调研问答全文
比亚迪 (002594) 2014-10-14
The con-call focused most on BYD，
Q1：The sales volume of BYD traditional auto declined a lot in the first half, in double digit, could you explain why the week sales？
A：There are several factors which lead to such a weak sales in the first half, one is that the government cancelled subsidy for energy efficiency vehicle since last November which hurt local brand a lot. The second one is the competition comes more and more tight since joint ventures launched lower end models to compete with local brand directly.
Q2： How about the traditional auto in second half and going forward？
A：In September, the central government revive the subsidy for energy saving vehicle and I think it can help a lot on sales. The other side, BYD also plans to launch 2 models in second half, one is A+ classs sedan, the G5, a internet car, and the other one is higher end SUV model, the S7. I think the new models can help on the sales of BYD‘s traditional vehicle in second half the next year.
Q3：What changes in BYD‘s electric vehicle business this year？
A：Firstly, the market changes a lot. For last year, total sales volume of electric vehicle in China is only 17 thousand, but for this year, it may near to 70 thousand. The rapid growth partly comes from strong government support and also due to better products offered to the market.
A4：What‘s the government support in the first half?
回答：There are a lot of policies from the central government to support EV industry, which includes financial subsidy, tax exemption and government purchase. The central government exempt EV from vehicle purchase tax, which is 10% of price of a vehicle. And the government also said, going forward, all the pilot cities should purchase at least 30% electric vehicle when they replace the government use vehicle and bus and taxi.
Q5：How about the competitiveness of electric vehicle in China？
A：The price of EV is quite higher than traditional one but after subsidy they are similar. And electric vehicle can offer quite better performance than traditional one, such as the power, acceleration, electronics and so on.
Q6：BYD‘s advantages in electric vehicle？
A：BYD is the only one company in the world that engaged both in auto business and battery business. All our competitor should source their battery from outside supplier. BYD produce the most safe and long lifecycle auto battery in the world, and have an experience of more the 20 years in battery making.
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