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It is a historic day for China’s answer to Tesla. BYD, the Chinese automaker backed by Warren Buffett’s Berkshire Hathaway, has overtaken Tesla to become the world’s top electric carmaker by sales. China’s carmakers have razor thin margins, but sales are accelerating fast.
对于中国版的特斯拉(Tesla)来说，这是历史性的一天。获沃伦•巴菲特(Warren Buffett)旗下伯克希尔哈撒韦(Berkshire Hathaway)投资的中国汽车制造商比亚迪(BYD)已超过特斯拉，成为全球销量最高的电动汽车制造商。中国汽车制造商的利润非常微薄，但销量正在快速增长。
BYD sold 641,000 vehicles in the first six months of the year, up more than 300 per cent from the previous year. That compares to 564,000 vehicles sold by Tesla, hit by supply chain and operational disruptions due to China’s lockdowns.
今年上半年，比亚迪销售了64.1万辆汽车，同比增长逾300%。同一时期，在中国封控导致供应链和运营中断的冲击下，特斯拉销售了56.4万辆。
China, once largely seen as a domestically focused electric car market, exported more than half a million electric vehicles last year, more than double the previous year. Government policy has played a part: Beijing requires a fixed quota of electric vehicles to be made each year.
中国曾在很大程度上被视为一个以国内为中心的电动汽车市场，去年出口了50多万辆电动汽车，是前一年的两倍多。政府政策起到了一定作用：中国政府要求每年生产固定配额的电动汽车。
Much of the sales growth is based on low prices. For example, the Hongguang Mini, the best selling electric model in the world last year, was priced at Rmb28,800 ($4,300), before price hikes this year. BYD has a wider range of offerings, including a $34,000 extended-range model. Its pricing is much lower than global counterparts, with a starting price of $15,000 after subsidies for its Dolphin model.
大部分销售增长都是基于低价。例如，去年全球最畅销的电动车型——宏光Mini，在今年提价之前的定价为2.88万元人民币(合4300美元)。比亚迪的产品范围更广，包括一款售价3.4万美元的增程车型。该公司的定价远低于全球同行，其海豚车型的补贴后起价为1.5万美元。
These cheap electric cars make slim profits. SAIC-GM-Wuling, the maker of the Hongguang Mini, posted very thin profit margins last year. BYD operating margins fell below 2 per cent last year. For Tesla during the same period these were 12 per cent.
这些廉价的电动汽车利润微薄。宏光Mini的制造商上汽通用五菱去年的利润率非常低。比亚迪去年的营业利润率降至2%以下。特斯拉同期的营业利润率为12%。
Ultra low pricing strategies are not sustainable. Global prices of raw materials have soared. Electric cars subsidies are set to be phased out by the end of the year. BYD has lifted the prices of its cars and batteries this year, in line with global peers.
超低价格策略是不可持续的。全球原材料价格已经飙升。电动汽车补贴将在今年年底前逐步取消。比亚迪今年提高了其汽车和电池的价格，与全球同行保持一致。
Nonetheless, China increasingly dominates the lithium battery supply chain. That will support the sales growth of its electric carmakers. Shares of BYD have gained a third in the past year, unaffected by the broader sell-off in Chinese equities. They trade at 99 times forward earnings, an 80 per cent premium to Tesla.
尽管如此，中国在锂电池供应链领域的主导地位日益增强。这将支持其电动汽车制造商的销售增长。过去一年，比亚迪股价上涨了三分之一，没有受到中国股市整体下跌的影响。比亚迪的预期市盈率为99倍，较特斯拉高出80%。
The test for BYD will be whether it can attract similar demand overseas. The potential is greatest in south-east Asia and Japan where there is growing demand for small and low cost electric cars. Rapid growth in these price sensitive markets would justify the valuation gap.
比亚迪面临的考验将是能否在海外吸引类似的需求。东南亚和日本的潜力最大，这两个地区对小型低成本电动汽车的需求不断增长。这些价格敏感市场的快速增长将证明这一估值差距是合理的。
