标致Jeep装上中国智驾，2027年卖回欧洲

Peugeot and Jeep will run Chinese ADAS, sold back to Europe from 2027

全文约 1060 字，读完约 5 分钟
About 1,060 Chinese characters, a 5-minute read

干了三十多年“市场换技术”的合资公司，这回把顺序倒了过来。9月24日，神龙科技与Momenta在上海签署全球战略合作协议：标致和Jeep的全新新能源车，将搭载Momenta的智驾方案，2027年起陆续投放，并进入欧洲及全球市场。我的判断很直接——中国汽车出海，整车出口的账大家都算过了；技术装进别人的牌子出海，才是这单合作真正值得盯的地方。

An automaking joint venture that spent over three decades on 'exchanging market for technology' has just flipped the order. On September 24, Shenlong Technology and Momenta signed a global strategic partnership in Shanghai: brand-new electrified Peugeot and Jeep models will carry Momenta's ADAS stack, roll out from 2027, and enter Europe and other global markets. My take is straightforward — everyone has already done the math on exporting whole vehicles from China; what really deserves attention in this deal is Chinese technology going global inside someone else's brand.

先说这家神龙科技是什么来头。神龙汽车在中国做了34年标致和雪铁龙。今年5月，东风集团、Stellantis集团加湖北省、武汉市、武汉经开区三级产业资本，六方签下总投资超80亿元的重组协议；8月，神龙汽车科技（武汉）有限公司挂牌。股权值得看：神龙汽车约24.1%，武汉金控与武汉经开产投各约19.5%，东风与Stellantis各约13.5%，长江产业集团约9.8%。地方资本深度进场，摆明了要把这块牌子当转型平台来救。

First, what exactly is Shenlong Technology? Shenlong Motor has built Peugeot and Citroën cars in China for 34 years. This May, Dongfeng Group, Stellantis, plus three tiers of Hubei and Wuhan state capital signed a restructuring agreement with total investment above 8 billion yuan; in August, Shenlong Motor Technology (Wuhan) Co., Ltd. was officially incorporated. The shareholding table is worth a look: Shenlong Motor about 24.1%, Wuhan Jinkong and Wuhan Jingkai Industrial Investment about 19.5% each, Dongfeng and Stellantis about 13.5% each, and Yangtze River Industry Group about 9.8%. Local state capital coming in that deep signals one thing — they intend to rescue this brand as a transformation platform.

真正的看点在新公司的分工。老合资的剧本是外方出技术、中方出市场；神龙科技反着来——动力与电子架构用东风的成熟方案，座舱与智驾系统直接选国内头部供应商，关键底盘部件保留欧洲调校。这次签Momenta，就是“智驾选国内”落地的第一单。总经理吕海涛在现场给这单合作定了性：新公司成立后首个技术维度的战略级合作。

The real story is the division of labor inside the new company. The old JV script had the foreign side supply technology and the Chinese side supply market; Shenlong Technology runs it backwards — powertrain and electrical architecture come from Dongfeng's mature platform, cabin and ADAS systems are picked directly from leading Chinese suppliers, and only key chassis components keep European tuning. Signing Momenta is the first deal where 'pick Chinese for smart driving' actually lands. Shenlong Technology's general manager Lü Haitao framed it on stage as the new company's first strategic, technology-level partnership.

Momenta凭什么接得住？按其港股招股书口径，截至2026年2月28日，全球前十大车企它已覆盖九家：丰田、通用、奔驰、宝马（中国）、现代-起亚、大众、比亚迪、本田，福特为2026年2月新增；累计180款车型定点，量产方案装车超73.3万套。另据CIC灼识咨询统计，2025年3月至2026年2月，它在中国独立第三方城市NOA供应商中按销量计市占率65%。更关键的一张牌：2026年7月，Momenta拿到德国联邦机动车管理局（KBA）的全国性L4自动驾驶路测许可——欧洲法规这扇门，它先敲开了一条缝。这套数字建议截图存着，聊出海时用得上。

Why can Momenta take this on? Per its Hong Kong IPO prospectus, as of February 28, 2026, it covers nine of the world's ten largest automakers — Toyota, GM, Mercedes-Benz, BMW (China), Hyundai-Kia, Volkswagen, BYD, Honda, with Ford added in February 2026; it has accumulated 180 model design wins, and its production solutions are installed in more than 733,000 vehicles. By CIC Zhuoshi Consulting's count, from March 2025 to February 2026 it held a 65% sales share among China's independent third-party urban NOA suppliers. The bigger card: in July 2026, Momenta obtained a nationwide L4 autonomous driving test permit from Germany's KBA — it has pried open a crack in Europe's regulatory door. Screenshot these numbers; you will want them whenever smart-driving expansion comes up.

这个9月还有一条佐证。9月28日，江淮汽车吃到第三个涨停，市场在传Stellantis、华为、江淮三方合作，玛莎拉蒂电动车或用鸿蒙智行平台。这条目前只是传闻，江淮的回应仅有一句“公司和华为一直有合作”，不能当事实写。但两条线摆在一起，方向一致：欧洲品牌的新能源项目，开始认真考虑中国供应商了。做欧洲市场的朋友，这条值得转给他。

September offered one more piece of corroborating noise. On September 28, JAC Motors hit its third daily price limit, on market chatter about a three-way Stellantis-Huawei-JAC arrangement under which Maserati EVs might use the Harmony Intelligent Mobility platform. That one is still a rumor — JAC's only response was 'we have always cooperated with Huawei', so treat it as unconfirmed. But set the two threads side by side and the direction matches: European brands' electrification projects have started to seriously weigh Chinese suppliers. If you know someone doing business in Europe, this is worth forwarding.

我自己的账是这么算的：这条路的风险不在技术，在法规和数据。Momenta在招股书里也承认，各国法规、数据治理与路况差异，是方案出海绕不开的适应性开发成本；欧洲的UN R171、GDPR，条条都是硬门槛。KBA给的是路测许可，离量产认证还隔着整车认证。所以2027年那批车能否如期在欧洲跑起来，我保留一个问号——但方向，我站Momenta这边。

Here is how I do the math: the risk on this road is not technology, it is regulation and data. Momenta itself concedes in the prospectus that differing traffic rules, data-governance regimes and road conditions are unavoidable adaptation costs for going global; Europe's UN R171 and GDPR are hard gates, every one of them. The KBA permit is for road testing — production certification still means a full vehicle approval cycle. So whether those 2027 models actually run in Europe on schedule, I keep a question mark on it — but on the direction itself, I side with Momenta.

最后留个问题：如果标致和Jeep的欧洲车主开上了中国智驾，你觉得他们会当成卖点，还是当成减分项？这个问题，欧洲车企自己也在赌。

One last question: when European owners of a Peugeot or a Jeep find Chinese ADAS in their car, will they read it as a selling point or a downgrade? European carmakers are betting on the answer themselves.

#标致#  #Jeep#  #Momenta#  #中国智驾#  #汽车出海#  #Stellantis#  #新能源汽车#

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