调研问答全文
比亚迪 (002594) 2016-05-19
Question 1：How about the capacity in EV and the sales momentum？
Answer：Now, BYD has 10 Gwh capacity in power battery and which can support the batter demand from EV segment. As BYD don’t sell power battery to other EV maker, the capacity can meet 200 thousand EVs battery demand based on sales structure in 2015.
Question 2：What’s the position of BYD in EV market？
Answer：In 2015 new energy vehicle business take 1/4 of total revenue of BYD group in first time, and new energy vehicle record a sales volume of 60 thousand, which means no.1 in terms of shipment globally. In bus and taxi area, BYD’s EV bring its footprint to 5 continents, 43 countries and 190 cities globally. In private vehicle segment, BYD take up to 80% market share in PHEV market. In forklift market, BYD sold couple of thousand units in 2015. In sanitation vehicle segment, BYD launched T8 in Beijing and successfully complete the task in 9.3 military parades. In logistic market, BYD already launched T3 and Shang and got orders from express companies. For inter-city transportation, BYD also launched C9 for this market. Going forward, BYD will gradually shift its emphasis to EV business and invest more on R&D and battery capacity expansion. We expected the EV business will keep continuous strong growing in future.
Question 3：What’s the effect of decreasing subsidy to EV maker？
Answer：In average, the subsidy from government takes 30% of total price of EVs, and the subsidy decrease as following pace form 2017-2020: 20%, 0%, 20%, 0%, which translate to the effect on price is: 6%, 0%, 6%,0%. While the EV industry is in the fast growing phase and enjoy the cost down from scale economy, the cost of EVs can decrease even quicker than subsidy.
Question 4：As BYD insist in LFP battery before, would you consider ternary battery in future？
Answer：In battery industry, BYD have the experience and technology accumulation of more than 20 years, with leading quality in battery design and manufacture. In future, BYD will use LFP for pure electric vehicle, including bus and taxi, but use ternary battery for PHEV due to its high energy density. BYD have technologies in both batteries.
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