Wang Chuanfu is probably having trouble sleeping: building cars is ultimately hard labor.

The cruel truth about new energy vehicles is right in front of us.
BYD sold over 4.6 million vehicles this year, with a net profit of 32.6 billion.
CATL's revenue is nearly 400 billion, with a net profit of 72.2 billion.
It's not car companies working for battery factories; it's a naked competition of business models.
✅BYD: Making hard-earned money
Heavy assets, a workforce of millions, and a full industry chain burden.
The auto market is over-competitive with price cuts, and profit per vehicle has plummeted by 30%.
Investing 63.4 billion in R&D this year, nearly twice the net profit.
Self-developed batteries, chips, intelligent driving, and complete vehicles—every penny of profit feeds future competitiveness.
Rising costs of upstream materials and fierce competition downstream put pressure from both ends.
✅CATL: Making monopoly money
Holding nearly 40% of the global market share, with pricing power.
Revenue slightly increased, net profit surged by 42%.
Focusing solely on batteries, operating lightly and reaping the benefits.
CATL invested 22.1 billion in R&D, accounting for 5.2% of revenue.
It only focuses on batteries, spending money precisely and getting high returns—each yuan spent on R&D drives 3.8 yuan in revenue.
More importantly, it has pricing power. When lithium carbonate prices rise, CATL can pass costs onto automakers; when car prices drop, BYD can only bear it themselves, squeezing profits from both ends.
One expands territory under heavy load, the other stands at the pinnacle harvesting the rewards.
One is an overwhelming empire of complete vehicles, earning from scale and ecosystems; the other is a groundbreaking battery giant, earning from technology and monopoly.
There is no right or wrong, only different tracks.