十年前，中国企业纷纷进军电动汽车领域,，现在，随着电动汽车市场在激烈的竞争中放缓，它们正在向人形机器人领域扩张。
Chinese companies rushed into electric cars a decade ago, and now they are expanding into humanoid robots as the EV market sees a slowdown amid intense competition.
虽然类人机器人的商业可行性受到审查,，但这并没有阻止小鹏汽车等公司宣布机器人生产计划,，而中国的 电动汽车销量将迎来 2021 年以来最糟糕的一年。
While the commercial viability of humanoids has come under scrutiny, it hasn't dissuaded companies such as Xpeng from announcing robot production plans, at a time when China的 EV sales are headed for their worst year since 2021.
Counterpoint Research 副总监 Kevin Li, 表示，这是 重塑"资本估值叙事," 计划的一部分。他补充说，汽车制造商还希望提高人们对他们是科技公司, 的认知，并建立第二条增长曲线。
It的 part of a bid to reshape "capital valuation narratives," said Kevin Li, associate director at Counterpoint Research. He added that the automakers are also looking to boost the perception that they are tech companies, and establish a second growth curve.
小鹏汽车股价今年已下跌超过 45%,，使其成为主要电动汽车厂商中表现最差的公司。由于销量下滑，电动汽车巨头比亚迪的股价下跌超过 13%。
Xpeng shares have tumbled more than 45% this year, making them the worst performer among major EV players. Shares of EV giant BYD are down more than 13% as sales have slumped.
根据 Counterpoint 的数据，截至 8 月,，全球近 20 家通过内部开发, 投资或孵化进入人形机器人领域的汽车公司中，中国汽车制造商占一半以上。
Chinese automakers accounted for more than half of the nearly 20 car companies globally that have entered the humanoid robotics sector through in-house development, investment or incubation as of August, according to Counterpoint.
根据 PitchBook 数据，电动汽车公司 Nio 的风险投资部门还投资了多家人形机器人初创公司，例如 LimX Dynamics 和 Acorn Robot,。
The venture arm of EV company Nio has also invested in several humanoid robotics startups such as LimX Dynamics and Acorn Robot, according to PitchBook data.
业务多元化之际，增长放缓和盈利能力减弱给中国27%的电动汽车制造商带来了压力。根据Counterpoint援引中国汽车工业协会的数据，2026,上半年中国'汽车制造业的平均利润率为1.5%。
The business diversification comes as slowing growth and weakening profitability put pressure on China的 EV makers. The average profit margin in China的 vehicle manufacturing sector stood at 1.5% in the first half of 2026, according to China Association of Automobile Manufacturers data cited by Counterpoint.
小米, 理想汽车和吉利也是进军机器人领域的电动汽车制造商,，尽管他们的策略不同。
Xiaomi, Li Auto and Geely are also among EV makers making moves into the robotics sector, although their strategies differ.
"考虑到电动汽车市场增长放缓和盈利能力减弱—尤其是国内—电动汽车公司向机器人等新应用领域进行多元化发展是一个自然的战略举措,"惠誉评级亚太区企业评级总监杨景,表示。
"Given the slowing growth and weakening profitability in the EV market—particularly domestically—it is a natural strategic move for EV companies to diversify into new applications such as robotics," said Jing Yang, director of Asia-Pacific corporate ratings at Fitch Ratings.
"这使他们能够寻求替代增长动力,实现共享先进技术的规模经济,并有可能提高中期盈利能力,"她说。
"This allows them to pursue alternative growth drivers, achieve economies of scale for shared advanced technologies, and potentially improve profitability over the medium term," she said.
投资者'还不相信这个故事。
Investors aren't buying the story yet.
据该公司称，小鹏汽车上个月为其机器人业务筹集了$9亿,中国最大的单轮融资的"体现"人工智能行业,，此后股价下跌。嵌入式人工智能是指与硬件连接的人工智能。
Xpeng shares fell after it raised $900 million for its robotics business last month, the largest single round in China的 "embodied" AI industry, according to the company. Embodied AI refers to hardware-connected artificial intelligence.
据花旗称，此次融资使汽车公司的 机器人部门的估值超过 2463 亿—，与小鹏汽车的 电动汽车业务, 的 2465 亿%估计估值相当。
The raise valued the car company的 robotics unit at more than $6.3 billion — on par with the $6.5 billion estimated value for Xpeng的 EV business, according to Citi.
相对于 Tesla? 的优势
Advantages over Tesla?
杰富瑞香港 (Jefferies Hong Kong) 高级研究分析师雷小毅 (Xiaoyi Lei), 表示，虽然与电动汽车制造商特斯拉 (Tesla) 在美国开发 Optimus 人形机器人的方式有相似之处, 埃隆·马斯克 (Elon Musk) 公司, 中国汽车制造商 进军机器人领域有自己的优势,。
While there are similarities to how electric-car maker Tesla is developing its Optimus humanoid in the U.S., Elon Musk的 company, the Chinese automakers push into robotics have their own advantages, said Xiaoyi Lei, senior research analyst at Jefferies Hong Kong.
她指出，中国汽车制造商可以重复使用其供应链的很大一部分—小鹏,，例如,可以使用其85%的电机,芯片和用于人形机器人的智能驾驶软件。然后，这些机器人可以立即部署在汽车制造商 商店和工厂,，而不必等待消费者购买, 她补充道。
She pointed out that Chinese automakers can reuse a significant portion of their supply chain — Xpeng, for example, can use 85% of its motors, chips and smart driving software for humanoids. The robots can then be immediately deployed in the automakers stores and factories, rather than having to wait for consumers to buy them, she added.
小鹏汽车周二表示，计划于今年年底开始在自己的商店和营业场所大规模生产机器人,。明年,该公司计划将机器人推向中国和海外更广阔的市场。
Xpeng said Tuesday it plans to begin mass production of its robots by the end of this year, starting in its own stores and business venues. Next year, the company plans to launch the robots to the broader market in China and overseas.
汽车制造商也知道如何大规模生产, Lei 说。她补充说，中国汽车制造商每天都在做的事情是生产数千个可靠且可用的机器人,。
Automakers also know how to build things at scale, Lei said. Producing thousands of robots that are reliable and serviceable is what Chinese automakers already do every day, she added.
"中国玩家实际上将其推向日常使用," 雷说, 指出，内部部署使汽车制造商更容易、更便宜地收集数据—，这对于人形机器人商业化至关重要。
"Chinese players are the ones actually pushing it into daily use," Lei said, noting that in-house deployment makes it easier and cheaper for the automakers to collect data — which is critical for humanoid commercialization.
小米, 是一家消费电子公司，于 2024 年才推出首款电动汽车, 今年开始在其工厂测试人形机器人。
Xiaomi, a consumer electronics company that only launched its first electric car in 2024, started testing humanoid robots at its factory this year.
比亚迪还可以在其工厂部署机器人, Counterpoint的 Li指出。但他表示，从中长期来看, 吉利和小鹏汽车可以更好地抓住汽车以外多元化的好处,，并指出小鹏汽车 更加重视其物理人工智能战略。
BYD can also deploy robots in its factories, Counterpoint的 Li pointed out. But he said over the medium-to-long term, Geely and Xpeng could better capture the benefits of diversifying beyond cars, pointing to Xpeng的 greater emphasis on its physical AI strategy.
人形问题
Humanoid questions
人形机器人能否产生超出汽车制造商 自身业务的需求仍然是一个开放式问题。雷表示，杰富瑞尚未看到其所覆盖的汽车制造商的坚定外部订单，也没有看到明年外部客户和机器人收入的明确指导。
Whether humanoid robots can generate demand beyond automakers own operations remains an open-ended question. Lei said Jefferies has yet to see firm external orders from the automakers it covers or clear guidance on external customers and robotics revenue for next year.
领先的人形机器人公司 Unitree 上个月在上海上市后股价一路飙升,，但上市以来的 16 个交易日中有 12 个交易日下跌。创始人王星星警告说，商业化可能仍需要数年,的时间，而人形机器人领域的 'ChatGPT'可能还需要十年的时间。
Leading humanoid company Unitree saw its shares skyrocket as they debuted in Shanghai last month, but the stock declined for 12 of the 16 sessions since its listing. Founder Wang Xingxing has cautioned that commercialization could still take years, with the humanoid sector的 'ChatGPT moment likely a decade away.
将汽车技术重新用于机器人可能并不总是像听起来那么简单。
Reusing car technology for robots may not always be as straightforward as it sounds.
"我想说真正的挑战是他们如何使用于智能驾驶系统的算法和软件堆栈也适用于人形场景,，这更困难，更具挑战性,"雷说。
"I would say the real challenge is how they are going to make the algorithm and software stack that is used to be applied to the smart driving system also viable to the humanoid scenario, which is more difficult and more challenging," Lei said.
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