Wen | New Product Strategy Finance Wu Wenwu

01 Porsche responds to "Mi Shijie" for the first time

At the end of March, Xiaomi SU7, the first model of Xiaomi Automobile, went on the market, just like a catfish stirring the whole automobile industry.

Because Xiaomi SU7 looks like Porsche, it has been controversial and has been ridiculed by netizens as "Mi Shijie" or "Bao Shimi".

On the second day after the listing of Xiaomi SU7, a street photo of "Mi Shijie" and "Porsche" appeared on the Internet. If you don’t look at the logo, you really can’t tell who is who.

Lei Jun said at the press conference that Xiaomi Automobile wants to build a Dream Car comparable to Porsche and Tesla.

After the release of Xiaomi SU7, Porsche’s official live broadcast room was also lively.

What is even more embarrassing is that in the live broadcast rooms of some Porsche dealers, many people ran to ask Xiaomi Automobile, and some anchors couldn’t help but post it directly: This is Porsche! Not Xiaomi!

Xiaomi SU7 looks like Porsche. If it is viewed from product identification and communication, Xiaomi Automobile is "successful".

On April 14th, some media interviewed the president of Porsche China and asked how to look at "Mi Shijie". Michael Kirsc, President and CEO of Porsche China, said: Maybe a good design always has a heart.

This is compared with the embarrassed, surprised and helpless frown expressions that Porsche executives showed when they saw Zotye’s "cottage" Cayenne model at the auto show a few years ago. This time, the answer of Porsche China’s top leader is very clever.

Some netizens commented that Porsche is worthy of being a world famous brand and its pattern is large enough. Some netizens also commented that emotional intelligence is very high.

It is undeniable that the design of Porsche models can not only affect Xiaomi, but also the products of many car companies are very similar to Porsche, such as "time-saving race".

When Xiaomi SU7 was first listed, New Product Finance talked with a senior person in the automobile industry about its design topic, and he replied: I dare not buy it!

To put it more bluntly, from the design point of view, many new car-making forces in China are crossing the river by touching Porsche.

Porsche is really starting to get anxious.

Since last year, the sales volume of Porsche in China market has declined, which has aroused considerable concern in the market.

Porsche sold 320,221 vehicles worldwide in 2023, an increase of 3% over 2022. In 2023, the sales volume of Porsche in China market was 79,283 vehicles, which was 15% lower than that of 93,286 vehicles in 2022.

In the third quarter of 2023, Porsche’s sales in China market plummeted by 40%. In the first quarter of this year, Porsche delivered 16,340 vehicles in China, a year-on-year decrease of 24%, which once again attracted market attention.

You know, Porsche entered the mainland market of China in 2001, and it has been soaring all the way. Since 2015, the China market has become the largest single market for Porsche in the world.

As for the reasons for the decline in sales, Ke Shimai, President and CEO of Porsche China, replied that there was a time gap between the release and delivery of new products, and Porsche adhered to the strategy of "quality is more important than quantity", coupled with the staged sales rebound in the same period last year due to the epidemic, which made the base of the same period last year higher.

However, the market has different views on the decline of Porsche sales.

After careful observation, it will be found that the sales of the Cayenne and Macan, the two main models sold by Porsche in the China market, declined in 2023, and the sales of Macan, the lower-priced vehicle, declined even more seriously.

What’s even more surprising is that since 2013, dealers all over the country have shouted discounts, and the price reduction behavior of dealers has also affected Porsche’s brand reputation.

What is more noteworthy is that Porsche’s buying crowd and consumption behavior are changing.

Porsche has publicly stated that compared with other Porsche markets, the average age of car owners in China is the youngest, and the proportion of female car owners has reached about 50% of the highest. Take Macan as an example. At present, Macan’s biggest market is in China. The average age of car owners in China is mainly between 20 and 55, and the average age is 20 years younger than that in Europe and America, among which 61% are female car owners.

Cosmai said that at present, more than 70% of Porsche customers in China are self-employed, and they are more cautious about consumption during the economic recovery period. This shows that Porsche also has its own judgment on the luxury car consumption market in China.

There is another data worthy of attention. Porsche said that Generation Z has become the main consumer group, accounting for about 15% of the market.

The new generation of young people, represented by Generation Z, is obviously different from the consumers of previous generations of traditional luxury cars. Besides brand factors, they also care about exclusivity, cultural attributes and the different feelings that brands can bring to themselves.

Porsche’s sales decline and lost market share in China were taken away not only by rivals such as BMW X5, but also by new energy luxury car brands. The latter point deserves more attention.

A new generation of young China consumers used to focus on luxury brands such as BBA and Porsche, such as Macan, which was favored by many middle-class families and young Bai Fumei.

Nowadays, many young consumers have turned to buy high-end brands of new forces in China, and even many young consumers are willing to spend 400,000 to 500,000 yuan, or even higher, to buy a car of new forces in China for early adopters.

Therefore, Porsche is really anxious for many reasons, such as the replacement of Porsche, the competition in the automobile industry and the changes in the luxury car consumption market.

The era of Porsche’s lying win is over.

In the era of traditional fuel vehicles, Porsche is a big winner brand, and its brand positioning is between luxury cars and ultra-luxury brands. When many BBA owners change cars, if the brand is up, but the budget is not enough, Porsche is a main choice.

BYD, which took the lead in the transformation of traditional fuel vehicle brands, also launched luxury and super brands such as Tengshi, Equation Leopard and Wangwang, and became a strong rising force.

In the field of new energy vehicles, the high-end and luxury brands of new energy vehicles represented by Weilai and Ideality have attracted a large part of China consumers, including young consumers.

Owners who can buy a domestic high-end luxury new energy brand will definitely buy a Porsche Macan in terms of consumption power, which will naturally take away Porsche customers.

Therefore, the era of Porsche winning in China market is over.

According to New Product Finance, Porsche can only accelerate its change, development and running in the China market in the future, so as to save the downward trend of sales and rise again.

First, Porsche should put down its posture and face up to multi-faceted competition.

Porsche is a luxury brand, which can stand out from the rest in the era of traditional fuel vehicles. However, in the current China automobile market, the win-win era is over, and Porsche must first put down its posture.

Recently, at the press conference, Porsche clearly listed nine competitors, including Mercedes-Benz and BMW, as well as five rival brands from China, such as Lotus, Zhiji, Polar Star, Weilai and Extreme Krypton.

It seems that Porsche has also begun to face up to China’s rival brands.

Second, Porsche should accelerate the electrification of China automobile market and further accelerate its localization.

Porsche is backed by audi ag, and audi ag is the best in the transformation and development of new energy among all traditional and established car companies. In 2023, the sales volume of pure electric vehicles in audi ag was 771,100, up 34.7% year-on-year, ranking third in the world, including Porsche.

Porsche has launched a brand-new electric Macan, and the first batch of new cars are expected to be delivered in the fourth quarter of this year, which still attracts a lot of attention.

Porsche still has brand influence in China market, and consumers will still be willing to buy Porsche plug-in hybrid and pure electric brand models. In the future, Porsche needs to further accelerate its localization.

Third, Porsche needs to be more sincere and sincere in the China market.

There have been many negative news about Porsche in China market. Because of arrogance, consumers have different views on Porsche.

Two years ago, due to the lack of cores, Porsche reduced the number of vehicles owned by China owners, and reduced the electric adjustment function of steering column to "manual steering column". Not only did the promised free upgrade plan not be honored, but the original replacement plan was replaced with a voucher worth 2,300 yuan (the cost of installing electronic steering in 4S stores was about 30,000 yuan), which made the owners angry and gradually evolved into collective rights protection.

Porsche’s double-standard attitude towards domestic and foreign car owners has made many consumers chilling.

Now, China is the largest single market for Porsche. Only by paying enough attention to the China market and showing sincerity can Porsche attract more consumers in China.

In the future, whether in the traditional fuel vehicle market or the pure electric market, Porsche will still be a big player, and its advantages will still be there, but the competitive pressure it will face will be greater and greater.

On June 26, 2018, the Aston Martin family’s new masterpiece DBS Superleggera made a stunning appearance, which announced the return of DBS series and Superleggera elements, among which DBS series came out in 1967, and the named Superleggera part aims to pay tribute to Touring, an Italian body manufacturer who first proposed the concept of ultra-lightweight.　

As the flagship super GT sports car of the family, it will replace the Vanquish S model and upgrade its product strength in an all-round way. In terms of the most eye-catching power, it is equipped with a 5.2-liter V12 twin-turbo engine with a maximum output of 725 HP and a peak torque of 900 Nm. The top speed can reach 340 km/h, which is matched with the ZF eight-speed automatic gearbox, and the acceleration of 100 km takes only 3.4 seconds. With the brand-new active valve and four-out exhaust system, it brings a very powerful exhaust sound to the new car. In order to achieve more precise control, the new car is also equipped with a mechanical limited slip differential and a torque vector distribution system.

The new car has made great efforts in aerodynamics, for example, it adopts the hidden flower-shaped air passage design formed by shark gill vent and front wheel arch and the second generation of "wind blade" technology. A double-layer diffuser inspired by F1 racing cars was also introduced. With these help, the new car can generate 180 kilograms of downforce when driving at the top speed, which is by far the largest production model under Aston Martin. In addition, the new car not only uses lightweight bonded aluminum structure, but also is equipped with forged double wishbone front suspension and multi-link rear suspension. With the support of the latest generation of adaptive damping system, the engine and chassis are provided with three dynamic modes to choose from.

The luxury of interior assembly is also not compromised. The new car not only comes standard with many advanced configurations, including keyless entry, tire pressure monitoring system, 360-degree panoramic camera, parking distance display and parking assistance, but also the appearance of Bang & Olufsen Hi-Fi audio system is a special standard for China models.

Alcantara fabric and leather veneer as well as Sports Plus high-performance seat and steering wheel are standard, reflecting a high level of manufacturing technology. In addition, the new car also offers a variety of designer kits and color schemes to choose from. The new car will be delivered to the China market at the end of 2018. Suggested retail price: RMB 3,768,000.

　　On March 2nd, People’s Daily published an article signed by Gao Hucheng, Minister of Commerce, "From a Big Trading Country to a Powerful Trading Country". The full text is as follows:　　

　　From a big trading country to a strong trading country

　　According to the World Trade Organization, in 2013, China’s total import and export of goods was 4.16 trillion US dollars, ranking first in the world in goods trade. This is a major event in the historical process of China’s opening to the outside world, a major achievement of our party leading the people of the whole country to firmly adhere to the basic national policy of opening to the outside world and fully participate in economic globalization, marking another solid step towards the grand goal of building a well-off society in an all-round way. Achievements are hard won, and the road ahead is not smooth. We can’t relax in the slightest. Only by accelerating the transition from a big trading country to a powerful trading country can we better serve the goal of "two hundred years" and realize the Chinese dream of the great rejuvenation of the Chinese nation.　　

　　An important milestone in the development of open economy　　

　　A history of trade development is also a history of the rise and fall of a country and a nation. China is one of the earliest countries to develop foreign trade in history, and it still maintained the first position in the world in terms of economic and trade scale until the Ming Dynasty and the early Qing Dynasty. In 1840, the west opened the door of the Qing government’s "closed door" with a strong ship and a sharp gun. Since then, China has become a semi-colonial and semi-feudal society, and its foreign trade has lost its sovereignty and become a semi-colonial foreign trade. The establishment of New China destroyed the imperialist privilege in China, and the foreign economic and trade dominance returned to the people’s hands, and foreign trade began to make a difficult start. Marked by the Third Plenary Session of the Eleventh Central Committee, China has implemented the historic decision of reform and opening up, fully participated in international division of labor and cooperation, actively developed economic and trade exchanges with other countries in the world, and achieved a new historical leap in foreign trade in generate.

　　China’s foreign trade began in the pre-Qin period, flourished in the Song and Yuan Dynasties, and declined in the late Qing Dynasty. After more than 60 years of rapid development since the founding of New China, especially in the 35 years of reform and opening up, China has returned to the first place in the world, creating a miracle in the history of world trade development. For more than 30 years, China’s foreign trade has doubled almost every four years, making it the first developing country to become the world’s largest commodity trading country.　　

　　China’s foreign trade has become the most active force to promote economic and social development. From 1978 to 2013, China’s total foreign trade increased from $20.6 billion to $4.16 trillion, with an average annual growth rate of 16.4%. In recent years, the contribution rate of foreign trade to economic growth has reached about 18% on average, which directly and indirectly promoted the employment of 180 million people in China and created 18% of the national tax revenue.

　　China’s foreign trade really connects the Chinese dream of 1.3 billion people with the world dream of 7 billion people. China is already the largest trading partner of more than 120 countries and regions. From the South Pacific island countries to the African continent, from the eastern end of Eurasia to the two sides of the Atlantic Ocean, the whole world is enjoying high-quality and low-priced goods made in China. The continuous development of foreign trade has made China’s development benefit the world. China can’t live without the world, and the world can’t live without China, which has really become a reality.

　　Practice has fully proved that China’s foreign trade has embarked on a development path that suits China’s national conditions and conforms to the world trend, and has created a successful example for developing countries to give full play to their late-comer advantages and grow stronger in the tide of economic globalization. The rich practice of China’s foreign trade is realized under the correct leadership of the Communist Party of China (CPC), which constitutes an important part of Socialism with Chinese characteristics Road, embodies the great creation of Socialism with Chinese characteristics Theory, shows the great superiority of Socialism with Chinese characteristics system, condenses the wisdom and sweat of hundreds of millions of China people, spreads the positive energy of China’s reform and opening up to the international community, and strengthens Socialism with Chinese characteristics’s road confidence, theoretical confidence and institutional confidence.

　　Face up to the difficulties and challenges faced by the current foreign trade development

　　Being the world’s largest commodity trading country brings us joy, but at the same time, it is more calm and worried. At present, the world and national conditions are undergoing profound changes. Looking at China’s foreign trade comprehensively, there are still many aspects that cannot meet the needs of development in the new period. There is still a long and difficult way to go to become a trading power.

　　The foundation of innovation and development needs to be strengthened. Innovation is the source of vitality to support the development of foreign trade. The competition in the contemporary international market is basically a struggle for innovation ability. For a long time, China’s products have mainly relied on quantity and price advantages to participate in international competition, and the products lack core competitiveness and low added value. In 2013, the export proportion of China’s electromechanical and high-tech products has reached 57.3% and 29.9%, but the core technologies of many commodities are in the hands of foreign countries. Among them, 61.2% of mechanical and electrical products are produced by foreign-funded enterprises and 51.1% are exported by processing trade; 73% of high-tech products are produced by foreign-funded enterprises, and 65.3% are exported by processing trade.

　　The development of service trade lags behind. Although China has become a big country in goods trade, the development of service trade is relatively backward. In 2013, the total import and export volume of China’s service trade was 539.64 billion US dollars, only about half of that of the United States. China is a big country with a trade surplus in goods, but it is also the largest country with a trade deficit in services in the world. In 2013, the trade deficit in services reached US$ 118.46 billion. China’s service export structure is not optimized enough, and the proportion of technology-intensive service exports such as finance and insurance is still relatively low.

　　The trade system and mechanism are still not perfect. Over the years, the state has continuously reformed and improved policies and measures such as export tax rebate, export credit and customs clearance facilitation, and the business environment has generally improved significantly. However, there are many policies and means to encourage exports in one direction, and the two-way regulation mechanism with limited promotion and progress has not been fully established, and there is still a tendency to pursue speed and scale unilaterally. It is an important and urgent task for foreign trade development to construct a trade and investment rule system that conforms to both China’s national conditions and high international standards.

　　The foreign trade development environment is not optimistic. Externally, the world economy is still in a period of deep adjustment, and generally speaking, it is difficult for the international market demand to return to the stage of sustained high growth before the financial crisis. Domestically, in recent years, China’s labor costs have continued to rise, and the constraints of resources, energy and environment on economic development have intensified. How to form a new advantage in international competition as soon as possible on the basis of consolidating traditional advantages is a major issue that needs to be solved urgently in developing foreign trade.

　　Pioneering and enterprising, building a trade power

　　The road to the top is not easy. It is even more difficult to maintain the position of number one in the world. Guided by the spirit of the 18th CPC National Congress and the Third Plenary Session of the 18th CPC Central Committee, we should focus on cultivating new advantages, aim at improving comprehensive benefits, aim at mutual benefit and win-win, accelerate the adjustment of import and export strategies, realize the transformation from a big trading country to a powerful trading country, and better serve the goal of "two hundred years" and the Chinese dream.

　　Adhere to the guidance of openness and continue to develop foreign trade. A trading power is the unity of quality and quantity, and quantity is more qualitative, and it is stronger if it is big. Based on the reality of China’s large population and shortage of resources, we should always adhere to the open development thinking, follow the principles of balanced layout, winning by quality, multi-complementarity and multi-point support, and on the basis of maintaining reasonable growth of foreign trade, effectively shift the development goal to quality and efficiency, and pay attention to using two markets and two resources at a higher level.

　　Implement innovation drive and accelerate the cultivation of new advantages in foreign trade competition. Only sunset products, no sunset industry. It is necessary to speed up the use of modern technology to transform traditional industries, enhance the scientific, technological and fashion connotation of labor-intensive products, and stabilize the international market share of labor-intensive products. Promote the integration of trade, technology and industry, encourage foreign trade enterprises to carry out scientific and technological innovation, business model innovation and trade format innovation, and cultivate new advantages in foreign trade competition with technology, brand, quality and service as the core. Vigorously develop service trade, encourage the export of intellectual and technology-intensive services, and form a good situation of benign interaction and coordinated development of trade in goods and services.

　　Deepen reform in an all-round way and build a new mechanism for sustainable development of foreign trade. We will improve foreign trade promotion policies that conform to China’s national conditions and international practices and reflect the requirements of foreign trade development in the new period, and establish a quality-oriented trade promotion system. Accelerate the construction of import promotion policy system, clear up unreasonable restrictions on import links, and promote the coordinated development of import and export. Make overall plans to promote the construction of free trade parks (Hong Kong), the negotiation of investment agreements and the revision of foreign-related economic and trade laws and regulations, deepen reforms in the fields of finance, taxation, investment, finance, foreign exchange and circulation, release institutional dividends, and stimulate the vitality of foreign trade entities. We will improve working mechanisms such as anti-monopoly, trade remedy and industrial safety review to safeguard national economic security.

　　Adhere to mutual benefit and win-win results and actively participate in the formulation of global economic and trade rules. A big country means responsibility and responsibility. In the future, we must go to the forefront of international governance, give play to the influence of the world’s trading powers, and enhance China’s ability to provide public goods to the world and fulfill the responsibilities of big countries. We will continue to regard the multilateral trading system as the main channel to promote the opening of global trade and investment, adhere to trade liberalization in a clear-cut manner, and promote the development of the multilateral trading system in a more balanced, inclusive and win-win direction. Adhere to the principles of openness, inclusiveness and transparency, participate in regional trade cooperation and develop a global free trade network. Improve the global value chain, strengthen the coordination of trade policies, and help developing countries strengthen trade capacity building.

　　Xiongguan Man Road is as iron as iron, but now it’s a step from the beginning. We firmly believe that under the strong leadership of the CPC Central Committee with the Supreme Leader as the core, and through the unremitting efforts of all personnel on the foreign trade front, the goal of becoming a strong trading country will be realized, and foreign trade will surely write its own magnificent chapter in the process of realizing the Chinese dream of the great rejuvenation of the Chinese nation.

　　[car home’s preliminary sea election] Before, two new and old models sold at the same time have been introduced, but this topic is still unfinished. Lancer is one of Mitsubishi’s leading models, and its great achievements in the WRC battlefield are well known. It also has a short history, while Hyundai Sonata and Elantra are both important models in the global market, and they all have the phenomenon of two generations living under one roof in China.

　

　　Of course, we hope that domestic joint venture manufacturers can keep pace with the times, but we can’t be too extreme about the coexistence of old and new products. After all, the price reduction of old products has made consumers get more practical products. In fact, this phenomenon exists not only in China, but also in other countries, which can be regarded as some comfort to those "angry youths".

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First generation Lancer

"Two-door models of the first generation Lancer"

　　The first generation of Lancer evolved from Mitsubishi Colt Galant model, and came out in 1973, positioned between Minica and ganlante. Its beautiful appearance conforms to aerodynamic design and its performance is not bad. It participated in the SouthernCross Rally Rally in Australia in the same year and won a comprehensive victory. In the second year, it participated in the 22nd Safari Cross Country Race and Kenya Cross Country Race and won a comprehensive victory, so the first generation of Lancer also forged a relationship with the cross country rally.

　　The first generation Lancer has four-door version and three-door version, using 4G42 engine, with three kinds of displacements of 1.2 liters, 1.4 liters and 1.6 liters. Among them, the 1.6-liter GSR model with two-door version also uses double carburetors, with a maximum power of 110 horsepower and a vehicle weight of only 825 kilograms, so its power performance is very outstanding.

Second generation Lancer

　　Six years later, in 1979, the second-generation Lancer went on the market, adopting a new reverse balance shaft design to minimize the vibration of the engine when it was working, and at that time, a four-bar independent suspension was adopted, which not only enhanced the comfort, but also laid the foundation for the excellent handling afterwards.

　　By 1980, Lancer had five kinds of power to choose from, namely, 1.2L, 1.4L, 1.6L, 1.8L and 1.8T. This was also the first Lancer model with turbocharged engine and rear wheel drive. In 1981, Mitsubishi added an intercooler to this turbocharged engine, with a maximum power of 165 HP, which was also welcomed by fans and racers, and its 1.6 GSR model was also welcomed. It is said that Lancer is often used as an escape tool by criminals because of its good performance and fast speed.

Third generation Lancer

　　In 1982, the third-generation Lancer based on Mitsubishi Mirage was released, which was not much different from the later models of the second generation. In overseas markets, it was called Lancer Fiore, while the Mirage model was sold as a five-door hatchback at the same time. In the Australian market, the appearance was modified and finally sold as a Mitsubishi Colt model.

Fourth generation Lancer

　　In the following year, in 1983, Mitsubishi introduced the fourth generation Lancer model, and Mirage and Lancer also became the same model. Its appearance was close to fashion. A 1.6-liter turbocharged EFI engine calculated by computer had a maximum power of 120 HP, and Mitsubishi’s 1.8-liter diesel and 1.5-liter MD (Modulated Displacement) also made their debut. In 1985, the appearance of the travel version of Lancer enriched the product line. A year later, the full-time four-wheel drive version of Lancer was released. This model was also widely sought after overseas and in Japan, and achieved good sales in both business and home markets.

Fifth generation Lancer

　　In 1988, the fifth generation Lancer went on the market. It followed the shape design of Goran at that time, and its appearance became dynamic and smooth. The streamlined design created excellent aerodynamics. This generation of models also improved greatly in terms of interior and seating space. Five-door hatchback models joined Lancer’s camp. In Australia, all models are called Lancer, while in Japan, they are called Mirage Aspire. Similarly, full-time four-wheel drive technology has also been applied to the fifth-generation Lancer model.

Sixth generation

　　In 1991, the sixth generation Lancer came into the market, which was full of strong rally atmosphere. The configuration of ABS, electric seats and four-wheel disc brakes was very advanced at that time, and the newly designed 1.6-liter 16-valve engine was very leading in its class. At the same time, Mitsubishi also built a 1.6-liter V6 engine with the smallest cylinder volume, which was the first in the world. MIVEC (Intelligent Variable Valve Timing and Lift Control System) is also the first time to be applied to Lancer’s engine. The Lancer EVO(Evolution) model, which is highly sought after by car fans, started from this generation. The sixth generation Lancer has achieved good market results in Australia, the Philippines, Europe and Latin America.

● Southeast Lingshuai is based on the sixth generation Mitsubishi Lancer.

"Southeast Lingshuai"

　　Taiwan Province Zhonghua Automobile, which was funded by Mitsubishi, introduced the sixth generation Lancer model from Mitsubishi of Japan, and after localization, it obtained a very large sales volume in Taiwan Province. So in 2003, Southeast Automobile of the mainland introduced this Taiwan Province version of Mitsubishi Lancer and named it Lioncel.

"V3 Lingyue"

　　After several years’ development and strength enhancement of Southeast Auto, today’s "Lingshuai" has become a "V3 Lingyue" with independent intellectual property rights. Its appearance still retains the characteristics of the prototype Lancer, but it has made some minor modifications in the front and rear lights and body details, which is more energetic than Lingshuai, and the V3 Lingyue is also younger and rounder in the interior.

　　As a family car, V3 Lingyue has a wheelbase of 2500mm, which is at a disadvantage in the same class. Therefore, it also directly shapes the crowded rear space. The power system adopts an in-line four-cylinder engine with a displacement of 1.5L, with variable valve timing technology, and the maximum power is 120 HP, which can be matched with a 5-speed manual CVT with a 6-speed analog gear. All the models of V3 Lingyue are below 100,000, and the price of the minimum 1.5L sailing version is 59,800, so the overall price of this model is quite attractive.

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> > > Related links:

The overall level has improved significantly! Measuring southeast V3 lingyue 1.5MT
//www.autohome.com.cn/drive/200903/57262.html

New Engine and Sports Seat Test Drive V3 Lingyue Style Edition
//www.autohome.com.cn/drive/200908/68305.html

More pure and comfortable style! Test drive Southeast V3 Lingyue CVT
//www.autohome.com.cn/drive/201004/105246.html

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Seventh generation Lancer

　　In 1995, the seventh-generation Lancer, which is more beautiful in shape and more powerful in performance, went on the market, also with a car and a travel version (the travel version is called Libero in Japan). In terms of configuration, this model is equipped with an automatic air conditioner with a liquid crystal display, which was also very advanced in the mid-1990s. Mitsubishi MIVEC (Intelligent Variable Valve Timing and Lift Control System) was also applied to the engine, and the GSR version with turbocharging was sold until the late 1990s. EVO models based on the seventh generation Lancer are very popular with young fans, and modified suspension, exhaust system and sound system are also popular on this generation of models.

Eighth generation Lancer

　　In 2000, the eighth generation model came into the market. It was named Lancer Cedia in Japan, representing the Millennium edition model. It took a more luxurious and comfortable trend, with the shadow of a medium-sized car in appearance and interior. In terms of power, there were seven engines with displacement of 1.3L, 1.6L, 1.8L, 2.0L and 2.4L to choose from, including the 1.8L model of 4G93 and the turbocharged version with gasoline direct injection.

Ninth generation Lancer

　　In 2005, Mitsubishi Motors released the Concept T-X concept car at the Tokyo Motor Show, and the ninth generation Lancer was developed based on this concept car. In 2007, a new generation of Lancer was released at the Detroit Auto Show in the same year, and then went on sale in March 2007. The front face of the new Lancer also became Mitsubishi’s latest family face. The 9th-generation Lancer has 4 models with 2.0L and 2.4L displacement in China, and the price ranges from 218,000 to 285,000. It is worth noting that Lancer’s EVO model has developed to the tenth generation, but the latest model of the ordinary version is the ninth generation.

● Southeast Mitsubishi lancer ex

　　The Wing God introduced by Southeast Auto last year is based on the ninth generation Lancer model, and some localized changes have been made on the basis of the prototype. The appearance is mainly to weaken the "big mouth". Although many people accuse it of destroying the domineering of the prototype, this change is still of positive significance to the Wing God, which is the main family car market. After all, its strong personality is not conducive to being accepted by more families, and the overall coordination after the revision is very good.

　　Wing Shen’s interior is convenient to maintain the good workmanship of Japanese cars, and the wheelbase of 2635mm reaches the normal level of current compact cars, so it is no problem to meet the general household in space. The steering wheel shift paddles are used in the top model, which is the embodiment of its sports temperament to a certain extent, and the knee airbags and automatic air conditioning standard on all models are the highlights of the car.

　　Wing Shen adopts the engine imported from Mitsubishi, with a total displacement of 1.8L and 2.0L, and the maximum power is 136 HP and 152 HP respectively. It can be matched with a five-speed manual or CVT continuously variable gearbox, and the ASC body stability program of the top model increases the safety in dynamic driving. The overall selling price of Wing God is 109,800-169,800, which is comparable to that of other joint venture models.

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> > > Related links:

Shape is the biggest selling point. Test the imported Mitsubishi Lancer EX 2.0.
//www.autohome.com.cn/drive/200902/55542.html

The definition of external rigidity and internal softness measures lancer ex 2.0+CVT.
//www.autohome.com.cn/drive/201001/92809.html

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　　Sonata Sonata is a mid-level car designed by Hyundai in South Korea. The name "Sonata" comes from Italian, which means playing music. It represents an optimistic, progressive and perfect attitude towards life. Hyundai has also concentrated a lot of experience in developing Sonata models, which is also an important model to reverse the poor reputation of Hyundai.

Sonata of the first generation (y)　

　　The first generation Sonata was born in 1985, and its shape was developed on the basis of modern Stellar. It adopted 1.8L and 2.0L displacement models with maximum power of 95 HP and 131 HP respectively. The first generation Sonata has been recognized by consumers and achieved great success, with a total of 582,822 vehicles sold.

Second Sonata (Y2)

Sonata of the Second Generation

"Sonata of the second generation after a small change"

　　Three years later, in 1988, Hyundai Motor introduced the second-generation Sonata model and landed in the United States for the first time. In the American market, it adopted a Mitsubishi 2.4L inline four-cylinder engine, which was upgraded to a Mitsubishi 6G72 V6 engine with a displacement of 3.0L in 1990. In 1992, a 2.0L naturally aspirated engine replaced the previous 2.4L model. The second-generation Sonata was launched in Korean in January 1988, and it entered Canada and the United States in September of the same year. In 1991, Hyundai carried out cosmetic surgery for this model in order to replace Stellar as a "large family car".

Third Generation Sonata (Y3)

"The Third Sonata"

"the third generation sonata after the change"

　　The third-generation Sonata, code-named Y3, made its debut in 1993, making its appearance design more streamlined. In most markets, the car is equipped with one of the four-cylinder engines with a displacement of 2.0L, with a maximum power of 105 HP, but there are also models equipped with Mitsubishi V6 3.0L engine for a few countries. In 1996, Hyundai performed a cosmetic surgery for the third-generation Sonata, the changes were mainly concentrated on the front face and tail, and the power was also slightly upgraded to 125 horsepower. In the first year after the change, the sales volume increased by 25%.

The fourth generation Sonata (EF)

　

"The Fourth Sonata"

"the fourth generation sonata after the change"

　　In 1998, the fourth generation Sonata went on the market. This model used a lot of advanced technologies of modern cars, and sold well in the same class for a long time. After the change in 2001, it was rated as the most satisfactory product by J.D.Power for two consecutive years.

"The latest version of the fourth generation Sonata in China" Monica Ming Yu ""

　　The Sonata model introduced by Beijing Hyundai in 2002 is the fourth generation product, and it also has a good performance in official cars, taxis and other markets. Now the car has been "upgraded" by Beijing Hyundai, mainly focusing on the appearance of newly designed headlights and taillights, and as a "Monica", the range is 114,800-139,800. Although it is a little small for a medium-sized car, the price-performance ratio is good.

　　At present, Monica Mingyu has two engines with displacement of 1.8L and 2.0L to choose from, which can be equipped with a 5-speed manual or 4-speed automatic gearbox. The interior still continues the design of the fourth-generation Sonata, with no luxurious assembly and practical emphasis. The wheelbase of 2700mm ensures a good seating space, which is very sufficient for family cars.

The fifth generation Sonata (NF)

　　In 2004, Hyundai Motor released the NF model of Sonata and released it to all parts of the world in 2005, and Beijing Hyundai also introduced the modified model at the same time. However, due to Hyundai Motor’s underestimation of the China market, its configuration did not keep pace with the American market, which is one of the reasons for the poor sales of Sonata NF after its listing. In addition, as a medium-sized car, Hyundai brand also had a negative impact on sales.

　　In 2009, Beijing Hyundai specially launched an upgraded version of the Sonata NFC for the China market, named as "Sonata Lingxiang". The car has been comprehensively upgraded in appearance and interior, incorporating the latest family characteristics of modern cars, and the price ranges from 155,800 to 228,800. Although the Korean brand configuration of the medium-sized car with the same price is higher, the modern brand has become the biggest constraint factor in the domestic medium-sized car market.

　　Lingxiang is equipped with an in-line four-cylinder engine with a displacement of 2.0L or 2.4L, with the maximum power of 165 HP and 174 HP respectively. The 2.0L model has a 5-speed manual transmission and a 4-speed automatic transmission, while the 2.4L model is equipped with a 5-speed automatic transmission. In addition, the high-equipped model also has safety equipment such as 8 airbags and electronic stability program, which is superior to the medium-sized car at the same price in other aspects.

Sonata of the sixth generation

Sonata of the Sixth Generation

　　Now, the sixth-generation Sonata has been listed in South Korea, with a younger design and a more advanced power system. We will see its beauty at the Beijing Auto Show, which opens in a few days, and will bring readers more detailed reports.

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> > > Related links:

Market positioning is very accurate. Test drive Beijing Hyundai MOINCA Mingyu.
//www.autohome.com.cn/drive/200909/69355.html

Non-mainstream Expressiveness Test SONATA· Lingxiang 2.4TOP
//www.autohome.com.cn/drive/200904/58672.html

Analysis of preheating 2011 Sonata official drawings before listing in China
//www.autohome.com.cn/advice/201002/95276.html

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First generation elantra

"The first generation Elantra after the change (Part II)"

　　Relatively speaking, Hyundai’s Elantra is a relatively young brand, which was founded in 1990 with the goal of competing with Honda Civic and Toyota Corolla in the family car market. The first generation Elantra has the shadow of a contemporary car in appearance design, and it is not as old as other cars with a long history. Its power system is powered by a 1.6L inline four-cylinder 16-valve engine provided by Mitsubishi, with a maximum power of 113 horsepower and an acceleration time of 9.5 seconds from 0 to 97 km/h. The car was slightly modified in 1992.

Second generation elantra

"The second generation Elantra after the change (II)"

　　The second generation Elantra was released in 1995. There are two versions of car and station wagon, which are relatively advanced in body design and configuration at that time. At first, the car was equipped with a 1.5L α engine and a 1.8L β engine with maximum power of 107 HP and 128 HP respectively. The car was redesigned in 1999. In Australia, the travel version of the car called "Lantra" is very popular with consumers.

Third generation elantra

　　In 2001, the third generation Elantra was officially launched. In 2004, the car was slightly modified, mainly in some small parts such as front and rear lights, air intake grille and engine cover. Because each generation of Elantra has a mid-term change, many people think that this is the sixth generation, but these small changes are not enough to subvert the first generation.

　　This is the familiar Elantra model introduced by Beijing Hyundai. Since its launch, Elantra has achieved great success in the family car market with its excellent cost performance and spacious space, and it has also performed well in the taxi market. Elantra, which mainly uses a 1.6L engine for home use, has less than 90,000 minimum models and only 100,000 top models. Although the body is older, it is still relatively cost-effective at this price.

The fourth generation elantra

　　The fourth generation Elantra went on the market in 2007, that is, the familiar "Elantra Elantra Elantra" model introduced and produced by Beijing Hyundai. Because the residual heat of the previous generation model is not small, Beijing Hyundai did not immediately stop the sales of the previous generation model after the new model was put into production.

　　Elantra Elantra’s styling has changed the old-fashioned style of the previous generation, and its smooth and dynamic styling has really attracted consumers’ attention. Therefore, this model has also achieved excellent sales results and continued to sell well, becoming the master of Beijing’s modern new generation, Hua Dan. Of course, the excellent cost performance of Korean models is also a decisive factor. The price of all models of Elantra is 99,800-119,800, which is more advantageous than the competitors with the same configuration, and with the youthful and energetic appearance, it is very pleasing to the people who pursue benefits.

　　Elantra’s wheelbase of 2650mm has reached the standard of compact cars. For home users, Elantra’s space level is good, and the overall atmosphere of the interior gives people a warm feeling. It is equipped with a gamma engine with a displacement of 1.6L and a maximum power of 123 HP, which can be matched with a 5-speed manual or 4-speed automatic gearbox.

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> > > Related links:

Closer to home testing Beijing Hyundai ELANTRA Elantra Elantra Elantrahttp://www.autohome.com.cn/drive/200805/39212.html

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Summary:

　　There is no doubt that Mitsubishi’s Lancer model is well-known in the world car world, and it is one of the key targets of many car fans’ modification both at home and abroad. Mitsubishi will further carry forward this model while retaining the classics, and introduce the latest model "Wing God" into China; Although the modern Sonata and Elantra models have "two generations under one roof", they are at least manufacturers that keep pace with the times, bringing the latest products to China and letting consumers taste the benefits of Korean cars. It is said that the introduction of the latest generation Sonata that subverts the traditional design is basically a foregone conclusion. I believe we will see the latest modern models soon. (Text/car home Sun Tao)

　　In early September, China launched an anti-dumping investigation on Canadian rapeseed, which boosted the overall oil trend. With the National Day holiday approaching, the market has cooled down the subject matter of Canadian rapeseed anti-dumping transactions. Recently, the supply and demand structure of palm oil producing areas has been expected to tighten, the Indonesian Palm Oil Association has released the signal of output reduction and the Indonesian Ministry of Finance has reduced export taxes and fees, which offset the negative impact of India’s increase in vegetable oil import tariffs. Palm oil production in Malaysia decreased month-on-month due to weather factors, and palm oil led the oil trend.

　　Weather factors affect unit yield

　　At present, palm oil production is in a seasonal increase cycle, but due to bad weather, palm oil production in Malaysia has not increased as expected. SPPOMA survey data show that the output of palm oil in Malaysia decreased by 7.01% from September 1 to 20, and the yield of fresh oil palm fruit string decreased by 7.80%. Moreover, the Malaysian meteorological department said that the monsoon season is expected to start from Tuesday and will last until the beginning of November. The heavy rainfall and flood risk brought by the monsoon may disrupt the harvest rhythm of oil palm fruits and affect palm oil production. The bad weather in the northern part of the Malaysian Peninsula has also caused the market to worry about the delay in the seasonal peak of palm oil production, further strengthening the concern of palm oil production reduction in Malaysia. Indonesia’s palm oil production has also declined. According to the prediction of the Indonesian Palm Oil Association, palm oil production will drop by 1 million tons to 53.8 million tons in 2024, mainly because the dry weather last year led to a decline in yield, while the oil palm area did not increase. In addition, the implementation of B35 biodiesel blending ratio in Indonesia has increased the consumption demand of palm oil, resulting in the continued low inventory of palm oil in Indonesia. At the end of June, the palm oil inventory was only 2.82 million tons, which was the lowest in the same period in the past five years.

　　Export demand is unsustainable.

　　Malaysian palm oil export demand exceeds market expectations. In September, Indonesia raised the reference price of palm oil export, which led to an increase of 24 US dollars/ton in export tax compared with August, and improved the export competitiveness of Malaysian palm oil. According to shipping data, Malaysia’s palm oil exports from September 1 to 20 ranged from 890,000 to 950,000 tons, an increase of 6.8% to 10% over the same period of last month. Due to the decline of palm oil production in Malaysia due to bad weather and strong export demand, the accumulation rate of palm oil is lower than expected.

　　From the overall demand of palm oil, India raised the import tariff of edible oil from September 14th, and the tariff of crude palm oil increased from 5.5% to 27.5%, and the import tariff of refined palm oil increased from 13.75% to 35.75%, so the import demand of Indian palm oil decreased. According to Indian buyers, Indian refiners canceled the purchase order of 100,000 tons of palm oil delivered from October to December due to the sharp increase in tariffs and soaring prices in Malaysia. In addition, Indonesia’s Ministry of Finance revised the new rules of palm oil export tax, and the export tax was levied according to the percentage of the reference price. The tax rate of crude palm oil was 7.5%, and the tax rate of 24-degree refined palm oil was 4.5%, which came into effect on September 21st. According to the reference price of USD 839.53/ton in September, the export tax is reduced by USD 27/ton and USD 32/ton compared with that before adjustment, which will partially offset the negative impact of the increase of import tax in India on palm oil export. The reduction of export fees will help improve the attractiveness of Indonesian palm oil and pose greater competitive pressure on Malaysian products in the export market. In addition, the incremental export demand will also ease the inventory pressure brought about by the recovery of production and further support the palm oil price.

　　Imports continue to be upside down.

　　In the first half of the year, the domestic palm oil import profit continued to be upside down, and the import volume was low. According to the data released by China Customs, the total palm oil import in August was 400,000 tons, a year-on-year decrease of 35.5% and a decrease of 18,900 tons compared with 419,700 tons in the same period of last month. At present, the inventory pressure of palm oil producing area is light, the export quotation is firm, and the upside down of import profit in recent months is still serious. Last week, there were three boat washes in December in China, and no new ships were bought. Due to less palm oil arriving in Hong Kong, it continued to go to the warehouse. On September 17, the commercial inventory of palm oil in key areas of the country was 528,000 tons, a decrease of 45,000 tons or 7.8% compared with last week. As the temperature drops, palm oil will gradually enter the off-season of consumption, and the rate of palm oil going to the warehouse will slow down in the later period.

　　On the whole, although domestic palm oil itself is on the rise.Insufficient, but palm oil prices are expected to be boosted due to multiple factors such as the production of palm oil in the producing area is less than expected, the pressure of accumulated storage is reduced, and the production reduction season will enter in November. (Author: Huishang Futures)

The price range of Land Rover Star Pulse 2019 is between 572,800 and 878,800.

This model has a highly recognizable front face, full, rich and layered, showing a tough temperament under the young and fashionable appearance. The simple front face with sharp headlights perfectly explains the domineering of Land Rover, and it looks full of gas from a distance.

Different from its domineering appearance, the interior is relatively simple, the functional areas are clearly divided and the materials are more elegant. The leather material with exquisite stitching is in line with its luxury car. In addition, the shape of the rear of the car is also very unique, and you can see the unique back of Range Rover at a glance, whether during the day or late at night. The design of animation elements of taillights, like the pupils of robots, is full of mechanical sense. The youthful design that echoes from beginning to end not only shows the original charm of Land Rover, but also attracts the attention of more young people.

Land Rover Star Pulse 2019 is a very attractive model, and its price range is between 572,800 and 878,800. The front face of this car is highly recognizable, full, rich and layered, showing a tough temperament under the young and fashionable appearance. The simple front face with sharp headlights perfectly shows the domineering of Land Rover, and it looks full of gas from a distance.

Interior, unlike its domineering appearance, is relatively simple, with clear division of functional areas and more sophisticated materials. The leather material with exquisite stitching is in line with its luxury car. In addition, the shape of the rear of the car is also very unique, and you can see the unique back of Range Rover at a glance, whether during the day or late at night. The design of animation elements of taillights, like the pupils of robots, is full of mechanical sense. The youthful design that echoes from beginning to end not only shows the original charm of Land Rover, but also attracts the attention of more young people.

Overall, the Land Rover Star Pulse 2019 is a very attractive model. Both the exterior and the interior show the unique charm of Land Rover. If you are interested in this car, you can consider adding it to your car purchase list.

[car home Wuhan Preferential Promotion Channel] Recently, a wave of substantial price reduction concessions has been ushered in the Wuhan market, with the highest discount rate reaching 123,000 yuan and the lowest starting price reduced to 312,700 yuan. If you are considering buying Cadillac XT6, now is a good time to start. It is suggested to click "Check the car price" in the quotation form to get a higher discount.

The exterior design of Cadillac XT6 highlights its sense of luxury and strength. The front part adopts the iconic family-style shield-shaped air intake grille, and chrome-plated decoration adds a sense of luxury. The headlights are sharp in shape and cooperate with LED daytime running lights to create a unique visual effect. The overall style is magnificent and the body lines are smooth, showing the perfect combination of movement and elegance.

The body size of Cadillac XT6 is 5056mm long, 1964mm wide, 1780mm high, with a wheelbase of 2863mm, and a front and rear track of 1683 mm.. The body lines are tough and smooth, with 20-inch rims, showing the perfect combination of luxury and sports. Tyre size is 235/55 R20, which ensures the stability and comfort of the vehicle.

Cadillac XT6 interior is luxurious and elegant, made of high-quality leather, creating a comfortable and comfortable interior environment for drivers and passengers. The steering wheel is also made of leather, which supports electric up-and-down and front-and-back adjustment, providing drivers with a more humanized control experience. The 10-inch central control screen has high definition, supports voice recognition control system, and can realize voice control of multimedia system, navigation, telephone, air conditioning and other functions. The seat is made of leather, the main driver’s seat has heating and ventilation functions, and it is equipped with electric seat memory function. The co-pilot seat also has heating and ventilation functions. The front seat also supports height adjustment, backrest adjustment and lumbar support adjustment. The second row of seats supports front and rear adjustment and backrest adjustment, and the rear seat can be scaled down. In addition, the car is equipped with rich multimedia/charging interfaces, and USB and Type-C interfaces are provided in the front row and rear row respectively, which is convenient for passengers to charge and use multimedia devices at any time.

Cadillac XT6 is equipped with a 2.0T 237 horsepower L4 engine with a maximum power of 174kW and a maximum torque of 350N·m, which is matched with a 9-speed automatic manual transmission.

The owner of car home said that the XT6’s body size, third row space and vehicle configuration fully met his requirements, and even had a feeling of being tailored for him, which rekindled his dream. XT6’s appearance and space also satisfy him. The body length of more than five meters makes the whole vehicle look particularly domineering, while the family-style front face design and in-line LED headlights make it highly recognizable in the street, especially the spacious space, which makes him irresistible.

1905 movie network news On July 14th, Esther Yu took a group of photos through her personal social account, in which she cut the ultra-short black to unlock the new look. Esther Yu, who has always taken the sweet route with long curly hair or double ponytails and ball heads, suddenly changed her style and triggered a hot discussion among netizens.

In the publicity blockbuster, Esther Yu’s ultra-short hair is matched with glossy shirt and black leather shorts, and all-inclusive smoky makeup is matched with red lips, which makes her temperament change greatly and she is very handsome. Such a changeable Xinzi Xin is so lovable!

There are many bright spots. Today we will talk about how it performs in terms of power. Let’s take a look together.

Take a look at the appearance of the Beijing BJ60 first. The front face of the Beijing BJ60 looks more individual and hard-edged. The headlights are simple, which greatly enhances the refinement of the whole vehicle. The car is equipped with LED daytime running lights, front fog lights, automatic opening and closing, delayed closing, etc. To the side of the body, the body size of the car is 5040MM*1955MM*1925MM, the car adopts fashionable lines, and the body gives a very simple feeling. With large-sized thick-walled tires, it looks sporty. On the rear design, the rear looks more personalized, the tail lights give a very young personality feeling, coupled with the unique exhaust pipe, the shape is more elegant.

In terms of the interior, the interior presents a deep design style, and the overall design is very cold. The steering wheel design of the car is very fashionable and atmospheric, made of genuine leather, giving people an urge to want to ride it. Take a look at the central control, the center console design is reasonable, so that the interior design is quite layered, and it looks very cute. Let me introduce the dashboard and seats. The car is equipped with a delicate dashboard, which creates a more sporty atmosphere. The car adopts leather seats, which are well-wrapped and have a good overall comfort.

The car is equipped with vehicle to everything, driving mode selection, remote control key, Bluetooth key, rear wipers, engine start and stop and other configurations, and the configuration has reached the mainstream level of the same level.

I don’t know if you are excited about the car introduced today? As long as you really like it, the purchase is over. Hurry up and go to the 4S store to place an order.

"Wheat Field" crew

　　The 13th China Film Awards Ceremony was held on August 29 at the Beijing Exhibition Hall Theater. The entire cast of "Wheat Field" was invited to attend in full costume. Director He Ping and the president of the film distribution company Poly Bona Yu Dong led Fan Bingbing, Huang Jue, Wang Xueqi, Du Jiayi, Wang Ji and Wang Jiajia to appear on the red carpet of Huabiao, which can be described as a huge and dazzling star.

　　The main creators of this film all appear with personalized styling: retro-style evening wear, exotic-style headgear, floral cheongsam, post-modern collocation, heroic Mao suit, black and white suit, integrating ancient and modern Chinese and foreign fashion elements, becoming the focus of the red carpet.

　　Fan Bingbing held a bunch of flowers from fans, which was particularly beautiful and drew screams from fans. In an interview with the media at the scene, she said that "the Huabiao Award is the highest award for movies by the government. It has been held for many years, and its position in the eyes of filmmakers is irreplaceable." Fan Bingbing believes that "a show that the audience loves is a good show."

　　"Wheat Field" is based on the most famous "Battle of Changping" in the Warring States Period as the historical background. The scene is grand and desolate, and the plot is witty and humorous. It tells the story of a thrilling, bizarre and even crazy escape experienced by two ordinary soldiers. It is an extremely alternative costume war film.

　　As another masterpiece of the period film, "Wheat Field" ingeniously shifts the lens from the big heroes and big figures of the past to the ordinary people in the war, and allows the audience to relive that period of history with a unique perspective. This "Wheat Field" is also another masterpiece that director He Ping has been brewing for six years. He Ping said: "The common people and ordinary soldiers are the most important participants and witnesses of war and the experiencers of fate." "Wheat Field" reflects the four new characteristics of the film directed by He Ping: epic, ancient, war and comedy. The creators unanimously commented that the drama is very black humor, and "Wheat Field" is destined to be one of the most anticipated works by audiences in 2009.

　　"Wheat Field" will be released nationwide on September 28, 2009, bringing audiences a spectacular, a touch of humor, a touch of emotion, and a burst of laughter on the 60th anniversary of National Day.

The full list of winners of the 13th China Radio, Film and Television Awards "Huabiao Film Awards" (13th)