Last week, today’s Morning Post reported the problem of Mr. Zhang, a Shanghai car owner, about BYD Qin, which attracted the attention of many BYD Qin car owners. After the report was published, the auto rights hotline of Morning Post also received different calls and heard different voices.

　　In these calls from BYD Qin car owners, the problems reflected are not limited to the power system problems on the dashboard. Some car owners pointed out that the cruising range of BYD Qin Chuandian mode is inconsistent with the actual propaganda.

　　In the face of outside doubts, BYD made an exclusive response when interviewed by Morning Post.

　　On the highway

　　Air conditioners, wipers, turn signals and headlights all failed.

　　The first person who called the Morning Post reporter was Ms. Ma, the owner of BYD in Shanghai. The thrilling experience on the expressway two months ago still left her with a lingering fear.

　　"Finally, someone pays attention to Qin’s problem. My experience is similar to that of Mr. Zhang, a Shanghai car owner, but mine is even worse. I had a narrow escape on the highway and had no way to complain after several times."

　　What experience did Ms. Ma encounter that made her so angry?

　　In an interview with the Morning Post reporter, I learned that Ms. Ma’s Qin was purchased from Shanghai Ledi 4S store in December 2014, and has opened more than 8,000 kilometers so far.

　　"On April 6, it was the last day of the Qingming small holiday. It was raining. My family of five had a 4-year-old child in the car and drove BYD Qin back to Shanghai from Bengbu, Anhui."

　　On the expressway from Anhui to Shanghai, the sky suddenly rained heavily, but to make matters worse than the weather, the car broke down.

　　"The air conditioner, wiper, turn signal and headlights all failed. At that time, the rain was very heavy. I had to turn on the double jump, pull over urgently, and call BYD customer service at high speed to wait for rescue."

　　Ms. Ma recalled, "At that time, the road was parked in Changzhou, Jiangsu Province. As a result, Changzhou 4S shop said that they could not rescue it. Later, it was easy to say that after waiting for more than 40 minutes, two staff members came. However, the staff said that the reason was not detected, and the car could continue to move forward and told us to go back to Shanghai for maintenance. "

　　However, just after Ms. Ma drove her car to Shanghai for less than 20 minutes, the car broke down again. "This time, the situation is the same as before. Air conditioners, wipers, turn signals and headlights all failed. In particular, the failure of the turn signal made me very scared, because at that time, the car was driving in the middle road, and the fog on the glass inside the car was too thick to see the outside. My wife had to wipe the windshield while looking at the car behind me. I only acted as an artificial turn signal, opened the right window, and waved my clothes as a turn signal before reaching the emergency lane. "

　　Ms. Ma said: "Because on the last day of the small holiday, there were a lot of cars returning, and the traffic volume was also very large. The emergency lanes were all cars. We put up a tripod 50 meters away, and the tripod was crushed by the car and almost crashed. Fortunately, the car stopped in time, otherwise the consequences would be unimaginable."

　　Before BYD’s rescue, Ms. Ma asked for help in a qq group of BYD Qin. "At that time, some riders said that he had encountered a similar situation, but the problem was not as serious as mine. It is suggested that we start the car after 20 minutes of power failure, and it will be normal. The power failure of the whole car means that the emergency lights can’t be used. We have to take risks, because there is no rescue and no way to stop at the emergency lane. Finally, my wife braved the rain and took an umbrella as a warning sign behind the car. "

　　It was not until 1 am the next day that Ms. Ma’s family arrived in Shanghai safely. "In the early morning of April 7, we drove the car to the 4S shop for maintenance. After waiting for an hour and a half, the staff told me that there was no problem detected for the time being and asked me to go back and wait for news. I asked if it was the reason why the rain line leaked, and the mechanic said it was impossible. "

　　On April 8, Ms. Ma received a phone call from the 4S shop saying that she went to pick up the car. The problem has been fixed, and the staff only mentioned lightly that "it was because a part at the rear of the car fell, which led to the system disorder, and now the template has been replaced".

　　"It’s only about 7 thousand kilometers, and this kind of life-threatening problem appears. What should I do if I have this problem again in the future? Do I dare to get on the highway?" Ms Ma questioned the quality of Qin.

　　Yesterday afternoon, Ms. Ma called the Morning Post reporter again. "Although the problem has not appeared again, I dare not drive far away, especially in rainy days. If I can’t open it, I won’t open it."

　　What about the agreed 70 kilometers?

　　Pure electric mode only drives 45 kilometers.

　　Unlike the situation reflected by Ms. Ma, Mr. Wang, the owner of Fuzhou, Fujian, called the Morning Post reporter to reflect the cruising range.

　　"The manufacturer promotes that the pure electric mode can reach 70 kilometers, but why have I tested it many times only about 45 kilometers?" Mr. Wang pointed the problem directly at Qin’s battery problem.

　　According to public information, the charging capacity of Ferrous lithium phosphate power battery used by BYD Qin is 13kW·h, and 90% of the system uses pure electric mode in hybrid mode, and its comprehensive driving mileage can reach 70km.

　　"I didn’t care much about BYD Qin’s cruising range before. After all, this car is a hybrid car. I can burn oil without electricity, but since May, I have begun to pay attention to this problem and found that the test results are far from the manufacturer’s 70 kilometers."

　　Mr. Wang said that at first he thought his driving habits were not good, but after many tests, he found that the problem was not his own fault at all.

　　"I am now working in the suburbs of Fuzhou, where the road conditions are very good, and I can basically maintain more than 60 km/h. In order to extend the cruising range, I didn’t even turn on the air conditioner or play music, but the test results are still not satisfactory, from 100% to 5%, I can only drive about 45 km." Mr. Wang told the Morning Post reporter.

　　The reporter learned that at present, electric vehicles on the market are basically composed of three parts: motor, control system and battery, among which battery is still the biggest problem restricting the development of electric vehicles.

　　According to industry insiders, Qin’s working principle is very simple to sum up. "A dual-clutch DCT gearbox, an inverter, an external power plug and an inverter constitute this power system. BYD Qin, on the other hand, mainly uses BYD’s lithium iron phosphate battery, adding some cobalt to the battery, which enhances the cycle efficiency of the whole battery. Therefore, many people call it lithium iron cobalt phosphate battery. "

　　Previously, the Automobile Consumption Report conducted an actual measurement of Qin, and the test route was selected at Beijing-Shanghai Expressway: Wuning Road-Cao ‘an Highway-Beijing-Shanghai Expressway-Beijing Toll Station of Beijing-Shanghai Expressway in Putuo District, Shanghai.

　　Before departure, the staff filled Qin’s battery (the battery showed 100%), and then filled the fuel tank from the nearby gas station to the automatic jump gun. Vehicles keep driving in EV (pure electric mode), from Wuning Road to Cao An Road, and get on the Beijing-Shanghai Expressway. Within 15 kilometers of Shanghai, the speed of the vehicle is 30 kilometers per hour, with a total mileage of 15 kilometers. Then, it enters the Shanghai section of the Beijing-Shanghai Expressway, with a speed of 60-80 kilometers per hour. When the vehicle’s battery shows the remaining 15%, the vehicle travels another 25 kilometers.

　　A staff member who participated in the test told the Morning Post reporter: "In order to test Qin’s pure electric mileage, we pressed the EV mode key for 5 seconds according to the vehicle instructions and forced to continue using the EV mode. When it reached the minimum 5% protection power set by the vehicle, it traveled another 5 kilometers. Therefore, in urban congestion and suburban comprehensive sections, Qin used 95% of electricity to drive a total of 45 kilometers. "

　　An industry insider said, "There is no clear statement about Qin’s battery capacity so far. However, according to the price speculation, it should be a monomer of 60AH, which is connected in series together. Whether it is charging or discharging, the low voltage of a single battery will seriously affect the cycle life of the entire battery pack, which is beyond doubt. "

　　BYD’s exclusive response

　　There are two possibilities for Qin Chundian’s unsatisfactory mileage.

　　Yesterday afternoon, BYD also gave the Morning Post an exclusive response to the owner’s question about the cruising range in pure electric mode.

　　"There may be two situations in the consultation on the unsatisfactory mileage of Qin Chundian: 1. Whether the battery is fully charged. 2. The road use environment and driving habits are related. "

　　BYD said, "The charging dissatisfaction is to protect the power battery. The total capacity of Qin Power Battery Pack is 13 kWh. In order to prevent the battery from over-charging and over-discharging, and ensure the service life and safety of the power battery, the power battery is designed with a part of reserved power that is not allowed to be released. This part of reserved power is greater than the current low power alarm display value to protect the battery from over-discharging. When the power battery is charged, the voltage and charging current of the single battery change dynamically, which will cause some errors in the SOC calculation of the battery management system. Vehicles with charging capacity above 10.5 degrees are normal. If the charging capacity deviation is too large, it is recommended to go to BYD authorized service stores for inspection. Fully charge and discharge more to ensure the activity of the battery. If the vehicle is stored for a long time, it is necessary to ensure that the power battery is fully charged, and it is best to fully charge the vehicle. "

　　In addition, BYD also wants to remind car owners to pay attention to the charging operation through the Morning Post: "After the Qin battery is fully charged, charge it for a while to better balance the battery performance. If in doubt, please consult the local 4S shop or upgrade the balancing program. Upgrade the equalization program to optimize battery performance. "

　　For balanced batteries, BYD’s explanation is that "power batteries are in series structure, and if the performance of individual batteries is inconsistent, it will affect the overall battery performance. Qin started the balancing program from full charging to unplugging the charging plug and after Qin started the power-on, balancing the performance of individual batteries to achieve consistency, thus optimizing the overall performance of batteries. "

　　Mr. Wang, the owner of Fuzhou, Fujian, who was concerned by the Morning Post, was confused about the cruising range. BYD staff also said that they would contact the owner as soon as possible to test the car battery and solve the worries of the owner.

　　If you have any problems with the car when you use it, you are welcome to get in touch with the Morning Post car rights hotline 18667120283.

　　"The M5 has delivered a total of 120,000 units, which is very popular among consumers." Recently, Yu Chengdong, chairman of BU, Huawei’s smart car solution, affirmed the popularity of M5. Such a high delivery result can not be separated from the support of the M5 "Double Smart Ceiling" title. Thanks to Huawei’s self-developed intelligent cockpit and intelligent driving system, smart cars have a smart brain, satisfy more daily car scenes and win the recognition of users.

　　In the highly anticipated "2024 China Car of the Year" selection, Huawei HarmonyOS Intelligent Cockpit won the 2024 Travel Technology Award. The intelligent driving version, which brings users a ceiling-level intelligent travel experience, is equipped with HarmonyOS Intelligent Cockpit 3.0, which meets the needs of drivers and passengers for intelligent interaction and pushes automobile intelligence to a new height.

　　HUD height and rearview mirror can be automatically adjusted, which is convenient and safe.

　　In daily driving, HUD, as an advanced on-board display system, can display the vehicle speed, navigation, fuel consumption and so on on on the front windshield in real time within the driver’s line of sight, thus reducing the actions such as turning your head or bowing your head while driving and ensuring driving safety.

　　However, for families with multiple drivers switching to use, manual adjustment is needed every time they get on the bus, which is very inconvenient to use. It will not only affect the user experience, but also affect the driving safety. In order to let users really enjoy the convenient experience brought by the intelligent cockpit, the intelligent driving version of Wujie M5 is intimately equipped with adaptive adjustment of HUD height. After getting on the bus, the vehicle can automatically identify the driver’s eye position through visual algorithm within 0.5 seconds, and quickly adjust the HUD height to the best angle to ensure the clear display content.

　　In addition, the automatic adjustment of rearview mirror is another major function of caring for users in the M5 Smart Driving Edition. Imagine that in the days when there is no automatic adjustment, you need to manually adjust the rearview mirror before getting on the bus, and it is very inconvenient to adjust the angle to the best position. With the automatic adjustment of rearview mirror, the exterior rearview mirror can be automatically adjusted to the best angle according to the driver’s body shape with a light brake, and there is no need for manual control in the whole process, so as to bid farewell to the problems of inaccurate adjustment, time-consuming and laborious work.

　　If there are multiple drivers driving alternately during long-distance driving, the automatic adjustment of HUD height and rearview mirror can save the time and energy of adjustment, and make the whole journey more relaxed and comfortable.

　　Space audio’s first "getting on the bus" and enjoying the comfortable time in the car

　　After a busy week’s work, it’s time to turn on the music to relieve my tense nerves. However, facing the stereo with average sound quality and frequent sound in the car, it really makes people feel tired, but it adds a bit of fatigue. Having a good car stereo can not only create comfortable space for people in the car, but also make long-distance driving no longer boring.

　　Wenjie M5 Smart Driving Edition supports the function of spatial audio, and realizes the first "boarding" of spatial audio. Compared with traditional car audio, Huawei space audio can restore many small details that ordinary music can’t hear, so that the sound can linger around users in all directions. In addition, the HUAWEI SOUND audio system is equipped with industry-leading professional-grade audio. With the help of 19 irregularly arranged high, medium and low speakers in the whole car, a balanced sound field is created, which is like a high-end recording studio, and the sound is more layered. After-work traffic jams, playing pop music, or film and television drama OST, you can get an immersive listening effect, with a stronger sense of atmosphere and a relaxed mood, which can also alleviate the fatigue caused by "moving bricks".

　　In addition to the ultimate sound experience, HarmonyOS Smart Cockpit 3.0 also brings different entertainment scene experiences. Among them, HUAWEI MagLink magic suction car interface brings many conveniences. When a family travels, they can hang the tablet computer behind the seat. When the children are bored, parents can choose the appropriate video content for them to play from the car, so that the children can be completely immersed in the film. In addition, parents can also adjust the brightness, volume and other details of the back panel, and lock the interest screen to master the viewing time of the back screen. Children not only enjoy it, but also parents can manage everything more easily.

　　In addition to the humanized smart car experience, in order to save more users’ car purchase costs, Wenjie M5 also introduced surprise benefits: it will be decided during the period from December 1 to December 31, and you can enjoy up to 42,000 yuan worth of matching rights, including 12,000 yuan worth of interior and exterior decoration matching rights, 15,000 yuan worth of technology comfort bags and 15,000 yuan worth of exclusive deduction of HUAWEI ADS2.0 urban smart driving bags.

　　Nowadays, cars are no longer limited to travel tools. Users need it to be able to hold a holiday trip and easily cope with various complicated situations such as commuting to work. Wenjie M5 Smart Driving Edition is not only an intelligent vehicle, but also a smart space for running, bringing users a more intelligent, convenient, relaxed and pleasant travel experience. If you expect to have a car with excellent intelligent driving experience, the M5 Intelligent Driving Edition is your best choice.

On February 27th, LI released its financial report for the fourth quarter and the whole year of 2022.

Data show that in the fourth quarter of last year, LI achieved revenue of 17.65 billion yuan, and the annual revenue of 45.29 billion yuan, up 67.7% year-on-year, but the operating loss in the same period was as high as 3.65 billion yuan, up 259.3% year-on-year.About every LI sold, the net loss is 27,000 yuan..

At the same time, the gross profit margin rose to 20.2% in the fourth quarter of 2022, butThe annual gross profit margin dropped to 19.4%.In 2021, the gross profit margin was 21.3%, down 1.9 percentage points year-on-year.

In 2022, the company’s operating expenses and R&D expenses were 12.45 billion yuan and 6.78 billion yuan respectively, up by 83.6% and 106.3% year-on-year, and other expenses related to employee management were 5.67 billion yuan, up by 62.2% year-on-year.

By the end of 2021, the number of employees in LI was 11,900, and by the end of 2022, this number had increased to 19,300, with a year-on-year increase of 62.2%.

However, as of the end of the fourth quarter of last year, the ideal book cash flow was still as high as 58.45 billion yuan. For the company, there is not much pressure on future R&D and management expenditures.

It generally takes a long period of loss for new forces to build cars. Even Tesla only turned losses into profits in 2020, and its annual gross profit margin during 2012-2022 experienced repeated fluctuations.

From 7.3% in 2012 to the peak of 27.6% in 2014, it then fell all the way until it stabilized and rebounded in 2020, and remained above 21% for three consecutive years.The gross profit margin in 2022 was 25.6%.

Therefore, the increase in operating losses is not a problem in the short term. It depends on whether the brand can shorten the time of profit through product layout. For capital, long-term interests can be considered, but patience is limited.

For LI, in 2022, it stopped production in Li ONE decisively, introduced L9, L8 and L7 in reverse order, and broke through the 20,000-vehicle mark in December, which also proved the correctness of its product strategy.

If the previous ideal was only individual combat, then the next step was the wolf tactics, and it didn’t give itself too many price barriers, unlike Wei Lai’s rigid high-end work, butThrough the iteration of new products, it gradually penetrated into the market space of 200,000-300,000 yuan..

Why should BYD break through the price bottom line at all costs? The purpose is to take the volume, and then share the total cost based on the general volume, and finally achieve the goal of quick turnover and small profits.

Ideally, to reduce the loss, it is difficult to rely solely on high-end products, and the real volume is concentrated in the range of 150,000-300,000 yuan.

Li Xiang, CEO of LI, once said that it is not a dream to sell 30,000 vehicles a month if the L7 Air version is delivered.

In January of this year, Ideality became the only car company with monthly sales exceeding 10,000 with 15,141 vehicles. The sales of L9 and L8 were hot, and the L7 was scheduled to be optimistic. This is also the reason why Li wants to have the confidence to achieve monthly sales of 30,000 in the future.

Ideally, the analysis of the product array is more accurate, such as the L9 (459,800 yuan) with the highest price, which is aimed at potential customers with sufficient budget and BBA. They hope to experience the fun completely different from the traditional high-end fuel vehicles, and at the same time, the six-seat layout meets the needs of Chinese family travel scenes.

The guide price of L8 is 339.8-399.8 thousand yuan, which is a reduced version of L9, and it is also six seats, but the price has dropped by 60-12 thousand yuan to meet those groups who want to buy L9 but have insufficient budget.

L7 focuses on five luxury SUV markets, with a guide price of 31.98-37.98 million yuan, which is cheaper than L8, making up for the gaps in five markets and directly grabbing customers from Audi Q5L and Mercedes-Benz GLC. This kind of consumers don’t care about six, which is more pragmatic and has limited budget.

But from that ideal background display,LI car owners used the smart big screen for more than 6 hours/week during parking.It also reflects from one side that people who choose LI have a high demand for entertainment functions of new energy vehicles, which is becoming a breakthrough to help new forces rapidly expand their market share.

In addition, the new forces also have great advantages in intelligence. They can rely on large-capacity batteries to achieve rich car experience, which traditional fuel vehicles can’t do at all.

In 2023, for the new forces, the cost of power batteries is expected to be greatly reduced. For example, Contemporary Amperex Technology Co., Limited has launched a half-price cooperation idea for large customers, and LI will be one of the cooperative car companies.

With the improvement of product structure and the initial effect of function optimization, the expenditure on R&D will also decrease in the future. LI is waiting for the mass production of Qualcomm Snapdragon 8295 chip, and the car system experience will be promoted by leaps and bounds.

Full text summary:Under the background of frequent negative news and employees blowing their own dirty linen, it seems that LI’s counter-attack road has not encountered much resistance, and the market of high-end intelligent new energy vehicles is still a blue ocean, which is also the basis for many new forces to dare to burn money. However, this year’s new energy market will usher in a cruel price war. Fortunately, it has not yet reached the high-end market. For new forces, adhering to the product concept of high scarcity and exclusiveness may be the key to avoiding strangulation.

introduction

At the beginning of December, the share price of Xiaokang shares went up and down after Celeste released a brand new high-end brand AITO, but after Huawei’s press conference appeared in AITO M5 yesterday, Xiaokang shares went down on December 24th. Economic analysts believe that this is due to Huawei’s increasing participation in AITO and M5, which broke the expectation that Xiaokang shares are Huawei’s automobile partners. This means that the Celeste SF5 blessed by Huawei is also afraid of being uncompetitive in front of the M5. However, from the perspective of the whole new energy track, it is still unknown how Huawei AITO asks about the future of M5.

01

On December 24, Xiaokang shares opened at 70.68 yuan. As of 10: 15, Xiaokang shares fell by 10% to 63.19 yuan, hitting the limit, with a turnover of 1.323 billion yuan.

Combing the car stocks in the secondary market today, the overall car sector fell, especially Xiaokang shares. CRRC called the secretary of Xiaokang shares, saying that this was caused by various factors in the secondary market and it was impossible to determine the specific reasons.

On December 23rd, Huawei unveiled two AITO cars at the flagship product launch conference in winter. At the beginning of December, Sailis, a subsidiary of Xiaokang, released a brand new high-end brand AITO. According to the official statement, AITO is a high-end smart car brand deeply empowered by Huawei. Compared with Sailis SF5, the R&D, manufacturing and sales services of AITO are deeply involved by Huawei, and Sailis also given great autonomy to Huawei. As soon as the news came out, Xiaokang shares had a daily limit on December 13, and its market value once again stood at 100 billion market value.

At the press conference, Huawei unveiled the first model of AITO brand-Wenjie M5, and started the pre-sale. The new car is positioned in a medium-sized luxury electric extended-range SUV, which is the first car equipped with a Harmony OS smart cockpit. The new car will be exhibited in 180 stores in 42 cities of Huawei. This is the second new car exhibited in Huawei stores after Cyrus SF5.

The appearance of AITO did not drive the share price of Xiaokang shares to rise, but plummeted. Shen Meng, chairman of chansons Capital, told CRRC: "Huawei released auto products based on its own system, but it did not involve Xiaokang shares, breaking the expectation that Xiaokang shares are Huawei’s auto partners."

From the above, although the AITO brand belongs to Cyrus, most of what we see from the AITO brand and the M5 model in Wenjie is the shadow of Huawei, except that the model name does not carry the Huawei logo, which basically belongs to the car built by Huawei.

02

Xiaokang Co., Ltd. was established in 2007 and listed on the A-share market in June 2016. The company’s business scope includes R&D, production, sales and service of complete vehicles and their engines and parts. Before catching up with Huawei, Xiaokang shares had been in a marginal situation. From 2018 to 2020, the revenue and profits of Xiaokang shares showed a downward trend, and the accumulated losses in three years exceeded 1.6 billion yuan; At the same time, its capital-liability ratio is as high as 79%.

At the beginning of 2019, Xiaokang shares and Huawei signed a comprehensive cooperation contract to cooperate in the field of new energy vehicles. Since then, Xiaokang shares have gradually entered the eyes of investors in the capital market. In April 2021, Huawei Zhixuan reached a cooperation with Xiaokang, and Huawei said that it would sell the new energy Cyrus under Xiaokang in its sales channels; At this year’s Shanghai Auto Show, the Seles Huawei Smart Selection SF5 jointly built by Seles and Huawei was officially listed and jointly sold in both channels.

Regardless of the sales volume of Celestial SF5, the advent of Celestial SF5 blessed by Huawei alone made Xiaokang shares in the capital market. The share price of Huawei Xiaokang shares rose from 8.81 yuan/share at the beginning of November last year to 77.77 yuan/share around June this year, an increase of 782.75%.

Relevant data show that since the listing of Celestial SF5, its sales from April to November were 129 vehicles, 204 vehicles, 1097 vehicles, 507 vehicles, 715 vehicles, 1117 vehicles, 1926 vehicles and 2205 vehicles, with a total of 8,170 vehicles this year. Although compared with the past, Celestial SF5 has supported the sales of Xiaokang shares, this sales volume is not as good as when it first came out.

03

It is worth noting that China National Intellectual Property Administration showed that AITO was applied by Zhengde Electronics Co., Ltd. on March 29, 2021; On August 3, 2021, AITO trademark was transferred from Zhengde Electronics Co., Ltd. to Chongqing Haokang Enterprise Management Consulting Co., Ltd. According to the data, the consulting company is a wholly-owned subsidiary of Chongqing Xiaokang Industrial Co., Ltd.

The trademark ownership of AITO high-end new energy brand, which is deeply involved by Huawei, belongs to Xiaokang shares, which also means that for Xiaokang shares, AITO brand models are "well-known".

Now, after Huawei-led AITO high-end brand M5 appeared, how to develop Celeste SF5 has become another problem. It is still unknown whether Xiaokang shares, which have entered the club with a market value of 100 billion yuan, can win the favor of investors with Huawei.

From the current point of view, if the dominance of Cyrus is still in the hands of Xiaokang shares, Huawei will be more and more involved in the appearance of the brand new AITO. Compared with Huawei, Cyrus has few chips left. In Huawei, well-off society is not the only choice. Now Huawei has cooperated with other automakers such as Auto and Beiqi Extreme Fox. But for Xiaokang, Huawei is the catalyst to promote it on the new car track.

Although Huawei has repeatedly denied that it will build a car next time, it is generally believed that it is only a matter of time before Huawei will build a car next time. Then, in the future Huawei stores, when Huawei’s smart selection of Celestial SF5 and AITO’s world M5 are placed at the same time, Celestial SF5 may not be competitive.

It is worth noting that AITO Wenjie M5, a new entrant of high-end new energy brand, is still facing competition in the face of new car-making forces such as Weilai and Ideality, which have already occupied a certain market share in the high-end luxury new energy market, and high-end brands that traditional car companies such as Zhiji and Lantu have devoted themselves to building, despite Huawei’s blessing.