won Thailand Annual Best Rear-Wheel Drive Compact Electric SUV, Chile Autocosmos 2026 Best Recommended Model, and FIPA Americas Automotive Journalists Association Annual Hybrid Model Award, proving its product power can adapt to vehicle usage needs and consumer preferences in different countries. At the same time, the awards such as German iF Design Award, Turin Auto Design Award Best Smart Human-Machine Fusion Award, and World Green Design Organization Green Design International Award, further from dimensions such as design aesthetics, smart interaction, and sustainable development, verify that Deepal S05 has reached international first-class product standards, enhancing the global market's perception of Chinese cars.

It is worth mentioning that Deepal Auto recently became the Portuguese National Team's Global Official Partner, leveraging the influence of sports IP to further enhance the brand's global influence. Previously, Deepal S05 was officially delivered to the Portuguese National Team and will join hands with world-class stars such as Cristiano Ronaldo to jointly convey the competitive spirit of "Full Charge On, Global Home Court". This cross-industry collaboration is not only a resonance between top manufacturing intelligence and champion spirit, but also shows the confidence and strength of Chinese car brands to the world.

Conclusion

From continuously leading the domestic market to selling hot in over 70 countries and regions globally, to winning multiple international authoritative awards, Deepal S05 proved with solid results that: Chinese car brands have the capability to create global blockbusters. Its success not only set a value benchmark for China's new energy vehicle industry but also provided a learnable development sample for Chinese brands' high-quality overseas expansion.

Three consecutive titles are not the end, but the starting point of Deepal S05's new journey. In the future, with the continuous deepening of Deepal Auto's global layout, we have reason to believe that Deepal S05 will continue to lead the compact SUV market and write a new chapter for Chinese car brands.

Changan Qiyuan New Q05 and Leapmotor A10 type cars, their meaning exists, in my view, simply is to let families with limited budgets can also enjoy the fun brought by technology. At present, looking at it, 70,000+ budget you can buy their mid-spec versions, Changan Qiyuan New Q05 2026 Model 405 Max, Leapmotor A10 2026 Model 505 Comfort Edition, currently these two configurations terminal price is both 70,000+, actual on-the-road price is also very similar. Finally choose who is better? This question definitely still needs in-depth comparison to get the answer.

 Buy pure electric car with a few ten thousand yuan, solid and reliable I think is the first element, just like buying petrol car needs to start engine, transmission reliable options, electric car definitely also needs to choose big factory battery, so which of these two SUVs fits?

(Changan Qiyuan New Q05)

(Leapmotor A10)

Changan Qiyuan New Q05 side is full series standard equipped with CATL cells + Golden Bell 2.0 3C Fast Charging Battery, truly first-tier battery manufacturer, and still is industry giant, technology, reputation are both good, details also better, equipped with underbody protection plate further protect battery reduce collision risks. Leapmotor A10 is then second-tier brand, Gotion/Jiangsu Zhengli cells cross-used, no underbody protection plate, cost lower naturally can give more range. So can see, under price similar situation Changan Qiyuan New Q05 full charge range is 405km, Leapmotor A10 is 505km, difference 100km, means charging frequency will have difference. This also suggests Leapmotor A10 just look at 505 version, because 403 version adopts relatively simple air cooling technology, not as good as Changan Qiyuan New Q05 405km direct cooling thermal management efficient, not as good as two models high-spec version liquid cooling effect, so looking at this, Changan Qiyuan New Q05 safety is still more reassuring.

 This price range pure electric cars, basic attribute is commuting, although on power requirements not high, but traffic light start want to be one step faster, overtaking want to be more efficient and safe, power still cannot be ignored. Changan Qiyuan New Q05 equipped with 120kW front mounted motor, can bring 8.9 seconds 0-100 acceleration results, moderate; Leapmotor A10 is 90kW front mounted motor, 0-100 acceleration 10.6 seconds, this is pure commuting car level, daily travel want slightly 'faster', Changan Qiyuan New Q05 is still more powerful.

(Changan Qiyuan New Q05)

(Leapmotor A10)

Budget to 70-80 thousand, on car requirements cannot just stay on 'tool' attribute, driving and riding experience also is must focus point. Benefiting from class advantage, Changan Qiyuan New Q05 length-width-height 4435x1855x1600mm, wheelbase 2735mm, relative to Leapmotor A10 length-width-height 4270x1810x1635mm, wheelbase 2605mm, advantage obvious. Colleague height 1.78 meters, weight 79kg, separately sit into both cars rear seats, Changan Qiyuan New Q05 leg remaining space over 2 fists, head about 1 fist; while Leapmotor A10 leg remaining 1 fist 4 fingers, head is also about 1 fist, can discover, Changan Qiyuan New Q05 passenger space relatively spacious, both can satisfy daily commuting pick up kids, holiday long distance tourism, family members can also better stretch body.

(Leapmotor A10, Steering Wheel Heating)

(Changan Qiyuan New Q05 Rear Seat Air Vents)

Also from driving and riding experience perspective, under equal price, Leapmotor A10 only equipped with driver electric adjustment, manual AC, front seat heating etc. conventional functions, indeed is just commuting car conventional level, but it also has steering wheel heating and panoramic sunroof, better than general commuting cars. Changan Qiyuan New Q05 side, is then plus automatic AC + rear seat vents, driver ventilation/heating/massage, second row seat back angle adjustment, exterior speaker etc. functions, provided comfort experience, emotional value will be better.

 As for cabin and driving assistance, 70,000+ price both sides are conventional performance, just part functions not same. Changan Qiyuan New Q05 cabin plus has CarLink, CarPlay, Honor Link and Visible Content Voice Control functions, and has Karaoke function, below also links to mobile phone wireless charging. At same time two models also both support L2 level combined assisted driving, but Leapmotor A10 plus automatic parking assistance, therefore also count as each having advantages. However, budget sufficient, they also have LiDAR version selectable, so this aspect basically is evenly matched.

 

Comparison Summary:

Comprehensive view, under price similar situation, Changan Qiyuan New Q05 main highlights are Central SOE backing, and is global model, already landed in Thailand, and will go global. Specific to product, its battery comes from first-tier big brand, performance, space advantage obvious, also overall tech comfort configuration, cabin atmosphere all better; Leapmotor A10 highlights is same price gives longer range, plus some tech functions, but if budget slightly higher, Changan Qiyuan New Q05 also has long range version selectable, so Leapmotor A10 advantage more still in price.

So if just commuting, actually these two models performance are both good, are currently market best-sellers, but if you want satisfy daily commuting travel at same time, also want consider family car use, Changan Qiyuan New Q05 obviously more worth considering, also CATL as battery industry giant, its reliability and stability more worth trusting, more suitable for long-termists, so how will you choose?

蜜雪式嘅打法，真係奏效咗？

2026 年嘅新能源牌桌，正以“月”為單位劇烈重構。

乘聯會預測，5 月新能源滲透率將超過 62%，燃油車嘅份額被壓縮至不足四成。

更關鍵嘅係，3 萬輛——呢條曾被視作“頭部登頂線”嘅數字，如今擠進咗 7 間品牌。而榜首嘅零跑，把呢條線拉高到咗 8 萬以上。

格局變薄，亦變厚。變薄，係因為領先者一騎絕塵；變厚，係因為追趕者嘅梯隊從未如此擁擠。成功之路只得一條咩？喺大戲落幕前，邊又知道㗎？

零跑"8 萬+"時刻

零跑 5 月賣咗 8.15 萬輛，同比增長 81%。

過去好長一段時間，造車新勢力鍾意講高端、講智能、講品牌向上。彷彿邊站得越高，邊就愈有故仔。不過，零跑走咗另一條路，幾乎沿用咗“蜜雪冰城”嘅打法，把重心放喺 10 萬 -20 萬元級嘅家庭用戶身上。

呢個價位區間嘅用戶覆蓋更廣，但對價格更加敏感，同時，都好難講出一個特別“性感”嘅資本故仔。不過，做事邏輯就得非常貼地嘅，回報則係，一旦成本、口碑同渠道效率達到一定程度，銷量彈性亦會更大。

例如，A10 單月交付破 2 萬，將激光雷達同高通 8295 芯片壓入 10 萬以內；C 系列全球累計銷量超 80 萬；D19 新增訂單維持喺 1 萬輛以上。三條產品線，三個價格帶，精準鎖定主流家用市場嘅三個關鍵節點。

正係因為呢樣，零跑嘅領先唔係“爆款獨撐”，而係“矩陣協同”嘅結果。

但隱憂則係喺，仲要唔要品牌向上？仲要唔要高利潤？喺高價位市場，“蜜雪冰城”式嘅打法仲行得通嗎？其實，零跑乜都知，唔係咁點會提出“另立一個新品牌”嘅諗法咗。

蔚來逼近 4 萬，理想受壓，小鵬微升

5 月嘅第二梯隊，都值得細品。

蔚來交付 37705 輛，同比增長 62.3%，環比增長 28.4%，多品牌戰略嘅協同效應開始兌現。

其中，蔚來品牌 20013 輛，樂道 12029 輛，螢火蟲 5663 輛。三個品牌，三個細分賽道，三級階梯式嘅用戶承接。

但係有一個問題仍然懸而未決：樂道嘅品牌獨立性同用戶認知能否真正跑通？如果淨係靠主品牌下放渠道同資源輸血，多品牌反而可能拖累整體效率。

從某種程度上講，樂道必須走量，而呢一波車型煥新，且睇睇成效咗。

理想汽車 5 月交付 33350 輛，同比下降 18%，環比微降約 0.2%。

話說回頭，理想汽車歷史累計交付突破 170 萬輛，仍然係最具底蘊嘅新勢力之一。但有兩個信號值得警惕：一係連續兩月同比環比雙降；二係隨著競品喺相同價格帶嘅密集投放，理想嘅差異化壁壘正俾侵蝕。

i6 連續三月交付破 2 萬，L9 新款發佈兩周訂單破萬，但增量能否及時填補基本盤嘅下滑，仍係未知數。

更加值得關注嘅係財務層面：理想 Q1 由盈轉虧，淨虧損 22.76 億元，車輛毛利率從 19.8% 斷崖式跌至 6.1%。盈利標竿嘅失守，可能比銷量嘅放緩更能影響資本市場。

小鵬 5 月交付 32158 輛，環比增長 3.6%，創咗 2026 年以來月度新高。

其中，小鵬 GX 於 5 月 20 日上市，12 小時大訂 24863 輛，Ultra 旗艦版佔比超八成，6 月大規模交付後有望拉動整體數據。

MONA 家族則會繼續引入新成員，包括 L03 同 L05，有機會共同做大 MONA 嘅潛在市場。

小米連續第二個月站穩 3 萬 + 台階，從單車嘅品牌熱度到多車型嘅產品佈局，小米正喺完成從“話題製造者”到“市場參與者”嘅角色切換。

今年一整年嘅銷量目標係 55 萬輛，1-5 月已完成 14 至 15 萬輛，估計仲有 40 萬輛嘅“缺口”，

咁，喺剩低嘅月份入面，平均月銷量需要超過 5 萬輛啦，壓力唔細。或者，增程產品面世之後，應該有機會再圈一批新用戶啦。

鴻蒙智行 5 月交付 46122 輛，環比增長 41%，重回榜單前列。

特別提下，問界 M6 首個完整交付月破 2 萬台，尚界 Z7 於 5 月 30 日開啟交付，兩日交付超 2000 輛。華為生態嘅品牌號召力加多品牌矩陣嘅打法，正喺形成獨特嘅競爭壁壘。

創二代哋，腰部爆發

睇睇一份“創二代”5 月銷量快報：

極氪：34377 輛，同比暴增 81.8%，連續 4 個月同環比雙增長，創歷史新高。9 系同 8 系旗艦車型銷量佔比近 50%，單車成交均价超 36 萬；極氪 009 喺新加坡市場起售價高達 40.99 萬新幣（當時約合人民幣 221 萬元）。

呢組數字說明極氪已經唔只係中國自主品牌嘅突破，而係進入咗全球豪華汽車市場嘅主流視野。量價齊升嘅邏輯唔複雜：旗艦打口碑，中端走規模。當 9X、009 嘅超高客單價為品牌錨定溢價能力之後，8X、001 等走量車型嘅用戶接受成本自然下降。

深藍：33243 輛，同比增長 30%，連續三個月超 3 萬，累計交付突破 85 萬輛。

深藍嘅路徑值得反復咀嚼：佢嘅節奏唔係“爆款引爆”，而係“三線推進”。S05、S07、S09 三款車型同時熱銷，產品線覆蓋 10 萬至 20 萬主力區間。

呢種打法冇爆款一夜封神嘅戲劇性，但喺存量競爭中，多產品線同步走量、互為支撐，體系韌性反而更強。

廣汽埃安：33140 輛，同比增長 23.8%，連續多月同比正增長。

埃安 N60 正式上市，全系標配激光雷達、文遠知行 L4 同源算法、零重力座椅、五連桿後懸，售價 10.98 萬 -12.98 萬，首月銷量突破 5000 輛。呢種“技術普適化”嘅打法，同零跑 A10 嘅底層邏輯如出一轍。

嵐圖：13003 輛，同比增長 30%。比銷量數字更重要嘅係，嵐圖喺全國線下觸點覆蓋超 100 個城市，自建充電站達 130 座。當補能體系同渠道網絡真正成型時，銷量嘅天花板自然會被頂開。

智己：10023 輛，連續兩個月破萬，1-5 月累計銷量同比大漲 115%。智己 LS8 上市後拉動咗一波訂單量回升，且睇睇之後嘅持續爆發力啦。

阿維塔：7336 輛創年內新高，且呈逐月加速態勢，整體係向好嘅。

講真，“創二代”哋守住咗自己嘅陣地，並冇喺格局變化中被徹底顛覆，至於能扛大旗嘅人亦已經從極氪、深藍兩個頭部向腰部嘅多處節點擴散咗。

寫喺最後

2026 年嘅新能源汽車市場，正喺經歷從“普惠式增長”到“存量搏殺”嘅劇變。價格戰常態化，多數車企收縮戰線，以盈利為第一目標。淘汰賽嘅規則好簡單：賣得動就活，賣唔動就退。而賣唔動嘅信號，往往藏喺連續兩三個月嘅環比下滑之中。

5 月嘅數據，係呢場淘汰賽中一份清晰嘅成績單：零跑率先走通“主流市場規模化”嘅路徑，蔚來多品牌協同初見曙光，理想面臨換代陣痛，小鵬仍喺搵新嘅增量爆點，小米持續穩住 3 萬檔。而“創二代”嘅集體放量，正喺新能源市場嘅腰部構建一道寬闊嘅護城河。

電動化競賽嘅下半場，變量既來自新勢力嘅激進提速，亦來自“創二代”嘅穩健進擊。多頭並進嘅格局一旦形成，未來嘅競爭將唔再係單一維度嘅速度之爭，而係覆蓋研發、製造、渠道、服務嘅全鏈路系統之戰。

而呢種競爭，會點樣演變，拭目以待啦。

本文作者係踢車幫 晞貝

This is the best of times, this is the worst of times.

Recently, the China Association of Automobile Dealers released some worrying data. The auto dealer inventory warning index for April stood at 62.1%, above the growth and decline line; meanwhile, the inventory coefficient is also rising, with the integrated inventory coefficient for auto dealers in April reaching 1.89. Industry insiders point out that long-term high inventory will encroach on dealers' operating funds, increase their interest expenses and liquidity risks, and may exacerbate the contradiction between dealers and original equipment manufacturers (OEMs).

Coincidentally, it is not just passenger cars that have been hit hard. The latest data released by the China Association of Automobile Manufacturers has also sounded a warning for the commercial vehicle industry—its overall inventory coefficient has risen above the warning line of 1.8, and the inventory cycle in some heavy truck market segments has exceeded 90 days. To digest inventory, a new round of price wars has quietly broken out in multiple regions, with terminal discount margins expanding again.

As a media outlet that has long focused on the automotive industry, Car Culture saw a historical mirror spanning 170 years in this spreading price competition—In 1854, the 'Coketown' dominated by interests written by Charles Dickens in 'Hard Times' has never truly disappeared.

As the global automotive industry accelerates its transformation towards new energy and intelligence, and Chinese automakers head to the global market at an unprecedented speed, ESG construction has long ceased to be a dispensable decoration in corporate annual reports; it is now a core capability determining whether an enterprise can weather the cycle. Among them, supply chain ESG is the key chain connecting the upstream and downstream of the industry, determining the health of the sector. In the current situation where the industry generally falls into the vicious cycle of 'trading price for volume', the sustainability report released by Foton Motor for 2025 provides a sample worthy of in-depth analysis for us to observe how Chinese commercial vehicle enterprises solve the inherent contradictions of industrial civilization.

The Reenactment of Dickensian History and Foton's Starting Point for Breakthrough

In classic works such as 'Hard Times', 'Oliver Twist', and 'David Copperfield', Dickens recorded the three core contradictions at the beginning of the Industrial Revolution with a pen that was almost journalistic documentary. Among them, in 'Hard Times', the factory owners in Coketown, in pursuit of profit maximization, alienated workers into attachments of machines, revealing the value distortion caused by capital's pursuit of profit; in 'Oliver Twist', the tragic fate of children from the lower classes exposed the reality that the dignity of workers was systematically ignored; the experience of 10-year-old David being exploited in the bottle washing factory in 'David Copperfield' reflected the cruel logic of cost pressure being transmitted unidirectionally downward in early supply chains.

These contradictions from 170 years ago still have clear projections in today's automotive industry. Taking the commercial vehicle industry discussed in this session as an example, from 2024 to 2025, the price war in the commercial vehicle market continued to escalate, with terminal price reductions for models in some market segments exceeding 10%. To maintain its own profits, some leading automotive enterprises directly transferred cost reduction pressure to upstream suppliers, requesting annual price reductions of more than 10%.

The result of this pressure being transmitted layer by layer is that the average profit margin of traditional non-core component enterprises was compressed to below 3%, with a large number of small and medium-sized enterprises struggling on the brink of break-even; downstream channel ends were also under pressure. Data from the China Association of Automobile Dealers shows that in 2025, the loss-making rate of commercial vehicle dealers nationwide reached 52.6%, with a profit contribution of -22.3% for new car sales business; while truck drivers at the end of the supply chain bore the pressure of continuously falling freight prices, with freight rates for some short-distance city distribution routes falling to 0.8 yuan/km, and the average freight rate for medium-to-long distance trunk transport dropping 42% compared to 2020.

This model of 'squeezing profits upstream, pressing prices downstream, and being squeezed at the terminal' is eroding the long-term competitiveness of the entire industry. Of course, Foton Motor is also in this industry environment. Its overseas exports in 2025 reached 164,000 vehicles, creating a new historical high, but it also faced multiple challenges such as the EU CBAM carbon tariff and increasingly strict supply chain ESG reviews in European and American markets; during the new energy transformation process, the industry average cost proportion of the three-electric systems exceeded 40%, and also faced cost reduction pressure.

But unlike most enterprises, Foton Motor did not choose to transfer pressure unidirectionally to the upstream and downstream of the supply chain, but instead took the construction of the whole chain ESG as the core handle for breaking the situation, attempting to explore a more sustainable development path.

Foton's Practice: Responding to Historical Propositions with Win-Win of the Whole Value Chain

The contemporary value of Dickens' works lies in the fact that it always reminds us that the ultimate purpose of development is people, not profit. The whole value chain ESG system built by Foton Motor, covering 'upstream suppliers-middle manufacturing-downstream dealers-terminal users', just responds to the three core propositions raised by Dickens back then.

To address the value distortion caused by capital's pursuit of profit, Foton constructs a symbiotic supply chain through green synergy. It is reported that the company established a supplier lifecycle ESG management system, incorporating environmental, social, and governance indicators into the entire process of supplier access, audit, evaluation, and exit. In 2025, Foton completed the certification of 58 green suppliers, covering core modules such as engines, gearboxes, and axles.

Unlike simply suppressing purchase prices, Foton helps suppliers reduce costs and increase efficiency through technical empowerment and resource sharing. Among them, the supplier rooftop photovoltaic plan is the most representative. In 2025, it assisted 283 suppliers in building a total of 1,901 MW of photovoltaic power generation facilities, directly reducing the energy costs of partners, while also promoting the low-carbon transformation of the entire supply chain.

To address the imbalance of benefit distribution in the supply chain, Foton creates a community of interests through ecological empowerment. Faced with the survival dilemma faced by dealers, Foton completed transformation training for 1,658 dealers in 2025, innovatively launched a three-level channel system of 'Ecological Store, Smart Store, Retail Store', and built 8 dealer ecological ports.

This system helped dealers transform from a single vehicle sales dealer to a comprehensive service provider integrating 'sales + charging and battery swapping + used cars + leasing + maintenance and repair', opening up multiple profit channels for them. At the same time, Foton signed 'Integrity Commitment Letters' with all suppliers, establishing a relatively fair and transparent cooperation mechanism, guaranteeing the reasonable interests of each link in the supply chain.

In addition, to address the lack of dignity for workers, Foton permeates humanistic care throughout the whole chain. Within the enterprise, Foton implements a human engineering improvement plan, introducing customized effort-saving mechanical arms and hydraulic lifting tables in heavy labor posts such as tire assembly and battery installation, reducing manual handling of heavy materials by 30% year-on-year.

At the supply chain end, Foton requires all suppliers to strictly abide by labor laws and regulations, with full coverage of compliance and quality training for key suppliers in 2025 reaching 100%. At the terminal, Foton supported the 'Truck Driver Escort' special action through donations, focusing on the living conditions of logistics practitioners. These measures reflect the enterprise's respect for every worker in the supply chain.

People-Oriented, The Correct Approach for Chinese Cars Going Global

In fact, with Chinese automotive enterprises accelerating their global layout, we are facing not just a competitive pattern of 'price is king', but entering a new era where 'compliance is competitiveness'.

The EU 'Corporate Sustainability Due Diligence Directive' (CSDDD) clearly requires that enterprises must be responsible for human rights and environmental impacts of their entire supply chain; violators will face fines of up to 5% of global turnover; the EU Carbon Border Adjustment Mechanism (CBAM) officially implemented in 2026 directly incorporates carbon emission costs into the price system of imported goods. This means the development model relying on low-cost expansion is unsustainable, and supply chain ESG capabilities are becoming the pass to enter the international market for Chinese automotive enterprises.

Foton Motor's forward-looking layout has given it a certain head start in global competition. It is reported that through the construction of a whole value chain ESG, Foton proactively met the compliance requirements of major overseas markets: in Europe, Foton's electric light trucks and VAN models obtained WVTAEU whole vehicle type certification, which is one of the highest thresholds in the European market; plus the EU heavy vehicle carbon emission VECTO certification, this means Foton's carbon data has been recognized by European regulatory agencies, successfully entering the European green transportation system.

In addition, Foton Motor has deeply gained the recognition of global partners: local factories in Thailand, Brazil, and South Africa have been put into production smoothly; the global 12 millionth vehicle rolled off the line at the Brazil factory; in the Australian and African markets, Foton received bulk new energy bus orders; in the Middle East, it delivered 1,000 customized school buses to Saudi customers in batches.

Industry analysts point out that Foton Motor's model provides an important reference for the Chinese commercial vehicle industry; supply chain ESG is not a cost burden for enterprises, but an effective means to enhance supply chain resilience and long-term competitiveness. When enterprises no longer view upstream and downstream as opponents in a game, but as partners for joint growth, the results of their development can be shared by every participant in the supply chain, and the entire industry can achieve truly high-quality development.

Car Culture Says:

'This is the best of times, this is the worst of times.' Dickens' famous quote still applies to China's automotive industry today. We possess the world's largest automotive market, the most complete industrial chain system, and the most advanced new energy technology; this is the best of times; but we also face many challenges such as involution in price wars, prominence of supply chain contradictions, and increased pressure for global compliance; this is the worst of times.

170 years have passed, the technical form of industrial civilization has undergone earth-shaking changes, but how to balance capital pursuit of profit with social equity, and how to ensure that the results of development benefit everyone, remains the fundamental question we need to answer. Foton Motor's practice tells us that ESG is not only a digital report, but a more sustainable development concept with more humanistic touch. When more and more Chinese automotive enterprises plant the concept of people-oriented into supply chain construction, we can not only create more competitive products, but also output a fairer and more inclusive industrial civilization to the world, allowing Chinese automobiles to truly enjoy global reputation with the 'Chinese Solution'. （Written by | Ouyang）

比亞迪正式發布 2026 年 5 月產銷快報，全品牌新能源汽車單月銷量 383453 輛，同比微增 0.26%，時隔十個月實現單月銷量同比轉正；其中乘用車交付 376990 輛，環比大漲 19.4%，一掃前期車型換代陣痛，呈現國內基本盤穩固、海外銷量狂飆、高端品牌全線放量的全新格局，在國內新能源內捲加劇、特斯拉 FSD 入華、自主新品密集上市的市場環境中，走出獨有的結構性增長路線。

八大車型月銷破兩萬 宋元雙車站穩 5 萬

王朝 + 海洋兩大主力品牌 5 月合計售出 330215 輛，佔據集團總銷量超八成，仍是比亞迪銷量壓艙石，全系列共 8 款車型單月銷量突破 2 萬台，產品從 5 萬入門代步到 20 萬家用 SUV 實現全覆蓋。

王朝網內部，元家族 56691 輛、宋家族 51370 輛。雙雙跨過五萬門檻，成為品牌兩大銷量支柱，兼顧家用代步與城鄉出行需求；秦家族緊隨其後交出 28360 台穩定表現，漢、唐系列月銷維持六千級體量，深耕中大型家用轎車、SUV 細分市場；全新車型夏處於市場培育期，單月交付 1810 台，後續隨渠道鋪開有望穩步上量。

海洋網增長勢頭更為迅猛，全系五款車型跨入兩萬俱樂部：海獅 42615 台、海豹 34117 台、海鷗 39919 台、海豚 22260 台、宋 PLUS 27755 台。其中海鷗憑藉 6-8 萬親民定價穩居入門代步銷冠，海獅作為全新走量車型上市即站穩四萬量級，補齊海洋網中型 SUV 產品空白，完善海洋產品梯隊佈局。從代步小車到緊湊 SUV，兩大主品牌依托 DM-i 混動與純電雙線技術，牢牢鎖住 15 萬以內國內主流家用市場份額。

方程豹同比暴漲 139.7% 品牌向上落地見效

騰勢、方程豹、仰望組成的高端矩陣 5 月合計銷售 46489 輛，正式擺脫小眾定位，成為比亞迪品牌溢價與利潤增長新支點，打破自主品牌高端化難破局的行業魔咒。

越野品牌方程豹單月 30186 輛，同比暴漲 139.7%，創下品牌上市以來月度銷量新高，旗下鎦 7 單月 18280 台，豹 5、豹 8 穩定輸出，在 25-40 萬硬派越野細分市場持續擠壓合資、進口車型生存空間。

騰勢 5 月交付 16303 台，MPV 標桿 D9 售出 6721 台，Z9 系列近 6000 台，MPV、中大型轎車雙線發力，站穩豪華新能源賽道；百萬元級超豪華品牌仰望穩步爬坡，當月交付 286 台，同比增幅 105.8%，完成自主品牌天花板產品的市場驗證，形成從十幾萬家用、三四十萬越野、五十萬豪華 MPV 到百萬元級旗艦的全價格帶產品佈局。

海外爆發：單月 16.06 萬輛，佔總銷量超四成 成第二增長曲線

5 月比亞迪乘用車和皮卡海外銷量 160177 輛，同比大漲 80.7%，出口佔全系總銷量突破 42%，創下品牌出海歷史新高，成為穩住 5 月整體銷量、實現同比轉正的核心驅動力。

東南亞、歐洲、拉美成為主力增量市場，海鷗、宋 PLUS、元系列持續登頂多國新能源熱銷榜單，SHARK 皮卡連續兩月單月出口突破 4000 台；依托泰國、巴西、匈牙利、烏茲別克斯坦四大海外整車工廠落地投產，本地化生產持續落地，規避關稅同時快速下沉終端渠道。在國內車市存量競爭、價格戰常態化背景下，高速擴容的海外市場有效對沖國內車型換代帶來的銷量波動，正式從補充市場升級為比亞迪核心增長引擎。截至當前，比亞迪新能源汽車全球累計銷量已經突破 1650 萬輛，全球化版圖持續拓寬。

智駕賦能產品迭代 下半年新品蓄力衝量

5 月比亞迪智能化落地迎來關鍵節點，天神之眼智駕系統成為車型核心加分項：全品牌搭載高級智駕車型保有量突破 315 萬輛，日均路測數據超 2 億公里；當月比亞迪落地城市領航、智能泊車雙安全兜底服務，成為全球首家實現兩項智駕兜底的車企，政策落地三天後，搭載天神之眼系統車型的城市 NOA 激活率暴漲 50%，智能化體驗升級直接拉動終端到店訂單轉化，為後續車型持續走量築牢產品競爭力，直面 FSD 入華帶來的智駕市場衝擊。

從數據細節來看，2026 年 1-5 月比亞迪累計銷量 1405039 輛，同比下滑 20.32%，核心誘因是全系主力車型集中換代、第二代閃充刀片電池產能爬坡受限。新款閃充電池升級快充與低溫性能，全系換代車型優先換裝新電池，但產線改造拖累產能釋放，熱門車型訂單積壓、交付延後，一定程度壓縮 5 月交付體量。

隨著二季度末二代刀片電池產能持續釋放，疊加騰勢 N8L、方程豹鎦 7 純電版、海獅 05、夏 L 等多款新車陸續登陸市場，業內普遍預判比亞迪 6 月全品牌銷量有望突破 40 萬輛。依托低端走量鎖份額、高端提利潤、海外衝增量、智能化提產品力的四維發展邏輯，在國內新能源淘汰賽加劇的當下，比亞迪全品類佈局優勢持續放大，坐穩國內新能源龍頭，加速向著全球頭部車企穩步邁進。

The tide surges in Pujiang, witnessing the dream-chasing journey of China's automotive industry. May 28, Shanghai North Bund World Living Room, when SAIC Motor Chairman Wang Xiaoqiu handed the keys of the IM LS9 Hyper to Momenta CEO Cao Xudong, a historical number froze at this moment - 100,000,000.SAIC Group has become the first automotive group in the history of China's automotive industry to cumulatively exceed 100 million units in production and sales, casting a new milestone for China's automotive industry.

This was a breakthrough press conference from tradition. When overseas users exceeded 6 million,with Shanghai as the origin, live signals crossed mountains and seas, connecting five continents. 15 brands and 18 models under SAIC Group became a "Global Relay" spanning the Eurasian continent, weaving delivery sites for users scattered around the world into a flowing historical scroll. In the lens of Oriental TV, time zones switched, languages changed, but the warmth in the palm when staff handed over the car keys to each user was identical.

The tide speaks not, flowing to the sea. These 100 million units measured not only SAIC's over 70-year car-building journey, but also reflected the era leap of China's automotive industry from "Chasers" to "Leaders". These 100 million units are historical opportunities given by the era to SAIC, and are trust monuments cast by 100 million choices from global users.

From 1958, the staggering start of the first Phoenix sedan, to 2026, SAIC's 100 millionth car - IM LS9 Hyper full specification launch, today, when China's annual car production and sales have ranked first in the world for consecutive years, and Chinese brand products drive into the streets and alleys of global markets, people see not only an industry becoming from large to strong, but also the silhouette of a manufacturing power marching forth strongly in the process of modernization.

Grateful to the Era

On the Drumbeat of "Technology Empowerment"

Build Good Cars Belonging to This Era

The climax of the delivery ceremony froze on the 100,000,000th car - IM LS9 Hyper. Full drive-by-wire steering, Lingxi Digital Chassis 3.0, Star Super Extended Range, these terms once stuck on technical blueprints are now reality within reach for 300,000 RMB-level users. It is the accumulation of all achievements of 70 years of SAIC's technical accumulation, and is the answer sheet SAIC delivered in this smart electric era.

In 1958, the hammering in the alley small factory struck out the first Phoenix sedan,answering the question "Can Chinese people build their own sedans?"; In 1983, the first domestic Santana drove off the production line, the iron rule "Never accept inferior substitutes",answered the question "Can China build a modern automotive industrial system?"; In 2000, Buick Sail shouted "100,000 Yuan Family Sedan",answered the question "When can sedans enter Chinese families?"; In 2016, Roewe RX5 opened the door to "Internet Car",answered the question "How can cars become smart terminals?".

And today, when "Technology Empowerment" becomes a new era proposition, comprehensive transformation to smart electric, being the first to mass-produce semi-solid-state batteries, drive-by-wire chassis and these technologies, make SAIC's answer more vast.

150,000 RMB-level Hualing S turns Huawei Qiankun Smart Driving Full Bundle into "National Standard"; 200,000 RMB-level Shangjie Z7 is equipped with 896-line LiDAR and Huawei ADS 4.1, pre-orders exceeded 12,000 units 27 minutes after launch; SAIC Volkswagen ID.ERA 9X, Audi E7X and other joint venture flagship models use Momenta R7 world model and SAIC deep co-creation smart chassis - "Joint Venture 2.0" is no longer technology introduction, but a two-way rush of "In China, For China, Defined by China" between Chinese and foreign parties. From 50,000 RMB-level commuting cars to 500,000 RMB-level luxury flagship, from Pure Electric, Extended Range to Plug-in Hybrid, HEV, SAIC uses a product matrix covering full scenarios, full price range,allowing people of different eras, different needs, to find their own "Car of the Era".

Cao Xudong, owner of number 100,000,000, is Momenta CEO, and also a "Founding Lighthouse Partner" who fought side by side with SAIC IM from its very beginning. When he took the keys, he said Momenta Level 3 Autonomous Driving Capability will be launched on SAIC first. He himself will not only personally drive this car, but will also use it first for verification testing in the process of developing L3 autonomous driving, ensuring that mature, reliable systems are delivered to users.

The Era is the Question Setter, SAIC is the Answer Sheet Provider. Twelve years ago, the directive "Developing new energy vehicles is the only way for our country to move from a car nation to a car power" pointed the direction for SAIC; twelve years later, SAIC proved with a 100 million units milestone: every opportunity given by the era was steadily caught.

Grateful to Users

Know Cars, Understand You Better

It is Responsibility, and also the Greatest Motivation

If "100 million units" is SAIC's answer sheet to the era, then these 100 million choices are the medals users returned to SAIC.

The essence of 100 million units delivery is 100 million vibrant trusts, 100 million warm lives. These 100 million choices are distributed in over 170 countries and regions worldwide, scattered in countless specific life scenes.

In London,Intern Doctor Natalia inherited her love for MG from her grandfather. The classic MGB in her childhood was a dazzling existence for her, she often sat inside the car, longing to drive it herself someday. Today, she becomes an owner of MG4 EV Urban.Two generations, two cars, one brand, completing a brand inheritance spanning space and time.

In Jakarta,Indonesia National Footballer Egi Maulana Vikri chose Wuling Eksion because "It understands the needs of a family trip".In Singapore,DHL Senior Vice President Herbert took the keys of SAIC Maxus eDeliver 5. SAIC Maxus has become the preferred partner for DHL Global Green Logistics, a green certificate for China Intelligent Manufacturing to help the global logistics giant achieve carbon neutrality goals. Wherever the car tracks go, languages differ, but that confirmation of "This car understands me" is identical.

In China, thousands of SAIC users open thousands of lives with car keys.

Some choose SAIC for "Self-joy".Post-95 Tech Blogger Han Junxi is already an owner of three AITO cars, because believing in the synergy value of "Mature Enterprise + Frontier Tech", he drove Shangjie Z7 home immediately; `ELLEMEN Rishi` Assistant Publisher Shen Jimin chose Audi E7X because "True luxury never follows the trend of copying"; Car Culture Blogger Tang Xinzhuo, with thirty years time, fully collected the evolution history of Cadillac from DeVille to Kaiweide, under the plane trees of Sinan Mansions, he blended American Luxury and Shanghai Style into one.They choose a car, that is choosing a compromise-free lifestyle attitude.

Some choose SAIC for "Family Joy".Dedao App Founder Luo Zhenyu, as a father of twin daughters, was struck by the design that "Even parked in the garage looks eye-catching" and the sense of security of Huawei Qiankun Smart Driving when witnessing Hualing S come off the line in Liuzhou Factory; Former German National Team Men's Footballer Yang Chen found resonance in ID.ERA 9X - "True strength is never a flash in the pan, but long-term trust and solid".For them, cars are moving homes, containers of love.

Countless others choose SAIC for "Wealth Creation" and "Responsibility".Post-85 Village Party Secretary Pang Fuqiang drives Wuling Rongguang Pure Electric Version 8-9 kilometers every day, sending hot meals of 2 Yuan per meal to 74 left-behind elderly, CCTV Camera Lens recorded his persistence in the cockpit; Taiyuan, Shanxi Hongyan Heavy Truck Fleet, "Endures the hardships of engineers, understands the toughness of Shanxi people" on complex mountain slopes; Luoyang, Henan Iveco Juxing EV, shuttles between High-speed Railway Station and Laojun Mountain, becomes a capable assistant for Culture and Tourism Green Transition; Shanghai Jiading Public Transport Sunwin Pure Electric Bus, carries the daily urban public transport; Yuejin Danaka T1 fleet, starts in the dawn of Urban Distribution Logistics, provides green capacity for Express Delivery and Fresh Produce circulation.Their cars may not have gorgeous configurations, but every kilometer is paving the road for a better life.

The tide is level, the banks are wide; the wind is favorable, the sail hangs straight. Today, SAIC welcomes the historical moment of delivering the global 100 millionth user.This is not only a milestone of enterprise development, but also a brand new starting point for SAIC's second entrepreneurship.Standing at the critical gateway of industry change, the significance of second entrepreneurship is extraordinary: it is a necessary choice to break the stock competition and reshape core advantages, a key path to solve transformation difficulties and activate internal dynamism, and more importantly a responsibility and commitment to carry out the mission of national automotive industry and lead Chinese cars to global leadership. Facing the future, SAIC will always keep the sharpness and enterprising spirit of second entrepreneurship, with technology innovation as the core, with user first as the foundation, advance bravely on the Smart Electric New Track, and constantly write new answer sheets for high-quality development on the New Journey of the 15th Five-Year Plan.

100 million units delivery is not the end of the story, but the overture of service upgrade. SAIC specially delivered the 100 millionth and 100th car to Liu Jia. This ordinary Hairstylist persisted for five years to regularly drive through Guangxi mountains just to give left-behind children a free haircut. This April, his car broke down on a rugged mountain road, Buick stretched out help at the first time, providing roadside rescue in time. Liu Jia was also moved by Zhijing E7's "Full Score Cockpit".

The 100 millionth car is a milestone, and the 100 millionth and 100th car is daily life.The glory of 100 million units belongs not only to SAIC, but also to every owner who creates extraordinary in ordinary.

Recently, according to multiple media reports including People's Daily Online and Guangming Net, Chongqing investigated the first AI fake advertising case – the queueing to buy car footage was all fake! In the video, the store was packed with people, grabbing cars like grabbing cabbages, with captions "Blind orders are really too hot".

The result was that law enforcement officers found not a single real person and no real transactions; it was purely an AI performance of a hot sales drama.

My God, this is not selling cars? Even hiring actors would be considered troublesome! Intentionally faking facts and concealing the truth to create anxiety of "if you don't buy now it's gone", forcing you to follow the trend and place orders, isn't this naked consumer fraud? Thinking it was done flawlessly, once the regulation checked it, the true face was exposed.

•The trust crack caused by AI-car making is tearing up the entire industry

AI faking is not new in the auto circle, but this recent operation is absolutely outrageous. Have you seen screenshots of "Lei Jun live streaming sales of AITO M9" or "Yu Chengdong standing up for Xiaomi SU7"? The interface layout, character expressions, and bullet screen interactions were highly realistic; if not for official rumor refutation, the public opinion impact would have been huge.

These fake content spreads extremely fast, often covering millions of users within a few hours, bringing immense public opinion pressure to brands.

Even more absurdly, some accounts even let Lei Jun "sell" cars from other brands, and Yu Chengdong "promoted" Xiaomi, making "cross-brand standing" in the AI era completely handled by algorithms.

If the big bosses bringing each other counts as "entertaining memes", then the malicious tampering targeting specific car models is the real tumor shaking the industry foundation. During the release of Voyah Tai Shan X8, an image of "Chairman Lu Fang posing with the new car, trunk turned into 'Man's Wardrobe'" swept the entire internet.

The scene was complete and people looked natural, causing many users to believe it, even asking about the press conference location. The truth was: the original photo was a group photo of other public figures, and after AI fast face swap, scene replacement, and copy modification, it became a "news photo" misleading the market in minutes.

Finally, the Chairman of Voyah had to step out personally to clarify, stopping the spread of rumors.

Similar events have erupted intensively in the past two years; almost all mainstream brands have not escaped. Xiaomi Auto has released official statements 2 to 3 times in the past two years, refuting AI-generated content including fake executive appointments, forged model function copy, etc.;

During the Guangzhou Auto Show, Xpeng Cars encountered AI-generated vulgar exhibition hall videos spread maliciously, with the Legal Department urgently refuting the rumor;

Xpeng GX interior "spy photos" were massively forwarded, seeming like real sneak shots, but the rearview mirror proportion was distorted and interior lines misaligned, typical AI loopholes were spotted at a glance;

Avatr also released a legal statement pointing out that the false publicity images severely infringed on the brand reputation.

From the current industry phenomenon, car circle AI images can be roughly divided into three categories, with hazards increasing step by step:

The first category is the entertaining "wish list images", such as free new car replacement, high points gifts, etc., leaning towards memes, relatively harmless spreading;

The second category is the "half-real images" with realistic details, tampering with configuration, parameters, interior, and prices based on real car models, professional, extremely difficult for ordinary consumers to distinguish;

The third category is the malicious defamation "black PR images", attacking brands through vulgar, distorted, and fabricated content, causing huge damage to reputation.

What truly shakes the industry foundation is those fake-looking real high-fake contents in the middle zone, like Shangjie Z7 winter test official photos. Clearly real car shots, just because of abnormal wheel hub visuals, were directly judged by netizens as "AI generated", and the official had to clarify specifically that it was just a confidentiality design.

Official promotional photos of brands like AITO, Li Auto, Xpeng, etc., are also frequently enlarged by netizens to compare light and shadow, lines, and pick out details. As long as there is a slight visual deviation, they will be labeled "fake photos".

More terrifying than AI faking is the whole industry falling into a weird loop of "proving innocence". In the past, when car companies released official photos, winter test videos, spy photos, users tacitly believed them to be real. Now, official content instead has to accept the whole internet "authentication".

Car companies are forced into a vicious cycle, releasing content – being questioned – urgently refuting – being questioned again. When reality needs repeated self-proof, industry trust has quietly collapsed.

Industry data shows that the judicial appraisal cost of a single AI image has exceeded 50,000 yuan; more than 90% of fake content is spread after more than 10 reposts, the source tracing difficulty is huge; the legal boundary between entertainment memes and commercial defamation is blurred, evidence collection cycle is long, rights protection efficiency is low.

For car companies, whether letting it go or enforcing accountability, they have to pay high costs. This is already not the dilemma of a single brand, but a systemic problem facing the whole industry together.

And this Chongqing case of "enterprise actively using AI to fake queueing" pushes this crisis to a new height; it is the first case of enterprise active faking to mislead consumers as announced by officials.

Today can use AI to fake hot sales, tomorrow can use AI to fake sales volume, reputation, review. Don't always think about going the wrong way to play tricks, relying on false publicity to gain traffic and scam customers, in the end it will only bring stones to break one's own feet.

The essence of this crisis is the collision between digital technology and traditional industrial civilization.

The auto industry is inherently focused on precision, rigor, and safety; users buy real chassis, power, handling, safety performance, not a beautiful picture.

When AI makes text, images, and videos unreliable, real experience and authoritative data are becoming the new trust cornerstone. 16 million new energy vehicles sold in the whole of 2025, penetration rate broke through 50% for the first time; in some months in 2026 even pushed above 55%. The more white-hot market competition, the more likely those companies relying on AI "adding extra scenes" will be backfired.

Fortunately, regulations have already acted. On April 26, 2026, the State Administration for Market Regulation launched a six-month Internet advertising rectification action, explicitly listing "AI generative advertising" as one of the six key points.

Then on May 26, the Ministry of Industry and Information Technology released "2026 Automotive Standardization Work Points", systematically laying out automotive AI standards. According to experts: "AI will become a booster for mobile intelligent agents, but misuse is a rollover accelerator."

•Real products and user reputation are the best advertising

The opposite of "fake queueing" is exactly those players speaking with hard power. When the "hot" forged by AI becomes a joke, the real hotness is happening in the factories and delivery centers of BYD, Deepal, Xpeng, and SAIC.

At the 2026 Beijing Auto Show, BYD booked the entire E3 Hall, directly setting up a "-30°C low temperature flash charging" actual test area and full scenario parking experience area;

Deepal L06 Max limited time starting from 118,900 yuan, all series standard with CATL Golden Bell Battery, even bringing magnetic rheological chassis which only million-level luxury cars have.

When others are still "adding scenes" in the editing room, these brands are already betting with real technology.

Look at intelligent driving again. Among Xpeng Ultra users, the proportion of "opening intelligent driving every day" in the first week of new cars soared to 98.52%, March Ultra model orders increased by 118% month-on-month. He Xiaopeng's original words: "Intelligent driving has changed from showing off skills to a rigid decision point."

SAIC even launched the concept car of "Global First AI Native Car" Jia Yue 07, making the whole vehicle hardware customized for the AI underlying layer.

Even Shangjie, which has been troubled by AI rumors, insisted on releasing original test data after the Z7 winter test controversy, using real parameters to fight back questions.

Industry change has quietly occurred, more and more brands choose to release original data of actual tests, Li Auto and other brands actively strengthen information transparency; China Automotive Technology and Research Center and other authoritative institutions' crash tests, professional review traffic increased by about 30% year-on-year; offline test drives, real human actual tests, live car teardown, etc. verifiable content is more convincing than refined text and images.

Consumers are not stupid either; whose product can withstand real road tests, whose data dares to face third-party teardown, that is who will win the next round of voting.

Big boss speeches are also getting more realistic. In May this year, at the Shenzhen Future Automotive Pioneer Conference, Avatr Chairman Wang Hui spoke directly: "Sales without profit is fake sales."

Wang Lang added a knife: "Rather than exhausting in internal involution, grow in value."

Li Auto's Li Bin gave data: January to April cumulative delivery over 112,000 vehicles, year-on-year growth 71%, operating profit profit for two consecutive quarters.

BYD's Wang Chuanfu's sentence "Building high-end brands is never a one-step process", perhaps is the clearest footnote to the industry.

Pull the lens back to see – 2025 Chinese car exports 6.8 million vehicles, accounting for 18.6% of total sales. In Europe, Chinese share 7.4% surpassed Korea for the first time; in Thailand, Chinese brand share 34.3% firmly No. 1; in Brazil, new energy field already holds half.

Chery exports nearly 1.2 million vehicles to become the "export number one"; SAIC MG delivered 250,000 in Europe, year-on-year growth over 20%. I ask: If Chinese cars cannot present solid technology and products, can they conquer so many markets globally at the same time?

In the era where AI can "create" everything, truth is the longest lasting competitiveness. Just like Dali Lun for Great Wall Motor that heartfelt "Great Wall Cannon" – that is a real emotional expression, no script, no AI rendering, just happened to become the most scarce content for brands now.

When your product can be liked by real users, can be spread out in reality, then your brand itself is the cheapest and most effective advertising. This is the two-way rush towards real human touch.

•Electric EV:

The person in charge of Chongqing Liangjiang New Area Market Regulation Bureau said clearly: "AI is a normal technical tool, but it absolutely cannot become the 'shield' for false publicity."

A series of absurd events are all throwing out the same question: In an era where algorithms can easily copy all visual appearances, what is the most irreplaceable core of the auto industry?

Chinese cars are charging to the world at unprecedented speed, rather than using AI to fabricate "hotness", better to light up the market with products, what do you think?

5 月 28 日，上海北外灘世界會客廳，上汽集團將一輛智己 LS9 Hyper 交付畀 Momenta CEO 曹旭東。呢位特殊嘅用戶，不僅係上汽喺智能駕駛領域嘅核心戰略夥伴，亦都成為咗上汽全球第一位億位車主。由 1958 年工人用榔頭敲出第一輛「鳳凰牌」轎車，到而家第 1 億輛整車下線，上汽集團成為中國首個累計產銷量突破一億輛嘅汽車集團。這唔單止係數字嘅跨越，更係中國汽車工業從「規模擴張」邁向「質量引領」嘅一個縮影。

一億輛，係上汽七十年發展史嘅階段性答卷，亦都係中國汽車工業從無到有、從弱到強嘅生動註腳。1955 年上海內燃機配件製造公司成立，1958 年第一輛「鳳凰牌」轎車下線；1983 年桑塔納開啟合資合作，1997 年上海通用創造 23 個月建廠出車嘅「上海速度」；2006 年自主品牌榮威誕生，2016 年推出全球首款互聯網汽車；2020 年高端智能電動品牌智己汽車成立。貫穿呢個歷程嘅，係上汽從「合資合作」到「自主創新」再到「技術輸出」嘅角色演變。而第一億輛交付嘅智己 LS9 Hyper，正正係呢種能力積累嘅集中體現：全線控四輪轉向、520 線激光雷達、英偉達 Thor 晶片、全域 800V 高壓平台、金標颶風三電機——呢啲配備指向同一個訊號：上汽正喺用「技術定義豪華」嘅方式，參與高端市場嘅競爭。

一億輛嘅背後，係上汽全品牌矩陣嘅協同發力。2026 年 1 至 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，其中自主品牌銷量占比近 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%。從尚界 Z7 到五菱星光 560，從榮威 M7 到 MG4 半固態電池版，從紅岩重卡到申沃純電客車，自主品牌覆蓋個人出行、商用運營、物流運輸等全場景。合資板塊亦都亮咗「合資 2.0」嘅階段性成果：上汽大眾 ID. ERA 9X 上市一個月交付突破 7000 台，躋身 30 萬以上增程式大型高端 SUV 前三；AUDI E7X 計劃成為奧迪全球首款 L3 級自動駕駛落地車型；別克至境 E7 上市一個月交付破萬台。自主同合資「兩翼齊飛」，正喺成為上汽區別於其他車企嘅獨特結構優勢。

更值得關注嘅係上汽嘅全球化節奏。交付儀式當日，畫面從上海主會場切換到南京、柳州、太原，再到英國、印尼、新加坡——呢就係中國汽車品牌前所未有嘅敘事方式。上汽係中國車企「走出去」嘅先行者：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 42 艘滾裝船，8 條國際航線覆蓋東南亞、歐洲、美洲。產品服務遍布 170 餘個國家同地區，海外累計銷量突破 700 萬輛。MG 連續 11 年蟬聯中國品牌歐洲銷冠，2025 年歐洲年銷突破 30 萬輛，成為首個喺歐洲及英國累計銷量破百萬嘅中國汽車品牌。2025 年，上汽發佈海外「Glocal 戰略」（全球 + 本土），正加速從「產品出海」邁向「價值鏈出海」。

一億輛，係一億份用戶信賴嘅集中兌現。交付現場，得到 APP 創辦人羅振宇作為華境 S 第 001 號體驗官，由跨年演講盛讚華為乾崑智駕到走進工廠見證下線；前留德國腳楊晨選擇 ID.ERA 9X，因為佢嘅黃金增程同長期主義唔謀而合；公益博主劉佳連續五年為山區留守兒童理髮，別克第一時間援助，佢被至境 E7「滿分座艙」打動。呢啲故事共同指向上汽「懂車更懂你」嘅品牌理念——懂車，係對核心技術嘅極致追求；懂你，係將科技落地為用戶可感知嘅體驗。

由 1958 年嘅第一輛鳳凰牌，到 2026 年嘅智己 LS9 Hyper；由第一個用戶到第一億個用戶；由合資合作到技術輸出——上汽嘅一億輛，係中國汽車工業從「引進來」到「走出去」嘅見證。當一億輛成為歷史，真正嘅挑戰喺於：點樣令下一億輛嘅「含金量」超越「含數量」。喺智能電動化嘅下半場，體系能力、全球化佈局、用戶生態嘅深度構建，將係上汽係咪能夠由「規模第一」走向「品牌第一」嘅關鍵。

2026 年 5 月 28 日，上汽集團里程碑盛典於上海北外灘世界會客廳盛大啟幕，全球第 1 億位用戶正式完成交車。憑藉七十餘載深耕實幹，上汽集團成功躋身中國汽車行業首個累計產銷突破 1 億輛嘅車企，刷新中國汽車工業發展新高度。本次交付聯動上汽旗下十餘大全係整車品牌、十九款主力車型，以海內外跨區域、洲際聯動嘅全球接力交付形式，重磅鐫刻中國汽車產業發展嘅嶄新豐碑。

七十載薪火赓續：從國產破冰到智電領跑時代浪潮

上汽集團嘅發展脈絡，便係一部濃縮嘅中國汽車工業崛起史。企業溯源至 1955 年上海內燃機配件製造公司，1958 年手工打磨出第一輛“鳳凰牌”轎車，一舉實現上海轎車自主製造零嘅突破，拉開國產汽車造車序幕。七十餘載砥礪前行，上汽始終與中國汽車工業同頻共振，見證並推動產業從無到有、從弱到強、從合資跟隨到自主引領嘅跨越式蛻變。

回望發展征程，上汽每一步迭代都錨定產業風口、緊扣時代脈搏：1983 年桑塔納正式下線，開啟國內汽車合資合作新紀元；1997 年上海通用落地投產，創下 23 個月建廠出車嘅行業奇蹟，鑄就享譽全國嘅“上海速度”；2006 年自主高端品牌榮威重磅誕生，吹響自主品牌向上突圍號角；2016 年推出全球首款量產互聯網汽車榮威 RX5，率先開啟汽車智能化變革；2020 年高端智能電動品牌智己汽車成立，全面發力智能電動新賽道，完成向新質生產力嘅戰略轉型。

深耕行業數十載，上汽始終秉持“懂車更懂你”嘅核心品牌理念，堅持技術深耕與用戶至上雙向賦能。從桑塔納國產化聯合攻堅，到合資 2.0 時代嘅技術共創共贏；從開創互聯網汽車新形態，到全線控底盤、固態/半固態電池、車載 AI 大模型等前沿技術落地應用，上汽持續將硬核科技轉化為可感知、可落地、可普惠嘅出行體驗。1 億輛產銷嘅亮眼光輝，正係億萬用戶對上汽品質與服務嘅最高認可，係品牌初心與實力嘅最好見證。

億級標竿重磅交付：智己 LS9 Hyper 承載七十載技術大成

本次盛典交付嘅第 1 億輛整車，為上汽高端旗艦車型智己 LS9 Hyper。該車凝聚上汽七十余年造車技術積澱，重構新能源汽車核心配置體系，開啟行業“新三大件”全新时代，係上汽技術迭代、品質升級嘅集大成之作。

在核心硬件與智能配置上，智己 LS9 Hyper 搭載多項同級首發技術：全係標配全線控四輪轉向系統，搭配 520 線超視域激光雷達與英偉達 Thor 頂級智駕芯片，同時搭載全域 800V 高壓平台與恒星超級增程系統，硬件預埋 L3 及以上高級智能駕駛升級冗餘能力，為用戶帶來全場景、高安全、可進化嘅智能出行體驗。性能層面，車型首配上汽金標颶風三電機，成功邁入 3 秒級超跑性能梯隊。安全領域，上汽聯合紫金山實驗室全球首發“內生安全”技術，打破傳統汽車安全邊界，構建物理防護 + 信息防護雙重安全體系，築牢 AI 智能出行時代嘅安全基石。

值得關注的是，上汽全球第 1 億位車主為 Momenta CEO 曹旭東。作為上汽智能駕駛領域嘅核心戰略合作夥伴，雙方長期深度協同、技術共創，聯合研發嘅智駕技術已廣泛賦能上汽多品牌車型落地。此次產業合作夥伴變身品牌用戶，既係雙方生態共建成果嘅生動印證，也詮釋了上汽以技術為本、價值共生嘅品牌內核。

全鏈協同全球化佈局：硬核實力築牢行業領跑地位

1 億輛產銷里程碑嘅背後，係上汽六大業務板塊協同發力、全價值鏈閉環運營嘅硬核實力。依托整車製造、核心零部件、移動出行、汽車金融、全球化經營、科技創新六大核心板塊聯動賦能，上汽構建起穩健、完整、可持續嘅產業生態體系，為持續領跑行業提供堅實支撐。

市場數據印證強勁發展勢能：2026 年 1-4 月，上汽累計銷量達 130.2 萬輛，連續四個月穩居中國車企銷量榜首。其中自主品牌銷量 91 萬輛，佔比接近 70%，自主崛起態勢顯著；新能源車銷量 41.2 萬輛，電動化轉型成效凸顯；海外市場表現尤為亮眼，累計銷量 45.9 萬輛，同比大幅增長 50.2%，全球化發展勢頭迅猛。

本次交付盛典陣容齊全、亮點紛呈，上汽自主與合資品牌全線出擊、同台亮相。自主品牌尚界 Z7、華境 S、榮威 M7、MG4 半固態電池版、五菱星光 560 等車型，全面覆蓋家用、通勤、性能、商務等多元出行場景；合資品牌大眾 ID. ERA 9X、AUDI E7X、別克至境 E7 等全新車型集中亮相，充分展現上汽合資 2.0 時代技術共創、價值升級嘅全新成果。本次交付以上海為主會場，聯動南京、柳州等國內核心生產基地，同步聯動英國、印尼、新加坡等海外重點市場，開啟全球同步接力交付，全方位彰顯上汽全球化佈局嘅深厚底氣與體系實力。

作為中國汽車出海嘅先行者與領軍者，上汽早已構建完善嘅全球化產業體系。目前已在海外佈局超 100 個零部件生產基地、3000 個終端經銷網點，建成 3 大海外研發中心、4 大海外整車製造中心，實現研發、生產、銷售、服務全鏈條本土化運營。依托安吉物流 42 艘滾裝船、8 條國際航線嘅全球物流網絡，產品與服務覆蓋全球 170 餘個國家和地區，海外累計銷量突破 700 萬輛。其中 MG 品牌連續 11 年蟬聯中國品牌歐洲銷量冠軍，2025 年歐洲年銷量突破 30 萬輛，成為首個在英國、歐洲市場累計銷量破百萬嘅中國汽車品牌，推動中國汽車從單一產品出海，向技術出海、品牌出海、價值鏈出海全面升級。

以億為始二次創業：初心致遠，共築出行新未來

本次交付盛典始終以用戶為核心，科技博主、行業專家、公益代表、海內外資深車主等多元嘉賓齊聚現場，每一份用戶嘅信賴與選擇，都係上汽“懂車更懂你”初心嘅生動詮釋。多年來，上汽始終以用戶需求為核心導向，深耕技術創新、打磨產品品質、優化出行服務，讓前沿科技走出實驗室，真正普惠大眾出行生活。

一億輛產銷佳績，係上汽七十余載深耕不輟嘅榮耀答卷，更係品牌邁向全新征程嘅嶄新起點。站在行業發展新風口，上汽將以此次里程碑為契機，開啟智電時代二次創業新征程，持續深耕汽車智能化、電動化核心賽道。未來，上汽將依托全價值鏈核心實力，攜手全球用戶與合作夥伴億路同行、聚力共進，持續引領中國汽車產業轉型升級、走向全球，書寫中國汽車工業高質量發展嘅全新篇章。

Pada baru-baru ini, prospek saham Hong Kong yang disfailkan oleh Avatr pada 27 November 2025 telah memasuki status tidak sah kerana enam bulan telah tamat. Menurut pihak berkaitan Avatr, ketidaksahan ini adalah langkah teknikal biasa dalam proses IPO, kelajuan keseluruhan kemajuan senaskah saham tidak terjejas, syarikat sedang mengemaskini prospek mengikut keperluan dan akan mengemukakan semula secepat mungkin.

Mengikut peraturan Bursa Saham Hong Kong, jika prospek tidak selesai pendengaran dan penyenaraian saham dalam tempoh enam bulan sejak tarikh dis failkan, dokumen permohonan akan secara automatik tidak sah. Penganalisis industri menunjukkan, kitaran semakan IPO di pasaran saham Hong Kong semasa adalah panjang, hanya bulan Mei terdapat lebih 20 syarikat prospeknya tidak sah secara berturutan. Mengikut peraturan, syarikat boleh mengemukakan semula dalam tempoh tiga bulan.

Avatr diposisikan sebagai kereta elektrik baharu mewah yang asal dan pintar, berusaha untuk menjadi jenama kepimpinan kereta elektrik baharu mewah pintar di seluruh dunia. Avatr mengumpulkan sumber kekuatan daripada Changan, Huawei, dan CATL, tiga raksasa industri, menciptakan paradigma baharu pembangunan bersepadu pasukan kebangsaan syarikat milik negara dan syarikat teknologi teratas. Perlu disebutkan, Avatr juga melabur 11.5 bilion Yuan untuk 10% saham Huawei Xingwang, membina komuniti kepentingan yang terikat dengan modal.

Berkat model perniagaan unik, Avatr telah mencapai pertumbuhan berkualiti tinggi dan pantas. Sehingga sekarang, Avatr telah melancarkan beberapa model termasuk Avatr 11, Avatr 12, Avatr 06/06T, Avatr 07, meliputi julat harga 200,000 hingga 700,000 Yuan. Avatr juga telah memasuki lebih daripada 40 negara dan wilayah, dan pada peringkat awal telah membina imej jenama mewah di luar negara, serta telah menjana keuntungan. Di Thailand, Avatr 11 lama konsisten berada di jualan kereta elektrik mewah nombor satu; Di pasaran Emiriah Arab Bersatu, Avatr telah menguasai 10% saham pasaran kereta elektrik mewah.

Masa depan, Avatr akan mengintegrasikan sumber kekuatan dengan lebih lanjut, mempercepatkan perkembangan bersepadu. Tahun ini, Avatr akan melancarkan Avatr 07L, SUV Flaghip Enam Kerusi, pada tahun 2030 akan melancarkan 17 produk, meliputi sepenuhnya SUV, sedan, MPV dan bahagian pasaran lain; sementara itu, mempercepatkan pengembangan pasaran luar negara, merebut tahun 2030 meliputi lebih 110 negara dan wilayah, perkadaran jualan luar negara melebihi 40%.