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车型概览
Neta X 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在日常场景里的便利程度。
版本方面，Neta X 目前可围绕 2025 480km Luxury、2025 401km Luxury、2025 401km Comfort 来比较。
购车价格指南
评估 Neta X 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。
如果你在几个版本之间犹豫，可以把 2025 480km Luxury、2025 401km Luxury、2025 401km Comfort 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 Neta X 的核心规格，最重要是把数字翻译成生活里的感受。
Neta X 的核心价值应回到日常场景判断：你要它负责通勤、家庭出行、长途，还是作为更有个性的选择。
优缺点分析
Neta X 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：车型定位清楚，适合先作为同级比较对象。
需要留意的是，最终取舍会落在版本配置、保险和长期保养成本。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 Neta X 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把日常场景里的便利程度放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？如果能源成本、停车便利和版本配置都符合你的生活节奏，它会比较容易相处。
竞品对比内容
把 Neta X 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先从版本定位、品牌售后和日常用途开始比较。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 Neta X 的重点，是确认保险、路税、保养和轮胎成本都在可接受范围内。买车不是一次付款结束，而是每天都要相处。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
Mercedes-Benz GT AMG Electric 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在乘坐空间、行李安排和家人舒适度。
价格落在 RM 2,088,888，买家可以先用它判断预算压力和同级定位。
购车价格指南
Mercedes-Benz GT AMG Electric 的购车预算可以先从 RM 2,088,888 开始衡量。这个数字真正影响的是月供、保险和现金流，而不只是展厅里的标价。
如果你在几个版本之间犹豫，可以把 2025 AMG GT 63 S E Performance（RM 2,088,888）、2026 AMG GT 63 4-Door Coupé 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 Mercedes-Benz GT AMG Electric 的核心规格，最重要是把数字翻译成生活里的感受。
639 Ps的输出，让高速并线和短距离超车更有底气。 车长 5054 mm、车宽 2069 mm、车高 1447 mm，可以帮助你预判停车难度和后排乘坐空间。 自动变速箱 变速箱、四轮驱动布局 的设定，会影响起步顺滑度、湿地稳定感和长途巡航感。
优缺点分析
Mercedes-Benz GT AMG Electric 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：预算位置清楚，方便和同级车直接比较、动力输出能支撑高速和超车需求、空间和车身尺寸便于家庭买家预判实用性。
需要留意的是，需要先确认家里、公司或常去商场的充电条件、市区停车和狭窄路段仍要看个人驾驶习惯。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 Mercedes-Benz GT AMG Electric 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把乘坐空间、行李安排和家人舒适度放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？只要充电条件稳定，电动车的通勤体验通常更安静，也更容易控制日常能源成本。
竞品对比内容
把 Mercedes-Benz GT AMG Electric 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先用 RM 2,088,888 锁定预算圈、再看动力是否足够应付高速和满载、最后看空间是否适合家人和行李。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 Mercedes-Benz GT AMG Electric 的关键，是先把充电安排想清楚。家充、公司充电或商场快充只要其中一项稳定，日常体验就会轻松很多。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
JAECOO J8 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在长途稳定感和乘客舒适度。
价格落在 RM 178,800 - 198,800，买家可以先用它判断预算压力和同级定位。
购车价格指南
JAECOO J8 的购车预算可以先从 RM 178,800 - 198,800 开始衡量。这个数字真正影响的是月供、保险和现金流，而不只是展厅里的标价。
如果你在几个版本之间犹豫，可以把 2025 2.0T 4WD Standard 6 Seats（RM 198,800）、2025 2.0T 2WD Standard 5 Seats（RM 178,800） 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 JAECOO J8 的核心规格，最重要是把数字翻译成生活里的感受。
涡轮增压、4缸的动力底子，适合拿来判断市区跟车和高速巡航是否轻松。 249 Ps、385 N·m的输出，真正意义在于满载、上坡和超车时不会太吃力。 8.1 L/100km的油耗，对每天通勤的人来说会直接影响加油频率。 轴距 2820 mm，可以帮助你预判停车难度和后排乘坐空间。
优缺点分析
JAECOO J8 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：预算位置清楚，方便和同级车直接比较、日常能源成本有明确参考、动力输出能支撑高速和超车需求。
需要留意的是，最终取舍会落在版本配置、保险和长期保养成本。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 JAECOO J8 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把长途稳定感和乘客舒适度放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？8.1 L/100km 的油耗参考让通勤成本更容易预估。
竞品对比内容
把 JAECOO J8 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先用 RM 178,800 - 198,800 锁定预算圈、再看动力是否足够应付高速和满载、接着比较能源成本和补能便利、最后看空间是否适合家人和行李。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 JAECOO J8 的日常成本，最直接会反映在燃油、保险、轮胎和定期保养上。8.1 L/100km 的油耗让通勤预算更容易掌握。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
Honda Step WGN 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在整体购车判断。
版本方面，Honda Step WGN 目前可围绕 2022 1.5T Standard 来比较。
购车价格指南
评估 Honda Step WGN 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。
如果你在几个版本之间犹豫，可以把 2022 1.5T Standard 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 Honda Step WGN 的核心规格，最重要是把数字翻译成生活里的感受。
涡轮增压、4缸的动力底子，适合拿来判断市区跟车和高速巡航是否轻松。 112 kW、203 N·m的输出，真正意义在于满载、上坡和超车时不会太吃力。 车长 4760 mm、车宽 1695 mm、车高 1825 mm、轴距 2890 mm，可以帮助你预判停车难度和后排乘坐空间。 CVT 变速箱、前轮驱动布局 的设定，会影响起步顺滑度、湿地稳定感和长途巡航感。
优缺点分析
Honda Step WGN 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：动力输出能支撑高速和超车需求、空间和车身尺寸便于家庭买家预判实用性。
需要留意的是，市区停车和狭窄路段仍要看个人驾驶习惯。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 Honda Step WGN 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把整体购车判断放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？如果能源成本、停车便利和版本配置都符合你的生活节奏，它会比较容易相处。
竞品对比内容
把 Honda Step WGN 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：再看动力是否足够应付高速和满载、最后看空间是否适合家人和行李。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 Honda Step WGN 的重点，是确认保险、路税、保养和轮胎成本都在可接受范围内。买车不是一次付款结束，而是每天都要相处。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
Ferrari SF90 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在充电节奏、通勤半径和使用便利。
版本方面，Ferrari SF90 目前可围绕 2025 XX Stradale 3.9T Standard、2025 XX Spider 3.9T Standard 来比较。
购车价格指南
评估 Ferrari SF90 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。
如果你在几个版本之间犹豫，可以把 2025 XX Stradale 3.9T Standard、2025 XX Spider 3.9T Standard 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 Ferrari SF90 的核心规格，最重要是把数字翻译成生活里的感受。
7.9 kWh的电池容量，重点是能不能支撑一周通勤和周末出门。 586 kW、804 N·m的输出，让高速并线和短距离超车更有底气。 车长 4850 mm、车宽 2000 mm、车高 1225 mm、轴距 2650 mm，可以帮助你预判停车难度和后排乘坐空间。 DCT 双离合 变速箱、四轮驱动布局 的设定，会影响起步顺滑度、湿地稳定感和长途巡航感。
优缺点分析
Ferrari SF90 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：动力输出能支撑高速和超车需求、空间和车身尺寸便于家庭买家预判实用性。
需要留意的是，需要先确认家里、公司或常去商场的充电条件、市区停车和狭窄路段仍要看个人驾驶习惯。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 Ferrari SF90 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把充电节奏、通勤半径和使用便利放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？只要充电条件稳定，电动车的通勤体验通常更安静，也更容易控制日常能源成本。
竞品对比内容
把 Ferrari SF90 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：再看动力是否足够应付高速和满载、接着比较能源成本和补能便利、最后看空间是否适合家人和行李。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 Ferrari SF90 的关键，是先把充电安排想清楚。家充、公司充电或商场快充只要其中一项稳定，日常体验就会轻松很多。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
Chevrolet Cruze 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在乘坐空间、行李安排和家人舒适度。
版本方面，Chevrolet Cruze 目前可围绕 2025 Standard 来比较。
购车价格指南
评估 Chevrolet Cruze 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。
如果你在几个版本之间犹豫，可以把 2025 Standard 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 Chevrolet Cruze 的核心规格，最重要是把数字翻译成生活里的感受。
Chevrolet Cruze 的核心价值应回到日常场景判断：你要它负责通勤、家庭出行、长途，还是作为更有个性的选择。
优缺点分析
Chevrolet Cruze 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：车型定位清楚，适合先作为同级比较对象。
需要留意的是，最终取舍会落在版本配置、保险和长期保养成本。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 Chevrolet Cruze 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把乘坐空间、行李安排和家人舒适度放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？如果能源成本、停车便利和版本配置都符合你的生活节奏，它会比较容易相处。
竞品对比内容
把 Chevrolet Cruze 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先从版本定位、品牌售后和日常用途开始比较。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 Chevrolet Cruze 的重点，是确认保险、路税、保养和轮胎成本都在可接受范围内。买车不是一次付款结束，而是每天都要相处。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
CAM EA4 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在市区驾驶、停车和日常灵活性。
版本方面，CAM EA4 目前可围绕 2025 400km Window 12 Seats、2025 400km Panel 2 Seats 来比较。
购车价格指南
评估 CAM EA4 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。
如果你在几个版本之间犹豫，可以把 2025 400km Window 12 Seats、2025 400km Panel 2 Seats 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 CAM EA4 的核心规格，最重要是把数字翻译成生活里的感受。
86.1 kWh的电池容量，重点是能不能支撑一周通勤和周末出门。 100 kW、320 N·m的输出，让高速并线和短距离超车更有底气。 车长 4840 mm、车宽 1880 mm、车高 2080 mm、轴距 2570 mm，可以帮助你预判停车难度和后排乘坐空间。 固定齿比 变速箱、后轮驱动布局 的设定，会影响起步顺滑度、湿地稳定感和长途巡航感。
优缺点分析
CAM EA4 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：动力输出能支撑高速和超车需求、空间和车身尺寸便于家庭买家预判实用性。
需要留意的是，需要先确认家里、公司或常去商场的充电条件、市区停车和狭窄路段仍要看个人驾驶习惯。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 CAM EA4 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把市区驾驶、停车和日常灵活性放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？只要充电条件稳定，电动车的通勤体验通常更安静，也更容易控制日常能源成本。
竞品对比内容
把 CAM EA4 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：再看动力是否足够应付高速和满载、接着比较能源成本和补能便利、最后看空间是否适合家人和行李。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 CAM EA4 的关键，是先把充电安排想清楚。家充、公司充电或商场快充只要其中一项稳定，日常体验就会轻松很多。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
车型概览
Bufori Geneva 值不值得买，关键不是它看起来有多吸引，而是它能不能解决你的真实用车需求。这篇文章会把重点放在下订前最容易忽略的问题。
版本方面，Bufori Geneva 目前可围绕 2025 6.4L Standard 来比较。
购车价格指南
评估 Bufori Geneva 的购车预算时，建议先从版本定位和后续拥车成本下手。价格不是唯一重点，真正决定是否划算的是每天会不会用到那些配置。
如果你在几个版本之间犹豫，可以把 2025 6.4L Standard 放在同一张清单里比较。日常通勤买家优先看舒适与安全，常跑高速的买家则更应重视动力、辅助驾驶和座舱便利。
核心参数汇总
看 Bufori Geneva 的核心规格，最重要是把数字翻译成生活里的感受。
Bufori Geneva 的核心价值应回到日常场景判断：你要它负责通勤、家庭出行、长途，还是作为更有个性的选择。
优缺点分析
Bufori Geneva 的优点不必夸张，真正有价值的是它能不能让日常使用更省心：车型定位清楚，适合先作为同级比较对象。
需要留意的是，最终取舍会落在版本配置、保险和长期保养成本。这些不是扣分项，而是下订前应该先想清楚的生活细节。
购车常见问题解答
购买 Bufori Geneva 前，买家最常问的不是单一规格，而是它能不能融入自己的生活。
这辆车适合谁？适合把下订前最容易忽略的问题放在首位的买家。 家庭用户要看什么？优先看后排乘坐、儿童座椅、行李和日常上下车是否顺手。 每天开会不会麻烦？如果能源成本、停车便利和版本配置都符合你的生活节奏，它会比较容易相处。
竞品对比内容
把 Bufori Geneva 放进同级车名单时，不建议只看品牌或外形。真正有用的比较顺序是：先从版本定位、品牌售后和日常用途开始比较。
这样筛选出来的结果更贴近日常生活。你会更清楚它是适合城市通勤、家庭代步、长途巡航，还是更适合作为一辆讲求个性的选择。
用车全周期指南
拥有 Bufori Geneva 的重点，是确认保险、路税、保养和轮胎成本都在可接受范围内。买车不是一次付款结束，而是每天都要相处。
如果你常跑南北大道，动力和座舱舒适度会比单纯低价更重要；如果主要在市区，停车灵活性、视野和低速顺滑度会更影响心情。
Author: Shi Ke
Every few years, the automotive industry is declared to be "entering an elimination race". In 2018, they said elimination was coming, in 2020 they said winter was here, in 2022 they said reshuffling started, in 2024 they said they couldn't compete anymore, by 2026, after swapping a batch of executives, someone says again: this time it really enters an elimination race.
Why hasn't this industry been eliminated completely?
Seeing titles like "160+ executive changes" and "densest personnel shake-up in ten years", the first reaction isn't nervousness, it's fatigue. The data is piled up neatly, the conclusions are drawn decisively, reading it feels like an industry report with exclamation marks added. But is the market really that terrible?
Not necessarily.
Change perspective: What if this isn't the apocalypse?
From 2015 to 2018, China's mobile internet also went through a round of "the densest in history" management iteration. BAT collectively "had a blood transfusion", O2O companies were found dead everywhere, shared bicycles lay colorfully on the streets. Back then, the voices depreciating the mobile internet were much louder than the voices depreciating cars now.
So what was the result?
ByteDance "grew" TikTok within that "winter". Pinduoduo found trillion-yuan level opportunities in the downward-tiered markets that no one looked down upon. Meituan climbed out of the sea of blood from the "Thousand Group War" and became a giant in local life. The internet didn't die; instead, it moved from inception to maturity.
The Automotive Industry is Walking the Same Path Now
Over the past 5 years, new energy penetration rate went from 5% to over 60%. That was a wild era, whoever was bold enough could take off. But now penetration passed 60%, the game rules changed. From "whether there is one" to "whether it is good", from "grabbing territory" to "competing in internal power". The people needed now are no longer bold heroes, but professional managers who understand systems, AI, and the global market.
A bunch of companies simultaneously changing executives looks like something is wrong with the industry. Actually, the industry changed, and companies are desperately trying to make themselves match the new battlefield.
This isn't an elimination race. It's just that the rite of passage comes with a bit of pain.
People crying about domestic sales are calculating a confused account - retail sales of passenger cars dropped by nearly 20% in the first 5 months, profit margin was 3.2%, a historical low. The numbers are real, but if you shout "apocalypse" looking only at these numbers, your vision is too narrow.
In 2023, China exported 4.91 million cars, surpassing Japan for the first time to become number one globally. In 2024 it rose to 5.8 million. BYD built factories in Thailand, Brazil, Hungary; Chery went to Spain to acquire factories; SAIC, Great Wall, Geely expanded capacity to all continents globally. Domestic dropped by 20%, overseas rose by nearly 50%. Using the "domestic retail sales" metric alone to sentence the entire industry to death is like using a thermometer for a full-body checkup. You found a fever, but didn't see the person gaining muscle.
Then there's the saying that "370 million units in possession is the ceiling". People who say this have their minds stuck in the fuel vehicle era.
Back then, a car was driven for ten years, so of course it hit the ceiling. But now cars are becoming AI terminals, smart driving capabilities iterate every six months. When cars change from "durables" to "tech consumer goods", replacement cycles will shorten significantly. Possession volume is not a ceiling; it's a huge pool waiting to be reactivated.
The "Price War" Can No Longer Work? Thank Goodness
"The continuous 3-year 'price war' is invalid, low prices can no longer stimulate consumption." This sentence was cited everywhere as evidence of pessimism, but it is actually the best news of 2026.
The "price war" of 2023-2024 pressed industry profit margins to the historical low of 3.2%. What flooded the market during that time? Products just for the sake of being cheap, configurations shrinking, quality declining, safety hazards frequent. Car companies fell into a dead loop of lowering prices to move volume, shrinking profits, and cutting R&D; consumers also didn't gain any advantage. Only after buying did they realize that the little money saved was all spent on car repairs and regret.
But starting in 2025, the market changed.
BYD's cars above 200,000 yuan sell better and better. Huawei AITO M9 average price over 500,000 yuan, monthly sales stably breaking 10,000 units. Xiaomi SU7 exploded upon launch, relying not on low price but on product definition capability. Li Auto, amidst the pain of pure electric transformation, the L series still dominates the niche market.
These enterprises have one thing in common: they are not the cheapest in their respective tracks, but consumers are willing to pay.
To put it plainly, Chinese consumers have matured. Evolved from "buy whoever is cheap" to "buy whoever is good". The "price war" fizzled out because price sensitivity decreased, and value sensitivity increased. This is a huge benefit for companies with real abilities; the days of "bad money driving out good" have finally ended.
Li Auto Lost 12 People, So What?
"Li Auto had 12 core executives resign in half a year" was portrayed repeatedly as a crisis signal, but few people mentioned another matter: Li Auto simultaneously recruited AI algorithm engineers, smart cockpit experts, and autonomous driving architects on a large scale at a faster speed.
12 left, maybe 120 recruited. What is the direction of talent flow? From traditional automotive positions flowing to AI positions. This is not talent drain, it is strategic "blood transfusion".
NIO's logic is the same. Massively poaching cross-industry talent from Huawei, Apple, DJI. Li Bin doesn't want people who know how to build cars better, he wants to turn NIO from a car-building company into an AI-driven mobility tech company. "Changing commanders" is not to save sales, but to equip new teams for the new strategy.
Changan promoted two post-80s vice presidents. The personnel logic of large state-owned enterprises changed. The era of software-defined cars doesn't need experienced "old masters", it needs new managers who can iterate quickly and dare to make mistakes.
BBA deployed headquarters' overseas executives to directly manage the China region, interpreted as "powers consolidating overseas". This interpretation is really a bit funny. If the Chinese market really wasn't working, what did the European headquarters send the strongest lineup for? Retirement? Quite the opposite. In fields like smart cockpits, high-level smart driving, China's innovation speed has already led Europe by one or two steps. BBA upgraded China from "sales market" to "global innovation base". This is "putting out fires", not centralizing power.
What We Should Really Worry About is Not Who Left, but Who Hasn't Arrived
Personnel changes themselves have never been the root of the problem, they are just the appearance. Changing a CEO cannot save a company with bad products, but a good strategy matched with the right people can allow a mediocre company to be reborn.
The biggest risk in the current automotive industry is not that "changing commanders" is too frequent, but that some companies haven't changed thoroughly enough.
Some car companies are still fighting stock wars with incremental era tactics: fighting on price, stacking configurations, competing on parameters, but uniquely not competing on user experience. Some management teams are still holding ten-year-old meetings, making ten-year-old decisions, looking at today's market with ten-year-old eyes. These are what should truly be eliminated.
The "wave of changing commanders" in 2026 eliminates not the industry, but the tactics of the old era. And those companies that first complete organizational iteration, think through the strategy, and assemble the team will become stronger after this round of adjustments.
Winter for the automotive industry hasn't come. It just took off the "old clothes" of the inception period, ready to step into the next decade.
Just one step away from a true listing.
On June 23, autonomous driving company MOMENTA GLOBAL LIMITED (hereinafter referred to as "Momenta") published the Post-Listing Hearing Information Set (PHIP) at the HKEX, marking that it has passed the listing hearing and formally entered the IPO sprint phase. CICC and Deutsche Bank serve as joint sponsors. [Reply "260623" to download the Momenta prospectus].
With the public release of the hearing materials, Momenta's prospectus has also disclosed its financial situation in detail to the outside world for the first time.
Momenta Passed Listing Hearing
Data shows that the company's revenue over the past three years grew from 743 million yuan to 2.41 billion yuan, gross margin climbed to 71.6%, and adjusted loss narrowed significantly from 1.09 billion yuan to 303 million yuan. Losses continued to shrink and gross margin rose steadily, seemingly indicating that the profit turning point for the smart driving business is just around the corner.
Regarding business expansion, the prospectus shows that as of February 28, 2026, Momenta has cumulatively obtained mass production designations for 180 car models, with cumulative installations of mass production vehicle solutions exceeding 7.33 million units. At the same time, cooperation relationships have been established with 24 automakers globally, including Toyota, GM, Volkswagen, Honda and other international car companies, as well as SAIC, BYD, GAC, Chery, FAW, Geely, Great Wall and other Chinese car factories.
Through this prospectus, a more real and three-dimensional Momenta is unfolding to the outside world.
01
Revenue 2.4 billion, gross margin over 70%, cash reserves over 10 billion yuan
From a financial data perspective, Momenta has indeed turned in a quite impressive growth report card.
Momenta Major Financial Status
Momenta's revenue over the past three years has shown leapfrog growth. The prospectus shows that from 2023 to 2025, Momenta's operating revenue grew from 743 million yuan to 2.41 billion yuan, with a compound annual growth rate exceeding 80%. Against the background that the smart driving industry is still in a high-investment period, this growth rate is considerable.
Its revenue is composed of two major segments.
The first is technology development services, development and adaptation fees charged by project. Revenue in 2025 was 1.445 billion yuan, accounting for 59.9% of total revenue. This part of revenue comes from smart driving solutions developed with automakers for specific models, belonging to project-based revenue.
Momenta Two Major Revenue Segments
The second is licensing services, licensing fees charged per mass production vehicle, which is the core metric for measuring the scale effect of the business model. This revenue grew significantly from 23 million yuan in 2023 to 968 million yuan in 2025, growing 42 times over three years, and the proportion of total revenue jumped to 40.1%. Licensing revenue has the attribute of "high marginal revenue". Technology R&D costs are pre-invested, and each additional vehicle licensing revenue almost does not increase additional costs. It can be understood as the key engine for Momenta to maintain high revenue growth in the future.
From 2023 to 2025, the total revenue generated by Momenta's top five customers was 644.3 million yuan, 1.04 billion yuan, and 1.51 billion yuan respectively, accounting for 86.7%, 78.3%, and 62.6% of revenue respectively. Among them, the revenue generated by the largest customer was 265.5 million yuan, 255.6 million yuan, and 522.2 million yuan respectively, accounting for 35.7%, 19.3%, and 21.6% of Momenta's revenue respectively.
Momenta Major Customer Share
While revenue grew, gross margin also soared. Momenta's gross margin rose from 17.5% in 2023 to 49.0% in 2024, and further reached 71.6% in 2025. For pure software algorithm suppliers, high gross margin is not surprising.
However, currently, Momenta is still in a loss state. Net losses from 2023 to 2025 were 2.57 billion yuan, 3.21 billion yuan, and 3.46 billion yuan respectively, with a cumulative net loss over three years of approximately 9.23 billion yuan.
R&D is still the biggest expenditure. From 2023 to 2025, Momenta's R&D expenses were 1.28 billion yuan, 1.51 billion yuan, and 1.87 billion yuan respectively, with cumulative R&D investment reaching 4.66 billion yuan over the past three years.
Momenta stated that R&D continued to increase, mainly driven by an increase in R&D activities, including rising infrastructure costs, increased training platform expenses, increased cloud service fees, Momenta's test fleet operating costs, and increased employee compensation and benefits. The prospectus shows that there are 1,157 R&D personnel, accounting for nearly 82% of the total number of employees, and more than two-thirds have a master's degree or above.
Momenta Financing Status
However, Momenta's reserves are thick enough. As of November 28, 2025, Momenta has completed Series C-13 financing, with a post-money valuation of 6.185 billion USD (approximately 41.94 billion yuan). Among them, the shareholder list partially overlaps with the customer list, including SAIC, GM, Mercedes-Benz, Toyota, BYD, Hyundai, Chery and other car companies.
Unparalleled capital appeal also allowed it to stock enough ammunition. The prospectus shows that by the end of 2025, Momenta's cash reserves exceeded 10 billion yuan.
This also shows that Momenta's seeking listing on the Hong Kong stock market is obviously not just for money. It also needs to use this to complete the financial loop for early shareholders and formally deliver the core narrative "Chinese third-party smart driving solutions have global competitiveness" to the secondary market.
02
Growth story with "two legs"
Momenta's business lines are mainly composed of two parts: mass production vehicle solutions and scaled autonomous driving mobility and logistics business.
Momenta "Flywheel Mode"
This is the strategy defined since the beginning of Momenta, which is vehicle-standard pre-installed mass production + Robotaxi dual-line layout, forming a "Flywheel Mode".
Among them, mass production vehicle solutions are currently still the focus.
The prospectus shows that according to CIC Consulting data, whether it is calculated by the vehicle sales volume of vehicles equipped with Momenta Urban NOA solutions for the past 12 months as of February 28, 2026, or by the cumulative mass production model count of vehicles equipped with Momenta Urban NOA solutions as of February 28, 2026, Momenta ranks first among all independent smart driving solution providers globally.
As of December 31, 2025, Momenta has cumulatively obtained designations for 170 car models, including 68 models that have entered the formal mass production phase; the installation volume of smart driving solutions on mass production vehicles has exceeded 680,000 units; cooperation relationships have been established with 24 automakers globally, including Toyota, GM, Volkswagen, Honda and other international car companies, as well as SAIC, BYD, GAC, Chery, FAW, Geely, Great Wall and other Chinese car factories.
Momenta Designation Volume Change
Mass production vehicle solutions mainly focus on the Urban NOA field. By the end of 2025, the installation volume of Momenta Urban NOA solutions in mass production vehicles has exceeded 650,000 units, with cumulatively obtained 155 car models' Urban NOA function certification designations, including 57 car models that have achieved formal mass production.
The prospectus also emphasizes that according to CIC Consulting data, for the past 12 months ended February 28, 2026, by Urban NOA sales volume, Momenta ranked first among independent Urban NOA solution providers globally, with a market share of 64.5%.
Momenta Mass Production Vehicle Solution Revenue Model
In the autonomous driving field, Momenta is currently more focused on Robotaxi. With the evolution of technology and business environment, it will further expand autonomous driving freight vehicles and autonomous trucking services.
Momenta stated that it is the first company to adopt mass production vehicles to provide Robotaxi services. It started preparing for the large-scale deployment of autonomous driving taxis in 2020 and became the first company in Suzhou to obtain autonomous driving taxi commercial operation permits.
As of the Last Practical Date, Momenta has obtained commercial operation approvals in Suzhou and Shanghai, China, obtained demonstration application permits and testing permits in Wuxi, China, and obtained testing permits in Abu Dhabi, UAE.
According to CIC Consulting data, Momenta also cooperated with Mercedes-Benz and UAE national taxi company Lumo to launch the world's first high-end autonomous driving car rental service.
In addition, in May 2025, Momenta also reached a strategic cooperation with Dida Chuxing under SAIC to deploy autonomous driving taxi vehicles based on the pre-installed mass production vehicle platform, planning to launch commercial operations in Shanghai at the beginning of 2026.
Momenta Partners with Dida Chuxing
At the same time, Momenta has established cooperation frameworks with overseas mobility platforms such as Uber (Uber) and Grab, and plans to launch overseas commercial autonomous driving taxi services in Abu Dhabi, UAE and Munich, Germany in 2026, and is expected to expand to more cities in regions such as the Middle East, Europe and Southeast Asia (such as Dubai, Singapore and selected cities in Germany).
According to Momenta's autonomous driving taxi cooperation model, mobility platforms are usually responsible for user acquisition, order dispatch, customer interface and fleet operations through their mobility applications. Vehicles are mainly provided through Momenta's cooperation with vehicle partners (usually automakers), while Momenta focuses on delivering autonomous driving systems.
As for the proceeds from this fundraising, Momenta expects to use them to strengthen core infrastructure, expand R&D capabilities, promote R&D investment of next-generation high-end smart driving solutions, and at the same time use them for investment in accelerating the commercialization and scaled development of autonomous driving taxi service solutions, etc.
03
Technology positioning "Physical AI", capital seeking secondary calibration
The core narrative of Momenta's listing this time is Physical AI. The company positions itself as the "Builder of the Physical AI foundation model" and released the mass-production-level R7 World Model in April 2026, marking that Physical AI has officially moved from technical concept to scaled mass production implementation.
This Year Beijing Auto Show Momenta Announces Physical AI Goes to Implementation
The model is divided into three levels.
Pre-training: Compress physical laws, common sense and causal relationships into the model through over 12 billion kilometers of real vehicle driving data and over 100 million segments of golden data extracted from it, allowing AI to "understand physics".
Simulation: Give the model a "training ground" through closed-loop simulation to deduce how the world will evolve when the model's own behavior changes, and perform performance evaluation on long-tail scenarios.
Reinforcement Learning: Allow the model to explore autonomously in a simulation environment highly close to the real world, learn optimal decisions through reward mechanisms, and perform beyond human drivers in extreme scenarios.
Momenta R7 World Model Three-Layer Architecture
In terms of business model, Momenta accurately positions itself as a "Platform-level" company, using a single large model to cover passenger cars, Robotaxi and Robovan, and plans to expand to the Robotruck field in 2027. This full-scenario, platform-based layout, while reducing marginal costs, builds a diversified, synergistic, and sustainable growth business ecosystem.
And behind the choice to list at this time, there is more thinking.
First, to provide exit channels for old shareholders: Momenta's shareholder lineup covers industrial capital such as SAIC, GM, Mercedes-Benz, Toyota, Bosch, as well as financial investors such as Temasek, IDG, Yunfeng Capital, Tencent, Shunwei, Zhenge. Financial investors need public market exit paths, and the difficulty of giving higher valuations in the primary market is increasing.
Momenta Major Shareholder Status
Second, to anchor valuation in the secondary market: Valuations supported by financing rounds and industrial resources in the primary market will be re-calibrated by trading prices in the secondary market. Momenta needs to compete for a fair price before the market suppresses the "valuation logic for third-party smart driving companies".
Brand endorsement and global acceleration: HKEX listing will strengthen the brand tag of "Physical AI stock" and accelerate global layout.
Overall, Momenta passing the hearing marks the capital market's recognition of the autonomous driving "mass production + data" dual-loop model. Its financial data shows high-speed growth and a clear profitability path, and the transformation of "Physical AI" has opened up a broader valuation imagination space for it.
As the R7 World Model moves from concept to mass production, whether Momenta can maintain technology gap while converting technical advantages into commercial profitability in the global market is the core concern of the market in the long term.
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