Group 1 - The core viewpoint is that the new energy pickup truck market is rapidly growing, with a significant increase in sales driven by plug-in hybrid technology [1][3] - In the first quarter of this year, the sales of new energy pickup trucks in China increased by 180% year-on-year, with March sales up by 220% [1] - The trend indicates that plug-in hybrid pickup trucks are expected to replace 30% of the fuel pickup market share in the next three years [1] Group 2 - The introduction of plug-in hybrid pickup trucks is closely related to upcoming regulatory requirements, which will impose a 10% reduction in fuel consumption for pickups starting January 1, 2026 [3] - The demand for plug-in hybrid technology is driven by the practical usage scenarios of pickup trucks, which need to be versatile in terms of load capacity and maintenance convenience [4] - Companies are developing plug-in hybrid pickups to meet specific market needs, with examples including the launch of various models at the Shanghai Auto Show [1][4] Group 3 - The market for new energy pickups is also influenced by the integration of technology, such as the development of smart platforms for drones and energy management [4] - In March, the sales volume of Geely Radar's new energy pickup exceeded 1,228 units, marking a 122.5% month-on-month increase and a 280.2% year-on-year increase, achieving a 63.2% market share [4] - Geely Radar plans to invest 5 billion yuan in R&D for "super electric hybrid technology" and aims to launch a hybrid pickup with L4-level autonomous driving by 2026 [6]