<p>沃伦·巴菲特非常感激已故的查理·芒格，他的老朋友和 <strong>伯克希尔哈撒韦</strong> 副董事长。他称芒格为 “伯克希尔哈撒韦的建筑师”，并将自己专注于以合理价格购买优秀企业的理念归功于他，而不是寻求以优秀价格购买普通企业。</p>
<p>结果不言而喻。自从巴菲特在 1965 年收到这个建议以来，他为投资者提供了 20% 的年复合回报率。在这 60 年中，芒格一直在他身边，并且自己也找到了许多优秀的投资企业。</p>
<p>芒格在 2008 年说服巴菲特投资的一家公司是电动车新兴行业中拥有领先技术和制造能力的公司。这是一项令人难以置信的投资，到目前为止，巴菲特的原始投资回报超过 2000%。而且对于小投资者来说，现在仍然不算晚。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQzOTkvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQzOTkvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>15 年打造的全球电动车领导者</h2>
<p>当 <strong>特斯拉</strong>(TSLA -0.19%) 在 2008 年发布其开创性的跑车时，展示了电动车的潜力。然而，那款时尚的高端跑车与另一位电动车先驱在海洋另一边的做法形成了鲜明对比。那一年，中国公司 <strong>比亚迪</strong>(BYDDY 6.61%)(BYDD.F 3.09%) 正在为 e6 这款经济型五门紧凑型车进行最终设计。</p>
<p>猜猜芒格告诉巴菲特买哪一款。</p>
<p>巴菲特将伯克希尔哈撒韦的 2.3 亿美元现金投入到比亚迪，购买了大约 10% 的股份。此后，他出售了部分初始投资，但仍持有约 4.4% 的股份，截至目前，这部分股份的价值约为 24 亿美元。</p>
<p>比亚迪最初甚至不是一家汽车制造商。它起初是一家电池制造商。它专注于通过垂直整合努力降低单位成本，例如在内部生产关键机械设备。保持低成本帮助它赢得了大客户，从而使其能够投资于新技术和工艺，以改善电池性能，进而赢得更多客户。</p>
<p>垂直整合模式与充满工程人才的劳动力组合为比亚迪提供了一些显著优势。它于 2003 年启动了汽车业务，将其电池和其他电气组件整合到其收购的小型汽车制造商的车辆中。</p>
<p>在这种模式下，比亚迪能够以令人印象深刻的低成本制造汽车。这使得它能够在市场低端推出首款全电动车——e6，而与特斯拉的高端车型形成对比。但在 e6 推出后，比亚迪大多处于停滞状态。其电动车的销售侵蚀了传统汽车模型的销售。在 2010 年代末，它几乎破产。</p>
<p>但其持续努力推进技术和降低制造成本在 2020 年开始见效，过去五年的销售大幅飙升。这得益于其在 2020 年推出的刀片电池，提供了安全性、续航、耐用性和动力方面的优势。同时，其两款最受欢迎的车型的价格分别约为 2 万美元和 1.2 万美元。这些价格很难竞争。</p>
<p>分析师预计，比亚迪的全球全电动车年销售量将在今年首次超过特斯拉。Counterpoint Research 预计这家电动车制造商将占总电动车销量的 15.7%，而特斯拉为 15.3%。</p>
<h2>这就是值得拥有的电动车公司</h2>
<p>比亚迪专注于保持低成本，使其在 2010 年代生存下来，现在使其在 2025 年蓬勃发展。比亚迪继续寻求新的垂直整合方式，包括在 2023 年购买巴西的锂矿开采权。</p>
<p>它还开发了自己的驾驶辅助系统，称为 “上帝之眼”，并据报道正在寻求其最高端系统的 SAE 4 级自动驾驶认证。它还在每款销售的车型上免费提供该系统。</p>
<p>这种组合使比亚迪能够开发出具有先进能力的低成本电动车。难怪它的销量创下新高。它在第一季度报告的总车辆销售超过 100 万辆，其中 416,000 辆为电池电动车，同比增长 39%。其余大部分为混合动力车。</p>
<p>相比之下，特斯拉在第一季度报告的车辆销售为 336,000 辆，同比下降 13%。</p>
<p>随着比亚迪的销售攀升，它正在产生可观的营业收益。其 2024 年的营业利润率为 7%，与特斯拉相当，且业务中仍有很大的杠杆。管理层预计第一季度的收益增长在 85% 到 118% 之间——高于去年同期。相比之下，特斯拉的利润预计在第一季度下降 4%。</p>
<p>在当前价格下，比亚迪股票的交易价格约为前瞻性收益预期的 18 倍。对于一家增长如此迅速的汽车制造商来说，这是一笔令人难以置信的便宜货。尽管自年初以来以及自 2008 年巴菲特购买以来表现强劲，但今天仍然值得将其纳入你的投资组合。</p>

比亚迪

比亚迪(ADR)

比亚迪股份

<p>沃伦·巴菲特对中国电动车公司比亚迪的投资自 2008 年以来已获得超过 2000% 的回报。尽管最初面临困难，比亚迪专注于降低成本和技术进步，包括其刀片电池，已带来了显著的销售增长。分析师预测比亚迪将在今年超越特斯拉，成为全球电动车销量的领先者，预计市场份额将达到 15.7%。比亚迪的低成本车型和创新功能，如其驾驶辅助系统，使其在 2025 年的电动车市场中成为强有力的竞争者</p>

<p>Warren Buffett owes a lot to the late Charlie Munger, his longtime friend and <strong>Berkshire Hathaway</strong> vice chairman. He called Munger &#34;the architect of Berkshire Hathaway,&#34; crediting him with introducing him to the idea that he should focus on buying wonderful businesses at fair prices instead of seeking to buy fair businesses at wonderful prices.</p>
<div class="lb-trans"><p>沃伦·巴菲特非常感激已故的查理·芒格，他的老朋友和 <strong>伯克希尔哈撒韦</strong> 副董事长。他称芒格为 “伯克希尔哈撒韦的建筑师”，并将自己专注于以合理价格购买优秀企业的理念归功于他，而不是寻求以优秀价格购买普通企业。</p>
</div><p>The results speak for themselves. Since Buffett received that advice in 1965, he has provided investors with a 20% compound annualized return. Munger was by his side for most of those 60 years, and he found quite a few wonderful businesses to invest in himself.</p>
<div class="lb-trans"><p>结果不言而喻。自从巴菲特在 1965 年收到这个建议以来，他为投资者提供了 20% 的年复合回报率。在这 60 年中，芒格一直在他身边，并且自己也找到了许多优秀的投资企业。</p>
</div><p>One that Munger convinced Buffett to invest in back in 2008 was a company with leading technology and manufacturing capabilities in the emerging industry of electric vehicles. It was an incredible investment, which has returned over 2,000% on Buffett's original investment to date. And it's not too late for small investors to get in on it.</p>
<div class="lb-trans"><p>芒格在 2008 年说服巴菲特投资的一家公司是电动车新兴行业中拥有领先技术和制造能力的公司。这是一项令人难以置信的投资，到目前为止，巴菲特的原始投资回报超过 2000%。而且对于小投资者来说，现在仍然不算晚。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQzOTkvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F814399%2Fbuffett8-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>The global EV leader 15 years in the making</h2>
<div class="lb-trans"><h2>15 年打造的全球电动车领导者</h2>
</div><p>When <strong>Tesla</strong>(TSLA -0.19%) released its groundbreaking Roadster in 2008, it demonstrated the potential of electric vehicles. However, that stylish high-end sports car stood in stark contrast to what another EV pioneer was doing across the ocean. That year, Chinese company <strong>BYD</strong>(BYDDY 6.61%)(BYDD.F 3.09%) was finalizing designs for the e6, an economical five-door compact car.</p>
<div class="lb-trans"><p>当 <strong>特斯拉</strong>(TSLA -0.19%) 在 2008 年发布其开创性的跑车时，展示了电动车的潜力。然而，那款时尚的高端跑车与另一位电动车先驱在海洋另一边的做法形成了鲜明对比。那一年，中国公司 <strong>比亚迪</strong>(BYDDY 6.61%)(BYDD.F 3.09%) 正在为 e6 这款经济型五门紧凑型车进行最终设计。</p>
</div><p>Guess which one Munger told Buffett to buy.</p>
<div class="lb-trans"><p>猜猜芒格告诉巴菲特买哪一款。</p>
</div><p>Buffett put $230 million of Berkshire Hathaway's cash to work, buying roughly 10% of BYD. He has since sold off portions of that initial investment, but still holds approximately 4.4% of the company, and that stake is worth about $2.4 billion as of this writing.</p>
<div class="lb-trans"><p>巴菲特将伯克希尔哈撒韦的 2.3 亿美元现金投入到比亚迪，购买了大约 10% 的股份。此后，他出售了部分初始投资，但仍持有约 4.4% 的股份，截至目前，这部分股份的价值约为 24 亿美元。</p>
</div><p>BYD didn't even start as an automaker. It started as a battery maker. It focused on reducing its unit costs through vertical integration efforts such as producing key machinery in-house. Keeping its costs low helped it to win big customers, which allowed it to invest in new technology and processes to make its batteries better, which led to further customer wins.</p>
<div class="lb-trans"><p>比亚迪最初甚至不是一家汽车制造商。它起初是一家电池制造商。它专注于通过垂直整合努力降低单位成本，例如在内部生产关键机械设备。保持低成本帮助它赢得了大客户，从而使其能够投资于新技术和工艺，以改善电池性能，进而赢得更多客户。</p>
</div><p>The combination of a vertical integration model and a workforce loaded with engineering talent gave BYD some significant advantages. It launched its auto business in 2003, integrating its batteries and other electrical components into the vehicles of a small auto manufacturer it acquired.</p>
<div class="lb-trans"><p>垂直整合模式与充满工程人才的劳动力组合为比亚迪提供了一些显著优势。它于 2003 年启动了汽车业务，将其电池和其他电气组件整合到其收购的小型汽车制造商的车辆中。</p>
</div><p>Within that paradigm, BYD has been able to build cars at impressively low costs. That's what enabled it to launch its first fully electric vehicle -- the e6 -- at the lower end of the market in contrast to Tesla's higher-end models. But BYD was mostly treading water after the launch of the e6. Sales of its electric vehicles cannibalized the sales of its traditional car models. In the late 2010s, it nearly went bankrupt.</p>
<div class="lb-trans"><p>在这种模式下，比亚迪能够以令人印象深刻的低成本制造汽车。这使得它能够在市场低端推出首款全电动车——e6，而与特斯拉的高端车型形成对比。但在 e6 推出后，比亚迪大多处于停滞状态。其电动车的销售侵蚀了传统汽车模型的销售。在 2010 年代末，它几乎破产。</p>
</div><p>But its consistent efforts to advance its technology and cut its manufacturing costs started to pay off in 2020, and sales have soared substantially over the last five years. That's thanks to its blade battery, introduced in 2020, which offers advantages in safety, range, longevity, and power. Meanwhile, its two most popular models are priced around $20,000 and $12,000, respectively. Those are hard prices to compete with.</p>
<div class="lb-trans"><p>但其持续努力推进技术和降低制造成本在 2020 年开始见效，过去五年的销售大幅飙升。这得益于其在 2020 年推出的刀片电池，提供了安全性、续航、耐用性和动力方面的优势。同时，其两款最受欢迎的车型的价格分别约为 2 万美元和 1.2 万美元。这些价格很难竞争。</p>
</div><p>Analysts expect BYD's global annual sales of fully electric vehicles to surpass Tesla's for the first time this year. Counterpoint Research sees the EV maker accounting for 15.7% of total EV unit sales compared to Tesla's 15.3%.</p>
<div class="lb-trans"><p>分析师预计，比亚迪的全球全电动车年销售量将在今年首次超过特斯拉。Counterpoint Research 预计这家电动车制造商将占总电动车销量的 15.7%，而特斯拉为 15.3%。</p>
</div><h2>Here's why it's the electric vehicle company to own</h2>
<div class="lb-trans"><h2>这就是值得拥有的电动车公司</h2>
</div><p>BYD's focus on keeping costs low allowed it to survive in the 2010s and now enable it to thrive in 2025. BYD has continued to pursue new ways to vertically integrate, including by buying lithium mining rights in Brazil (which it did in 2023).</p>
<div class="lb-trans"><p>比亚迪专注于保持低成本，使其在 2010 年代生存下来，现在使其在 2025 年蓬勃发展。比亚迪继续寻求新的垂直整合方式，包括在 2023 年购买巴西的锂矿开采权。</p>
</div><p>It also developed its own driver-assist system it dubbed &#34;God's Eye,&#34; and is reportedly seeking an SAE Level 4 classification for autonomous driving for its highest-end system. It also includes the system on every model it sells at no additional cost.</p>
<div class="lb-trans"><p>它还开发了自己的驾驶辅助系统，称为 “上帝之眼”，并据报道正在寻求其最高端系统的 SAE 4 级自动驾驶认证。它还在每款销售的车型上免费提供该系统。</p>
</div><p>The combination has enabled BYD to develop low-cost EVs with advanced capabilities. It's no wonder it's selling more units than ever. It reported over 1 million total vehicle sales during the first quarter, 416,000 of which were battery EVs, up 39% year over year. The remainder were mostly hybrids.</p>
<div class="lb-trans"><p>这种组合使比亚迪能够开发出具有先进能力的低成本电动车。难怪它的销量创下新高。它在第一季度报告的总车辆销售超过 100 万辆，其中 416,000 辆为电池电动车，同比增长 39%。其余大部分为混合动力车。</p>
</div><p>By comparison, Tesla reported sales of 336,000 vehicles in the first quarter, down 13% year over year.</p>
<div class="lb-trans"><p>相比之下，特斯拉在第一季度报告的车辆销售为 336,000 辆，同比下降 13%。</p>
</div><p>As BYD's sales climb, it's producing significant operating earnings. Its operating margin for 2024 was 7%, right in line with Tesla's, and there's still a lot of leverage in the business. Management projects first-quarter earnings growth between 85% and 118% -- higher than a year ago. By comparison, Tesla's profits are expected to decline by 4% in the first quarter.</p>
<div class="lb-trans"><p>随着比亚迪的销售攀升，它正在产生可观的营业收益。其 2024 年的营业利润率为 7%，与特斯拉相当，且业务中仍有很大的杠杆。管理层预计第一季度的收益增长在 85% 到 118% 之间——高于去年同期。相比之下，特斯拉的利润预计在第一季度下降 4%。</p>
</div><p>At its current price, BYD stock trades for about 18 times forward earnings estimates. That's an incredible bargain for a company growing as quickly as the automaker. Despite the strong performance both since the start of the year and since Buffett bought it in 2008, it's still worth adding to your portfolio today.</p>
<div class="lb-trans"><p>在当前价格下，比亚迪股票的交易价格约为前瞻性收益预期的 18 倍。对于一家增长如此迅速的汽车制造商来说，这是一笔令人难以置信的便宜货。尽管自年初以来以及自 2008 年巴菲特购买以来表现强劲，但今天仍然值得将其纳入你的投资组合。</p>
</div>

Warren Buffett Bought This Electric Vehicle (EV) Stock in 2008. Even After a 2,000% Return, It's Still a Buy in 2025. (Hint: It's Not Tesla.)

- 巴菲特称赞已故的查理·芒格为 “伯克希尔·哈撒韦的建筑师”。  
- 芒格建议巴菲特投资比亚迪，后者的电动车销售在 2025 年大幅增长。  
- 比亚迪的电动车销量预计将首次超过特斯拉，显示出强劲的市场竞争力。  

沃伦·巴菲特在 2008 年购买了这只电动汽车股票。即使已经获得了 2000% 的回报，它在 2025 年仍然值得买入。（提示：它不是特斯拉。）