FOTON(SH:600166) Huan Qiu Wang·2025-10-22 09:40Core Insights - Foton Motor has officially launched its new electric light truck platform, marking a transition from the "oil-to-electric" phase to a new era of collaborative development in new energy and intelligence within the Chinese light truck industry [1][3] Strategic Direction - Foton Motor's chairman, Chang Rui, outlined the company's transformation path, focusing on "comprehensive internationalization, comprehensive electrification, and comprehensive intelligence" to achieve the goal of becoming a "world-class enterprise" [3] - The launch of the "Morning Star" product represents a deep integration of Foton's new energy strategy and light truck strategy, responding to industry trends and user needs [3] Market Dynamics - The domestic new energy commercial vehicle sales reached 630,000 units from January to September 2025, showing a year-on-year growth of 67.3% and a penetration rate of 20.2% [5] - Foton's own new energy sales have seen a remarkable year-on-year increase of 113.4%, positioning the company favorably in a high-growth market [5] Industry Challenges - The industry faces challenges such as rising operational costs and limitations of the "oil-to-electric" transition, which has led to issues like short range, high energy consumption, and poor comfort in existing solutions [5][6] Product Innovation - The "Morning Star" product is designed with a "smart native" solution based on electric drive characteristics, featuring four technological architectures that create differentiated barriers [7] - Key innovations include a central distributed drive architecture with a total efficiency of 95.7%, an integrated vehicle control architecture supporting L2 level assisted driving, and a new human-machine interface that enhances user experience [7][8] Performance Metrics - The product achieves significant energy savings, reducing energy consumption by 6 kWh per 100 kilometers, which translates to over 6,000 yuan in annual savings for a vehicle operating 100,000 kilometers [8] - The 165 kWh version offers a range of 607 kilometers and can charge from 20% to 80% in just 18 minutes [8] Comprehensive Ecosystem - Foton has introduced a full lifecycle ecosystem solution covering all aspects from purchasing to maintenance, catering to diverse user needs with various design styles and configurations [9] - Feedback from test drives highlighted the vehicle's smoothness, quietness, and spacious design, indicating strong user acceptance [9] Industry Outlook - Analysts suggest that the "Morning Star" product, with its innovative architecture, is poised to strengthen Foton's market leadership and accelerate the logistics industry's transition towards greener and smarter solutions [11]