全球销冠不挣钱？比亚迪究竟在追求什么？

The article argues that BYD's low profit margin is a strategic choice to dominate the mass-market electric vehicle sector. Instead of pursuing high margins like Tesla, BYD focuses on vertical integration, cost control, and scale to offer affordable and reliable vehicles, similar to Toyota or Volkswagen. This strategy creates a strong competitive moat. The author suggests that future profit growth will come from software services, international market expansion with higher price points, and non-automotive ventures like energy storage. The investment thesis is that while BYD may not offer explosive, high-margin growth, it represents a resilient, long-term investment in a market leader with a sustainable business model.