<p>沃倫·巴菲特非常感激已故的查理·芒格，他的老朋友和 <strong>伯克希爾哈撒韋</strong> 副董事長。他稱芒格為 “伯克希爾哈撒韋的建築師”，並將自己專注於以合理價格購買優秀企業的理念歸功於他，而不是尋求以優秀價格購買普通企業。</p>
<p>結果不言而喻。自從巴菲特在 1965 年收到這個建議以來，他為投資者提供了 20% 的年複合回報率。在這 60 年中，芒格一直在他身邊，並且自己也找到了許多優秀的投資企業。</p>
<p>芒格在 2008 年説服巴菲特投資的一家公司是電動車新興行業中擁有領先技術和製造能力的公司。這是一項令人難以置信的投資，到目前為止，巴菲特的原始投資回報超過 2000%。而且對於小投資者來説，現在仍然不算晚。</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>圖片來源：The Motley Fool。</p>
<h2>15 年打造的全球電動車領導者</h2>
<p>當 <strong>特斯拉</strong>(TSLA -0.19%) 在 2008 年發佈其開創性的跑車時，展示了電動車的潛力。然而，那款時尚的高端跑車與另一位電動車先驅在海洋另一邊的做法形成了鮮明對比。那一年，中國公司 <strong>比亞迪</strong>(BYDDY 6.61%)(BYDD.F 3.09%) 正在為 e6 這款經濟型五門緊湊型車進行最終設計。</p>
<p>猜猜芒格告訴巴菲特買哪一款。</p>
<p>巴菲特將伯克希爾哈撒韋的 2.3 億美元現金投入到比亞迪，購買了大約 10% 的股份。此後，他出售了部分初始投資，但仍持有約 4.4% 的股份，截至目前，這部分股份的價值約為 24 億美元。</p>
<p>比亞迪最初甚至不是一家汽車製造商。它起初是一家電池製造商。它專注於通過垂直整合努力降低單位成本，例如在內部生產關鍵機械設備。保持低成本幫助它贏得了大客户，從而使其能夠投資於新技術和工藝，以改善電池性能，進而贏得更多客户。</p>
<p>垂直整合模式與充滿工程人才的勞動力組合為比亞迪提供了一些顯著優勢。它於 2003 年啓動了汽車業務，將其電池和其他電氣組件整合到其收購的小型汽車製造商的車輛中。</p>
<p>在這種模式下，比亞迪能夠以令人印象深刻的低成本製造汽車。這使得它能夠在市場低端推出首款全電動車——e6，而與特斯拉的高端車型形成對比。但在 e6 推出後，比亞迪大多處於停滯狀態。其電動車的銷售侵蝕了傳統汽車模型的銷售。在 2010 年代末，它幾乎破產。</p>
<p>但其持續努力推進技術和降低製造成本在 2020 年開始見效，過去五年的銷售大幅飆升。這得益於其在 2020 年推出的刀片電池，提供了安全性、續航、耐用性和動力方面的優勢。同時，其兩款最受歡迎的車型的價格分別約為 2 萬美元和 1.2 萬美元。這些價格很難競爭。</p>
<p>分析師預計，比亞迪的全球全電動車年銷售量將在今年首次超過特斯拉。Counterpoint Research 預計這家電動車製造商將佔總電動車銷量的 15.7%，而特斯拉為 15.3%。</p>
<h2>這就是值得擁有的電動車公司</h2>
<p>比亞迪專注於保持低成本，使其在 2010 年代生存下來，現在使其在 2025 年蓬勃發展。比亞迪繼續尋求新的垂直整合方式，包括在 2023 年購買巴西的鋰礦開採權。</p>
<p>它還開發了自己的駕駛輔助系統，稱為 “上帝之眼”，並據報道正在尋求其最高端系統的 SAE 4 級自動駕駛認證。它還在每款銷售的車型上免費提供該系統。</p>
<p>這種組合使比亞迪能夠開發出具有先進能力的低成本電動車。難怪它的銷量創下新高。它在第一季度報告的總車輛銷售超過 100 萬輛，其中 416,000 輛為電池電動車，同比增長 39%。其餘大部分為混合動力車。</p>
<p>相比之下，特斯拉在第一季度報告的車輛銷售為 336,000 輛，同比下降 13%。</p>
<p>隨着比亞迪的銷售攀升，它正在產生可觀的營業收益。其 2024 年的營業利潤率為 7%，與特斯拉相當，且業務中仍有很大的槓桿。管理層預計第一季度的收益增長在 85% 到 118% 之間——高於去年同期。相比之下，特斯拉的利潤預計在第一季度下降 4%。</p>
<p>在當前價格下，比亞迪股票的交易價格約為前瞻性收益預期的 18 倍。對於一家增長如此迅速的汽車製造商來説，這是一筆令人難以置信的便宜貨。儘管自年初以來以及自 2008 年巴菲特購買以來表現強勁，但今天仍然值得將其納入你的投資組合。</p>

比亞迪

比亞迪(ADR)

比亞迪股份

<p>沃倫·巴菲特對中國電動車公司比亞迪的投資自 2008 年以來已獲得超過 2000% 的回報。儘管最初面臨困難，比亞迪專注於降低成本和技術進步，包括其刀片電池，已帶來了顯著的銷售增長。分析師預測比亞迪將在今年超越特斯拉，成為全球電動車銷量的領先者，預計市場份額將達到 15.7%。比亞迪的低成本車型和創新功能，如其駕駛輔助系統，使其在 2025 年的電動車市場中成為強有力的競爭者</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>沃倫·巴菲特非常感激已故的查理·芒格，他的老朋友和 <strong>伯克希爾哈撒韋</strong> 副董事長。他稱芒格為 “伯克希爾哈撒韋的建築師”，並將自己專注於以合理價格購買優秀企業的理念歸功於他，而不是尋求以優秀價格購買普通企業。</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>結果不言而喻。自從巴菲特在 1965 年收到這個建議以來，他為投資者提供了 20% 的年複合回報率。在這 60 年中，芒格一直在他身邊，並且自己也找到了許多優秀的投資企業。</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 年説服巴菲特投資的一家公司是電動車新興行業中擁有領先技術和製造能力的公司。這是一項令人難以置信的投資，到目前為止，巴菲特的原始投資回報超過 2000%。而且對於小投資者來説，現在仍然不算晚。</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>圖片來源：The Motley Fool。</p>
</div><h2>The global EV leader 15 years in the making</h2>
<div class="lb-trans"><h2>15 年打造的全球電動車領導者</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>當 <strong>特斯拉</strong>(TSLA -0.19%) 在 2008 年發佈其開創性的跑車時，展示了電動車的潛力。然而，那款時尚的高端跑車與另一位電動車先驅在海洋另一邊的做法形成了鮮明對比。那一年，中國公司 <strong>比亞迪</strong>(BYDDY 6.61%)(BYDD.F 3.09%) 正在為 e6 這款經濟型五門緊湊型車進行最終設計。</p>
</div><p>Guess which one Munger told Buffett to buy.</p>
<div class="lb-trans"><p>猜猜芒格告訴巴菲特買哪一款。</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>巴菲特將伯克希爾哈撒韋的 2.3 億美元現金投入到比亞迪，購買了大約 10% 的股份。此後，他出售了部分初始投資，但仍持有約 4.4% 的股份，截至目前，這部分股份的價值約為 24 億美元。</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>比亞迪最初甚至不是一家汽車製造商。它起初是一家電池製造商。它專注於通過垂直整合努力降低單位成本，例如在內部生產關鍵機械設備。保持低成本幫助它贏得了大客户，從而使其能夠投資於新技術和工藝，以改善電池性能，進而贏得更多客户。</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>垂直整合模式與充滿工程人才的勞動力組合為比亞迪提供了一些顯著優勢。它於 2003 年啓動了汽車業務，將其電池和其他電氣組件整合到其收購的小型汽車製造商的車輛中。</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>在這種模式下，比亞迪能夠以令人印象深刻的低成本製造汽車。這使得它能夠在市場低端推出首款全電動車——e6，而與特斯拉的高端車型形成對比。但在 e6 推出後，比亞迪大多處於停滯狀態。其電動車的銷售侵蝕了傳統汽車模型的銷售。在 2010 年代末，它幾乎破產。</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>但其持續努力推進技術和降低製造成本在 2020 年開始見效，過去五年的銷售大幅飆升。這得益於其在 2020 年推出的刀片電池，提供了安全性、續航、耐用性和動力方面的優勢。同時，其兩款最受歡迎的車型的價格分別約為 2 萬美元和 1.2 萬美元。這些價格很難競爭。</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>分析師預計，比亞迪的全球全電動車年銷售量將在今年首次超過特斯拉。Counterpoint Research 預計這家電動車製造商將佔總電動車銷量的 15.7%，而特斯拉為 15.3%。</p>
</div><h2>Here's why it's the electric vehicle company to own</h2>
<div class="lb-trans"><h2>這就是值得擁有的電動車公司</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>比亞迪專注於保持低成本，使其在 2010 年代生存下來，現在使其在 2025 年蓬勃發展。比亞迪繼續尋求新的垂直整合方式，包括在 2023 年購買巴西的鋰礦開採權。</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>它還開發了自己的駕駛輔助系統，稱為 “上帝之眼”，並據報道正在尋求其最高端系統的 SAE 4 級自動駕駛認證。它還在每款銷售的車型上免費提供該系統。</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>這種組合使比亞迪能夠開發出具有先進能力的低成本電動車。難怪它的銷量創下新高。它在第一季度報告的總車輛銷售超過 100 萬輛，其中 416,000 輛為電池電動車，同比增長 39%。其餘大部分為混合動力車。</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，特斯拉在第一季度報告的車輛銷售為 336,000 輛，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>隨着比亞迪的銷售攀升，它正在產生可觀的營業收益。其 2024 年的營業利潤率為 7%，與特斯拉相當，且業務中仍有很大的槓桿。管理層預計第一季度的收益增長在 85% 到 118% 之間——高於去年同期。相比之下，特斯拉的利潤預計在第一季度下降 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>在當前價格下，比亞迪股票的交易價格約為前瞻性收益預期的 18 倍。對於一家增長如此迅速的汽車製造商來説，這是一筆令人難以置信的便宜貨。儘管自年初以來以及自 2008 年巴菲特購買以來表現強勁，但今天仍然值得將其納入你的投資組合。</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.)

- 巴菲特稱讚已故的查理·芒格為 “伯克希爾·哈撒韋的建築師”。  
- 芒格建議巴菲特投資比亞迪，後者的電動車銷售在 2025 年大幅增長。  
- 比亞迪的電動車銷量預計將首次超過特斯拉，顯示出強勁的市場競爭力。  

沃倫·巴菲特在 2008 年購買了這隻電動汽車股票。即使已經獲得了 2000% 的回報，它在 2025 年仍然值得買入。（提示：它不是特斯拉。）