当传统巨头收缩战线：比亚迪的研发“豪赌”为何赢了？

Core Viewpoint - BYD demonstrates a long-term commitment to R&D, with investments exceeding net profits for 13 out of the last 14 years, driving its sales to rank among the top five globally, showcasing a "technology is king" strategy [1][5]. Group 1: Sales Performance - In November, BYD achieved a record monthly sales of 480,000 new energy vehicles, marking a significant year-end sales push [2]. - Cumulatively, BYD's sales reached 4.182 million units in the first 11 months, reflecting an 11.3% year-on-year growth, maintaining its leading position in the industry [2][3]. Group 2: R&D Investment - BYD's R&D expenditure for the first three quarters of this year reached 43.7 billion yuan, a 31% increase year-on-year, positioning it as a leader in R&D investment among global automakers [3]. - Over the past decade, BYD has invested over 220 billion yuan in R&D, ranking it among the top in A-share listed companies [5]. - The company's R&D spending has consistently exceeded its net profits, emphasizing its focus on long-term technological advantages [5]. Group 3: Competitive Landscape - Chinese automakers, including BYD, are experiencing positive performance while traditional foreign automakers face challenges, indicating a shift in the industry dynamics [3][5]. - While Chinese companies are increasing R&D investments, traditional foreign automakers like Volkswagen and BMW are reducing their R&D budgets, potentially compromising their future competitiveness [5]. Group 4: Technological Advancements - BYD's innovations, such as the Tian Shen Eye driver assistance system and the Super e-platform, are enhancing its product competitiveness [8]. - In the battery sector, BYD ranked second globally in electric vehicle battery usage in Q3, with a 28.4% year-on-year growth [8]. Group 5: Global Expansion - BYD's overseas sales reached 700,000 units in the first three quarters, a 136% increase year-on-year, becoming a significant growth driver for the company [12]. - The company's global presence is expanding, with its products integrated into various international markets, showcasing its competitive edge in the global automotive landscape [12].