Lately, we've been hearing a lot of this.

最近，我們經常聽到這樣的話。

You've got companies like NIO, companies like Lishan, these Chinese NEV makers that are frankly as good, if not better than Tesla right now.

中國的新能源汽車製造商中，有像 NIO 這樣的公司，也有像力山這樣的公司，坦率地說，這些公司的實力不亞於特斯拉，甚至更勝一籌。

This.

這。

I know people will say, Americans won't buy Chinese.

我知道人們會說，美國人不會買中國貨。

You know what?

你知道嗎？

You ask somebody, do you want to pay $9,000 for an SUV or do you want to pay 19 or 20,000 for an SUV?

你問別人，你是想花 9000 美元買一輛 SUV，還是想花 19 或 20000 美元買一輛 SUV？

No contest.

毫無爭議。

And this.

還有這個

Causing some concern to the likes of Elon Musk and Tesla and a number of other car makers.

這引起了埃隆-馬斯克、特斯拉和其他一些汽車製造商的擔憂。

China is the largest auto producer in the world.

中國是世界上最大的汽車生產國。

One in three cars is built there.

每三輛汽車中就有一輛是在這裡製造的。

In fact, it has become so productive, its own market can't absorb the inventory.

事實上，它的生產力已高到自身市場無法消化庫存的地步。

And so the age of the much feared

於是，人們所恐懼的

Chinese auto export has begun.

中國汽車出口已經開始。

For Americans, it's hard to process that because we don't see Chinese cars on American roads.

對於美國人來說，很難理解這一點，因為我們在美國的道路上看不到中國汽車。

Trust me, go to Australia, to Mexico, to Brazil, to Israel, to South Africa, you're going to see Chinese cars all over the place.

相信我，去澳洲、墨西哥、巴西、以色列和南非，你會看到到處都是中國汽車。

American trade groups and others worry China will do with cars what it has done with countless other industries, eradicate competition with cheap labor and materials and abundant government support.

美國貿易團體和其他國家擔心，中國會像對待無數其他行業一樣對待汽車，用廉價的勞動力和材料以及大量的政府支持來消除競爭。

Chinese firms are already pushing out competitors at home.

中國企業已經在國內擠走了競爭對手。

The Biden administration slapped a 100% tariff on Chinese EVs in an effort to stop the onslaught before it starts.

拜登政府對中國電動汽車徵收 100%的關稅，力圖在衝擊開始之前阻止它。

Tesla got caught flat footed in the China market because no one anticipated such a severe turn to clean energy vehicles.

特斯拉在中國市場被打了個措手不及，因為沒有人預料到中國市場會如此急劇地轉向清潔能源汽車。

And we're seeing the effects of that.

我們正在看到這種影響。

All the legacy automakers are scrambling.

所有的傳統汽車製造商都在爭先恐後。

And not just shopping them because they're cheap.

而且不只是因為便宜才買。

They've super scaled the set of features that consumers are demanding.

它們超規模地提供了消費者所需的一系列功能。

So how formidable are Chinese EVs?

那麼，中國電動汽車到底有多厲害？

How do they stack up against the world's most popular model, the Tesla Model Y?

與世界上最受歡迎的車型特斯拉 Model Y 相比，它們的性能如何？

CNBC tried a few to find out.

CNBC 試圖找出一些答案。

So this is the Tesla Model Y.

這就是特斯拉 Model Y。

This is currently the best selling car in the world.

這是目前世界上最暢銷的汽車。

The acceleration on these things is incredible.

這些設備的加速度令人難以置信。

Tesla is a really highly respected brand in China, but homegrown Chinese automakers are really catching up.

特斯拉在中國確實是一個備受推崇的品牌，但中國本土汽車製造商正在迎頭趕上。

And in some cases, surpassing.

在某些情況下，甚至超越。

In fact, there are around 140 EV brands in the country.

事實上，全國約有 140 個電動汽車品牌。

And at least in China, some of them are outselling Tesla.

至少在中國，其中一些產品的銷量超過了特斯拉。

This is Eunice Yun, CNBC's Beijing bureau chief.

我是 CNBC 北京分社社長尹恩惠。

She set out to try some of the Chinese crossovers comparable to the Model Y.

她開始嘗試一些可與 Model Y 相媲美的中國跨界車。

With a few technical exceptions, like Chinese owned brands, such as Volvo, Polestar, and Lotus,

除了少數技術上的例外，如沃爾沃、Polestar 和蓮花等中國品牌、

Chinese cars aren't available in the U.S. yet.

中國汽車尚未在美國上市。

I was surprised myself driving these cars.

我自己在駕駛這些汽車時也感到非常驚訝。

First, let's address price.

首先是價格問題。

The BYD Tong, for example, made by Tesla's biggest Chinese rival.

例如，特斯拉最大的中國競爭對手比亞迪生產的 "比亞迪通"。

BYD is known for making cars very cheaply.

比亞迪以製造廉價汽車而聞名。

One of BYD's big selling points is that they're able to give you a car that is a seven seater, a little bit of a shorter range than a Model Y, but at the same time, it's $11,000 cheaper.

比亞迪的一大賣點是，他們能為你提供一輛七座汽車，續航里程比 Model Y 稍短，但同時價格便宜 1.1 萬美元。

How do they get the cost down that much?

他們是如何將成本降低這麼多的？

Well, and then you get into that kind of secret

嗯，然後你就進入了那種祕密的

Chinese superpower of state capitalism, where you have entrepreneurs driving costs down, innovating, designing better product, while at the same time getting tremendous support from city, provincial, and national political leaders who want China to win.

中國是國家資本主義的超級大國，企業家們在這裡降低成本、不斷創新、設計出更好的產品，同時還得到了希望中國獲勝的市、省和國家政治領導人的大力支持。

Between 2009 and 2023, the Chinese government handed out an estimated $231 billion in subsidies and tax breaks.

從 2009 年到 2023 年，中國政府發放的補貼和稅收減免約為 2310 億美元。

BYD, which is not government owned, received $3.7 billion in direct subsidies between 2018 and 2022, most of it in that last year.

比亞迪並非政府所有，在 2018 年至 2022 年期間獲得了 37 億美元的直接補貼，其中大部分是在最後一年。

But one of BYD's biggest advantages is its ability to drive down costs through vertical integration.

不過，比亞迪最大的優勢之一是能夠通過垂直整合降低成本。

BYD sold roughly three million cars in 2023, about half of them electric and half plug-in hybrid.

2023 年，比亞迪的汽車銷量約為 300 萬輛，其中約一半為純電動汽車，一半為插電式混合動力汽車。

This year, they're forecasting four million.

今年，他們預計有 400 萬人。

Contrast that with Tesla, which saw sales fall year over year in the first two quarters of 2024.

相比之下，特斯拉在 2024 年前兩個季度的銷量同比下降。

BYD is also one of the largest battery makers.

比亞迪也是最大的電池製造商之一。

About 40% of China's cost advantage is attributable to its edge in batteries, which make up about 20 to 30% of a vehicle's total cost.

中國約 40% 的成本優勢歸功於其在電池方面的優勢，而電池成本約佔汽車總成本的 20% 至 30%。

BYD has done a phenomenal job of making in-house 75, 80% of the parts that go into their cars.

比亞迪汽車 75% 至 80% 的零部件都是自己生產的，這一點非常了不起。

So they own the batteries and the battery supply chains.

是以，他們擁有電池和電池供應鏈。

That's clear, and it contributes to lower cost and higher quality.

這一點顯而易見，它有助於降低成本，提高質量。

And then apart from batteries, pretty much across every other category,

除了電池之外，幾乎所有其他類別的產品都是如此、

BYD's costs are lower than its Chinese competitors, Tesla, and drastically lower than legacy competitors like Ford and GM.

比亞迪的成本低於其中國競爭對手特斯拉，也大大低於福特和通用等傳統競爭對手。

But all Chinese automakers benefit from low costs and a localized supply chain.

但所有中國汽車製造商都受益於低成本和本地化供應鏈。

This can be seen in the G6 from XPeng, a relatively small company that listed on the New York Stock Exchange in 2020.

2020 年在紐約證券交易所上市的一家規模相對較小的公司 XPeng 的 G6 就體現了這一點。

It hasn't done so well, although results were solid in the last two quarters of 2023.

雖然在 2023 年的最後兩個季度裡，該公司的業績還算穩定，但表現並不理想。

What's their pitch to the consumer?

他們是如何向消費者推銷的？

What made them different from the others?

是什麼讓他們與眾不同？

Price.

價格

So they have a lot of other features in there as well.

是以，它們還有很多其他功能。

So we were in the XPeng G6.

於是，我們坐上了 XPeng G6。

When you look at the specs and the dimensions, it's almost identical to the Model Y.

從規格和尺寸上看，它與 Model Y 幾乎完全相同。

But at 27K, it's almost $9,000 cheaper.

但 2.7 萬的價格卻便宜了近 9000 美元。

This is crucial.

這一點至關重要。

Chinese cars aren't just cheap.

中國汽車不僅便宜

They offer value for money.

它們物有所值。

What Henry Ford did to this industry is he took something that was a rich person's toy and made it so that anybody working in a factory could afford it.

亨利-福特對這一行業的貢獻在於，他把富人的玩具變成了任何人在工廠工作都能買得起的東西。

China is democratizing the smart EV.

中國正在實現智能電動汽車的民主化。

And smart is the key word here.

聰明是這裡的關鍵詞。

This means connected to the internet and loaded with tech.

這意味著要與互聯網相連接，並配備各種技術。

Chinese EVs tend to have a lot of bells and whistles.

中國的電動汽車往往有很多花哨的東西。

For example, I could ventilate my seat to deal with the summer heat.

例如，我可以為我的座椅通風，以應對夏季的炎熱。

Ooh, yeah, I can feel it.

哦，是的，我能感覺到。

I could change a setting so that this EV sounds as though it's running on gas.

我可以更改設置，讓電動車聽起來像在加油。

Vroom.

Vroom.

And I could tell the AI assistant to park the car without me.

我還可以告訴人工智能助理，不用我停車。

This is very handy.

這非常方便。

EV makers leverage these affordable tech features to target specific customers.

電動汽車製造商利用這些經濟實惠的技術功能來鎖定特定客戶。

This could be said of the Li Auto L6.

Li Auto L6 也是如此。

Shares of its NASDAQ-listed manufacturer, $20 billion market cap, have had a rocky time while the company carves out its brand identity.

該公司在納斯達克上市，市值 200 億美元，在打造品牌形象的過程中，其股價經歷了一段坎坷的時期。

Li Auto does market itself as more of a family type of car maker.

李氏汽車的市場定位更像是一家家庭型汽車製造商。

To pull that off, the company offers extras you won't find in a Tesla.

為了實現這一目標，該公司提供了特斯拉所沒有的額外配置。

Technically, this one wasn't an EV.

嚴格來說，這輛車不是電動車。

It has a gas-powered range extender on board.

它還裝有一個燃氣增程器。

The extender appeals to road-tripping families or the many drivers stuck for hours in the city's notorious gridlock.

該延長器吸引了公路旅行的家庭或在城市臭名昭著的交通堵塞中被困數小時的眾多司機。

Li Auto's L6 is about the same price as a Model Y, but has a longer range at 893 miles.

Li Auto 的 L6 價格與 Model Y 差不多，但續航里程更長，達到 893 英里。

So we are driving during rush hour in Beijing traffic, but this five-seater is designed for families.

我們正行駛在北京交通高峰時段，但這輛五座車是專為家庭設計的。

And in a Chinese context, that means that a lot of extra creature comforts are common in the cabin.

對於中國人來說，這意味著車廂裡有很多額外的舒適設施。

Family in the front seats can watch TV or get massaged by their chairs.

坐在前排座椅上的家人可以看電視或在椅子上按摩。

And if you want a cold drink, there's a fridge in the back.

如果你想喝冷飲，後面還有冰箱。

At the higher end, there are innovations that companies like Tesla have only talked about.

在高端領域，特斯拉等公司的創新也只是說說而已。

Take NIO, for example.

以 NIO 為例。

It was a hyped IPO on the NYSE back in 2018, but shares are down 90% from a 2021 high due to sluggish sales growth and high cash burn.

早在 2018 年，該公司就曾在紐約證券交易所上市，但由於銷售增長乏力和高現金消耗，股價從 2021 年的高點下跌了 90%。

The company is relatively small, with a $9 billion market cap, and it only sells electric vehicles, about 160,000 of them in 2023.

該公司規模較小，市值為 90 億美元，只銷售電動汽車，2023 年約為 16 萬輛。

NIO has had its own way of dealing with charging challenges, battery swapping, something that Tesla had considered.

NIO 有自己的方法來應對充電挑戰，即電池交換，特斯拉也曾考慮過這一點。

NIO actually did it.

NIO 真的做到了。

If you want to swap your battery, first you find a station, you check what batteries they have, and then you place the order.

如果您想更換電池，首先要找到一個電池站，查看他們有哪些電池，然後下訂單。

There are 3,500 battery-swapping stations around the country, most of which are NIO's.

全國有 3500 個電池更換站，其中大部分是 NIO 的。

So we're at 92% charge, and that took a little less than 10 minutes.

現在電量為 92%，只用了不到 10 分鐘。

Well, they say three minutes.

他們說是三分鐘

My experience was about a little under 10.

我的經歷大約不到 10 次。

It's not difficult to find charging points here in Beijing.

在北京，充電樁並不難找。

This map says eight out of the 10 near me are available.

這張地圖上顯示，我附近的 10 個地點中，有 8 個是可用的。

China currently has 3 million public charging facilities.

中國目前有 300 萬個公共充電設施。

A lot of China auto industry analysts say the tech-forward features in and around these cars are really where Chinese automakers have a leg up on global competition.

許多中國汽車行業分析師表示，這些汽車內部和周邊的科技前沿功能是中國汽車製造商在全球競爭中勝出的真正原因。

They are turning cars into connected devices that can work within the larger internet of things.

它們正在將汽車變成可在更大的物聯網內工作的聯網設備。

The AI assistant Nomi is a draw as well, while other car AI systems respond to direct voice commands such as, turn off the air conditioner, people on social media say that Nomi sounds more like a person.

人工智能助理 Nomi 也是一個亮點，雖然其他汽車人工智能系統會直接響應語音指令，比如關閉空調，但社交媒體上的人們說，Nomi 聽起來更像一個人。

Hey, Nomi, I feel so cold.

嘿，諾米，我覺得好冷。

So, for example, instead of saying, turn off the air conditioner,

例如，不要說 "關掉空調"、

I would say, oh, I'm feeling really cold right now.

我會說，哦，我現在感覺很冷。

And then it would say, oh, okay.

然後它會說，哦，好吧。

And then it starts,

然後就開始了、

I was like, how about I just turn down the air conditioner?

我就想，要不我把空調溫度調低？

And then it would also make some jokes sometimes.

有時，它還會開一些玩笑。

So, when it was signing off, it was like, bye.

所以，當它要離開的時候，我就想，再見了。

It's no longer how many units of hardware you sell.

賣出多少硬件不再是關鍵。

It's all the data and analytics and aggregation and monetization of services that happen after you sell a car.

這是所有的數據、分析、聚合和貨幣化服務，都是在你賣出汽車之後發生的。

That's the new business model.

這就是新的商業模式。

If you look at a company like Apple, they sell us things that we didn't know we needed and they charge a 35% premium for it.

如果你看看像蘋果這樣的公司，他們賣給我們我們不知道我們需要的東西，併為此收取 35% 的溢價。

Does it really feel like you're in some sort of space-age cabin or something?

你是否真的感覺自己身處太空時代的小木屋之類的地方？

Were there any that really stood out in terms of being especially tech-heavy?

有沒有特別突出的技術含量特別高的？

No.

不

And I think, actually, that's the point.

我認為，這正是問題的關鍵所在。

All of these Chinese EV makers are trying to distinguish themselves somehow.

所有這些中國電動汽車製造商都在試圖以某種方式脫穎而出。

So, they keep putting in all these different technology features.

是以，他們不斷加入各種不同的技術功能。

Some of them were really, really fun, but then there were some that were not as useful and, in fact, didn't really work very well.

其中有一些非常非常有趣，但也有一些並不那麼有用，事實上，效果並不好。

So, in two different cars, we tried the auto parking and it was a little stressful.

於是，我們開著兩輛不同的車，嘗試了自動泊車，結果有點緊張。

Hello, Xiaopi.

你好，小皮。

Autopark.

Autopark.

Please park the car.

請把車停好。

So, that didn't quite work.

所以，這招不太管用。

We're about seven or eight inches from the car next to us.

我們與旁邊的車相距大約七八英寸。

We didn't hit it, so that's a good thing.

我們沒有擊中它，這是件好事。

But I think we're going to have to try parking again.

不過，我想我們還得再試一次停車。

When we speak to a lot of analysts, they say that Chinese drivers really like these technology features.

當我們與許多分析師交談時，他們說中國駕駛員非常喜歡這些技術功能。

But on the other hand, it's unclear how these tech features are going to resonate with drivers outside of China.

但另一方面，目前還不清楚這些技術功能將如何在中國以外的駕駛者中產生共鳴。

But driving a tech-forward Chinese EV comes with its own costs.

但是，駕駛技術領先的中國電動汽車也需要付出相應的代價。

What struck me about all of these Chinese EVs is how they didn't focus as much on performance and it kind of showed.

讓我印象深刻的是，所有這些中國電動汽車都不太注重性能，而這一點也體現了出來。

When I was in the Model Y, you could have pretty good control in the car and that wasn't really the case on the whole for the cars that we were in that were from the Chinese EV makers.

當我駕駛 Model Y 時，你可以很好地控制汽車，而對於我們所駕駛的中國電動汽車製造商的汽車來說，整體情況並非如此。

You didn't have that same level of precision when you were making a turn, for example.

例如，你在轉彎時就沒有這種精確度。

And, in fact, that's a trend and something that is almost common knowledge among Chinese drivers.

事實上，這是一種趨勢，也幾乎是中國司機的共識。

They'll talk about, oh, there's the Tesla, there's the Model Y, the Model 3, they're the performance cars.

他們會談論特斯拉、Model Y、Model 3，這些都是性能車。

And one reason Chinese car makers can keep prices low might be that they sometimes don't offer more bang for buck.

中國汽車製造商能夠保持低價的一個原因可能是，他們有時並沒有提供更多的性價比。

They make compromises.

他們做出了妥協。

You can really tell the difference from the ones that were pricier.

你真的可以看出與那些價格更高的產品之間的差別。

They had nicer finishes.

它們有更好的表面處理。

They had nicer interiors.

它們的內飾更漂亮。

They felt better.

他們感覺好多了。

There weren't as many kind of jinky or odd designs that were inside the car.

車內沒有那麼多奇形怪狀的設計。

For example, in one of the cars that I was in, the steering wheel was kind of off compared to where I'd be sitting.

例如，在我乘坐的一輛汽車中，方向盤與我坐的位置有些偏離。

The windshield wipers was placed in an odd place for my hand.

擋風玻璃雨刷器的位置對我的手來說很奇怪。

And even the premium vehicles show signs that these are new companies, new models, new designs, and automakers haven't worked out a lot of the kinks yet.

即使是高級，上等車也有跡象表明，這些都是新公司、新車型、新設計，汽車製造商還沒有解決很多問題。

There was one car that I was in that had really nice leather chairs, but the way that the chairs moved, when you're driving, it's just squeaking the entire time.

我曾坐過一輛車，它的真皮椅子非常漂亮，但椅子移動的方式，當你開車時，它就會一直吱吱作響。

One of the other models that I was in, it was so loud.

我所在的另一個模型，聲音非常大。

Maybe these Chinese companies still don't have it down.

也許這些中國公司還沒搞清楚狀況。

So are foreign automakers doomed in China?

那麼，外國汽車製造商在中國是否註定要失敗？

Some industry watchers have said they suspect it will be hard for non-Chinese firms to compete when homegrown brands are tapping in so well to the Chinese preference for tech.

一些行業觀察家說，他們懷疑，當本土品牌如此迎合中國人對科技的偏好時，非中國企業將很難與之競爭。

And then there's the question of which of these companies and which business model can succeed, the highly integrated firm that can just beat on cost or the highly connected smart EV maker that makes money off of services and subscriptions.

那麼，究竟哪家公司和哪種商業模式能取得成功呢？是隻靠成本取勝的高度集成公司，還是靠服務和訂閱賺錢的高度互聯智能電動汽車製造商？

BYD has already established that the proof of concept that they can execute on a business model and be competitive with anybody worldwide in terms of quality, design, and cost.

比亞迪已經證明，他們能夠執行商業模式，並在品質、設計和成本方面與世界上任何公司競爭。

This other notion of a greater ecosystem built around a digital system may very well be the future, may be the TikTok of cars.

圍繞數字系統建立更大生態系統的另一個概念很可能就是未來，可能就是汽車界的 TikTok。

But I'm not ready to say absolutely they're gonna run away with everything because they have a better digital experience.

但我還不能說，因為他們有更好的數字體驗，就一定能贏得一切。

Don't know yet.

還不知道。

And can they duplicate in different languages and different cultures, a comparably high level of enjoyment as they do at home for their own consumers?

他們能否在不同語言和不同文化背景下，為自己的消費者提供與國內消費者相媲美的高水平享受？

That's a big cultural step for them to take.

這是他們在文化上邁出的一大步。

And their own financial situation is by no means secure.

而他們自己的財務狀況也絕不安全。

Most of these companies aren't profitable.

這些公司大多不盈利。

That's another characteristic of tech.

這是科技的另一個特點。

Most of the tech companies, until they reach a critical mass or a certain inflection point from a sales cycle standpoint, they're not gonna be profitable.

從銷售週期的角度來看，大多數科技公司在達到臨界點或某個拐點之前，都不會盈利。

And the price war is exacerbating that a bit.

而價格戰則加劇了這種情況。

So will Chinese EV makers dominate the global industry?

那麼，中國電動汽車製造商是否會主導全球產業？

For Chinese EVs, the big challenge is going to be to convince people overseas who have brand loyalty to the GMs and the Toyotas and the V-dubs, and to be able to convince them to switch not only to EVs, but to Chinese EVs that they've never heard of.

對於中國電動汽車來說，最大的挑戰在於如何說服那些對通用、豐田和 V 型車具有品牌忠誠度的海外消費者，說服他們不僅改用電動汽車，而且改用他們從未聽說過的中國電動汽車。

So that's, to me, where the performance issues and also these little odd design quirks really count.