Volkswagen becomes the car company with the highest research and development expenses in the world. Chinese car company BYD surpasses Tesla

Major automakers around the world are increasing investment in the research and development of new cars to attract more consumers. The latest data shows that the research and development expenses of major global car companies will hit a new high in 2023.

According to the editor’s understanding, according to statistics from the Nikkei Business News, the research and development expenses of the world’s 17 major car companies are expected to reach approximately 11.8 trillion yen, a year-on-year increase of 13%. This includes 7 Japanese car companies including Toyota, Honda, Nissan Motor, Suzuki, Mazda, Subaru and Mitsubishi Motors, as well as the US General Motors, Ford Motor, Tesla, Germany's Volkswagen, Europe's Stellantis, Germany's BMW, Car companies from 10 other countries including France's Renault, South Korea's Hyundai Motor, China's Geely Holding and BYD.

Data show that the top ten car companies in the world with R&D expenses are Volkswagen, General Motors, Toyota, Ford, Honda, BMW, Stellantis, Nissan, BYD and Tesla.

The ranking shows that in addition to Japanese car companies, car companies from other countries perform significantly at the forefront. With an estimated investment of approximately 2.26 trillion yen, Volkswagen ranks first in the world, accounting for nearly 20% of the world's 17 car companies. General Motors ranks second, with R&D expenses expected to reach 6.2% in 2023. Ford ranked fourth and BMW ranked sixth. In addition, Japanese car company Toyota plans to invest 1.24 trillion yen, ranking third in the world; Honda's R&D expenses account for 5.4% of operating income, second only to General Motors.

It is worth mentioning that the growth momentum of Chinese car companies is significant. BYD's research and development expenses in 2023 will reach US$3.78 billion, 18 times that of 10 years ago, surpassing Tesla, and research and development expenses The ratio of revenue to revenue also reached 4.2%. In addition, Geely Holding plans to invest approximately US$1 billion.

According to the 2023 R&D expense forecast, it is expected that, except for Japanese car companies, the R&D expenses of the other 10 car companies will increase by 16% year-on-year, reaching 60.147 billion U.S. dollars (equivalent to RMB approximately 428.8 billion yuan), while the R&D expenses of Japan's seven car companies will increase by 8% year-on-year to approximately 3.4 trillion yen (equivalent to approximately RMB 173.05 billion).

Innovation and competition in the automotive industry will be further promoted as global car companies increase investment in research and development and launch more attractive new models. The landscape of the global auto market will undergo a series of changes as Chinese auto companies are rising and increasing their investment. What is of great significance in promoting the development of the entire automobile industry is that in the future, more technologically advanced, environmentally friendly and efficient cars will be launched, which consumers can look forward to.

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