汇丰HSBC：汽车行业研究：比亚迪VS.特斯拉：执行VS.愿景-260210（英文版）（82页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited View HSBC Global Investment Research at:https:/ A vast

2、 valuation gap for businesses that are more similar than they are different vision trumps execution it seems BYD deserves more credit for being Chinas EV leader with global growth ambitions;it leads in tech and execution Tesla is more than an auto company,rather an AI innovator,but timing of deliver

3、y and scale of the reward are unknown Our new In Stereo series brings together two companies running similar businesses but operating in very different geographies to refresh our understanding of their strategies and outlooks.Subscribe here to the series.BYD vs Tesla:Until recently,their fortunes se

4、emed correlated but in the past six months their share prices have widely diverged and the gap between Teslas and BYDs market cap has grown to 14x.We are not convinced that there is a good reason for why.Both are leaders in EVs,although BYD is more successful and likely to extend its lead.The future

5、 is in autonomous driving and Tesla might have the edge here,but it is debatable as it is by no means alone in this space.Tesla also appears to be ahead of BYD in robotaxis,but it is not the market leader as it once was in EVs.Their growth paths clearly differ:for BYD it is large-scale,ultra-efficie

6、nt manufacturing that accelerates global expansion vs Teslas disruptive innovation that might see the demise of personal vehicle ownership and the rise of humanoid robots.One future is tangible and well-funded,the other more speculative and potentially requiring more capital;we dont think the valuat