Huan Qiu Shi Bao·2026-01-08 06:02Core Insights - BYD has surpassed Tesla to become the world's largest electric vehicle manufacturer, selling 2.26 million pure electric vehicles in 2025 compared to Tesla's 1.64 million [1] - This shift signifies a symbolic moment for the rise of Chinese automotive companies, marking a transition from following to leading in the electric vehicle sector [1] Group 1: R&D Investment - BYD's revenue for the first three quarters of the year reached 566.27 billion yuan, with R&D expenses amounting to 43.75 billion yuan, representing 7.7% of its revenue [1] - BYD's R&D investment exceeds Tesla's by 10.9 billion yuan, with cumulative R&D spending surpassing 220 billion yuan [1] - The company employs over 120,000 R&D personnel across 11 research institutes, with more than 50,000 recent graduates hired in the last three years, of which over 70% hold master's or doctoral degrees [2] Group 2: Competitive Landscape - BYD's R&D expenditure as a percentage of revenue is comparable to that of international giants like Volkswagen and Toyota, which typically range from 3% to 5% [3] - The company has maintained a high R&D investment ratio, ensuring continuous breakthroughs in core technologies [3] - The success of BYD and other Chinese automakers is attributed to sustained high-intensity R&D investments driving technological and product upgrades [3] Group 3: Battery Technology - In 2022, global battery installations reached 1,046 GWh, a 32.6% increase year-on-year, with six of the top ten companies being Chinese, and BYD ranking second [5] - Chinese companies hold a 70% market share in global battery installations, indicating a strong position in the electric vehicle sector [5] - BYD's comprehensive coverage of the automotive manufacturing supply chain, including battery technology, provides a significant competitive advantage [5] Group 4: International Expansion - BYD's overseas sales reached 1.049 million units in 2025, a 145% increase year-on-year, accounting for over 22% of total sales [7] - The company is actively contributing to the electrification of markets like Brazil, where it has established local manufacturing facilities [7] - Despite facing restrictions in the U.S. market, BYD is focusing on expanding in developing regions, which represent about 40% of the global market share [9] Group 5: Future Outlook - Analysts suggest that BYD has the potential to surpass Toyota in global sales, with a current gap of approximately one million units [9] - The transition from internal combustion engines to electric vehicles is seen as an unstoppable trend, with BYD positioned to capitalize on this shift [9] - Geopolitical factors may influence the pace of expansion, but the overall trend towards electric vehicles remains strong [9]