"The biggest car brand you've never heard of."

「你從未聽說過的最厲害汽車品牌」。

Now, China's BYD has overtaken Tesla as the world's largest seller of electric vehicles.

現在，中國的比亞迪已經超越特斯拉，成為全球最大的電動汽車銷售商。

Even if you've never heard of BYD, there's a chance you've been in one of its buses.

即使你從未聽說過比亞迪，也有可能乘坐過它的巴士，

While these taxis prow the streets of some of the world's biggest cities.

這些計程車在世界上一些最大城市的街道上穿梭。

But buses and taxis aren't the reason why BYD has overtaken Tesla.

但公共汽車和計程車並不是比亞迪超越特斯拉的原因。

Instead, it's a fruit of long-term strategic thinking on the part of Byd itself and the Chinese government.

相反，這是比亞迪自身和中國政府長期戰略思考的成果。

And it is setting China up to be the dominant global player in the transportation of the future.

它正在使中國成為未來運輸領域的全球主導者。

Electric vehicles, a business that could be worth $8.8 trillion by the end of a decade.

電動汽車這項產業到 10 年底可能價值 8.8 兆美元。

Here are the three most important things that have made BYD, the king of EVs.

以下是使比亞迪成為電動車之王的最重要的三件事。

The Chinese government has played a huge role in BYD's rise.

中國政府在比亞迪的崛起中發揮了巨大作用。

We've arguably never seen anything like this in terms of, you know, the amount of support that China has extended to automakers, specifically pertaining to EVs.

可以說，我們從未見過這樣的事情，你知道，中國向汽車製造商提供的大量支持，特別是與電動車相關的支持。

Beijing has given an estimated $30 billion of tax exemptions to the industry since 2010 and may waive a further 97 billion by 2027.

自 2010 年以來，北京已向該產業提供了約 300 億美元的稅收減免，並可能在 2027 年進一步減免 970 億美元。

China actually takes a carrot and stick approach.

中國實際上採取的是「軟硬兼施」的政策。

They set mandatory EV output targets for automakers, but they also offer cheaper loans and cheaper land and R&D subsidies to all those EV makers.

他們為汽車製造商設定了強制性的電動汽車產量目標，但同時也為所有這些電動汽車製造商提供更便宜的貸款、更便宜的土地和研發補貼。

And BYD has been a massive beneficiary of that.

而比亞迪是其中的一大受益者。

It still sells most of its electric vehicles in its home market.

該公司的大部分電動汽車仍在本土市場銷售。

But of course, Tesla has also benefited from Chinese subsidies, which is where the second reason for BYD's rise comes in.

當然，特斯拉也受益於中國的補貼，這也是特斯拉崛起的第二個原因。

Most of BYD's cars are simply a lot cheaper than Tesla's.

比亞迪的大多數汽車都比特斯拉便宜很多。

In fact, it sells 10 popular models starting from less than Tesla's cheapest offering for the Model 3 sedan and BYD sells a lot more of the cheaper vehicles in its lineup.

事實上，它銷售的 10 款熱門車型的起價都低於特斯拉最便宜的 Model 3 轎車，而比亞迪銷售的更多的是其產品系列中更便宜的車型。

They have very cheap models starting from $10,000.

他們有非常便宜的型號，起價為 10,000 美元。

Their approach has been extremely different in the sense that Elon Musk believed that you had to sort of start from the high end with a sexy performance car to get people interested in electric cars and then work your way down the price spectrum.

伊隆馬斯克認為，要讓人們對電動汽車產生興趣，就必須從高端的性感性能車入手，然後再逐步降低價格，從這個意義上講，他們的方法與眾不同。

BYD went at it from the other end where it was about cheap taxis and buses that needed a heck of a lot of batteries and really sort of, you know, drove down the prices of the batteries that they could put into passenger cars.

比亞迪從另一個角度進行了分析，即廉價計程車和公車需要大量電池，而特斯拉的平均售價約為 4.5 萬。

While the average price paid for Tesla is about 45,000, the average Byd sells to roughly half that.

特斯拉的平均售價約為 45,000 美元，而比亞迪的平均售價約為該價格的一半。

That, of course, raises a question. How can it sell them so cheaply?

當然，這提出了一個問題。 怎麼能賣這麼便宜？

The secret to that price tag lies in what is known as vertical integration.

這個價格標籤的秘密在於所謂的垂直整合。

Our vertical integration capability gives us flexibility in faster response to market trends as well as better support for brand development and customer service.

我們的垂直整​​合能力使我們能夠靈活地更快地回應市場趨勢，並更好地支援品牌發展和客戶服務。

That's a fancy way of saying that they make a lot of the things that go into their vehicles themselves.

這是一種花哨的說法，即他們自己製造汽車上的很多東西。

Carmakers usually buy most components from suppliers such as Bosch, Continental, and Aptiv.

汽車製造商通常從博世、大陸集團和安波福等供應商購買大部分零件。

Volkswagen, for instance, only makes 35% of the parts in its ID.3 electric car; Tesla, meanwhile, makes 68% of the parts that go into its Model 3 made in the US.

例如，大眾汽車僅生產 ID.3 電動車 35% 的零件； 同時，特斯拉 Model 3 68% 的零件是在美國製造的。

BYD makes 75% of the parts that go into the seal.

75% 的密封件零件由比亞迪生產。

It's flagship model.

它是旗艦機型。

The most important factor is that Byd is the only auto maker that produces all of its batteries in house.

最重要的因素是，比亞迪是唯一一家自己生產所有電池的汽車製造商。

That was hugely important during the pandemic when the supply chains were just absolutely in a state of chaos for the industry.

這一點在疫情期間非常重要，當時整個行業的供應鏈完全處於混亂狀態。

The fact that BYD was in control of its own destiny gave them a huge leg up over the rest of the industry and especially as it pertains to batteries.

事實上，比亞迪能夠掌握自己的命運，這使他們在行業中，尤其是在電池方面，佔據了巨大的優勢。

This is a company that has been in the battery space since the 1990s.

這家公司自 1990 年代起就進入了電池領域。

BYD actually stands for "build your dreams." It started out in 1995 as a battery company.

比亞迪是「構建你的夢想」成立於 1995 年，最初是一家電池公司。

They make rechargeable batteries for mobile phones and other electronics products.

他們為手機和其他電子產品製造充電電池。

And then the company got into the auto business in 2003.

2003 年，該公司開始涉足汽車業務。

Making its own batteries and other components helps it reduce a lot of costs.

自制電池和其他零部件幫助公司降低了大量成本。

That's attracted some big name investors.

這吸引了一些大名鼎鼎的投資者。

Call it the continued BYD promotional roadshow and investor, Warren Buffett brought his buddy Bill Gates along for the ride here in Beijing.

華倫‧巴菲特帶著他的好友比爾‧蓋茲一起在北京參加了比亞迪的持續宣傳路演和投資者活動。

It was fantastic.

真是太棒了。

I'm amazed at the quality of that vehicle.

我對這輛車的品質感到驚訝。

Warren Buffett was one of the biggest early investors in BYD through his holding company, Berkshire Hathaway.

華倫‧巴菲特是通過其控股公司伯克希爾-哈撒韋公司波克夏·海瑟威投資比亞迪公司的最大早期投資者之一。

And the battery technology might also give BYD a technological edge over some rivals.

電池技術也可能使比亞迪比一些競爭對手擁有技術優勢。

It uses lithium-iron-phosphate, which is not only cheaper than other batteries, it's also packaged a lot more compactly.

它使用的磷酸鐵鋰不僅比其他電池便宜。

And chemistry is a core expertise of founder Wang Chong Fu.

它的包裝也更加緊湊，而化學是創始人王崇富的核心專長。

He is sort of the anti Elon Musk.

他有點像反伊隆馬斯克。

Wang is a chemist by training and an engineer and an anecdote that one of our reporters was told was that when he was told he needed to dress up a bit for an investor meeting, he stopped to buy shirts just sort of off the street.

我們的一位記者聽說過這樣一件軼事：當他被告知需要為一次投資者會議稍作打扮時，他在街上買了幾件襯衫。

And so he's far from one of the flashier executives in the auto industry.

所以他遠非汽車行業中最耀眼的高管之一。

[Speaking in Chinese] BYD has an early start in battery technology and vehicle integration testing. WE've been in a leading position and built up a lot of technological expertise.

[中文]比亞迪在電池技術和整車整合測試方面起步較早。 我們一直處於領先地位，並累積了大量的技術專長。

This is all set BYD up to be the biggest player in electric vehicles.

當我們使用它時，這一切都將使比亞迪成為電動汽車領域最大的參與者。

The question now is whether it can become one of the world's biggest car maker, full stop and that means growing outside of China.

現在的問題是，它能否成為世界上最大的汽車製造商之一，這意味著要在中國以外的地區發展。

In 2021, BYD started to step up its global expansion.

2021年，比亞迪開始加緊全球擴張。

It started to launch more passenger vehicles across the global market, including Middle East, Southeast Asia and Europe.

它開始在中東、東南亞和歐洲等全球市場推出更多乘用車。

It's still a very new entrant in global markets.

在全球市場上，它仍然是一個新進入者。

The volume contribution is rising but still small.

成交量貢獻正在上升，但仍然很少。

Even so, BYD, inside three years has become one of the top selling ev brands in markets such as Thailand, Brazil and Australia.

即便如此，比亞迪在三年內已成為泰國、巴西和澳洲等市場最暢銷的電動車品牌之一。

It's also remains to be seen whether this company can quickly grow in some of these newer markets that it's entering where it isn't well-known, it isn't recognized.

這家公司是否能夠在一些它所進入的不知名、不被認可的新市場中快速成長還有待觀察。

The two most prominent challenges in BYD's global expansion will be first, regulatory uncertainties and second, brand awareness.

比亞迪全球擴張的兩個最突出的挑戰將是，一是監管的不確定性，二是品牌知名度。

The European Union is investigating into Chinese EV subsidies.

歐盟正在調查中國的電動車補貼。

Chinese automakers, they are exporting more of their EVs into Europe because those cars are produced in China.

中國汽車製造商正在向歐洲出口更多電動車，因為這些汽車是在中國生產的。

So the production costs are pretty low, which allows the automakers to set their prices in the Europe cheaper than the European counterparts, which has been very alarming to the European auto industry.

因此生產成本相當低，這使得汽車製造商在歐洲的定價比歐洲同行便宜，這讓歐洲汽車產業非常震驚。

One way around that will be to increase the amount of local production.

解決這一問題的方法之一就是增加在地生產量。

Definitely localization is one of the very important strategy of BYD's Europe strategy.

本地化無疑是比亞迪歐洲戰略中非常重要的戰略之一。

And so we are considering where evaluation different location in Europe, and where we can build the cars.

我們正在考慮對歐洲的不同地點進行評估，除了公共汽車和卡車之外，我們還可以在哪裡生產汽車。

And apart from buses and trucks, BYD isn't in the US.

除了巴士和卡車之外，比亞迪沒有進入美國市場。

The trade tensions between Beijing and Washington are keeping BYD back and giving them pause to entering the US market,

北京和華盛頓之間的貿易緊張局勢正在阻礙比亞迪進入美國市場，

For years, automotive experts have predicted established car making giants like GM, Volkswagen or Toyota would catch up with Tesla in electric vehicles.

汽車專家曾預測，通用汽車、大眾汽車或豐田汽車等老牌汽車製造巨頭將在電動汽車領域趕上特斯拉。

In hindsight, it probably shouldn't be a surprise that a Chinese rival got there first.

事後看來，中國競爭對手捷足先登也許並不令人意外。