今年 5 月冯复之以魏牌 CEO 的身份首次亮相。 文 丨 曾兴 编辑 丨 龚方毅 我们独家获悉，长城魏牌 CEO 冯复之（内部花名 "合一"）本周未出现在公司，正在 "休假"。 一位熟悉魏牌报批流程的员工告诉我们，"合一已经不再审批业务，需要向（长城）股份集团 层层汇报。" 今年 5 月 20 日，在魏牌焕新日上，冯复之以魏牌 CEO 的身份首次亮相，在此之 前，他已在内部实际担任这一角色约半年。据我们了解，冯复之曾提出过一次离职，但被驳 回。 对于之后的人事安排，两位接近长城高层的人士对我们说，哈弗总经理赵永坡将接替冯复之的 职位。与此同时，魏牌新能源内部也在进行组织调整。截至发稿，长城汽车和冯复之没有回复 他在渠道建设上的经验正是长城急需的，入职后，魏建军对他的要求是 "一年内建 1000 家店"。他在 今年 6 月接受我们采访时回忆，"我当时非常直接的说，这从商业逻辑上是不匹配的。" 而魏建军的回 应是，"冯复之你要挑战，你不能往后退。" 我们有关冯复之动向的问询。 | 任职时间 | 姓名&职务 | 个人背景 | | --- | --- | --- | | 2016.10-2018.09 | 严思担任 ...

Core Insights - Horizon aims to implement advanced urban driving assistance in vehicles priced below 70,000 yuan, targeting a market where 50% of passenger car sales fall under 130,000 yuan [3][4] - The company plans to collaborate with major manufacturers to achieve a production scale of 10 million units within three to five years, leveraging its self-developed driving algorithms [3][4] - Horizon's ambition is to make advanced driving assistance a standard feature, akin to automatic transmissions, rather than a luxury add-on [4][10] Market Context - The current market for vehicles under 100,000 yuan lacks advanced urban driving features, presenting a significant growth opportunity for Horizon [3][4] - Competitors like BYD, Geely, and Chery have introduced simpler driving assistance features but have not ventured into advanced urban driving solutions [4][9] - The competitive landscape is intensifying, with companies like Momenta and Qualcomm entering the market with rapid advancements in chip development [4][9] Technological Development - Horizon's strategy involves developing its own HSD (High-level Driving) solutions to increase market share and reduce costs through economies of scale [10][11] - The company aims for a tenfold increase in computing power and model capacity with each new generation of chips, with the upcoming Journey 7 series expected to launch alongside Tesla's next-generation AI5 chip [10][11] - The Journey 6 series is crucial for Horizon's strategy, as it is designed to support urban NOA (Navigation on Autopilot) and is expected to meet the rising demand for higher computing power in the industry [11][12]

Core Viewpoint - Renault is leveraging Chinese supply chain efficiency to revive its Twingo model for the European market, despite having exited the Chinese passenger car market since 2020 [3][4][5]. Group 1: Market Strategy - The new electric Twingo is priced starting at under €20,000, competing directly with BYD's Seagull in Europe, showcasing Renault's reliance on Chinese components [4]. - Renault has ceased local production in China but continues to utilize Chinese suppliers for significant parts of its vehicles, with 46% of the Twingo's components sourced from China [3][4]. Group 2: Historical Context - Renault was one of the first foreign car manufacturers in China, establishing a joint venture in 1993, but faced challenges due to high costs and low competitiveness, leading to the closure of its joint ventures by 2020 [5][6]. - The company’s late entry into the mainstream passenger car market in China resulted in a rapid decline in sales, with East Wind Renault's sales dropping from a peak of 72,000 units in 2017 to under 20,000 units by 2019 [5][6]. Group 3: Development and Production - The Twingo project was developed with a focus on utilizing existing Chinese supply chains to reduce costs and development time, achieving a prototype in just nine weeks and preparing for mass production in under 24 months [11][12]. - The decision-making process for the Twingo project was expedited in China, allowing for daily progress rather than the typical weekly pace seen in Europe [11][12]. Group 4: Future Plans - Renault plans to replicate the successful model of utilizing Chinese supply chains for other vehicles, including the entire Twingo family and a new A-segment car under the Dacia brand [13]. - The company aims to maintain a competitive edge in the European market by leveraging the efficiency and cost advantages of Chinese manufacturing [12][13].

李想说，这是 "用自然方式与汽车甚至将来的机器人准确互动的一种尝试"。 文 丨 赵宇 贺乾明 编辑 丨 龚方毅 创业公司来了，雷鸟、Rokid、影目等，发布了数十款形态、功能各异的产品，他们觉得这是建立新 公司的机会。手机厂商来了，华为、小米、OPPO、荣耀等，看中这是重要的增长空间。互联网大厂 来了，Meta、阿里、百度已经发布，字节正在研发，他们看重这是新的 AI 入口。现在，车企也来 了。 12 月 3 日晚，理想汽车发布智能眼镜 Livis，起售价 1999 元，算上国补为 1699 元，标配无度数防蓝 光镜片，可以加钱换墨镜或配光学镜片；采用自由环面定制镜片、能够实现感光变色的高度近视版本 最贵，国补后价格去到 2974 元。 理想今年初成立穿戴机器人部门，由高级副总裁范皓宇负责。这款眼镜他们在汽车之外的第一款新 品，从内部研究到产品定型用了两年。 我们提前拿到两副 Livis，它们都从广州黄埔的蔡司仓库发货。平光镜片款在发布会开始前一周送达； 另一幅带度数的蔡司变色镜片款 12 月 3 日才到货。我们挑选了多个日常使用和车机交互场景，测评 了它的功能。 理想智能眼镜佩戴效果。 在上市发布会和提前举 ...

Core Viewpoint - The article discusses the transformation of Zhuo Yu, a smart driving supplier, from being a part of DJI to an independent entity, highlighting the challenges and strategies involved in this transition [5][6][7]. Group 1: Company Background and Transition - Zhuo Yu was initially a project within DJI, known as BR1609, focusing on autonomous driving technology [9][11]. - The company officially separated from DJI on September 27, 2024, marking a significant shift from a resource-rich environment to a competitive market [5][12]. - The transition involved a governance change, with Zhuo Yu becoming a "no actual controller" company, co-managed by FAW, DJI, and the management team [7][15]. Group 2: Challenges Faced - Zhuo Yu faced significant challenges post-separation, including financial constraints, with only about 5 billion RMB available at the time of the split [12]. - The company had to shift from a product-centric approach to a customer-centric model, which was a stark contrast to its previous operations under DJI [6][45]. - The initial expectation of profitability was unrealistic, leading to a reassessment of business strategies [11][12]. Group 3: Technological Development - Zhuo Yu has made significant progress in developing advanced models for autonomous driving, achieving breakthroughs in training dynamics and data-driven approaches [20][21]. - The company has focused on solving complex industry challenges, such as causal reasoning and low-frequency data generation, through innovative modeling techniques [10][20]. - Zhuo Yu's models have shown promising results, with clients noting their capabilities in scenarios where competitors struggle [20][21]. Group 4: Market Position and Future Plans - Zhuo Yu aims to position itself among the top three players in the Chinese smart driving market, competing closely with companies like Momenta and Horizon [28]. - The company plans to go public in the near future, leveraging its recent funding round of over 36 billion RMB to support further development [15]. - Zhuo Yu's strategy includes maintaining a balance between cost-effectiveness and high performance, aiming to meet regulatory standards while pushing for advanced capabilities [34][30].

Core Viewpoint - The ongoing debate in the autonomous driving field revolves around the merits of pure vision systems versus sensor fusion approaches, with a strong emphasis on the superiority of camera-based systems in terms of information richness and processing frequency [3][4][9]. Summary by Sections Technical Insights - Pure vision systems utilize cameras as the primary sensors, providing higher frequency and richer data compared to LiDAR systems, which have lower frame rates and less detailed point cloud information [4][9]. - The performance ceiling of autonomous driving systems is significantly influenced by the choice of sensors, with pure vision systems having a higher potential if algorithms and computational power are sufficiently advanced [5][9]. Sensor Performance - Cameras can capture images at 30 frames per second, while LiDAR typically operates at around 10 frames per second, leading to a disparity in the amount of information processed [4][9]. - The reliance on LiDAR in some fusion systems may indicate a lack of development in visual processing capabilities, which can hinder overall system performance in challenging scenarios [10][11]. Industry Perspectives - The CEO of Nullmax, Xu Lei, advocates for prioritizing visual capabilities in autonomous systems, suggesting that over-reliance on LiDAR may provide a short-term solution but limits long-term performance [4][10]. - Xu Lei emphasizes the importance of developing robust visual processing algorithms to fully leverage the data captured by cameras, as the information density is significantly higher than that of LiDAR [6][9]. Cost and Practical Considerations - The integration of multiple sensor types must consider cost and performance trade-offs, as adding LiDAR can increase system complexity and expense without necessarily enhancing performance [5][14]. - The industry is witnessing a trend where companies prioritize rapid deployment of systems, often opting for LiDAR to expedite the process, despite potential limitations in performance [11][16]. Future Directions - Xu Lei expresses an open-minded approach towards the use of various sensors, including future technologies, while maintaining that visual capabilities should remain the core focus of development [10][11]. - The evolution of sensor technologies, such as 4D millimeter-wave radar, is seen as complementary to camera systems, particularly in adverse weather conditions, although the necessity of LiDAR is debated [13][14].

长城将在全新蓝山智能进阶版上搭载 VLA 辅助驾驶方案。 文 丨 沈行 辅助驾驶正处在技术的交界点，"规则" 方案的上限已经触顶，去年以特斯拉为首的 "端到端" 路线开 始快速普及，即传感器原始信息直接输入模型、模型直接输出车辆动作。端到端的意义在于，它让辅 助驾驶研发进入了 AI 时代：能力不依赖人工编程，而是随着数据规模的扩大持续进化。 但随着应用场景变得更复杂，行业开始意识到仅靠模仿难以覆盖真实世界的多样性——端到端无法处 理未曾 "见过" 的极端场景，为了突破这个瓶颈，辅助驾驶从端到端继续演进，向能够理解语义、推理 场景、解释决策的 VLA（Vision-Language-Action）过渡，能力的重心从 "会开" 转向 "会想、会判 断"。 对于辅助驾驶发展趋势的探索，长城是行业内反应更快、判断更明确的那一个。长城是最早完成 VLA 量产落地的车企之一，并率先在即将发布的全新车型——魏牌全新蓝山智能进阶版上搭载。 今年前三季度，长城汽车累计投入研发费用约 66.36 亿元，同比增长 6.9%。智能化是重要的研发方向 之一，长城汽车 CTO 吴会肖曾表示，智能化相关研发费用目前约占长城总研发费用的一半 ...

Core Viewpoint - Longhua Automotive's Hi4 technology is recognized as a significant innovation in the global off-road vehicle electrification transition, filling multiple technological gaps and representing a key case of innovation in the Chinese automotive industry [3]. Summary by Sections Hi4 Technology Overview - As of the end of 2024, a total of 410,000 vehicles equipped with the Hi4 technology have been sold since its launch [2][6]. - The Hi4 technology family includes various models tailored for different vehicle categories, such as Hi4 for family cars, Hi4 performance version for mid-to-large vehicles, Hi4-Z for general off-road vehicles, Hi4-T for strong off-road vehicles, and Hi4-G for heavy trucks [3]. Technical Innovations - The Hi4 technology employs a power distribution approach that allows for electric hybrid four-wheel drive and intelligent energy management, differing from traditional dual-motor hybrid systems [5]. - The upcoming Hi4-Z technology will introduce a three-speed power distribution system, enhancing energy allocation and efficiency [5]. Market Positioning and Strategy - Longhua Automotive has firmly stated its position against range-extended vehicles, focusing instead on its hybrid technology [6]. - The company emphasizes a platform-based approach, allowing for diverse solutions from a single architecture, which reduces R&D costs and enables quick responses to market demands [7]. Financial Performance - Longhua Automotive reported a 20.51% year-on-year revenue increase to 61.247 billion yuan in Q3, driven by the launch of several new models [9]. - The sales of the new high-end MPV model, which features advanced driving assistance and hybrid technology, have significantly contributed to the company's growth, with a 96% increase in new vehicle sales in the first three quarters [10]. Off-Road Market Dynamics - Longhua Automotive has successfully expanded its market presence in the off-road vehicle segment, with the Tank brand achieving a 42% year-on-year sales increase, totaling 231,000 units last year [11]. - The Tank 300 model has lowered the entry price for hard-core off-road vehicles, making them more accessible to a broader audience [13]. Global Expansion and Market Strategy - Longhua Automotive's overseas sales reached 454,000 units last year, marking a 44.6% increase, with strategic positioning in markets like Dubai and Australia [14]. - The company aims to achieve quality market share rather than engage in price wars, leveraging its technological advantages to establish long-term barriers against competition [14].

"我们坚定地回到创业公司的管理模式，以此来面对新时代、新技术的挑战。" 文 丨 龚方毅 赵宇 编辑 丨 龚方毅 大家好，我是李想，欢迎大家参加今天的业绩电话会议。 首先我来回顾一下理想汽车的一季度表 现…… 大家好，我是李想，欢迎大家参加今天的业绩电话会议。今年 7 月份，中国新能源汽车渗透率已 经接近 50%…… 大家好，我是李想，欢迎大家参加今天的业绩电话会议。三季度，中国新能源汽车渗透率已经达 到 50.3%…… 大家好，我是李想，欢迎大家参加今天的业绩电话会议。2024 年，中国新能源汽车市场保持快速 增长态势…… 大家好，我是李想，欢迎大家参加今天的业绩电话会议。首先回顾下理想汽车一季度的表现…… 大家好，我是李想，欢迎大家参加今天的业绩电话会议。2025 年二季度，我们共交付新车超 11 万辆…… 大家好，我是李想。 2025 年三季度，也是理想汽车面向第二个十年的第一个季度，我们经历了产品周期、公关舆情、 供应链爬产、政策变化等带来的各种挑战…… 以上是 2024 年一季度至今，理想汽车董事长兼 CEO 李想所做的季度业绩电话会开场。最后一条是他 今天（11 月 26 日）做的最新开场，基本是他 ...

"没有必要搞得那么剑拔弩张"。 文 丨 郭瑞婵 李安琪 编辑 丨 龚方毅 三周多前，小马智行和文远知行因为一份路演材料爆发争执。长期高度同质竞争外加一方 IR 在朋友 圈直接点名对方，为整件事增加了一点戏剧效果。但在多位长期跟踪自动驾驶的投资人看来，两家公 司之间的争执并不新鲜，也不重要。 路演期间，小马展示了自己在北上广深全无人区域的运营数据，漏了文远的广州区域与百度萝卜快跑 的武汉主力区域， 且把文远的运营订单标为零 ，引发文远反击，认为其行为 "已超出正常竞争范 畴"；百度也对此公开表示 "依法维权"。 一位参加小马上市前路演的投资人告诉我们，因为日常关注小马比较多，所以没在意那份路演材料。 这位投资人对我们说，两家公司平时就喜欢互怼，而且跟业务关系不大，主要还是为了增强资本市场 资源。"但感觉没有必要搞得那么剑拔弩张，（这是）从 0 到 1 的行业，连卖车的都不会搞得这么难 看。" 行业蛋糕还没做大之前，"吵架" 意义有限。港股上市当天，两家公司创始人握手言和， 到今天小马股 价跌超三成、文远跌超两成。 投资人说二级市场现在对 Robotaxi 普遍观点是 "长期空间大，短期趋势 难以判断"。明面和暗 ...