In the world of electric vehicles, Tesla has rained supreme, but its days as top dog may be numbered.
在電動車的世界裡，特斯拉（Tesla）曾獨占鰲頭，但其霸主地位的日子可能已屈指可數。
00:08
In China, the world's largest EV market, it's been losing ground to domestic automakers as a ruthless price war has inflamed an already competitive market.
在全球最大電動車市場中國，隨著一場残酷的價格戰點燃了本已激烈的競爭，特斯拉不斷敗給本土汽車製造商。
00:17
If Tesla had not had price cuts of 20 to 30%, they probably would have actually had sales drop last year.
如果特斯拉當初沒有降價 20% 到 30%，去年的銷量恐怕就會下滑。
00:25
And there's one car maker in particular that has given Tesla a run for its money, Warren Buffett backed BYD.
I don't think anywhere in the history of the automobile has any company enjoyed such explosive growth in such a short period of time.
我認為在汽車史上，從來沒有任何一家公司能在如此短的時間內實現如此爆炸性的增長。
00:51
BYD has grown into this powerhouse. You look at the monthly rankings, they're always at the top.
比亞迪已發展成一股強大的力量。看看月度排行榜，它總是名列前茅。
00:57
In 2023, BYD produced more than 3 million new energy vehicles, which include plug-in hybrids and battery electrics, surpassing Tesla's production of 1.84 million cars.
BYD is so much ahead of Tesla and China, it's like, it's almost ridiculous.
比亞迪在中國市場遙遙領先特斯拉，這領先幅度幾乎到了荒謬的地步。
01:16
Early on, Elon Musk was dismissive of BYD. Chinese car makers weren't taken seriously by their rivals.
早期，伊隆·馬斯克（Elon Musk）曾對比亞迪嗤之以鼻。當時中國車廠並未被競爭對手當回事。
01:24
It used to be that foreign brands had the majority of the market share in China, now it's Chinese brands.
過去外國品牌在中國擁有大部分市佔率，如今則換成中國品牌。
01:29
And when you look at the vehicles that these Chinese OEMs and Chinese brands are putting on the market, they are some very good vehicles.
當你審視這些中國原始設備製造商（OEM）和中國品牌推向市場的車輛時，會發現它們都是非常優秀的車款。
01:37
Now, they're a serious threat as they not only dominate the Chinese market, but have grand ambitions of expanding globally.
現在，它們已構成嚴重威脅，因為它們不僅主宰中國市場，更有著進軍全球的宏大野心。
01:46
In 2023, BYD's exports grew 334% to 242,765 vehicles across 70 countries.
2023 年，比亞迪的出口量增長了 334%，達到 242,765 輛，銷往 70 個國家。
01:56
About 40% of the EV market in China is owned by BYD, and they're just starting to export globally to places like Australia, Japan, Europe, and potentially very soon the United States.
BYD, short for Build Your Dreams, was originally started as a battery company in 1995 by Wang Chuan Fu in Shenzhen, China.
比亞迪（BYD，意為「Build Your Dreams」打造你的夢想）最初是由王傳福於 1995 年在中國深圳創立的一家電池公司。
02:41
It started out in the 90s as a manufacturer of batteries for cell phones, and for the first 10 years, low cost was their magic formula.
它在 90 年代起步於手機電池製造，最初的十年裡，低成本是其成功的秘訣。
02:51
We're going to undercut all the competition.
我們打算以低於所有競爭對手的價格取勝。
02:53
After building a successful business supplying customers such as Motorola and Nokia, it decided to enter the auto business.
在成功為摩托羅拉（Motorola）和諾基亞（Nokia）等客戶供貨後，比亞迪決定進軍汽車業務。
03:00
It bought Xian Kin Chuan Automobile and launched its first internal combustion car in 2005, the F3.
它在2005年收購了西安秦川汽車，並推出了首款內燃機汽車F3。
03:10
In 2008, it launched the F3DM, a plug-in hybrid EV.
2008年，它推出了插電式混合動力電動車F3DM。
03:15
They remember driving in and riding the earliest BYDs.
他們還記得當年開著或坐著最早的比亞迪。
03:19
They were called the F3 and the F1, you know, inspired by Formula One Racing, which is almost comical because their cars were these sort of mediocre commuter cars that were powered by Mitsubishi engine.
In 2010, it unveiled its first fully electric vehicle, the E6.
2010年，它發布了首款純電動車E6。
03:37
It was progress, but it wasn't perfection still, you know, taxis would buy the electric vehicle because they got incentives to do so, but very few private individuals had any appetite for BYD cars.
這是進步，但還不完美，你知道，計程車會買電動車是因為有補貼，但很少有私人用戶對比亞迪汽車感興趣。
03:51
The company's auto division didn't see much growth through the 2010s.
該公司的汽車部門在2010年代沒有太大增長。
03:55
Sales increased, but only gradually, profits on those sales were mediocre.
銷量有所增加，但只是逐漸增長，這些銷售的利潤也很平庸。
03:59
In fact, in 2018 and 2019, BYD's sales year-on-year were declining up until very recently.
事實上，在2018年和2019年，直到最近，比亞迪的銷量年同比都在下滑。
04:09
It was on the fence whether or not it was going to make it as a car company.
當時它能否成為一家成功的汽車公司還懸而未決。
04:13
However, it managed to turn things around.
然而，它設法扭轉了局面。
04:15
In 2019, I saw some of their new products called the Tonganhan.
2019年，我看到了他們的一些新產品，叫做唐漢。
04:19
Designed by German designers, world-class designers, and the first time you see, oh, these are actually good-looking cars.
由德國設計師、世界級設計師設計，第一次看到時，你會覺得，哦，這些車其實很好看。
04:27
There's potential here.
這裡面有潛力。
04:29
In 2022, the company stopped production of its ICE vehicles, focusing on building battery electric and plug-in hybrids.
2022年，該公司停止生產其內燃機車輛，專注於生產純電動和插電式混合動力汽車。
04:37
The majority of their cars are in the mass markets, so that helps with volume, and they've also not completely shifted into pure electric vehicles at once.
他們的大部分車型都屬於大眾市場，這有助於銷量，而且他們也沒有立刻完全轉向純電動汽車。
04:49
BYD is backed by Warren Buffett's Berkshire Hathaway and considered entering the U.S. market in 2008 when Buffett acquired 10% of the company.
Why he invested was because of the battery business, more so than the vehicle business, and that has grown dramatically along with their vehicle sales.
他投資的原因是電池業務，甚至超過了車輛業務，而這項業務與他們的車輛銷量一起大幅增長。
05:28
BYD's stock is up over 1,400% since Buffett first invested.
自巴菲特首次投資以來，比亞迪的股價已上漲超過1400%。
05:34
Berkshire Hathaway did pare down its stake in the company, selling more than 60% of its shares since last summer.
波克夏·海瑟威確實削減了其在該公司的持股，自去年夏天以來出售了超過60%的股份。
05:41
Why would he draw down?
為什麼他會減少持倉？
05:42
So one is geopolitics. As he's mentioned with Taiwan, he said, I don't like TSMC because of the location.
首先是地緣政治。正如他提到台灣時所說，他不喜歡台積電是因為它的地理位置。
05:49
Second thing going on, Tesla ignited a price war about one year ago at the end of 2022, and that price war has been ferocious so much so that most EV makers in China are losing money today.
Its expertise in batteries, typically the most expensive part of an EV, has helped here as well.
它在電池方面的專業知識——電池通常是電動車最昂貴的部件——也起到了作用。
06:35
BYD designs develop engineers its own batteries at scale.
比亞迪自行設計、開發並大規模製造工程師所需的電池。
06:39
So not only they have the capability and the capacity for their own products, but they're also supplying batteries globally with plans to build battery plans all over the world.
因此，他們不僅有能力和產能來滿足自家產品的需求，還向全球供應電池，並計劃在世界各地建立電池工廠。
06:48
They are one of the top companies in the world building lithium iron phosphate batteries in particular.
它們是全球磷酸鐵鋰（LFP）電池的主要製造商之一。
06:55
They cost about 30 to 40% less per kilowatt hour to manufacture, and LFP batteries are also extremely durable.
其製造成本每千瓦時約低30%至40%，而且LFP電池也非常耐用。
07:02
They last a long time.
它們的使用壽命很長。
07:05
As a leader in battery technology, it actually supplies batteries to other car makers like Tesla, Toyota, and Kia.
作為電池技術的領導者，它實際上也供應電池給其他汽車製造商，如特斯拉、豐田和起亞。
07:13
In 2020, it launched the Blade, a lithium iron phosphate battery that the company touted as a breakthrough in high energy density with high levels of safety.
By many accounts, BYD's Blade battery is best in class globally right now.
許多說法認為，比亞迪的刀片電池目前是全球同類產品中最好的。
07:30
What they've done essentially is to maximize the energy density, and this is attractive to everyone in the industry.
他們所做的本質上是最大化能量密度，這對業內的每個人來說都很有吸引力。
07:40
BYD is not just in the passenger car market, it makes trucks, buses, and other vehicles as well.
比亞迪不僅涉足乘用車市場，還生產卡車、巴士和其他車輛。
07:47
The company actually builds and sells electric buses in the U.S. at a factory in Lancaster, California.
該公司實際上在美國加州蘭卡斯特的工廠製造和銷售電動巴士。
07:54
They have had a big business in the commercial fleet vehicles, including buses in the U.S., Latin America.
它們在美國和拉丁美洲的商用車隊（包括巴士）業務方面有著龐大的商機。
08:03
But its passenger cars are what account for the majority of its sales.
但其乘用車才是銷售額的主要來源。
08:07
The company offers several models at a variety of price points.
該公司提供多種車型，價格範圍廣泛。
08:11
The Dynasty series includes the Kin, with a price starting around $14,000 to vehicles priced all the way up to the Tongue on the high end, starting around $34,000.
The vehicles that really put BYD on the map for the new energy segment is a sedan that they launched in July 2020, and this car just took off.
真正讓比亞迪在新能源領域聲名大噪的，是他們在 2020 年 7 月推出的轎車，這款車一炮而紅。
08:37
The Ocean series appeals to younger consumers and features the Siegel BYD's smallest car, with a starting price around $10,000, up to the seal, a sedan that starts around $22,000.
When they released the Dolphin and Seal models, one of the things that I was told was, well, we have many different colors.
當他們發布「海豚」和「海豹」車型時，我聽說其中一個特點是，他們提供了多種不同的顏色。
08:58
It's supposed to appeal more to young families and especially women.
這旨在吸引年輕家庭，特別是女性。
09:04
BYD has also introduced vehicles under luxury sub-brands, Denza, Yang Wang, and Feng Cheng Bao.
比亞迪還推出了豪華子品牌旗下的車輛：騰勢、仰望和方程豹。
09:12
Denza, a joint venture with Mercedes-Benz, created in 2010, introduced a few EVs for the Chinese market before undergoing a restructuring in 2021.
與賓士合資於 2010 年成立的騰勢，曾為中國市場推出幾款電動車，後於 2021 年進行重組。
09:22
Mercedes has since reduced its share to 10%, but BYD has continued to develop new vehicles, starting with the D9, a luxury minivan, the N7, a direct competitor to the Tesla Model Y, and the N8, a larger SUV.
賓士此後將其持股比例降至 10%，但比亞迪持續開發新車款，包括豪華 MPV D9、直接對標特斯拉 Model Y 的 N7，以及更大的 SUV N8。
09:37
Yang Wang, created in 2023, targets the high-end segment with a supercar, the U9, and a luxury SUV, the U8.
於 2023 年成立的仰望，瞄準高端市場，推出超跑 U9 和豪華 SUV U8。
09:46
Details of its next car, the U7, recently revealed it will have quad electric motors with a range around 500 miles.
關於其下一款車 U7 的細節最近曝光，顯示它將配備四電動馬達，續航里程約 500 英里。
09:53
Feng Cheng Bao also created in 2023, launched its first vehicle, the Bao 5, in November last year.
同樣於 2023 年成立的方程豹，去年 11 月推出了首款車型豹 5。
10:03
Yang Wang is definitely BYD's effort to enter that really luxury segment of the market.
仰望無疑是比亞迪進軍真正豪華市場領域的嘗試。
10:09
The cars are either extremely gigantic or they're in the sports car category, which is very different from BYD's other cars.
這些車輛要麼極其巨大，要麼屬於跑車類別，這與比亞迪的其他車款截然不同。
10:17
Most automakers at some point in their history try to create halo vehicles that will reflect well on the rest of the brand and create an image for the brand, and BYD's no different.
It's a sign of their growing confidence and say, look, we can do what Ferrari or Lamborghini or Porsche can do just as well, if not better.
這顯示了他們日益增長的信心，表明我們能做到法拉利、蘭博基尼或保時捷所做的，甚至做得更好。
10:43
Being the leading electric car maker in China, BYD has set its sights on bringing its cars to other markets.
作為中國領先的電動車製造商，比亞迪已將目光投向將其汽車推向其他市場。
10:50
Starting around 2018-2019, markets slowed and margins started to drop, and all Chinese automakers said, uh-oh, if we stay still in our domestic market, we're going to drown in over-capacity and hyper-competition.
It's already a major player in Southeast Asia where it has 43% market share in EVs, and is currently the top selling EV maker in Thailand, Brazil, Colombia, and Israel.
In Thailand, they were basically nonexistent in the market a year ago, and just in the last few months they've become the top selling car brand, and I believe they also have targets to double their sales in the Philippines and Singapore this year.
Last year, the company started selling in Mexico and is looking to enter Japan.
去年，該公司開始在墨西哥銷售，並正尋求進軍日本市場。
11:39
They just are launching the dolphin in Mexico now, increasingly growing into other markets in South America where Tesla doesn't really have as much of a presence right now.
Last year, it sold 13,000 vehicles there, and now has its own massive cargo ship capable of carrying 7,000 vehicles.
去年，他們在歐洲售出了 13,000 輛車，現在更擁有自己的巨型貨輪，可容納 7,000 輛車。
11:59
It recently delivered 3,000 cars to Germany in its first voyage.
該船最近在首航中向德國交付了 3,000 輛汽車。
12:03
It's pretty in line with BYD strategy overall to make sure they have as much as possible in-house with the ship that just gives BYD extreme control over costs.
這與比亞迪的整體戰略非常一致，即盡可能實現內部垂直整合，擁有自家船隊讓比亞迪能極大程度地控制成本。
12:15
It's safe to say that their number one priority right now oversees is Europe, because in Europe there's legislation that go electric, there's people with money to buy electric cars, there's decent charging infrastructure.
The company has said it will open its first European plant in Hungary, but the Chinese automaker is facing obstacles abroad.
該公司已表示將在匈牙利開設其首座歐洲工廠，但這家中國車企在海外面臨阻礙。
12:33
The EU in the last couple months has announced they're going to be investigating subsidies that went into the production of Chinese made electric vehicles.
歐盟在過去幾個月宣布，將對中國製電動車的生產補貼進行調查。
12:44
The EU commission saying, hey, we don't believe your costs.
歐盟委員會表示，他們不相信比亞迪的成本結構。
12:48
We think that you're probably dumping or over-subsidizing your products, and that's why you're so competitive here.
他們認為比亞迪可能在傾銷或過度補貼其產品，這就是為什麼比亞迪在當地如此具有競爭力。
12:53
In China, new energy vehicles have received substantial support from the government.
在中國，新能源汽車獲得了政府的大力支持。
12:58
Rodeum Group estimates that BYD received approximately $4.3 billion in state support between 2015 and 2020.
Rodeum Group 估計，比亞迪在 2015 年至 2020 年間獲得了約 43 億美元的國家補助。
13:07
But the biggest question of all, will BYD try to sell its cars in the US?
但最重要的問題是，比亞迪會試圖在美國銷售其汽車嗎？
13:12
They're definitely preparing for the US market, waiting for the right timing.
他們絕對正在為進軍美國市場做準備，等待合適的時機。
13:17
US and Europe promise a profitable market.
美國和歐洲意味著高獲利的市場。
13:20
They have to enter and compete and win here to thrive globally.
他們必須進入、競爭並在這裡獲勝，才能在全球蓬勃發展。
13:24
Currently tariffs make it expensive, with made in China EVs hit with a 25% tax on top of the 2.5% tariff imposed on imported cars.
A lot of these companies and the investors in these companies, which in some cases includes various levels of government in China.
這些公司及其投資者（在某些情況下包括中國各級政府）......
13:42
There seems to be more of a tolerance for, at least for the time being, taking losses in order to drill market share.
目前看來，市場似乎更能容忍，至少暫時如此，為了擴大市佔率而承受虧損。
13:50
It recently announced it will build a factory in Mexico, possibly to gain a foothold in the North American market.
它最近宣布將在墨西哥建廠，可能是為了在北美市場站穩腳跟。
13:56
Few people know it, but China's the number one supplier of cars to Mexico already.
很少人知道，但中國已是墨西哥最大的汽車供應國。
14:01
And the next natural step will be for them to build manufacturing plants in Mexico.
下一個自然的步驟，將是在墨西哥建立製造工廠。
14:06
They're already looking at sites that are well advanced in their research and will ship our vehicles up through the border into the US, starting probably their expectations after 2025.
The Chinese car companies are the most competitive car companies in the world.
中國汽車公司是世界上最具競爭力的汽車公司。
15:26
I think they will have significant success outside of China, depending on what kind of tariffs or trade barriers are established.
我認為他們在中國以外將取得重大成功，具體取決於設立了何種關稅或貿易壁壘。
15:33
If they're not trade barriers established, they will pretty much demolish most other car companies in the world. They're extremely good.
如果沒有設立貿易壁壘，他們幾乎會摧毀世界上大多數其他汽車公司。他們非常強大。
15:41
But with China becoming such an automotive powerhouse, it may be hard to keep its ambitions at bay.
但隨著中國成為如此強大的汽車產業巨頭，可能很難抑制其野心。
15:46
Chinese automakers have learned very quickly how to produce really appealing vehicles. They're more affordable and they're arguably, in many respects, better vehicles.
中國汽車製造商已迅速學會如何生產真正吸引人的車輛。它們更實惠，而且在許多方面可以說是更好的車輛。
15:57
The rest of the industry has reason to be scared.
其餘的汽車產業有理由感到害怕。
15:59
China today has capacity to deliver half of the world's demand for vehicles. Half.
如今中國的產能足以滿足全球一半的汽車需求。整整一半。
16:05
And given their strength and their low cost and their increased designs and improved quality, you start to wonder what is going to stop this juggernaut.
