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the domestic auto market is undergoing a transformation that is both hot and cold. on one hand, joint venture brands are struggling with declining sales, while on the other hand, domestic brands are rising rapidly with the help of new energy. the moods of each are completely different.

from "china's new energy sales champion" to "global new energy sales champion", byd is at an important historical turning point, writing its legend with an unstoppable momentum and demonstrating its leadership style.

but the road to success is far from over. byd has recently been full of surprises. one is that byd surpassed saic for the first time with a revenue of 301.13 billion yuan in the first half of this year, ranking first among domestic mainstream automakers.

another is that among the more than 5,300 a-share listed companies released by wind, byd's r&d expenses ranked first, making it the "r&d king" of a-shares.

technology never stops, sales never stop

"how can a battery manufacturer build cars?" throughout history, the road to becoming a strong person is always ridiculed and questioned. especially in the early stages of the development of electric vehicles, the outside world was more cold-eyed about it, saying "i don't understand, i don't like, i look down on it."

after years of research and development, byd began to emerge. in 2008, it released the world's first mass-produced plug-in hybrid vehicle f3dm, equipped with the world's first dm hybrid technology; by 2018, byd's dm technology had developed to the third generation. unfortunately, after ten years of research, byd still has not waited for the expected "spring".

it is undeniable that in 2018, china's new energy vehicles exceeded the one million mark for the first time and was called the "first year", but the space left for the plug-in hybrid vehicle market is very small.

if you keep thinking about it, it will definitely have a response. after years of lows, byd finally saw a turnaround in 2021. this year, the song plus model equipped with the dm-i super hybrid system came into being, and once it was launched on the market, it became a "hot item" in the entire plug-in hybrid market.

according to industry statistics, the sales volume of plug-in hybrid vehicles in china will be about 1.2 million units in 2022, about 1.9 million units in 2023, and it is expected that the sales volume will exceed 3 million units in 2024. it is no exaggeration to say that byd not only ushered in a new historical change with this technology, but also helped plug-in hybrid vehicles step by step into the mainstream domestic automobile market.

so we also see that in addition to blade batteries, dm-i hybrid and other technologies, byd has also successively launched ctb battery body integration, yi sifang, yunnian, e-platform 3.0, etc., and has firmly occupied the new energy vehicle market after layers of technological changes.

on may 28 this year, byd launched the latest plug-in hybrid technology - the fifth-generation dm technology. not only does the engine thermal efficiency reach 46.06%, the comprehensive cruising range reaches 2,100 km, and most importantly, it leads the entire automotive industry to officially enter the fuel consumption "2.0" era.

continuous technological innovation and breakthroughs have attracted more and more consumers. in 2023, byd sold a total of 3.0244 million vehicles, a year-on-year increase of 62.30%, becoming the global new energy vehicle sales champion; in the first half of 2024, byd's new energy vehicle sales reached 1.613 million units, a year-on-year increase of 28%.

according to the latest data from yiche.com, byd's sales in july have jumped to third in the world, second only to toyota and volkswagen; previously, according to marklines data, in the second quarter of this year, byd's sales have surpassed honda to become the world's seventh largest automaker.

from being unpopular in the new energy field at the beginning to becoming the world's top seller of new energy vehicles, byd has always adhered to the creed of "technology is king". therefore, byd has established the slogan of "early investment, daring investment, and gritting teeth investment" from the beginning.

behind the rapid growth, r&d builds a moat

although byd invested all its money in technology research and development in the early days, it not only failed to win applause but also received a lot of ridicule. however, it turns out that byd's gamble paid off.

not long ago, byd released its financial report for the first half of 2024. the report shows that byd's operating income in the first half of the year was 301.13 billion yuan, a year-on-year increase of 15.76%; net profit was 13.631 billion yuan, a year-on-year increase of 24.44%; non-net profit was 12.315 billion yuan, a year-on-year increase of 27.03%.

especially in the second quarter of this year, byd's net profit attributable to shareholders reached 9.062 billion yuan, a year-on-year increase of 32.8%, and nearly doubled compared with the first quarter.

the reason for the continuous rise in performance is precisely that byd has been tirelessly investing in the field of technology research and development. in the first half of this year alone, byd invested as much as 20.2 billion yuan in it, an increase of 42% over the same period last year, and this figure is about 6.6 billion yuan higher than the net profit in the same period.

compared with tesla's r&d investment of 16.1 billion yuan in the same period, byd's r&d investment is nearly 4 billion yuan higher than the former. compared with domestic automakers, byd's r&d data performance is also outstanding, almost equal to the sum of great wall, ideal, geely and changan. according to the current trend, byd's r&d investment in 2024 is likely to exceed 50 billion yuan.

in fact, it is not uncommon for car companies to make r&d investment far higher than their net profit in the same period, not to mention that byd has persisted for so many years. from 2011 to now, in the past 14 years, byd's r&d investment has been higher than its net profit for 13 years, sometimes even several times the net profit in the same period. as of now, byd's cumulative r&d investment has reached nearly 150 billion.

at the same time, byd is also very strong in talent and patent reserves. in 2024, the number of campus recruits will reach 11,300, of which more than 67% are masters and doctors, and r&d talents account for 78% of the total number of campus recruits. in terms of the total number of patents, byd has applied for more than 48,000 patents worldwide, of which more than 30,000 are authorized patents.

once upon a time, foreign automakers, relying on their absolute control over engines and gearboxes, reduced chinese auto brands to cheap representatives of "cars with different shells". when joint venture automakers continued to reap the market and profits, chinese auto brands were left with only the right to enjoy the benefits.

thirty years in the east, thirty years in the west. while the former rulers were still hesitating about the transformation to electrification, a large number of domestic brands represented by byd took advantage of the new energy trend and began to gradually gain the upper hand by relying on battery life and intelligent technology.

when domestic brands begin to march towards the pace of becoming an innovative powerhouse and become an indispensable presence in the world's automobile market, don't forget that on the track, technological research and development is the primary driving force pursued by automobile companies.