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在马来西亚的SUV市场，很多买家在选车的时候都会拿 Mercedes-Benz GLA 和 Land Rover Discovery Sport 来做比较。这两款车在价位和定位上都蛮接近的，今天我们就从多个方面做一个详细的对比，帮你省下做功课的时间。
Mercedes-Benz GLA 在马来西亚的 OTR 售价是 RM 258,888 - 295,888，一共有 1 个版本，包括 Standard（RM 258,888） 等。
Land Rover Discovery Sport 在马来西亚的 OTR 售价是 RM 499,800 - 499,800，一共有 1 个版本，包括 Standard（RM 499,800） 等。
从价钱来看，Mercedes-Benz GLA 的起步价确实比 Land Rover Discovery Sport 便宜了 RM 240,912。如果你预算有限，Mercedes-Benz 的入门版已经可以满足日常需求。但也要注意，便宜的那几千块，可能在配备上会有取舍，具体要看你的需求。
Mercedes-Benz GLA 的安全评级是 5★ (Euro NCAP)，主动安全系统包括 Premium ADAS。
Land Rover Discovery Sport 的安全评级是 TBD，主动安全系统包括 Basic。
安全配备方面，两款车都拿到了不错的评级。不过 Mercedes-Benz GLA 的 Premium ADAS 和 Land Rover Discovery Sport 的 Basic 在功能上有些差异，如果你比较看重主动安全的话，可以仔细对比一下两者的功能列表。
Mercedes-Benz GLA 车身长 4400 mm，后备箱 400 L。
Land Rover Discovery Sport 车身长 4400 mm，后备箱 400 L。
两款车的尺寸几乎一样，车内空间差别不大。这个级别的车，日常使用完全够用。
Mercedes-Benz GLA 和 Land Rover Discovery Sport 都是马来西亚市场的主流选择，适合家庭使用、日常通勤。如果你更看重品牌口碑和二手价，可以优先考虑口碑更好的那一款；如果你更在意性价比和配备，那就选配置更丰富的那款。最终还是建议两款都去试驾，亲身体验才是最重要的。
总的来说，Mercedes-Benz GLA 和 Land Rover Discovery Sport 都是马来西亚市场很不错的车型。选择哪一辆，关键还是要看你的个人需求和预算。建议大家做好功课，多比较几间车行的报价，再去试驾做最终决定。买车是件大事，花点时间做功课绝对不会错。
Model Overview
Whether the Audi RS 3 is worth buying depends not on how attractive it looks, but on whether it can meet your actual vehicle usage needs. This article will focus on highway cruising, lane changing, and overtaking confidence.
The price is RM 673,600; buyers can first use this to assess budget pressure and positioning within the same class.
Purchase Price Guide
The Audi RS 3 purchase budget can start being measured from RM 673,600. This figure truly affects monthly payments, insurance, and cash flow, not just the sticker price in the showroom.
If you are hesitating between several versions, you can put the 2025 Sedan 2.5 TFSI quattro (RM 673,600) on the same list for comparison. Daily commuters should prioritize comfort and safety, while frequent highway drivers should value power, driver assistance, and cabin convenience more.
Core Specifications Summary
When looking at Audi RS 3 core specifications, the most important thing is translating the numbers into real-life sensations.
Turbocharged, 5-cylinder power foundation, suitable for judging whether city following and highway cruising are relaxed. 400 Ps, 500 N·m output, true meaning lies in not being too strenuous when fully loaded, going uphill, and overtaking. DCT dual-clutch transmission, four-wheel drive layout settings, will affect starting smoothness, wet grip stability, and long-distance cruising feel.
Pros and Cons Analysis
Audi RS 3 advantages do not need exaggeration, what truly has value is whether it can make daily use more worry-free: clear budget position, convenient direct comparison with same-class cars, power output can support highway and overtaking needs, space and body dimensions facilitate family buyers to judge practicality.
What needs attention is that final trade-offs will fall on version configuration, insurance, and long-term maintenance costs. These are not deduction items, but life details that should be clear before placing an order.
Purchase FAQ
Before purchasing Audi RS 3, buyers most often ask not about single specifications, but whether it can integrate into their lives.
Who is this car suitable for? Suitable for buyers who prioritize highway cruising, lane changing, and overtaking confidence. What should family users look for? Prioritize rear seating, child seats, luggage, and whether daily entry/exit is convenient. Is daily driving troublesome? If energy costs, parking convenience, and version configuration all fit your life rhythm, it will be easier to get along with.
Competitor Comparison
When putting Audi RS 3 into same-class car list, not recommended to look at brand or appearance only. Truly useful comparison order is: first use RM 673,600 to lock budget range, then see if power is sufficient for highway and full load, finally see if space is suitable for family and luggage.
Results filtered this way are closer to daily life. You will be clearer whether it is suitable for city commuting, family daily driving, long-distance cruising, or more suitable as a choice for personality.
Full Lifecycle Ownership Guide
The key to owning Audi RS 3 is confirming insurance, road tax, maintenance, and tire costs are within acceptable ranges. Buying a car is not ending with a one-time payment, but interacting every day.
If you often drive on the North-South Expressway, power and cabin comfort are more important than simple low price; if mainly in the city, parking flexibility, visibility, and low-speed smoothness will affect mood more.
車型概覽
奧迪 RS 4 值唔值買，關鍵唔係佢睇落幾吸引，而係佢可以解決你嘅真實用車需要。呢篇文章會將重點放喺佢同同級車比較嘅生活配合度。
版本方面，奧迪 RS 4 而家可以圍繞 2025 Avant quattro 嚟比較。
購車價指南
評估奧迪 RS 4 嘅購車預算時，建議由版本定位同後續擁車成本入手。價唔係唯一重點，真正決定係唔係抵嘅係每日會唔會用到嗰啲配備。
如果你喺幾個版本之間猶豫，可以將 2025 Avant quattro 放喺同一張清單度比較。日常通勤買家優先睇舒適同安全，頻繁跑高速的買家則更加重視動力、駕駛輔助同座艙便利。
核心參數匯總
睇奧迪 RS 4 的核心規格，最緊要係將數字翻譯做生活入面嘅感受。
奧迪 RS 4 的核心價值應回歸日常場景判斷：你要佢負責通勤、家庭出行、長途，定係作為更加有個性嘅選擇。
優點缺點分析
奧迪 RS 4 的優點唔使誇大，真正有價值嘅係佢可以令日常使用更放心：車型定位清晰，適合先作為同級比較對象。
需要留意的是，最終取舍會落喺版本配備、保險同長期保養成本。呢啲唔係扣分位，而係落訂前應該先諗清楚嘅生活細節。
購車常見問題解答
購買奧迪 RS 4 前，買家最常見問嘅唔係單一規格，而係佢可以唔可以融入你嘅生活。
適合邊個？適合將同級車相比嘅生活配合度排喺頭位嘅買家。 家庭用家要睇咩？優先睇後排坐、兒童座椅、行李同日常上落車啱唔啱手。 每日開會唔會麻煩？如果能源成本、停車方便同版本配備都符合你嘅生活節奏，佢會比較易相處。
競爭對手對比內容
將奧迪 RS 4 放喺同級車名單度時，唔建議只睇品牌或者外形。真正有用嘅比較順序係：由版本定位、品牌售後同日常用途開始比較。
咁樣篩選出嚟嘅結果更貼近日常生活。你會更加清楚佢係適合城市通勤、家庭代步、長途巡航，定係更加適合作為一輛講求個性嘅選擇。
用車全週期指南
擁有奧迪 RS 4 的重點，係確認保險、路稅、保養同輪胎成本都係可接受範圍內。買車唔係一次付款就完事，而係每日都要相處。
如果你頻繁跑南北大道，動力同座艙舒適度會比單純靚價更重要；如果主要喺市區，停車靈活性、視野同低速順滑度會更加影響心情。
車型概覽
BMW X5 PHEV 值唔值買，關鍵唔係佢睇落幾吸引，而係佢能否解決你嘅真實用車需求。呢篇文章會把重點放喺市區駕駛、泊車同日常靈活性。
價錢落喺 RM 486,800 - 494,800，買家可以先用佢判斷預算壓力同同級定位。
購車價格指南
BMW X5 PHEV 嘅購車預算可以先從 RM 486,800 - 494,800 開始衡量。呢個數字真正影響嘅係月供、保險同現金流，而不只係展廳入面嘅標價。
如果你喺幾個版本之間猶豫，可以將 2025 xDrive50e（RM 486,800）、2024 xDrive50e M Sport（RM 494,800） 放喺同一張清單入面比較。日常通勤買家優先睇舒適同安全，常跑高速嘅買家則更加應重視動力、輔助駕駛同座艙便利。
核心參數匯總
睇 BMW X5 PHEV 嘅核心規格，最重要係將數字翻譯成生活入面嘅感受。
25.7 kWh 嘅電池容量，重點係唔係能撐足一週通勤同週末出門。230 kW、450 N·m 嘅輸出，令高速變線同短距離超車更有底氣。車長 4935 mm、車寬 2004 mm、車高 1755 mm、軸距 2975 mm，可以幫你預判泊車難度同後排乘坐空間。自動變速箱 變速箱、四輪驅動佈局 嘅設定，會影響起步順滑度、濕地穩定感同長途巡航感。
優點缺點分析
BMW X5 PHEV 嘅優點唔使誇張，真正有價值嘅係佢能否令日常使用更安心：預算位置清楚，方便同同級車直接比較、日常能源成本有明確參考、動力輸出能撐足高速同超車需求。
需要留意嘅係，需要先確認屋企、公司或常去商場嘅充電條件、市區泊車同狹窄路段仍要睇個人駕駛習慣。呢啲唔係扣分項，而係落單前應該先諗清楚嘅生活細節。
購車常見問題解答
購買 BMW X5 PHEV 前，買家最常問嘅唔係單一規格，而係佢能否融入自己嘅生活。
呢架車適合邊個？適合把市區駕駛、泊車同日常靈活性放喺首位嘅買家。家庭用戶要睇咩？優先睇後排乘坐、兒童座椅、行李同日常上下車有無順手。每日開會唔會麻煩？2.3 L/100km 嘅油耗參考令通勤成本更容易預咗。
競爭對手對比內容
將 BMW X5 PHEV 放進同級車名單嗰陣，唔建議只睇品牌或外形。真正有用嘅比較順序係：先用 RM 486,800 - 494,800 鎖定預算圈、再睇動力有無足夠應付高速同滿載、接住比較能源成本同補能便利、最後睇空間係咪適合家人同行李。
咁樣篩選出嚟嘅結果更貼近日常生活。你會更清楚佢係適合城市通勤、家庭代步、長途巡航，定係更適合作為一輛講求個性嘅選擇。
用車全周期指南
擁有 BMW X5 PHEV 嘅關鍵，係先把充電安排諗清楚。屋企充電、公司充電或商場快充只要其中一項穩定，日常體驗就會輕鬆好多。
如果你常跑南北大道，動力同座艙舒適度會比單純低價更重要；如果主要喺市區，泊車靈活性、視野同低速順滑度會更加影響心情。
車型概覽
捷豹 XF 值唔值買，關鍵唔係佢睇落有幾吸引，而係佢係咪能夠解決你嘅真實用車需求。這篇文章會把重點放喺佢同級車相比嘅生活適應度。
版本方面，捷豹 XF 目前可圍繞 2025 Standard 來比較。
購車價格指南
評估捷豹 XF 嘅購車預算時，建議先從版本定位同後續用車成本下手。價格唔係唯一重點，真正決定係咪划算嘅係每日會唔會用到嗰啲配置。
如果你喺幾個版本之間猶豫，可以把 2025 Standard 放喺同一張清單入面比較。日常通勤買家優先睇舒適同安全，常跑高速嘅買家則更應重視動力、輔助駕駛同座艙方便。
核心參數匯總
睇捷豹 XF 嘅核心規格，最重要係將數字轉換成生活入面嘅感覺。
捷豹 XF 嘅核心价值應返到日常場景判斷：你要佢負責通勤、家庭出行、長途，還係作為更有個性嘅選擇。
優缺點分析
捷豹 XF 嘅優點唔使誇張，真正有價值嘅係佢係唔係能夠令日常使用更省心：車型定位清楚，適合先作為同級比較對象。
需要留意嘅係，最終取舍會落喺版本配置、保險同長期保養成本。這些唔係扣分項，而係落訂前應該要諗清楚嘅生活細節。
購車常見問題解答
購買捷豹 XF 前，買家最常問嘅唔係單一規格，而係佢係唔係能夠融入你嘅生活。
呢架車適合邊個？適合把同級車相比嘅生活適應度擺首位嘅買家。 家庭用戶要睇啲咩？優先睇後排乘坐、兒童座椅、行李同日常上下車係唔順手。 每日開會唔會麻煩？如果能源成本、停車方便同版本配置都符合你嘅生活節奏，佢會比較容易相處。
競爭對手對比內容
把捷豹 XF 放進同級車名單時，唔建議只睇品牌或外形。真正有用嘅比較順序係：先從版本定位、品牌售後同日常用途開始比較。
咁樣篩選出嚟嘅結果更貼近日常生活。你會更清楚佢係適合城市通勤、家庭代步、長途巡航，還係更適合作為一輛講求個性嘅選擇。
用車全週期指南
擁有捷豹 XF 嘅重點，係確認保險、路稅、保養同輪胎成本都喺可接受範圍內。買車唔係一次付款就結束，而係每日都要相處。
如果你常跑南北大道，動力同座艙舒適度會比單純低價更重要；如果主要喺市區，停車靈活性、視野同低速順滑度會更影響心情。
Friends, the recent "Great Wall Motor Global Exploration Day" was incredibly lively. Investors from all six continents gathered at the Baoding headquarters. The investors who came from afar not only visited the wind tunnel, crash labs, and other facilities, but also drove the entire series of models including Tank, WEY, and Ora at the Xushui test track.
Especially Great Wall Ora. Investors praised Ora's vehicle product capabilities endlessly. In this regard, sales figures cannot lie. In June, 10,806 units were sold, a 229% year-over-year surge. But what surprised me even more is: in the Brazilian market, 2,000 units sold out in 24 hours. In Thailand, the hybrid version saw 5,000 units in orders.
How did Great Wall Ora 5 suddenly sell so well overseas?
Did you know? Ora has now become a brand offering multiple powertrains for one vehicle — pure electric, hybrid, and fuel. Same platform, same design, three power formats.
Think about it, different global markets have huge differences in charging infrastructure and consumer habits. Europe is suitable for pure electric, hybrid works better in Southeast Asia, and in Central/South America where charging piles haven't spread, the fuel version is actually a must-have. Ora covered all needs with one platform. This strategy is indeed smart, no wonder investors are queuing to become distributors.
Speaking of products. The Great Wall 5 Pure Electric Version consumes 11.5 kWh per 100 km, has a range of 580 km, and features the Coffee OS 3 smart cockpit, built-in Coffee GPT large model voice system. The vehicle system performance is smooth, quite beautiful and user-friendly. This configuration is quite popular in foreign markets.
The hybrid version is the highlight, equipped with the new generation Hi2 intelligent hybrid system, adopting a two-gear direct drive architecture, achieving "three engines six modes" AI smart switching. Simply put, the system will seamlessly switch between pure electric, series, parallel, direct drive, and other modes based on road conditions and driving needs, maintaining optimal efficiency throughout the entire journey. In actual driving, it boils down to four words: fuel-saving, smooth, quiet, fast. Power switching is seamless, daily driving is smooth and fuel-efficient, and commuting costs are ridiculously low.
Great Wall Ora 5 in terms of design can be said to completely align with young people's aesthetic preferences. Adopting the "Natural Aesthetics" design language, it outlines pure beauty with minimalist rounded lines, without piling up or being gaudy, high recognizability at first glance.
The interior also follows a restrained minimalist route, without complicated decorations. A clean and neat layout paired with delicate material combinations creates an atmosphere of relaxation and comfort as soon as you sit in. This consistent and exquisite design is really hard for young users around the globe to refuse.
As of now, Ora has become the choice of over 580,000 global users. Delivering a truly globally adapted car into the hands of young people in different markets, young people's car selection journey can finally stop settling.
Topics
#HowPopularGreatWallMotorIsOverseas
#GreatWallOra5
#GreatWallOra5GlobalCarGlobalPraise
#GlobalInvestorsQueueToDistributeOra5
#OverseasInvestorsPraiseChineseSmartDriving
#GreatWallOra5GlobalLaunch
#GreatWallOra5StyleVehicleForGlobalYouth
Di pasaran SUV Malaysia, ramai pembeli membandingkan Proton X50 dan Mazda CX-5 ketika memilih kereta. Kedua-dua kenderaan ini mempunyai harga dan kedudukan yang agak hampir, hari ini kita akan buat perbandingan terperinci dari pelbagai aspek untuk membantu anda menjimatkan masa mengkaji.
Proton X50 mempunyai harga OTR di Malaysia sebanyak RM 89,800 - 113,300, terdapat 4 varian termasuk 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300) dan lain-lain.
Mazda CX-5 mempunyai harga OTR di Malaysia sebanyak RM 135,469 - 166,760, terdapat 3 varian termasuk 2025 2.0L AT 35th Anniversary (RM 316,154), 2025 2.0L AT (RM 296,154), 2025 2.0L MT (RM 294,154) dan lain-lain.
Dari segi harga, harga permulaan Proton X50 memang RM 45,669 lebih murah daripada Mazda CX-5. Jika bajet anda terhad, varian asas Proton sudah boleh memenuh keperluan harian. Namun perlu diingat, perbezaan harga ribuan ringgit itu mungkin melibatkan pertimbangan pada kelengkapan, bergantung pada keperluan anda.
Proton X50 mempunyai panjang 4400 mm, bak bagasi 400 L.
Mazda CX-5 mempunyai panjang 4500 mm, bak bagasi 450 L.
Dari segi ruang, badan Mazda CX-5 lebih panjang 100 mm berbanding Proton X50, memberikan kelebihan ruang duduk. Namun Proton X50 lebih mudah diparkir di bandar, masing-masing ada kelebihan.
Proton X50 menggunakan sistem pemacu 4WD.
Mazda CX-5 menggunakan sistem pemacu FWD.
Sensasi pengendaliannya antara 4WD Proton dan FWD Mazda berbeza, disyorkan untuk ujian jalan berbanding.
Proton X50 dan Mazda CX-5 kedua-duanya pilihan utama pasaran Malaysia, sesuai untuk kegunaan keluarga dan perjalanan harian. Jika anda lebih mementingkan reputasi jenama dan harga pasaran kedua, boleh utamakan model dengan reputasi lebih baik; jika lebih mementingkan nilai berbanding harga dan kelengkapan, pilih model dengan kelengkapan lebih banyak. Pada akhirnya, disyorkan kedua-duanya untuk ujian jalan, pengalaman peribadi adalah yang paling penting.
Secara keseluruhannya, Proton X50 dan Mazda CX-5 kedua-duanya model yang sangat bagus di pasaran Malaysia. Memilih yang mana satu, bergantung pada keperluan dan bajet peribadi. Disarankan buat kajian, bandingkan tawaran harga beberapa showroom kereta, kemudian buat ujian jalan untuk keputusan akhir. Membeli kereta adalah perkara besar, meluangkan masa membuat kajian pasti tidak salah.
當地時間 7 月 16 日，比亞迪巴西工廠迎嚟新嘅發展里程碑。
嗰天，工廠第 10 萬輛新能源汽車正式下線，車款為比亞迪海鷗；與此同時，工廠在職員工數量突破 5500 人。
值得一提的是，由 2025 年 7 月工廠投產到如今完成第 10 萬輛新能源汽車下線，只喺一年左右時間。
呢個速度唔單止體現咗工廠產能快速爬坡，亦反映咗比亞迪喺巴西市場持續增長嘅競爭力。
由工廠建設到供應鏈完善，再到帶動當地就業，比亞迪正將新能源汽車產業鏈真正扎根巴西，並以此推動當地綠色交通嘅發展。
依靠本土化戰略，比亞迪巴西工廠保持穩步發展，並持續帶動當地產業升級同就業增長。
比亞迪巴西分公司總經理李鐵表示，卡馬薩里工廠實現跨越式發展，係比亞迪深耕拉美市場戰略取得成效嘅直觀體現。
「我哋正全力將卡馬薩里工廠打造為面向未來嘅現代化新能源工業基地，喺持續釋放產能、完善本地供應鏈體系嘅同時，創造更多高質量屬地就業崗位，持續放大新能源產業落地嘅社會價值，助力巴西綠色交通轉型升級。」
除咗產能上嘅突破，員工規模超 5500 人，同樣係此次里程碑嘅重要組成部分。
比起工廠投產初期，如今持續擴大嘅員工規模，亦意味著比亞迪本地化製造正由「建工廠」進入「建產業」嘅新階段。
本次入職嘅第 5500 名員工埃德內伊·多斯桑托斯·席爾瓦，就係比亞迪帶動當地就業嘅一個縮影。
佢曾親歷當地傳統汽車產業逐漸衰退，亦見證過工業園區一度失去活力，因此對於比亞迪嘅到來感触極深。
佢表示，比亞迪落地後，唔單止重新激活咗當地產業，亦為越來越多居民帶嚟穩定嘅發展機會。
「呢係我職業生涯嘅全新起點，令我能夠穩定承擔家庭責任、持續提升專業技能，喺家鄉嘅土地上扎根成長、共建未來。見證卡馬薩里重煥產業生機，重拾發展夢想，我倍感榮幸。」
實際上，對於一家全球車廠來說，喺海外建廠唔單止意味住增加產能，更重要係佢哋能否真正融入當地市場。
此次實現第 10 萬輛新能源汽車下線同員工規模突破 5500 人嘅雙重里程碑，唔單止體現咗比亞迪巴西工廠較快嘅建設速度同穩定嘅產能輸出能力，亦意味著佢打造南美核心新能源產業基地嘅戰略正喺進一步落地。
比起單純實現產能突破，更值得關注嘅係，比亞迪正以本地化製造為核心，將全球化佈局同當地產業發展結合埋一齊。
透過持續創造就業、完善產業鏈配套、推動綠色出行等方式，將企業嘅發展動能轉化為巴西產業升級、民生改善同綠色轉型嘅長期動力，亦進一步深化咗中巴兩國喺新能源汽車產業領域嘅合作。
近年來，比亞迪海外佈局明顯提速。
目前，公司新能源汽車已進入全球 100 多個國家同地區，並喺巴西、泰國、匈牙利等市場持續推進本地化製造。
今年上半年，比亞迪海外銷量約 79 萬輛，同比增長超過 70%，海外市場銷量佔新能源汽車總銷量嘅四成以上，國際市場正成為公司新嘅增長引擎。
隨著巴西工廠迎嚟第 10 萬輛新能源汽車下線，比亞迪全球化戰略亦正進入成果持續兌現嘅新階段。
Di pasaran SUV di Malaysia, ramai pembeli membandingkan Proton X50 dan Mazda CX-30 ketika memilih kereta. Kedua-dua kereta ini agak hampir dari segi harga dan penarafan, hari ini kita akan buat perbandingan terperinci dari pelbagai aspek untuk membantu anda menjimatkan masa membuat kajian.
Harga OTR Proton X50 di Malaysia ialah RM 89,800 - 113,300, terdapat 4 varian, termasuk 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300) dan lain-lain.
Harga OTR Mazda CX-30 di Malaysia ialah RM 122,409 - 146,409, terdapat 4 varian, termasuk 2025 2.0L High+ Premium (RM 146,409), 2025 2.0L High+ (RM 138,409), 2025 2.0L High (RM 130,409) dan lain-lain.
Dari segi harga, harga permulaan Proton X50 memang lebih murah RM 32,609 berbanding Mazda CX-30. Jika bajet anda terhad, varian pengenalan Proton sudah cukup untuk memenuhi keperluan harian. Tetapi perlu berhati-hati, beratus hingga beribu ringgit yang lebih murah itu mungkin ada kompromi dalam kelengkapan, bergantung pada keperluan anda.
Tahap keselamatan Proton X50 ialah 5★ (ASEAN NCAP), sistem keselamatan aktif termasuk ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Tahap keselamatan Mazda CX-30 ialah 5★ (ASEAN NCAP), sistem keselamatan aktif termasuk i-Activsense.
Tahap keselamatan kedua-dua kereta sama, dalam segmen ini peralatan keselamatan dianggap lengkap. Keselamatan kereta baru sekarang tidak buruk, tidak perlu terlalu risau tentang perkara ini.
Proton X50 panjang badan 4400 mm, kapasiti koper 400 L.
Mazda CX-30 panjang badan 4500 mm, kapasiti koper 450 L.
Dari segi ruang, badan Mazda CX-30 lebih panjang 100 mm daripada Proton X50, ruang duduk lebih menguntungkan. Namun Proton X50 lebih fleksibel ketika parkir di bandar, masing-masing ada kompromi.
Proton X50 menggunakan sistem pemacu 4WD.
Mazda CX-30 menggunakan sistem pemacu FWD.
4WD dari Proton dan FWD dari Mazda mempunyai pengalaman pengendalian yang berbeza, disarankan untuk uji dan bandingkan.
Secara keseluruhan, Proton X50 dan Mazda CX-30 adalah model kereta yang bagus di pasaran Malaysia. Memilih yang mana, penting untuk lihat keperluan peribadi dan bajet anda. Kami sarankan anda membuat kajian, bandingkan beberapa tawaran dari dealer, barulah pergi uji memandu buat keputusan akhir. Membeli kereta adalah urusan besar, meluangkan masa membuat kajian tidak akan salah.
Di pasaran SUV Malaysia, ramai pembeli ketika memilih kereta sering membandingkan Proton X50 dengan Mazda CX-3. Kedua-dua kereta ini mempunyai harga dan penempatan pasaran yang hampir sama, hari ini kita akan membuat perbandingan terperinci dari pelbagai aspek untuk membantu anda menjimatkan masa melakukan kajian.
Proton X50 mempunyai harga OTR di Malaysia antara RM 89,800 - 113,300, terdapat 4 varian, termasuk 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300) dan lain-lain.
Mazda CX-3 mempunyai harga OTR di Malaysia antara RM 126,159 - 139,159, terdapat 2 varian, termasuk 2023 2.0L High (RM 139,159), 2023 2.0L Plus (RM 126,159) dan lain-lain.
Dari segi harga, harga permulaan Proton X50 memang lebih murah RM 36,359 berbanding Mazda CX-3. Jika bajet anda terhad, varian asas Proton sudah cukup untuk memenuhi keperluan harian. Namun, perlu diingat, perbezaan harga yang sedikit itu mungkin melibatkan kompromi dalam spesifikasi, bergantung pada keperluan anda.
Proton X50 dilengkapi enjin 1.5L 4-silinder, kuasa kuda 105 hp. Penggunaan bahan api rasmi 6.0 L/100km.
Mazda CX-3 dilengkapi enjin 1.5L Turbo, kuasa kuda 140 hp. Penggunaan bahan api rasmi 7.0 L/100km.
Dari segi kuasa, enjin 1.5L Turbo Mazda CX-3 mempunyai 35 kuasa kuda lebih daripada 1.5L 4-silinder Proton X50. Walau bagaimanapun, untuk memandu harian di kawasan bandar, kuasa kedua-dua kereta sudah mencukupi dan tidak akan terasa kurang kuasa.
Panjang badan Proton X50 adalah 4400 mm, bak belakang 400 L.
Panjang badan Mazda CX-3 adalah 4500 mm, bak belakang 450 L.
Dari segi ruang, badan Mazda CX-3 lebih panjang 100 mm daripada Proton X50, ruang penumpang lebih luas. Namun, Proton X50 lebih fleksibel apabila parkir di kawasan bandar, masing-masing ada kompromi sendiri.
Proton X50 dan Mazda CX-3 kedua-duanya adalah pilihan utama di pasaran Malaysia, sesuai untuk kegunaan keluarga dan perjalanan harian. Jika anda lebih menghargai reputasi jenama dan nilai jualan semula, boleh utamakan yang mempunyai reputasi lebih baik; jika anda lebih mementingkan nilai wang dan kelengkapan, maka pilih yang lebih banyak spesifikasi. Akhir sekali, disyorkan kedua-duanya untuk dicuba memandu, pengalaman peribadi adalah yang paling penting.
Secara keseluruhannya, Proton X50 dan Mazda CX-3 kedua-duanya adalah model yang sangat baik di pasaran Malaysia. Memilih yang mana satu, kunci utamanya adalah melihat keperluan dan bajet peribadi anda. Adalah dinasihatkan agar mengkaji terlebih dahulu, bandingkan beberapa tawaran daripada pelbagai pengedar kereta, kemudian buat keputusan akhir selepas mencuba memandu. Membeli kereta adalah perkara besar, meluangkan masa mengkaji pasti tidak akan salah.
July16th evening, XPeng MONA L03 globally launched. This model positioned as a 'Smart Fashion SUV' for young users comes originally equipped with Linglong SPORT MASTER e tires.
At this hyper-competitive juncture of the 150,000 RMB class new energy SUV market, this matching combination is worth breaking down.
Why XPeng Chose Linglong Tires
L03's core selling point is 'Intelligent Driving Equality' — dual Turing AI chips, 1500 TOPS computing power, 2nd generation VLA system, bringing high-level intelligent driving to the 150k price point. This pricing strategy determines its requirements for the supply chain: performance cannot be compromised, and costs must be controllable.
As a key component directly contacting the road surface affecting range and NVH, tires need to meet standards in three indicators simultaneously: low rolling resistance, quietness, and wet grip, while the price must be competitive.
Linglong SPORT MASTER e fits exactly in this position. This product has obtained the highest EU Tire Label AAA certification, with hard metrics supporting grip, low rolling resistance, and quietness, and as a domestic tire, it has cost advantages over foreign brands.
More importantly, Linglong's customer base in the new energy supply chain — BYD, Geely, Chery, Seres, Leapmotor, etc. — has already formed scale effects and quality control stability. When OEMs evaluate supply chain risks, they tend to choose suppliers with substantial vehicle-mounted verification.
XPeng choosing Linglong is not a tentative cooperation but an addition on top of an existing mature supply system.
Where is the differentiation of SPORT MASTER e
For the category of new energy specialized tires, everyone is making them, but few products truly meet OEM supply requirements and end-user perception simultaneously. SPORT MASTER e's differentiation is reflected in three levels.
Technically, the AAA label means it reached the highest EU grade in rolling resistance, wet grip, and noise, which is rare in domestic tires. Low rolling resistance directly affects range, wet grip concerns safety, noise affects driving experience — these three happen to be the most frequently complained-about tire-related issues by new energy vehicle owners.
Linglong achieving top levels in these three dimensions simultaneously indicates substantial technical accumulation in formulations and structural design, not relying on a single metric to dominate.
From the market validation perspective, this product was shortlisted for the UK WhatTyre '2025 Eco Tire of the Year Award' final nominations, marking the first time a Chinese tire has entered the final competition for this award.
In the domestic 'China Auto Strict Selection' evaluation, it also won the 'Top Ten Tires of the Year' and 'Annual Green Environmental Protection Award' double honors. Endorsement from third-party evaluation agencies provides reference value for OEM supply decisions and end-consumer purchases.
From the customization perspective, Linglong designed the sidewall for L03's youth positioning — oxygen-resistant suede black process, XPeng logo contrast with suede black background, aperture element integration. This customization appears to be 'face work' in the supply business, but actually reflects Linglong's response speed and willingness to cooperate with OEM needs.
For new power brands like XPeng, the unity of detail texture is part of the brand tone. Linglong willing to invest in this indicates the supply relationship between both sides is not a simple buy-sell but involves a certain depth of synergy.
Linglong's Position in the New Energy Supply Track
Linglong has ranked first globally in new energy supply tire sales for consecutive years. This 'first place' is not supported by a single client but by coverage — layout in both economy and mid-to-high-end segments.
In the list of supply car companies, there are traditional domestic brands（BYD, Geely, Chery）, also joint ventures（Dongfeng Nissan, GAC Honda）, and new forces（Seres, Leapmotor）. The diversity of the customer structure reduces the risk of single-client dependency.
Looking deeper, Linglong's overseas capacity layout is becoming the second growth curve for new energy supply business. China's new energy complete vehicle export growth is very fast, June exports increased by 152.7% year-on-year. Tires as supply components going overseas with complete vehicles is a confirmed increment.
Linglong has ready-made capacity overseas, no need to ship from domestic. Against the background of increasingly complex international trade barriers, this is a substantial competitive advantage.
Several Judgments at the Industry Level
This supply indicates many issues behind it. The first judgment is that the competition for domestic new energy supply tires is shifting from 'who can do it' to 'who can do it stably'. OEM requirements for tires are no longer 'just needs to fit', but finding a balance point between rolling resistance, quietness, wet grip, durability, and cost.
Suppliers able to meet these conditions simultaneously will gain more supply share. The share of leading enterprises like Linglong, Sailun, and Zhongce in the new energy supply field will continue to increase.
The second judgment is that customization is becoming standard for supply business. OEMs attach increasing importance to the visual unity between tires and complete vehicle design. Details like sidewall logo, tread design, and color matching are shifting from 'bonus items' to 'basic items'. Tire enterprises capable of providing customized services will hold advantages in supply bidding.
The third judgment is that overseas capacity is becoming a moat for supply business. As EU anti-dumping measures land and US trade reviews on Southeast Asian tires continue, tire enterprises with capacity overseas can not only serve Chinese complete vehicle exports but also directly meet localization supply needs of overseas OEMs. Linglong's bases in Thailand and Serbia have taken the first move in this round of competition.
Whether XPeng MONA L03 can stand firm in the 150k level market depends on product power and delivery capability. But in this supply link, Linglong has played its cards correctly. What remains to be seen is whether this set of SPORT MASTER e tires can build a reputation in end-user actual use, and whether Linglong can extend XPeng as a client from domestic supply to overseas supply.
Sepertah pertama terjual hampir 1.2 juta unit kenderaan, namun keuntungan bersih merudun hampir 60% dari tahun ke tahun. Perkara macam ini pasti menyakitkan hati sesiapa saja.
Malam 14 Julai, Changan mengeluarkan pengumuman laporan setengah tahun, keuntungan bersih yang boleh dipertanggungjawabkan dijangka antara 740 juta hingga 970 juta Yuan, tahun lalu masih 2.291 bilion. Dipotong dua pertiga, begitu sahaja potongannya. Keuntungan bersih tanpa elemen luar biasa lagi menyedihkan, tinggal 230 juta hingga 330 juta Yuan, turun 70% hingga 80% dari tahun ke tahun.
Tetapi jika anda lihat ke arah jualan, datanya sebenarnya tidak buruk. Pada separuh tahun pertama, jumlah jualan kumulatif Changan ialah 1.1956 juta unit. Dijual di luar negara 402,000 unit, meningkat 35.1% secara tahun ke tahun. Kenderaan tenaga baharu 456,000 unit. Bagaimanapun dilihat, ini tidak seperti keputusan yang berada di "ambang kerugian".
Terjual banyak, untung sedikit. Bagaimana akaun ini dikira?
Di mana wang dibelanjakan? Dua lubang
Changan sendiri dalam pengumuman menjelaskan dua sebab: fluktuasi kadar pertukaran dan kenaikan harga bahan mentah. Yang disebut rasmi memang benar.
Pertama, soal kadar pertukaran. Changan setengah tahun pertama jualan luar negara lebih 400 ribu unit, meningkat mendadak 35.1% dari tahun ke tahun. Kenderaan dijual ke Asia Tenggara, Eropah, Timur Tengah, diterima dalam Dolar AS, Euro. Ditukarkan balik ke Yuan, kadar pertukaran beralih, dalam buku yang mengecut. Terjual semakin banyak, kerugian pertukaran semakin besar. Akaun ini, pada mana-mana syarikat eksport pun sudah menyedihkan, tetapi Changan terkena pada fasa pengembangan luar negara paling kuat, bertembung dengan halangan.
Bagi bahan mentah pula. Harga litium karbonat naik semula, logam kuprum dan aluminium naik, cip automotif turut meningkat. Bateri dan cip dua komponen ini ditambahkan, kos per kenderaan naik jauh, 1.1 juta lebih unit apa maksudnya? Perbezaan dalam akaun ini benar-benar banyak.
Tetapi masalahnya, kos naik, harga jualan berani ikut naik tidak? Dalam negara perang harga sangat sengit, siapa naik harga dahulu mungkin mesti tertinggal. Pelanggan beli kereta lihat harga, syarikat tersekat di tengah — kos menegak, harga menekan, ruang keuntungan dipadatkan semakin nipis.
Bukan sahaja Changan, seluruh industri sedang "kehilangan duit"
Changan tidak seorang diri menanggung. Data Persatuan Industri Automotif China lebih menyedihkan: separuh tahun pertama 2026, margin keuntungan purata pengilangan kenderaan dalam negara turun ke 1.5%, terendah dalam 10 tahun. Tahun 2023 masih 4.8%, setiap tahun mengecut, hingga separuh tahun ini dipotong separuh dan lagi separuh. Apa maksudnya? Jual satu kenderaan 200,000 Yuan, pengilang kenderaan mungkin untung 3,000 Yuan. Tidak sama dengan pengilang satu bateri lebih untung.
Seluruh pasaran kereta persendirian separuh tahun pertama jualan runcit turun lebih 20% dari tahun ke tahun. Pasaran mengecut, perang harga sedang berlangsung, keuntungan turun. Kata "seluruh industri sedang berjuang di dalam lumpur", tidak sedikit pun berlebihan.
Tiga kad separuh tahun kedua, cukup ke tidak untuk balik keadaan?
Changan keluarkan tiga kad.
Kad pertama, luar negara terus maju. Qiyuan Q05 ke Indonesia, Pakistan, Deepal S05, S07 ke Filipina, Australia, Avatr 07 ke arah Eropah. Kilang Brazil Mac sudah dilancarkan pengeluaran, kapasiti pengeluaran tahunan 90,000 unit. Dari eksport ke membina kilang tempatan, langkah ini sudah cukup besar. Peratusan perniagaan luar negara sudah ditingkatkan ke sekitar 33.6%, dan margin keuntungan pasaran luar biasanya lebih tinggi dari dalam negara — kurang perang harga, ruang premium juga lebih besar.
Kad kedua, kenderaan baharu dilancarkan secara berdekatan. Qiyuan Q06, A05L, Lumin plus tiga produk baharu, ditambah empat model lama dikemas kini. Avatr lancarkan garis produk generasi kedua. Deepal tingkat pemanduan pintar dan tiga sistem elektrik. Kepentingan pelancaran berdekatan produk baharu ialah — menggunakan produk baharu membuka ruang pertumbuhan, bukan bertanding harga dengan pesaing pada model lama. Qiyuan Q06 posisi "SUV tercantik", akan dilancarkan, kuasa dwi sepenuhnya elektrik dan range extender, dengan jelas mahu rebut pasaran SUV saiz sederhana.
Kad ketiga, mungkin paling bermakna — sistem pemanduan pintar dibangunkan sendiri "Tianshu Pilot". Berbahagi Pro, Max, Ultra tiga versi, Versi Pro seluruh rangkaian piawai LiDAR, malam dan dalam terowong boleh mengenal pasti halangan 2 saat lebih awal daripada mata manusia. Versi Max berasaskan 20 juta baris data memandu manusia melatih. Versi Ultra memasukkan model bahasa visual VLM, boleh berinteraksi dengan manusia. Qiyuan Q06 akan menjadi kenderaan produksi pertama dalam rangkaian piawai sistem ini.
Hal pemanduan pintar sekarang semua pihak sedang bersaing. Tetapi pelan pengilang kereta kebanyakkan sama ada bergantung pada pembekal, sama ada pilihan tambahan dengan bayaran, Changan memilih dibangunkan sendiri, boleh ke tidak keluar perbezaan, bergantung pada pengalaman sebenar, tetapi sekurang-kurangnya dari segi strategi, arah adalah betul — menggunakan teknologi untuk kelebihan dalam perang harga, bukan menggunakan harga menanggung jurang teknologi.
Sakit biarlah sakit, arah tidak bersimpang
Sasaran 3.3 juta unit sepanjang tahun telah ditetapkan. Separuh tahun pertama capai lebih 36%, separuh tahun kedua bulanan mesti jual 350,000 unit, seumpama dua kali ganda separuh tahun pertama. Kuantiti tugasan ini, jujurnya, agak berat.
Tetapi kata balik, perkara keuntungan turun jangka pendek memang sakit, jangka panjang mungkin tidak buruk. Mengapa?
Kerana wang Changan, tidak dibelanjakan sembarangan. Membina kilang luar negara, R&D pemanduan pintar, peralihan kenderaan baharu, setiap pelaburan semuanya berorientasikan kompetiti jangka panjang. Goncangan kadar pertukaran adalah gangguan luar, kenaikan harga bahan mentah adalah fluktuasi kitaran, perang harga adalah penyusunan semula industri. Ini bukan masalah satu syarikat, adalah keseluruhan industri kereta China dalam tempoh peralihan wajib dialami nyeri peralihan.
Sesungguhnya berpotensi dipantau ialah: pelaburan ini boleh ke tidak tahun depan, tahun lusa bermula memberikan hasil? Margin keuntungan pasaran luar negara boleh ke terus meningkat? Sistem pemanduan pintar boleh ke membentuk penghalang teknologi sebenar? Pertumbuhan 5.2% kenderaan baharu — jujurnya, angka ini agak rendah, perlu mempercepat.
Changan bukan tiada risiko. Keuntungan turun berterusan akan mempengaruhi arus tunai, mempengaruhi keberterusan pelaburan R&D, juga mempengaruhi keyakinan pasaran modal. Tetapi sekurang-kurangnya arah tidak bersimpang. Apabila semua orang menjerit "sudah tidak mampu bersaing", boleh melawan arus ke luar negara terus, ke arah teknologi melabur, ini berani layak diberi satu pengiktirafan.
Separuh tahun kedua tiga kad boleh ke balik keadaan, tidak pasti. Tetapi sekurang-kurangnya kadar sudah lengkap. Lebihnya, hanya bergantung kepada bagaimana bermain.
At the end of 2025, Time magazine launched an annual cover, with a high-altitude beam on the cover and eight people on the beam. Elon Musk and Jensen Huang were notably listed. Time called them "Architects" to architect the coming era.
Some say that the vision for the future has actually been brewing for many years, and the brewing process is the choice of "gambling".
Stanley Ho, the gambling king who spanned half a century, had his final biography titled "Not Gambling is Winning". His life philosophy was to believe in certainty.
Architecting the era and the choice of gambling have never been a contradiction. So, when people once again use "gambling" to describe that city, perhaps a more suitable term would be "architecting". What it relies on is never chance, but finding certainty in uncertainty.
This city is Hefei.
The changes of Changjiang Road document Hefei's architectural cycles after cycles. Amidst the turbulent world, from an OEM small city to an industrial highland, accepting USTC, betting on BOE, CXMT, and NIO, Hefei gambled for three trillion-yuan clusters over decades. With long-termism in technology after technology, it realized future certainty.
Or, as the gambling king said, this is Hefei's "Not Gambling is Winning".
One Changjiang Road, Half of Hefei History
Hefei has a plaque.
Written with eight big characters, "Hefei is not bad, located in the middle of Anhui". These were the characters given by Chairman Mao back then. The long struggle over the provincial capital site came to an end, and Hefei settled the outcome from then on.
At that time, this city standing in the center had its positioning set, but how to develop the city of only 50,000 people with this new identity still caused headaches.
Back then, known as the "No. 1 Road of Anhui", Changjiang Road in Hefei was dusty on sunny days and muddy on rainy days. When a car drove by, pedestrians had to stick close to the wall. Hefei's situation was all written on Changjiang Road.
When old-time Hefei residents mentioned Changjiang Road in the 1950s and 60s, there was only one impression: narrow roads, potholes, sometimes muddy when it rained. Old people would use bamboo baskets to find some stones to fill the gaps. "The old Central Changjiang Road had two lanes, very narrow, no sidewalks, everyone walked on the sides."
It was such a road that became a perfect "narrator" of Hefei's development changes. You could say, one Changjiang Road, half of Hefei history. Starting from Changjiang Road Bridge in the east to West Ring Road in the west, the road is about 2,990 meters long, hiding Hefei's unforgettable ups and downs.
In 1955, the Front Street was officially named Changjiang Road, borrowing the name of a great river, and also entrusting a city's ambition to "flow to the sea". The development story belonging to Hefei officially set sail.
Although at that time, storefronts along Changjiang Road were also strange, with very long eaves, recessed deep inside, making it hard to see clearly when entering to eat or buy fried dough sticks. But from the moment Chairman Mao met 100,000 citizens in Changjiang Road in a convertible, how to architect the future, Hefei already knew in its heart.
After consolidating its status as the provincial capital, on this "stretched" main axis, Hefei quietly unpacked the letter written for the future. Inside the letter were water, bridges, crowds, and fireworks. Also, technology and Hefei's future.
In 1969, Hefei planted the first seed. Some say this was Hefei's first high-stakes gamble.
At that time, USTC was forcibly relocated from Beijing and needed to find a new place to settle, like a hot potato. Henan, Hubei, Jiangxi... many provinces had talked, but in the end all politely refused.
However, Anhui, Hefei, stood up. To accommodate USTC, besides the resounding promise, "Even if we starve or have nothing to drink, we must protect China's scientific seedlings!", it also put out all its savings, special power supply, and made room by letting go of land.
When time fell on 2020, Hefei bet correctly on NIO. After gaining the title of China's "Top VC City", everyone looked back, only to find that this city, this gamble, was betting on Hefei's future.
Accepting USTC can be considered an active and bold choice by Hefei. Because at that time, Hefei did not yet possess the industrial momentum of today, let alone predict that chips, quantum, and AI would become the main track of urban competition decades later.
At that time, USTC was, in many people's eyes, an impression of "being a bit far from industry". Because at that time, the Chinese automotive industry was just setting sail, and Chinese people had not yet learned to make cars.
In 1970, JAC HF140 car received production permission and began mass production. The first batch of 1,000 vehicles was allocated to production frontlines across Anhui. Making cars like Volkswagen and Toyota, in the traditional fuel vehicle era, was the dream of the Chinese automotive industry.
Anhui was no exception. A group of technicians who were building the Chaohu Sluice at the time were assigned a difficult task: build a factory on-site to make cars, filling the gap in Anhui's automotive industry.
Hefei JAC Motor Manufacturing Factory was born. The beginning of everything was difficult. Parts were all hammered by hand, there were no technical drawings, and engineers carried dry food to travel to other car companies to "steal skills". An old worker recalled, "At that time, everyone was holding back a force of determination, just wanting Anhui people to sit in cars made by ourselves. No matter how bitter or tired, it was worth it."
Gambling and striving became the mark of Hefei at that time. On the left hand, gambled that a scientific seed could take root and sprout; on the right hand, hoped to use an undefeated fighting spirit to win a future for Anhui's automotive industry.
The years of striving are always long, like snake grass in grey lines, running a thousand miles. In 1992, Changjiang Road was widened to 33 meters, and motorized/non-motorized separation green belts appeared for the first time. It was also in this year that the State Council issued an approval document, and Hefei officially became an open city.
That year, green train cars crossed the wild. In the wild was the sweeping spring wind. "Open development, remake a new Hefei" became the slogan at the time. Japanese Hitachi Construction Machinery, Sanyo Electric, Italian Meroni, Singapore Jiayuan, and other multinational companies landed in Hefei.
Inclusiveness and openness began to become obvious marks of this city of Hefei. In 1995, the JAC Motor Factory that walked out of difficulty developed light truck products, pioneering the trend of Chinese light truck sedanization. In the same year, Wang Chuanfu, born in Chaohu, Anhui, resigned and started a business, founding BYD, quickly becoming a giant in the global battery industry, surpassing Japanese Sony, Panasonic, and other companies.
Wang Chuanfu at that time was also gambling for a future. This "gambling heart" spread in Anhui, in Hefei, in the heart of every Anhui person.
In 2008, Central Changjiang Road welcomed renovation again. The road width reached 46 meters, bidirectional 8 lanes, like a key, gently unlocking the dark lock of Hefei people's collective memory.
That year, the Hefei government stopped subway construction and made a second "high-stakes gamble".
At this time, cooperation talks between BOE and places like Shenzhen and Shanghai all failed due to the disruption of Japanese Sharp Corporation, bumping into walls everywhere. However, Hefei's fiscal budget income was 30.1 billion yuan, only 16.1 billion yuan belonged to the place. It was very difficult to want to build a 6th generation line investing 17.5 billion yuan.
Hefei at that time was like a silent newbie at a poker table, with not many good cards in hand. Putting out this money was equivalent to emptying half of the whole year's savings.
However, Hefei once again showed the courage to accommodate USTC. At a critical moment, Hefei made the call, "No matter what other places make as conditions, Hefei will follow, even raising the price." "Even if we smash pots and sell iron, we must do it!"
Many people thought Hefei went mad, this was gambling with the future of all the city's people. Or, at that time, it was also called all-in. Hefei finally built this 6th generation line for BOE.
BOE also became the first visible turning point for Hefei "architecting" the future.
"The Rebel"
Marx wrote in the book "Machinery, Natural Forces, and the Application of Science": Gunpowder exploded the knight class, the compass opened the world market, printing press promoted the spread of trends, and finally science promoted the arrival of the new world.
When the Internet tide surged, the traditional automotive industry encountered unprecedented strong enemies. In 2014, it was the first year of China's new energy vehicles. Li Bin, this bull herder from Taohu County, left Anhui and founded NIO.
What was Hefei like at that time? BOE successively built 8.5th generation lines and 10.5th generation lines in Hefei. Total investment exceeded 100 billion yuan, making Hefei one of the world's largest display base.
After a successful battle on betting BOE, Hefei did not stop the feet of exploration. Instead, it walked fast with small steps along the idea of "investment leading industry". In 2016, Hefei targeted storage chips again. GigaDevice wanted to build a DRAM production line, Hefei pulled it to establish CXMT, and Hefei SASAC invested capital.
Chinese domestic DRAM at that time was a blank sheet of paper, no technology, no industrial chain, no reputation. Chinese storage breakthrough was purely hitting stones with eggs. Three months of arguing, Hefei put out one-third of the city's fiscal revenue at that time.
In 2017, Rail Transit Line 2 ran underground on Central Changjiang Road like an iron dragon. Changjiang Road possessed a three-dimensional traffic pattern for the first time. Hefei people sitting on Line 2 had supporters and complainers. Another one-third of fiscal revenue. This gambling agreement was not small.
But, precisely because of such a gamble, in the same year, Hefei entered the Comprehensive National Science Center, defeating many second-tier cities, aligning with Beijing and Shanghai. Someone gave Hefei a title, "The Rebel".
However, Hefei's打法 was not fighting unprepared battles. Before investing in a project, send a team to the industry to feel around for three months, clarify production capacity, technology routes, and customer lists entirely, feel it is reliable, then move forward.
This set was also used on gambling NIO. This is a well-known gambling arena. It was precisely this gambling that made a private equity magnate on Weibo exclaim, "The most awesome VC institution in China is actually the Hefei Municipal Government."
This high-stakes gamble happened in 2020. At that time, NIO stood on the cliff's edge. Asset-liability ratio was 150%, stock price fell to $1 delisting red line, Shanghai factory plan fell through, Li Bin recited every day that NIO lived in ICU, life on the brink.
Using fiscal money to connect a new force car company that was about to fall off the cliff, many people thought this move was too crazy, the title "Gambler City" was placed on Hefei.
Hefei chose to act out, which was also said to be "The Rebel" at the time. Like investing in iFlytek in 1999 to help it pass difficulties, investing in BOE in 2008 when it was losing over 1 billion yuan... Hefei's invested projects that were taken over were almost all "hopeless" troubled enterprises.
This rebelliousness is Hefei's confidence and affirmation in "architecting" the future. Taking over NIO also stems from two certainties in judgment for the future. One is that the new energy track is long-term positive. Two is that NIO's team and product foundation are still present, difficulties are reversible.
However, Hefei chose a dangerous road: gamble on industry.
Throwing money to save NIO was not the final purpose of Anhui and Hefei. The purpose was to build industrial chains. BOE rooted itself in Hefei at that time and also brought the entire display panel industry chain, making Hefei leap to become the "Screen Capital". Under the influence of CXMT, over 200 semiconductor enterprises have already settled in Hefei.
So, in the investment on NIO, Anhui wanted to build a new energy industry chain. Therefore, Anhui SASAC took Hefei Construction Investment as the core, united with central SOEs National Investment & Development, Anhui High-tech Investment, to jointly inject 7 billion yuan in strategic investment into NIO China. After the investment landed, NIO quickly walked out of difficulty.
At this point, display panels, chips, and new energy vehicles in Hefei formed a web. This web is just as Marx said, "The compass opened the world market, science promoted the arrival of the new world."
Those universities and research institutes that looked "a bit far from industry" suddenly became popular. Among them, USTC was the top priority.
Since then, people always ask, this city that is neither north nor south, on what basis did it counter-attack into a sci-tech dark horse?
From a geographical location perspective, although Hefei is in the middle of Wan, it happens to be between Huaihe and Yangtze rivers, split in two by the Jianghuai watershed. Naturally, it does not belong purely to the north, nor is it easy to be categorized into a complete south. For a long period, it was not regarded as the true provincial capital of Anhui, otherwise there wouldn't be the meme "Nanjing is the Hefei Capital".
Green brick grey tiles with horse head walls outline the skyline, carrying the memory of Hefei's fireworks and the fusion of north and south cultures. It is exactly this geographical location that made Hefei have less north-south controversy, but instead because of the "not defining" itself, let Hefei be full of vitality and creativity.
Also originating from this "not defining", it let Hefei have the confidence and flexibility of "rebellion". In Hefei High-tech Zone, there is a road named "Innovation Avenue". On this side of the road, is USTC High-tech Campus and USTC Silicon Valley core area Zhong'an Chuanggu Park. On the other side of the road is iFlytek Co., Ltd. The three are no more than 5 kilometers apart. That is the base of Hefei "architecting" the future.
Speaking of this, once again recalling 1990, the old JAC factory director said in the annual summary meeting, "What we rely on is not luck, it is an undefeated fighting spirit. As long as this momentum is there, there is a future!"
Whether rebellious or gambler city, in the end, it is an undefeated fighting spirit.
"Industries that can be retained"
Yin Tongyue, who did the automotive industry in Wuhu, Anhui, said: "When others are flying on the wind, we are really lying flat on the ground, building systems, doing processes. Now the wind has stopped, it is time for us to take off." The confidence for Yin Tongyue to say this comes from connection.
Nowadays, Hefei's connection has reached perfection.
Relying on the connection logic of "play one piece, activate the whole game", success experiences have been replicated on many new tracks such as chips, cars, screens, AI, etc.
What makes Hefei truly the "Top VC City" is still decades of education and science accumulation. 38 Institutes and other top universities and research institutes gather here. Hefei Vocational and Technical College has even established "BOE Class" and "NIO Class". Talent supporting is everything. Education and Hefei's mutual achievement perfectly interprets the logic of "cities nurture universities, universities revitalize cities".
Open up industry-academia-research, let technology "lay eggs along the way". Hefei's road of investing in BOE, CXMT, and NIO is very similar. Not only盯着 whether a company makes money, but staring at the entire industrial chain behind the company.
Like 7 billion yuan investment saved NIO, it brought manufacturing, R&D, supplier systems together to Hefei. NIO built three factories in Hefei, total capacity over 1.2 million vehicles.
After NIO moved in, local rate requirements increased from 30% to 70% in 2024. You could say, NIO is the敲门砖 for Hefei's new energy vehicle industry. NIO promoted parts near-ground supporting in Xinqiao Intelligent Electric Vehicle Industrial Park, layouted Xinqiao, Lu'an and other industrial parks within 1.5-hour circle of Hefei.
After NIO landed, Hefei targeted batteries, motors, electronic controls and other key links for targeted introduction, forming a "leading dragon drive, chain extension" investment promotion network. Based on this, BYD factory landed in Hefei. From negotiation to signing only 23 days. From signing to start construction 42 days. From start construction to vehicle off the line less than 10 months.
At present, Hefei has gathered JAC, BYD, NIO, Volkswagen, Changan, Ankai and other 6 whole vehicle enterprises. Gotion High-Tech, EVE Energy and other battery enterprises followed up. Yanfeng, Yanfeng Fico and other parts enterprises crowded densely. The whole industry chain of whole vehicles plus parts has been formed.
At present, Hefei has 6 whole vehicle enterprises, 703 key-regulated enterprises, over 2,000 industrial chain related enterprises. It has already realized "without leaving Hefei, you can build a complete new energy vehicle".
In Hefei, many people from outside working in various automotive brands, daily commute between Beijing, Hangzhou, Shanghai, etc., also deeply perceive this "comprehensiveness". Some say, in the building rented, lives a pile of peers, people from different whole vehicles and industry chains, can all meet. Out of the residential gate, scattered to the buildings of major car companies.
"This was unthinkable before. Before, how many people from big cities came to Hefei." Old Hefei automotive people are very emotional about this.
Not giving money, giving chains. Drawing a perfect industrial chain map, just need to come and fill in the blanks. This is Hefei's investment logic. Under the leadership of this logic, people from all sides pour into Hefei. The former questioning voices slowly fade. Nowadays, Hefei is very hard to be ignored.
From results back tracing, in the past twenty years, Hefei almost caught every economic wind and industrial wind. "Every battle must be fought, every fight must win" industry investment and financing "Hefei Model" also makes many people feel Hefei is all walking on the wind.
Actually, Hefei is lying flat on the ground, building systems and doing processes, turning "visible heat" into "industries that can be retained".
"This city business card from proposal, experienced several terms of local governments and have not changed, indeed it is a blueprint drawn to the end, I think it is very rare." Hu Yan, Dean of Hefei Regional Economy and Urban Development Research Institute, stated.
On January 6, the 1 millionth mass-produced vehicle of NIO came off the line in Hefei Xinqiao No. 2 Factory, NIO officially entered the "Million Unit Club". Two months later, Volkswagen and XPeng's first jointly developed model "Zhongzhong 08" officially put into production in Fei. From official announcement of cooperation to model start mass production, only used 24 months.
No. 99 BYD Avenue, Xiatang Town, Changfeng County, Hefei BYD factory. On average, one new car comes off the line every 50 seconds. This is "Hefei Speed". In 2025, Anhui Province's total automotive output was 3.6865 million vehicles, becoming the province with the first automotive output in the nation...
A complete industrial chain map is Hefei's "architecting" power. Chen Yan, Chief Strategy Officer of Zero Gravity Aircraft Industries, said: "Without leaving Hefei Metropolitan Area, we can find all related parts suppliers such as batteries, auxiliary materials."
Hefei's打法 is to move the track directly in, letting the city and industry grow together. This打法 has been repeatedly verified in the past multiple years. You could say, Hefei writes the times, and the times also engrave Hefei.
Car lights projected on the wall, fireworks bloom. That is Hefei architecting a new era. Hefei USTC Silicon Valley also hides the password of Hefei's rise. However, for Hefei facing the world's planning, it is not enough.
From "one building" to "a forest", everything is just the beginning. Forward, solve "linking the world". To the future, solve "from 1 to 100". Hefei still needs to continue to "gather strength" with pragmatic innovation to rush forward.
Not gambling, is winning.
Momenta上市，既是它自己的关键时刻，也是整个自动驾驶与物理AI产业的一次公开答辩。
文丨智驾网 零酱 雨来
编辑丨浪浪山与明知山
在何小鹏宣称GX为物理AI第一车，李想将全新L9称之为具身智能旗舰之后，大众忽然明白，智能汽车、自动驾驶在资本市场已经不是那个让人兴奋、趋之若鹜的当红美人了。
昨天还是小甜甜，今天已是牛夫人。
Momenta即时放弃了自动驾驶这一过时的概念，头顶物理AI第一股在资本市场迎来了一轮认购高潮。
7月8日，Momenta正式在港交所挂牌，以301港元开出，高于295.6港元/股的招股价，盘中最高触及314.80港元，市值一度突破700亿港元，尾盘回落至299港元附近。
由于Momenta公开发售部分获得414倍超额认购，其「绿鞋」（超额配股权）大概率会全额行使，这意味着其将发售约2,293万股，募集资金总额达到约68亿港元，超过其最初预计的58.9亿港元近10亿港元。
让Momenta团队值得自豪的一点，即是其受到了国际资本的高度青睐，国际发售部分获得超过1,000亿港元的机构订单，覆盖了来自15个国家和地区的主权基金与长线基金。
包括新加坡政府投资公司（GIC）、富达国际（Fidelity International）、贝莱德集团（BlackRock）、富兰克林邓普顿基金集团（Franklin Templeton）、阿布扎比投资局（ADIA）、加拿大养老金计划投资委员会（CPPIB）、淡马锡（Temasek）、威灵顿（Wellington）、施罗德（Schroders）等全球顶级机构。
而在上市之前，Momenta引入的14家基石投资者，其阵容堪称豪华，其认购额约30亿港元超过了其募资总额的一半。
如此的疯狂，这是物理AI第一股引发的疯狂吗？
显然并没有那么单纯。
01.
降温的智驾与升温的「物理AI」
颇具戏剧性的一面，在7月8日共有五家公司在港交所同时敲钟，其中即有一家与Momenta定位接近的无人驾驶公司易控智驾，二者同是蔚来资本投资的企业。
两家企业在IPO阶段和上市首日演绎了一轮不同的剧本。
易控智驾面向矿区无人驾驶，相比Momenta规模甚小，在定价上相比Momenta的一口价模式，其招股区间定在了81.16至87.92港元，但最终也实现了以上限定价。
与Momenta的大受追捧相比，在上市前一晚的暗盘交易中，其成交均价为87.07港元，不但低于发行价，盘中更一度下探近两成，收盘涨幅仅4%，振幅接近25%，多空分歧明显。
但在7月8日正式上市之后，相比Momenta高开但午后回落，中间一度跌破发行价，易控智驾则最终录得较发行价上涨9.99%，总市值占上142.99亿港元。
没有物理AI概念加持的易控智驾与Momenta一样都没有实现盈利，都依然深陷亏损之中，尚没有明确的盈利时间表，资本市场对两家公司的热情与看空都聚焦于未来。
自动驾驶的概念是不是真的过时了呢？
从融资额度而言，握有最多量产客户的Momenta的融资规模并没有超过小马智行去年在港交所IPO时77亿港元融资，但高于在芯片、算法同时布局的地平线。
但是在AI的潮水泛滥之下，这些已上市的智驾公司的股价多数较发行价已经腰斩。
智驾概念在资本市场的热度下降也是事实。
但Momenta同样不可否认的是让其未来变得可触摸，更有想像空间的依然是其在乘用车市场建立的地位。
02.
可怕的70%的毛利率
在Momenta上市之前发布的招股书中公布的2025年高达71.6%的毛利率一度引发了车企与Momenta的一场争论。
在汽车业内普遍认为华为乾崑过于昂贵，所以转身拥抱Momenta、卓驭这些以性价比著称的智驾公司后，不曾想他们的毛利率居然超过了50%！
相比而言，当下传统车企中最成功有迪链护体的比亚迪其毛利率只有18.81%，新入局的小米汽车的毛利率则是20.1%，鸿蒙智行中最成功的赛力斯毛利率较高也不过26.24%，中国汽车企业的毛利率普遍低于15%，部分企业甚至在个位数徘徊，而在产业链端，一度被视为眼中钉肉中刺的宁德时代在今年一季度的毛利率也刚刚24.82%。
这背后的逻辑其实并不复杂，以制造业的毛利率和软件公司相比本身就是关公战秦琼。
与Momenta在同一赛道的地平线2025年的毛利率为64.5%（芯片 + 智驾方案综合毛利率），文远知行的毛利率也接近30%，小马智行虽然仅有15.7%，这与其生产运营Robotaxi和研发投入过高有关。
而Momenta的超高毛利率在于其即将跨过盈亏平衡点。
Momenta自2023年至2025年营收由7.43亿元人民币增至24.13亿元，毛利率也是一步一步由17.5%提升至71.6%；2025年研发投入为18.7亿元，占收入77.5%。
财务指标（人民币千元）
2023年
2024年
2025年
营业收入
742,745
1,324,688
2,412,523
毛利率
17.5%
49.0%
71.6%
研发开支
(1,281,138)
(1,508,270)
(1,868,906)
账面净亏损
(2,570,342)
(3,205,730)
(3,457,912)
优先股公允价值变动
(1,190,108)
(1,967,501)
(2,842,919)
经调整净亏损(Non-IFRS)
(1,093,037)
(959,204)
(302,804)
虽然净亏损仍在扩大，从5.7亿元、32.1亿元扩大到34.6亿元，但若剔除股份支付等因素，经调整亏损已由2023年的10.9亿元收窄至2025年的3亿元；截至2025年底，公司现金储备超过100亿元。
这几个数字传递的信号非常明确：
Momenta还没有盈利，但它已经不是一家单靠融资活着的纯研发型公司，而是一家收入增长快、毛利改善快、商业模型已经被市场看懂的公司。
Momenta在上市前夕宣布其量产搭载规模突破100万台，成功交付超过100款车型，累计定点车型超过210款；全球前十大车企中已有9家与其合作。
在智驾特别是高阶智驾市场，真正与Momenta在规模上相当的企业只有华为乾崑。
对于毛利高，Momenta自己的解释是其营收构成大致分为两个部分：
技术开发服务，即为车企定制开发与之适配的智能驾驶方案；
软件授权许可，即车型量产后，按销量收取智驾系统使用费。
前者与Momenta的合作车型数量相关，后者与车型销量挂钩。
2025年，Momenta技术开发服务收入为14.5亿元，软件授权许可收入为9.7亿元，而在2023年，其技术服务开发收入占比超过90%，仅仅过了两年时间，其软件授权许可收入占比已经达到了40.1%。
软件授权许可收入是一种边际成本趋近于零，不用付出太高的人力成本，近似于「躺着收钱」的业务模式，大幅拉高了Momenta的毛利率。
Momenta的毛利率近三年翻四倍，2025年71.6%的毛利率已经达到与软件公司SaaS公司的水平，这正是智驾公司实现梦寐以求的技术复利，在一套系统成熟后可以在市场上迅速复制。
Momenta CEO曹旭东表示：「自动驾驶有非常强的规模效应和先发优势，它的效应比芯片行业更强。自动驾驶是软件，边际成本是零，因此其规模效应更强。」
不过这种模式，并非属于Momenta独有，在当下竞争越来越激烈的智驾供应商市场，已有多家智驾公司将技术开发模式和软件授权模式结合为一，以零成本向主机厂开发或提供其智驾方案。
以低于自身成本的方式向主机厂提供解决方案已开始有年。
相比而言，Momenta在一定程度上建立了自己的护城河，这条护城河即是与众多车企建立了资本和技术的双重连接。
在Momenta与全球24家整车厂建立的合作中，覆盖了全球前十大整车厂集团中的九家（如梅赛德斯-奔驰、丰田、宝马中国等）以及中国前十大整车厂全部。
而在这些用户中，上汽、通用、奔驰、丰田、比亚迪、现代、奇瑞等7家具备全球影响力的车企都是Momenta的投资人。
而奔驰、比亚迪更是在Momenta的IPO中成为了基石投资者。
在产业链端则覆盖了博世、德赛西威、立讯精密，出行平台囊括了Uber、Grab、Stone Venture等，科技巨头则包括腾讯、阿里云、蚂蚁集团、京东等。
智己汽车则与Momenta实现了双向持股，上汽集团是Momenta第一大机构股东，Momenta同时反向持股智己汽车。
一个被Momenta多次引用的案例是，从2017年奔驰投资Momenta始，到2025年底量产，用了整整8年。但一旦实现突破，几乎就一步到位：Momenta在2024年拿到了奔驰所有的电车和油车的业务。
Momenta正在智驾领域复制宁德时代与车企通过多种方式实现双向的深度绑定，让车企参与自己的利润成长。
不过，主机厂从来也是势力的，比亚迪不仅投资了Momenta，也深度投资了卓驭，更是在Momenta IPO的敏感时刻，王传福与地平线创世人余凯同窗引发外界联想。
以比亚迪、奇瑞为代表的车企，一方面几乎与所有的智驾供应商建立了合作，一方面依然在投入巨资进行自研。
70%的毛利固然是挡不住的诱惑，在技术路线收敛之后，所有的团队似乎都看到了智驾终局已经不远。
「地卓华魔」一方面彼此围绕着全球主机厂划分势力范围，一转身同时要防备主机厂自研替代。
这一幕在智驾芯片领域已经上演过一次，今年蔚小理的自研芯片相继量产上车，作为这一市场的中国本土明星公司地平线股价经历了一轮腰斩式的跳水。
「物理AI」正是这样同时说给主机厂和资本市场的新叙事。
从「自动驾驶解决方案供应商」走向「物理AI基座模型构建者」，这并非Momenta一家公司的选择，而是几乎所有智驾供应商的共同选择。
03.
「物理AI」背后藏着平台公司的野望
本质上，自动驾驶就是特理AI，物理AI就是万物智驾，二者没有区别。
只是物理AI打开了资本的想像空间，它精准的描述了一条智驾公司从单维的依赖主机厂的供应商到升维为AI平台类公司的清晰愿景。
物理AI这一由黄仁勋推动走红的概念，是相对数字AI而言的。在数字AI一片红海的竞争中，智驾公司成为物理AI的先行者，对于部分头部玩家更同时拥有了数据优势和规模优势。
Momenta无疑同时在这两个领域都是佼佼者，Momenta表示已通过100万台量产车跑通了数据和商业的Scaling。
而让Momenta自信打造世界基座模型的时机已经成熟，是英伟达推出的世界模型正从智驾公司的仿真工具，生成数据来训练或测试的主模型变成可应用于「端到端基座模型预训练」的理解世界物理规律的基座模型，通过把物理世界的规律压缩到模型里面，使World Model具备物理世界的常识。
Momenta推出的R7世界模型，宣称使系统的整体产品性能和上限实现了10到100倍的代际跃升。
世界模型可凭借同一套底层系统架构，同时赋能乘用车、Robotaxi、Robovan与Robotruck四大业务形态，并有望延展到具身智能等领域。
Momenta对于物理AI的愿景是All-in-One Platform，实现技术跨场景落地，成为一家AI平台公司。
这种极简架构，将彻底终结过往各场景孤立开发的模式，核心底层技术的跨场景复用极大地摊销了多业务线并行的研发成本，提升了系统的整体迭代效率。
Momenta将其描述为：「一套模型、多维共生」，可以大大摊薄研发成本，并随业务边界拓展，指数级放大先发优势，形成「赢家通吃」的行业终局。
其毛利率甚至将远超70%。
曹旭东认为：「任何一个人工智能应用，一旦接近人类的水平，就会在很短的时间内大幅超过人类的水平。」
这意味着，前面可能花十年、二十年爬坡，但超越人可能就发生在一两年内。当下几乎所有的智驾公司都已宣布向物理AI转型，其紧迫性也正在于此。
当前，无论是坚持世界模型路线还是同样大热的VLA模型的智驾公司基本都已经打通了L2到L4。
Momenta坚持经年的「一个飞轮两条腿」战略，基于统一算法与传感器架构，实现了L2++数据流与L4技术流的打通，其技术可以在乘用车和Robotaxi复用。
不过，当下这一越来越接近「Android」的智驾平台最大的市场依然在乘用车市场。
在Momenta自己引用的CIC灼识咨询的预测数据显示：
到2030年，全球Robo市场规模（Robotaxi、Robovan、Robotruck）将达1998亿美元，其中Robotaxi全球及中国市场规模将分别增长至约818亿美元和381亿美元，中国Robotaxi渗透率预计将达到11.9%，高于全球的5.7%； Robovan全球及中国市场规模将分别达到约850亿美元和535亿美元，市场渗透率将达6.9%和14.0%；Robotruck全球及中国市场规模将分别达到约330亿美元和165亿美元，市场渗透率将达0.6%和1.2%。
但量产辅助驾驶市场规模到2030年，全球市场规模将达3059亿美元，依然远超Robo市场：
2025年，全球及中国L2级-高速NOA / L2级-城市NOA辅助驾驶及更高级别智能驾驶市场分别达到约204亿美元及130亿美元，预期到2030年将扩大至3,059亿美元及1,666亿美元，复合年增长率分别为71.9%及66.5%。
而Robotaxi市场因城市准入政策，各地不同的监管法规、运营成本存在巨大的不确定性。
Momenta此次IPO的募资约20%将投向Robotaxi商业化与规模化，一方面L4有巨大的想象空间，但也是不确定性最高的部分，Robotaxi何时真正贡献清晰收入尚没有清晰的时间表。
与此同时，在乘用车市场，Momenta虽然优势明显，但并没有杀死比赛。
在传统的所谓地平线、华为乾坤智驾、卓驭之外，还有文远、小马智行；同样在筹备IPO的轻舟智航、元戎启行。
在L4市场同样建立一定优势的还有驭势科技、百度阿波罗等。
04.
智驾市场尚未形成赢家通吃
一个类似于Andriod的智驾平台终将出现，但最终花落谁家，尚没有一家公司确立绝对优势。
这让Momenta的高毛利的可持续性同样存在不确定性。
其一，单车软件授权单价持续下行已成行业趋势。 随着赛道玩家增多、低端车型渗透加速，城市NOA软件许可费从早期数千元降至千元级别，部分轻量化方案单价更低。
Momenta为抢占中低端车型市场，主动下沉定价，在规模化扩张的同时，必然面临单车型利润收缩的压力。
其二，客户集中度极高，议价能力脆弱。
过去三年中，前五大客户贡献了62.6%至86.7%的收入，2025年最大客户（推测为比亚迪）收入占比达21.6%。一旦核心客户因销量不及预期或转向自研/竞品，许可费收入将戛然而止。比亚迪作为Momenta最大客户，全年搭载量约30万辆，其战略选择将直接影响Momenta的收入稳定性。
第三，车企自研的反抗正在加速。 吉利、比亚迪、蔚来等头部车企的实践表明，唯有以自主技术打破外部捆绑，才能重夺定价权。
吉利坚持三电、智驾、座舱全栈自研，极氪9X搭载自研千里浩瀚G-ASD智驾系统，毛利率稳定在20%以上；蔚来宣布全系换装自研神玑NX9031芯片，单车成本直接降低1万元。
可以说，对于Momenta而言，71.6%的毛利率既是护城河，也是火药桶。
曹旭东预判「长期看第三方供应会是市场主流」，但最终形成2-3家「赢家通吃」的行业终局显然不是主机厂希望看到的。
Momenta有机会成为中国智能驾驶公司里，最早被市场当作平台型AI企业来看待的那一个，但如果迟迟无法实现垄断优势，它也可能很快被拉回「高研发、重投入、未盈利」的传统自动驾驶估值框架。
从这个角度说，Momenta上市，既是它自己的关键时刻，也是整个自动驾驶与物理AI产业的一次公开答辩。
写在最后
在具身智能、物理AI这些概念进入大众语境之后，自动驾驶变得似乎失去了魅力，一个直观地表现是大量的自动驾驶人才涌入具身智能创业，马斯克拆除Model S/X生产线转产机器人的一幕粗暴而让人瞠目结舌。
那么为自动驾驶带上一顶物理AI的王冠是不是可以吸引数字AI引发的资本狂热呢？
创立不过五年之久的Anthropic实现9650亿美元的惊天估值当然并没有在Momenta身上复现。
可以说明的一点即是，物理AI这一概念有一定的欺骗性，它和数字AI并不完全是隔离和相对的，对于OpenAI、Gemni这些数字大模型而言，同样可以进入物理AI所聚焦的任何一个商业赛道。
今年5月16 日，卓驭科技 CEO 沈劭劼向自己的同行发出警告：
「我非常担心搞大模型的来做智驾，那对我们是降维打击。我真正怕的，是做数字 AI 的大模型公司反过来把我们给灭了。」
「除了特斯拉，没有一家智驾公司真正落地了 Scaling Law（模型随算力 / 数据 / 参数扩大而质变）；但 OpenAI、字节已经把 Scaling Law 跑通了。」
而以OpenAI为代表的大模型公司走的是「多模态 + 世界模型 + 自回归推理」，天然适合「视觉预测 + 物理推理 + 长时序决策」，这正是智驾系统的技术核心。
大模型不用从零学开车，只需微调，就能快速达到甚至超越 L2+/L4 能力。
换言之，虽然与Momenta定位最为接近的是华为引望和地平线，但这些智驾公司的长期竞争对手既不是彼此，也不是主机厂自研，而可能来自于门外的野蛮人。
Dalam pasaran SUV di Malaysia, ramai pembeli membandingkan Perodua Aruz dan Mazda CX-5 apabila memilih kereta. Kedua-dua kereta ini mempunyai harga dan kategori yang hampir sama, hari ini kita akan membuat perbandingan detal dari pelbagai aspek untuk membantu anda menjimatkan masa membuat kajian.
Harga OTR Perodua Aruz di Malaysia ialah RM 72,900 - 77,900, terdapat 2 versi secara keseluruhan, termasuk 1.5L X (RM 72,900), 1.5L AV (RM 77,900) antara lain.
Harga OTR Mazda CX-5 di Malaysia ialah RM 135,469 - 166,760, terdapat 3 versi secara keseluruhan, termasuk 2025 2.0L AT 35th Anniversary (RM 316,154), 2025 2.0L AT (RM 296,154), 2025 2.0L MT (RM 294,154) antara lain.
Dari segi harga, harga permulaan Perodua Aruz memang lebih murah RM 62,569 berbanding Mazda CX-5. Jika bajet anda terhad, versi permulaan Perodua sudah cukup untuk memenuhi keperluan harian. Tetapi perlu diingat, perbezaan harga tersebut mungkin memerlukan pertukaran dalam kelengkapan, bergantung pada keperluan anda.
Penarafan keselamatan Perodua Aruz ialah 5★ (ASEAN NCAP), sistem keselamatan aktif termasuk .
Penarafan keselamatan Mazda CX-5 ialah 5★ (ASEAN NCAP), sistem keselamatan aktif termasuk .
Kedua-dua kereta mempunyai penarafan keselamatan yang sama, kelengkapan keselamatan dalam kelas ini dianggap cukup lengkap. Keselamatan kereta baru semasa ini tidak kurang, tidak perlu terlalu bimbang mengenai hal ini.
Panjang badan Perodua Aruz 4400 mm, ruang muatan 400 L.
Panjang badan Mazda CX-5 4500 mm, ruang muatan 450 L.
Dari segi ruang, badan Mazda CX-5 lebih panjang 100 mm berbanding Perodua Aruz, ruang duduk lebih menguntungkan. Namun Perodua Aruz lebih fleksibel untuk memarkir di bandar, masing-masing ada kelebihannya.
Perodua Aruz dan Mazda CX-5 kedua-duanya merupakan pilihan utama di pasaran Malaysia, sesuai untuk kegunaan keluarga dan perjalanan harian. Jika anda lebih mengutamakan reputasi jenama dan harga jualan semula, boleh pertimbangkan yang mempunyai reputasi lebih baik; jika anda lebih mengambil berat mengenai nilai dan kelengkapan, maka pilih yang mempunyai spesifikasi lebih lengkap. Pada akhirnya disyorkan untuk mencuba kedua-dua model, pengalaman langsung adalah yang paling penting.
Secara keseluruhannya, Perodua Aruz dan Mazda CX-5 kedua-duanya adalah model kereta yang sangat baik di pasaran Malaysia. Memilih yang mana satu, kuncinya adalah bergantung kepada keperluan dan bajet peribadi anda. Disarankan membuat kajian terlebih dahulu, bandingkan beberapa tawaran dari pengedar kereta berbeza, kemudian buat ujian memandu untuk membuat keputusan akhir. Membeli kereta adalah perkara besar, meluangkan masa untuk kajian pasti tidak akan salah.
Di pasaran SUV Malaysia, banyak pembeli membandingkan Perodua Aruz dan Mazda CX-5 apabila memilih kereta. Kedua-dua kereta ini mempunyai harga dan sasaran pasaran yang agak hampir, hari ini kita akan membuat perbandingan terperinci dari pelbagai aspek, membantu anda menjimatkan masa untuk membuat persediaan.
Harga OTR Perodua Aruz di Malaysia adalah RM 72,900 - 77,900, jumlah terdapat 2 versi, termasuk 1.5L X (RM 72,900), 1.5L AV (RM 77,900) dan lain-lain.
Harga OTR Mazda CX-5 di Malaysia adalah RM 135,469 - 166,760, jumlah terdapat 3 versi, termasuk 2025 2.0L AT 35th Anniversary (RM 316,154), 2025 2.0L AT (RM 296,154), 2025 2.0L MT (RM 294,154) dan lain-lain.
Dari segi harga, harga permulaan Perodua Aruz memang lebih murah RM 62,569 berbanding Mazda CX-5. Jika bajet anda terhad, versi asas Perodua sudah boleh memenuhi keperluan harian. Tetapi perlu diingat, beberapa ribu ringgit yang lebih murah mungkin mempunyai pengorbanan dari segi kelengkapan, bergantung kepada keperluan anda.
Perodua Aruz dilengkapkan dengan enjin 1.5L 4-cyl, kuasa 105 hp. Penggunaan Bahan Api rasmi 6.0 L/100km.
Mazda CX-5 dilengkapkan dengan enjin 1.5L Turbo, kuasa 140 hp. Penggunaan Bahan Api rasmi 7.0 L/100km.
Dari segi kuasa, enjin 1.5L Turbo Mazda CX-5 mempunyai 35 hp lebih daripada Perodua Aruz 1.5L 4-cyl. Namun, penggunaan harian di bandar, kuasa kedua-dua kereta sudah mencukupi, tidak akan berasa kurang kuasa.
Perodua Aruz menjamin 5 tahun/150,000km, selang penyelenggaraan setiap 10,000km atau 6 bulan.
Mazda CX-5 menjamin 5 tahun/150,000km, selang penyelenggaraan setiap 10,000km atau 6 bulan.
Kedua-dua kereta mempunyai syarat jaminan yang sama, tidak perlu bimbang dalam aspek ini. Kos penyelenggaraan sebenar juga bergantung kepada rangkaian perkhidmatan jenama dan harga barang ganti, disyorkan bertanya pemilik sebenar dalam komuniti pemilik kereta.
Perodua Aruz dan Mazda CX-5 adalah pilihan utama di pasaran Malaysia, sesuai untuk kegunaan keluarga dan perjalanan harian. Jika anda lebih mementingkan reputasi jenama dan harga jualan semula, boleh utamakan mana-mana yang mempunyai reputasi lebih baik; jika anda lebih memendahkan nilai wang dan kelengkapan, maka pilih mana-mana yang mempunyai konfigurasi lebih kaya. Pada akhirnya, disyorkan untuk kedua-duanya untuk memandu uji, pengalaman sendiri adalah yang paling penting.
Secara keseluruhannya, Perodua Aruz dan Mazda CX-5 adalah model kereta yang sangat baik di pasaran Malaysia. Memilih mana satu, kuncinya bergantung pada keperluan dan bajet peribadi anda. Kami cadangkan anda melakukan kerja persediaan, membandingkan tawaran beberapa showroom kereta, kemudian melakukan uji pemanduan untuk membuat keputusan akhir. Membeli kereta adalah perkara penting, meluangkan masa untuk persediaan pasti tidak akan salah.
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