At the moment, if you try to select the two most powerful “demons” in the global new energy market, it must be Tesla and BYD.
In the past 2023, there is no doubt that both have achieved their own best results in history.
And the multi-dimensional tit-for-tat between them has always been talked about by everyone.
Homeopathy, entering 2024, when everyone firmly believes that Tesla and BYD will play more and more inextricably, the plot of the story does not develop in the direction imagined.
In the past quarter, it can be said: “Musk looked at Wang Chuanfu with envy.
” As an argument, first focus on Tesla.
In the first three months, it produced a total of 433371 new cars, basically in line with outside expectations.
However, when it came to the crucial delivery level, there was a complete “blood avalanche”, with a performance of only 386810 vehicles, a year-on-year drop of 8.
53%, and a month-on-month decline of more than 20% to 20.
16%, the worst performance since the third quarter of 2022.
BYD, by contrast, sold 624398 new cars in the first three months.
Obviously, under the common blessing of the two technical routes of pure electricity and plug-in, the anti-risk ability is stronger in the increasingly inward-rolling Chinese auto market.
The uneven performance of the above terminals was soon reflected in the first-quarter results of the two “big demons”.
Correspondingly, Tesla, whether it is total revenue, or net profit, including gross profit margin, and even cash flow, several key data are dominated by a “drop” word.
By contrast, just last night, BYD also revealed the answer.
In the first quarter, revenue reached 124.
944 billion yuan, an increase of 3.
97% over the same period last year.
net profit attributed to shareholders of listed companies in the first quarter was 4.
569 billion yuan, up 10.
62% from the same period last year.
and net profit after deducting non-recurring profits and losses increased by 5.
24% year-on-year to 3.
752 billion yuan.
In the face of such results, especially in view of the fluctuations of the general environment, can not help but sigh: “this financial report data reflects the sound performance of BYD in the current market environment, as well as the positive effects of its continued investment in emerging areas.
Despite the many uncertainties in the global economy, the performance growth in the first quarter still shows its strong market competitiveness.
” Of course investors also reacted positively to BYD’s performance as a sign of not only the company’s profitability but also its long-term growth potential in the new energy vehicle market.
And there is another piece of data that deserves special attention in BYD’s first-quarter results.
Its R & D expenses soared by 70% from 6.
238 billion yuan in the previous period to 10.
61 billion yuan, accounting for 8.
49% of the total revenue, an increase of 3.
29% over the same period last year.
As we all know, technology has always been BYD’s proudest moat.
Looking back on the whole of 2023, in fact, its R & D expenditure has soared to 39.
575 billion yuan, exceeding the full-year profit and an increase of 112.
15% over the same period last year.
After capitalization, the R & D investment reached 39.
918 billion yuan, accounting for 6.
63% of the operating income, an increase of 1.
86% from 4.
77% in 2022.
Perhaps, there are readers who have no idea of nearly 40 billion yuan in R & D.
as a reference, Tesla’s annual R & D investment in 2023 is equivalent to about 28.
4 billion yuan.
In simple conversion, the difference between the two is full 11.
6 billion yuan.
Based on this background, it is entirely predictable that in order to consolidate its leading edge, BYD this year will only become more determined and efficient in terms of R & D investment in all dimensions related to the development of the company.
After all, Wang Chuanfu, chairman of BYD, threw a lot of blockbusters at the results communication meeting after the announcement of the 2023 results.
In addition to saying that the fifth generation DM-i hybrid technology will be launched in May, the fuel consumption of the feed will be reduced to 2.
9L / 100km and the battery will last for 2000 km at full fuel.
for the first time, the official announced that BYD’s sales target this year is to maintain 20 per cent growth on the basis of 2023.
In other words, at least 3.
6288 million vehicles have to be sold, close to 3.
63 million.
In addition, Wang Chuanfu also believes that the new energy industry has entered the knockout stage, and 2024-2026 is a decisive battle in scale, cost and technology.
In the next 3-5 years, the share of joint venture brands in China’s auto market will fall from 40% to 10%, of which 30% is for the growth of independent brands.
More bluntly, the pattern will be completely reshaped.
And continue to focus on the ongoing 18th Beijing Motor Show, BYD’s layout and offensive can also be described as “horror”.
From looking up at the booth, to the equation leopard booth, to the momentum booth, and then to the joint booth of Dynasty net and Ocean Network, it can be said that all their latest products have been put in the spotlight.
For example, look up to U7.
for example, equation Leopard 8.
for example, momentum Z9GT.
and for example, BYD Qin L and Seal 06.
In different segments, there is no doubt that no one is good.
In short, at the end of the article, to borrow a paragraph from the research report of a securities institution: “as an industry leader, BYD has a rich product matrix, covering almost all types of models already on the market.
” Even if the competition in the new energy vehicle industry intensifies day by day, the company can still face it calmly based on its own long-term technology accumulation and production and operation capacity.
” Yes, based on the first quarter, it is no surprise that BYD will still create many new milestones this year.
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