China’s rapidly rising new car-making companies are in the fiercest market competition, which makes them more motivated to seek rapid landing in the capital market. The latest one is Krypton, which has just been established for two years.

　　If the IPO is successful, Krypton will be the fastest start-up car company established and listed. At present, the China Securities Regulatory Commission has confirmed the filing information of Krypton’s listing outside the United States, and Krypton also started a roadshow three weeks ago to test investors’ reaction.

　　If it goes well, this IPO with a financing scale of over US$ 1 billion will become the largest IPO of China companies in the United States since Didi raised US$ 4.4 billion in mid-2021.

　　A number of investors told the interface news that there is a great possibility of successful listing.Even when the capital is the most active, it takes the shortest time to build a car.It also took four years.

　　A person close to the investor of Krypton roadshow told the interface news that Krypton has not yet negotiated with domestic and Hong Kong investment institutions, and the focus is still on overseas investors. As of the beginning of September, Krypton has held water testing meetings with some investment institutions in Singapore and Europe.

　　Judging from the preliminary negotiation results, Krypton hopes to get a valuation of $18 billion, which is equivalent to the current US stock market value of Auto, whose latest market value has reached $18.274 billion.

　　Several industry investors told Interface News that this valuation was higher than expected. For reference, the acquisition of shares of Volkswagen GroupThe latest market value after the stock price soared was $15.8 billion. In February this year, the post-investment valuation of Krypton Pre-A financing was $13 billion.

　　Considering that it is still in the early stage of intentional communication, there will still be room for downward adjustment in the offer to investors.

　　In recent years, more and more traditional automobile manufacturers in China have established brand-new electric brands, launched independent teams and new products equipped with the latest technology. They are eager to occupy the global pure electric vehicle market and pursue success in the long-term capital market.

　　Extreme krypton isIts pure electric brand is also one of the new brands of traditional automobile companies that are closest to IPO at present. At the same time, it is reported that Ai ‘an, a sub-brand of GAC, may be listed before the end of the year.

　　Krypton is likely to become another China automobile company to land in the US stock market. It has been three years since Tucki was successfully listed on the NYSE, and it is the last new China car-making force to land on the US stock market.

　　It must be admitted that at present, Krypton wants to get a market valuation equivalent to the next "Wei Xiaoli", and the difficulty coefficient doubles.The environment in which it is listed in the US stock market is completely different from the active period of the capital market, and the enthusiasm of investors for the reform of the automobile industry has gradually cooled down.

　　The craze for China companies to go public in the United States began in the 1990s, and the China electric vehicle startup "Wei Xiaoli" with Internet genes also relied on the east wind at that time.After ringing the bell, it gradually grew into China’s headCar company.

　　This close capital cooperation relationship between China and the United States changed at the end of 2020. Subject to enhanced regulatory review, extremely high inflation and risingIn the past two years, the number of Chinese stocks listed on the US stock market and the scale of fund-raising have dropped sharply.

　　The closure of the listing window in the United States has limited the financing of some start-up electric vehicle brands to some extent, but it has not prevented the China automobile industry from completing the alternation of the old and new order. At present, about one car in every three cars sold in China is a car, except for thisExcept, all the other best-selling models are China brands.

　　The new force of making cars is no longer the only protagonist in the automobile market. Traditional automobile manufacturers in China have hatched brand-new electric brands one after another, and participated in the competition with the mentality and urgency of start-up companies and the talent structure similar to that of technology companies.

　　These new energy sub-brands also hope to win the favor of investors. This can not only ensure that it has sufficient funds to cope with the subsequent market competition, but also reduce the cost burden of the parent company in the transformation of new energy.

　　After the financing fever of electric vehicle start-ups peaked in 2021, the Federal Reserve continued to raise interest rates to fight inflation in 2022, and the borrowing cost rose sharply. Wall StreetIssuance, bond financing and corporate merger have all slowed down to almost exhaustion.

　　Although the rising cost of capital is also impacting speculative enterprises in other fields, capital-intensive electric vehicle startups have been hit harder.

　　The cost of establishing a new automobile manufacturing enterprise is high in the early stage, and it will take several years to make a profit. Investors are willing to pay a premium for potential high returns in the era of hot money, but those days are gone forever.

　　Investment bankers, lawyers and investors believe that although there have been signs of recovery this year and the market has gradually rebounded, it is unlikely that the US IPO market will return to the level of 2020 and 2021. Start-ups need to re-adapt to the new investor mentality, that is, pay attention to the potential of start-ups to achieve profitability, rather than the ability to achieve rapid growth.

　　Gui Lingfeng, director of Kearney Consulting, told Interface News that the US capital market still has reservations about emerging projects such as China Stock Exchange, including Krypton, and vehicle manufacturers that only provide pure electric vehicles.

　　"The layout of Krypton in Europe is not easy, especially in German-speaking areas. The core is to enhance the sense of existence in front of overseas investors as soon as possible. From this perspective, they themselves realize that overseas investors are more conservative about their own business models, products and prospects. "

　　Judging from the valuation model, Krypton is still regarded by investors as a technology-based enterprise, not a traditional automobile manufacturer.An industry insider who asked for anonymity pointed out in an interview with Interface News that the current valuation of krypton in the industry is based on 2 to 3 times the sales rate.

　　"From the perspective of open market information, the sales rate of 2 to 3 times has actually been placed in the’ first echelon’, and the valuation prospects are more promising." After the extrusion of the high valuation bubble, the marketing rate of "Wei Xiaoli" has also dropped from the high level of more than 20 times in the past to 2 to 4 times.

　　In contrast, the median sales-to-sales ratio of auto companies listed in the US stock market is 0.81. Traditional automobile manufacturers Toyota, Honda, Stellantis and Krypton’s parent company all have sales rates below 1 times.

　　Market-to-sales ratio (PS) is often used to measure the valuation of unprofitable high-growth start-ups, which refers to how much investors are willing to pay for the company’s revenue of one yuan.

　　For the unprofitable extreme krypton and new car-making forces, the core of investors’ evaluation of market value is not the income from car sales, but largely depends on the future software charges with higher marginal benefits, technology output and imaginative autonomous driving market prospects.

　　The particularity of Krypton lies in that it is a China electric vehicle brand that is separated from the traditional automobile company and seeks independent listing.Although the capital market prefers completely independent new brands without burdens, relying on it, Krypton will amortize the platform R&D investment and capital expenditure together with other Geely brands. This is an extremely advantageous advantage, or let the polar krypton present.The data is optimistic.

　　It is worth noting that Geely Group has the largest number of sub-brands in the world.

　　"Investors will look at it rationally, and whether the R&D and supply and procurement costs of extreme krypton can be reflected in the gross profit of the financial report through the scale advantage of Geely Automobile.Statistically. "

　　Gui Lingfeng told the interface news, including how exclusive the vast architecture of SEA can be, and the strategic investors.How much support is given to Krypton will affect the final valuation of Krypton.

　　If Krypton chooses to postpone its listing for one to two years, it will be more likely to obtain a larger financing amount and valuation.The above-mentioned insiders believe that as the Fed starts to cut interest rates again in the next 1-2 years, it will drive the secondary market to increase its enthusiasm. From the market fundamentals, the volatility of the US stock market declined, inflation eased, and investors began to speculate again.

　　Considering its own financial situation and subsequent development, Krypton hopes to seize the market recovery period as soon as possible and rebound with the market trend.In the first half of this year, the net loss of krypton reached 809 million yuan, which continued to expand compared with the loss of 759 million yuan in the same period of last year. From the construction of offline channels to the completion of the cockpit and the short board of intelligent driving, it is necessary to continue to invest money.

　　Including from within Geely Group, there is a growing demand for Krypton’s self-financing and independence. Due to the pressure on profitability in the early stage of new energy transformation and the related investment in the start-up business of extremely high-end smart electric vehicles, global rating agenciesandThe credit outlook of Geely Holding Company and Geely Automobile has been adjusted from stable to negative.

　　During the quiet period of the capital market, many start-ups were forced to do things that seemed unimaginable two years ago: continue to reduce costs and increase efficiency, with profitability as the core benchmark. Some start-ups that failed to get external financing support in time, with the passage of time, their cash reserves are decreasing day by day, and eventually they will go bankrupt or be acquired.

　　Compared with the competition for customers, automobile manufacturing is more a competition for capital, especially in the initial stage.Compared with other traditional automobile companies’ sub-brands, Krypton is one of the few companies that have the mature conditions for listing.

　　At present, Krypton has initially taken shape. Last year, the annual sales volume of 70,000 single-model vehicles was enough to tell the next story to the capital market. the year of 2020At the time of listing, the annual delivery volume was 32,600 vehicles.

　　Another factor that is easily overlooked is that Geely Automobile, the parent company, may be the most adept at capital operation in China, and its experience in dealing with foreign investment institutions for many years has laid the foundation for the listing of US stocks today. Krypton considered Hong Kong as the first listing place, but finally chose new york, which also reflected its confidence and ambition-hoping to get a higher valuation in the world’s largest capital market.

　　In 2010, Geely Automobile succeeded fromThe acquisition of Volvo in the hands staged a classic of "snake swallowing elephant" in the history of automobiles.The case also made Geely Automobile go to the world. After that, the investment portfolio of Li Shufu, chairman of Geely Holding Group, also includes a part of the equity of aston martin, a sports car brand, and a dominant interest in electric vehicle start-up brands such as Polar Star and Lotus Technology.

　　Before the successful listing of Krypton, Li Shufu had been listed for several subsidiaries in the past two years. Volvo in Stockholm, Sweden in 2021The exchange made a public offering, followed by Polar Star and Yijiatong. Lotus Technology also reported this year that it will be listed on the US stock market through SPAC.

　　The investment institutions involved in the above-mentioned listing actions are very likely to appear in the extremely kryptonian investor list. Thanks to the close contact between the parent company and global investment institutions, Krypton at least does not need to introduce where he comes from when negotiating with foreign investors.

　　Some people commented to the interface news that Geely Automobile will not make an uncertain listing plan. Except for the listing of ants in 2021, Geely Automobile withdrew its listing in science and technology innovation board, and all other listing targets were successfully achieved.

　　Investors’ concern about Krypton is how to achieve the goal of selling 650,000 vehicles in 2025 while ensuring their independence.In investment, platform sharing andandIn terms of the supply of scarce parts, there will inevitably be conflicts of interest between Krypton and other high-end electric vehicle brands under Geely.

　　Extreme Krypton, Volvo, Polar Star, Lotus Technology and Geely andThe jointly launched Extreme Vietnam is striving for the same customers, and some of the models they developed are based on the common vast SEA architecture, and even some models are produced in parallel.

　　The Wall Street Journal quoted investor analysis as saying that Geely Automobile’s listing of its subsidiary, rather than the holding company itself, may make the governance challenge of brand competition more difficult: any hint that Li Shufu prefers a subsidiary is a minority.Will be very important for everyone.

On May 31st, the global launch conference of Chery TIGGO Tiggo 9 was held in Beijing, and five models were launched, including the leading version, the deluxe version, the distinguished version, the ultimate version and the flagship version, with an official guide price of 152,900-203,900 yuan.

Tiggo 9 is the first model built by Chery Automobile based on the Mars architecture-super hybrid platform, which integrates the most advanced product technology and configuration points of the Tiggo family. Its launch is an important node for Chery to start a new global journey in the new era.

Since the listing of the first generation of Chery Tiggo, it has always reflected the development and evolution of domestic automobile brands and is a witness to the rise of domestic brands. The brand-new Tiggo 9 listed this time will bring users a higher quality and higher value life experience through the global upgrade with the strength of "9 leapfrog comforts +3 flagship qualities".

As one of the earliest global car companies in China, Chery Automobile has been the export champion of China passenger car brand for 20 consecutive years, and has become the "China business card" loved by users in more than 80 countries and regions around the world. As the pioneer and forerunner of self-owned brand SUV, the Tiggo series has achieved the brilliant achievement of "300W+ global users" since its birth 18 years ago.

Wuhu Daily reporter Zhao Dandan

　　China news agency, Beijing, April 17 (Reporter Liu Yuying) Recently, the China market has intensively released new models of 5G mobile phones, and various manufacturers have preempted the layout for possible "retaliatory consumption".

　　This week, OPPO, Huawei’s glory and Yijia all released new 5G mobile phones. Huawei P40, which was released once in the world in March, held a special conference for the China market last week. In February and March, more than 10 manufacturers using Qualcomm Snapdragon 865 chips released 5G mobile phones.

　　Due to the outbreak of the epidemic, the mobile phone market in China experienced a cliff-like decline in January and February, and the shipment volume decreased by 44% year-on-year. With the acceleration of resumption of production and work, the mobile phone market in China shipped 21.756 million units in March, down 23.3% year-on-year, but the chain increased significantly, 3.4 times that of 6.384 million units in February.

　　Regarding the market heat, Zhang Yang, an analyst at Zhongcheng Think Tank, believes that the mobile phone market has not yet picked up, but it has begun to pick up. Previously, due to the epidemic, many manufacturers delayed the release of new machines. Now that the isolation measures are lifted, manufacturers will release new models as soon as possible.

　　Yu Chengdong, CEO of Huawei’s consumer business, said that the China market recovered quickly. Huawei’s mobile phone sales recovered quickly from the end of February to the beginning of March, and achieved very good growth in March.

　　5G is undoubtedly the driving force behind the recovery of the mobile phone market. China’s rapid construction of 5G network is one of the reasons to attract consumers to purchase it.

　　According to the data of China Information and Communication Research Institute, in March, the shipment of 5G mobile phones reached 6.215 million units, an increase of 162% compared with the previous month, setting a new monthly sales record.

　　Zhang Yang predicted that in the second and third quarters of this year, especially during the "618", "double 11" and "Double 12" e-commerce carnival, 5G mobile phones are expected to usher in a small sales peak.

　　Compared with the high-end mobile phones and flagship machine, most of which were above 5,000 yuan (RMB, the same below), the price of 5G mobile phones is dropping. The glory 30 series just released, the price is between 2999 yuan and 5499 yuan; OPPO Ace2 is priced between 3999 yuan and 4599 yuan; One plus eight series is between 3999 yuan and 5999 yuan.

　　Zhong Xinlong, a researcher at the Institute of Informationization and Software Industry of CCID Think Tank, said that from the released 5G mobile phones, the functions are being differentiated. The Ace2 released by OPPO this week is a game mobile phone for mobile game enthusiasts, and the whole configuration fits the needs of the game. In the future, there may be mobile phones for different users, such as female users, and consumers may have more than one 5G mobile phone.

　　Zhong Xinlong said that compared with the 4G era, the competition of 5G mobile phones will be more intense, and strengthening research and development is expected to survive. For example, vivo and Samsung cooperate to develop 5G chips to meet the different needs of users. Xiaomi has also invested in a number of chip companies with the intention of building a whole industrial chain.

　　At present, the market tends to pick up, and manufacturers also go all out. However, whether the growth can be achieved throughout the year depends on the speed of the popularization of 5G mobile phones.

　　In the 4G era, the popularity of 4G mobile phones benefited from the thousand yuan machine. Wu Hequan, an academician of China Academy of Engineering, said earlier that the price of 5G mobile phones is still high.

　　Zhong Xinlong said that in terms of the price distribution of 5G mobile phones, more than 4,000 yuan is a high-end machine, 2,000 yuan to 4,000 yuan is a mid-range machine, and less than 2,000 yuan is a low-end machine. At present, the price of 5G mobile phones is generally above the mid-range. The reason is that mobile phone production is a scale effect. The higher the output, the lower the marginal cost, and the whole cost will come down.

　　The industry predicts that with the intensification of competition in the whole market, low-end models will appear next year. However, it is also reported that if the market is hot, it is expected to launch a 5G mobile phone below 2000 yuan this year.

CCTV News:In recent years, with the deepening of the concept of green development, the competition around the new energy industry is also intensifying, as the heart of new energy vehicles — — The importance of power battery is self-evident. Just recently, the share price of Contemporary Amperex Technology Co., Limited, a power battery company, has been rising continuously, with a total market value exceeding 1.3 trillion yuan in one fell swoop. Behind the enthusiastic performance of the capital market, the problem of "battery shortage" in the new energy automobile industry is highlighted.

Not long ago, the media reported that He Xiaopeng, CEO of Xpeng Motors, personally stayed in Contemporary Amperex Technology Co., Limited for a week in order to get the battery from Contemporary Amperex Technology Co., Limited. Zeng Yuqun, the chairman of Contemporary Amperex Technology Co., Limited, said at the recent shareholders’ meeting that he couldn’t stand the recent urging of customers. Behind this, a "battery shortage" is quietly coming.

Demand exceeds supply, and major power battery manufacturers are operating at full capacity.

In order to meet the needs of car companies, major power battery companies have also started their horsepower. Ganfeng Lithium Industry is a lithium battery manufacturer in Xinyu City, Jiangxi Province, supplying many new energy vehicles such as Tesla Model3 and BYD Han.

Huang Jingping, Director of Quality Department of Yifeng Lithium Battery Factory:Since the beginning of the year, we have basically not stopped production. In a month, we are basically producing at full capacity for 28 days.

Ensure that battery supply car companies are "holding their thighs"

Faced with the shortage of batteries, car companies dare not neglect, and hold the "thighs" of power battery manufacturers in advance. In early June this year, Great Wall Motor signed a ten-year strategic cooperation framework agreement with Contemporary Amperex Technology Co., Limited for power batteries.

Head of Great Wall Motor Investor Hotline:The shortage of battery supply is a common problem facing the industry at present, and we should also make the layout in advance. The main thing is to ensure a battery supply from Contemporary Amperex Technology Co., Limited to the Great Wall.

Tesla CEO Musk has repeatedly expressed his concern about the shortage of battery supply, bluntly saying how much the supplier gives and how much Tesla will buy.

Elon &bull, CEO of Tesla; Musk:The supply of power batteries is more or less, which restricts the development of new energy automobile industry at present. Tesla has made it clear to major battery suppliers that we will do our best to purchase the batteries produced by Contemporary Amperex Technology Co., Limited, Panasonic and LG Chem.

On the evening of June 28th, Contemporary Amperex Technology Co., Limited announced that the company had signed an agreement with Tesla to supply lithium-ion power battery products to Tesla in the next four years.

Zhang Xiang, a researcher at north china university of technology Automotive Industry Innovation Research Center:The phenomenon of battery shortage has always existed in the industry. Car companies such as Volkswagen and Audi have also been forced to suspend the production of some models because of lack of batteries. For the development of global new energy automobile industry, the problem of battery supply is like a "sword of Damocles" hanging over the head.

SNEResearch, a global emerging energy market research organization, predicts that by 2023, the global demand for power batteries for electric vehicles will reach 406 GWH, while the supply of power batteries is expected to be 335 GWH, with a gap of about 18%. By 2025, this gap will expand to about 40%.

On March 23rd, Geely Automobile Holdings Limited released its 2020 financial report. Although some sectors performed brilliantly, Geely Automobile’s revenue and net profit declined in 2020 compared with 2019, which the company attributed to the COVID-19 epidemic.

In 2020, Geely Automobile achieved revenue of 92.1 billion RMB, down 5.4% year-on-year. Net profit was 5.57 billion yuan, down 32% year-on-year, compared with 8.26 billion yuan in the same period last year. The profit attributable to shareholders was RMB 5.53 billion, and the ending cash balance was RMB 19 billion.

After the results were announced, the market reacted strongly. In the afternoon, Hong Kong stock Geely Automobile plunged in a straight line, with a drop of over 7%.

In 2020, the cumulative sales volume of Geely Automobile exceeded 1.32 million, ranking first in the sales volume of China brand passenger cars for four consecutive years. However, this figure is 3% lower than that in 2019.

Among them, the annual cumulative sales volume of high-end brand Lexus reached 175,000 units, up about 37% year-on-year.

In terms of profit structure, its joint venture company contributed 880 million profits (including 580 million yuan from Jizhi Financial Company and 260 million from Link), accounting for about 15.6% of the net profit; Royalty income is 570 million yuan, accounting for about 10.2% of net profit.

In 2020, Geely Automobile accelerated the payment to its suppliers to alleviate the impact of production interruption caused by the epidemic, which also led to a significant decrease in the net cash inflow from its operating activities.By the end of 2020, the net cash flow from operating activities of Geely Automobile decreased by 87% year-on-year to 1.6 billion yuan.

In order to revive its financial resources, in May 2020, Geely raised HK$ 6.48 billion by placing 600 million new shares to institutional investors.

With the help of the proceeds from the placement, the total cash level of Geely Automobile (bank balance and cash+pledged bank deposits) will remain at about 19 billion yuan at the end of 2020.

In the second half of the year, the negative impact of the COVID-19 epidemic on Geely Automobile decreased.

In contrast to the bleak sales in the first half of 2020, in the second half of 2020, Geely Automobile’s sales increased by 49%, revenue increased by 50% and net profit increased by 40%.

In overseas markets, despite the restrictions of the COVID-19 epidemic, Geely Automobile’s "sea layout" is still accelerating.

In 2020, Geely Automobile sold nearly 273,000 overseas vehicles, up 25% year-on-year, covering nearly 30 countries. Among them, Link’s European offline experience store opened; In the Southeast Asian market, the annual sales volume of Proton Automobile under Geely reached 109,000 vehicles, and the export increased by 49.8%.

In terms of research and development, Geely Automobile has invested 4.8 billion yuan in 2020.In 2021, Geely’s R&D investment will continue to increase to cope with the wave of smart electric vehicles.

In 2020, in order to optimize the product structure, under the poor environment, Geely Automobile successively launched new models such as ICON, Haoyue, Xingrui, LECK 05 and LECK 06.

However, since mid-2019, the higher discounts and concessions offered by Geely to its dealers offset the positive impact brought by the continuous improvement of its product portfolio, making the average ex-factory sales price of Geely in 2020 similar to that of the same period last year.

If the high-end brand Lexus sold by its 50% equity joint venture company is taken into account, the average ex-factory sales price of Geely Automobile increased slightly year-on-year.

This also shows that the current profit pressure of new car sales in the automobile industry is great, and enterprises should pay more attention to after-sales service and other value-added businesses.

In order to continue to increase the market share, in 2021, Geely Automobile set the sales target at 1.53 million vehicles, up 16% year-on-year.

In order to step into the era of "4.0 comprehensive architecture system" faster, Geely Automobile announced that it had entered into a framework agreement with Geely Holding and established a joint venture company.

On March 23rd, Krypton Company was established, and it is planned that Geely Automobile and Geely Holding will jointly contribute 2 billion yuan. Among them, Geely Automobile holds 51% and Geely Holding Group holds 49%.

Li Shufu became the chairman of the company, and An Conghui became the CEO of the company.

Extreme Krypton Company will increase its R&D investment in the field of new four modernizations, and build the full-stack self-research capability of intelligent software and hardware. It will integrate various assets and technologies, including but not limited to electric vehicle technology, the right to use the vast intelligent evolutionary experience architecture (SEA), brand authorization, three power technologies, supply chain system construction and user ecological construction.

The joint venture company will become a subsidiary of Geely Automobile, and its financial performance will be consolidated with Geely Automobile.

As early as last September, the Shanghai Stock Exchange disclosed that Geely Automobile had an IPO meeting in science and technology innovation board. However, Geely has made no substantial progress in the process of officially landing in science and technology innovation board.

China’s stock market regulator questioned whether the company was high-tech enough, Lianhe Zaobao quoted people familiar with the matter as saying.

In this regard, Yang Xueliang, vice president of Geely Holding, said that there is no further information to provide. According to the information disclosure standard of the listing process, everything is subject to the approval of the regulatory authorities.

　　Nowadays, the price of new energy vehicles is the same as that of fuel vehicles, and it is inevitable that new energy will grab the share of fuel vehicles. Take the medium-sized and large SUV with a budget of 300,000-400,000 yuan. Do you want to increase the program, or the pure fuel version of Ford? Both cars have a body exceeding 5 meters, and the whole department has a 6-seat design. Explorers have 6 seats and 7 seats to choose from. The guide prices of M7 and 2023 explorers are 319,800-379,800 yuan and 309,800-379,800 yuan respectively.

　　Space: The third row of explorers is slightly more spacious than the M7.

　　In terms of sales volume, there were 1,100 vehicles sold in the market in July, while in August, the total sales volume of the entire customer M5 and M7 reached 10,045 vehicles, and the effective orders of the customer M7 so far exceeded 50,000 vehicles. Looking at the explorers, in the first eight months of this year, the total sales volume was 8964 vehicles, and the average monthly sales volume exceeded 1000 vehicles. From the current point of view, the monthly sales of the M7 and the Explorer are similar, but what about the future? The market will give the answer!

　　From the product itself, both the Explorer and the Quest M7 are medium and large SUVs with similar body sizes, but the Explorer is 43 mm longer than the Quest M7, and the Explorer with a wheelbase of 3,025 mm is longer than the Quest M7 with a wheelbase of 2,820 mm. The longer wheelbase gives the Explorer a slightly more spacious third row space than the Quest M7. Compared with the size, the length, width, height and wheelbase of the explorer’s body are indeed above the boundary M7.

　　Performance: The rear drive explorer accelerates faster and the four-wheel drive interface M7 is stronger.

　　From the performance point of view, the zero-acceleration of Explorer’s rear-wheel drive and Wenjie’s M7 rear-wheel drive is 7.6 seconds and 7.8 seconds respectively, and only the lowest equipped models of the two cars are rear-wheel drive designs, and the prices are 309,800 yuan and 319,800 yuan respectively. In terms of four-wheel drive models, the four-wheel drive acceleration of Explorer and Quest M7 is 7.8 seconds and 4.8 seconds respectively, and the guide prices are 329,800-379,800 yuan and 339,800-379,800 yuan respectively, and the prices are close.

　　Explorers are all equipped with a 2.3T turbocharged engine and a matched 10AT transmission, with an output of 276 HP and 425 N.. Rice, just add 92# gasoline. The 1.5T four-cylinder engine on the M7 is only used for power generation and does not directly drive the vehicle, but 95# gasoline needs to be added. The M7 rear drive is equipped with 200 kW and 360 N.. Rice motor; Like the rear motor of the four-wheel drive model, the power of the front motor is 130 kW and 300 N. Rice.

　　M7 plus 95# gasoline, but the fuel consumption is lower than that of Explorer, and the front suspension of Explorer is better.

　　Explorers refuel for a few minutes, but the battery life of M7 rear drive and four-wheel drive pure electric WLTC is 150 km and 135 km, and it takes 30 minutes for slow charging and 5 hours for fast charging. People who buy extended-range cars generally don’t want to wait for a slow charge, unless they have a private charge at home, which is mainly to refuel and generate electricity. The fuel consumption of M7′ s rear drive and four-wheel drive is 6.85L and 7.45L respectively, while the combined fuel consumption of Explorer’s rear drive and four-wheel drive is 9.07L and 10.08L, and the actual fuel consumption may be slightly higher than this fuel consumption.

　　In terms of energy consumption, at the same price, even with refueling, the fuel consumption of the boundary M7 is definitely lower than that of the explorer, and the use cost of the boundary M7 will be lower than that of the explorer. If you drive for a short distance and charge conveniently, the use cost under charging is lower. Looking at the driving quality, Explorer’s front suspension is a double-ball-joint spring strut suspension, while Wenjie M7 is an ordinary McPherson independent suspension, and both rear suspensions are multi-link independent suspensions.

　　The key point is the difference of the front suspension. As the best family car controlled by BMW, BMW 3 Series also adopts the double-ball joint spring shock absorption strut suspension, which makes the control more accurate and flexible. However, there is a 40-degree ternary lithium battery on the chassis of the car body, which makes the weight of the chassis heavier. After the center of gravity is lowered, the driving quality of the car body will not be weak.

　　In terms of configuration, the asking M7 is more abundant than the explorer, but it is not much at similar prices. Take the entry-level rear-drive model as an example, the asking M7 is 10,000 yuan more expensive, which also includes door-opening warning, 360 panoramic image, full-speed adaptive cruise, automatic parking, HUD head-up display, wireless charging function of front-row mobile phones, heating, ventilation and massage functions of the first and second rows of seats, and 12 audio and negative ion generators. However, regarding the central control screen, the explorer’s 27-inch screen is larger than the 15.6-inch screen of the world M7, and both the explorer and the world M7 have L2-level driving assistance capabilities.

　　Write it at the end

　　The budget of 300,000-400,000 yuan is to buy medium and large SUVs, and the explorers provide 6 and 7 seats to choose from, while only 6 seats are available to ask for the M7. At similar prices, the configuration of the M7 is slightly richer than that of the explorers, while the M7 is exempt from purchase tax, and thanks to Huawei’s technical blessing, its popularity is higher than that of the explorers. Judging from the use cost, the fuel consumption cost of the M7 is definitely lower, and both cars can be poetic and far away. The short-distance M7 can also reduce fuel consumption by pure electric driving. Although the space of the boundary M7 is slightly smaller than that of the explorer and the central control panel is not as large as that of the explorer, at a similar price, many people may choose the boundary M7 for the sake of green cards and lower fuel consumption.

　　When it comes to China’s own brand car companies, BYD can definitely occupy a place. In the new energy vehicle market, BYD Han is undoubtedly one of the models that are currently concerned. As the flagship model of the brand, Han EV has won market recognition by virtue of its superior performance and excellent endurance, and as a plug-in hybrid model of its first milk compatriot — Han DM was also listed at the same time.

　　In fact, in the domestic market, BYD plug-in hybrid models have been sought after by consumers with the advantages of "short-distance electricity consumption and long-distance oil consumption". According to statistics, the sales volume of plug-in hybrid models in China market in 2019 totaled 204,200. As the flagship model of BYD plug-in hybrid, Han DM appeared strongly at this time. Can it stir up the new energy vehicle market again? Recently, the reporter tested this model.

　　At present, Han DM is selling two models, namely, the luxury model with four-wheel drive performance, with a subsidized price of 219,800 yuan, and the distinguished model with four-wheel drive performance, with a subsidized price of 239,800 yuan. The car is positioned as a medium and large luxury car, and it is also BYD’s first production car equipped with super hybrid DM-p technology. The model tested by this reporter is a four-wheel drive performance version.

　　In terms of appearance, Han DM inherits the design language of BYD family Dragon Face, which is different from the fully enclosed air intake grille of Han EV. Han DM adopts a hexagonal air intake grille with a large mouth, which makes the front face look more aggressive and recognizable.

　　In terms of size, the length, width and height of Han DM are 4960/1910/1495mm and the wheelbase is 2920mm respectively. The lines of the whole vehicle are simple and smooth, highlighting the simple and elegant temperament, which also highlights its extravagance as a flagship model.

　　When you get into the car, the 15.6-inch large screen on the center console is definitely an eye-catching highlight, and the interior style full of traditional elements of China also creates a strong elegant luxury. In terms of interior materials, Han DM has also made great efforts. Nappa leather package with white cork veneer and careful attention to details highlight the exquisiteness and sophistication that Han DM should have as a flagship model.

　　It is understood that Han DM is BYD’s first plug-in hybrid production car equipped with hybrid DM-p technology, which is optimized and upgraded on the basis of DM 3.0, in which the letter P means powerful and strong, and from its 4.7-second 100-kilometer acceleration, it is enough to match the "strong" strength.

　　The system consists of a 2.0T all-aluminum engine and a high-voltage, high-speed and high-efficiency driving motor. The 6-speed wet powershift has a maximum power of 321kW and a maximum torque of 650N&bull. m。 In addition, Han DM is equipped with a power battery with a capacity of 15.2kWh, and the cruising range of NEDC in pure electric mode is 81km.

　　Calm and smooth flagship luxury car should have the gas field.

　　The first feeling of driving Han DM is that it is very calm, which is in line with its gas field as a flagship luxury car. The driving experience on urban roads can also be summarized by the word "smooth". In terms of chassis, Han DM adopts the combination of front McPherson independent suspension and rear multi-link independent suspension. When the road surface is slightly bumpy, Han DM can easily resolve the vibration, and the vibration filtering is relatively soft, which is almost imperceptible to the front and rear passengers in the car. It is very suitable for daily use, and the whole process makes people feel very comfortable.

　　In terms of power, Han DM provides five power modes, including pure electricity, parallel connection, series connection, high speed and energy recovery. EV pure electric mode is perfect for daily commuting in urban road conditions, which is very light to drive and fast to start and accelerate at medium and low speeds. When the battery is low, the system will automatically switch to HEV mode, and the engine will provide the main power and charge the battery in reverse.

　　In HEV mode, Han DM showed a rapid performance of 4.7 seconds. Under the dual drive of motor and engine, it can feel its powerful power output whether starting or overtaking. In the high-speed section during the test drive, this excellent high-speed sports characteristic was brought into full play.

　　In addition, what impressed the reporter was that in this mode, every intervention of the engine can be "smooth and silent", and the switching is very smooth, which makes people feel no jitter, and the whole process can be described as "smooth".

　　The five power modes of Han DM all adopt intelligent switching, without manual control by the driver, and the vehicle will automatically switch according to the vehicle demand in each working condition and scene, thus ensuring the optimization of power and energy consumption.

　　In terms of handling, the steering power of Han DM is divided into standard and sport. In the standard mode, the reporter’s personal feeling is a little heavy, and girls need to adapt to it when driving, but this is also in line with the stability of its steering texture as a flagship model.

　　In terms of quietness, the official data of Han DM show that when the speed is 120km/h, the noise value in Han DM car is only 63.5 decibels. This has also been fully proved during the test drive. When the vehicle travels to 100-120km/h on the expressway, the passengers in the vehicle do not need to raise the tone deliberately, and the sound insulation effect is ideal.

　　Comprehensive intelligent configuration brings a rich car experience.

　　In addition to bringing quiet feeling to the interior space, Han DM is also equipped with a series of intelligent configurations. In addition to the rotating 15.6-inch screen mentioned above, Han DM is also equipped with DiPilot intelligent driving assistance system, which can realize L2.5-level automatic driving assistance, including full-speed adaptive cruise, curve speed control system, front collision warning system, automatic emergency braking system, pedestrian identification/protection system, emergency braking assistance system and lane departure warning system. Combined with the software and hardware system of DiLink 3.0, the interaction between people and vehicles is realized, which brings more convenient and intelligent operation and richer car experience.

　　In addition, in terms of active safety, Han DM is equipped with 15 radars, 6 cameras, 3D panoramic transparent image system, and has the functions of speed sensing automatic locking and active tire pressure detection, so as to ensure the safety of people in the car at all times during driving.

　　In the post-epidemic period, in order to meet consumers’ higher requirements for in-vehicle air disinfection, Han DM is equipped with CN95 filter element with remote high-temperature disinfection and sterilization mode, so that drivers can fully disinfect the in-vehicle air before getting on the bus, filter pollutant particles adsorbed by viruses in advance, and reduce air hazards when using the car.

　　In addition, it is worth mentioning that for female drivers, Han DM also thoughtfully adopted Fuyao’s "Sunscreen Black Umbrella" with silver-plated film interlayer to prevent three safety car windows, and the ultraviolet isolation rate reached over 99%, so that women don’t have to worry about sun protection while driving.

　　Editor’s summary:

　　It is undeniable that the price of more than 200,000 yuan is not cheap for self-owned brand models, but if it has many advantages such as high performance, high configuration and low fuel consumption at the same time, and the price/performance ratio exceeds the level of its peers, the reporter thinks that BYD Han DM is indeed considerable. No matter its acceleration ability, chassis quality or all-round intelligent configuration, this flagship model can meet the daily use of families. In the domestic mixed market, Han DM can be regarded as a model worthy of starting.　

　　[car home New Car Launches] On April 13th, the (|) model ushered in its debut. This time, the interior of the new car was also unveiled. As a hard-core off-road product, how did it perform at the design level? Let’s take a look together!

　　In terms of appearance, Jetway Traveler was designed by former Porsche design director Hakan Saracoglu, and the appearance was designed in a tough body style. Among them, the net is equipped with the "JETOUR" brand logo and connected with the headlights. The distinctive headlight group style is impressive. The posture of the whole vehicle is vigorous, with sharp lines and full profile coexisting. Judging from some configurations released this time, the new car adopts Kunpeng Power and XWD intelligent four-wheel drive system, and is equipped with Qualcomm 8155 chip platform. Can provide a better cockpit intelligent experience.

　　On the side of the car body, the wheel eyebrows of the real car protrude outward, and it is equipped with large-size tires. The window frame shows a hard-core style and adopts a suspended roof design. The tail of the vehicle is a classic small schoolbag assembly, and the vertical taillights are wrapped in a black frame, showing off-road temperament.

　　The interior of the new car adopts T-shaped flat layout, with sharp edges and corners, simple and powerful, exquisite interior materials and large-size suspended central control screen. Jietu travelers will have more outstanding performance in "travel+"ecological services, intelligent driving, healthy cockpit and so on. Compared with the traditional hard-core off-road SUV products, travelers have adopted a more concise and fashionable design, and the large central control screen is very eye-catching. At the same time, the color matching in the car has also adopted a younger idea, and the overall atmosphere is more active.

　　In terms of power, our C-DM is equipped with a plug-in hybrid system consisting of a 1.5T engine and a motor, and the transmission system is matched with a 3-speed DHT gearbox. (Text/car home Duandi)

Original title: Song Xiaofeng apologized for jumping "Subject 3" in the Spring Festival Evening and told the creative process, which was different from the director’s statement.

Just today

As the Spring Festival approaches, the recording scene of the Spring Festival Gala has set off a sensational "Subject III" storm, and Zhao Benshan’s disciple Song Xiaofeng has become the focus! On the sketch of anhui tv Spring Festival Evening, the funny artist suddenly danced the controversial "Subject Three" dance, which made the audience and the Internet fall silent, and this move also caused a fierce controversy.

How did this Spring Festival Evening storm ferment? Let’s unveil the mystery of this Spring Festival Gala and discuss the story behind the stars.

First of all, looking back at the recording scene, Song Xiaofeng, as a disciple of Zhao Benshan, is good at humor. However, when he learned that he needed to jump to "subject three", his first reaction was to refuse! He thinks this dance has been "out" in the Spring Festival Evening, and he is no longer suitable for this kind of young people’s dance at his age. This view has sparked a heated debate between the director and the screenwriter. The director thinks that "Subject III" can enhance the atmosphere of the sketch, while the screenwriter thinks that this is an outdated stalk.

In the end, Song Xiaofeng gave in and learned this dance. He thinks that as an actor, it is most basic to respect the director, although he has doubts about this decision. This heated discussion adds a lot of drama to a simple dance.

This incident triggered thinking about the relationship between innovation and tradition in the Spring Festival Gala. Director Gao Hailong believes that the modern Spring Festival Gala needs to be younger and more fashionable, and "Subject III" is the element that can attract young audiences. His persistence makes the whole sketch more lively and energetic on the stage.

However, Song Xiaofeng’s response has complicated the dispute. In his response, he said that he didn’t expect to cause trouble to everyone, and wished everyone a happy New Year in advance. However, unlike the director’s statement, he revealed that he knew nothing about "Subject III" when he saw the script, and he had doubts about dancing this kind of dance at his age. This makes people think more about the differences and compromises between actors and directors in the creative process.

This "subject three" storm made the audience see that the Spring Festival Evening is no longer just a machine to create paragraphs, but is constantly trying to innovate. The conflict between actors and directors and the audience’s expectation for the innovation of the Spring Festival Gala all make this year’s Spring Festival Gala more interesting.

Generally speaking, this Spring Festival Gala is like a wonderful drama, with fierce conflict between actors and directors, real emotional expression, and more laughter and tears expected by the audience. Whether it is for or against "Subject Three", this controversy has become a highlight of the Spring Festival Evening. Looking forward to the future Spring Festival Evening, we can continue to present more exciting programs for the audience. Let’s look forward to more surprises and touches on the stage of the Spring Festival Evening. On this stage full of collision between traditional culture and modern elements, we have witnessed the gorgeous transformation of Spring Festival Gala again and again.

Thank you for watching ~

Editor in charge:

Recently, a blogger said that Huawei’s new vertical folding still uses Kirin 9000S, and Huawei P70 has already tested Kirin 9010.

It is understood that Kirin 9010 is an upgraded version of Kirin 9000S, and its internal name is tentatively "Kirin 9010". Although the specific parameters of Kirin 9010 have not been announced yet, according to the previous rumors and naming rules of Kirin, we can infer that Kirin 9010 may have been optimized and adjusted on the basis of Kirin 9000S, and the manufacturing process may be changed, focusing on optimizing performance and power consumption. Huawei’s hyper-threading technology will continue to be used.

According to netizens, the measured running score of Kirin 9010 chip has reached the level of 8 Gen2 in Snapdragon. Some people speculate that the chip is a 3nm process and the foundry is TSMC, but it should be false news in the current situation of Huawei. Moreover, Xiao Bian also found that rumors about Kirin 9010 chip had appeared as early as 2021, and it is said that the manufacturing process was 3nm, which means that several bans in the United States disrupted Huawei’s original rhythm when mass production was about to begin, so it was necessary to switch to Qualcomm’s 4G chip.

Since the launch of Kirin 9000, every generation of flagship new products after Huawei will always be speculated whether it will go to Kirin 9010. This is also a kind of expectation for Huawei. It is always thought that it can come up with stronger products to surprise everyone in the sanctions. It may not be possible before, but after watching the performance of Mate 60 this year, everyone thinks that Kirin 9010 will have a chance on Huawei P70.

If it is as stated in the news, Huawei P70 will officially return with Kirin 9010 chip, indicating that Huawei has once again created a miracle. In addition, the main camera of Huawei P70 will use Sony IMX989 1-inch outsole sensor. The overall lens layout is not much different from that of the previous generation P60, but the lens deco has changed from "long strip" to "approximate square", and it is still designed for three lenses. The largest main camera is located in the middle, the telephoto and wide angle are distributed on both sides of the main camera, and the flash is on the far left.

As the latest masterpiece of Huawei’s flagship mobile phone series, P70 series will also usher in a major breakthrough and promotion in hardware configuration, video experience and localization of supply chain. All kinds of revelations alone have been able to make consumers blind, which also reflects Huawei’s influence and competitiveness. We also have reason to believe that Huawei will once again boost the overall smartphone sales in China with P70 series.