以下文章来源于一见Auto ，作者何煦阳 一见Auto . 汽车竞争中的野心、方法论与新秩序。21世纪经济报道旗下汽车报道品牌。 记者丨 何煦阳 编辑丨张明艳 图源：21世纪经济报道 奇瑞控股集团董事长尹同跃敲响的港交所钟声，回荡着奇瑞汽车二十余年的风雨兼程。 2025年9月25日，奇瑞汽车成功登陆港交所，股票代码9973.HK，募资规模达91.4亿港元， 成 为港股市场2025年以来最大车企IPO。 奇瑞汽车开盘表现亮眼。以34.2港元/股开盘，较30.75港元的发行价上涨11.22%，市值一度突 破2000亿港元。截至收盘，奇瑞汽车股价为31.92港元/股，市值回落至1841亿港元，仍展现出 资本市场对奇瑞汽车的认可。 据弗若斯特沙利文统计，自2003年起，奇瑞已连续22年蝉联中国自主品牌乘用车公司"出口第 一"，这一独特的核心竞争力，也成为其在港股获得近2000亿港元估值的关键差异化长板。 但光环之下，奇瑞的"偏科"现象也不容忽视。 2025年第一季度，奇瑞乘用车收入中燃油车占比超过六成，新能源转型任重道远；智驾路 线历经"全栈自研"到"自研+合作"的多次摇摆；研发投入占比仅3.3%，远低于比亚迪的 8 ...

21世纪经济报道 见习记者何煦阳 奇瑞控股集团董事长尹同跃敲响的港交所钟声，回荡着奇瑞汽车二十余年的风雨兼程。 2025年9月25日，奇瑞汽车成功登陆港交所，股票代码9973.HK，募资规模达91.4亿港元，成为港股市场 2025年以来最大车企IPO。 奇瑞汽车开盘表现亮眼。以34.2港元/股开盘，较30.75港元的发行价上涨11.22%，市值一度突破2000亿 港元。截至收盘，奇瑞汽车股价为31.92港元/股，市值回落至1840.90亿港元，仍展现出资本市场对奇瑞 汽车的认可。 回溯奇瑞的发展历程，从1997年安徽芜湖城北一家废弃砖瓦厂的小草房开始，到如今产品远销超100个 国家和地区，奇瑞走过的28年，是一部中国自主品牌汽车的奋斗史。尹同跃斑白的两鬓，见证了这个品 牌从无到有、从国内到海外的艰辛历程。 在行业增速放缓的当下，奇瑞却交出了一份亮眼的成绩单：据弗若斯特沙利文，2024年，奇瑞成为中国 前十大乘用车企中增速最快的品牌，更是全球前二十乘用车企中，唯一在新能源、燃油车、国内外市场 均实现同比超25%增长的企业。 海外市场更是奇瑞的"王牌战场"，使其稳坐"出海王者"宝座。2024年我国汽车总出口586 ...

Group 1 - Chery will terminate the Star Era E08 project to make way for Huawei's Zhijie MPV, which is being developed on the E0X-L platform and is expected to launch in the first half of next year [2] - The Zhijie brand, a collaboration between Huawei and Chery, has seen higher sales compared to the Star Era, with cumulative sales of 64,300 units over the past seven months, surpassing the Star Era's 44,200 units [2] - The Star Era series, launched in July 2023, is Chery's highest-priced series, ranging from 172,800 to 319,800 yuan, and was expected to elevate the brand's market position [2] Group 2 - Zhijie faces challenges, including a vague brand image and ongoing dealer qualification screening for new user centers, which may affect its market presence [3] - In June, Zhijie sold only 3,685 units, with the Zhijie S7 selling less than 500 units, indicating a struggle in sales despite the overall growth in the new energy MPV market [3] - The new energy MPV market is experiencing rapid growth, with a 53.3% year-on-year increase in sales in June and a total of 214,100 units sold in the first half of the year, up 49.7% [3]

Core Viewpoint - The partnership between Chery and Huawei has evolved with the signing of the "Intelligent World Brand Strategy 2.0" agreement, which includes the independent operation of the Zhijie brand and a commitment of over 10 billion yuan in funding to establish a 5,000-person R&D team, indicating Huawei's increased control over Zhijie [1][5][10]. Group 1: Strategic Changes - Zhijie will operate independently under the newly formed "Zhijie New Energy Company," with Huawei leading the entire management process from product definition to sales and service [5][7]. - Chery has prioritized Zhijie as a strategic project, allocating unlimited resources and halting the development of the Star Era MPV project to bolster Zhijie's R&D capabilities [5][11]. - The establishment of dual design centers in Shanghai and Shenzhen for Zhijie signifies a significant investment in its brand development [5]. Group 2: Product Launch and Market Response - The new Zhijie R7 and S7 models have begun pre-sales, with starting prices of 268,000 yuan and 258,000 yuan respectively, achieving over 10,000 pre-orders within the first hour [1][8]. - Despite previous challenges, including delivery issues and internal resource conflicts, the new models are expected to enhance Zhijie's market performance and are seen as critical to overcoming past sales difficulties [8][10]. Group 3: Historical Context and Future Outlook - The collaboration between Chery and Huawei has faced challenges, including delivery delays and operational misalignments, which have negatively impacted Zhijie's sales [8][10]. - In the first half of the year, Zhijie sold 45,000 units, which is significantly lower than its competitors, indicating a need for improved market strategies [11]. - The upcoming product cycle for Zhijie, featuring upgraded models with advanced technology, will be crucial for assessing the effectiveness of the new operational model and achieving sales growth [11][12].

针对全面押注智界放弃星纪元的传闻，截至发稿前，奇瑞方面暂无回应。 责任编辑：刘万里 SF014 有媒体报道，智界品牌2.0阶段将以华为主导智界独立运营为核心。据业内知情人士孙少军爆料，奇瑞 内部消息将全面押注智界，放弃星纪元，为智界未来发展和上市做出战略选择，拥抱华为。 此前就有媒体爆料称，智界正在开发MPV，预计明年上半年上市。而奇瑞首款豪华MPV产品原本是星 纪元E08，目前已停止开发，小部分星纪元E08项目组的员工已转岗至智界。这意味着奇瑞将首发豪华 MPV的机会交给了智界，而非星纪元。 新浪科技讯 8月7日晚间消息，智界汽车官微今日发文宣布，智界品牌正式进入2.0阶段。智界将投入超 百亿元、增加至5000人研发团队；智界新能源公司成立，产销服一体化独立运作；多款新品陆续登场。 ...

Core Insights - The company Zhijie is developing a new MPV based on the E0X-L platform, codenamed "EHV," which will offer both pure electric and range-extended powertrains [1] - The battery supply for the new MPV will be provided by CATL, with an expected launch in the first half of next year [1] - Chery Automobile has not yet responded to inquiries regarding this development [1] Development Updates - Chery's first luxury MPV, the Xingjiyuan E08, was initially showcased at the Beijing Auto Show last April and is expected to enter mass production this year [1] - Reports indicate that the development of the Xingjiyuan E08 has been halted, with some team members transitioning to Zhijie to enhance the MPV development efforts [1]

Core Viewpoint - The article discusses the competitive landscape of the luxury MPV market in China, highlighting the strategic shift of Chery to prioritize its brand Zhijie over its previous model Xingjiyuan for the launch of the first MPV under the Hongmeng Zhixing platform. This decision is seen as a move to optimize resource allocation and enhance brand competitiveness in a growing segment of the automotive market. Group 1: Company Strategy - Zhijie is developing its first MPV, the EHV, based on the E0X-L platform, with plans for a launch in the first half of next year [1] - Chery has decided to stop the development of the Xingjiyuan E08 MPV, reallocating some of its project team to strengthen Zhijie's MPV development [1][2] - The decision to let Zhijie debut the luxury MPV is part of Chery's broader strategy to streamline its brand operations and reduce resource redundancy [2] Group 2: Market Dynamics - The luxury MPV segment is becoming increasingly competitive, with a notable rise in sales of new energy MPVs in China, which saw a 53.3% year-on-year increase in June [9] - The pricing strategy for Zhijie and Xingjiyuan models overlaps, with Zhijie S7 priced between 249,800 to 349,800 yuan and Xingjiyuan ES priced from 225,800 to 319,800 yuan [3] - Zhijie has shown stronger sales performance compared to Xingjiyuan, with cumulative sales of 64,300 units over the past seven months, surpassing Xingjiyuan's 44,200 units [11] Group 3: Production and Delivery Challenges - Zhijie S7 faced production delays due to equipment and hiring issues at its dedicated factory, leading to a shift in production to Chery's existing facility [3][5] - Initial delivery commitments for Zhijie S7 were extended from 4-6 weeks to over 12 weeks, causing customer dissatisfaction [5] - Chery's commitment to prioritize Zhijie as a strategic project indicates its importance in the company's future growth plans [5] Group 4: Future Prospects - The upcoming launch of the EHV MPV is seen as a critical opportunity for Zhijie to establish itself in the luxury MPV market [14] - The establishment of a dedicated factory for Zhijie is expected to alleviate resource allocation issues and enhance production efficiency [13] - The competitive landscape suggests that while Chery is entering the MPV market later than some rivals, it still has the potential to succeed with the right strategies and partnerships [15]

Core Viewpoint - The article discusses the competitive landscape of the automotive industry, focusing on the development of MPVs by companies like Zhijie and Chery, highlighting the strategic decisions and market dynamics involved in this segment [3][4][14]. Group 1: Development of MPVs - Zhijie is developing its first MPV, the EHV, based on the E0X-L platform, with plans for a launch in the first half of next year [3][4]. - Chery's original luxury MPV, the Xingjiyuan E08, has been halted in development, with some team members moving to Zhijie to strengthen its MPV project [3][4]. - The decision to let Zhijie debut the luxury MPV reflects Chery's strategy to reduce resource redundancy and focus on high-end electric vehicles [4][9]. Group 2: Market Positioning and Competition - The Xingjiyuan series, launched in July 2023, aims at the high-end market with prices ranging from 172,800 to 319,800 yuan, while Zhijie targets a similar demographic but with a higher price point for its models [3][4][14]. - The competition between Zhijie and Xingjiyuan is evident, as both brands target the same consumer base, but Zhijie is positioned to better support the luxury MPV segment [4][14]. Group 3: Sales Performance and Challenges - Zhijie has sold 64,300 units in the past seven months, outperforming Xingjiyuan's 44,200 units, indicating a stronger market presence [14]. - Despite initial success, Zhijie faces production challenges, with delays in the delivery of the Zhijie S7 model leading to customer dissatisfaction [6][19]. - The need for Zhijie to improve its delivery capabilities is critical, as it aims to capitalize on the growing MPV market, which saw a 53.3% year-on-year increase in sales in June [11][19]. Group 4: Strategic Partnerships - The collaboration between Chery and Huawei has been pivotal for Zhijie, with Huawei's technology and market insights playing a significant role in the development of its vehicles [6][19]. - Chery's restructuring into "new four major" divisions aims to enhance brand competitiveness and streamline operations, particularly in the context of its partnership with Huawei [4][6].

Core Insights - The article discusses the competitive landscape in the luxury MPV market, highlighting that Zhijie may have an advantage in launching the first MPV under the Hongmeng Zhixing brand, as Chery has shifted its focus from the Star Epoch E08 to Zhijie for this opportunity [1][6][10]. Company Developments - Zhijie is developing its first MPV, code-named "EHV," based on the E0X-L platform, with both pure electric and range-extended power options, and is expected to launch in the first half of next year [1][6]. - Chery's Star Epoch E08 project has been halted, with some team members reassigned to Zhijie, indicating a strategic shift to consolidate resources and enhance Zhijie's development capabilities [1][3]. - The Star Epoch series, which targets the high-end market, has seen its pricing adjusted, with the starting price dropping to 19.88 million yuan to remain competitive against Zhijie's offerings [4][10]. Market Positioning - Zhijie and Star Epoch are positioned similarly in the high-end electric vehicle market, but Zhijie is expected to perform better due to its higher price point and sales volume [2][10]. - Zhijie's S7 model has a price range of 24.98 million to 34.98 million yuan, while the Star Epoch ES is priced between 22.58 million and 31.98 million yuan, indicating overlapping market segments [2][4]. Production and Supply Chain Challenges - Zhijie faced production challenges with the S7 model due to equipment and hiring issues at its dedicated factory, leading to a temporary shift to Chery's existing production facilities [4][5]. - Despite initial order success for the S7, with over 20,000 pre-orders, delivery delays have raised concerns about production efficiency compared to the Star Epoch ES, which has had smoother deliveries [5][15]. Strategic Partnerships - The collaboration between Chery and Huawei for the Zhijie brand is emphasized as a strategic priority, with Chery's leadership expressing commitment to aligning closely with Huawei's direction to ensure success [5][10]. - The establishment of a dedicated factory for Zhijie aims to eliminate resource allocation conflicts with other Chery brands, enhancing production focus [13][14]. Industry Trends - The demand for electric MPVs is on the rise, with significant year-on-year sales growth reported, indicating a shift in market focus as traditional vehicle segments become saturated [7][10]. - The competitive landscape is evolving, with new entrants and established brands vying for market share in the MPV segment, suggesting a dynamic environment for Chery and its brands [7][15].

Core Viewpoint - The competition for the first MPV under the Hongmeng Intelligent Driving brand is intensifying, with Zhijie potentially gaining an advantage as it develops its MPV based on the E0X-L platform, expected to launch in the first half of next year [1][3]. Company Developments - Zhijie is developing an MPV named "EHV," which will offer both pure electric and extended-range power options, with batteries supplied by CATL [1]. - Chery's first luxury MPV, the Star Era E08, has been halted in development, with some team members transferred to Zhijie to strengthen its MPV development efforts [1][3]. - Chery has restructured its brand strategy, forming "New Four Major" divisions to optimize resource allocation and enhance brand competitiveness [2]. Market Positioning - Zhijie targets a high-end market segment focused on "intelligence, high performance, and innovation," overlapping with the positioning of Chery's Star Era series [1][3]. - The Star Era series, launched in July 2023, is positioned as Chery's premium line, with prices ranging from 172,800 to 319,800 yuan [1]. Sales and Production Challenges - Zhijie S7 has received over 20,000 pre-orders but faces production challenges due to equipment and hiring issues at its dedicated factory [3][4]. - Chery has redirected the production of Zhijie S7 to its Wuhu Intelligent Connected Super Factory, originally intended for other models, indicating tight production capacity [4]. Competitive Landscape - The market for new energy MPVs in China has been growing, with sales reaching 45,100 units in June, a 53.3% year-on-year increase [7]. - Zhijie has sold 64,300 units in the past seven months, outperforming the Star Era's 44,200 units, indicating a stronger market presence [8]. Future Prospects - The successful launch of Zhijie's MPV could serve as a new growth point for the brand, especially as it aims to establish a distinct identity separate from other models under the Hongmeng Intelligent Driving umbrella [9][10]. - The company is in the process of establishing dedicated sales centers for the Zhijie brand to enhance its market presence and brand image [9].