It’s the World’s Hottest Car Company全球最火車企

In the world of electric vehicles， there’s a Chinese company outdoing Elon Musk’s Tesla. And it’s just getting started.

在電動汽車領域，一家中國車企正在超越埃隆·馬斯克的特斯拉。而這僅僅是開始。

BYD， the Shenzhen-based Chinese EV1 champion， eclipsed Tesla in annual sales last year. Last week， it unveiled a revolutionary battery charging technology that it says adds 250 miles of range in five minutes， outpacing Tesla’s Superchargers， which take 15 minutes to add 200 miles. And last month， BYD launched “God’s Eye，”2 an advanced driver-assistance system rivaling Tesla’s Full Self-Driving3 feature， at no extra cost for most of its cars.

比亞迪是一家總部位于深圳的中國電動汽車領軍企業，2024年的年銷售額超過了特斯拉。上周，該公司推出了一項顛覆性的電池快充技術“兆瓦閃充”，據稱可在5分鐘內增加250英里（約400公里）續航，相較特斯拉的“超級充電技術”更勝一籌，后者需15分鐘才能增加200英里（約320公里）續航。上個月，比亞迪發布了名為“天神之眼”的高階智能駕駛輔助系統，其性能可比肩特斯拉的完全自動駕駛功能，且旗下多數車型無需額外付費即可搭載。

They’re just three examples of how BYD has been pulling ahead of Tesla. The company once laughed off by Musk is now effectively outperforming Tesla in sales， innovation and price competitiveness.

比亞迪全面趕超特斯拉的例子遠不止這三個。曾被馬斯克嘲笑的比亞迪，如今已在銷量、技術創新和價格競爭力方面全面領先特斯拉。

“They’re not resting on their laurels4， as you can see from the God’s Eye announcement and from the fast-charging announcement，” Tu Le， founder and managing director of the consultancy firm Sino Auto Insights5， told CNN. “They’re content to push the envelope6 and set the pace for the whole world.”

中國汽車洞察咨詢公司創始人兼董事總經理涂樂向美國有線電視新聞網表示：“盡管比亞迪接連發布‘天神之眼’和‘兆瓦閃充’兩大卓越技術，比亞迪并未安于現狀，而是精益求精，不斷突破極限，引領全球發展。”

Having dominated its home market of China， the world’s largest auto market， BYD is starting to expand globally， with notable exceptions like the United States， a country it is effectively barred from due to 100% tariffs on its passenger cars.

比亞迪在中國本土市場這一全球最大汽車市場稱霸后，開始拓展全球市場。美國市場是個特例，因該國對其乘用車征收100%關稅，比亞迪事實上被擋在了美國市場的門外。

Here’s everything you need to know about the rise of the Chinese EV maker， and how it is upending7 the global market for clean-energy cars.

本文將介紹比亞迪的崛起之路，以及它如何重塑全球清潔能源汽車市場格局。

What is BYD？

比亞迪簡介

Founded in 1995 by Wang Chuanfu in China’s megacity of Shenzhen， BYD is the country’s No 1 automaker. It exports its electric taxis， buses and other vehicles to markets across Europe， South America， Southeast Asia and the Middle East.

比亞迪由王傳福于1995年在中國深圳創立，現已發展成為全國最大的汽車制造商。其電動出租車、電動公交車及其他車型廣泛出口至歐洲、南美、東南亞和中東等地區。

In China， BYD accounted for 32% of last year’s total sales of new energy vehicles， which include hybrids， far outpacing Tesla’s 6.1% market share， according to the China Passenger Car Association8. （BYD makes both battery-powered cars as well as hybrids， while Tesla makes only fully electric vehicles powered by batteries.）

根據乘聯分會的數據，2024年比亞迪在新能源汽車市場（包括混合動力車型）中占據32%的份額，遠高于特斯拉的6.1%。（比亞迪同時生產純電動汽車以及混合動力汽車，而特斯拉僅專注生產純電動車。）

BYD reported $107 billion in sales for 2024， a 29% jump from the previous year， on deliveries of 4.27 million cars， including hybrids. By comparison， Tesla’s 2024 revenue was $97.7 billion， and it delivered 1.79 million battery-powered vehicles. Its annual deliveries declined for the first time last year by 1.1%.

比亞迪公布了2024年的營收數據，高達1070億美元（約人民幣7770億元），同比增長29%，含混合動力汽車在內，全年交付量達到427萬輛。相較之下，特斯拉2024年營收為977億美元（約人民幣7116億元），交付179萬輛純電動汽車，年交付量同比下降1.1%，為其首次年度下滑。

While BYD’s battery-powered EV shipments of 1.76 million vehicles were marginally short of Tesla’s， investors and analysts are bullish on BYD’s potential as it expands overseas. Most of BYD’s shipments were delivered to domestic customers with just 10% exported to overseas markets.

雖然比亞迪2024年純電動車交付量為176萬輛，略低于特斯拉的179萬輛，但投資者與行業分析人士普遍看好其海外市場擴展潛力。比亞迪的大部分車輛仍在國內交付，出口至海外市場的比例僅為10%，未來有巨大上升空間。

“We believe sales momentum will remain robust for 2025， and BYD will be able to retain its leadership with the rollouts of new-generation models equipped with the advanced driver-assistance system，” Vincent Sun， Morningstar9’s senior equity analyst， wrote in a research note.

美國晨星公司的高級股票分析師文森特·孫在一份研報中表示：“我們相信，2025年的銷售勢頭將繼續保持強勁，比亞迪憑借搭載先進駕駛輔助系統的新一代車型，有望鞏固其行業領先地位。”

While many believe BYD stands for “Build Your Dreams，” Wang said in an interview for Tencent that it originally had no such meaning. It was simply an “odd” combination of three Chinese characters “bi ya di，” he told the online interview program. The slogan “Build Your Dream” was conceived later for marketing purposes.

王傳福在參加騰訊一檔在線訪談節目時表示，很多人認為BYD的意思是Build Your Dreams（成就夢想），但這個名字起初并無此意。他在該節目中說，這只是三個漢字“比”“亞”“迪”的“古怪”組合。“成就夢想”的口號是后來出于營銷目的而構思的品牌宣傳語。

What are its most popular models？

比亞迪最受歡迎的車型

BYD’s top-selling passenger vehicles are the Qin and Song models， which cater to a broad swath of consumers drawn to the company’s reputation for affordability. The Qin， a compact sedan， is available as both a plug-in hybrid and a fully electric model， while the Song comprises a lineup of compact crossover SUVs.

比亞迪最暢銷的乘用車為“秦”和“宋”系列，憑借親民的定價贏得了消費者廣泛的青睞。“秦”系列為緊湊型轎車，提供插電式混合動力和純電動兩個版本；“宋”系列則涵蓋多款緊湊型跨界SUV車型。

Unlike Tesla， which has positioned itself as a premium brand， BYD has built its success on price accessibility. Its entry-level model starts at just over $10，000 in China， a fraction of the cost of Tesla’s least expensive Model 3， which sells for more than $32，000.

特斯拉將自身定位為高端品牌，與之不同，比亞迪憑借價格的可及性贏得市場。其入門車型在中國的起售價僅略高于1萬美元（約合人民幣7.2萬元），還不到特斯拉最低價車型Model 3（售價超過3.2萬美元，約合人民幣23.2萬元）的三分之一。

Though BYD’s passenger cars have yet to enter the US market due to high tariffs， its electric buses are already in service in California.

由于美國征收高額關稅，比亞迪的乘用車尚未進入該市場，但其電動公交車已在加利福尼亞州投入使用。

Who is Wang Chuanfu？

王傳福其人

Wang was born in 1966 to a simple rural family in Anhui province in eastern China. But disaster struck when both of his parents died young， leaving him orphaned when he was in middle school， according to The Paper. Wang relied on his older brother to provide for him and his education.

1966年，王傳福出生于中國東部安徽省一個普通農村家庭。據“澎湃新聞”報道，王傳福初中期間遭遇家庭變故，父母早逝，成為孤兒。此后，他依靠兄長的資助完成學業。

Wang spent several years at the state-owned Beijing Nonferrous Metals Research Institute10， where he got his master’s degree. The institute later established a battery company in Shenzhen and dispatched him there.

王傳福曾在國有單位北京有色金屬研究總院攻讀碩士學位，并在該院工作多年。此后，研究院在深圳設立了一家電池公司，并派遣他前往參與籌建。

Wang soon sensed an opportunity. He started BYD with a team of around 20 people and 2.5 million yuan （$351，994） that Wang borrowed from his cousin， according to The Paper. He quickly achieved initial success by leveraging China’s cheap labor force， upending an industry once monopolized by Japanese companies.

王傳福很快察覺到商機。“澎湃新聞”報道稱，他從表哥處借得250萬元人民幣（約合35.2萬美元），與約20人的團隊共同創立了比亞迪。憑借中國勞動力成本低廉的優勢，他迅速取得初步成功，打破了原本由日本企業長期壟斷的行業格局。

In 2003， Wang followed his instincts， venturing into the car industry by acquiring a struggling state-owned automaker for 269 million yuan （$38 million）. Its investors were worried， sending the company’s shares plunging by more than 30%. But Wang was unrepentant.

2003年，王傳福憑借商業直覺，以2.69億元人民幣（約合3800萬美元）收購了一家陷入困境的國有汽車企業，由此跨界進入汽車行業。此舉引發投資者擔憂，比亞迪股價應聲下跌逾30%。但王傳福對此并未感到后悔。

The automaker he acquired had little to offer technologically speaking， Wang recalled in the interview， so he bought many second-hand cars from around the world and took them apart to study.

王傳福在采訪中回憶道，他所收購的這家汽車制造企業在技術上幾乎毫無積累，于是他從世界各地大量購入二手汽車拆解研究。

“Toyota， being the world’s number one automaker， its craftsmanship， design， and products are worth learning from—only by standing on its shoulders can we reach new heights，” he said in the Tencent interview.

他在接受騰訊采訪時還表示：“作為全球第一大汽車制造商，豐田在制造工藝、整車設計及產品打造等方面都值得我們學習——唯有站在前人的肩膀上，我們才能攀登到更高的高度。”

He was eventually vindicated， receiving a $230 million investment in 2008 from Warren Buffet11， whose endorsement garnered him worldwide attention.

最終，王傳福的戰略眼光得到了證實。沃倫·巴菲特投資2.3億美元入股比亞迪，這一舉動為其贏得了全球關注。

How can it sell its cars so cheaply？

比亞迪汽車價格低廉的原因

BYD didn’t start off making cars. It was a battery maker first， which Wang said cemented the firm’s foundation and set it up for success.

比亞迪并非從汽車制造起步，最初是一家電池生產商——正如王傳福所言，這一早期積累為企業奠定了堅實根基，也為其后來的成功創造了條件。

“The bottleneck for electric vehicles is the battery，” he said in the Tencent interview. “If you master battery technology or accurately predict its future direction， you are essentially setting the strategic course for the entire EV industry.”

他在騰訊訪談中表示：“電動汽車發展的瓶頸在于電池。誰能掌握電池技術，或精準預判行業未來趨勢，誰就能為整個電動汽車行業確立戰略方向。”

Like Apple founder Steve Jobs and Tesla CEO Elon Musk， Wang， who had studied metallurgical chemistry， was obsessed with engineering details and remains so today. He said in the Tencent interview that he spends around 60% to 70% of his time on technology and only the rest on management.

與蘋果創始人史蒂夫·喬布斯和特斯拉首席執行官埃隆·馬斯克類似，冶金化學專業出身的王傳福也對工程細節有著近乎執著的追求，并一直保持至今。他在騰訊訪談中表示，自己大約60%至70%的時間都投入了技術事務，其余時間才用于企業管理。

One of the innovations born out of BYD’s focus on technology is its blade battery12， a lithium iron phosphate battery that it pioneered in 2020. The company said the unique shape allows it to maximize the use of available space in the battery pack while reducing the chances of catching fire when damaged.

比亞迪于2020年首創的刀片電池——一種磷酸鐵鋰電池——便是其專注技術帶來的創新成果之一。公司稱，這款電池獨特的造型使其不僅能最大化利用電池組內部空間，還能在電池受損時有效降低起火風險。

Beyond batteries， BYD also makes a high percentage of its components in-house， relying less on external suppliers in comparison with other carmakers. This vertical integration allows it to scale up its production more easily and drive down cost significantly， according to Le.

比亞迪在專注電池生產的同時，還自主生產大部分零件，較其他車企更少依賴外部供應商。涂樂指出，這種垂直整合模式使比亞迪更容易擴大產能，并可以顯著降低制造成本。

BYD has also been known for its aggressive pricing strategy amid an ongoing price war in China and isn’t shy about asking its suppliers for discounts.

在中國汽車市場價格戰日趨激烈的背景下，比亞迪因極具競爭力的定價策略而廣受關注，同時也從不避諱要求供應商提供折扣。

（譯者單位：大連外國語大學）

1 = Electric Vehicle，電動汽車。" 2比亞迪全棧自研的智能駕駛系統，是全球首款完全由整車廠自己設計開發、自己生產的車載計算平臺。" 3 特斯拉研發的自動駕駛系統。

4 rest on one’s laurels滿足于既得成就；安于現狀。" 5一家總部位于美國密歇根州底特律的汽車行業咨詢公司，以其對中國新能源汽車市場的深刻洞察而聞名。" 6 push the envelope挑戰極限，突破常規。" 7 upend翻轉，顛覆。在商業或科技語境中常指“徹底改變行業格局”。

8中國汽車流通協會乘用車市場信息聯席分會，簡稱乘聯分會，是國內知名的汽車行業信息交流和市場研究平臺。

9 總部位于美國芝加哥的一家跨國投資研究機構，1984年創立，旨在為投資者提供專業的財經資訊、基金及股票的分析和評級，以及方便、實用、功能卓著的分析應用軟件工具，是美國最主要的投資研究機構之一和國際基金評級的權威機構，擁有世界級的研究分析師隊伍、數百名資深的軟件開發和專業版面的設計人員。2003年2月20日，晨星中國總部在深圳成立。

10 現為中國有研科技集團有限公司，是中國有色金屬行業綜合實力雄厚的研究開發和高新技術產業培育機構，成立于1952年，是國資委直管的中央企業。

11沃倫·巴菲特，美國著名投資家、企業家，現任伯克希爾·哈撒韋公司董事長兼首席執行官。因其在投資上的成功，巴菲特被稱為“股神”。

12刀片電池，全稱刀片形磷酸鐵鋰電池，是2020年3月比亞迪推出的一種特殊設計的鋰離子電池，形狀既長又薄，并且能夠像“刀片”一樣插入電池包里面，故而得名。